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Subsequent Events | 6 Months Ended
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Jun. 30, 2023
Subsequent Events [Abstract] |
Subsequent Events | Subsequent EventsOn August 2, 2023, the Company's subsidiary, Beacon Media, signed a Termination of Lease Agreement (the “Lease Termination”), effective August 1, 2023 (the “Effective Date”), related to the office space in Lyndhurst NJ. The Lease Termination requires Beacon Media to pay an aggregate of $98,185 in consideration of terminating the lease, which is to be paid in four equal installments, starting on the cease-use date of August 1, 2023. If the Company fails to pay the any installment within five days of being due, Beacon Media would be responsible for the full exposure on the lease of $0.6 million. As of June 30, 2023, the lease had a remaining ROU asset balance of $0.5 million and an operating lease liability balance of $0.6 million. Beacon Media Group has also agreed to waive reimbursement of the security deposit in the amount of $26,208 and leave the furniture and fixtures and any leasehold improvements that had a carrying value of $88,569 as of June 30, 2023. On the Effective Date, the Company will write off the ROU asset, lease liability and deposit and record the difference as a loss of $104,704 within Other Income (Expense), Net on the condensed consolidated statement of operations. In addition, the Company will dispose of the fixed assets by writing them down to zero and recording it the carrying value as a Loss on Fixed Asset Disposal on the condensed consolidated statement of operations. During July 2023, the Company sold AFS marketable securities and received proceeds of $27.0 million, including accrued interest received on the sold securities, and incurred a realized loss of $1.5 million. The proceeds were used to pay down $27.0 million of the margin loan.

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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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