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Net Revenue
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Net Revenue
(5) Net Revenue
Net revenue is comprised of the following:
 
 
  
Three months ended March 31,
 
 
  
2021
 
  
2022
 
Audio
    $ 41,729,602      $ 47,365,145  
Digital
      5,763,728        7,808,250  
Other
      718,710        546,873  
    
 
 
     
 
 
  
     $ 48,212,040      $ 55,720,268  
    
 
 
     
 
 
  
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,
2021
 
  
March 31,
2022
 
Deferred revenue
    $ 3,085,370      $ 3,092,825  
 
 
  
Three months ended March 31,
 
 
  
      2021      
 
  
        2022        
 
Losses on receivables
    $ 1,095,313      $ 287,553  
Audio revenue 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. Other revenue includes revenue from concerts, promotional events, talent fees and other miscellaneous items. Such revenue is generally recognized when the concert, promotional event, or talent services are completed.
 
 
  
December 31,
2021
 
  
March 31,
2022
 
Trade sales receivable
    $ 881,885      $ 934,421  
Trade sales payable
      614,467        636,476  
 
 
 
 
 
 
 
 
 
 
    
Three months ended March 31,
  
    
2021
     
2022
  
Trade sales revenue
    $ 929,597      $ 1,372,573  
Digital revenue 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.