Segment Information

6 Months Ended

Jun. 30, 2023

Segment Information

Segment Information

Note 14 — 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				Ended
	June 30,				June 30,
	2023		2022		2023		2022
Buy-side advertising	$	11,803,092	$	9,321,267	$	19,242,758	$	15,152,308
Sell-side advertising		23,600,708		11,940,041		37,383,952		17,479,337
Total revenues	$	35,403,800	$	21,261,308	$	56,626,710	$	32,631,645

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

	For the Three Months				For the Six Months Ended
	Ended				Ended
	June 30,				June 30,
	2023		2022		2023		2022
Buy-side advertising	$	3,924,079	$	3,188,369	$	5,428,939	$	4,262,579
Sell-side advertising		2,171,957		1,583,091		3,450,289		2,234,134
Corporate office expenses		(3,841,588)		(1,707,313)		(6,766,119)		(2,847,695)
Total operating income		2,254,448		3,064,147		2,113,109		3,649,018
Corporate other expense		(985,180)		(363,108)		(2,252,423)		(1,619,602)
Income (loss) before taxes	$	1,269,268	$	2,701,039	$	(139,314)	$	2,029,416

Total assets by business segment are as follows:

	June 30,		December 31,
	2023		2022
Buy-side advertising	$	24,977,722	$	25,685,528
Sell-side advertising		27,507,120		25,512,367
Corporate office		9,665,604		6,928,144
Total assets	$	62,150,446	$	58,126,039