XML 42 R30.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies (Details) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Aug. 31, 2021
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Summary of Significant Accounting Policies (Details) [Line Items]            
Deferred revenue   $ 1,858,955   $ 1,858,955   $ 2,058,721
Subscription revenue recognized       $ 1,529,597    
Subscription revenue, description       In addition, the Company offers virtual gifts to its users. Users may purchase credits in $5, $10 or $20 increments that can be redeemed for a host of virtual gifts such as a rose, a beer or a car, among other items.    
Total net revenue   77,507   $ 451,755    
Sale of props tokens   29,500,000   32,400,000    
Proceeds from props tokens   502,314   806,618    
Gain on sale of props tokens   53,867   $ 301,160    
Loyalty Platform [Member]            
Summary of Significant Accounting Policies (Details) [Line Items]            
Loyalty platform, description       The loyalty platform is intended to drive engagement and incentivize users financially by providing users with the ability to earn Props tokens while using the Paltalk and Camfrog applications. During the third and fourth quarters of 2020, the Company received an aggregate of 1.1 million Props tokens for the validator service and 13.5 million Props tokens under the loyalty platform. During the three and nine months ended September 30, 2021, the Company received 104 thousand and 455 thousand Props tokens, respectively, for the validator service and 3.0 million and 10.2 million Props tokens under the loyalty platform. The number of Props tokens earned and reserved by users for the nine months ended September 30, 2021 and for the year ended December 31, 2020 was 8.2 million and 4.0 million, respectively, which is recorded under “digital tokens payable” in the condensed consolidated balance sheets and the net revenue earned is recorded under “technology service revenue” in the condensed consolidated statements of operations. The total net revenue value is recognized as earned.    
Subscription Arrangement [Member]            
Summary of Significant Accounting Policies (Details) [Line Items]            
Virtual gift revenue   $ 1,450,757 $ 1,288,717 $ 4,259,933 $ 3,931,151  
Deferred revenue from virtual gifts       $ 305,767 $ 276,661  
YouNow Agreement [Member]            
Summary of Significant Accounting Policies (Details) [Line Items]            
Description of service revenue       Pursuant to the terms of the YouNow Agreement, YouNow agreed to pay the Company, in exchange for the Company’s services, an aggregate of 10.5 million cryptographic props tokens (“Props tokens”) upon the achievement of certain milestones as follows: (i) 3.0 million Props tokens upon execution of the YouNow Agreement, (ii) 4.0 million Props tokens upon the integration of the Props platform in the Company’s Camfrog application and (iii) 3.5 million Props tokens due upon the integration of the Props platform in the Company’s Paltalk application. In determining the value of the contract, the Company converted the Props tokens into U.S. dollars using an independent third-party valuation. The Props tokens were estimated to have a price equal to $0.02 per token (see Note 5 for additional information on the fair value of the Props tokens) at the contract inception date. The total contract value to be recognized was estimated to be $210,000, which was recognized on the completion dates of the integration services performed during the second and third quarter of 2020.     
Description of payments milestone       The upfront fee was recognized as revenue under the output method based on the direct measurements of the value of services transferred to date to the customer, relative to the remaining services under the contract. During the year ended December 31, 2020, the Company recognized $60,000 of the upfront fee and $150,000 from the completion of the first and second integration milestones under technology service revenue in the condensed consolidated statements of operations and digital tokens receivable in the condensed consolidated balance sheets.     
Additional props tokens received (in Shares) 2,625,000