Beasley Broadcast (BBGI) 10-Q 27 Apr 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 20, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	BBGI
Entity Registrant Name	BEASLEY BROADCAST GROUP, INC.
Entity Central Index Key	0001099160
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Address, State or Province	FL
Entity Tax Identification Number	65-0960915
Entity Address, Address Line One	3033 Riviera Drive
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Naples
Entity Address, Postal Zip Code	34103
City Area Code	239
Local Phone Number	263-5000
Security Exchange Name	NASDAQ
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Entity File Number	000-29253
Entity Incorporation, State or Country Code	DE
Document Transition Report	false
Document Quarterly Report	true
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,183,354
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,662,743

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 35,894,663	$ 39,534,653
Accounts receivable, less allowance for credit losses of $1,876,751 in 2022 and $1,740,162 in 2023	47,487,802	56,683,526
Prepaid expenses	5,344,980	5,078,231
Other current assets	3,380,589	4,364,120
Total current assets	92,108,034	105,660,530
Property and equipment, net	54,605,751	55,807,047
Operating lease right-of-use assets	36,623,847	38,478,756
Finance lease right-of-use assets	303,333	306,667
FCC licenses	487,249,798	487,249,798
Goodwill	13,265,460	13,265,460
Other intangibles, net	7,977,918	8,219,939
Other assets	5,994,261	5,955,158
Total assets	698,128,402	714,943,355
Current liabilities:
Accounts payable	15,631,581	19,344,621
Operating lease liabilities	8,140,640	8,166,394
Other current liabilities	27,249,726	29,183,630
Total current liabilities	51,021,947	56,694,645
Due to related parties	78,053	85,731
Long-term debt, net of unamortized debt issuance costs	285,839,233	285,472,107
Operating lease liabilities	35,538,596	37,485,602
Deferred tax liabilities	95,904,862	98,068,981
Other long-term liabilities	9,644,746	13,647,481
Total liabilities	478,027,437	491,454,547
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued
Additional paid-in capital	152,122,495	151,948,310
Treasury stock, Class A common stock; 3,649,568 shares in 2022; 3,677,092 shares in 2023	(29,180,845)	(29,155,300)
Retained earnings	96,626,498	100,163,064
Accumulated other comprehensive income	499,311	499,311
Total stockholders' equity	220,100,965	223,488,808
Total liabilities and stockholders' equity	698,128,402	714,943,355
Class A Common Stock [Member]
Stockholders' equity:
Common stock	16,844	16,761
Class B Common Stock [Member]
Stockholders' equity:
Common stock	$ 16,662	$ 16,662

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 1,740,162	$ 1,876,751
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Class A Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	16,846,376	16,763,227
Common stock, shares outstanding	13,169,284	13,113,659
Treasury stock, Class A common stock shares	3,677,092	3,649,568
Class B Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	16,662,743	16,662,743
Common stock, shares outstanding	16,662,743	16,662,743

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net revenue	$ 57,779,120	$ 55,720,268
Operating expenses:
Operating expenses (including stock-based compensation of $78,223 in 2022 and $32,804 in 2023 and excluding depreciation and amortization shown separately below)	50,653,655	49,830,436
Corporate expenses (including stock-based compensation of $149,027 in 2022 and $141,464 in 2023)	4,483,095	4,233,460
Depreciation and amortization	2,229,325	2,515,900
Impairment loss		1,857,226
Total operating expenses	57,366,075	58,437,022
Operating income (loss)	413,045	(2,716,754)
Non-operating income (expense):
Interest expense	(6,593,852)	(6,849,037)
Other income, net	540,515	872
Loss before income taxes	(5,640,292)	(9,564,919)
Income tax benefit	(2,163,983)	(5,849,318)
Loss before equity in earnings of unconsolidated affiliates	(3,476,309)	(3,715,601)
Equity in earnings of unconsolidated affiliates, net of tax	(60,257)	(23,344)
Net loss	$ (3,536,566)	$ (3,738,945)
Net loss per Class A and Class B common share:
Basic	$ (0.12)	$ (0.13)
Diluted	$ (0.12)	$ (0.13)
Weighted average shares outstanding:
Basic	29,785,759	29,370,789
Diluted	29,785,759	29,370,789

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock-based compensation	$ 174,268	$ 227,250
Station Operating Expenses [Member]
Stock-based compensation	32,804	78,223
Corporate General and Administrative Expenses [Member]
Stock-based compensation	$ 141,464	$ 149,027

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (3,536,566)	$ (3,738,945)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation	174,268	227,250
Provision for credit losses	230,692	77,498
Depreciation and amortization	2,229,325	2,515,900
Impairment loss		1,857,226
Amortization of loan fees	367,126	380,211
Deferred income taxes	(2,163,983)	(5,849,318)
Equity in earnings of unconsolidated affiliates	60,257	23,344
Change in operating assets and liabilities:
Accounts receivable	8,965,032	11,188,519
Prepaid expenses	(266,749)	213,359
Other assets	1,049,212	570,082
Accounts payable	(3,713,040)	361,375
Other liabilities	(6,062,782)	(7,069,648)
Other operating activities	222,043	(21,479)
Net cash provided by (used in) operating activities	(2,445,165)	735,374
Cash flows from investing activities:
Capital expenditures	(1,169,280)	(1,375,775)
Net cash used in investing activities	(1,169,280)	(1,375,775)
Cash flows from financing activities:
Reduction of finance lease liabilities		(1,945)
Purchase of treasury stock	(25,545)	(29,599)
Net cash used in financing activities	(25,545)	(31,544)
Net decrease in cash and cash equivalents	(3,639,990)	(671,945)
Cash and cash equivalents at beginning of period	39,534,653	51,378,642
Cash and cash equivalents at end of period	35,894,663	50,706,697
Cash paid for interest	12,506,445	12,937,576
Cash paid for income taxes	$ 21,491	$ 61,000

Interim Financial Statements

Interim Financial Statements	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	(1) Interim Financial Statements The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of Beasley Broadcast Group, Inc. and its subsidiaries (the “Company”) included in the Company’s Annual Report on Form 10-K 10-Q S-X. lete ations, ther year

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies Use of Estimates Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Such estimates include: (i) the amount of allowance for credit losses; (ii) future cash flows used for testing recoverability of property and equipment; (iii) fair values used for testing Federal Communications Commission (“FCC”) licenses, goodwill and other intangibles for impairment; (iv) estimates used to determine the incremental borrowing rate to record lease liabilities and related right-of-use Accounts Receivable Accounts receivable consist primarily of uncollected amounts due from advertisers for the sale of advertising airtime. The amounts are net of advertising agency commissions and an allowance for credit losses. The allowance for credit losses reflects management’s estimate of expected losses in accounts receivable from local advertisers and national agencies. Management determines the allowance based on historical information, relative improvements or deteriorations in the age of the accounts receivable and changes in current economic conditions and reasonable and supportable forecasts of future economic conditions. Interest is not accrued on accounts receivable. The changes in allowance for credit losses on accounts receivable are as follows: Three months ended March 31, 2022 2023 Beginning balance $ 1,720,477 $ 1,876,751 Provision for credit losses 77,498 230,692 Deductions (287,553 ) (367,281 ) Ending balance $ 1,510,422 $ 1,740,162 Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued guidance that will require the measurement of all expected credit losses for financial assets, including accounts receivable, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance was initially effective for the Company for annual reporting periods beginning after December 15, 2019, and interim periods within those fiscal years. In November 2019, the FASB issued additional guidance that included a deferral of the effective date for smaller reporting companies as defined by the Securities and Exchange Commission to fiscal years beginning after December 15, 2022, and interim periods within those years. The Company adopted the guidance on January 1, 2023 and the adoption did not have a material impact on the Company’s condensed consolidated financial statements.

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Disposition	(3) Disposition On April 1, 2022, the Company completed the sale of substantially all of the assets used in the operations of WWNN-AM

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	(4) Long-Term Debt Long-term debt is comprised of the following: December 31, March 31, 2022 2023 Secured notes $ 290,000,000 $ 290,000,000 Less unamortized debt issuance costs (4,527,893 ) (4,160,767 ) $ 285,472,107 $ 285,839,233 On February 2, 2021, the Company issued $300.0 million aggregate principal amount of 8.625% senior secured notes due on February 1, 2026 (the “Notes”) under an indenture dated February 2, 2021 (the “Indenture”). Interest on the Notes accrues at the rate of 8.625% per annum and is payable semiannually in arrears on February 1 and August 1 of each year. The Notes are secured on a first-lien priority basis by substantially all assets of the Company and its majority owned subsidiaries and are guaranteed jointly and severally by the Company and its majority owned subsidiaries. The Indenture contains restrictive covenants that limit the ability of the Company and its subsidiaries to, among other things, incur additional indebtedness, guarantee indebtedness or issue disqualified stock or, in the case of such subsidiaries, preferred stock; pay dividends on, repurchase or make distributions in respect of our capital stock or make other restricted payments; make certain investments or acquisitions; sell, transfer or otherwise convey certain assets; create liens; enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany transfers; consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; enter into transactions with affiliates; prepay certain kinds of indebtedness; and issue or sell stock of its subsidiaries. Prior to February 1, 2025, the Company will be subject to certain premiums, as defined in the Indenture, for optional or mandatory (upon certain contingent events) redemption of some or all of the Note s .

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	(5) Stockholders’ Equity The changes in stockholders’ equity are as follows: Three months ended March 31, 2022 2023 Beginning balance $ 263,082,298 $ 223,488,808 Stock-based compensation 227,250 174,268 Purchase of treasury stock (29,599 ) (25,545 ) Net loss (3,738,945 ) (3,536,566 ) Ending balance $ 259,541,004 $ 220,100,965

Net Revenue

Net Revenue	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Net Revenue	(6) Net Revenue Net revenue is comprised of the following: Three months ended March 31, 2022 2023 Audio $ 47,365,145 $ 47,417,966 Digital 7,808,250 9,976,785 Other 546,873 384,369 $ 55,720,268 $ 57,779,120 The Company recognizes revenue when it satisfies a performance obligation under a contract with an advertiser. The transaction price is allocated to performance obligations based on executed contracts which represent relative standalone selling prices. Payment is generally due within 30 days, although certain advertisers are required to pay in advance. Revenues are reported at the amount the Company expects to be entitled to receive under the contract. The Company has elected to use the practical expedient to expense sales commissions as incurred. Payments received from advertisers before the performance obligation is satisfied are recorded as deferred revenue in the balance sheet. Substantially all deferred revenue is recognized within 12 months of the payment date. December 31, March 31, 2022 2023 Deferred revenue $ 4,696,989 $ 4,890,338 Audio revenue includes revenue from the sale or trade of aired commercial spots to advertisers directly or through national advertising agencies. Each commercial spot is considered a performance obligation. Revenue is recognized when the commercial spots have aired. Trade sales are recorded at the estimated fair value of the goods or services received. If commercial spots are aired before the goods or services are received, then a trade sales receivable is recorded. If goods or services are received before the commercial spots are aired, then a trade sales payable is recorded. Other revenue includes revenue from concerts, promotional events, talent fees and other miscellaneous items. Such revenue is generally recognized when the concert, promotional event, or talent services are completed. December 31, March 31, 2022 2023 Trade sales receivable $ 1,564,054 $ 1,752,566 Trade sales payable 806,162 806,640 Three months ended March 31, 2022 2023 Trade sales revenue $ 1,372,573 $ 1,380,842 Digital revenue includes revenue from the sale of streamed commercial spots, station-owned assets and third-party products. Each streamed commercial spot, station-owned asset and third-party product is considered a performance obligation. Revenue is recognized when the commercial spots have streamed. Station-owned assets are generally scheduled over a period of time and revenue is recognized over time as the digital items are used for advertising content, except for streamed commercial spots. Third-party products are generally scheduled over a period of time with an impression target each month. Revenue from the sale of third-party products is recognized over time as the digital items are used for advertising content and impression targets are met each month. The Company assesses each digital order to determine if the Company is operating as the principal or an agent. In general, the Company operates as the principal, however, after the acquisition of Guarantee Digital, LLC in 2022, the Company determined that it is operating as an agent for one advertiser.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	(7) Stock-Based Compensation The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 7.5 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive restricted stock units, shares of restricted stock, stock options or other stock-based awards. The restricted stock units that have been granted under the 2007 Plan generally vest over one A summary of restricted stock unit activity is presented below: Units Weighted- Grant-Date Fair Value Unvested as of January 1, 2023 1,084,818 $ 1.87 Granted 54,348 0.92 Vested (83,149 ) 2.32 Forfeited (6,667 ) 2.36 Unvested as of March 31, 2023 1,049,350 $ 1.78 As of March 31, 2023, there was $1.2 million of total unrecognized compensation cost for restricted stock units granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 2.3 years.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	(8) Income Taxes The Company’s effective tax rate was (61)% and (38)% for the three months ended March 31, 2022 and 2023, respectively. These rates differ from the federal statutory rate of 21% due to the effect of state income taxes, certain non-taxable

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	(9) Earnings Per Share Earnings per share calculation information is as follows: Three months ended March 31, 2022 2023 Net loss $ (3,738,945 ) $ (3,536,566 ) Weighted-average shares outstanding: Basic 29,370,789 29,785,759 Effect of dilutive restricted stock units and restricted stock — — Diluted 29,370,789 29,785,759 Net loss per Class A and Class B common share – basic and diluted $ (0.13 ) $ (0.12 ) The Company excluded the effect of restrictive stock units and restricted stock under the treasury stock method when reporting a net loss as the addition of shares was anti-dilutive. The number of shares excluded was 178,625 and 123,738 for the three months ended March 31, 2022 and 2023, respectively.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2023
Investments, All Other Investments [Abstract]
Financial Instruments	(10) Financial Instruments The carrying amount of the Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximates fair value due to the short-term nature of these financial instruments. The estimated fair value of the Notes, based on available market information, was $174.0 million and $191.4 million as of December 31, 2022 and March 31, 2023, respectively. The Company used Level 2 measurements under the fair value measurement hierarchy to determine the estimated fair value of the Notes.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	(11) Segment Information The Company currently operates three operating segments (Audio, Digital, esports) and two reportable segments (Audio, 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: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, Tampa-Saint Petersburg, FL, and Wilmington, DE. 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 includes general and administrative expenses and certain other income and expense items not allocated to the operating segments. Non-operating Reportable segment information for the three months ended March 31, 2023 is as follows: Audio Digital Other Corporate Total Net revenue $ 47,417,966 $ 9,976,785 $ 384,369 $ — $ 57,779,120 Operating expenses 39,899,594 9,907,597 846,464 — 50,653,655 Corporate expenses — — — 4,483,095 4,483,095 Depreciation and amortization 1,774,764 46,766 196,477 211,318 2,229,325 Operating income (loss) $ 5,743,608 $ 22,422 $ (658,572 ) $ (4,694,413 ) $ 413,045 Audio Digital Other Corporate Total Capital expenditures $ 1,138,114 $ 2,813 $ 20,122 $ 8,231 $ 1,169,280 Reportable segment information for the three months ended March 31, 2022 is as follows: Audio Digital Other Corporate Total Net revenue $ 47,365,145 $ 7,808,250 $ 546,873 $ — $ 55,720,268 Operating expenses 40,683,812 8,401,763 744,861 — 49,830,436 Corporate expenses — — — 4,233,460 4,233,460 Depreciation and amortization 1,621,827 4,464 695,348 194,261 2,515,900 Impairment loss 1,857,226 — — — 1,857,226 Operating income (loss) $ 3,202,280 $ (597,977 ) $ (893,336 ) $ (4,427,721 ) $ (2,716,754 ) Audio Digital Other Corporate Total Capital expenditures $ 1,181,994 $ 1,844 $ 60,682 $ 142,230 $ 1,386,750 Reportable segment information as of March 31, 2023 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 50,931,567 $ 108,219 $ 84,136 $ 3,481,829 $ 54,605,751 FCC licenses 487,249,798 — — — 487,249,798 Goodwill 10,582,360 922,000 1,761,100 — 13,265,460 Other intangibles, net 1,807,728 953,273 5,037,254 179,663 7,977,918 Reportable segment information as of December 31, 2022 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 51,941,687 $ 112,693 $ 67,751 $ 3,684,916 $ 55,807,047 FCC licenses 487,249,798 — — — 487,249,798 Goodwill 10,582,360 922,000 1,761,100 — 13,265,460 Other intangibles, net 1,841,001 992,752 5,206,523 179,663 8,219,939

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Such estimates include: (i) the amount of allowance for credit losses; (ii) future cash flows used for testing recoverability of property and equipment; (iii) fair values used for testing Federal Communications Commission (“FCC”) licenses, goodwill and other intangibles for impairment; (iv) estimates used to determine the incremental borrowing rate to record lease liabilities and related right-of-use
Accounts Receivable	Accounts Receivable Accounts receivable consist primarily of uncollected amounts due from advertisers for the sale of advertising airtime. The amounts are net of advertising agency commissions and an allowance for credit losses. The allowance for credit losses reflects management’s estimate of expected losses in accounts receivable from local advertisers and national agencies. Management determines the allowance based on historical information, relative improvements or deteriorations in the age of the accounts receivable and changes in current economic conditions and reasonable and supportable forecasts of future economic conditions. Interest is not accrued on accounts receivable. The changes in allowance for credit losses on accounts receivable are as follows: Three months ended March 31, 2022 2023 Beginning balance $ 1,720,477 $ 1,876,751 Provision for credit losses 77,498 230,692 Deductions (287,553 ) (367,281 ) Ending balance $ 1,510,422 $ 1,740,162
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued guidance that will require the measurement of all expected credit losses for financial assets, including accounts receivable, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance was initially effective for the Company for annual reporting periods beginning after December 15, 2019, and interim periods within those fiscal years. In November 2019, the FASB issued additional guidance that included a deferral of the effective date for smaller reporting companies as defined by the Securities and Exchange Commission to fiscal years beginning after December 15, 2022, and interim periods within those years. The Company adopted the guidance on January 1, 2023 and the adoption did not have a material impact on the Company’s condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Allowance for Credit Loss [Abstract]
Summary of credit losses on accounts receivable	The changes in allowance for credit losses on accounts receivable are as follows: Three months ended March 31, 2022 2023 Beginning balance $ 1,720,477 $ 1,876,751 Provision for credit losses 77,498 230,692 Deductions (287,553 ) (367,281 ) Ending balance $ 1,510,422 $ 1,740,162

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt is comprised of the following: December 31, March 31, 2022 2023 Secured notes $ 290,000,000 $ 290,000,000 Less unamortized debt issuance costs (4,527,893 ) (4,160,767 ) $ 285,472,107 $ 285,839,233

Stockholders Equity (Tables)

Stockholders Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Changes in Stockholders Equity	The changes in stockholders’ equity are as follows: Three months ended March 31, 2022 2023 Beginning balance $ 263,082,298 $ 223,488,808 Stock-based compensation 227,250 174,268 Purchase of treasury stock (29,599 ) (25,545 ) Net loss (3,738,945 ) (3,536,566 ) Ending balance $ 259,541,004 $ 220,100,965

Net Revenue (Tables)

Net Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Composition of Revenue	Net revenue is comprised of the following: Three months ended March 31, 2022 2023 Audio $ 47,365,145 $ 47,417,966 Digital 7,808,250 9,976,785 Other 546,873 384,369 $ 55,720,268 $ 57,779,120
Deferred Revenue	December 31, March 31, 2022 2023 Deferred revenue $ 4,696,989 $ 4,890,338
Trade Sale Revenue	December 31, March 31, 2022 2023 Trade sales receivable $ 1,564,054 $ 1,752,566 Trade sales payable 806,162 806,640 Three months ended March 31, 2022 2023 Trade sales revenue $ 1,372,573 $ 1,380,842

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Restricted Stock Units	A summary of restricted stock unit activity is presented below: Units Weighted- Grant-Date Fair Value Unvested as of January 1, 2023 1,084,818 $ 1.87 Granted 54,348 0.92 Vested (83,149 ) 2.32 Forfeited (6,667 ) 2.36 Unvested as of March 31, 2023 1,049,350 $ 1.78

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Earnings per share calculation information is as follows: Three months ended March 31, 2022 2023 Net loss $ (3,738,945 ) $ (3,536,566 ) Weighted-average shares outstanding: Basic 29,370,789 29,785,759 Effect of dilutive restricted stock units and restricted stock — — Diluted 29,370,789 29,785,759 Net loss per Class A and Class B common share – basic and diluted $ (0.13 ) $ (0.12 )

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Summary of reportable segment information	Reportable segment information for the three months ended March 31, 2023 is as follows: Audio Digital Other Corporate Total Net revenue $ 47,417,966 $ 9,976,785 $ 384,369 $ — $ 57,779,120 Operating expenses 39,899,594 9,907,597 846,464 — 50,653,655 Corporate expenses — — — 4,483,095 4,483,095 Depreciation and amortization 1,774,764 46,766 196,477 211,318 2,229,325 Operating income (loss) $ 5,743,608 $ 22,422 $ (658,572 ) $ (4,694,413 ) $ 413,045 Audio Digital Other Corporate Total Capital expenditures $ 1,138,114 $ 2,813 $ 20,122 $ 8,231 $ 1,169,280 Reportable segment information for the three months ended March 31, 2022 is as follows: Audio Digital Other Corporate Total Net revenue $ 47,365,145 $ 7,808,250 $ 546,873 $ — $ 55,720,268 Operating expenses 40,683,812 8,401,763 744,861 — 49,830,436 Corporate expenses — — — 4,233,460 4,233,460 Depreciation and amortization 1,621,827 4,464 695,348 194,261 2,515,900 Impairment loss 1,857,226 — — — 1,857,226 Operating income (loss) $ 3,202,280 $ (597,977 ) $ (893,336 ) $ (4,427,721 ) $ (2,716,754 ) Audio Digital Other Corporate Total Capital expenditures $ 1,181,994 $ 1,844 $ 60,682 $ 142,230 $ 1,386,750 Reportable segment information as of March 31, 2023 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 50,931,567 $ 108,219 $ 84,136 $ 3,481,829 $ 54,605,751 FCC licenses 487,249,798 — — — 487,249,798 Goodwill 10,582,360 922,000 1,761,100 — 13,265,460 Other intangibles, net 1,807,728 953,273 5,037,254 179,663 7,977,918 Reportable segment information as of December 31, 2022 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 51,941,687 $ 112,693 $ 67,751 $ 3,684,916 $ 55,807,047 FCC licenses 487,249,798 — — — 487,249,798 Goodwill 10,582,360 922,000 1,761,100 — 13,265,460 Other intangibles, net 1,841,001 992,752 5,206,523 179,663 8,219,939

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Credit Losses on Accounts Receivable (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Allowance for Credit Loss [Abstract]
Beginning balance	$ 1,876,751	$ 1,720,477
Provision for credit losses	230,692	77,498
Deductions	(367,281)	(287,553)
Ending balance	$ 1,740,162	$ 1,510,422

Dispositions - Additional Infor

Dispositions - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Impairment losses		$ 1,900
West Palm Beach Boca Raton [Member] | WWNNAM [Member]
Business Acquisition [Line Items]
Proceeds from dispositions	$ 1,250

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Less unamortized debt issuance costs	$ (4,160,767)	$ (4,527,893)
Long-term debt	285,839,233	285,472,107
Secured Notes [Member]
Line of Credit Facility [Line Items]
Secured notes	$ 290,000,000	$ 290,000,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - 8.625% senior secured notes due on February 1, 2026 $ in Millions	Feb. 02, 2021 USD ($)
Long-Term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	8.625%
Debt instrument face value	$ 300

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Changes in Stockholders Equity (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Beginning balance	$ 223,488,808	$ 263,082,298
Stock-based compensation	174,268	227,250
Purchase of treasury stock	(25,545)	(29,599)
Net loss	(3,536,566)	(3,738,945)
Ending balance	$ 220,100,965	$ 259,541,004

Net Revenue - Composition of Re

Net Revenue - Composition of Revenue (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net revenue	$ 57,779,120	$ 55,720,268
Audio [Member]
Disaggregation of Revenue [Line Items]
Net revenue	47,417,966	47,365,145
Digital [Member]
Disaggregation of Revenue [Line Items]
Net revenue	9,976,785	7,808,250
Other [Member]
Disaggregation of Revenue [Line Items]
Net revenue	$ 384,369	$ 546,873

Net Revenue - Deferred Revenue

Net Revenue - Deferred Revenue (Detail) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 4,890,338	$ 4,696,989

Net Revenue - Trade Sale Revenu

Net Revenue - Trade Sale Revenue (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Trade sales receivable	$ 1,752,566		$ 1,564,054
Trade sales payable	806,640		$ 806,162
Trade sales revenue	$ 1,380,842	$ 1,372,573

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost for restricted stock granted | $	$ 1.2
Cost expected to be recognized over a weighted-average period	2 years 3 months 18 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units and restricted stock awards, vest, period	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units and restricted stock awards, vest, period	5 years
Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized | shares	7,500,000

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Detail) - 2007 Plan [Member] - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance | shares	1,084,818
Granted, Shares | shares	54,348
Vested, Shares | shares	(83,149)
Forfeited, Shares | shares	(6,667)
Unvested Shares, Ending Balance | shares	1,049,350
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 1.87
Granted, Weighted-Average Grant-Date Fair Value | $ / shares	0.92
Vested, Weighted-Average Grant-Date Fair Value | $ / shares	2.32
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares	2.36
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 1.78

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Federal statutory rate	21%
Effective tax rate	(38.00%)	(61.00%)

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ (3,536,566)	$ (3,738,945)
Weighted-average shares outstanding:
Basic	29,785,759	29,370,789
Effect of dilutive restricted stock units and restricted stock	0	0
Diluted	29,785,759	29,370,789
Net loss per Class A and Class B common share — basic	$ (0.12)	$ (0.13)
Net loss per Class A and Class B common share — diluted	$ (0.12)	$ (0.13)

Earnings Per Share - Additional

Earnings Per Share - Additional information (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share	123,738	178,625

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Inputs, Level 2 [Member]
Fair Value Of Financial Instruments [Line Items]
Long-term debt	$ 191.4	$ 174

Segment Information - Summary o

Segment Information - Summary of Reportable Segment Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net revenue	$ 57,779,120	$ 55,720,268
Operating expenses	50,653,655	49,830,436
Corporate expenses	4,483,095	4,233,460
Depreciation and amortization	2,229,325	2,515,900
Impairment loss		1,857,226
Operating income (loss)	413,045	(2,716,754)
Capital expenditures	1,169,280	1,386,750
Property and equipment, net	54,605,751		$ 55,807,047
FCC licenses	487,249,798		487,249,798
Goodwill	13,265,460		13,265,460
Other intangibles, net	7,977,918		8,219,939
Audio [Member]
Segment Reporting Information [Line Items]
Net revenue	47,417,966	47,365,145
Operating expenses	39,899,594	40,683,812
Depreciation and amortization	1,774,764	1,621,827
Impairment loss		1,857,226
Operating income (loss)	5,743,608	3,202,280
Capital expenditures	1,138,114	1,181,994
Property and equipment, net	50,931,567		51,941,687
FCC licenses	487,249,798		487,249,798
Goodwill	10,582,360		10,582,360
Other intangibles, net	1,807,728		1,841,001
Digital [Member]
Segment Reporting Information [Line Items]
Net revenue	9,976,785	7,808,250
Operating expenses	9,907,597	8,401,763
Depreciation and amortization	46,766	4,464
Operating income (loss)	22,422	(597,977)
Capital expenditures	2,813	1,844
Property and equipment, net	108,219		112,693
Goodwill	922,000		922,000
Other intangibles, net	953,273		992,752
Other [Member]
Segment Reporting Information [Line Items]
Net revenue	384,369	546,873
Operating expenses	846,464	744,861
Depreciation and amortization	196,477	695,348
Operating income (loss)	(658,572)	(893,336)
Capital expenditures	20,122	60,682
Property and equipment, net	84,136		67,751
Goodwill	1,761,100		1,761,100
Other intangibles, net	5,037,254		5,206,523
Corporate [Member]
Segment Reporting Information [Line Items]
Corporate expenses	4,483,095	4,233,460
Depreciation and amortization	211,318	194,261
Operating income (loss)	(4,694,413)	(4,427,721)
Capital expenditures	8,231	$ 142,230
Property and equipment, net	3,481,829		3,684,916
Other intangibles, net	$ 179,663		$ 179,663