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Net Revenue
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Net Revenue
 
(6)
Net Revenue
Net revenue is comprised of the following:
 
    
Three months ended March 31,
  
    
2022
     
2023
  
Audio
    $ 47,365,145      $ 47,417,966  
Digital
      7,808,250        9,976,785  
Other
      546,873        384,369  
    
 
 
     
 
 
  
     $ 55,720,268      $ 57,779,120  
    
 
 
     
 
 
  
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 12 months of the payment date.
 
    
December 31,
     
March 31,
  
    
2022
     
2023
  
Deferred revenue
    $ 4,696,989      $ 4,890,338  
Audio revenue includes revenue from the sale or trade of aired commercial spots to advertisers directly or through national 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,
     
March 31,
  
    
2022
     
2023
  
Trade sales receivable
    $ 1,564,054      $ 1,752,566  
Trade sales payable
      806,162        806,640  
 
    
Three months ended March 31,
  
    
2022
     
2023
  
Trade sales revenue
    $ 1,372,573      $ 1,380,842  
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. The Company assesses each digital order to determine if the Company is operating as the principal or an agent. In general, the Company operates as the principal, however, after the acquisition of Guarantee Digital, LLC in 2022, the Company determined that it is operating as an agent for one advertiser.