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Segment Information | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Information | (20) Segment Information The Company currently operates two operating and reportable segments (Audio and Digital). The identification of segments is consistent with how the segments report to and are managed by the Company’s Chief Executive Officer (the Company’s Chief Operating Decision Maker). The Audio segment generates revenue primarily from the sale of commercial advertising to customers of the Company’s stations in the following markets: Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayette ville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, and Tampa-Saint Petersburg, FL. The Digital segment generates revenue primarily from the sale of digital advertising to customers of the Company’s stations and other advertisers throughout the United States. Corporate expenses include general and administrative expenses and certain other income and expense items not allocated to the operating segments. Non-operating corporate items, including interest expense and income taxes, are reported in the accompanying consolidated statements of comprehensive loss. Reportable segment information for the year ended December 31, 2025 is as follows:
|  | Audio |  |  | Digital |  |  | Corporate |  |  | Total |
Net revenue |  | $ | 156,467,315 |  |  | $ | 49,472,312 |  |  | $ | — |  |  | $ | 205,939,627 |
Operating expenses |  |  | 148,954,220 |  |  |  | 37,661,036 |  |  |  | — |  |  |  | 186,615,256 |
Corporate expenses |  |  | — |  |  |  | — |  |  |  | 14,364,287 |  |  |  | 14,364,287 |
Depreciation and amortization |  |  | 5,736,078 |  |  |  | 77,395 |  |  |  | 518,379 |  |  |  | 6,331,852 |
FCC licenses impairment losses |  |  | 224,815,149 |  |  |  | — |  |  |  | — |  |  |  | 224,815,149 |
Other operating expenses |  |  | 3,487,147 |  |  |  | — |  |  |  | — |  |  |  | 3,487,147 |
Operating income (loss) |  | $ | (226,525,279 | ) |  | $ | 11,733,881 |  |  | $ | (14,882,666 | ) |  | $ | (229,674,064 | )
|  | Audio |  |  | Digital |  |  | Corporate |  |  | Total |
Capital expenditures |  | $ | 2,925,168 |  |  | $ | — |  |  | $ | 1,910,556 |  |  | $ | 4,835,724 |
Reportable segment information for the year ended December 31, 2024 is as follows:
|  | Audio |  |  | Digital |  |  | Corporate |  |  | Total |
Net revenue |  | $ | 193,561,279 |  |  | $ | 46,730,332 |  |  | $ | — |  |  | $ | 240,291,611 |
Operating expenses |  |  | 160,575,045 |  |  |  | 41,193,712 |  |  |  | — |  |  |  | 201,768,757 |
Corporate expenses |  |  | — |  |  |  | — |  |  |  | 17,272,696 |  |  |  | 17,272,696 |
Depreciation and amortization |  |  | 6,379,197 |  |  |  | 173,164 |  |  |  | 683,699 |  |  |  | 7,236,060 |
Goodwill impairment losses |  |  | — |  |  |  | 922,000 |  |  |  | — |  |  |  | 922,000 |
Operating income (loss) |  | $ | 26,607,037 |  |  | $ | 4,441,456 |  |  | $ | (17,956,395 | ) |  | $ | 13,092,098 |
|  | Audio |  |  | Digital |  |  | Corporate |  |  | Total |
Capital expenditures |  | $ | 2,463,014 |  |  | $ | — |  |  | $ | 550,654 |  |  | $ | 3,013,668 |
Reportable segment information as of December 31, 2025 is as follows:
|  | Audio |  |  | Digital |  |  | Corporate |  |  | Total |
Property and equipment, net |  | $ | 38,894,643 |  |  | $ | — |  |  | $ | 4,206,678 |  |  | $ | 43,101,321 |
FCC licenses |  |  | 154,711,200 |  |  |  | — |  |  |  | — |  |  |  | 154,711,200 |
Other intangibles, net |  |  | 1,412,901 |  |  |  | — |  |  |  | — |  |  |  | 1,412,901 |
Net assets held for sale |  |  | 5,734,281 |  |  |  | — |  |  |  | — |  |  |  | 5,734,281 |
Reportable segment information as of December 31, 2024 is as follows:
|  | Audio |  |  | Digital |  |  | Corporate |  |  | Total |
Property and equipment, net |  | $ | 44,089,751 |  |  | $ | 63,220 |  |  | $ | 2,848,007 |  |  | $ | 47,000,978 |
FCC licenses |  |  | 392,259,831 |  |  |  | — |  |  |  | — |  |  |  | 392,259,831 |
Other intangibles, net |  |  | 1,574,817 |  |  |  | 327,618 |  |  |  | 179,663 |  |  |  | 2,082,098 |

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