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Balance Sheet Components | 9 Months Ended
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Sep. 30, 2022
Balance Sheet Components [Line Items] |
Balance sheet components | Note 4 —Balance sheet components Cash and cash equivalents and restricted cash A reconciliation of the Company’s cash and cash equivalents in the consolidated balance sheets to cash, cash equivalents and restricted cash in the consolidated statements of cash flows as of September 30, 2022, and December 31, 2021 is as follows:
|  | September 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Cash and cash equivalents |  | $ | 46,826 |  |  | $ | 15,216 |
Restricted cash |  |  | 500 |  |  |  | 2,331 |
Cash, cash equivalents and restricted cash |  | $ | 47,326 |  |  | $ | 17,547 |
As of September 30, 2022, restricted cash includes cash deposits required by a bank as collateral related to corporate credit card agreements of $0.5 million. On March 4, 2022, the Now You Know Media Inc. (“Learn25”) holdback of $0.2 million was paid to the previous owners of Learn25 from escrow funds previously classified as restricted cash. On April 16, 2022, the Paycheck Protection Program (PPP) loan was forgiven, and $1.2 million of funds were released from escrow to the Company and reclassified from restricted cash to cash and cash equivalents. On May 11, 2022, the One Day University (“ODU”) holdback of $0.5 million was paid to the previous owners of ODU from escrow funds previously classified as restricted cash. Investments in debt securities The Company’s investments in debt securities at fair value based on unadjusted quoted market prices (Level 1) and quoted prices for comparable assets (Level 2) are:
|  | As of September 30, 2022 |  |  | As of December 31, 2021 |
|  | Cash and Cash Equivalents |  |  | Short-term Investments |  |  | Investments (non-current) |  |  | Total |  |  | Cash and Cash Equivalents |  |  | Short-term Investments |  |  | Investments (non-current) |  |  | Total |
|  | (in thousands) |  |  | (in thousands) |
Level 1 Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 15,607 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,607 |  |  | $ | 11,709 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,709 |
U.S. Government debt securities |  |  | — |  |  |  | 1,996 |  |  |  | — |  |  |  | 1,996 |  |  |  | — |  |  |  | 13,582 |  |  |  | — |  |  |  | 13,582 |
Total Level 1 Securities |  |  | 15,607 |  |  |  | 1,996 |  |  |  | — |  |  |  | 17,603 |  |  |  | 11,709 |  |  |  | 13,582 |  |  |  | — |  |  |  | 25,291 |
Level 2 Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | — |  |  |  | 14,951 |  |  |  | — |  |  |  | 14,951 |  |  |  | — |  |  |  | 50,641 |  |  |  | 15,430 |  |  |  | 66,071 |
Municipal debt securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,610 |  |  |  | — |  |  |  | 1,610 |
Total Level 2 Securities |  |  | — |  |  |  | 14,951 |  |  |  | — |  |  |  | 14,951 |  |  |  | — |  |  |  | 52,251 |  |  |  | 15,430 |  |  |  | 67,681 |
Total |  | $ | 15,607 |  |  | $ | 16,947 |  |  | $ | — |  |  | $ | 32,554 |  |  | $ | 11,709 |  |  | $ | 65,833 |  |  | $ | 15,430 |  |  | $ | 92,972 |
The following tables summarize the Company’s corporate, U.S. government, and municipal debt securities:
|  | As of September 30, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (in thousands) |
Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 15,129 |  |  | $ | — |  |  | $ | (178 | ) |  | $ | 14,951 |
U.S. Government |  |  | 2,000 |  |  |  | — |  |  |  | (4 | ) |  |  | 1,996 |
Total |  | $ | 17,129 |  |  | $ | — |  |  | $ | (182 | ) |  | $ | 16,947 |
|  | As of December 31, 2021 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (in thousands) |
Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 66,281 |  |  | $ | — |  |  | $ | (210 | ) |  | $ | 66,071 |
U.S. Government |  |  | 13,594 |  |  |  | — |  |  |  | (12 | ) |  |  | 13,582 |
Municipalities |  |  | 1,610 |  |  |  | — |  |  |  | — |  |  |  | 1,610 |
Total |  | $ | 81,485 |  |  | $ | — |  |  | $ | (222 | ) |  | $ | 81,263 |
There were no material realized gains or losses recorded during the three and nine months ended September 30, 2022 or 2021. Content assets Content assets consisted of the following:
|  | As of |
|  | September 30, 2022 |  |  | December 31, 2021 |
|  | (in thousands) |
Licensed content, net Released, less amortization |  | $ | 11,783 |  |  | $ | 11,406 |
Prepaid and unreleased |  |  | 5,774 |  |  |  | 9,119 |
|  |  | 17,557 |  |  |  | 20,525 |
Produced content, net Released, less amortization |  |  | 33,726 |  |  |  | 18,507 |
In production |  |  | 23,618 |  |  |  | 33,650 |
|  |  | 57,344 |  |  |  | 52,157 |
Total |  | $ | 74,901 |  |  | $ | 72,682 |
As of September 30, 2022, $5.3 million, $3.1 million, and $1.5 million of the $11.8 million unamortized cost of the licensed content that has been released is expected to be amortized in each of the next three years. As of September 30, 2022, $9.1 million, $8.6 million, and $7.6 million of the $33.7 million unamortized cost of the produced content that has been released is expected to be amortized in each of the next three years. Content amortization is included within Cost of revenues on the unaudited consolidated statement of operations. In accordance with its accounting policy for content assets, the following tables represent the amortization of content assets:
|  | Three Months Ended September 30, |  |  | Nine months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |  |  | (in thousands) |
Licensed content |  | $ | 1,793 |  |  | $ | 2,091 |  |  | $ | 6,590 |  |  | $ | 5,369 |
Produced content |  |  | 8,588 |  |  |  | 5,063 |  |  |  | 22,920 |  |  |  | 8,774 |
Total |  | $ | 10,381 |  |  | $ | 7,154 |  |  | $ | 29,510 |  |  | $ | 14,143 |
Goodwill and intangible assets Changes in goodwill for the nine months ended September 30, 2022 is as follows (in thousands):
Balance, December 31,2021 |  | $ | 2,793 |
Impairment of Goodwill |  |  | 2,793 |
Balance, September 30, 2022 |  | $ | — |
During the second quarter of 2022, the Company experienced a sustained decrease in its share price, and this triggering event was an indication that it was more likely than not that the fair value of the Company’s single reporting unit was below its carrying value. The Company performed an interim goodwill impairment test of its goodwill as of June 30, 2022 and recognized a goodwill impairment charge of $2.8 million during the three months ended June 30, 2022 as the fair value of the reporting unit was less than the related carrying value. This charge is included in impairment of goodwill and intangible assets on the Company’s unaudited consolidated statements of operations for the nine months ended September 30, 2022. The determination of the fair value of the Company’s reporting unit was based on a combination of the income and the market approach. The Company applied equal weighting to each of the approaches in determining the fair value of the reporting unit. Under the income approach, the Company utilized discounted cash flows of forecasted future cash flows based on future operational expectations and discounted these cash flows to reflect their relative risk. The cash flows used are consistent with those the Company uses in its internal planning, which reflect actual business trends experienced and the Company’s long-term business strategy. Under the market approach, the Company utilized the guideline public company method and guideline transaction method to develop valuation multiples and compare the Company to similar publicly traded companies. The significant assumptions under each of the approaches include, among others: revenue projections (which are dependent on future customer subscriptions and content licensing agreements), operating expenses, discount rate, control premium and a terminal growth rate. The cash flows used to determine the fair values are dependent on a number of significant management assumptions, such as the Company’s expectations of future performance and the expected future economic environment, which are partly based upon the Company’s historical experience. The Company also considered its market capitalization in assessing the reasonableness of the reporting unit fair value. During the second quarter of 2022, the Company also determined there were impairment indicators with respect to certain of the Company’s definite-lived intangible assets. As a result, the Company performed an impairment test by comparing the carrying values of the intangible assets to their respective fair values, which were determined based on forecasted future cash flows. As a result of this impairment test, the Company recorded an impairment charge of $0.8 million during the three months ended June 30, 2022, which is reflected as a component of impairment of goodwill and intangible assets on the Company’s unaudited consolidated statements of operations. Warrant liability As described in Note 6 , the Private Placement Warrants are classified as a non-current liability and reported at fair value at each reporting period. The fair value of the Private Placement Warrants as of September 30, 2022, and December 31, 2021, was as follows:
|  | As of September 30, 2022 |  |  | As of December 31, 2021 |
|  | (in thousands) |
Level 3 |  |  |  |  |  |  |  |
Private Placement Warrants |  | $ | 809 |  |  | $ | 5,661 |
Total Level 3 |  | $ | 809 |  |  | $ | 5,661 |

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