XML 33 R21.htm IDEA: XBRL DOCUMENT v3.21.2
Commitments and Contingencies
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]    
Commitments and Contingencies

13. Commitments and Contingencies

 

Revenue Guarantees

 

On a select basis, the Company has provided revenue share guarantees to certain independent publishers that transition their publishing operations from another platform to theMaven.net or maven.io. These arrangements generally guarantee the publisher a monthly amount of income for a period of 12 to 24 months from inception of the publisher contract that is the greater of (a) a fixed monthly minimum, or (b) the calculated earned revenue share. For the three months ended June 30, 2021 and 2020, the Company recognized publisher partner guarantees of $1,803,597 and $2,628,477, respectively. For the six months ended June 30, 2021 and 2020, the Company recognized publisher partner guarantees of $3,566,954 and $5,002,564, respectively.

 

Claims and Litigation

 

From time to time, the Company may be subject to claims and litigation arising in the ordinary course of business. The Company is not currently a party to any pending or threatened legal proceedings that it believes would reasonably be expected to have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

 

obligation (including interest computed at 1% per month based on the balance outstanding for each Liquidating Damages)

Liquidated Damages

 

The following table summarizes the contingent obligations with respect to the liquidated damages as of the date these condensed consolidated financial statements were issued or were available to be issued:

 

   Registration Rights Damages   Public Information Failure Damages   Accrued Interest   Balance 
Series H Preferred Stock  $-   $5,236   $93,575   $98,811 
12% Convertible Debentures   -    -    36,320    36,320 
Series I Preferred Stock   -    -    111,184    111,184 
Series J Preferred Stock   240,000    240,000    108,059    588,059 
Series K Preferred Stock   -    661,680    11,221    672,901 
Total  $240,000   $906,916   $360,359   $1,507,275 

 

 

 

26.Commitments and Contingencies

 

Revenue Guarantees

 

On a select basis, the Company has provided revenue share guarantees to certain independent publishers that transition their publishing operations from another platform to theMaven.net or maven.io. These arrangements generally guarantee the publisher a monthly amount of income for a period of 12 to 24 months from inception of the publisher contract that is the greater of (a) a fixed monthly minimum, or (b) the calculated earned revenue share. During the years ended December 31, 2020 and 2019, the Company paid Publisher Partner guarantees of $9,391,135 and $7,111,248, respectively.

 

Claims and Litigation

 

From time to time, the Company may be subject to claims and litigation arising in the ordinary course of business. The Company is not currently a party to any pending or threatened legal proceedings that it believes would reasonably be expected to have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

 

Liquidated Damages

 

The Company determined that it is contingently liable for certain for the Registration Rights Damages and Public Information Failure Damages (collectively the “Liquidated Damages”) covering the instruments in the table below, therefore, a contingent obligation (including interest computed at 1% per month based on the balance outstanding for each Liquidating Damages) exist as of the issuance date of these consolidated financial statements as follows:

 

   Series H Preferred Stock   Series J Preferred Stock   Series K Preferred Stock   Total Liquidated Damages 
Registration Rights Damages  $-   $360,000   $-   $360,000 
Public Information Failure Damages   7,854    360,000    1,082,520    1,450,374 
Accrued interest   153    7,437    2,817    10,407 
   $8,007   $727,437   $1,085,337   $1,820,781