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Segment Information
 12 Months Ended
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, Fayetteville, 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