r. Revenue: The Companys revenue is primarily comprised of transaction fees and service fees. The Company earn transaction fees for enabling orders and providing other services and service fees to cover administrative fees. The Companys revenue recognition accounting policy until January 1, 2019, prior to the adoption of the new revenue standard: The Company recognizes revenue in accordance with ASC Topic 605 Revenue Recognition and related authoritative guidance. Revenue is recognized when all of the following criteria are met: (i) persuasive evidence of an arrangement exists; (ii) fees are fixed or determinable; (iii) the collection of the fees is reasonably assured and (iv) services have been rendered. Revenues are recorded net of provisions for cancelations, which can be reasonably estimated, based on the Companys historical experience and managements expectations. The Company recognizes revenue from transaction fees and service fees upon the completion of each order. The Company presents revenue in accordance with ASC Topic 605-45, Revenue Recognition-Principal Agent Considerations. The determination of whether the Company is the principal or agent, and whether revenue should be presented on a gross basis for the amount billed or on a net basis for the amount earned from each transaction, requires the Company to evaluate a number of indicators. Revenue from transaction fees was recognized on a net basis since the Company has concluded that it acts as an agent, mainly since it does not take responsibility for the sellers services and therefore it is not the primary obligor in the transaction and does not have latitude in price establishment. The Company recognizes revenue from unused user accounts balances once the likelihood of the users exercising their unused accounts balances becomes remote and the Company is not required to remit such unused account balances to a third party in accordance with applicable unclaimed property laws. The amounts recognized for the years ended December 31, 2018 and 2017 were immaterial. The Companys revenue recognition accounting policy from January 1, 2019, following the adoption of the new revenue standard: On January 1, 2019, the Company adopted the new revenue standard to all contracts using the modified retrospective approach. There was no cumulative initial effect of applying the new revenue standard. The Companys customers are the users on its platform. Users accept the Companys terms of service upon registration to the platform. Gross order amount including transaction and service fees is collected from the buyer upfront by a third-party payment provider. The prepaid amounts from buyers are simultaneously recorded as an asset under user funds with a corresponding liability to buyers under user accounts and deferred revenue until the order is completed or cancelled. A contract with a customer exists only when: the parties to the contract have approved it and are committed to perform their respective obligations, the Company can identify each partys rights regarding the distinct services to be transferred (performance obligations), the Company can determine the transaction price for the services to be transferred, the contract has commercial substance and it is probable that the Company will collect the consideration to which it will be entitled in exchange for the services that will be transferred to the customer. The Companys revenue is primarily comprised of one distinct performance obligation which is to arrange services to be provided (including communication, engagement and payment processing) on its marketplace platform by the sellers to the buyers. The Company earns transaction fees and service fees that are based on the total value of transactions ordered through the platform once the buyer obtains control of the service, which occurs at a point in time upon completion of each order. Revenue is recorded in the amount of consideration to which the Company expects to be entitled in exchange for performance obligations upon transfer of control to the customer, excluding amounts collected on behalf of other third parties and indirect taxes. Revenue is mainly recognized on a net basis since the Company has concluded that it acts as an agent on its platform, mainly since it does not take responsibility for the sellers services and therefore it is not primary responsible for fulfilling the promise to provide the service and doesnt have discretion in price establishment. Therefore, the Company does not obtain control of the services before they are transferred to the customer. The Company elected to use the practical expedient and recognize the incremental costs of obtaining contracts as an expense since the amortization period of the assets that the Company otherwise would have recognized is one year or less. Similarly, the Company does not disclose the value of unsatisfied performance obligations since the original expected duration of the contracts is one year or less. The Company recognizes revenue from unused user accounts balances once the likelihood of the users exercising their unused accounts balances becomes remote and the Company is not required to remit such unused account balances to a third party in accordance with applicable unclaimed property laws. The amounts recognized for the three months ended March 31, 2020 (unaudited) and 2019 (unaudited) and for the year ended December 31, 2019 were immaterial. Revenue from subscription-based content marketing platform and back office platform are mainly recognized over time when the service is rendered to the customer. Disaggregated revenue The Companys transaction fees were $25,256 (unaudited) and $17,347 (unaudited) for the three months ended March 31, 2020 and 2019, respectively and $78,074, $55,117 and $39,001, for the years ended December 31, 2019, 2018 and 2017, respectively. The Companys services fees were $8,894 (unaudited) and $6,416 (unaudited) for the three months ended March 31, 2020 and 2019 respectively, and $28,999, $20,386 and $13,111 for the years ended December 31, 2019, 2018 and 2017, respectively. Contract liabilities The Companys contract liabilities mainly consist of deferred revenues from transaction and service fees received in advance for services for which control has not been yet obtained by the customers. The Company adopted the new revenue standard using the modified retrospective method without restating comparative periods. Deferred revenues resulting from transaction and service fees owed to the Company were $4,258 (unaudited) and $3,248 as of March 31, 2020 and as of December 31, 2019, respectively. For the year ended December 31, 2018, deferred revenue was included under user accounts.