Revenue Recognition

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

12. Revenue Recognition

Disaggregation of Revenue

The following table provides information about disaggregated revenue by product line, geographical market and timing of revenue recognition:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Revenue by product line:
Advertising	$	9,409,031	$	5,456,555	$	28,788,631	$	17,264,621
Digital subscriptions		8,469,943		1,891,702		20,096,640		1,999,636
Magazine circulation		12,874,574		-		34,041,272		-
Other		1,336,445		237,763		2,667,243		366,009
Total	$	32,089,993	$	7,586,020	$	85,593,786	$	19,630,266
Revenue by geographical market:
United States	$	29,964,150	$	7,386,753	$	81,295,916	$	19,430,999
Other		2,125,843		199,267		4,297,870		199,267
Total	$	32,089,993	$	7,586,020	$	85,593,786	$	19,630,266
Revenue by timing of recognition:
At point in time	$	23,620,050	$	5,694,318	$	65,497,146	$	17,630,630
Over time		8,469,943		1,891,702		20,096,640		1,999,636
Total	$	32,089,993	$	7,586,020	$	85,593,786	$	19,630,266

Contract Balances

The timing of the Company’s performance under its various contracts often differs from the timing of the customer’s payment, which results in the recognition of a contract asset or a contract liability. A contract asset is recognized when a good or service is transferred to a customer and the Company does not have the contractual right to bill for the related performance obligations. A contract liability is recognized when consideration is received from the customer prior to the transfer of goods or services.

The following table provides information about contract balances:

	As of
	September 30, 2020		December 31, 2019
Unearned revenue (short-term contract liabilities):
Digital subscriptions	$	13,137,506	$	8,634,939
Magazine circulation		39,669,193		23,528,148
	$	52,806,699	$	32,163,087
Unearned revenue (long-term contract liabilities):
Digital subscriptions	$	1,460,756	$	478,557
Magazine circulation		11,832,810		30,478,154
Other		200,000		222,500
	$	13,493,566	$	31,179,211

Unearned Revenue – Unearned revenue, also referred to as contract liabilities, include payments received in advance of performance under the contracts and are recognized as revenue over time. The Company records contract liabilities as unearned revenue on the consolidated balance sheets. Digital subscription and magazine circulation revenue of $25,359,975 was recognized during the nine months ended September 30, 2020 from unearned revenue at the beginning of the year.

During January and February of 2020, the Company modified certain digital and magazine subscription contracts that prospectively changed the frequency of the related issues required to be delivered on a yearly basis. The Company determined that the remaining digital content and magazines to be delivered are distinct from the digital content or magazines already provided under the original contract. As a result, the Company in effect established a new contract that included only the remaining digital content or magazines. Accordingly, the Company allocated the remaining performance obligations in the contracts as consideration from the original contract that has not yet been recognized as revenue.