| Segment Reporting |
The following tables set forth the Company’s Revenues and Segment Adjusted EBITDA: | | | | | | | | | | | | | | | | | | | | | | | | | For the three months ended | | For the six months ended | | June 30, | | June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Revenues | | | | | | | | | Broadcasting | $ | 45,814,855 | | | $ | 38,029,015 | | | $ | 89,516,347 | | | $ | 74,216,192 | | | Digital | 8,300,630 | | | 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 EBITDA | 8,072,724 | | | 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, net | 1,308,664 | | | 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 expense | 2,867,291 | | | (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. The following tables set forth the revenues and segment by component: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Broadcasting | | | | | | | | | Advertising | $ | 24,378,388 | | | $ | 26,225,117 | | | $ | 48,110,476 | | | $ | 50,856,696 | | | Affiliate fee | 13,358,974 | | | 7,343,407 | | | 26,369,866 | | | 14,771,830 | | | Subscription | 3,467,330 | | | 3,765,699 | | | 6,938,565 | | | 7,455,375 | | | Licensing | 4,610,163 | | | 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 | | | Subscription | 2,821,922 | | | 3,214,341 | | | 5,782,051 | | | 6,506,824 | | | Product sales | 1,063,050 | | | 1,555,616 | | | 2,574,781 | | | 3,122,046 | | | Total Digital revenues | 8,300,630 | | | 8,410,729 | | | 16,257,629 | | | 17,525,259 | | | Total revenues | $ | 54,115,485 | | | $ | 46,439,744 | | | $ | 105,773,976 | | | $ | 91,741,451 | |
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