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Revenue (Tables)
6 Months Ended
Jun. 30, 2019
Revenue from Contract with Customer [Abstract]  
Composition of Revenue
Revenue is comprised of the following:
 
 
 
Three months ended June 30,
 
 
Six months ended June 30,
 
 
 
2018
 
 
2019
 
 
2018
 
 
2019
 
Commercial advertising
 
$
53,414,405
 
 
$
57,375,821
 
 
$
101,116,875
 
 
$
106,957,086
 
Digital advertising
 
 
4,121,798
 
 
 
4,948,181
 
 
 
7,330,337
 
 
 
8,455,130
 
Other
 
 
4,089,093
 
 
 
3,334,746
 
 
 
8,331,711
 
 
 
7,934,086
 
 
 
$
61,625,296
 
 
$
65,658,748
 
 
$
116,778,923
 
 
$
123,346,302
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred Revenue
 
 
December 31,
 
 
June 30,
 
 
 
 
 
 
 
 
 
 
 
2018
 
 
2019
 
 
 
 
 
 
 
 
 
Deferred revenue
 
$
1,868,223
 
 
$
1,766,464
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
 
Six months ended June 30,
 
 
 
2018
 
 
2019
 
 
2018
 
 
2019
 
Losses on receivables
 
$
188,383
 
 
$
45,646
 
 
$
414,114
 
 
$
358,396
 
 
 
 
 
 
 
Trade Sale Revenue
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,
 
 
June 30,
 
 
 
 
 
 
 
 
 
 
 
2018
 
 
2019
 
 
 
 
 
 
 
 
 
Trade sales receivable
 
$
1,606,283
 
 
$
1,972,177
 
 
 
 
 
 
 
 
 
Trade sales payable
 
 
1,250,454
 
 
 
1,250,425
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
 
Six months ended June 30,
 
 
 
2018
 
 
2019
 
 
2018
 
 
2019
 
Trade sales revenue
 
$
1,736,658
 
 
$
2,259,366
 
 
$
3,619,088
 
 
$
4,508,242