Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Total revenues $ 59,472,124 $ 25,985,375 $ 116,098,834 $ 58,617,020
Cost of revenues        
Total cost of revenues 47,719,306 18,524,631 87,840,328 38,039,657
Gross profit 11,752,818 7,460,744 28,258,506 20,577,363
Operating expenses        
Compensation, taxes and benefits 4,747,081 3,845,918 12,934,406 9,895,646
General and administrative 2,512,330 1,770,002 8,717,584 5,187,875
Total operating expenses 7,259,411 5,615,920 21,651,990 15,083,521
Income from operations 4,493,407 1,844,824 6,606,516 5,493,842
Other income (expense)        
Other income 83,331   175,472 47,982
Forgiveness of Paycheck Protection Program loan       287,143
Loss on redemption of non-participating preferred units       (590,689)
Contingent loss on early termination of line of credit     (299,770)  
Interest expense (1,059,890) (905,605) (3,104,684) (2,269,643)
Total other expense (976,559) (905,605) (3,228,982) (2,525,207)
Income before taxes 3,516,848 939,219 3,377,534 2,968,635
Tax expense 165,994 128,436 165,658 215,112
Net income $ 3,350,854 $ 810,783 $ 3,211,876 $ 2,753,523
Net income per common share:        
Basic (in dollars per share) $ 0.23 $ 0.06 $ 0.23 $ 0.23
Diluted (in dollars per share) $ 0.23 $ 0.06 $ 0.22 $ 0.23
Weighted-average number of shares of common stock outstanding:        
Basic (in shares) 14,268,168 14,178,000 14,216,211 11,846,601
Diluted (in shares) 14,827,165 14,545,241 14,817,770 11,996,969
Buy-side advertising        
Revenues        
Total revenues $ 7,850,058 $ 7,130,736 $ 27,092,816 $ 22,283,044
Cost of revenues        
Total cost of revenues 3,113,491 2,471,170 10,650,541 7,694,987
Sell-side advertising        
Revenues        
Total revenues 51,622,066 18,854,639 89,006,018 36,333,976
Cost of revenues        
Total cost of revenues $ 44,605,815 $ 16,053,461 $ 77,189,787 $ 30,344,670