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Revenue Recognition | 6 Months Ended
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Jun. 30, 2020
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | 11. Revenue Recognition Disaggregation of Revenue The following table provides information about disaggregated revenue by product line, geographical market and timing of revenue recognition:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Revenue by product line: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advertising |  | $ | 7,541,616 |  |  | $ | 5,670,712 |  |  | $ | 19,379,600 |  |  | $ | 11,808,066 |
Digital subscriptions |  |  | 6,089,450 |  |  |  | 56,021 |  |  |  | 11,626,697 |  |  |  | 107,934 |
Magazine circulation |  |  | 8,629,166 |  |  |  | - |  |  |  | 21,166,698 |  |  |  | - |
Other |  |  | 830,708 |  |  |  | 43,550 |  |  |  | 1,330,798 |  |  |  | 128,246 |
Total |  | $ | 23,090,940 |  |  | $ | 5,770,283 |  |  | $ | 53,503,793 |  |  | $ | 12,044,246 |
Revenue by geographical market: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 22,049,636 |  |  | $ | 5,770,283 |  |  | $ | 51,331,766 |  |  | $ | 12,044,246 |
Other |  |  | 1,041,304 |  |  |  | - |  |  |  | 2,172,027 |  |  |  | - |
Total |  | $ | 23,090,940 |  |  | $ | 5,770,283 |  |  | $ | 53,503,793 |  |  | $ | 12,044,246 |
Revenue by timing of recognition: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At point in time |  | $ | 17,001,490 |  |  | $ | 5,714,262 |  |  | $ | 41,877,096 |  |  | $ | 11,936,312 |
Over time |  |  | 6,089,450 |  |  |  | 56,021 |  |  |  | 11,626,697 |  |  |  | 107,934 |
Total |  | $ | 23,090,940 |  |  | $ | 5,770,283 |  |  | $ | 53,503,793 |  |  | $ | 12,044,246 |
Contract Balances The timing of the Company’s performance under its various contracts often differs from the timing of the customer’s payment, which results in the recognition of a contract asset or a contract liability. A contract asset is recognized when a good or service is transferred to a customer and the Company does not have the contractual right to bill for the related performance obligations. A contract liability is recognized when consideration is received from the customer prior to the transfer of goods or services. The following table provides information about contract balances:
|  | As of |
|  | June 30, 2020 |  |  | December 31, 2019 |
Unearned revenue (short-term contract liabilities): |  |  |  |  |  |  |  |
Digital subscriptions |  |  | 12,688,136 |  |  |  | 8,634,939 |
Magazine circulation |  |  | 42,731,290 |  |  |  | 23,528,148 |
|  | $ | 55,419,426 |  |  | $ | 32,163,087 |
Unearned revenue (long-term contract liabilities): |  |  |  |  |  |  |  |
Digital subscriptions |  | $ | 1,473,758 |  |  | $ | 478,557 |
Magazine circulation |  |  | 13,135,330 |  |  |  | 30,478,154 |
Other |  |  | 207,500 |  |  |  | 222,500 |
|  | $ | 14,816,588 |  |  | $ | 31,179,211 |
Unearned Revenue – Unearned revenue, also referred to as contract liabilities, include payments received in advance of performance under the contracts and are recognized as revenue over time. The Company records contract liabilities as unearned revenue on the consolidated balance sheets. Digital subscription and magazine circulation revenue of $17,211,363 was recognized during the six months ended June 30, 2020 from unearned revenue at the beginning of the year. During January and February of 2020, the Company modified certain digital and magazine subscription contracts that prospectively changed the frequency of the related issues required to be delivered on a yearly basis. The Company determined that the remaining digital content and magazines to be delivered are distinct from the digital content or magazines already provided under the original contract. As a result, the Company in effect established a new contract that included only the remaining digital content or magazines. Accordingly, the Company allocated the remaining performance obligations in the contracts as consideration from the original contract that has not yet been recognized as revenue.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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