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Revenue
 6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue
(6)
Revenue
Revenue is comprised of the following:
 
   
Three months ended June 30,
   
Six months ended June 30,
 
   
2019
   
2020
   
2019
   
2020
 
Commercial advertising
  $57,375,821   $24,202,267   $106,957,086   $71,630,987 
Digital advertising
   4,948,181    4,208,340    8,455,130    9,565,013 
Other
   3,334,746    1,972,525    7,934,086    6,837,558 
  
 
 
   
 
 
   
 
 
   
 
 
 
  $65,658,748   $30,383,132   $123,346,302   $88,033,558 
  
 
 
   
 
 
   
 
 
   
 
 
 
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,
2019
   
June 30,
2020
 
Deferred revenue
  $3,639,077   $2,714,359 
 
   
Three months ended June 30,
   
Six months ended June 30,
 
   
2019
   
2020
   
2019
   
2020
 
Losses on receivables
  $45,646   $253,553   $358,396   $1,088,478 
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,
2019
   
June 30,
2020
 
Trade sales receivable
  $1,691,295   $1,028,251 
Trade sales payable
   2,180,783    979,822 
 
   
Three months ended June 30,
   
Six months ended June 30,
 
   
2019
   
2020
   
2019
   
2020
 
Trade sales revenue
  $2,259,366   $575,636   $4,508,242   $2,543,896 
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 esports, 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.