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Net Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Net Revenue
(8)
Net Revenue

 

Net revenue is comprised of the following:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

Audio

 

$

47,430,080

 

 

$

39,818,870

 

 

$

90,858,207

 

 

$

77,972,240

 

Digital

 

 

13,005,577

 

 

 

13,180,841

 

 

 

23,957,796

 

 

 

23,939,936

 

 

$

60,435,657

 

 

$

52,999,711

 

 

$

114,816,003

 

 

$

101,912,176

 

 

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,

 

 

June 30,

 

 

2024

 

 

2025

 

Deferred revenue

 

$

3,794,481

 

 

$

3,989,621

 

 

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,

 

 

June 30,

 

 

2024

 

 

2025

 

Trade sales receivable

 

$

1,001,270

 

 

$

1,267,624

 

Trade sales payable

 

 

479,613

 

 

 

591,248

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

Trade sales revenue

 

$

1,211,615

 

 

$

1,853,254

 

 

$

2,476,078

 

 

$

3,077,007

 

 

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 sales order to determine if the Company is operating as the principal or an agent. The Company currently operates as the principal for digital revenue.