XML 30 R11.htm IDEA: XBRL DOCUMENT
v3.25.1

Discontinued Operations | 12 Months Ended
--- | ---
Dec. 31, 2024
Discontinued Operations [Abstract] |
Discontinued Operations | 3. Discontinued Operations During the year ended December 31, 2024, the Transferred Assets met the criteria for classification as assets held for sale and discontinued operations as the Company received stockholder approval of the sale of its Transferred Assets at its special meeting of stockholders held on December 30, 2024. Accordingly, the assets and liabilities related to the Transferred Assets are presented as discontinued operations for all periods presented. Subsequent to year end, on January 2, 2025, the Company completed the Divestiture as described above and received cash proceeds of $1.35 million. The following table summarizes the operating results of the Transferred Assets for the periods indicated:
|  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Revenue |  |  |  |  |  |
Subscription revenue |  | $ | 7,582,654 |  |  | $ | 9,684,668 |
Advertising revenue |  |  | 400,595 |  |  |  | 333,144 |
Total Revenue |  |  | 7,983,249 |  |  |  | 10,017,812 |
Costs and expenses |  |  |  |  |  |  |  |
Cost of revenue |  |  | 2,948,854 |  |  |  | 2,953,351 |
Sales and marketing expense |  |  | 697,400 |  |  |  | 786,718 |
Product development expense |  |  | 4,620,406 |  |  |  | 4,650,375 |
General and administrative expense |  |  | 186,746 |  |  |  | -- |
Impairment loss in connection with Divestiture |  |  | 3,663,020 |  |  |  | -- |
Total Costs and Expenses |  |  | 12,116,426 |  |  |  | 8,390,444 |
(Loss) Income from discontinued operations |  |  | (4,133,177 | ) |  |  | 1,627,368 |
Income tax liability |  |  | (24,357 | ) |  |  | (7,695 | )
Net (loss) income from discontinued operations |  | $ | (4,157,534 | ) |  | $ | 1,619,673 |
Furthermore, in connection with the Divestiture, the Company evaluated the held for sale disposal group for impairment as follows:
|  | December 31, 2024 |
Estimated proceeds from sale of Transferred Assets, net of $283K of expenses |  | $ | 1,067,031 |
Net carrying value of the disposal group |  |  | (4,916,796 | )
Impairment loss on held for sale assets |  | $ | (3,849,765 | )
The Company allocated the impairment loss in connection with the assets held for sale to goodwill. The following table summarizes the assets and liabilities of the Transferred Assets included in the consolidated balance sheets for the periods indicated, after recognition of the impairments described above and are included as assets and liabilities attributed to discontinued operations:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Assets |  |  |  |  |  |
Accounts receivable, net |  | $ | 72,925 |  |  | $ | 92,704 |
Prepaids and other current assets |  |  | -- |  |  |  | 246,124 |
Total current assets |  |  | 72,925 |  |  |  | 338,828 |
Goodwill |  |  | 2,663,229 |  |  |  | 6,326,250 |
Total Assets - discontinued operations |  | $ | 2,736,154 |  |  | $ | 6,665,078 |
Liabilities |  |  |  |  |  |  |  |
Accounts payable |  | $ | 311,506 |  |  | $ | 692,746 |
Accrued expenses |  |  | 116,532 |  |  |  | 172,697 |
Deferred revenue |  |  | 1,596,199 |  |  |  | 1,498,920 |
Total Liabilities - discontinued operations |  | $ | 2,024,237 |  |  | $ | 2,364,363 |

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

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration