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Net Revenue
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Net Revenue
(8)
Net Revenue

 

Net revenue is comprised of the following:

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

Audio

 

$

52,995,670

 

 

$

48,332,715

 

 

$

153,778,711

 

 

$

146,198,774

 

Digital

 

 

10,241,671

 

 

 

11,177,881

 

 

 

28,769,331

 

 

 

33,455,935

 

Other

 

 

585,947

 

 

 

609,161

 

 

 

1,805,964

 

 

 

1,705,891

 

 

$

63,823,288

 

 

$

60,119,757

 

 

$

184,354,006

 

 

$

181,360,600

 

 

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 sheets. Substantially all deferred revenue is recognized within 12 months of the payment date.

 

 

December 31,

 

 

September 30,

 

 

2022

 

 

2023

 

Deferred revenue

 

$

4,696,989

 

 

$

5,356,521

 

 

Audio revenue includes revenue from the sale or trade of aired commercial spots to advertisers directly or through 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,

 

 

September 30,

 

 

2022

 

 

2023

 

Trade sales receivable

 

$

1,564,054

 

 

$

2,032,871

 

Trade sales payable

 

 

806,162

 

 

 

823,879

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

Trade sales revenue

 

$

1,481,948

 

 

$

1,441,228

 

 

$

4,358,626

 

 

$

4,288,722

 

 

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.