XML 13 R2.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 2,274,789 $ 8,852,281
Restricted cash 1,000,809 620,809
Accounts receivable, net 10,561,022 16,233,955
Subscription acquisition costs, current portion 8,750,230 3,142,580
Royalty fees, current portion 15,000,000 15,000,000
Prepayments and other current assets 4,467,607 4,310,735
Total current assets 42,054,457 48,160,360
Property and equipment, net 1,329,534 661,277
Operating lease right-of-use assets 19,589,040 3,980,649
Platform development, net 6,864,805 5,892,719
Royalty fees, net of current portion 18,750,000 26,250,000
Subscription acquisition costs, net of current portion 7,785,479 3,417,478
Acquired and other intangible assets, net 82,194,391 91,404,144
Other long-term assets 1,799,349 1,085,287
Goodwill 16,139,377 16,139,377
Total assets 196,506,432 196,991,291
Current liabilities:    
Accounts payable 8,466,629 9,580,186
Accrued expenses and other 12,203,633 16,483,201
Line of credit 3,243,882
Unearned revenue 55,419,426 32,163,087
Subscription refund liability 3,277,849 3,144,172
Operating lease liabilities 1,506,992 2,203,474
Liquidated damages payable 9,248,188 8,080,514
Convertible debt 930,375 741,197
Warrant derivative liabilities 1,261,705 1,644,200
Embedded derivative liabilities 8,958,000 13,501,000
Total current liabilities 104,516,679 87,541,031
Unearned revenue, net of current portion 14,816,588 31,179,211
Operating lease liabilities, net of current portion 19,919,015 2,616,132
Other long-term liability 242,310 242,310
Officer promissory notes 322,831 319,351
Convertible debt, net of current portion 15,219,549 12,497,765
Long-term debt 60,390,250 44,009,745
Total liabilities 215,427,222 178,405,545
Commitments and contingencies (Note 12)
Mezzanine equity:    
Total mezzanine equity 55,653,730 55,653,730
Stockholders' deficiency:    
Common stock, $0.01 par value, authorized 1,000,000,000 shares; issued and outstanding: 38,590,363 and 37,119,117 shares at June 30, 2020 and December 31, 2019, respectively 385,902 371,190
Common stock to be issued 25,879 39,383
Additional paid-in capital 43,992,975 35,562,766
Accumulated deficit (118,979,276) (73,041,323)
Total stockholders' deficiency (74,574,520) (37,067,984)
Total liabilities, mezzanine equity and stockholders' deficiency 196,506,432 196,991,291
Series G Redeemable and Convertible Preferred Stock [Member]    
Mezzanine equity:    
Total mezzanine equity 168,496 168,496
Series H Convertible Preferred Stock [Member]    
Mezzanine equity:    
Total mezzanine equity 18,045,496 18,045,496
Series I Convertible Preferred Stock [Member]    
Mezzanine equity:    
Total mezzanine equity 19,699,742 19,699,742
Series J Convertible Preferred Stock [Member]    
Mezzanine equity:    
Total mezzanine equity $ 17,739,996 $ 17,739,996