(6)

Revenue

Revenue is comprised of the following:


	Three months ended September 30,				Nine months ended September 30,
	2017		2018		2017		2018
Commercial advertising	$	52,162,713	$	56,644,127	$	154,527,033	$	157,761,002
Digital advertising		3,311,548		3,496,136		9,711,397		10,826,473
Other		3,427,789		5,006,817		9,417,585		13,338,528

	$	58,902,050	$	65,147,080	$	173,656,015	$	181,926,003

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, 2017		September 30, 2018
Deferred revenue	$	1,893,508	$	2,718,519


	Three months ended September 30,				Nine months ended September 30,
	2017		2018		2017		2018
Losses on receivables	$	354,814	$	1,845,022	$	1,193,593	$	2,259,136

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


	December 31, 2017		September 30, 2018
Trade sales receivable	$	1,550,172	$	1,563,809
Trade sales payable		1,276,170		1,315,712


	Three months ended September 30,				Nine months ended September 30,
	2017		2018		2017		2018
Trade sales revenue	$	2,144,090	$	2,790,888	$	6,916,643	$	6,409,976

Digital advertising includes revenue from the sale of streamed commercial spots, station-owned assets and third party products. Each streamed commercial spot, station-owned asset and third party product is considered a performance obligation. Revenue is recognized when the commercial spots have streamed. 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 except for streamed commercial spots. 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.