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Net Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Net Revenue
(9)
Net Revenue

 

Net revenue is comprised of the following:

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

Audio

 

$

48,332,715

 

 

$

46,889,920

 

 

$

146,198,774

 

 

$

137,748,127

 

Digital

 

 

11,177,881

 

 

 

11,300,196

 

 

 

33,455,935

 

 

 

35,257,992

 

Other

 

 

609,161

 

 

 

-

 

 

 

1,705,891

 

 

 

-

 

 

$

60,119,757

 

 

$

58,190,116

 

 

$

181,360,600

 

 

$

173,006,119

 

 

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,

 

 

2023

 

 

2024

 

Deferred revenue

 

$

4,835,984

 

 

$

7,021,361

 

 

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,

 

 

September 30,

 

 

2023

 

 

2024

 

Trade sales receivable

 

$

1,417,692

 

 

$

1,108,842

 

Trade sales payable

 

 

481,471

 

 

 

544,231

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

Trade sales revenue

 

$

1,441,228

 

 

$

1,680,660

 

 

$

4,288,722

 

 

$

4,156,738