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BALANCE SHEET COMPONENTS | 6 Months Ended
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Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract] |
BALANCE SHEET COMPONENTS | BALANCE SHEET COMPONENTS CASH, CASH EQUIVALENTS, RESTRICTED CASH AND SHORT-TERM INVESTMENTS 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 is as follows:
(in thousands) | June 30, 2024 |  | December 31, 2023
Cash and cash equivalents | $ | 39,519 |  |  | $ | 37,715 |
Restricted cash 1 | 125 |  |  | 500 |
Cash and cash equivalents and restricted cash | $ | 39,644 |  |  | $ | 38,215 |
1 Restricted cash included cash deposits required by a bank as collateral related to corporate credit card agreements.
To determine the fair value of its investments in money market funds securities, the Company uses unadjusted quoted market prices (Level 1 inputs). As of June 30, 2024, and December 31, 2023, the fair values of the Company’s securities investments was as follows:
(in thousands) | Cash and Cash Equivalents |  |  |  |
June 30, 2024 |  |  |  |  |  | December 31, 2023
Level 1 securities: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 38,625 |  |  |  |  |  |  | $ | 36,072 |  |  |  |  |
Total Level 1 securities | $ | 38,625 |  |  |  |  |  |  | $ | 36,072 |  |  |  |  |
The Company recorded no material realized gains or losses during the three and six months ended June 30, 2024, and 2023. CONTENT ASSETS Content assets consisted of the following as of June 30, 2024, and December 31, 2023:
(in thousands) | June 30, 2024 |  | December 31, 2023
Licensed content, net: |  |  |
Released, less amortization and impairment | $ | 9,885 |  |  | $ | 8,271 |
Prepaid and unreleased | 4,185 |  |  | 8,357 |
Total Licensed content, net | 14,070 |  |  | 16,628 |
Produced content, net: |  |  |
Released, less amortization and impairment | 22,211 |  |  | 22,880 |
In production | 455 |  |  | 5,435 |
Total produced content, net | 22,666 |  |  | 28,315 |
Total content assets | $ | 36,736 |  |  | $ | 44,943 |
Of the $9.9 million unamortized cost of licensed content that had been released as of June 30, 2024, the Company expects that $4.7 million, $3.2 million and $1.1 million will be amortized in each of the next three years. Of the $22.2 million unamortized cost of produced content that had been released as of June 30, 2024, the Company expects that $8.1 million, $6.3 million and $4.7 million will be amortized in each of the next three years. Impairment Assessment The Company’s primary business model is subscription-based as opposed to a model based on generating revenues at a specific title level. Content assets are predominantly monetized as a group and therefore are reviewed in aggregate at a group level when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized cost. If such changes are identified, the aggregated content library will be stated at the lower of unamortized cost or fair value. In addition, unamortized costs are written off for content assets that have been, or are expected to be abandoned. Amortization In accordance with its accounting policy for content assets, the Company amortizes licensed content costs and produced content costs, which is included within cost of revenues in the Company’s unaudited consolidated statements of operations. For the three and six months ended June 30, 2024, and 2023, content amortization was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Licensed content | $ | 1,983 |  |  | $ | 1,804 |  |  | $ | 3,681 |  |  | $ | 3,749 |
Produced content | 2,702 |  |  | 4,662 |  |  | 6,219 |  |  | 8,569 |
Total | $ | 4,685 |  |  | $ | 6,466 |  |  | $ | 9,900 |  |  | $ | 12,318 |
ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consisted of the following as of June 30, 2024, and December 31, 2023:
(in thousands) | June 30, 2024 |  | December 31, 2023
Accrued payroll and benefits | 1,170 |  |  | 1,254 |
Dividends payable | 1,343 |  |  | — |
Sales & income tax liabilities | 1,017 |  |  | 1,095 |
Other | 952 |  |  | 1,356 |
Total | $ | 4,482 |  |  | $ | 3,705 |
WARRANT LIABILITY As described in Note 6 - Stockholders' Equity, the Private Placement Warrants are classified as a non-current liability and reported at fair value at each reporting period. As of June 30, 2024, and December 31, 2023, t he fair value of the Private Placement Warrants, as determined using Level 3 inputs, was as follows:
(in thousands) | June 30, 2024 |  | December 31, 2023
Private Placement Warrants | $ | 74 |  |  | $ | 44 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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