Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.3
Segment Information
9 Months Ended
Sep. 30, 2023
Segment Information  
Segment Information

Note 15 — Segment Information

Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and assess performance. The Company’s chief operating decision maker is its Chairman and Chief Executive Officer. The Company views its business as two reportable segments, buy-side advertising, which includes the results of Huddled Masses and Orange142, and sell-side advertising, which includes the results of Colossus Media. All of the Company’s revenues are attributed to the United States.

Revenue by business segment is as follows:

    

For the Three Months

 

For the Nine Months Ended

 Ended 

 

 Ended 

September 30, 

 

September 30, 

    

2023

    

2022

    

2023

    

2022

Buy-side advertising

 

$

7,850,058

$

7,130,736

$

27,092,816

$

22,283,044

Sell-side advertising

 

51,622,066

 

18,854,639

89,006,018

 

36,333,976

Total revenues

$

59,472,124

$

25,985,375

$

116,098,834

$

58,617,020

Operating income by business segment reconciled to income before taxes is as follows:

For the Three Months

 

For the Nine Months Ended

Ended

 

Ended

September 30, 

 

September 30, 

    

2023

    

2022

    

2023

    

2022

Buy-side advertising

$

1,550,827

$

1,357,635

$

6,979,766

$

5,620,194

Sell-side advertising

 

6,206,398

 

2,365,495

 

9,656,686

 

4,599,629

Corporate office expenses

 

(3,263,818)

 

(1,878,306)

 

(10,029,936)

 

(4,725,981)

Total operating income

4,493,407

1,844,824

6,606,516

5,493,842

Corporate 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

Total assets by business segment are as follows:

September 30, 

December 31, 

    

2023

    

2022

Buy-side advertising

$

23,809,849

$

25,685,528

Sell-side advertising

 

54,139,638

 

25,512,367

Corporate office

 

8,798,843

 

6,928,144

Total assets

$

86,748,330

$

58,126,039