| Summary of reportable segment information |
Reportable segment information for the three months ended June 30, 2026 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audio |
|
|
Digital |
|
|
Corporate |
|
|
Total |
|
Net revenue |
|
$ |
32,470,043 |
|
|
$ |
11,655,659 |
|
|
$ |
— |
|
|
$ |
44,125,702 |
|
Operating expenses |
|
|
28,950,275 |
|
|
|
9,857,895 |
|
|
|
— |
|
|
|
38,808,170 |
|
Corporate expenses |
|
|
— |
|
|
|
— |
|
|
|
2,360,974 |
|
|
|
2,360,974 |
|
Depreciation and amortization |
|
|
1,367,491 |
|
|
|
— |
|
|
|
257,492 |
|
|
|
1,624,983 |
|
Operating income (loss) |
|
$ |
2,152,277 |
|
|
$ |
1,797,764 |
|
|
$ |
(2,618,466 |
) |
|
$ |
1,331,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audio |
|
|
Corporate |
|
|
Total |
|
Capital expenditures |
|
$ |
210,061 |
|
|
$ |
593,614 |
|
|
$ |
803,675 |
|
Reportable segment information for the three months ended June 30, 2025 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audio |
|
|
Digital |
|
|
Corporate |
|
|
Total |
|
Net revenue |
|
$ |
39,818,870 |
|
|
$ |
13,180,841 |
|
|
$ |
— |
|
|
$ |
52,999,711 |
|
Operating expenses |
|
|
35,095,319 |
|
|
|
9,654,879 |
|
|
|
— |
|
|
|
44,750,198 |
|
Corporate expenses |
|
|
— |
|
|
|
— |
|
|
|
3,769,243 |
|
|
|
3,769,243 |
|
Depreciation and amortization |
|
|
1,436,332 |
|
|
|
31,488 |
|
|
|
121,194 |
|
|
|
1,589,014 |
|
Operating income (loss) |
|
$ |
3,287,219 |
|
|
$ |
3,494,474 |
|
|
$ |
(3,890,437 |
) |
|
$ |
2,891,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audio |
|
|
Corporate |
|
|
Total |
|
Capital expenditures |
|
$ |
351,269 |
|
|
$ |
221,904 |
|
|
$ |
573,173 |
|
Reportable segment information for the six months ended June 30, 2026 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audio |
|
|
Digital |
|
|
Corporate |
|
|
Total |
|
Net revenue |
|
$ |
64,354,495 |
|
|
$ |
22,359,942 |
|
|
$ |
— |
|
|
$ |
86,714,437 |
|
Operating expenses |
|
|
62,077,192 |
|
|
|
18,901,609 |
|
|
|
— |
|
|
|
80,978,801 |
|
Corporate expenses |
|
|
— |
|
|
|
— |
|
|
|
5,888,544 |
|
|
|
5,888,544 |
|
Depreciation and amortization |
|
|
2,766,765 |
|
|
|
— |
|
|
|
515,509 |
|
|
|
3,282,274 |
|
Gain on dispositions |
|
|
(12,461,477 |
) |
|
|
— |
|
|
|
— |
|
|
|
(12,461,477 |
) |
Operating income (loss) |
|
$ |
11,972,015 |
|
|
$ |
3,458,333 |
|
|
$ |
(6,404,053 |
) |
|
$ |
9,026,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audio |
|
|
Corporate |
|
|
Total |
|
Capital expenditures |
|
$ |
787,873 |
|
|
$ |
666,580 |
|
|
$ |
1,454,453 |
|
Reportable segment information for the six months ended June 30, 2025 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audio |
|
|
Digital |
|
|
Corporate |
|
|
Total |
|
Net revenue |
|
$ |
77,972,240 |
|
|
$ |
23,939,936 |
|
|
$ |
— |
|
|
$ |
101,912,176 |
|
Operating expenses |
|
|
71,490,295 |
|
|
|
18,501,164 |
|
|
|
— |
|
|
|
89,991,459 |
|
Corporate expenses |
|
|
— |
|
|
|
— |
|
|
|
7,788,705 |
|
|
|
7,788,705 |
|
Depreciation and amortization |
|
|
2,930,295 |
|
|
|
62,976 |
|
|
|
248,074 |
|
|
|
3,241,345 |
|
Gain on disposition |
|
|
(1,698,228 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,698,228 |
) |
Operating income (loss) |
|
$ |
5,249,878 |
|
|
$ |
5,375,796 |
|
|
$ |
(8,036,779 |
) |
|
$ |
2,588,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audio |
|
|
Digital |
|
|
Corporate |
|
|
Total |
|
Capital expenditures |
|
$ |
812,861 |
|
|
$ |
1,713 |
|
|
$ |
558,764 |
|
|
$ |
1,373,338 |
|
Reportable segment information as of June 30, 2026 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audio |
|
|
Corporate |
|
|
Total |
|
Property and equipment, net |
|
$ |
35,889,554 |
|
|
$ |
4,357,749 |
|
|
$ |
40,247,303 |
|
FCC licenses |
|
|
154,711,200 |
|
|
— |
|
|
|
154,711,200 |
|
Other intangibles, net |
|
|
1,346,355 |
|
|
|
— |
|
|
|
1,346,355 |
|
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 |
|
|