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Discontinued Operations

12 Months Ended

Dec. 31, 2019

Discontinued Operations [Abstract]

Discontinued Operations

3.	Discontinued Operations

On January 31, 2019, the Company entered into an Asset Purchase Agreement with The Dating Company, LLC, pursuant to which the Company sold substantially all of the assets related to its online dating services business under the domain names FirstMet, 50more, and The Grade (collectively, the "Dating Services Business") for a cash purchase price of $1.6 million, with $100.0 thousand of the purchase price that was held in an escrow account to secure certain of the Company's post-closing indemnification obligations. The closing of the asset sale was effective as of January 31, 2019.

In the first quarter of 2019, management determined that the disposal of the Dating Services Business met the criteria for presentation as discontinued operations. Accordingly, the results of the Dating Services Business are presented as discontinued operations in our consolidated statements of operations and are excluded from continuing operations for all periods presented. In addition, the assets and liabilities of the Dating Services Business are classified as held for sale in our consolidated balance sheets for all periods presented.

The operations of the Dating Services Business are included in our results as discontinued operations through January 31, 2019, the date of sale.

The following tables summarize the major line items included in loss from discontinued operations for the Dating Services Business:

		Year Ended December 31,
		2019				2018
Revenues		$	440,225			$	6,024,146
Costs of revenue			(115,338	)			(1,272,733	)
Sales and marketing expense			(270,200	)			(3,990,233	)
Product development expense			(76,845	)			(1,454,049	)
General and administrative expense			(82,722	)			(1,098,417	)
Loss from discontinued operations		$	(104,880	)		$	(1,791,286	)