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Asset Sale
3 Months Ended
Mar. 31, 2020
Property, Plant and Equipment [Abstract]  
Asset Sale

(5) asset sale

 

On January 13, 2020, the Company entered into an asset purchase agreement with Sporcle, Inc., a Delaware corporation (“Sporcle”), pursuant to which the Company agreed to sell to Sporcle all of its assets necessary for Sporcle to conduct the live-hosted knowledge-based trivia events known as Stump! Trivia and OpinioNation for $1,360,000 in gross proceeds. On the closing date of the transaction (January 31, 2020), the Company received $1,260,000. The remaining $100,000 is being held back until the one-year anniversary of the closing date, or January 31, 2021, to satisfy indemnification claims, if any, for which the Company is liable. The hold-back amount is recorded in accounts receivable in the consolidated balance sheet. The Company recorded a net gain of approximately $1,265,000 in January 2020.