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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 8. SEGMENT INFORMATION
The Company has two operating segments: (1) Broadcasting and (2) Digital, which also qualify as reportable segments. In accordance with ASC 280, “Segment Reporting,” the operating segments reflect how the chief operating decision maker, which the Company defines as the chief executive officer, assesses the performance of each operating segment and determines the appropriate allocations of resources to each segment. The Company continually reviews the operating segment classifications to align with operational changes in our business and may make changes as necessary. Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain revenues and expenses. The Company evaluates performance based upon several factors, of which the primary financial measure is Segment Adjusted EBITDA.
Segment Adjusted EBITDA is defined as revenues less cost of revenues and general and administrative expenses and excludes depreciation, amortization related to incremental costs to obtain a contract, interest, net, asset impairment, unrealized gain (loss) on marketable securities, stock-based compensation, other corporate matters, other, net and income tax expense. Other corporate matters represent certain litigation expenses, and related fees, for specific proceedings that the Company has determined are infrequent and unusual in terms of their magnitude. Management believes that Segment Adjusted EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources to the Company’s business. The Company does not present asset information for our segments as this information is not used to allocate resources.
The following tables set forth the Company’s Revenues and Segment Adjusted EBITDA:
For the three months endedFor the six months ended
June 30,June 30,
2026202520262025
Revenues
Broadcasting$45,814,855 $38,029,015 $89,516,347 $74,216,192 
Digital8,300,630 8,410,729 16,257,629 17,525,259 
Total revenues$54,115,485 $46,439,744 $105,773,976 $91,741,451 
Segment expenses and operating performance
Broadcasting
Adjusted cost of sales (1)
$24,300,793 $21,558,033 48,923,192 41,520,756 
Adjusted general and administrative expenses (2)
13,441,338 14,837,968 28,554,000 27,871,559 
Broadcasting adjusted EBITDA8,072,724 1,633,014 12,039,155 4,823,877 
Digital
Adjusted cost of sales (1)
4,491,125 5,137,983 9,555,082 10,362,681 
Adjusted general and administrative expenses (2)
6,167,033 8,671,929 13,380,844 15,304,443 
Digital adjusted EBITDA(2,357,528)(5,399,183)(6,678,297)(8,141,865)
Total reportable adjusted EBITDA$5,715,196 $(3,766,169)$5,360,858 $(3,317,988)
Corporate and unallocated
Depreciation$(525,142)$(734,590)$(1,091,961)$(1,471,465)
Amortization(238,799)(49,906)(431,359)(89,280)
Interest, net1,308,664 1,794,598 2,649,526 2,842,829 
Unrealized gain on marketable securities
271,965 (500,736)1,250,876 1,084,844 
Stock-based compensation(3,318,835)(3,417,686)(6,674,202)(4,994,794)
Other corporate matters— (68,437,098)— (78,104,701)
Other, net(345,758)(54,342)(384,657)(8,342,898)
Income (loss) before income tax expense2,867,291 (75,165,929)679,081 (92,393,453)
Income tax expense— 9,693 — 14,693 
Net income (loss) $2,867,291 $(75,175,622)$679,081 $(92,408,146)
(1) Adjusted cost of sales includes cost of sales less stock-based compensation.
(2) Adjusted general and administrative expenses includes general and administrative expenses less depreciation, stock-based compensation and other corporate matters.
Revenues by Segment by Component
The following tables set forth the revenues and segment by component:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Broadcasting
Advertising$24,378,388 $26,225,117 $48,110,476 $50,856,696 
Affiliate fee13,358,974 7,343,407 26,369,866 14,771,830 
Subscription3,467,330 3,765,699 6,938,565 7,455,375 
Licensing4,610,163 694,792 8,097,440 1,132,291 
Total Broadcasting revenues$45,814,855 $38,029,015 $89,516,347 $74,216,192 
Digital
Advertising$4,415,658 $3,640,772 $7,900,797 $7,896,389 
Subscription2,821,922 3,214,341 5,782,051 6,506,824 
Product sales1,063,050 1,555,616 2,574,781 3,122,046 
Total Digital revenues8,300,630 8,410,729 16,257,629 17,525,259 
Total revenues$54,115,485 $46,439,744 $105,773,976 $91,741,451