TheStreet 10-Q 6 Aug 19 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2019	Aug. 05, 2019
Document And Entity Information
Entity Registrant Name	THESTREET, INC.
Entity Central Index Key	0001080056
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity File Number	000-25779
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Entity's Reporting Status Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		5,336,639
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Current Assets:
Cash and cash equivalents	$ 24,322,594	$ 117,991,200
Accounts receivable, net of allowance for doubtful accounts of $177,245 as of June 30, 2019 and $210,493 as of March 31, 2019	1,948,294	2,433,426
Other receivables, net	4,292,173	4,552,062
Prepaid expenses and other current assets	1,063,581	1,438,351
Total current assets	31,626,642	126,415,039
Noncurrent Assets:
Property and equipment, net of accumulated depreciation and amortization of $4,717,044 as of June 30, 2019 and $5,567,690 as of March 31, 2019	569,008	676,856
Marketable securities		1,850,000
Right of use lease asset	1,517,950	1,492,791
Other assets	12,585	19,818
Other intangible assets, net of accumulated amortization of $8,151,100 as of June 30, 2019 and $7,754,297 as of March 31, 2019	3,026,239	3,160,724
Restricted cash	500,000	500,000
Total assets	37,252,424	134,115,228
Current Liabilities:
Accounts payable	2,076,998	2,194,181
Accrued expenses	4,355,694	4,684,362
Deferred revenue	10,815,270	10,725,477
Lease liability	1,744,642	1,732,332
Other current liabilities	2,129,413	970,674
Total current liabilities	21,122,017	20,307,026
Noncurrent Liabilities:
Lease liability	900,823	1,342,235
Deferred revenue	895,722	809,240
Total liabilities	22,918,562	22,458,501
Stockholders' Equity:
Common Stock; $0.01 par value; 10,000,000 shares authorized; 6,407,273 shares issued and 5,336,639 shares outstanding as of June 30, 2019, and 6,203,150 shares issued and 5,230,384 shares outstanding as of March 31, 2019	64,073	62,031
Additional paid-in capital	176,561,989	268,409,674
Treasury stock at cost; 1,070,634 shares as of June 30, 2019 and 972,766 shares as of March 31, 2019	(20,176,812)	(17,955,616)
Accumulated deficit	(142,115,388)	(138,859,362)
Total stockholders' equity	14,333,862	111,656,727
Total liabilities and stockholders' equity	$ 37,252,424	$ 134,115,228

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts on accounts receivable	$ 177,245	$ 210,493
Accumulated depreciation and amortization on property and equipment	4,717,044	5,567,690
Accumulated amortization on other intangibles	$ 8,151,100	$ 7,754,297
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	10,000,000	10,000,000
Common stock, issued	6,407,273	6,203,150
Common stock, oustanding	5,336,639	5,230,384
Treasury stock, shares	1,070,634	972,766

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Total revenue	$ 6,923,270	$ 6,901,644
Operating expense:
Cost of services	3,375,408	3,722,976
Sales and marketing	1,749,645	2,462,524
General and administrative	2,469,343	3,505,077
Depreciation and amortization	509,970	461,459
Transaction costs	1,729,072
Restructuring and other charges	30,610
Total operating expense	9,864,048	10,152,036
Operating loss	(2,940,778)	(3,250,392)
Net interest income	248,671	22,485
Loss before income taxes from continuing operations	(2,692,107)	(3,227,907)
(Loss) income from discontinued operations	(563,919)	2,581,835
Gain on sale of business, net of tax		27,100,199
(Loss) income before income taxes	(3,256,026)	26,454,127
Benefit for income taxes		1,061,868
Net (loss) income attributable to common stockholders	$ (3,256,026)	$ 27,515,995
Basic net (loss) income attributable to common stockholders:
Continuing operations (in dollars per share)	$ (0.50)	$ (0.44)
Discontinued operations (in dollars per share)	(0.11)	6.02
Basic net (loss) income per share (in dollars per share)	(0.61)	5.58
Diluted net (loss) income attributable to common stockholders:
Continuing operations (in dollars per share)	(0.50)	(0.43)
Discontinued operations (in dollars per share)	(0.11)	5.87
Diluted net (loss) income per share (in dollars per share)	$ (0.61)	$ 5.44
Weighted average basic shares outstanding (in shares)	5,326,958	4,929,606
Weighted average diluted shares outstanding (in shares)	5,326,958	5,055,124

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (3,256,026)	$ 27,515,995
Foreign currency translation loss		(686,712)
Unrealized gain on marketable securities		1,221
Comprehensive (loss) income	$ (3,256,026)	$ 26,830,504

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($)	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Total
Balance at beginning at Mar. 31, 2018	$ 56,901	$ 260,422,118	$ (4,419,337)	$ (13,490,213)	$ (206,769,135)	$ 35,800,334
Balance at beginning (in shares) at Mar. 31, 2018	5,690,072			(771,404)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain on marketable securities			1,221			1,221
Foreign currency translation loss			(686,712)			(686,712)
Exercise and issuance of equity grants	$ 407	(407)		$ (4,592)		(4,592)
Exercise and issuance of equity grants (in shares)	40,695			(264)
Stock-based consideration for services		578,056				578,056
Net income					27,515,995	27,515,995
Balance at end at Jun. 30, 2018	$ 57,308	260,999,767	$ (5,104,828)	$ (13,494,805)	(179,253,140)	63,204,302
Balance at end (in shares) at Jun. 30, 2018	5,730,767			(771,668)
Balance at beginning at Mar. 31, 2019	$ 62,031	268,409,674		$ (17,955,616)	(138,859,362)	111,656,727
Balance at beginning (in shares) at Mar. 31, 2019	6,203,150			(972,766)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise and issuance of equity grants	$ 2,042	2,587,768		$ (2,221,196)		368,614
Exercise and issuance of equity grants (in shares)	204,123			(97,868)
Common stock cash dividend		(94,435,453)				(94,435,453)
Net income					(3,256,026)	(3,256,026)
Balance at end at Jun. 30, 2019	$ 64,073	$ 176,561,989		$ (20,176,812)	$ (142,115,388)	$ 14,333,862
Balance at end (in shares) at Jun. 30, 2019	6,407,273			(1,070,634)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Flows from Operating Activities:
Net (loss) income	$ (3,256,026)	$ 27,515,995
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Gain on sale of business, net of tax		(27,100,199)
Stock-based compensation expense		578,056
(Gain) provision for doubtful accounts	(14,741)	30,946
Loss on disposal of fixed assets	12,378
Depreciation and amortization	509,970	1,223,491
Deferred taxes		(899,897)
Deferred rent		(192,164)
Changes in operating assets and liabilities:
Accounts receivable	499,873	185,544
Other receivables	259,889	29,565
Prepaid expenses and other current assets	374,770	(309,419)
Right of use asset	(25,159)
Other assets	7,233	(6,201)
Accounts payable	(117,183)	456,457
Accrued expenses	(328,668)	790,967
Deferred revenue	176,275	791,544
Other current liabilities	1,158,739	47,139
Lease liability	(429,102)
Other liabilities		119,887
Net cash (used in) provided by operating activities	(1,171,752)	3,261,711
Cash Flows from Investing Activities:
Proceeds from sale of business, net		28,232,100
Sale of marketable securities	1,850,000
Capital expenditures	(280,015)	(875,567)
Net cash provided by investing activities	1,569,985	27,356,533
Cash Flows from Financing Activities:
Earnout payment for prior acquisition		(951,867)
Cash dividends paid on Common Stock	(94,435,453)
Net proceeds from the exercise of stock options	2,589,810
Shares withheld on vesting to pay for withholding taxes	(2,221,196)	(4,592)
Net cash used in financing activities	(94,066,839)	(956,459)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		(224,247)
Net (decrease) increase in cash, cash equivalents and restricted cash	(93,668,606)	29,437,538
Cash, cash equivalents and restricted cash beginning of period	118,491,200	13,723,536
Cash, cash equivalents and restricted cash end of period	$ 24,822,594	$ 43,161,074

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	1. DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION TheStreet, Inc. is a leading financial news and information provider. Our content and products provide individual investors with actionable information from the worlds of finance and business. The Company’s flagship brand, TheStreet ( www.thestreet.com From time to time, the Board of Directors and our senior management team review and evaluate strategic opportunities and alternatives as part of a long-term strategy to increase stockholder value. Following the realignment of our capital structure in November 2017, the Board focused on a review of the Company’s diverse businesses and in June 2018 sold its RateWatch business for a cash payment totaling $33.5 million to S&P Global Market Intelligence Inc., an affiliate of S&P Global Inc. (“S&P”). The Company also sold its business-to-business, or B2B, units, The Deal and BoardEx, for a cash payment totaling $87.3 million to Euromoney Institutional Investor PLC in February 2019 (the “B2B Sale”), and then entered into a definitive merger agreement with TheMaven, Inc. by which a subsidiary of TheMaven will acquire the outstanding common shares of TheStreet for a cash payment totaling $16.5 million. The sale is expected to close during August 2019. As a result of these dispositions, RateWatch and our B2B businesses are reported as discontinued operations in our Condensed Consolidated Statements of Operations. Following the B2B Sale in February 2019, we continued to own and operate our business-to-consumer, or B2C, business, which is led by our namesake website, TheStreet.com On April 3, 2019, the Company announced that its Board of Directors had declared a special cash distribution in the amount of approximately $94.4 million, or $17.70 per share ($1.77 per share prior to the reverse stock split discussed below), paid on April 22, 2019 to stockholders of record on April 15, 2019. In connection with the distribution, the Board of Directors also approved a 10-for-1 reverse stock split of the Company’s common stock effective prior to the opening of trading on April 26, 2019. All share amounts and per share amounts within this Form 10-Q have been adjusted for this stock split. Additionally, the Company changed its fiscal and tax year to a March 31 year-end. Unaudited Interim Financial Statements The interim condensed consolidated balance sheets as of June 30, 2019 and March 31, 2019, the condensed consolidated statements of operations, comprehensive (loss) income, statements of stockholders’ equity, and statements of cash flows for the three months ended June 30, 2019 and 2018 are unaudited. The unaudited interim financial statements have been prepared on a basis consistent with the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to state fairly the Company’s financial position as of June 30, 2019, its results of consolidated operations, comprehensive (loss) income and cash flows for the three months ended June 30, 2019 and 2018. The financial data and other financial information disclosed in the notes to the financial statements related to these periods are also unaudited. The results of operations for the three months ended June 30, 2019 are not necessarily indicative of the results to be expected for the fiscal year ending March 31, 2020 or for any other future annual or interim period. There have been no material changes in the significant accounting policies from those that were disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which was initially filed with the SEC on March 15, 2019, amended on March 21, 2019 solely to correct certain clerical errors and on April 30, 2019 solely to include the information required by Part III of Form 10-K, other than the adoption of ASU 2016-02 “ Leases . The Company has evaluated subsequent events for recognition or disclosure. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Reclassifications During the three months ended June 30, 2019, the Company effected a 10-for-1 reverse stock split. Prior period amounts have been reclassified to conform to current period presentation.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	2. SUBSEQUENT EVENT In June 2019, the Company announced that it had entered into a definitive merger agreement with TheMaven, Inc, by which a subsidiary of TheMaven will acquire all of the outstanding common shares of TheStreet for a cash payment totaling $16.5 million. The transaction is subject to the approval of a majority of the outstanding shares of common stock of TheStreet and is expected to close during August 2019.

DIVESTITURES

DIVESTITURES	3 Months Ended
	Jun. 30, 2019
Divestitures
DIVESTITURES	3. DIVESTITURES Sale of RateWatch On June 20, 2018, the Company entered into an asset purchase agreement (the “Purchase Agreement”) with S&P pursuant to which the Company agreed to sell the assets comprising its RateWatch business to S&P for an aggregate cash payment totaling $33.5 million. Of the purchase price, $3,350,000 was placed in escrow to secure S&P’s rights to indemnification and their right to any post-closing adjustment in its favor. This escrow amount is included within other receivables on the Company’s Condensed Consolidated Balance Sheets. Operating results for the RateWatch business, which have been previously included in the Business to Business segment, have now been reclassified as discontinued operations for the three months ended June 30, 2018. Gain on sale of RateWatch, which amounted to $27.1 million net of a tax expense of $1.6 million, was calculated as the selling price less direct costs to complete the transaction. Included in such costs is approximately $568 thousand pertaining to certain employee costs that were assumed by the Company as part of the transaction. The following table presents the discontinued operations of RateWatch in the June 30, 2018 Condensed Consolidated Statements of Operations. These amounts exclude previously allocated corporate overhead costs. Three Months Net revenue $ 1,810,618 Operating expense: Cost of services 414,812 Sales and marketing 381,396 General and administrative 107,182 Depreciation and amortization 76,637 Total operating expense 980,027 Operating income 830,591 Provision for income taxes (46,131 ) Net income $ 784,460 The following table presents the discontinued operations of RateWatch in the June 30, 2018 Condensed Consolidated Statements of Cash Flows: Three Months Ended June 30, 2018 Net cash provided by operating activities $ 850,655 Net cash used in investing activities (26,443 ) Net increase in cash, cash equivalents and restricted cash $ 824,212 Sale of B2B Business On February 14, 2019, TheStreet sold its B2B business to Euromoney Institutional Investor PLC for a cash payment totaling $87.3 million. As part of the sale, a portion of the proceeds amounting to $620 thousand was placed in escrow and the Company recognized approximately $3.3 million in deal related costs. The decision to sell the B2B business was part of the Board’s continuous review of strategic alternatives to enhance shareholder value. Operating results for the B2B business have now been reclassified as discontinued operations for the period ended June 30, 2018. The following table presents the discontinued operations of our B2B business in the Condensed Consolidated Statements of Operations. Three Months Ended June 30, 2018 Net revenue $ 6,687,376 Operating expense: Cost of services 2,022,426 Sales and marketing 1,434,696 General and administrative 645,880 Depreciation and amortization 688,848 Total operating expense 4,791,850 Operating income 1,895,526 Interest income 7,546 Provision for income taxes (105,697 ) Net income $ 1,797,375 The following table presents the discontinued operations of our B2B business in the Condensed Consolidated Statements of Cash Flows: Three Months Net cash provided by operating activities $ 2,464,147 Net cash used in investing activities (89,613 ) Effect of foreign exchange rate changes on cash and cash equivalents (224,247 ) Net increase in cash, cash equivalents and restricted cash $ 2,150,287

REVENUES

REVENUES	3 Months Ended
	Jun. 30, 2019
Revenues [Abstract]
REVENUES	4. REVENUES Adoption of ASC Topic 606, “Revenue from Contracts with Customers” On January 1, 2018, we adopted Topic 606 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. Nature of our Services Our current business consists of consumer subscription revenue primarily comprised of subscriptions that provide access to securities investment information and stock market commentary. The consumer business also generated advertising revenue which is comprised of fees charged for the placement of advertising and sponsorships, primarily within TheStreet.com We provide subscription and advertising services on a global basis to a broad range of clients. Our principal source of revenue is derived from fees for subscription services sold on an annual or monthly basis. We measure revenue based upon the consideration specified in the client arrangement, and revenue is recognized when the performance obligations in the client arrangement are satisfied. A performance obligation is a promise in a contract to transfer a distinct service to the customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer receives the benefit of the performance obligation. Clients typically receive the benefit of our services as they are performed. Under ASC 606, revenue is recognized when a customer obtains control of promised services in an amount that reflects the consideration we expect to receive in exchange for those services. To achieve this core principal, the Company applies the following five steps: 1) Identify the contract with a customer A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the services to be transferred and identifies the payment terms related to these services, (ii) the contract has commercial substance and (iii) the Company determines that collection of substantially all consideration for services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. The Company applies judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer, published credit and financial information pertaining to the customer. 2) Identify the performance obligations in the contract Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other promises in the contract. To the extent a contract includes multiple promised services, the Company must apply its judgment to determine whether promised services are capable of being distinct in the context of the contract. If these criteria are not met, the promised services are accounted for as a combined performance obligation. 3) Determine the transaction price The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring services to the customer. 4) Allocate the transaction price to performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. However, if a series of distinct services that are substantially the same qualifies as a single performance obligation in a contract with variable consideration, the Company must determine if the variable consideration is attributable to the entire contract or to a specific part of the contract. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation or to a distinct service that forms part of a single performance obligation. The Company determines standalone selling price based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price by taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. 5) Recognize revenue when or as the Company satisfies a performance obligation The Company satisfies performance obligations either over time or at a point in time. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised service to a customer. Substantially all of our revenue is recognized over time as the services are performed. For subscriptions, revenue is recognized ratably over the subscription period. For advertising, revenue is recognized as the advertisement is displayed, provided that collection of the resulting receivable is reasonably assured. The following table presents our revenues disaggregated by revenue discipline. For the Three Months Ended 2019 2018 Subscription $ 5,091,889 $ 4,844,201 Advertising 1,483,978 1,560,771 Other 347,403 496,672 Total Revenue $ 6,923,270 $ 6,901,644 Deferred Revenue We record deferred revenues when cash payments are received in advance of our performance, primarily for subscription revenues. Practical Expedients and Exemptions The Company did not apply any practical expedients during the adoption of ASC 606.

CASH AND CASH EQUIVALENTS, MARK

CASH AND CASH EQUIVALENTS, MARKETABLE SECURITIES AND RESTRICTED CASH	3 Months Ended
	Jun. 30, 2019
Cash and Cash Equivalents [Abstract]
CASH AND CASH EQUIVALENTS, MARKETABLE SECURITIES AND RESTRICTED CASH	5 . CASH AND CASH EQUIVALENTS, MARKETABLE SECURITIES AND RESTRICTED CASH The Company’s cash and cash equivalents and restricted cash primarily consist of a checking account and money market funds. As of March 31, 2019, marketable securities consisted of two municipal auction rate securities (“ARS”) issued by the District of Columbia with a cost basis of approximately $1.9 million and a fair value of approximately $1.9 million. The ARS were sold at face value in June 2019. Except for the ARS, which matured in 2038, Company policy limits the maximum maturity for any investment to three years. The Company had accounted for its marketable securities in accordance with the provisions of ASC 320-10. The Company classified these securities as available for sale and the securities were reported at fair value. Any unrealized gains or losses were recorded as a component of accumulated other comprehensive (loss) income and excluded from net income as they were deemed temporary. Additionally, as of June 30, 2019 and March 31, 2019, the Company has a total of $500 thousand of cash that serves as collateral for an outstanding letter of credit, and which cash is therefore restricted. The letter of credit serves as a security deposit for the Company’s office space in New York City. June 30, 2019 March 31, 2019 Cash and cash equivalents $ 24,322,594 $ 117,991,200 Marketable securities — 1,850,000 Restricted cash 500,000 500,000 Total cash and cash equivalents, marketable securities and restricted cash $ 24,822,594 $ 120,341,200 On April 22, 2019, the Company paid a special cash distribution of approximately $94.4 million, or $17.70 per share ($1.77 per share prior to the 10-for-1 reverse stock split effected on April 26, 2019), to stockholders of record on April 15, 2019, contributing to the difference in cash and cash equivalents as of June 30, 2019 compared to March 31, 2019.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	6. FAIR VALUE MEASUREMENTS The Company measures the fair value of its financial instruments in accordance with ASC 820-10, which refines the definition of fair value, provides a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The statement establishes consistency and comparability by providing a fair value hierarchy that prioritizes the inputs to valuation techniques into three broad levels: ● Level 1: Inputs are quoted market prices in active markets for identical assets or liabilities (these are observable market inputs). ● Level 2: Inputs are other than quoted market prices included within Level 1, that are observable for the asset or liability (includes quoted market prices for similar assets or identical or similar assets in markets in which there are few transactions, prices that are not current or vary substantially). ● Level 3: Inputs are unobservable inputs that reflect the entity’s own assumptions in pricing the asset or liability (used when little or no market data is available). Financial assets and liabilities included in our financial statements and measured at fair value are classified based on the valuation technique level in the table below: As of June 30, 2019 Description: Total Level 1 Level 2 Level 3 Cash and cash equivalents (1) $ 24,322,594 $ 24,322,594 $ — $ — Restricted cash (1) 500,000 500,000 — — Total at fair value $ 24,822,594 $ 24,822,594 $ — $ — As of March 31, 2019 Description: Total Level 1 Level 2 Level 3 Cash and cash equivalents (1) $ 117,991,200 $ 117,991,200 $ — $ — Restricted cash (1) 500,000 500,000 — — Marketable securities (2) 1,850,000 — — 1,850,000 Total at fair value $ 120,341,200 $ 118,491,200 $ — $ 1,850,000 (1) Cash, cash equivalents and restricted cash, totaling approximately $24.8 million and $118.5 million as of June 30, 2019 and March 31, 2019, respectively, consist primarily of a checking account and money market funds for which we determine fair value through quoted market prices. (2) At March 31, 2019, marketable securities included two municipal ARS issued by the District of Columbia having a fair value totaling approximately $1.9 million. Historically, the fair value of ARS investments approximated par value due to the frequent resets through the auction process. The ARS were sold at face value in June 2019. The following table provides a reconciliation of the beginning and ending balance for the Company’s marketable securities measured at fair value using significant unobservable inputs (Level 3): Marketable Balance March 31, 2019 $ 1,850,000 Sale of ARS (1,850,000 ) Balance June 30, 2019 $ —

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	7. STOCK-BASED COMPENSATION We account for stock-based compensation in accordance with ASC 718-10, Share Based Payment Transactions With the sale of our B2B business, the Company’s Board of Directors accelerated the vesting of all outstanding stock options and restricted stock units as of the close of the sale, or February 14, 2019, under a change of control clause. As a result, there was no stock-based compensation expense during the three months ended June 30, 2019. Stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Operations for the three months ended June 30, 2018 includes compensation expense for all share-based payment awards based upon the estimated grant date fair value. The Company recognizes compensation expense for share-based payment awards on a straight-line basis over the requisite service period of the award. As stock-based compensation expense recognized in the period ended June 30, 2018 was based upon awards ultimately expected to vest, it was reduced for estimated forfeitures. The Company estimated forfeitures at the time of grant which are revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates the value of stock option awards on the date of grant using the Black-Scholes option-pricing model. This determination is affected by the Company’s stock price as well as assumptions regarding expected volatility, risk-free interest rate and expected dividends. Because option-pricing models require the use of subjective assumptions, changes in these assumptions can materially affect the fair value of the options. The assumptions presented in the table below represent the weighted-average value of the applicable assumption used to value stock option awards at their grant date. In determining the volatility assumption, the Company used a historical analysis of the volatility of the Company’s share price for the preceding period equal to the expected option lives. The expected option lives, which represent the period of time that options granted are expected to be outstanding, were estimated based upon the “simplified” method for “plain-vanilla” options. The risk-free interest rate assumption was based upon observed interest rates appropriate for the term of the Company’s stock option awards. The dividend yield assumption was based on the history and expectation of future dividend payouts. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service period. The Company’s estimate of pre-vesting forfeitures is primarily based on historical experience and is adjusted to reflect actual forfeitures as the options vest. There were no options granted during the three months ended June 30, 2019. The weighted-average grant date fair value per share of stock option awards granted during the three months ended June 30, 2018 was $6.94 using the Black-Scholes model with the following weighted-average assumptions: Expected option lives 4.0 years Expected volatility 45.22 % Risk-free interest rate 2.78 % Expected dividend yield 0.00 % The value of each restricted stock unit awarded is equal to the closing price per share of the Company’s Common Stock on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods. There were no restricted stock units awarded during the three months ended June 30, 2019. The weighted-average grant date fair value per share of restricted stock units granted during the three months ended June 30, 2018 was $18.00. At the Company’s May 2018 Board of Directors meeting, the number of shares available for grant was increased by 520 thousand shares. As of June 30, 2019, there remained approximately 344 thousand shares available for future awards under the Company’s 2007 Performance Incentive Plan (the “2007 Plan”). In connection with awards under both the 2007 Plan and awards issued outside of the 2007 Plan as inducement grants to new hires, the Company recorded no noncash compensation expense during the three months ended June 30, 2019 and $578 thousand of stock-based compensation for the three-month period ended June 30, 2018. A summary of the activity of the 2007 Plan and awards issued outside of the 2007 Plan pertaining to stock option grants is as follows: Shares Weighted Aggregate Weighted Awards outstanding at March 31, 2019 210,398 $ 12.82 Options granted — $ — Options exercised (204,148 ) $ 12.56 Options forfeited — $ — Options expired (4,250 ) $ 22.00 Awards outstanding at June 30, 2019 2,000 $ 20.25 $ 8 1.32 Awards outstanding, vested and expected to vest at June 30, 2019 2,000 $ 20.25 $ 8 1.32 Awards exercisable at June 30, 2019 2,000 $ 20.25 $ 8 1.32 During the three months ended June 30, 2019, there were no grants of restricted stock units made under the 2007 Plan, nor were there any unvested stock option or restricted stock option awards. For the three months ended June 30, 2018, the total fair value of stock option awards vested was approximately $126 thousand. For the three months ended June 30, 2019 and 2018, the total intrinsic value of options exercised was approximately $2.2 million and $0, respectively (there were no options exercised during the three months ended June 30, 2018), yielding approximately $2.6 million of cash proceeds to the Company. For the three months ended June 30, 2019 and 2018, there were approximately 0 and 10,000 stock options granted. For the three months ended June 30, 2019 and 2018, there was approximately 0 and 202 thousand restricted stock units granted. For the three months ended June 30, 2019 and 2018, approximately 0 and 42 thousand shares were issued under restricted stock unit grants. For the three months ended June 30, 2019 and 2018, the total intrinsic value of restricted stock units that vested was approximately $0 and $75 thousand, respectively. As of June 30, 2019 and 2018, the total intrinsic value of awards outstanding was approximately $8 thousand and $10.2 million, respectively. As of June 30, 2019, there was no unrecognized stock-based compensation expense remaining to be recognized.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Jun. 30, 2019
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	8. STOCKHOLDERS’ EQUITY Treasury Stock In November 2017, our Board of Directors approved a new share buyback program authorizing the repurchase of up to 500,000 shares of the Company’s Common Stock (the “Program”). Purchases may be made in the open market or in privately negotiated transactions, subject to management’s evaluation of the trading price of the security, market conditions and other factors. The Company may, among other things, utilize existing cash reserves and cash flows from operations to fund any purchases. The timing and amount of any purchases will be determined by the Company’s management based upon its evaluation. The Program does not obligate the Company to purchase any dollar amount or number of shares and may be extended, modified, suspended or discontinued at any time. During the three months ended June 30, 2019, the Company did not purchase any shares of Common Stock under the Program. Since the Program’s inception in November 2017, the Company has purchased a total of 111 shares of Common Stock at an aggregate cost of approximately $1,415, inclusive of commissions. In addition, pursuant to the terms of the Company’s 2007 Plan and certain procedures approved by the Compensation Committee of the Board of Directors, in connection with the exercise of stock options by the Company’s employees and the issuance of shares of Common Stock in settlement of vested restricted stock units, the Company may withhold shares in lieu of the payment of the exercise price and/or the minimum amount of applicable withholding taxes then due. During the three months ended June 30, 2019, 97,868 shares were withheld in settlement of the exercise of stock options and vested restricted stock units. Through June 30, 2019, the Company withheld an aggregate of 504,021 shares which have been recorded as treasury stock. In addition, the Company received an aggregate of 21,161 shares in treasury stock resulting from prior acquisitions. These shares have also been recorded as treasury stock. April 2019 Special Cash Distribution and Reverse Stock Split On April 3, 2019, the Company announced that its Board of Directors had declared a special cash distribution in the amount of approximately $94.4 million, or $17.70 per share ($1.77 per share prior to the 10-for-1 reverse stock split effected on April 26, 2019), paid on April 22, 2019 to stockholders of record as of April 15, 2019 to distribute cash received from the sale of RateWatch, The Deal and BoardEx to the Company’s shareholders. In connection with the distribution, the Board of Directors also approved a 10-for-1 reverse stock split of the Company’s Common Stock effective prior to the opening of trading on April 26, 2019. Additionally, the Company changed its fiscal and tax year to a March 31 year-end. All share amounts and per share amounts within this Form 10-Q have been adjusted for the 10-for-1 reverse stock split. Dividends Beginning with the first quarter of 2016, the Company’s Board of Directors suspended the payment of a quarterly dividend.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	3 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS	9. LEGAL PROCEEDINGS From time to time, the Company may be party to legal proceedings arising in the ordinary course of business or otherwise. Currently, there are no legal proceedings which are deemed material.

NET (LOSS) INCOME PER SHARE OF

NET (LOSS) INCOME PER SHARE OF COMMON STOCK	3 Months Ended
	Jun. 30, 2019
Net income (loss) per share:
NET (LOSS) INCOME PER SHARE OF COMMON STOCK	10. NET (LOSS) INCOME PER SHARE OF COMMON STOCK Basic net (loss) income per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net (loss) income per share is computed using the weighted-average number of common shares and potential common shares outstanding during the period, so long as the inclusion of potential common shares does not result in a lower net (loss) income per share. Potential common shares consist of vested restricted stock units (using the treasury stock method) and the incremental common shares issuable upon the exercise of stock options (using the treasury stock method). For the three months ended June 30, 2019, approximately 2 thousand vested stock options were excluded from the calculation, as their effect would result in a lower net loss per share. The following table reconciles the numerator and denominator for the calculation: For the Three Months Ended 2019 2018 Basic and diluted net (loss) income per share: Numerator: Net (loss) income attributable to common stockholders $ (3,256,026 ) $ 27,515,995 Denominator: Weighted average basic shares outstanding 5,326,958 4,929,606 Weighted average diluted shares outstanding 5,326,958 5,055,124 Net (loss) income per share: Basic net (loss) income attributable to common stockholders $ (0.61 ) $ 5.58 Diluted net (loss) income attributable to common stockholders $ (0.61 ) $ 5.44

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	11. INCOME TAXES The income tax benefit from continuing operations for the three months ended June 30, 2019 was zero and reflects an effective tax rate (ETR) of 0.0% as compared to a benefit of approximately $1.1 million for the three months ended June 30, 2018, reflecting an ETR of approximately 32.9%. The Company’s ETR for the three months ended June 30, 2019 is zero due to Management’s assessment that the Company does not have sufficient sources of future income to realize the current period loss. The Company’s ETR for the three months ended June 30, 2018 was primarily impacted by domestic losses, state taxes, the movement in the deferred tax liability related to the tax amortization of goodwill and the consideration of the gain from discontinued operations as a source of income which enables the Company to realize a benefit in continuing operations under the intraperiod allocation guidance. The Company’s ETR for the three months ended June 30, 2018 was also impacted by the Company recording certain adjustments to the beginning balance of the state deferred tax liability, which resulted in a $272 thousand discrete tax benefit. At June 30, 2019, the Company has no uncertain tax positions or interest and penalties accrued.

BUSINESS CONCENTRATIONS AND CRE

BUSINESS CONCENTRATIONS AND CREDIT RISK	3 Months Ended
	Jun. 30, 2019
Risks and Uncertainties [Abstract]
BUSINESS CONCENTRATIONS AND CREDIT RISK	12. BUSINESS CONCENTRATIONS AND CREDIT RISK Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. The Company maintains all its cash, cash equivalents and restricted cash in federally insured financial institutions and performs periodic evaluations of the relative credit standing of these institutions. As of June 30, 2019 and March 31, 2019, the Company’s cash, cash equivalents and restricted cash primarily consisted of a checking account and money market funds. For the three months ended June 30, 2019 and 2018, no individual client accounted for 10% or more of consolidated revenue. As of June 30, 2019, two clients accounted for more than 10% of gross accounts receivable balance. As of March 31, 2019, one client accounted for more than 10% of gross accounts receivable balance. The Company’s customers are primarily concentrated in the United States, and we carry accounts receivable balances. The Company performs ongoing credit evaluations, generally does not require collateral, and establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of customers, historical trends and other information. To date, actual losses have been within management’s expectations.

RESTRUCTURING AND OTHER CHARGES

RESTRUCTURING AND OTHER CHARGES	3 Months Ended
	Jun. 30, 2019
Restructuring and Related Activities [Abstract]
RESTRUCTURING AND OTHER CHARGES	13. RESTRUCTURING AND OTHER CHARGES During the three months ended June 30, 2019, the Company incurred restructuring costs totaling $30,610 related to severance payments.

LEASES

LEASES	3 Months Ended
	Jun. 30, 2019
Leases [Abstract]
LEASES	14. LEASES The Company has operating leases primarily consisting of office space with remaining lease terms of 1 to 2 years, subject to certain renewal options as applicable. Current leases include our office space in New York, and also amounts for other miscellaneous office equipment. Leases with an initial term of twelve months or less are not recorded on the balance sheet, and the Company does not separate lease and non-lease components of contracts. There are no material residual guarantees associated with any of the Company’s leases, and there are no significant restrictions or covenants included in the Company’s lease agreements. Certain leases include variable payments related to common area maintenance and property taxes, which are billed by the landlord, as is customary with these types of charges for office space. Our lease agreements generally do not provide an implicit borrowing rate. Therefore, the Company used a benchmark approach to derive an appropriate imputed discount rate. The Company benchmarked itself against other companies of similar credit ratings and comparable quality and derived an imputed rate, which was used in a portfolio approach to discount its real estate lease liabilities. We used the incremental borrowing rate on December 31, 2018 for all leases that commenced prior to that date. There was no sublease rental income for the three months ended June 30, 2019 or March 31, 2019, the Company is not the lessor in any lease arrangement, and no related party transactions for lease arrangements have occurred. Lease Costs The table below presents certain information related to the lease costs for the Company’s operating leases for the three months ended June 30, 2019 and March 31, 2019: Components of total lease cost: Three Months Three Months Operating lease expense $ 221,979 $ 413,809 Variable lease cost 39,701 80,147 Total lease cost $ 261,680 $ 493,956 Lease Position as of June 30, 2019 and March 31, 2019 Right of use lease assets and lease liabilities for our operating leases were recorded in the Condensed Consolidated Balance Sheets as follows: As of As of Assets Lease assets $ 1,517,950 $ 2,228,691 Impairment — (735,900 ) Total lease assets $ 1,517,950 $ 1,492,791 Liabilities Current liabilities: Lease liability $ 1,744,642 $ 1,732,332 Noncurrent liabilities: Noncurrent lease liability 900,823 1,342,235 Total lease liability $ 2,645,465 $ 3,074,567 Lease Terms and Discount Rate The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s operating leases as of June 30, 2019: Weighted average remaining lease term (in years) – operating leases 1.49 years Weighted average discount rate – operating leases 5.5% Cash Flows The table below presents certain information related to the cash flows for the Company’s operating leases for the three months ended June 30, 2019 and March 31, 2019: Cash paid for amounts included in the measurement of lease liabilities: Three Months Operating cash flows for operating leases $ 469,397 Undiscounted Cash Flows Future lease payments included in the measurement of lease liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2019, for the following five fiscal years and thereafter were as follows: As of 2019 - Remaining $ 930,573 2020 1,830,928 Total future minimum lease payments 2,761,501 Less effects of discounting 116,036 Present value of future minimum lease payments $ 2,645,465

SEGMENT AND GEOGRAPHIC DATA

SEGMENT AND GEOGRAPHIC DATA	3 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
SEGMENT AND GEOGRAPHIC DATA	15. SEGMENT AND GEOGRAPHIC DATA Segments Following the sale of RateWatch in 2018 and our remaining B2B business, comprised of The Deal and BoardEx, in February 2019, we now report in one segment. Geographic Data During the three months ended June 30, 2019 and 2018, substantially all of the Company’s revenue was from customers in the United States and all of our long-lived assets are located in the United States.

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unaudited Interim Financial Statements	Unaudited Interim Financial Statements The interim condensed consolidated balance sheets as of June 30, 2019 and March 31, 2019, the condensed consolidated statements of operations, comprehensive (loss) income, statements of stockholders’ equity, and statements of cash flows for the three months ended June 30, 2019 and 2018 are unaudited. The unaudited interim financial statements have been prepared on a basis consistent with the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to state fairly the Company’s financial position as of June 30, 2019, its results of consolidated operations, comprehensive (loss) income and cash flows for the three months ended June 30, 2019 and 2018. The financial data and other financial information disclosed in the notes to the financial statements related to these periods are also unaudited. The results of operations for the three months ended June 30, 2019 are not necessarily indicative of the results to be expected for the fiscal year ending March 31, 2020 or for any other future annual or interim period. There have been no material changes in the significant accounting policies from those that were disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which was initially filed with the SEC on March 15, 2019, amended on March 21, 2019 solely to correct certain clerical errors and on April 30, 2019 solely to include the information required by Part III of Form 10-K, other than the adoption of ASU 2016-02 “ Leases . The Company has evaluated subsequent events for recognition or disclosure.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
Reclassifications	Reclassifications During the three months ended June 30, 2019, the Company effected a 10-for-1 reverse stock split. Prior period amounts have been reclassified to conform to current period presentation.

DIVESTITURES (Tables)

DIVESTITURES (Tables)	3 Months Ended
	Jun. 30, 2019
Divestitures
Schedule of discontinued operations of rate watch in the condensed consolidated statements of operations	The following table presents the discontinued operations of RateWatch in the June 30, 2018 Condensed Consolidated Statements of Operations. These amounts exclude previously allocated corporate overhead costs. Three Months Net revenue $ 1,810,618 Operating expense: Cost of services 414,812 Sales and marketing 381,396 General and administrative 107,182 Depreciation and amortization 76,637 Total operating expense 980,027 Operating income 830,591 Provision for income taxes (46,131 ) Net income $ 784,460
Schedule of discontinued operations of rate watch in the condensed consolidated statements of cash flows	The following table presents the discontinued operations of RateWatch in the June 30, 2018 Condensed Consolidated Statements of Cash Flows: Three Months Ended June 30, 2018 Net cash provided by operating activities $ 850,655 Net cash used in investing activities (26,443 ) Net increase in cash, cash equivalents and restricted cash $ 824,212
Schedule of discontinued operations of B2B business in the condensed consolidated statement of operations	The following table presents the discontinued operations of our B2B business in the Condensed Consolidated Statements of Operations. Three Months Ended June 30, 2018 Net revenue $ 6,687,376 Operating expense: Cost of services 2,022,426 Sales and marketing 1,434,696 General and administrative 645,880 Depreciation and amortization 688,848 Total operating expense 4,791,850 Operating income 1,895,526 Interest income 7,546 Provision for income taxes (105,697 ) Net income $ 1,797,375
Schedule of discontinued operations of B2B business in the condensed consolidated statements of cash flows	The following table presents the discontinued operations of our B2B business in the Condensed Consolidated Statements of Cash Flows: Three Months Net cash provided by operating activities $ 2,464,147 Net cash used in investing activities (89,613 ) Effect of foreign exchange rate changes on cash and cash equivalents (224,247 ) Net increase in cash, cash equivalents and restricted cash $ 2,150,287

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Jun. 30, 2019
Revenues [Abstract]
Schedule of disaggregation of revenue	The following table presents our revenues disaggregated by revenue discipline. For the Three Months Ended 2019 2018 Subscription $ 5,091,889 $ 4,844,201 Advertising 1,483,978 1,560,771 Other 347,403 496,672 Total Revenue $ 6,923,270 $ 6,901,644

CASH AND CASH EQUIVALENTS, MA_2

CASH AND CASH EQUIVALENTS, MARKETABLE SECURITIES AND RESTRICTED CASH (Tables)	3 Months Ended
	Jun. 30, 2019
Cash and Cash Equivalents [Abstract]
Schedule of cash cash equivalents marketable securities and restricted cash	Additionally, as of June 30, 2019 and March 31, 2019, the Company has a total of $500 thousand of cash that serves as collateral for an outstanding letter of credit, and which cash is therefore restricted. The letter of credit serves as a security deposit for the Company’s office space in New York City. June 30, 2019 March 31, 2019 Cash and cash equivalents $ 24,322,594 $ 117,991,200 Marketable securities — 1,850,000 Restricted cash 500,000 500,000 Total cash and cash equivalents, marketable securities and restricted cash $ 24,822,594 $ 120,341,200

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of fair value measurements based on valuation technique	Financial assets and liabilities included in our financial statements and measured at fair value are classified based on the valuation technique level in the table below: As of June 30, 2019 Description: Total Level 1 Level 2 Level 3 Cash and cash equivalents (1) $ 24,322,594 $ 24,322,594 $ — $ — Restricted cash (1) 500,000 500,000 — — Total at fair value $ 24,822,594 $ 24,822,594 $ — $ — As of March 31, 2019 Description: Total Level 1 Level 2 Level 3 Cash and cash equivalents (1) $ 117,991,200 $ 117,991,200 $ — $ — Restricted cash (1) 500,000 500,000 — — Marketable securities (2) 1,850,000 — — 1,850,000 Total at fair value $ 120,341,200 $ 118,491,200 $ — $ 1,850,000 (1) Cash, cash equivalents and restricted cash, totaling approximately $24.8 million and $118.5 million as of June 30, 2019 and March 31, 2019, respectively, consist primarily of a checking account and money market funds for which we determine fair value through quoted market prices. (2) At March 31, 2019, marketable securities included two municipal ARS issued by the District of Columbia having a fair value totaling approximately $1.9 million. Historically, the fair value of ARS investments approximated par value due to the frequent resets through the auction process. The ARS were sold at face value in June 2019.
Schedule of marketable securities measured at fair value using significant unobservable inputs (Level 3)	The following table provides a reconciliation of the beginning and ending balance for the Company’s marketable securities measured at fair value using significant unobservable inputs (Level 3): Marketable Balance March 31, 2019 $ 1,850,000 Sale of ARS (1,850,000 ) Balance June 30, 2019 $ —

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Schedule of valuation assumptions	The weighted-average grant date fair value per share of stock option awards granted during the three months ended June 30, 2018 was $6.94 using the Black-Scholes model with the following weighted-average assumptions: Expected option lives 4.0 years Expected volatility 45.22 % Risk-free interest rate 2.78 % Expected dividend yield 0.00 %
Schedule of stock options activity	A summary of the activity of the 2007 Plan and awards issued outside of the 2007 Plan pertaining to stock option grants is as follows: Shares Weighted Aggregate Weighted Awards outstanding at March 31, 2019 210,398 $ 12.82 Options granted — $ — Options exercised (204,148 ) $ 12.56 Options forfeited — $ — Options expired (4,250 ) $ 22.00 Awards outstanding at June 30, 2019 2,000 $ 20.25 $ 8 1.32 Awards outstanding, vested and expected to vest at June 30, 2019 2,000 $ 20.25 $ 8 1.32 Awards exercisable at June 30, 2019 2,000 $ 20.25 $ 8 1.32

NET (LOSS) INCOME PER SHARE O_2

NET (LOSS) INCOME PER SHARE OF COMMON STOCK (Tables)	3 Months Ended
	Jun. 30, 2019
Net income (loss) per share:
Schedule of net (loss) income per share	The following table reconciles the numerator and denominator for the calculation: For the Three Months Ended 2019 2018 Basic and diluted net (loss) income per share: Numerator: Net (loss) income attributable to common stockholders $ (3,256,026 ) $ 27,515,995 Denominator: Weighted average basic shares outstanding 5,326,958 4,929,606 Weighted average diluted shares outstanding 5,326,958 5,055,124 Net (loss) income per share: Basic net (loss) income attributable to common stockholders $ (0.61 ) $ 5.58 Diluted net (loss) income attributable to common stockholders $ (0.61 ) $ 5.44

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Jun. 30, 2019
Leases
Schedule of lease expense	The table below presents certain information related to the lease costs for the Company’s operating leases for the three months ended June 30, 2019 and March 31, 2019: Components of total lease cost: Three Months Three Months Operating lease expense $ 221,979 $ 413,809 Variable lease cost 39,701 80,147 Total lease cost $ 261,680 $ 493,956
Schedule of supplemental balance sheet information related to leases	Right of use lease assets and lease liabilities for our operating leases were recorded in the Condensed Consolidated Balance Sheets as follows: As of As of Assets Lease assets $ 1,517,950 $ 2,228,691 Impairment — (735,900 ) Total lease assets $ 1,517,950 $ 1,492,791 Liabilities Current liabilities: Lease liability $ 1,744,642 $ 1,732,332 Noncurrent liabilities: Noncurrent lease liability 900,823 1,342,235 Total lease liability $ 2,645,465 $ 3,074,567
Schedule or Description of Weighted Average Discount Rate	The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s operating leases as of June 30, 2019: Weighted average remaining lease term (in years) – operating leases 1.49 years Weighted average discount rate – operating leases 5.5%
Schedule of supplemental cash flow information related to leases	The table below presents certain information related to the cash flows for the Company’s operating leases for the three months ended June 30, 2019 and March 31, 2019: Cash paid for amounts included in the measurement of lease liabilities: Three Months Operating cash flows for operating leases $ 469,397
Schedule of maturities of operating lease liabilities	Future lease payments included in the measurement of lease liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2019, for the following five fiscal years and thereafter were as follows: As of 2019 - Remaining $ 930,573 2020 1,830,928 Total future minimum lease payments 2,761,501 Less effects of discounting 116,036 Present value of future minimum lease payments $ 2,645,465

DESCRIPTION OF THE BUSINESS A_3

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details Narrative) - USD ($)	Apr. 26, 2019	Apr. 22, 2019	Feb. 14, 2019	Jun. 30, 2018	Aug. 31, 2019	Jun. 30, 2019
Unbiased business news and market analysis year						20 years
Special cash distribution to stockholders		$ 94,400,000
Share price (in dollars per share)		$ 17.7
Share price,prior to reverse stock split (in dollars per share)	$ 1.77
Description of reverse stock split	10-for-1
Special cash distribution payable term		Apr. 22, 2019
S&P Global Market Intelligence Inc [Member] | RateWatch [Member]
Proceeds from divestiture of businesses				$ 33,500,000
Euromoney Institutional Investor PLC [Member] | Deal And Board Ex [Member]
Proceeds from divestiture of businesses			$ 87,300,000
TheMaven, Inc [Member] | Subsequent Event [Member] | Merger Agreement [Member]
Proceeds from divestiture of businesses					$ 16,500,000

SUBSEQUENT EVENT (Details Narra

SUBSEQUENT EVENT (Details Narrative)	1 Months Ended
	Aug. 31, 2019USD ($)
Merger Agreement [Member] | TheMaven, Inc [Member] | Subsequent Event [Member]
Proceeds from divestiture of businesses	$ 16,500,000

DIVESTITURES (Details)

DIVESTITURES (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating expense:
Income tax expense		$ 1,061,868
Net income	$ (563,919)	2,581,835
RateWatch [Member]
Net revenue		1,810,618
Operating expense:
Cost of services		414,812
Sales and marketing		381,396
General and administrative		107,182
Depreciation and amortization		76,637
Total operating expense		980,027
Operating income		830,591
Provision for income taxes		(46,131)
Net income		784,460
B2B Business [Member]
Net revenue		6,687,376
Operating expense:
Cost of services		2,022,426
Sales and marketing		1,434,696
General and administrative		645,880
Depreciation and amortization		688,848
Total operating expense		4,791,850
Operating income		1,895,526
Interest income		7,546
Provision for income taxes		(105,697)
Net income		$ 1,797,375

DIVESTITURES (Details 1)

DIVESTITURES (Details 1)	3 Months Ended
	Jun. 30, 2018USD ($)
RateWatch [Member]
Net cash provided by operating activities	$ 850,655
Net cash used in investing activities	(26,443)
Net increase in cash, cash equivalents and restricted cash	824,212
B2B Business [Member]
Net cash provided by operating activities	2,464,147
Net cash used in investing activities	(89,613)
Effect of foreign exchange rate changes on cash and cash equivalents	(224,247)
Net increase in cash, cash equivalents and restricted cash	$ 2,150,287

DIVESTITURES (Details Narrative

DIVESTITURES (Details Narrative) - USD ($)	Feb. 14, 2019	Jun. 30, 2018	Jun. 20, 2018	Jun. 30, 2019	Jun. 30, 2018
Gain on sale of business, net of tax					$ 27,100,199
S&P Global Market Intelligence Inc [Member] | RateWatch [Member]
Proceeds from divestiture of businesses		$ 33,500,000
Euromoney Institutional Investor PLC [Member] | Deal And Board Ex [Member]
Escrow	$ 620,000
Proceeds from divestiture of businesses	87,300,000
Escrow related costs	$ 3,300,000
Purchase Agreement [Member] | S&P Global Market Intelligence Inc [Member] | RateWatch [Member]
Consideration			$ 33,500,000
Severance cost					568,000
Gain on sale of business, net of tax					27,100,000
Selling price less direct costs					$ 1,600,000
Escrow			$ 3,350,000

REVENUES (Details)

REVENUES (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Total Revenue	$ 6,923,270	$ 6,901,644
Subscription [Member]
Total Revenue	5,091,889	4,844,201
Advertising [Member]
Total Revenue	1,483,978	1,560,771
Other [Member]
Total Revenue	$ 347,403	$ 496,672

CASH AND CASH EQUIVALENTS, MA_3

CASH AND CASH EQUIVALENTS, MARKETABLE SECURITIES AND RESTRICTED CASH (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 24,322,594	$ 117,991,200
Marketable securities		1,850,000
Restricted cash	500,000	500,000
Total cash and cash equivalents, marketable securities and restricted cash	$ 24,822,594	$ 120,341,200

CASH AND CASH EQUIVALENTS, MA_4

CASH AND CASH EQUIVALENTS, MARKETABLE SECURITIES AND RESTRICTED CASH (Details Narrative)	Apr. 26, 2019$ / shares	Apr. 22, 2019USD ($)$ / shares	Mar. 31, 2019USD ($)Number	Jun. 30, 2019USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Marketable securities at fair value			$ 1,850,000
Cash as collateral for outstanding letters of credit			$ 500,000	$ 500,000
Cash distribution per share | $ / shares		$ 17.7
Special cash distribution		$ 94,400,000
Share price,prior to reverse stock split (in dollars per share) | $ / shares	$ 1.77
Description of reverse stock split	10-for-1
Auction Rate Securities [Member]
Debt and Equity Securities, FV-NI [Line Items]
Securities | Number			2
Marketable securities at cost basic			$ 1,900,000
Marketable securities at fair value			$ 1,900,000
Maturity year			2038

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)		Jun. 30, 2019	Mar. 31, 2019
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	[1]	$ 24,322,594	$ 117,991,200
Restricted cash	[1]	500,000	500,000
Marketable securities	[2]
Total at fair value		24,822,594	118,491,200
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	[1]
Restricted cash	[1]
Marketable securities	[2]
Total at fair value
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	[1]
Restricted cash	[1]
Marketable securities	[2]		1,850,000
Total at fair value			1,850,000
Total [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	[1]	24,322,594	117,991,200
Restricted cash	[1]	500,000	500,000
Marketable securities	[2]		1,850,000
Total at fair value		$ 24,822,594	$ 120,341,200
[1]	Cash, cash equivalents and restricted cash, totaling approximately $24.8 million and $118.5 million as of June 30, 2019 and March 31, 2019, respectively, consist primarily of a checking account and money market funds for which we determine fair value through quoted market prices.
[2]	At March 31, 2019, marketable securities included two municipal ARS issued by the District of Columbia having a fair value totaling approximately $1.9 million. Historically, the fair value of ARS investments approximated par value due to the frequent resets through the auction process. The ARS were sold at face value in June 2019.

FAIR VALUE MEASUREMENTS (Deta_2

FAIR VALUE MEASUREMENTS (Details 1) - Marketable Securities [Member]	3 Months Ended
	Jun. 30, 2019USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period	$ 1,850,000
Change in fair value of investment	(1,850,000)
Balance at end of the period

FAIR VALUE MEASUREMENTS (Deta_3

FAIR VALUE MEASUREMENTS (Details Narrative) - USD ($)	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Debt and Equity Securities, FV-NI [Line Items]
Cash and cash equivalents and restricted cash	$ 24,822,594	$ 118,491,200	$ 43,161,074	$ 13,723,536
Marketable securities, fair value		1,850,000
Auction Rate Securities [Member]
Debt and Equity Securities, FV-NI [Line Items]
Marketable securities, fair value		$ 1,900,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details)	3 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Expected option lives	P4Y
Expected volatility	45.22%
Risk-free interest rate	2.78%
Expected dividend yield	0.00%

STOCK-BASED COMPENSATION (Det_2

STOCK-BASED COMPENSATION (Details 1) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options granted	0	10,000
2007 Performance Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Awards outstanding at beginning	210,398
Options exercised	(204,148)
Options forfeited
Options expired	(4,250)
Awards outstanding at ending	2,000
Awards outstanding, vested and expected to vest at ending	2,000
Awards exercisable at ending	2,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Awards outstanding at beginning	$ 12.82
Options granted
Options exercised	12.56
Options forfeited
Options expired	22
Awards outstanding at ending	20.25
Awards outstanding, vested and expected to vest at ending	20.25
Awards exercisable at ending	$ 20.25
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Aggregate Intrinsic Value [Roll Forward]
Awards outstanding at ending	$ 8
Awards outstanding, vested and expected to vest at ending	8
Awards exercisable at ending	$ 8
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Life [Roll Forward]
Awards outstanding at ending	1 year 3 months 25 days
Awards outstanding, vested and expected to vest at ending	1 year 3 months 25 days
Awards exercisable at ending	1 year 3 months 25 days

STOCK-BASED COMPENSATION (Det_3

STOCK-BASED COMPENSATION (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	May 31, 2018
Noncash share-based compensation		$ 578,056
Total fair value of share-based awards vested		$ 126,000
Number of stock option granted	0	10,000
Yielding cash proceeds		$ 2,600,000
Total intrinsic value of options exercised	$ 2,200,000	$ 0
Restricted Stock Units (RSUs) [Member]
Weighted-average grant date fair value per share (in dollars per share)	$ 18
Number of RSU granted	0	202
Number of RSU issued	0	42
2007 Performance Incentive Plan [Member]
Number of remaining shares available for future grants	344,000		520,000
Noncash share-based compensation	$ 0	$ 578,000
2007 Performance Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Total intrinsic value of share-based awards other than options vested	0	75,000
Unrecognized stock-based compensation expense
Total intrinsic value of share-based awards options and equity instruments other than options outstanding	$ 8,000	$ 10,200,000

STOCKHOLDERS' EQUITY (Details N

STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	Apr. 26, 2019	Apr. 22, 2019	Jun. 30, 2019	Nov. 30, 2017
Number of treasury shares purchased			21,161
Special cash distribution		$ 94,400,000
Share price (in dollars per share)		$ 17.7
Share price,prior to reverse stock split (in dollars per share)	$ 1.77
Description of reverse stock split	10-for-1
2007 Performance Incentive Plan [Member]
Number of shares for withholding taxes			504,021
2007 Performance Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Number of shares for withholding taxes			97,868
Share Repurchase Program [Member] | Common Stock [Member]
Number of authorized shares repurchased				$ 500,000
Number of treasury shares purchased			111
Value of treasury shares purchased			$ 1,415

NET (LOSS) INCOME PER SHARE O_3

NET (LOSS) INCOME PER SHARE OF COMMON STOCK (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net (loss) income attributable to common stockholders	$ (3,256,026)	$ 27,515,995
Denominator:
Weighted average basic shares outstanding (in shares)	5,326,958	4,929,606
Weighted average diluted shares outstanding (in shares)	5,326,958	5,055,124
Net (loss) income per share:
Basic net (loss) income attributable to common stockholders (in dollars per share)	$ (0.61)	$ 5.58
Diluted net (loss) income attributable to common stockholders (in dollars per share)	$ (0.61)	$ 5.44

NET (LOSS) INCOME PER SHARE O_4

NET (LOSS) INCOME PER SHARE OF COMMON STOCK (Details Narrative)	3 Months Ended
	Jun. 30, 2019shares
Net income (loss) per share:
Number of restricted stock units and option excluded from calculation	2,000

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income tax benefit		$ (1,061,868)
Effective tax rate	0.00%	32.90%
Adjustment of state deferred tax liability		$ 272,000

BUSINESS CONCENTRATIONS AND C_2

BUSINESS CONCENTRATIONS AND CREDIT RISK (Details Narrative) - Customer Concentration Risk [Member] - Number	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018
Exceeds 10% Revenue [Member]
Number of customers	0		0
Exceeds 10% Accounts Receivables [Member]
Number of customers	2	1

RESTRUCTURING AND OTHER CHARG_2

RESTRUCTURING AND OTHER CHARGES (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Restructuring and other charges	$ 30,610
Employee Severance [Member]
Restructuring and other charges	$ 30,610

LEASES (Details)

LEASES (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019
Leases [Abstract]
Operating lease expense	$ 221,979	$ 413,809
Variable lease cost	39,701	80,147
Total lease cost	$ 261,680	$ 493,956

LEASES (Details 1)

LEASES (Details 1) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Assets
Lease assets	$ 1,517,950	$ 2,228,691
Impairment		(735,900)
Total lease assets	1,517,950	1,492,791
Current liabilities:
Lease liability	1,744,642	1,732,332
Noncurrent liabilities:
Noncurrent lease liability	900,823	1,342,235
Total lease liability	$ 2,645,465	$ 3,074,567

LEASES (Details 2)

LEASES (Details 2)	Jun. 30, 2019
Leases [Abstract]
Weighted average remaining lease term (in years) - operating leases	1 year 5 months 26 days
Weighted average discount rate - operating leases	5.50%

LEASES (Details 3)

LEASES (Details 3)	3 Months Ended
	Jun. 30, 2019USD ($)
Leases [Abstract]
Operating cash flows for operating leases	$ 469,397

LEASES (Details 4)

LEASES (Details 4)	Jun. 30, 2019USD ($)
Leases [Abstract]
2019 - Remaining	$ 930,573
2020	1,830,928
Total future minimum lease payments	2,761,501
Less effects of discounting	116,036
Present value of future minimum lease payments	$ 2,645,465

LEASES (Details Narrative)

LEASES (Details Narrative)	Jun. 30, 2019
Minimum [Member]
Lease term	1 year
Maximum [Member]
Lease term	2 years