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Restatement of previously issued financial statements (Tables) | 9 Months Ended
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Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract] |
Schedule of Restatement of Previously Issued Financial Statements | The following tables summarize the effect of the restatement on each financial statement line items as of the September 30, 2023: Schedule of Restatement of Previously Issued Financial Statements
|  | As Previously Reported |  |  | Adjustments |  |  | As Restated |
Consolidated Statements of Operations Income (Loss) for the nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Direct marketing revenue |  | $ | 6,088,000 |  |  |  | (4,325,000 | ) |  | $ | 1,763,000 |
Total revenue |  | $ | 23,245,000 |  |  |  | (4,325,000 | ) |  | $ | 18,920,000 |
Cost of revenue |  | $ | 19,437,000 |  |  |  | (1,258,000 | ) |  | $ | 18,179,000 |
Selling, general and administrative (including stock based compensation) |  | $ | 21,036,000 |  |  |  | (4,728,000 | ) |  | $ | 16,308,000 |
Total costs and expenses |  | $ | 40,473,000 |  |  |  | (5,986,000 | ) |  | $ | 34,487,000 |
Operating loss |  | $ | (17,228,000 | ) |  |  | (1,661,000 | ) |  | $ | (15,567,000 | )
Other income (expense) |  | $ | 139,000 |  |  |  | (1,000 | ) |  | $ | 138,000 |
Loss on investment |  | $ | (30,490,000 | ) |  |  | (28,019,000 | ) |  | $ | (2,471,000 | )
Impairment of assets due to deconsolidation |  | $ | - |  |  |  | 6,220,000 |  |  | $ | (6,220,000 | )
Loss from continuing operations before income taxes |  | $ | (53,030,000 | ) |  |  | (23,459,000 | ) |  | $ | (29,571,000 | )
Loss from continuing operations |  | $ | (53,030,000 | ) |  |  | (23,450,000 | ) |  | $ | (29,580,000 | )
(Loss) from discontinued operations, net of tax |  | $ | - |  |  |  | 3,481,000 |  |  | $ | (3,481,000 | )
Net loss |  | $ | (53,039,000 | ) |  |  | (19,978,000 | ) |  | $ | (33,061,000 | )
Net loss attributable to common stockholders |  | $ | (50,303,000 | ) |  |  | (19,978,000 | ) |  | $ | (30,325,000 | )
Loss per common share - basic earnings per share |  | $ | (7.20 | ) |  |  | (3.33 | ) |  | $ | (3.87 | )
Loss per common share - diluted earnings per share |  | $ | (7.20 | ) |  |  | (3.33 | ) |  | $ | (3.87 | )
Loss per common share - discontinued operations basic |  | $ | - |  |  |  | (0.47 | ) |  | $ | (0.47 | )
Loss per common share - discontinued operations diluted |  | $ | - |  |  |  | (0.47 | ) |  | $ | (0.47 | )
Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (53,039,000 | ) |  |  | (19,978,000 | ) |  | $ | (33,061,000 | )
Loss from discontinued operations |  | $ | - |  |  |  | (3,481,000 | ) |  | $ | (3,481,000 | )
Loss from continuing operations |  | $ | - |  |  |  | (29,580,000 | ) |  | $ | (29,580,000 | )
Loss (gain) on investments |  | $ | 30,490,000 |  |  |  | (26,198,000 | ) |  | $ | 4,292,000 |
Impairment of assets |  | $ | - |  |  |  | 6,220,000 |  |  | $ | 6,220,000 |
Net cash used by operating activities - continuing operations |  | $ | - |  |  |  | (17,554,000 | ) |  | $ | (17,554,000 | )
Net cash used by operating activities - discontinued operations |  | $ | - |  |  |  | (3,481,000 | ) |  | $ | (3,481,000 | )
Net increase (decrease) in cash - continuing operations |  | $ | - |  |  |  | (8,912,000 | ) |  | $ | (8,912,000 | )
Net increase (decrease) in cash - discontinued operations |  | $ | - |  |  |  | (3,481,000 | ) |  | $ | (3,481,000 | )
Consolidated Statements of Changes in Stockholders’ Equity for the nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Dividend in kind - Deconsolidation of Sharing Services Global Corporation |  | $ | - |  |  |  | (1,206,000 | ) |  | $ | (1,206,000 | )
Deconsolidation of Sharing Services Global Corp |  | $ | 18,773,000 |  |  |  | (18,773,000 | ) |  | $ | - |
Net loss |  | $ | (50,303,000 | ) |  |  | (19,978,000 | ) |  | $ | (30,325,000 | )
Accumulated deficit |  | $ | (225,873,000 | ) |  |  | (1,000 | ) |  | $ | (225,874,000 | )
Total stockholders’ equity |  | $ | 127,747,000 |  |  |  | (1,000 | ) |  | $ | 127,746,000 |

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