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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2019
TheStreet, Inc [Member] |
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:
Accounts receivable |  | $ | 1,586,031 |
Prepaid expenses |  |  | 1,697,347 |
Restricted cash |  |  | 500,000 |
Other current assets |  |  | 53,001 |
Other long-term assets |  |  | 689,512 |
Property and equipment |  |  | 718,475 |
Operating right-of-use assets |  |  | 1,395,474 |
Developed technology |  |  | 4,388,104 |
Trade name |  |  | 2,580,000 |
Subscriber relationships |  |  | 2,150,000 |
Advertiser relationships |  |  | 2,240,000 |
Database |  |  | 1,140,000 |
Goodwill |  |  | 8,815,090 |
Accounts payable |  |  | (1,313,223 | )
Accrued expenses |  |  | (1,129,009 | )
Other current liabilities |  |  | (373,836 | )
Unearned revenues |  |  | (6,242,335 | )
Operating lease liabilities |  |  | (2,394,631 | )
Net assets acquired |  | $ | 16,500,000 |
Summary of Price Allocation for Acquisition | In accordance with the above guidance, the fair value of the assets acquired and liabilities assumed at the effective date of the acquisition based upon their respective fair values are summarized below:
Accounts receivable |  | $ | 337,481 |
Prepaid expenses |  |  | 1,534,922 |
Subscriber relationships |  |  | 71,308,799 |
Other current liabilities |  |  | (632,056 | )
Unearned revenues |  |  | (47,249,470 | )
Subscription refund liability |  |  | (5,427,523 | )
Deferred tax liabilities |  |  | (19,541,127 | )
Net assets acquired |  | $ | 331,026 |
Schedule of Pro-forma Information for Acquisition | The following table summarizes the results of operations of TheStreet from the date of TheStreet Merger included in the consolidated results of operations and the unaudited pro forma results of operations of the combined entity had the date of the acquisition been January 1, 2018:
|  | Revenue |  |  | Net Income (Loss) |
From TheStreet Merger date until December 31, 2019 |  | $ | 7,857,587 |  |  | $ | 538,339 |
Combined entity supplemental pro forma from January 1, 2019 to December 31, 2019 (unaudited): |  |  |  |  |  |  |  |
TheStreet |  | $ | 16,218,388 |  |  | $ | (14,498,524 | )
Maven |  |  | 45,485,723 |  |  |  | (39,039,708 | )
Adjustments |  |  | 2,494,667 |  |  |  | 6,409,464 |
Total supplemental pro forma from January 1, 2019 to December 31, 2019 |  | $ | 64,198,778 |  |  | $ | (47,128,768 | )
Combined entity supplemental pro forma from January 1, 2018 to December 31, 2018 (unaudited): |  |  |  |  |  |  |  |
TheStreet |  | $ | 27,511,107 |  |  | $ | (3,131,639 | )
Maven |  |  | 5,700,199 |  |  |  | (26,067,883 | )
Adjustments |  |  | (4,858,046 | ) |  |  | (8,847,598 | )
Total supplemental pro forma from January 1, 2018 to December 31, 2018 |  | $ | 28,353,260 |  |  | $ | (38,047,120 | )
Summary of Earnings Per Common Share | The following summarizes earnings per common share of the combined entity had the date of TheStreet Merger been January 1, 2018:
|  | Supplemental Pro Forma from January 1, 2019 to December 31, 2019 (unaudited) |  |  | Supplemental Pro Forma from January 1, 2018 to December 31, 2018 (unaudited) |
Net income (loss) |  | $ | (47,128,768 | ) |  | $ | (38,047,120 | )
Net income (loss) per common share – basic and diluted |  | $ | (1.27 | ) |  | $ | (1.46 | )
Weighted average number of common shares outstanding – basic and diluted |  |  | 37,080,784 |  |  |  | 26,128,796 |
Hub Pages Inc [Member] |
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 |
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 |

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