The impact of ASC 606 on revenue recognized during the years ended December 31, 2021, December 31, 2020, and December 31, 2019 is as follows:

	2021			2020			2019
Contract liabilities with customers at January 1,	$	84		$	9,623		$	7,477
Revenue recognized		(84	)		(14,570	)		(16,352	)
Revenue deferred		-			5,031			18,498
Contract liabilities with customers at December 31,	$	-		$	84		$	9,623

During the year ended December 31, 2021, there were no promotions giving rise to deferred contract liabilities and, therefore, there was no additional deferred revenue. Previously deferred revenue of $0.1 million was recognized in the first quarter of 2021.

During the year ended December 31, 2020, the Company deferred $5.0 million of revenue, offset by the recognition of $14.6 million of revenue previously deferred as the performance obligations relating to the shipment of free products were satisfied. This resulted in a net increase in firearms sales for the year ended December 31, 2020 of $9.6 million and a deferred contract revenue liability at December 31, 2020 of $0.1 million. The deferred revenue balance was significantly reduced due to the absence of promotions in the fourth quarter of 2020.

During the year ended December 31, 2019, the Company deferred $18.5 million of revenue, offset by the recognition of $16.4 million of revenue previously deferred as the performance obligations relating to the shipment of free products were satisfied. This resulted in a net decrease in firearms sales for the year ended December 31, 2019 of $2.1 million and a deferred contract revenue liability at December 31, 2019 of $9.6 million.

Practical Expedients and Exemptions

The Company has elected to account for shipping and handling activities that occur after control of the related product transfers to the customer as fulfillment activities that are recognized upon shipment of the goods.