(5) Revenue

Revenue is comprised of the following:


	Three months ended June 30,				Six months ended June 30,
	2017		2018		2017		2018
Commercial advertising	$	54,814,498	$	53,414,405	$	102,364,320	$	101,116,875
Digital advertising		3,216,722		4,121,798		6,399,849		7,330,337
Other		2,982,194		4,089,093		5,989,796		8,331,711

	$	61,013,414	$	61,625,296	$	114,753,965	$	116,778,923

The Company recognizes revenue when it satisfies a performance obligation under a contract with an advertiser. The transaction price is allocated to performance obligations based on executed contracts which represent relative standalone selling prices. Payment is generally due within 30 days although certain advertisers are required to pay in advance. Revenues are reported at the amount the Company expects to be entitled to receive under the contract. The Company has elected to use the practical expedient to expense sales commissions as incurred. Payments received from advertisers before the performance obligation is satisfied are recorded as deferred revenue in the balance sheet. Substantially all deferred revenue is recognized within twelve months of the payment date.


	December 31,		June 30,
	2017		2018
Deferred revenue	$	1,893,508	$	3,305,989


	Three months ended June 30,				Six months ended June 30,
	2017		2018		2017		2018
Losses on receivables	$	722,882	$	188,383	$	838,779	$	414,114

Commercial advertising includes revenue from the sale or trade of commercial spots to advertisers directly or through national, regional or local advertising agencies. Commercial spots may be aired or streamed. Each commercial spot is considered a performance obligation. Revenue is recognized when the commercial spots have aired or streamed. Trade sales are recorded at the estimated fair value of the goods or services received. If commercial spots are aired or streamed before the goods or services are received then a trade sales receivable is recorded. If goods or services are received before the commercial spots are aired or streamed then a trade sales payable is recorded.


	December 31,		June 30,
	2017		2018
Trade sales receivable	$	1,550,172	$	1,475,097
Trade sales payable		1,276,170		1,423,413


	Three months ended June 30,				Six months ended June 30,
	2017		2018		2017		2018
Trade sales revenue	$	2,126,125	$	1,736,658	$	4,772,553	$	3,619,088

Digital advertising includes revenue from the sale of streamed commercial spots, station-owned assets and third party products. Each station-owned asset and third party product is considered a performance obligation. Station-owned assets are generally scheduled over a period of time and revenue is recognized over time as the digital items are used for advertising content. Third-party products are generally scheduled over a period of time with an impression target each month. Revenue from the sale of third-party products is recognized over time as the digital items are used for advertising content and impression targets are met each month.

Other revenue includes revenue from concerts, promotional events, talent fees and other miscellaneous items. Revenue is generally recognized when the event is completed, as the promotional events are completed, or as the talent services are completed.