XML 24 R11.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Leases | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2021 | Dec. 31, 2020
Leases |  |
Leases | 4. Leases The Company’s leases are primarily comprised of real estate leases for the use of office space, with certain lease arrangements that contain equipment. The Company determines whether an arrangement that provides control over the use of an asset is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that the Company will exercise that option. Substantially, all of the leases are long-term operating leases for facilities with fixed payment terms between 1.5 and 7.9 years. The table below presents supplemental information related to operating leases: Schedule of Supplemental Information Related to Operating Leases
Nine Months Ended September 30, 2021 |  |  |
Operating cash flows for operating leases |  | $ | 2,901,529 |
Noncash lease liabilities arising from obtaining operating leased assets during the period |  | $ | - |
Weighted-average remaining lease term |  |  | 6.00 |
Weighted-average discount rate |  |  | 9.90 | %
The Company generally utilizes its incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments since the implicit rate for most of the Company’s leases is not readily determinable. Variable lease expense includes rental increases that are not fixed, such as those based on amounts paid to the lessor based on cost or consumption, such as maintenance and utilities. Operating lease costs recognized for the three months ended September 30, 2021 and 2020 were $642,926 and $982,414, respectively. Operating lease costs recognized for the nine months ended September 30, 2021 and 2020 were $2,458,229 and $3,082,499, respectively. Maturities of operating lease liabilities as of September 30, 2021 are summarized as follows: Summary of Maturity of Lease Liabilities
Years Ending December 31, |  |  |
2021 (remaining three months of the year) |  | $ | 140,134 |
2022 |  |  | 472,084 |
2023 |  |  | 486,247 |
2024 |  |  | 500,834 |
2025 |  |  | 512,019 |
Thereafter |  |  | 896,034 |
Minimum lease payments |  |  | 3,007,352 |
Less imputed interest |  |  | (753,176 | )
Present value of operating lease liabilities |  | $ | 2,254,176 |
Current portion of operating lease liabilities |  | $ | 282,011 |
Long-term portion of operating lease liabilities |  |  | 1,972,165 |
Total operating lease liabilities |  | $ | 2,254,176 |
Effective September 30, 2021, the Company terminated a certain lease arrangement for office space and as a result, relinquished the space and derecognized a right-of-use asset of $15,673,474, a lease liability of $17,934,940 and recorded a penalty upon termination of $9,606,121 (as discounted since the amount of the liability and timing of the Cash Payments, as defined below, are fixed), resulting in a net loss upon termination of $7,344,655, which has been reflected in general and administrative expenses on the condensed consolidated statements of operations. In connection with the termination, the Company agreed to pay the landlord cash of $10,000,000 (the “Cash Payments”) and $1,475,000 in market rate advertising. The Cash Payments are due as follows: $1,000,000 on December 1, 2021; $1,000,000 on October 1, 2022; $4,000,000 on October 1, 2023; and $4,000,000 on October 1, 2024. | 7. Leases The Company adopted the comprehensive new lease accounting standard effective January 1, 2019 using the modified retrospective transition method. The Company elected the package of practical expedients under the new lease standards, which includes (i) not reassessing whether any expired or existing contracts are or contain a lease, (ii) not reassessing lease classification for any expired or existing leases, (iii) not reassessing initial direct costs for any existing leases, and (iv) account for a lease and non-lease component as a single component for certain classes of assets. The Company will not adopt the practical expedient to use hindsight in determining the lease term. Adoption of the new standard resulted in recording operating lease right-of-use assets and operating lease liabilities of on the consolidated balance sheets. The adoption of the standard was immaterial and did not result in an impact as of January 1, 2019. The standard did not have a material impact on the consolidated statements of operations or consolidated statements of cash flows. The Company’s leases are primarily comprised of real estate leases for the use of office space, with certain lease arrangements that contain equipment. The Company determines whether an arrangement contains a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that the Company will exercise that option. Substantially all of the leases are long-term operating leases for facilities with fixed payment terms between 1.5 and 12.8 years, which expire at various dates through 2032. The table below presents supplemental information related to operating leases: Schedule of Supplemental Information Related to Operating Leases
|  |  | 2020 |  |  |  | 2019 |
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
Operating lease costs during the year |  | $ | 4,054,423 |  |  | $ | 1,112,362 |
Cash payments included in the measurement of operating lease liabilities during the year |  | $ | 3,188,986 |  |  | $ | 1,212,800 |
Operating lease liabilities arising from obtaining lease right-of-use assets during the year |  | $ | 16,617,790 |  |  | $ | 3,853,500 |
Weighted-average remaining lease term (in years) as of year-end |  |  | 11.25 |  |  |  | 5.03 |
Weighted-average discount rate during the year |  |  | 13.57 | % |  |  | 9.85 | %
As most of the Company’s leases do not provide an implicit rate, the Company is required to use its incremental borrowing rate. The Company uses an incremental borrowing rate based on the information available at the lease commencement date to determine present value of lease payments. The incremental borrowing rate used is the rate the Company would have to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. On February 7, 2020, under the terms of the first amendment to the 12% Amended Senior Secured Notes (as further amended and described in Note 19), BRF Finance Co., LLC (“BRF Finance”), an affiliated entity of B. Riley, issued a letter of credit for $3,024,232 to one of the Company’s landlords. In the event BRF Finance is required to make a draw on the letter of credit, the amount paid will automatically be added to principal of the outstanding notes. As of December 31, 2020 and 2019, security deposits under letters of credit or cash deposited with banks under the terms of the lease arrangements were $185,606 and $160,910, respectively, reflected within other assets on the consolidated balance sheets. Maturity of Lease Liabilities The present value of the Company’s operating leases consisted of the following as of December 31, 2020: Summary of Maturity of Lease Liabilities
|  |  | 1 |
Year Ending December 31, |  |  |  |
2021 |  | $ | 3,804,853 |
2022 |  |  | 3,525,158 |
2023 |  |  | 3,528,696 |
2024 |  |  | 3,526,406 |
2025 |  |  | 3,740,591 |
Thereafter |  |  | 23,822,981 |
Minimum lease payments |  |  | 41,948,685 |
Less imputed interest |  |  | (21,002,931 | )
Present value of operating lease liabilities |  | $ | 20,945,754 |
Current portion of operating lease liabilities |  | $ | 1,059,671 |
Long-term portion of operating lease liabilities |  |  | 19,886,083 |
Total operating lease liabilities |  | $ | 20,945,754 |

X
- References No definition available. + Details
Name: | MVEN_DisclosureLeasesAbstract
Namespace Prefix: | MVEN_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration