XML 12 R4.htm IDEA: XBRL DOCUMENT v3.26.1
Consolidated Statements of Comprehensive Loss - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]    
Net revenue $ 205,939,627 $ 240,291,611
Operating expenses:    
Operating expenses (including stock-based compensation of $52,145 in 2024 and $31,415 in 2025 and excluding depreciation and amortization shown separately below) 186,615,256 201,768,757
Corporate expenses (including stock-based compensation of $841,147 in 2024 and $171,387 in 2025) 14,364,287 17,272,696
Depreciation and amortization 6,331,852 7,236,060
FCC licenses impairment losses 224,815,149 0
Goodwill impairment losses 0 922,000
Other operating expenses 3,487,147  
Total operating expenses 435,613,691 227,199,513
Operating income (loss) (229,674,064) 13,092,098
Non-operating income (expense):    
Interest expense (13,233,800) (21,233,027)
Debt issuance expenses   (5,982,414)
Gain on sale of investment 0 6,026,776
Gain on repurchases of long-term debt 525,000 0
Other income, net 1,160,535 799,558
Loss before income taxes (241,222,329) (7,297,009)
Income tax benefit (44,655,757) (1,344,961)
Loss before equity in earnings of unconsolidated affiliates (196,566,572) (5,952,048)
Equity in earnings of unconsolidated affiliates, net of tax 16,831 64,790
Net loss (196,549,741) (5,887,258)
Other comprehensive gain (loss):    
Unrecognized actuarial gain (loss) on postretirement plan (net of income tax expense of $142,846 in 2024 and income tax benefit of $57,303 in 2025) (172,898) 424,765
Other comprehensive gain (loss): $ (196,722,639) $ (5,462,493)
Net loss per Class A and B common share:    
Basic $ (109.27) $ (3.73)
Diluted $ (109.27) $ (3.73)
Weighted average shares outstanding:    
Basic 1,798,760 1,579,744
Diluted 1,798,760 1,579,744