Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.2.2
Segment Information
 6 Months Ended
Jun. 30, 2022
Segment Information  
Segment Information

Note 13 — 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 Six Months

​

​

 Ended 

 

 Ended 

​

​

June 30, 

 

June 30, 

​

    

2022

    

2021

    

2022

    

2021

Buy-side advertising

 

$

9,321,267

​

$

9,113,304

​

$

15,152,308

​

$

13,941,352

Sell-side advertising

 

​

11,940,041

​

 

2,068,587

​

​

17,479,337

​

 

2,934,273

Total revenues

​

$

21,261,308

​

$

11,181,891

​

$

32,631,645

​

$

16,875,625

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months

 

For the Six Months

​

​

Ended

 

Ended

​

​

June 30, 

 

June 30, 

​

    

2022

    

2021

    

2022

    

2021

Buy-side advertising

​

$

3,188,369

​

$

3,088,981

​

$

4,262,579

​

$

3,608,644

Sell-side advertising

​

 

1,583,091

​

 

199,424

​

 

2,234,134

​

 

161,840

Corporate office expenses

​

 

(1,707,313)

​

 

(768,394)

​

 

(2,847,695)

​

 

(1,276,668)

Total operating income

​

​

3,064,147

​

​

2,520,011

​

​

3,649,018

​

​

2,493,816

Corporate other expense

​

​

(363,108)

​

​

(806,651)

​

​

(1,619,602)

​

​

(1,589,749)

Income before taxes

​

$

2,701,039

​

$

1,713,360

​

$

2,029,416

​

$

904,067

​

Total assets by business segment are as follows:

​

​

​

​

​

​

​

​

    

As of 

    

As of 

​

​

June 30, 

​

December 31, 

​

    

2022

    

2021

Buy-side advertising

​

$

25,843,110

​

$

25,648,105

Sell-side advertising

​

 

13,867,367

​

 

8,277,575

Corporate office expenses

​

 

6,147,315

​

 

2,074,253

Total assets

​

$

45,857,792

​

$

35,999,933

​