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Revenue (Tables)
9 Months Ended
Sep. 30, 2019
Revenue from Contract with Customer [Abstract]  
Composition of 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 
   
 
 
   
 
 
   
 
 
   
 
 
 
Deferred Revenue
   
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 
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,
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