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Revenue (Tables)
12 Months Ended
Dec. 31, 2018
Revenue from Contract with Customer [Abstract]  
Composition of Revenue
Revenue is comprised of the following:

 
 
 
Year ended December 31,
 
 
 
2017
 
 
2018
 
Commercial advertising
 
$
204,995,073
 
 
$
222,763,906
 
Digital advertising
 
 
13,339,380
 
 
 
15,485,353
 
Other
 
 
13,845,010
 
 
 
19,245,340
 
 
 
$
232,179,463
 
 
$
257,494,599
 
Deferred Revenue
 
 
December 31,
 
 
December 31,
 
 
 
2017
 
 
2018
 
Deferred revenue
 
$
1,893,508
 
 
$
1,868,223
 
 
 
 
Year ended December 31,
 
 
 
2017
 
 
2018
 
Losses on receivables
 
$
1,385,820
 
 
$
2,455,628
 
Trade Sale Revenue
Commercial advertising 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.

 
 
 
December 31,
 
 
December 31,
 
 
 
2017
 
 
2018
 
Trade sales receivable
 
$
1,550,172
 
 
$
1,606,283
 
Trade sales payable
 
 
1,276,170
 
 
 
1,250,454
 
 
 
 
Year ended December 31,
 
 
 
2017
 
 
2018
 
Trade sales revenue
 
$
9,565,793
 
 
$
9,108,757