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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2018
Business Combinations [Abstract] |
Summary of Price Allocation for Acquisition | The purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the closing date of the acquisition based upon their respective fair values as summarized below:
Cash |  | $ | 1,537,308 |
Current assets |  |  | 50,788 |
Accounts receivable and unbilled receivables |  |  | 1,033,080 |
Other assets |  |  | 25,812 |
Developed technology |  |  | 6,740,000 |
Trade name |  |  | 268,000 |
Goodwill |  |  | 1,857,663 |
Current liabilities |  |  | (851,114 | )
Deferred tax liability |  |  | (91,633 | )
Net assets acquired |  | $ | 10,569,904 |
Schedule of Shares Issued for Post Combination Services | The shares issued are for post combination services. The composition of the purchase price is as follows:
Cash |  | $ | 9,537,397 |
Issued shares of common stock |  |  | 1,636,251 |
Indemnity shares of common stock |  |  | 288,750 |
Net settlement of preexisting relationship |  |  | 552,314 |
Noncompete agreement |  |  | 242,310 |
Total purchase consideration |  | $ | 12,257,022 |
Summary of Price Allocation for Assets Acquired and Liabilities | The purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the closing date of the acquisition based upon their respective fair values as summarized below:
Cash |  | $ | 534,637 |
Accounts receivable and unbilled receivables |  |  | 4,624,455 |
Prepaid expenses |  |  | 172,648 |
Note receivable |  |  | 41,638 |
Fixed assets |  |  | 11,392 |
Other assets |  |  | 65,333 |
Developed technology |  |  | 8,010,000 |
Trade name |  |  | 480,000 |
Noncompete agreement |  |  | 480,000 |
Goodwill |  |  | 5,466,624 |
Accounts payable |  |  | (3,618,112 | )
Accrued expenses |  |  | (1,470,749 | )
Contract liabilities |  |  | (513,336 | )
Other liabilities |  |  | (2,027,508 | )
Net assets acquired |  | $ | 12,257,022 |
Schedule of Pro-forma Information for Acquisition | The following table summarizes the results of operations of the above mentioned transactions from their respective dates of acquisition included in the consolidated results of operations and the unaudited pro forma results of operations of the combined entity had the date of the acquisitions been January 1, 2017:
|  | Revenue |  |  | Net Income (Loss) |
Acquired entities only from acquisition date until December 31, 2018: |  |  |  |  |  |  |  |
HubPages |  | $ | 2,996,700 |  |  | $ | 471,640 |
Say Media |  |  | 1,398,690 |  |  |  | 75,661 |
Total acquired entities only from acquisition date until December 31, 2018 |  | $ | 4,395,390 |  |  | $ | 547,301 |
Combined entity supplemental pro forma from January 1, 2018 to December 31, 2018 (unaudited): |  |  |  |  |  |  |  |
HubPages |  | $ | 7,537,166 |  |  | $ | 951,836 |
Say Media |  |  | 15,210,464 |  |  |  | 3,365,989 |
Maven |  |  | 1,304,809 |  |  |  | (26,615,184 | )
Adjustments |  |  | (1,376,478 | ) |  |  | (5,774,681 | )
Total supplemental pro forma from January 1, 2018 to December 31, 2018 |  | $ | 22,675,961 |  |  | $ | (28,072,040 | )
Combined entity supplemental pro forma from January 1, 2017 to December 31, 2017 (unaudited): |  |  |  |  |  |  |  |
HubPages |  | $ | 4,904,759 |  |  | $ | 575,963 |
Say Media |  |  | 12,608,398 |  |  |  | 20,829,482 |
Maven |  |  | 76,995 |  |  |  | (6,284,313 | )
Adjustments |  |  | - |  |  |  | (8,344,013 | )
Total supplemental pro forma from January 1, 2017 to December 31, 2017 |  | $ | 17,590,152 |  |  | $ | 6,777,119 |
The following summarizes earnings per common share of the combined entity had the date of the acquisitions been January 1, 2017:
|  | Supplemental Pro Forma from January 1, 2018 to December 31, 2018 (unaudited) |  |  | Supplemental Pro Forma from January 1, 2017 to December 31, 2017 (unaudited) |
Net income (loss) |  | $ | (28,072,040 | ) |  | $ | 6,777,119 |
Net income (loss) per common share – basic and diluted |  | $ | (0.81 | ) |  | $ | 0.33 |
Weighted average number of common shares outstanding – basic and diluted |  |  | 34,444,608 |  |  |  | 20,849,067 |

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