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Acquisitions (Tables)

12 Months Ended

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