v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information
(11)
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, 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 condensed consolidated statements of net income (loss).

Reportable segment information for the three months ended March 31, 2026 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Net revenue

 

$

31,884,452

 

 

$

10,704,283

 

 

$

—

 

 

$

42,588,735

 

Operating expenses

 

 

33,126,917

 

 

 

9,043,714

 

 

 

—

 

 

 

42,170,631

 

Corporate expenses

 

 

—

 

 

 

—

 

 

 

3,527,570

 

 

 

3,527,570

 

Depreciation and amortization

 

 

1,399,274

 

 

 

—

 

 

 

258,017

 

 

 

1,657,291

 

Gain on dispositions

 

 

(12,461,477

)

 

 

—

 

 

 

—

 

 

 

(12,461,477

)

Operating income (loss)

 

$

9,819,738

 

 

$

1,660,569

 

 

$

(3,785,587

)

 

$

7,694,720

 

 

 

Audio

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

577,812

 

 

$

72,966

 

 

$

650,778

 

 

 

 

 

Reportable segment information for the three months ended March 31, 2025 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Net revenue

 

$

38,153,370

 

 

$

10,759,095

 

 

$

—

 

 

$

48,912,465

 

Operating expenses

 

 

36,394,976

 

 

 

8,846,285

 

 

 

—

 

 

 

45,241,261

 

Corporate expenses

 

 

—

 

 

 

—

 

 

 

4,019,462

 

 

 

4,019,462

 

Depreciation and amortization

 

 

1,493,963

 

 

 

31,488

 

 

 

126,880

 

 

 

1,652,331

 

Gain on disposition

 

 

(1,698,228

)

 

 

—

 

 

 

—

 

 

 

(1,698,228

)

Operating income (loss)

 

$

1,962,659

 

 

$

1,881,322

 

 

$

(4,146,342

)

 

$

(302,361

)

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

461,592

 

 

$

1,713

 

 

$

336,860

 

 

$

800,165

 

 

Reportable segment information as of March 31, 2026 is as follows:

 

 

Audio

 

 

Corporate

 

 

Total

 

Property and equipment, net

 

$

37,013,712

 

 

$

4,021,627

 

 

$

41,035,339

 

FCC licenses

 

 

154,711,200

 

 

—

 

 

 

154,711,200

 

Other intangibles, net

 

 

1,379,628

 

 

 

—

 

 

 

1,379,628

 

 

Reportable segment information as of December 31, 2025 is as follows:

 

 

Audio

 

 

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