Revenue

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

(8) Revenue

Revenue is comprised of the following:


	Three M onths ended September 30,				Nine M onths ended September 30,
	2018		2019		2018		2019
Commercial advertising	$	56,644,127	$	57,168,203	$	157,761,002	$	164,125,289
Digital advertising		3,496,136		5,052,417		10,826,473		13,507,547
Other		5,006,817		3,894,081		13,338,528		11,828,167

	$	65,147,080	$	66,114,701	$	181,926,003	$	189,461,003

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, 2018		September 30, 2019
Deferred revenue	$	1,868,223	$	3,414,696


	Three M onths ended September 30,				Nine M onths ended September 30,
	2018		2019		2018		2019
Losses on receivables	$	1,845,022	$	107,224	$	2,259,136	$	465,620

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, 2018		September 30, 2019
Trade sales receivable	$	1,606,283	$	1,818,542
Trade sales payable		1,250,454		1,312,993


	Three M onths ended September 30,				Nine M onths ended September 30,
	2018		2019		2018		2019
Trade sales revenue	$	2,790,888	$	2,005,613	$	6,409,976	$	6,513,855

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.