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Subsequent Events | 6 Months Ended
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Jun. 30, 2023
Subsequent Events [Abstract] |
Subsequent Events | 20. Subsequent Events The Company performed an evaluation of subsequent events through the date of filing of these condensed consolidated financial statements with the SEC. Other than the below described subsequent events, there were no material subsequent events which affected, or could affect, the amounts or disclosures on the condensed consolidated financial statements. Series H Convertible Preferred Stock On July 21, 2023, the Company issued 14,904 shares of its common stock upon conversion of 108 shares of its Series H convertible preferred stock. On August 10, 2023, the Company issued 1,759,224 shares of its common stock in accordance with the automatic mandatory conversion of the remaining 12,748 shares of its Series H convertible preferred. Binding Letter of Intent On August 14, 2023, the Company entered into a binding letter of intent with Simplify Inventions, LLC (“Simplify”), the parent company of Bridge Media Networks (“Bridge Media”), to vastly expand its video capabilities in digital streaming, video content via streaming services over the Internet (over-the-top or “OTT”), broadcast TV (over-the-air), and Free Ad Support Television channels (collectively referred to as the “Bridge Media business”) subject to negotiation of final definitive agreements, due diligence, other closing conditions and approval by the Company’s stockholders. Key components of the letter of intent include: (i) a combination of the Bridge Media business whereby the Company will own and operate Bridge Media’s two 24-hour networks, NewsNet and Sports News Highlights, which have 35 OTT distribution relationships; (ii) a cash investment of approximately $50,000 of which $25,000 will be in the form of common stock and $25,000 will be in the form of nonconvertible preferred stock with a 10% per annum noncash paid-in-kind provision with maturity in 5 years; (iii) an advertising commitment of approximately $12,000 annually for five years from a group of consumer brands owned by Simplify; and (iv) a pay down of approximately $20,000 of the Company’s Bridge Notes and extension of the maturity date of the balance of its Bridge Notes, Senior Secured Notes and Delayed Draw Term Notes for a period of three years on similar terms and at a fixed interest rate of 10%. In consideration for items (i), (ii) and (iii) above, Simplify and its related entities will hold approximately two-thirds of the common stock of the Company on a fully diluted basis upon consummation of the transaction. There can be no assurance that the transaction will close as intended. Compensation Plans From July 1, 2023 through the date these condensed consolidated financial statements were issued, the Company granted options for shares of the Company’s common stock totaling 31,311, all of which remain outstanding.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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