Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 13, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-37916 | |
Entity Registrant Name | SRAX, INC. | |
Entity Central Index Key | 0001538217 | |
Entity Tax Identification Number | 45-2925231 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 2629 Townsgate Road #215 | |
Entity Address, City or Town | Westlake Village | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91361 | |
City Area Code | (323) | |
Local Phone Number | 694-9800 | |
Title of 12(b) Security | Class A common stock | |
Trading Symbol | SRAX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 24,945,963 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 10,060,000 | $ 451,000 |
Accounts receivable, net | 2,172,000 | 2,608,000 |
Prepaid expenses and other current assets | 1,125,000 | 367,000 |
Marketable securities | 24,130,000 | 8,447,000 |
Total current assets | 37,487,000 | 11,873,000 |
Notes receivable | 917,000 | 893,000 |
Property and equipment, net | 161,000 | 118,000 |
Intangible assets, net | 2,046,000 | 2,409,000 |
Right of use assets | 314,000 | 366,000 |
Other assets | 36,000 | 3,000 |
Goodwill | 23,351,000 | 23,351,000 |
Total Assets | 64,312,000 | 39,013,000 |
Current liabilities | ||
Accounts payable and accrued liabilities | 3,328,000 | 3,561,000 |
Deferred revenue | 13,186,000 | 4,842,000 |
Other current liabilities | 1,408,000 | 3,869,000 |
Payroll protection loan - short-term | 1,126,000 | 747,000 |
OID convertible debentures | 2,701,000 | 6,016,000 |
Current liabilities | 21,749,000 | 19,035,000 |
Right of use liability - long term | 182,000 | 243,000 |
Payroll protection loan, less current portion | 379,000 | |
Deferred tax liability | 131,000 | 131,000 |
Total liabilities | 22,062,000 | 19,788,000 |
Stockholders’ equity | ||
Common stock, authorized 250,000,000 shares, $0.001 par value, 24,846,463 and 16,145,778 shares issued and outstanding, respectively | 24,000 | 16,000 |
Additional paid-in capital | 98,014,000 | 69,551,000 |
Accumulated deficit | (67,172,000) | (50,342,000) |
Total equity attributable to SRAX, Inc. | 30,866,000 | 19,225,000 |
Noncontrolling interest | 11,384,000 | |
Total stockholders’ equity | 42,250,000 | 19,225,000 |
Total Liabilities and Stockholders’ Equity | $ 64,312,000 | $ 39,013,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 24,846,463 | 16,145,778 |
Common stock, shares outstanding | 24,846,463 | 16,145,778 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues | $ 7,677,000 | $ 1,165,000 | $ 13,119,000 | $ 1,516,000 |
Cost of revenues | 1,453,000 | 396,000 | 3,103,000 | 508,000 |
Gross profit | 6,224,000 | 769,000 | 10,016,000 | 1,008,000 |
Operating expenses | ||||
Employee related costs | 2,827,000 | 1,962,000 | 5,143,000 | 4,249,000 |
Marketing and selling expenses | 1,870,000 | 370,000 | 3,030,000 | 690,000 |
Platform costs | 112,000 | 116,000 | 218,000 | 258,000 |
Depreciation and amortization | 372,000 | 322,000 | 756,000 | 630,000 |
General and administrative expenses | 2,112,000 | 1,248,000 | 3,364,000 | 2,304,000 |
Total operating expenses | 7,293,000 | 4,018,000 | 12,511,000 | 8,131,000 |
Loss from operations | (1,069,000) | (3,249,000) | (2,495,000) | (7,123,000) |
Other income (expense): | ||||
Financing costs | (390,000) | (1,678,000) | (15,430,000) | (2,038,000) |
Gain (loss) from marketable securities | (4,561,000) | 587,000 | (68,000) | 516,000 |
Interest income | 8,000 | 23,000 | ||
Other income | 14,000 | |||
Change in fair value of derivative liabilities | (981,000) | 321,000 | ||
Total other expense | (4,943,000) | (2,072,000) | (15,461,000) | (1,201,000) |
Loss before provision for income taxes | (6,012,000) | (5,321,000) | (17,956,000) | (8,324,000) |
Provision for income taxes | ||||
Net loss | (6,012,000) | (5,321,000) | (17,956,000) | (8,324,000) |
Net loss attributable to noncontrolling interest | 272,000 | 1,126,000 | ||
Net loss attributable to SRAX, Inc. and subsidiaries | $ (5,740,000) | $ (5,321,000) | $ (16,830,000) | $ (8,324,000) |
Net loss per share, basic and diluted | $ (0.24) | $ (0.38) | $ (0.78) | $ (0.59) |
Weighted average shares outstanding – basic and diluted | 23,631,449 | 14,080,890 | 21,533,141 | 14,038,940 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 14,000 | $ 48,129,000 | $ (35,637,000) | $ 12,506,000 | |
Beginning balance, shares at Dec. 31, 2019 | 13,997,452 | ||||
Share based compensation | 260,000 | 260,000 | |||
Relative fair value of warrants issued with notes payable | 83,000 | 83,000 | |||
Shares issued for extension agreement | 71,000 | 71,000 | |||
Shares issued for extension agreement, shares | 36,700 | ||||
Net loss | (3,003,000) | (3,003,000) | |||
Ending balance, value at Mar. 31, 2020 | $ 14,000 | 48,543,000 | (38,640,000) | 9,917,000 | |
Ending balance, shares at Mar. 31, 2020 | 14,034,152 | ||||
Beginning balance, value at Dec. 31, 2019 | $ 14,000 | 48,129,000 | (35,637,000) | 12,506,000 | |
Beginning balance, shares at Dec. 31, 2019 | 13,997,452 | ||||
Net loss | (8,324,000) | ||||
Ending balance, value at Jun. 30, 2020 | $ 14,000 | 59,894,000 | (43,961,000) | 15,947,000 | |
Ending balance, shares at Jun. 30, 2020 | 14,134,152 | ||||
Beginning balance, value at Mar. 31, 2020 | $ 14,000 | 48,543,000 | (38,640,000) | 9,917,000 | |
Beginning balance, shares at Mar. 31, 2020 | 14,034,152 | ||||
Share based compensation | 246,000 | 246,000 | |||
Reclassification of warrants from liability to equity | 4,076,000 | 4,076,000 | |||
Shares issued for debt extinguishment | 181,000 | 181,000 | |||
Shares issued for debt extinguishment, shares | 100,000 | ||||
Premium on debt extinguishment | 46,000 | 46,000 | |||
Beneficial conversion feature | 3,913,000 | 3,913,000 | |||
Fair value of warrants issued with notes | 2,889,000 | 2,889,000 | |||
Net loss | (5,321,000) | (5,321,000) | |||
Ending balance, value at Jun. 30, 2020 | $ 14,000 | 59,894,000 | (43,961,000) | 15,947,000 | |
Ending balance, shares at Jun. 30, 2020 | 14,134,152 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 16,000 | 69,551,000 | (50,342,000) | 19,225,000 | |
Beginning balance, shares at Dec. 31, 2020 | 16,145,778 | ||||
Share based compensation | 253,000 | 253,000 | |||
Shares issued for cash | 284,000 | 284,000 | |||
Shares issued for cash, shares | 53,616 | ||||
Conversion of convertible debt to equity | $ 2,000 | 3,445,000 | 3,447,000 | ||
Conversion of convertible debt to equity, shares | 2,041,551 | ||||
Shares issued for exercise of warrants, net of offering costs | $ 5,000 | 12,215,000 | 12,220,000 | ||
Shares issued for exercise of warrants, net of offering costs, shares | 4,945,320 | ||||
Warrants issued as inducement to exercise warrants | 7,737,000 | 7,737,000 | |||
Acquisition of noncontrolling interest of FVPD | (95,000) | (95,000) | |||
Warrants issued by FVPD for SRAX, Inc. debenture holders | 885,000 | 885,000 | |||
Series B convertible preferred stock issued by FPVD | 5,775,000 | 5,775,000 | |||
Beneficial conversion feature FPVD series B convertible preferred stock | 5,775,000 | 5,775,000 | |||
Net loss | (11,090,000) | (854,000) | (11,944,000) | ||
Ending balance, value at Mar. 31, 2021 | $ 23,000 | 93,485,000 | (61,432,000) | 11,486,000 | 43,562,000 |
Ending balance, shares at Mar. 31, 2021 | 23,186,265 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 16,000 | 69,551,000 | (50,342,000) | 19,225,000 | |
Beginning balance, shares at Dec. 31, 2020 | 16,145,778 | ||||
Acquisition of noncontrolling interest of FVPD | (95,000) | ||||
Warrants issued by FVPD for SRAX, Inc. debenture holders | 885,000 | ||||
Beneficial conversion feature FPVD series B convertible preferred stock | 5,860,000 | ||||
Net loss | (17,956,000) | ||||
Ending balance, value at Jun. 30, 2021 | $ 24,000 | 98,014,000 | (67,172,000) | 11,384,000 | 42,250,000 |
Ending balance, shares at Jun. 30, 2021 | 24,846,463 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 23,000 | 93,485,000 | (61,432,000) | 11,486,000 | 43,562,000 |
Beginning balance, shares at Mar. 31, 2021 | 23,186,265 | ||||
Share based compensation | 253,000 | 253,000 | |||
Conversion of convertible debt to equity | 701,000 | 701,000 | |||
Conversion of convertible debt to equity, shares | 350,000 | ||||
Shares issued for exercise of warrants, net of offering costs | $ 1,000 | 3,575,000 | 3,576,000 | ||
Shares issued for exercise of warrants, net of offering costs, shares | 1,310,198 | ||||
Series B convertible preferred stock issued by FPVD | 85,000 | 85,000 | |||
Beneficial conversion feature FPVD series B convertible preferred stock | 85,000 | 85,000 | |||
Net loss | (5,740,000) | (272,000) | (6,012,000) | ||
Ending balance, value at Jun. 30, 2021 | $ 24,000 | $ 98,014,000 | $ (67,172,000) | $ 11,384,000 | $ 42,250,000 |
Ending balance, shares at Jun. 30, 2021 | 24,846,463 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows From Operating Activities | ||
Net loss | $ (17,956,000) | $ (8,324,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Unrealized loss (gain) from securities held for sale | 878,000 | (140,000) |
Realized gain on securities held for sale | (810,000) | (376,000) |
Interest income | (23,000) | |
Fair value of warrants issued by FPVD for SRAX, Inc. debenture holders | 885,000 | |
Stock based compensation | 506,000 | 506,000 |
Amortization of debt issue costs | 686,000 | 453,000 |
Loss on extinguishment of debt | 1,103,000 | |
Recognition of beneficial conversion feature - FPVD series B preferred stock | 5,860,000 | |
Warrant inducement expense | 7,737,000 | |
Change in fair value of derivative liabilities | (321,000) | |
Marketable securities received for accounts receivable previously written off | (409,000) | |
Provision for bad debts | 79,000 | 41,000 |
Depreciation expense | 39,000 | 38,000 |
Amortization of intangibles | 717,000 | 592,000 |
Change in right of use asset | 52,000 | |
Non-cash financing expense | 147,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 766,000 | 117,000 |
Prepaid expenses | (757,000) | 352,000 |
Other current assets | (2,000) | 95,000 |
Accounts payable and accrued expenses | (233,000) | 1,527,000 |
Other current liabilities | (10,767,000) | (354,000) |
Change in right of use liability | (61,000) | (43,000) |
Net Cash Used in Operating Activities | (12,666,000) | (4,734,000) |
Cash Flows From Investing Activities | ||
Net cash received from acquisition of FPVD | 955,000 | |
Proceeds from the sale of marketable securities | 2,903,000 | 397,000 |
Payment for deferred consideration to LD Micro | (2,004,000) | |
Purchase of property and equipment | (82,000) | |
Development of software | (354,000) | (575,000) |
Other assets | (33,000) | 3,000 |
Net Cash Provided by (Used in) Investing Activities | 1,385,000 | (175,000) |
Cash Flows From Financing Activities | ||
Proceeds from issuance of FPVD series B preferred stock | 4,810,000 | |
Proceeds from the exercise of warrants | 15,796,000 | |
Proceeds from issuance of common stock | 284,000 | |
Proceeds from issuance of OID convertible debentures, less issuance cost | 7,925,000 | |
Proceeds from the issuance of short-term notes payable, less issuance cost | 590,000 | |
Repayment of short-term notes payable | (100,000) | |
Proceeds from payroll protection program loan | 1,074,000 | |
Proceeds from the issuance of notes payable | 2,500,000 | |
Repayment of notes payable | (2,500,000) | |
Net Cash Provided by Financing Activities | 20,890,000 | 9,489,000 |
Net increase in Cash | 9,609,000 | 4,580,000 |
Cash, Beginning of Period | 451,000 | 32,000 |
Cash, End of Period | 10,060,000 | 4,612,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 14,000 | 176,000 |
Cash paid for income taxes | ||
Noncash investing and financing activities: | ||
Convertible notes converted into shares | 6,423,000 | |
Fair value of marketable securities received for revenue contracts | 18,654,000 | 2,092,000 |
Vesting of prepaid common stock award | 94,000 | |
Relative fair value of warrants issued with term loan | 83,000 | |
Derivative liabilities transferred to equity | 4,076,000 | |
Shares of common stock issued for extension agreement | 252,000 | |
Fair value of BCF for debt financings | 3,913,000 | |
Fair value of warrants issued for debt financings | 2,889,000 | |
Premium on debt financings | 46,000 | |
Original issue discount recorded on OID convertible debentures | 1,250,000 | |
Payables converted into convertible notes payable | $ 1,169,000 |
Organization and Basis Of Prese
Organization and Basis Of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis Of Presentation | NOTE 1 – Organization and Basis Of Presentation Organization SRAX, Inc. (“SRAX”, “we”, “us”, “our” or the “Company”) is a Delaware corporation formed on August 2, 2011. The Condensed Consolidated Financial Statements consist of SRAX and its wholly owned subsidiaries LD Micro, Inc. (“LD Micro”) and SRAX’s majority owned subsidiary Force Protection Video Equipment Corporation (“FPVD”) and FPVD’s wholly owned subsidiary BIG Token, Inc. (“BIGToken”) (See Note 9 – Stockholders’ Equity Noncontrolling Interest) Our business is organized into two reportable segments: Sequire and BIGToken. The Sequire segment includes the operations of LD Micro, and the BIGToken segment includes the operations of our majority owned subsidiary FPVD and its wholly owned subsidiary BIG Token, Inc. We are a technology firm focused on enhancing communications between public companies and their shareholders and investors. We currently have two distinct business units: ● Our unique SaaS platform, Sequire provides users many features which allow issuers to track their shareholders’ behaviors and trends, then use data-driven insights to engage with shareholders across marketing channels. ● Through LD Micro, we organize and host investor conferences within the micro and small- cap markets, and plan to create several more niche events for the investor community. Each of SRAX’s business units deliver valuable insights that assist our clients with their investor relations and communications initiatives. We are headquartered in Westlake Village, California but work as a distributed virtual Company. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements and notes thereto are unaudited. The unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in the Company’s annual financial statements have been condensed or omitted. The December 31, 2020 Condensed Consolidated Balance Sheet was derived from financial statements but does not include all disclosures required by GAAP. These interim unaudited Condensed Consolidated Financial Statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim three and six-month period ended June 30, 2021 and 2020. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 or for any future period. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2020, included in the Company’s annual report on Form 10-K filed with the SEC on March 31, 2021. RECLASSIFICATIONS Liquidity and Capital Resources In connection with preparing the Condensed Consolidated Financial Statements for the six months ended June 30, 2021, management evaluated whether there were conditions and events, considered in the aggregate, that raised substantial doubt about the Company’s ability to continue as a going concern within one year from the date that the financial statements are issued. In making this assessment we performed a comprehensive analysis of our current circumstances including: our financial position, our cash flow and cash usage forecasts, and obligations and debts. The analysis used to determine the Company’s ability as a going concern does not include cash sources outside the Company’s direct control that management expects to be available within the next 12 months. The Company has incurred significant losses since its inception and has not demonstrated an ability to generate sufficient revenues from the sales of its services to achieve profitable operations on a consolidated basis. In addition, BIGToken will continue to generate losses from operations for at least one year, and will require significant additional financing until the operations achieve profitability. These factors could create substantial doubt as to the Company’s ability to continue as a going concern for at least one year after the date that the our unaudited Condensed Consolidated Financial Statements are issued. However, as a result of the Company’s cash on hand of approximately $ 10,060,000 2,172,000 24,130,000 We expect that our existing cash and cash equivalents, our accounts receivable and marketable securities as of June 30, 2021, will be sufficient to fund our anticipated level of operations, including our working capital needs, through at least August 2022. Covid-19 The ultimate impact of the COVID-19 pandemic on the operations of the Company and BIGToken continues to be unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak, new information which may emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments, the Company, or BIGToken, may direct, which may result in an extended period of continued business disruption and reduced operations. Any resulting financial impact cannot be reasonably estimated at this time but may have a material impact on both companies’ business, financial condition and results of operations. Net Loss per Share We use Accounting Standards Codification (“ASC”) 260, “ Earnings Per Share Recent Accounting Pronouncements Changes to accounting principles are established by the Financial Accounting Standards Board’s (“FASB”) in the form of Accounting Standards Update (“ASU”) to the FASB’s Codification. We consider the applicability and impact of all ASUs on our financial position, results of operations, cash flows, or presentation thereof. The Company reviewed all recently issued pronouncement in 2021, but not yet effective, and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on the Company’s financial condition or the results of its operations. |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | NOTE 2 – Acquisition On February 4, 2021 (“Acquisition Date”), the Company completed a share exchange agreement (“Exchange Agreement”) with FVPD (“Reverse Merger”). Pursuant to the Exchange Agreement the Company exchanged 100 149,562,566,584 5,000,000 149,562,566,584 5,000,000 On the Acquisition date, the assets, liabilities, and net book value of FPVD were as follows: Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed Assets Cash $ 955,000 Liabilities and Stockholders’ Deficit Series B preferred stock 1,050,000 Stockholders’ deficit Series A preferred stock 5,000 Series C preferred stock 832,000 Additional paid-in capital 3,865,000 Accumulated deficit (4,797,000 ) Total Stockholders’ deficit (95,000 ) Total Liabilities and Stockholders’ Deficit $ 955,000 See Note 8 - Series B Preferred Stock for the description of the series B preferred Stock. FPVD was authorized to issue up to 20,000,000 shares of series A preferred stock (“Series A Preferred”), $ 0.0001 par value, which was redeemable at the option of the holder, with no fixed redemption date. As of the Acquisition Date there were 5,000,000 shares issued and outstanding, all of which were owned by SRAX, Inc. FPVD was authorized to issue up to 8,318 100 1,546,576 12,864,419,168 8,318 |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | NOTE 3 – Marketable Securities During the second quarter of 2020, the Company began offering customers of its Sequire segment who purchase services on the Company’s proprietary SaaS platform the option to pay the contract price in securities issued by the Customer. The customers securities must be publicly quoted. In accordance with ASC 606 - Revenue Recognition, the Company will value the shares received at the fair market value of the date the contract is executed. The shares received will be accounted for in accordance with ASC 320 – Investments – Debt and Equity Securities, as such the shares will be classified as available-for-sale securities and will be measured at each reporting period at fair value with the unrealized gain or (loss) as a component of other income (expense). Upon the sale of the shares, the Company will record the gain or (loss) in the statement of operations as a component of net income (loss). The movement in this account is as follows: Schedule of Movement of Marketable Securities Balance as of June 30, Common Convertible 2021 Stock Debentures and Preferred Stock Balances at beginning of year $ 8,447,000 $ 7,764,000 $ 683,000 Additions 18,654,000 16,934,000 1,720,000 Sale of marketable securities (2,903,000 ) (2,903,000 ) – Change in fair value (68,000 ) (573,000 ) 505,000 Balances at end of year $ 24,130,000 $ 21,222,000 $ 2,908,000 Balance as of December 31, Common Convertible 2020 Stock Debentures Balances at beginning of year $ 83,000 $ 83,000 $ – Additions 8,406,000 7,496,000 910,000 Sale of marketable securities (916,000 ) (916,000 ) – Change in fair value 874,000 1,101,000 (227,000 ) Balances at end of year $ 8,447,000 $ 7,764,000 $ 683,000 The Company’s sale of securities for the six months ended June 30, 2021, were approximately $ 2,903,000 , with a book basis of approximately $ 2,093,000 which represented a gain of $ 810,000 , which the Company recorded as other income included in the gains from marketable securities. The Company recorded as a component of other income the realized and unrealized gain on marketable securities for the three and six month periods ended June 30: Schedule of Component of Other Income Realized and Unrealized Gain (Loss) on Marketable Securities 2021 2020 For the three months ended 2021 2020 Unrealized gain (loss) $ (4,855,000 ) $ 211,000 Realized gain 294,000 376,000 Change in fair value of marketable securities $ (4,561,000 ) $ 587,000 2021 2020 For the six months ended 2021 2020 Unrealized gain (loss) $ (878,000 ) $ 140,000 Realized gain 810,000 376,000 Change in fair value of marketable securities $ (68,000 ) $ 516,000 The Company accounts for its investments in equity securities in accordance with ASC 321-10 Investments - Equity Securities. The equity securities may be classified into two categories and accounted for as follows: ● Equity securities with a readily determinable fair value are reported at fair value, with unrealized gains and losses included in earnings. Any dividends received are recorded in interest income, the fair value of equity investments with fair values is primarily obtained from third-party pricing services. ● Equity securities without a readily determinable fair value are reported at their cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer and their impact on fair value. Any dividends received are recorded in interest income. For equity investments without readily determinable fair values, when an orderly transaction for the identical or similar investment of the same issuer is identified, we use the valuation techniques permitted under ASC 820 Fair Value Measurement to evaluate the observed transaction(s) and adjust the fair value of the equity investment |
Right To Use Asset
Right To Use Asset | 6 Months Ended |
Jun. 30, 2021 | |
Right To Use Asset | |
Right To Use Asset | NOTE 4 – Right To Use Asset The Company’s leases include both lease and non-lease components which are accounted for as a single lease component as we have elected the practical expedient. Some of our operating lease agreements include variable lease costs, primarily taxes, insurance, common area maintenance or increases in rental costs related to inflation. Substantially all of our equipment leases and some of our real estate leases have terms of less than one year and, as such, are accounted for as short-term leases as we have elected the practical expedient. Operating leases are included in the right-of-use lease assets, other current liabilities and long-term lease liabilities on our Condensed Consolidated Balance Sheet. Right-of-use assets and lease liabilities are recognized at each lease’s commencement date based on the present values of its lease payments over its respective lease term. When a borrowing rate is not explicitly available for a lease, our incremental borrowing rate is used based on information available at the lease’s commencement date to determine the present value of its lease payments. Operating lease payments are recognized on a straight-line basis over the lease term. We had no financing leases as of June 30, 2021. We have operating leases for office space. Our leases have remaining lease terms of 2.5 As of June 30, 2021, there were no material variable lease costs or sublease income. Cash paid for operating leases are classified in operating expenses and were $ 44,000 and $ 90,000 for the three and six month periods ended June 30, 2021 and $ 44,000 and $ 109,000 for the three and six month periods ended June 30, 2020, respectively. The following tables summarize the lease expense for the three and six months ended June 30: Three Months Ended June 30 Schedule of Component of Lease Expense 2021 2020 Operating lease expense $ 38,000 $ 21,000 Short-term lease expense 6,000 23,000 Total lease expense $ 44,000 $ 44,000 Six Months Ended June 30 2021 2020 Operating lease expense $ 52,000 $ 61,000 Short-term lease expense 11,000 48,000 Total lease expense $ 63,000 $ 109,000 The below table summarizes these lease asset and liability accounts presented on our accompanying Condensed Consolidated Balance Sheets as of: Schedule of Operating Lease Assets and Liabilities Operating Leases Consolidated Balance Sheet Caption June 30, 2021 December 31, 2020 Operating lease right-of-use assets - non-current Right of use asset $ 314,000 $ 366,000 Operating lease liabilities - current Other current liabilities $ 119,000 $ 109,000 Operating lease liabilities - non-current Right to use liability - long term 182,000 243,000 Total operating lease liabilities $ 301,000 $ 352,000 Components of Lease Expense We recognize lease expense on a straight-line basis over the term of our operating leases, as reported within “general and administrative” expense on the accompanying Condensed Consolidated Statement of Operations. Weighted Average Remaining Lease Term and Applied Discount Rate Schedule of Weighted Average Remaining Lease Term and Applied Discount Rate Weighted Average Remaining Lease Term Weighted Average Discount Rate Operating leases as of June 30, 2021 2.25 years 18% Operating leases as of December 31, 2020 2.75 18% Future Contractual Lease Payments as of June 30, 2021 The below table summarizes our (i) minimum lease payments over the next five years, (ii) lease arrangement implied interest, and (iii) present value of future lease payments for the years ending December 31: Schedule of Future Minimum Contractual Lease Payments Jun. 30, 2021 Operating Leases - future payments 2021 (remaining 6 months) $ 82,000 2022 163,000 2023 123,000 Total future lease payments, undiscounted 368,000 Less: Implied interest (67,000 ) Present value of operating lease payments $ 301,000 |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | NOTE 5 – Other Current Liabilities The following table summarizes the composition of other current liabilities presented on our accompanying Condensed Consolidated Balance Sheets: Schedule of Other Current Liabilities June 30, 2021 December 31, 2020 BIGToken point liability 180,000 452,000 Operating lease liabilities - current 119,000 109,000 Other current liabilities 1,109,000 3,308,000 Total other current liabilities $ 1,408,000 $ 3,869,000 |
Deferred Revenue
Deferred Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue | NOTE 6 – Deferred Revenue Deferred revenue represents amounts billed for which revenue has not yet been recognized. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue, and the remaining portion, if any, is recorded as long-term deferred revenue. Deferred revenue during the six months ended June 30, 2021, increased by $ 8,344,000 resulting from an increase due to an increase of approximately $ 18,654,000 from securities received from customers in advance of revenue recognition, offset by a decrease due to revenue recognition in the amount of approximately $ 10,310,000. The Company expects to recognize revenue on the entire deferred balance |
OID Convertible Debentures
OID Convertible Debentures | 6 Months Ended |
Jun. 30, 2021 | |
Oid Convertible Debentures | |
OID Convertible Debentures | NOTE 7 – OID Convertible Debentures On June 25, 2020, the Company entered into a definitive securities purchase agreement (the “Securities Purchase Agreement or Transaction”) with certain accredited and institutional investors for the purchase and sale of an aggregate of: (i) $ 16,101,000 14,169,000 12 6,440,561 13,000,000 1,169,000 510,000 184,000 350,000 125,000 The Debentures, mature on December 31, 2021 , pay interest in cash at the rate of 12.0 % per annum commencing on June 30, 2021, with such interest payable quarterly, beginning on October 1, 2021. Commencing after the six-month anniversary of the issuance of the Debentures, the Company will be required to make amortization payments (“Amortization Payments”) with each Debenture holder having the right to delay such Amortization Payments by a six-month period up to three separate times (each, an “Extension”) in exchange for five percent in principal being added to the balance of such applicable Debenture on each such Extension. Accordingly, upon a holder exercising three Extensions, such Purchaser’s Debenture will mature and be due and payable on June 30, 2023. Beginning on the date that the first Amortization Payment is due, and on a monthly basis thereafter, the Company will be required to pay one hundred fifteen percent of the value of one-twelfth of the outstanding principal plus any additional accrued interest due. In the event a holder converts a portion of its Debenture into shares of Common Stock, such amount will be deducted from the next applicable Amortization Payment. In the event such conversion exceeds the next applicable Amortization Payment, such excess amount will be deducted, in reverse order, from future Amortization Payments. The Company’s obligations under the Debentures are secured by substantially all the assets of the Company. The Debentures are convertible at the option of the holder into shares of Common Stock at an initial conversion price of $ 2.69 per share, subject to adjustment in the event of (i) stock splits and dividends, (ii) subsequent rights offerings, (iii) pro-rata distributions, and (iv) certain fundamental transactions, including but not limited to the sale of the Company, business combinations, and reorganizations. The Debentures do not have any price protection or price reset provisions with respect to future issuances of securities. Subject to the Company’s compliance with certain equity conditions, upon ten trading days’ notice to the holders, the Company has the right to redeem the Debentures in cash at 115% of their outstanding principal, plus accrued interest. Additionally, in the event that (i) the Company sells or reprices any securities (each, a “Redemption Financing”), or (ii) the Company disposes of assets (except those sold or transferred in the ordinary course of business) (each, an “Asset Sale”), then the Purchasers shall have the right to cause the Company (a) in the event of a Redemption Financing at a price per Common Stock equivalent of $2.50 or less per share, the holders may mandate that 100% of the proceeds be used to redeem the Debentures (b) in the event of a Redemption Financing at a price per Common Stock equivalent of greater than $2.50 per share, the holders may mandate that up to 50% of the proceeds be used to redeem the Debentures, and (c) in the event of an Asset Sale, the holders may mandate that up to 100% of the proceeds be used to redeem the Debentures. The Debentures also contain certain customary events of default provisions, including, but not limited to, default in payment of principal or interest thereunder, breaches of covenants, agreements, representations or warranties thereunder, the occurrence of an event of default under certain material contracts of the Company, failure to register the shares underlying the Debentures in Warrants (as described below), changes in control of the Company, delisting of its securities from its trading market, and the entering or filing of certain monetary judgments against the Company. Upon the occurrence of any such event of default, the outstanding principal amount of the Debenture plus liquidated damages, interest and other amounts owing in respect thereof through the date of acceleration, shall become, at the Purchaser’s election, immediately due and payable in cash. The Company is also subject to certain negative covenants (unless waived by 67% of the then outstanding Purchasers, and including the lead Purchaser) under the Debentures, including but not limited to, the creation of certain debt obligations, liens on Company assets, amending its charter documents, repayment or repurchase of securities or certain debt of the Company, or the payment of dividends. The Warrants are initially exercisable at 2.50 Pursuant to the terms of the Debentures and Warrants, a holder will not have the right to convert any portion of the Debentures or exercise any portion of the Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% or 9.99% (at the holder’s option) of the number of shares of Common Stock outstanding immediately after giving effect to such conversion or exercise, as such percentage ownership is determined in accordance with the terms of the Debentures and the Warrants; provided that at the election of a holder and notice to us such percentage ownership limitation may be increased to 9.99%; provided that any increase will not be effective until the 61st day after such notice is delivered from the holder to the Company. In connection with the offering of the Debentures, issue to the Placement Agent (as defined below), an aggregate of 478,854 Common Stock purchase warrants (“PA Warrants”). The PA Warrants are substantially similar to the Warrants, except that the PA Warrants have an exercise price of $ 3.3625 per share. The fair value of the PA Warrants at issuance was estimated to be $ 360,000 based on a risk-free interest rate of .11 %, an expected term of 2.417 years, an expected volatility of 96 % and a 0 % dividend yield. Bradley Woods & Co. Ltd. (“Placement Agent”) acted as the placement agent, in connection with the sale of the Debentures and Warrants. As compensation, we paid the Placement agent: (i) cash commission of $ 1,040,000 and (ii) an aggregate of 478,854 PA Warrants. Additionally, upon the exercise of Warrants issued in the Offering, the Placement Agent will be entitled to eight percent ( 8% ) of the cash proceeds received from such exercises. The Transaction closed on June 30, 2020, with approximately $ 3,800,000 cash proceeds received prior to closing date, $ 4,200,000 received on the closing date and $ 5,000,000 received after the closing date. The gross proceeds received from the Offering were approximately $ 13,000,000 and net proceeds of approximately $ 9,100,000 after deducting the Placement Agent fees, the repayment of certain debts and other offering expenses. Also, the Company reimbursed the lead investor $ 75,000 for legal fees, which was deducted from the required subscription amount to be paid. On February 21, 2021, the Company conducted an inducement offering whereby the warrant holders were given the right to exercise the existing warrants in exchange for replacement warrants. As a result of the inducement, 4,545,440 11,022,000 The Company evaluated all of the associated financial instruments in accordance with ASC 815 Derivatives and Hedging. In accordance with ASC 470 - Debt During the six months ended June 30, 2021, certain Debenture holders converted $ 6,423,000 of principal into 2,391,551 shares of the Company’s class A common stock shares. As a result of these conversions, the Company reduced the principal balance by approximately $ 6,423,000 and reduced the debt discount by approximately $ 2,275,000 for a net book value of $ 4,148,000 , which was transferred to additional paid-in capital. The table below summarizes the OID convertible debenture balances for the six months ended June 30, 2021: Schedule of OID Convertible Debentures Principal Debt discount Net book value Balances at beginning of year $ 9,386,000 $ (3,370,000 ) $ 6,016,000 Additions 147,000 – 147,000 Conversion (6,423,000 ) 2,275,000 (4,148,000 ) Amortization – 686,000 686,000 Total $ 3,110,000 $ (409,000 ) $ 2,701,000 During the three and six month periods ended June 30, 2021, the Company recognized amortization expense of $ 154,000 and $ 686,000 , respectively. During the three months ended June 30, 2021 the holders of the remaining Debentures notified the Company of their election to defer the inception of amortization payments due under the Debentures until June 30, 2022. As a result of their election, the holders are entitled to a 5 As of June 30, 2021, the Company has classified the Debentures as current liability because management intends to redeem the remaining convertible debentures within the following 12 months. |
Series B Preferred Stock
Series B Preferred Stock | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders’ equity | |
Series B Preferred Stock | NOTE 8 – Series B Preferred Stock On March 12, 2021, FPVD entered into a securities purchase agreements and registration rights agreements with accredited investors pursuant to which investors purchased 47,248 shares of Series B preferred Stock (“Series B Stock”) for an aggregate of $ 4,725,000 or $ 100 per share (the. FPVD had previously closed on 10,500 shares of Series B Preferred stock or $ 1,050,000 in October of 2020. As a result, on March 12, 2021, there were 57,748 shares of Series B Stock outstanding. Pursuant to the terms of the terms of the Series B Stock, (i) each share has a stated value of $ 100 , (ii) accrues a 5 % dividend beginning one year after the original issue date and thereafter on a quarterly basis, (iii) has no voting rights, except as required by law, and (iv) no liquidation preference. On May 11, 2021, upon meeting certain conditions and pursuant to the terms of the Series B Stock, 47,248 68,583,866,100 10,500 13,760,043,915 The conversion increases the noncontrolling interest from approximately 13.00 % to 37.60 %. |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders’ equity | |
Stockholders’ Equity | NOTE 9 – Stockholders’ Equity Common Stock Warrants On February 21, 2021 the Company entered into an agreement with the certain Debenture holders to exercise 4,545,440 of the Warrants issued in the June 2020 Debenture offering. As an inducement for the Warrant holders to exercise the Warrants, the holders receive a new registered warrant (“New Warrant”) to purchase an aggregate of 4,545,440 shares of the Company’s common stock at an exercise price of $ 7.50 per share. The New Warrants expire on January 31, 2022 . Each holder agreed to pay $ 0.125 for each New Warrant. The Company received net proceeds of approximately $ 11,022,000 consisted of the exercise price of $ 11,363,000 , $ 568,000 for the purchase of the New Warrant less solicitation fees of approximately $ 909,000 . The New Warrants were valued using the Black Scholes option pricing model at a total of $ 7,737,000 one 96 11 5.83 During the six months ended June 30, 2021, the Company: (i) received cash of approximately $4,774,000, (ii) cancelled 349,197 warrants (as a result of cashless exercises) and (iii) issued an aggregate of 1,710,078 shares of Common Stock, in connection with the exercise of outstanding warrants. In total the Company issued a total of 6,255,518 15,796,000 A summary of the Company’s warrant activity and related information for the six months ended June 30, 2021 is as follows: Schedule of Warrants Activity Number of Shares Weighted Average Strike Price/Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding — December 31, 2020 12,585,283 $ 2.94 1.74 $ 4,460,008 Granted 4,545,440 7.5 0.75 – Exercised (4,973,886 ) 3.07 2.06 – Forfeited – – – – Outstanding — March 31, 2021 12,156,837 $ 4.84 2.01 $ 16,019,415 Vested and exercisable — March 31, 2021 11,856,837 4.84 1.96 16,019,415 Unvested and non-exercisable - March 31, 2021 300,000 4.75 3.12 – Outstanding — March 31, 2021 12,156,837 $ 4.84 2.01 $ – Granted – – – – Exercised (1,630,829 ) 3.17 2.23 – Forfeited – – – – Outstanding — June 30, 2021 10,526,008 $ 5.07 1.99 $ – Vested and exercisable — June 30, 2021 10,226,008 5.09 1.88 – Unvested and non-exercisable – June 30, 2021 300,000 4.75 3.87 – As part of the Company’s Convertible Debenture offering in June 2020 (as described in Note 7 – OID Convertible Debentures), the Company negotiated the ability to release the BIGToken business, as security for the OID Convertible Debentures, for the purposes of selling BIGToken. As consideration for the release, the Company agreed to require the purchaser of BIGToken to issue warrants in the new entity. The warrants were to represent 13% of the new entities issued and outstanding on a fully diluted basis upon closing. As disclosed in Note 2– Acquisitions, the Company entered into an agreement to merge BIGToken with FPVD on February 4, 2021, which required the issuance of 25,568,064,462 warrants. Based on a valuation from an independent third-party, the fair-market value of the warrants required to be issued was determined to be $ 885,000 based on implied 3 -year volatility of 92.30 %, a risk-free equivalent yield of 18 % and stock price of $ 0.00006552 . AT THE MARKET SALES AGREEMENT During the six months ended June 30, 2021, the Company sold 53,616 284,000 STOCK BASED COMPENSATION During the Quarter ended June 30, 2021, the Company did not issue any new stock-based awards. Stock based compensation expense for the three and six months ended June 30, 2021 was $ 253,000 and $ 506,000 respectively. Noncontrolling Interest As disclosed in Note 2 – Acquisition, the Company entered into an agreement to merge BIGToken with FPVD on February 4, 2021. Since this was treated as a reverse merger, the transaction created a noncontrolling interest in FPVD. As a result, 8,682,368,578 shares were issued to noncontrolling parties, which was approximately 5.07 % of the issued and outstanding shares at the date of the merger. Also, 8,318 shares of Series C Preferred were issued, which were convertible into 12,864,419,168 shares of common stock, or 7.52 % of the issued and outstanding shares on the date of the merger. Since the Series C Preferred stock was convertible with no liquidation rights or other preferences, the 12,864,419,168 issuable shares were added to the calculation of the noncontrolling interest. As of the Acquisition Date and June 30, 2021, the noncontrolling interest was calculated to be approximately 13.00 % and 37.60 %, respectively. Transactions relating to the noncontrolling interest for the six months ended June 30, 2021 are summarized as follows: Schedule of Transactions Relating to Noncontrolling Interest June. 30, 2021 Net book value of FPVD $ (95,000 ) Warrants issued by FPVD for SRAX, Inc. debenture holders 885,000 Series B convertible preferred stock issued by FPVD 5,860,000 Beneficial conversion feature FPVD series B convertible preferred stock 5,860,000 Net loss attributable to noncontrolling interest (1,126,000 ) Noncontrolling interest $ 11,384,000 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | NOTE 10 – Fair Value of Financial Instruments The carrying amounts of certain financial instruments, including cash and cash equivalents, restricted cash and accounts payable and accrued expenses, approximate their respective fair values due to the short-term nature of such instruments. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. This determination requires significant judgments to be made. The Company considers marketable securities quoted on the OTC Pink sheets to be fair valued with Level 2 inputs. The Company had the following financial assets of June 30, 2021 and December 31, 2020: Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis Quoted Prices in Significant Balance as of Active Other Significant June 30, Identical Assets Inputs Inputs 2021 (Level 1) (Level 2) (Level 3) Marketable securities $ 24,130,000 $ 11,502,000 $ 12,628,000 $ — Total assets $ 24,130,000 $ 11,502,000 $ 12,628,000 $ — Quoted Prices in Significant Balance as of Active Other Significant December 31, Identical Assets Inputs Inputs 2020 (Level 1) (Level 2) (Level 3) Marketable securities $ 8,447,000 $ 7,764,000 $ 683,000 $ — Total assets $ 8,447,000 $ 7,764,000 $ 683,000 $ — |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 11 – Segment Reporting We have two Our Chief Operating Decision Maker (CODM) does not evaluate operating segments using asset or liability information. The following table presents revenues and gross profits by reportable segment. Schedule of Revenue and Gross Profit by Reportable Segment For the Three Months Ended June 30, SEQUIRE BIGToken Corporate and Other 2021 Consolidated 2021 2020 2021 2020 2021 2020 Eliminations 2021 2020 Sequire platform revenue $ 6,483,000 $ 746,000 $ – $ – $ – $ – $ – $ 6,483,000 $ 746,000 Conference revenue 345,000 – – – – – – 345,000 – Consumer Media / Data – – 849,000 377,000 – – – 849,000 377,000 Other – – – – 330,000 42,000 (330,000 ) – 42,000 Total Revenue 6,828,000 746,000 849,000 377,000 330,000 42,000 (330,000 ) 7,677,000 1,165,000 Cost of Revenue 1,146,000 231,000 235,000 164,000 72,000 1,000 – 1,453,000 396,000 Gross profit $ 5,682,000 $ 515,000 $ 614,000 $ 213,000 $ 258,000 $ 41,000 $ (330,000 ) $ 6,224,000 $ 769,000 For the Six Months Ended June 30, SEQUIRE BIGToken Corporate and Other 2021 Consolidated 2021 2020 2021 2020 2021 2020 Eliminations 2021 2020 Sequire platform revenue $ 10,991,000 $ 852,000 $ – $ – $ – $ – $ – $ 10,991,000 $ 852,000 Conference revenue 390,000 – – – – – – 390,000 – Consumer Media / Data – – 1,704,000 570,000 – – – 1,704,000 570,000 Other – – – – 694,000 94,000 (660,000 ) 34,000 94,000 Total Revenue 11,381,000 852,000 1,704,000 570,000 694,000 94,000 (660,000 ) 13,119,000 1,516,000 Cost of Revenue 2,534,000 245,000 508,000 262,000 61,000 1,000 – 3,103,000 508,000 Gross profit $ 8,847,000 $ 607,000 $ 1,196,000 $ 308,000 $ 633,000 $ 93,000 $ (660,000 ) $ 10,016,000 $ 1,008,000 Revenue Disaggregation The following table breaks out the revenue types for Sequire and BIGToken for the three and six months ended June 30: Schedule Of Revenue Disaggregation Three Months Ended Six Months Ended Change June 30, June 30, Three Months Six Months 2021 2020 2021 2020 Dollar Percentage Dollar Percentage Sequire platfrom revenue $ 6,483,000 $ 746,000 $ 10,991,000 $ 852,000 $ 5,737,000 769 % $ 10,139,000 n/a Conference revenue 345,000 – 390,000 – 345,000 n/a 390,000 n/a Sequire revenues 6,828,000 746,000 11,381,000 852,000 6,082,000 815 % 10,529,000 1236 % Consumer Media / Data − − − − − − − − Platform Subscription – – – – – − – − BIGtoken & Media vertical revenues 849,000 377,000 1,704,000 570,000 472,000 125 % 1,134,000 199 % Other revenues – 42,000 34,000 94,000 (42,000 ) -100 % (60,000 ) -64 % Total revenues $ 7,677,000 $ 1,165,000 $ 13,119,000 $ 1,516,000 $ 6,512,000 559 % $ 11,603,000 1 % As of June 30, 2021 and June 30, 2020, revenue contract liabilities were approximately $ 13,186,000 and $ 1,094,000 , respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 12 – Subsequent Events The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued to determine if they must be reported. The following are the events after the reporting period: PPP Loan Forgiveness On July 20, 2021, the Company received notification from its lender that the PPP Loan was forgiven in full by the U.S. Small Business Administration at which time the Company recognized the extinguishment of debt as Other Income. |
Organization and Basis Of Pre_2
Organization and Basis Of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements and notes thereto are unaudited. The unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in the Company’s annual financial statements have been condensed or omitted. The December 31, 2020 Condensed Consolidated Balance Sheet was derived from financial statements but does not include all disclosures required by GAAP. These interim unaudited Condensed Consolidated Financial Statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim three and six-month period ended June 30, 2021 and 2020. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 or for any future period. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2020, included in the Company’s annual report on Form 10-K filed with the SEC on March 31, 2021. |
RECLASSIFICATIONS | RECLASSIFICATIONS |
Liquidity and Capital Resources | Liquidity and Capital Resources In connection with preparing the Condensed Consolidated Financial Statements for the six months ended June 30, 2021, management evaluated whether there were conditions and events, considered in the aggregate, that raised substantial doubt about the Company’s ability to continue as a going concern within one year from the date that the financial statements are issued. In making this assessment we performed a comprehensive analysis of our current circumstances including: our financial position, our cash flow and cash usage forecasts, and obligations and debts. The analysis used to determine the Company’s ability as a going concern does not include cash sources outside the Company’s direct control that management expects to be available within the next 12 months. The Company has incurred significant losses since its inception and has not demonstrated an ability to generate sufficient revenues from the sales of its services to achieve profitable operations on a consolidated basis. In addition, BIGToken will continue to generate losses from operations for at least one year, and will require significant additional financing until the operations achieve profitability. These factors could create substantial doubt as to the Company’s ability to continue as a going concern for at least one year after the date that the our unaudited Condensed Consolidated Financial Statements are issued. However, as a result of the Company’s cash on hand of approximately $ 10,060,000 2,172,000 24,130,000 We expect that our existing cash and cash equivalents, our accounts receivable and marketable securities as of June 30, 2021, will be sufficient to fund our anticipated level of operations, including our working capital needs, through at least August 2022. |
Covid-19 | Covid-19 The ultimate impact of the COVID-19 pandemic on the operations of the Company and BIGToken continues to be unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak, new information which may emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments, the Company, or BIGToken, may direct, which may result in an extended period of continued business disruption and reduced operations. Any resulting financial impact cannot be reasonably estimated at this time but may have a material impact on both companies’ business, financial condition and results of operations. |
Net Loss per Share | Net Loss per Share We use Accounting Standards Codification (“ASC”) 260, “ Earnings Per Share |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Changes to accounting principles are established by the Financial Accounting Standards Board’s (“FASB”) in the form of Accounting Standards Update (“ASU”) to the FASB’s Codification. We consider the applicability and impact of all ASUs on our financial position, results of operations, cash flows, or presentation thereof. The Company reviewed all recently issued pronouncement in 2021, but not yet effective, and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on the Company’s financial condition or the results of its operations. |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | On the Acquisition date, the assets, liabilities, and net book value of FPVD were as follows: Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed Assets Cash $ 955,000 Liabilities and Stockholders’ Deficit Series B preferred stock 1,050,000 Stockholders’ deficit Series A preferred stock 5,000 Series C preferred stock 832,000 Additional paid-in capital 3,865,000 Accumulated deficit (4,797,000 ) Total Stockholders’ deficit (95,000 ) Total Liabilities and Stockholders’ Deficit $ 955,000 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Movement of Marketable Securities | The movement in this account is as follows: Schedule of Movement of Marketable Securities Balance as of June 30, Common Convertible 2021 Stock Debentures and Preferred Stock Balances at beginning of year $ 8,447,000 $ 7,764,000 $ 683,000 Additions 18,654,000 16,934,000 1,720,000 Sale of marketable securities (2,903,000 ) (2,903,000 ) – Change in fair value (68,000 ) (573,000 ) 505,000 Balances at end of year $ 24,130,000 $ 21,222,000 $ 2,908,000 Balance as of December 31, Common Convertible 2020 Stock Debentures Balances at beginning of year $ 83,000 $ 83,000 $ – Additions 8,406,000 7,496,000 910,000 Sale of marketable securities (916,000 ) (916,000 ) – Change in fair value 874,000 1,101,000 (227,000 ) Balances at end of year $ 8,447,000 $ 7,764,000 $ 683,000 |
Schedule of Component of Other Income Realized and Unrealized Gain (Loss) on Marketable Securities | The Company recorded as a component of other income the realized and unrealized gain on marketable securities for the three and six month periods ended June 30: Schedule of Component of Other Income Realized and Unrealized Gain (Loss) on Marketable Securities 2021 2020 For the three months ended 2021 2020 Unrealized gain (loss) $ (4,855,000 ) $ 211,000 Realized gain 294,000 376,000 Change in fair value of marketable securities $ (4,561,000 ) $ 587,000 2021 2020 For the six months ended 2021 2020 Unrealized gain (loss) $ (878,000 ) $ 140,000 Realized gain 810,000 376,000 Change in fair value of marketable securities $ (68,000 ) $ 516,000 |
Right To Use Asset (Tables)
Right To Use Asset (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Right To Use Asset | |
Schedule of Component of Lease Expense | Three Months Ended June 30 Schedule of Component of Lease Expense 2021 2020 Operating lease expense $ 38,000 $ 21,000 Short-term lease expense 6,000 23,000 Total lease expense $ 44,000 $ 44,000 Six Months Ended June 30 2021 2020 Operating lease expense $ 52,000 $ 61,000 Short-term lease expense 11,000 48,000 Total lease expense $ 63,000 $ 109,000 |
Schedule of Operating Lease Assets and Liabilities | The below table summarizes these lease asset and liability accounts presented on our accompanying Condensed Consolidated Balance Sheets as of: Schedule of Operating Lease Assets and Liabilities Operating Leases Consolidated Balance Sheet Caption June 30, 2021 December 31, 2020 Operating lease right-of-use assets - non-current Right of use asset $ 314,000 $ 366,000 Operating lease liabilities - current Other current liabilities $ 119,000 $ 109,000 Operating lease liabilities - non-current Right to use liability - long term 182,000 243,000 Total operating lease liabilities $ 301,000 $ 352,000 |
Schedule of Weighted Average Remaining Lease Term and Applied Discount Rate | Weighted Average Remaining Lease Term and Applied Discount Rate Schedule of Weighted Average Remaining Lease Term and Applied Discount Rate Weighted Average Remaining Lease Term Weighted Average Discount Rate Operating leases as of June 30, 2021 2.25 years 18% Operating leases as of December 31, 2020 2.75 18% |
Schedule of Future Minimum Contractual Lease Payments | The below table summarizes our (i) minimum lease payments over the next five years, (ii) lease arrangement implied interest, and (iii) present value of future lease payments for the years ending December 31: Schedule of Future Minimum Contractual Lease Payments Jun. 30, 2021 Operating Leases - future payments 2021 (remaining 6 months) $ 82,000 2022 163,000 2023 123,000 Total future lease payments, undiscounted 368,000 Less: Implied interest (67,000 ) Present value of operating lease payments $ 301,000 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | The following table summarizes the composition of other current liabilities presented on our accompanying Condensed Consolidated Balance Sheets: Schedule of Other Current Liabilities June 30, 2021 December 31, 2020 BIGToken point liability 180,000 452,000 Operating lease liabilities - current 119,000 109,000 Other current liabilities 1,109,000 3,308,000 Total other current liabilities $ 1,408,000 $ 3,869,000 |
OID Convertible Debentures (Tab
OID Convertible Debentures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Oid Convertible Debentures | |
Schedule of OID Convertible Debentures | The table below summarizes the OID convertible debenture balances for the six months ended June 30, 2021: Schedule of OID Convertible Debentures Principal Debt discount Net book value Balances at beginning of year $ 9,386,000 $ (3,370,000 ) $ 6,016,000 Additions 147,000 – 147,000 Conversion (6,423,000 ) 2,275,000 (4,148,000 ) Amortization – 686,000 686,000 Total $ 3,110,000 $ (409,000 ) $ 2,701,000 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders’ equity | |
Schedule of Warrants Activity | A summary of the Company’s warrant activity and related information for the six months ended June 30, 2021 is as follows: Schedule of Warrants Activity Number of Shares Weighted Average Strike Price/Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding — December 31, 2020 12,585,283 $ 2.94 1.74 $ 4,460,008 Granted 4,545,440 7.5 0.75 – Exercised (4,973,886 ) 3.07 2.06 – Forfeited – – – – Outstanding — March 31, 2021 12,156,837 $ 4.84 2.01 $ 16,019,415 Vested and exercisable — March 31, 2021 11,856,837 4.84 1.96 16,019,415 Unvested and non-exercisable - March 31, 2021 300,000 4.75 3.12 – Outstanding — March 31, 2021 12,156,837 $ 4.84 2.01 $ – Granted – – – – Exercised (1,630,829 ) 3.17 2.23 – Forfeited – – – – Outstanding — June 30, 2021 10,526,008 $ 5.07 1.99 $ – Vested and exercisable — June 30, 2021 10,226,008 5.09 1.88 – Unvested and non-exercisable – June 30, 2021 300,000 4.75 3.87 – |
Schedule of Transactions Relating to Noncontrolling Interest | Schedule of Transactions Relating to Noncontrolling Interest June. 30, 2021 Net book value of FPVD $ (95,000 ) Warrants issued by FPVD for SRAX, Inc. debenture holders 885,000 Series B convertible preferred stock issued by FPVD 5,860,000 Beneficial conversion feature FPVD series B convertible preferred stock 5,860,000 Net loss attributable to noncontrolling interest (1,126,000 ) Noncontrolling interest $ 11,384,000 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis Quoted Prices in Significant Balance as of Active Other Significant June 30, Identical Assets Inputs Inputs 2021 (Level 1) (Level 2) (Level 3) Marketable securities $ 24,130,000 $ 11,502,000 $ 12,628,000 $ — Total assets $ 24,130,000 $ 11,502,000 $ 12,628,000 $ — Quoted Prices in Significant Balance as of Active Other Significant December 31, Identical Assets Inputs Inputs 2020 (Level 1) (Level 2) (Level 3) Marketable securities $ 8,447,000 $ 7,764,000 $ 683,000 $ — Total assets $ 8,447,000 $ 7,764,000 $ 683,000 $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Revenue and Gross Profit by Reportable Segment | Schedule of Revenue and Gross Profit by Reportable Segment For the Three Months Ended June 30, SEQUIRE BIGToken Corporate and Other 2021 Consolidated 2021 2020 2021 2020 2021 2020 Eliminations 2021 2020 Sequire platform revenue $ 6,483,000 $ 746,000 $ – $ – $ – $ – $ – $ 6,483,000 $ 746,000 Conference revenue 345,000 – – – – – – 345,000 – Consumer Media / Data – – 849,000 377,000 – – – 849,000 377,000 Other – – – – 330,000 42,000 (330,000 ) – 42,000 Total Revenue 6,828,000 746,000 849,000 377,000 330,000 42,000 (330,000 ) 7,677,000 1,165,000 Cost of Revenue 1,146,000 231,000 235,000 164,000 72,000 1,000 – 1,453,000 396,000 Gross profit $ 5,682,000 $ 515,000 $ 614,000 $ 213,000 $ 258,000 $ 41,000 $ (330,000 ) $ 6,224,000 $ 769,000 For the Six Months Ended June 30, SEQUIRE BIGToken Corporate and Other 2021 Consolidated 2021 2020 2021 2020 2021 2020 Eliminations 2021 2020 Sequire platform revenue $ 10,991,000 $ 852,000 $ – $ – $ – $ – $ – $ 10,991,000 $ 852,000 Conference revenue 390,000 – – – – – – 390,000 – Consumer Media / Data – – 1,704,000 570,000 – – – 1,704,000 570,000 Other – – – – 694,000 94,000 (660,000 ) 34,000 94,000 Total Revenue 11,381,000 852,000 1,704,000 570,000 694,000 94,000 (660,000 ) 13,119,000 1,516,000 Cost of Revenue 2,534,000 245,000 508,000 262,000 61,000 1,000 – 3,103,000 508,000 Gross profit $ 8,847,000 $ 607,000 $ 1,196,000 $ 308,000 $ 633,000 $ 93,000 $ (660,000 ) $ 10,016,000 $ 1,008,000 |
Schedule Of Revenue Disaggregation | The following table breaks out the revenue types for Sequire and BIGToken for the three and six months ended June 30: Schedule Of Revenue Disaggregation Three Months Ended Six Months Ended Change June 30, June 30, Three Months Six Months 2021 2020 2021 2020 Dollar Percentage Dollar Percentage Sequire platfrom revenue $ 6,483,000 $ 746,000 $ 10,991,000 $ 852,000 $ 5,737,000 769 % $ 10,139,000 n/a Conference revenue 345,000 – 390,000 – 345,000 n/a 390,000 n/a Sequire revenues 6,828,000 746,000 11,381,000 852,000 6,082,000 815 % 10,529,000 1236 % Consumer Media / Data − − − − − − − − Platform Subscription – – – – – − – − BIGtoken & Media vertical revenues 849,000 377,000 1,704,000 570,000 472,000 125 % 1,134,000 199 % Other revenues – 42,000 34,000 94,000 (42,000 ) -100 % (60,000 ) -64 % Total revenues $ 7,677,000 $ 1,165,000 $ 13,119,000 $ 1,516,000 $ 6,512,000 559 % $ 11,603,000 1 % |
Organization and Basis Of Pre_3
Organization and Basis Of Presentation (Details Narrative) | Jun. 30, 2021USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash in hand | $ 10,060,000 |
Accounts receivable | 2,172,000 |
Marketable sale of securities | $ 24,130,000 |
Summary of Allocation of Purcha
Summary of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - Force Protection Video Equipment Corp [Member] | Feb. 04, 2021USD ($) |
Business Acquisition [Line Items] | |
Cash | $ 955,000 |
Series B preferred stock | 1,050,000 |
Additional paid-in capital | 3,865,000 |
Accumulated deficit | (4,797,000) |
Total Stockholders' deficit | (95,000) |
Total Liabilities and Stockholders' Deficit | 955,000 |
Series A Preferred Stock [Member] | |
Business Acquisition [Line Items] | |
Preferred stock | 5,000 |
Series C Preferred Stock [Member] | |
Business Acquisition [Line Items] | |
Preferred stock | $ 832,000 |
Acquisition (Details Narrative)
Acquisition (Details Narrative) - $ / shares | Jun. 30, 2021 | Feb. 04, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||
Common stock, shares issued | 24,846,463 | 16,145,778 | |
Common stock, shares outstanding | 24,846,463 | 16,145,778 | |
Force Protection Video Equipment Corp [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition percentage | 100.00% | ||
Common stock, shares issued | 149,562,566,584 | 149,562,566,584 | |
Common stock, shares outstanding | 149,562,566,584 | 149,562,566,584 | |
Preferred stock, shares issued | 5,000,000 | 5,000,000 | |
Preferred stock, shares outstanding | 5,000,000 | 5,000,000 | |
Force Protection Video Equipment Corp [Member] | Series A Preferred Stock [Member] | |||
Business Acquisition [Line Items] | |||
Preferred stock, shares outstanding | 5,000,000 | ||
Preferred stock, shares authorized | 20,000,000 | ||
Preferred stock, shares par value | $ 0.0001 | ||
Force Protection Video Equipment Corp [Member] | Series C Preferred Stock [Member] | |||
Business Acquisition [Line Items] | |||
Preferred stock, shares issued | 8,318 | ||
Preferred stock, shares outstanding | 8,318 | ||
Preferred stock, shares authorized | 8,318 | ||
Preferred stock, shares par value | $ 100 | ||
Force Protection Video Equipment Corp [Member] | Series C Preferred Stock [Member] | Common Stock [Member] | |||
Business Acquisition [Line Items] | |||
Common stock, shares issued | 12,864,419,168 | ||
Preferred stock, shares issued | 1,546,576 |
Schedule of Movement of Marketa
Schedule of Movement of Marketable Securities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Balances at beginning of year | $ 8,447,000 | $ 83,000 | $ 83,000 | ||
Additions | 18,654,000 | 8,406,000 | |||
Sale of marketable securities | (2,903,000) | (916,000) | |||
Change in fair value | $ (4,561,000) | $ 587,000 | (68,000) | 516,000 | 874,000 |
Balances at end of year | 24,130,000 | 24,130,000 | 8,447,000 | ||
Convertible Debentures and Preferred Stock [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Balances at beginning of year | 683,000 | ||||
Additions | 1,720,000 | ||||
Sale of marketable securities | |||||
Change in fair value | 505,000 | ||||
Balances at end of year | 2,908,000 | 2,908,000 | 683,000 | ||
Convertible Debentures [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Balances at beginning of year | 683,000 | ||||
Additions | 910,000 | ||||
Sale of marketable securities | |||||
Change in fair value | (227,000) | ||||
Balances at end of year | 683,000 | ||||
Common Stock [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Balances at beginning of year | 7,764,000 | $ 83,000 | 83,000 | ||
Additions | 16,934,000 | 7,496,000 | |||
Sale of marketable securities | (2,903,000) | (916,000) | |||
Change in fair value | (573,000) | 1,101,000 | |||
Balances at end of year | $ 21,222,000 | $ 21,222,000 | $ 7,764,000 |
Schedule of Component of Other
Schedule of Component of Other Income Realized and Unrealized Gain (Loss) on Marketable Securities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Nonmonetary Transaction [Line Items] | |||||
Change in fair value of marketable securities | $ (4,561,000) | $ 587,000 | $ (68,000) | $ 516,000 | $ 874,000 |
Marketable Securities [Member] | |||||
Nonmonetary Transaction [Line Items] | |||||
Unrealized gain (loss) | (4,855,000) | 211,000 | (878,000) | 140,000 | |
Realized gain | 294,000 | 376,000 | 810,000 | 376,000 | |
Change in fair value of marketable securities | $ (4,561,000) | $ 587,000 | $ (68,000) | $ 516,000 |
Marketable Securities (Details
Marketable Securities (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from Sale and Maturity of Marketable Securities | $ 2,903,000 | $ 916,000 |
Marketable Securities | 2,093,000 | |
[custom:GainOnMarketableSecurities] | $ 810,000 |
Schedule of Component of Lease
Schedule of Component of Lease Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Right To Use Asset | ||||
Operating lease expense | $ 38,000 | $ 21,000 | $ 52,000 | $ 61,000 |
Short-term lease expense | 6,000 | 23,000 | 11,000 | 48,000 |
Total lease expense | $ 44,000 | $ 44,000 | $ 63,000 | $ 109,000 |
Schedule of Operating Lease Ass
Schedule of Operating Lease Assets and Liabilities (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Right To Use Asset | ||
Operating lease right-of-use assets - non-current | $ 314,000 | $ 366,000 |
Operating lease liabilities - current | 119,000 | 109,000 |
Operating lease liabilities - non-current | 182,000 | 243,000 |
Total operating lease liabilities | $ 301,000 | $ 352,000 |
Schedule of Weighted Average Re
Schedule of Weighted Average Remaining Lease Term and Applied Discount Rate (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Right To Use Asset | ||
Weighted Average Remaining Lease Term | 2 years 3 months | 2 years 9 months |
Weighted Average Discount Rate | 18.00% | 18.00% |
Schedule of Future Minimum Cont
Schedule of Future Minimum Contractual Lease Payments (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Right To Use Asset | ||
2021 (remaining 6 months) | $ 82,000 | |
2022 | 163,000 | |
2023 | 123,000 | |
Total future lease payments, undiscounted | 368,000 | |
Less: Implied interest | (67,000) | |
Present value of operating lease payments | $ 301,000 | $ 352,000 |
Right To Use Asset (Details Nar
Right To Use Asset (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Right To Use Asset | ||||
Remaining lease term | 2 years 6 months | 2 years 6 months | ||
Sublease Income | $ 0 | |||
Lease cost | $ 44,000 | $ 44,000 | $ 90,000 | $ 109,000 |
Schedule of Other Current Liabi
Schedule of Other Current Liabilities (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
BIGToken point liability | $ 180,000 | $ 452,000 |
Operating lease liabilities - current | 119,000 | 109,000 |
Other current liabilities | 1,109,000 | 3,308,000 |
Total other current liabilities | $ 1,408,000 | $ 3,869,000 |
Deferred Revenue (Details Narra
Deferred Revenue (Details Narrative) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Increase (Decrease) in Deferred Revenue | $ 8,344,000 |
Cash, Period Increase (Decrease) | 18,654,000 |
Deferred Revenue, Additions | $ 10,310,000 |
Schedule of OID Convertible Deb
Schedule of OID Convertible Debentures (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Principal | $ 3,110,000 | |
Debt discount | (409,000) | |
Net book value | 2,701,000 | $ 6,016,000 |
Debt discount | 409,000 | |
Issuance During the Year [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Principal | 9,386,000 | |
Debt discount | (3,370,000) | |
Net book value | 6,016,000 | |
Debt discount | 3,370,000 | |
Additions [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Principal | 147,000 | |
Debt discount | ||
Net book value | 147,000 | |
Debt discount | ||
Conversion [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Principal | (6,423,000) | |
Debt discount | (2,275,000) | |
Net book value | (4,148,000) | |
Debt discount | 2,275,000 | |
Amortization [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Principal | ||
Debt discount | (686,000) | |
Net book value | 686,000 | |
Debt discount | $ 686,000 |
OID Convertible Debentures (Det
OID Convertible Debentures (Details Narrative) | Jun. 30, 2020USD ($) | Jun. 25, 2020USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Feb. 21, 2021USD ($)shares | Feb. 04, 2021shares | Dec. 31, 2020USD ($) |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Accounts receivable | $ 2,172,000 | $ 2,172,000 | $ 2,608,000 | ||||
Warrants exercised | shares | 6,255,518 | 6,255,518 | |||||
current principal balance fee percentage | 5.00% | ||||||
Debenture Holders [Member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Debt instrument, face amount | $ 4,148,000 | $ 4,148,000 | |||||
Debt discount | 2,275,000 | 2,275,000 | |||||
Debt Conversion, Converted Instrument, Amount | 6,423,000 | ||||||
[custom:IncreaseDecreaseInAdditionalPaidInCapital-0] | 6,423,000 | 6,423,000 | |||||
Amortization | $ 154,000 | $ 686,000 | |||||
Debenture Holders [Member] | Class A Common Stock [Member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 2,391,551 | ||||||
Warrant [Member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Proceeds from warrants exercise | $ 11,022,000 | ||||||
Warrants exercised | shares | 4,545,440 | 25,568,064,462 | |||||
Measurement Input, Risk Free Interest Rate [Member] | Warrant [Member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Warrants and Rights Outstanding, Measurement Input | 0.18 | ||||||
Measurement Input, Expected Term [Member] | Warrant [Member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Warrants and Rights Outstanding, Term | 3 years | ||||||
Securities Purchase Agreement [Member] | Placement Agent [Member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Proceeds from warrants percentage | 0.08 | ||||||
OID Convertible Debentures [Member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Debt instrument, face amount | $ 16,101,000 | ||||||
Debt discount | $ 14,169,000 | ||||||
Original issue discount percentage | 12.00% | ||||||
Warrant to purchase common stock, shares | shares | 6,440,561 | ||||||
Proceeds from warrants exercise | $ 13,000,000 | ||||||
Outstanding loan | 1,169,000 | ||||||
Accounts receivable | 510,000 | ||||||
Accrued interest | 125,000 | ||||||
Short term promissory notes | $ 350,000 | ||||||
Debt Instrument, Maturity Date | Dec. 31, 2021 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 2.69 | ||||||
Debt Instrument, Description | Subject to the Company’s compliance with certain equity conditions, upon ten trading days’ notice to the holders, the Company has the right to redeem the Debentures in cash at 115% of their outstanding principal, plus accrued interest. Additionally, in the event that (i) the Company sells or reprices any securities (each, a “Redemption Financing”), or (ii) the Company disposes of assets (except those sold or transferred in the ordinary course of business) (each, an “Asset Sale”), then the Purchasers shall have the right to cause the Company (a) in the event of a Redemption Financing at a price per Common Stock equivalent of $2.50 or less per share, the holders may mandate that 100% of the proceeds be used to redeem the Debentures (b) in the event of a Redemption Financing at a price per Common Stock equivalent of greater than $2.50 per share, the holders may mandate that up to 50% of the proceeds be used to redeem the Debentures, and (c) in the event of an Asset Sale, the holders may mandate that up to 100% of the proceeds be used to redeem the Debentures. | ||||||
Debt instrument, restrictive covenants | The Company is also subject to certain negative covenants (unless waived by 67% of the then outstanding Purchasers, and including the lead Purchaser) under the Debentures, including but not limited to, the creation of certain debt obligations, liens on Company assets, amending its charter documents, repayment or repurchase of securities or certain debt of the Company, or the payment of dividends. | ||||||
Warrants exercise price per share | $ / shares | $ 2.50 | ||||||
Warrant or Right, Reason for Issuance, Description | Pursuant to the terms of the Debentures and Warrants, a holder will not have the right to convert any portion of the Debentures or exercise any portion of the Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% or 9.99% (at the holder’s option) of the number of shares of Common Stock outstanding immediately after giving effect to such conversion or exercise, as such percentage ownership is determined in accordance with the terms of the Debentures and the Warrants; provided that at the election of a holder and notice to us such percentage ownership limitation may be increased to 9.99%; provided that any increase will not be effective until the 61st day after such notice is delivered from the holder to the Company. | ||||||
Proceeds from Issuance of Debt | $ 4,200,000 | ||||||
Proceeds from Issuance Initial Public Offering | 13,000,000 | ||||||
[custom:ProceedsFromIssuanceInitialPublicOfferingNet] | 9,100,000 | ||||||
Legal Fees | 75,000 | ||||||
OID Convertible Debentures [Member] | Securities Purchase Agreement [Member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Warrant to purchase common stock, shares | shares | 478,854 | 478,854 | |||||
Warrants exercise price per share | $ / shares | $ 3.3625 | $ 3.3625 | |||||
Class of Warrant or Right, Unissued | shares | 360,000 | 360,000 | |||||
OID Convertible Debentures [Member] | Securities Purchase Agreement [Member] | Placement Agent [Member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Warrant to purchase common stock, shares | shares | 478,854 | 478,854 | |||||
OID Convertible Debentures [Member] | Securities Purchase Agreement [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Warrants and Rights Outstanding, Measurement Input | 0.0011 | 0.0011 | |||||
OID Convertible Debentures [Member] | Securities Purchase Agreement [Member] | Measurement Input, Expected Term [Member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Warrants and Rights Outstanding, Term | 2 years 5 months | 2 years 5 months | |||||
OID Convertible Debentures [Member] | Securities Purchase Agreement [Member] | Measurement Input, Price Volatility [Member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Warrants and Rights Outstanding, Measurement Input | 96 | 96 | |||||
OID Convertible Debentures [Member] | Securities Purchase Agreement [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 | |||||
OID Convertible Debentures [Member] | Prior To Closing Date [Member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Proceeds from Issuance of Debt | 3,800,000 | ||||||
OID Convertible Debentures [Member] | After The Closing Date [Member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Proceeds from Issuance of Debt | $ 5,000,000 | ||||||
OID Convertible Debentures [Member] | Accounts Receivable [Member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Accrued interest | $ 184,000 |
Series B Preferred Stock (Detai
Series B Preferred Stock (Details Narrative) - USD ($) | May 11, 2021 | Mar. 12, 2021 | Mar. 31, 2021 | Feb. 04, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | |||||
Stock Issued During Period, Value, New Issues | $ 284,000 | ||||
Force Video Protection Equipment Corp. [Member] | Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 13.00% | ||||
Force Video Protection Equipment Corp. [Member] | Minimum [Member] | |||||
Class of Stock [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 37.60% | ||||
FPVD Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Number of shares converted | 68,583,866,100 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 53,616 | ||||
Stock Issued During Period, Value, New Issues | |||||
Number of shares converted | 13,760,043,915 | ||||
Series B Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Par or Stated Value Per Share | $ 100 | ||||
Preferred Stock, Dividend Rate, Percentage | 5.00% | ||||
Number of shares issued for conversion | 47,248 | ||||
Force Protection Video Equipment Corp [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Shares Outstanding | 5,000,000 | 5,000,000 | |||
Force Protection Video Equipment Corp [Member] | Series B Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 10,500 | ||||
Stock Issued During Period, Value, New Issues | $ 1,050,000 | ||||
Preferred Stock, Shares Outstanding | 10,500 | 57,748 | |||
Registration Rights Agreements [Member] | Accredited Investors [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 47,248 | ||||
Stock Issued During Period, Value, New Issues | $ 4,725,000 | ||||
Shares Issued, Price Per Share | $ 100 |
Schedule of Warrants Activity (
Schedule of Warrants Activity (Details) - Warrant [Member] - USD ($) | 3 Months Ended | 15 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Number of Shares, Outstanding Beginning balance | 12,156,837 | 12,585,283 | |
Weighted Average Strike Price/Share, Outstanding Beginning balance | $ 4.84 | $ 2.94 | |
Weighted Average Remaining Contractual Term (Years), Outstanding Beginning balance | 2 years 3 days | 1 year 8 months 26 days | |
Aggregate Intrinsic Value, Outstanding Beginning balance | $ 16,019,415 | $ 4,460,008 | |
Number of Shares, Granted | 4,545,440 | ||
Weighted Average Strike Price/Share, Granted | $ 7.5 | ||
Weighted Average Remaining Contractual Term (Years), Granted | 9 months | ||
Aggregate Intrinsic Value, Granted | |||
Number of Shares, Exercised | (1,630,829) | (4,973,886) | |
Weighted Average Strike Price/Share, Exercised | $ 3.17 | $ 3.07 | |
Weighted Average Remaining Contractual Term (Years), Exercised | 2 years 2 months 23 days | 2 years 21 days | |
Aggregate Intrinsic Value, Exercised | |||
Number of Shares, Forfeited | |||
Weighted Average Strike Price/Share, Forfeited | |||
Aggregate Intrinsic Value, Forfeited | |||
Number of Shares, Outstanding Ending balance | 10,526,008 | 12,156,837 | 10,526,008 |
Weighted Average Strike Price/Share, Outstanding Ending balance | $ 5.07 | $ 4.84 | $ 5.07 |
Weighted Average Remaining Contractual Term (Years), Outstanding Ending balance | 1 year 11 months 26 days | 2 years 3 days | |
Aggregate Intrinsic Value, Outstanding Ending balance | $ 16,019,415 | ||
Number of Shares, Vested and exercisable | 10,226,008 | 11,856,837 | 10,226,008 |
Weighted Average Strike Price/Share, Vested and exercisable | $ 5.09 | $ 4.84 | |
Weighted Average Remaining Contractual Term (Years), Unvested and non-exercisable | 3 years 10 months 13 days | 1 year 11 months 15 days | |
Aggregate Intrinsic Value, Vested and exercisable | $ 16,019,415 | ||
Number of Shares, Unvested and non-exercisable | 300,000 | 300,000 | 300,000 |
Weighted Average Strike Price/Share, Unvested and non-exercisable | $ 4.75 | $ 4.75 | |
Weighted Average Remaining Contractual Term (Years), Unvested and non-exercisable | 3 years 1 month 13 days | ||
Aggregate Intrinsic Value, Unvested and non-exercisable | |||
Number of Shares, Vested and exercisable | 10,226,008 | 11,856,837 | 10,226,008 |
Weighted Average Remaining Contractual Term (Years), Vested and exercisable | 1 year 10 months 17 days | ||
Number of Shares, Unvested and non-exercisable | 300,000 | 300,000 | 300,000 |
Schedule of Transactions Relati
Schedule of Transactions Relating to Noncontrolling Interest (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stockholders’ equity | |||||
Net book value of FPVD | $ (95,000) | $ (95,000) | |||
Warrants issued by FPVD for SRAX, Inc. debenture holders | 885,000 | 885,000 | |||
Series B convertible preferred stock issued by FPVD | 5,860,000 | ||||
Beneficial conversion feature FPVD series B convertible preferred stock | $ 85,000 | $ 5,775,000 | 5,860,000 | ||
Net loss attributable to noncontrolling interest | (272,000) | (1,126,000) | |||
Noncontrolling interest | $ 11,384,000 | $ 11,384,000 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) | Feb. 21, 2021USD ($)$ / sharesshares | Feb. 04, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)shares | Mar. 31, 2021shares | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Dec. 31, 2020shares | Feb. 04, 2020 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Shares issued upon exercise of warrants | shares | 6,255,518 | 6,255,518 | ||||||
Proceeds from warrant exercises | $ | $ 15,796,000 | |||||||
Fair value of warrants | $ | $ 885,000 | |||||||
Common Stock, Shares, Issued | shares | 24,846,463 | 24,846,463 | 16,145,778 | |||||
BIG Token, Inc [Member] | SRAX, Inc [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Common Stock, Shares, Issued | shares | 12,864,419,168 | 12,864,419,168 | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 37.60% | 37.60% | 13.00% | |||||
BIG Token, Inc [Member] | Series C Preferred Stock [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 7.52% | |||||||
Preferred Stock, Shares Issued | shares | 8,318 | |||||||
BIG Token, Inc [Member] | Noncontrolling Parties [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Common Stock, Shares, Issued | shares | 8,682,368,578 | |||||||
Equity Method Investment, Ownership Percentage | 5.07% | |||||||
At the Market Sales Agreement [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Sale of stock | shares | 53,616 | |||||||
Sale of Stock, Consideration Received on Transaction | $ | $ 284,000 | |||||||
Warrant [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Shares issued upon exercise of warrants | shares | 4,545,440 | 25,568,064,462 | ||||||
Proceeds from Issuance of Warrants | $ | $ 11,022,000 | |||||||
Proceeds from warrant exercises | $ | $ 11,363,000 | |||||||
Fair value of warrants | $ | $ 885,000 | |||||||
Share-based Payment Arrangement, Expense | $ | $ 253,000 | $ 506,000 | ||||||
Warrant [Member] | Measurement Input, Expected Term [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Warrants term | 3 years | |||||||
Warrant [Member] | Measurement Input, Option Volatility [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Warrants measurement input | 0.9230 | |||||||
Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Warrants measurement input | 0.18 | |||||||
Warrant [Member] | Measurement Input, Share Price [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Warrants exercise price per share | $ / shares | $ 0.00006552 | |||||||
Warrant [Member] | Investor [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Share Price | $ / shares | $ 0.125 | |||||||
New Warrant [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Shares issued upon exercise of warrants | shares | 4,545,440 | |||||||
Warrants exercise price per share | $ / shares | $ 7.50 | |||||||
Warrants and Rights Outstanding, Maturity Date | Jan. 31, 2022 | |||||||
Proceeds from Issuance of Warrants | $ | $ 568,000 | |||||||
[custom:SolicitationFees] | $ | 909,000 | |||||||
Fair value of warrants | $ | $ 7,737,000 | |||||||
New Warrant [Member] | Measurement Input, Expected Term [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Warrants term | 1 year | |||||||
New Warrant [Member] | Measurement Input, Option Volatility [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Warrants measurement input | 0.96 | |||||||
New Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Warrants measurement input | 0.11 | |||||||
New Warrant [Member] | Measurement Input, Share Price [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Warrants exercise price per share | $ / shares | $ 5.83 | |||||||
Common Stock [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares | 350,000 | 2,041,551 | ||||||
Common Stock [Member] | BIG Token, Inc [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares | 12,864,419,168 |
Schedule of Assets and Liabilit
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 24,130,000 | $ 8,447,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 11,502,000 | 7,764,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 12,628,000 | 683,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | ||
Fair Value, Recurring [Member] | Marketable Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 24,130,000 | 8,447,000 |
Fair Value, Recurring [Member] | Marketable Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 11,502,000 | 7,764,000 |
Fair Value, Recurring [Member] | Marketable Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 12,628,000 | 683,000 |
Fair Value, Recurring [Member] | Marketable Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets |
Schedule of Revenue and Gross P
Schedule of Revenue and Gross Profit by Reportable Segment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total Revenue | $ 7,677,000 | $ 1,165,000 | $ 13,119,000 | $ 1,516,000 |
Cost of Revenue | 1,453,000 | 396,000 | 3,103,000 | 508,000 |
Gross profit | 6,224,000 | 769,000 | 10,016,000 | 1,008,000 |
Sequire Platform Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 6,483,000 | 746,000 | 10,991,000 | 852,000 |
Conference Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 345,000 | 390,000 | ||
Consumer Media / Data [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 849,000 | 377,000 | 1,704,000 | 570,000 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 42,000 | 34,000 | 94,000 | |
S E Q U I R E [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 6,828,000 | 746,000 | 11,381,000 | 852,000 |
Cost of Revenue | 1,146,000 | 231,000 | 2,534,000 | 245,000 |
Gross profit | 5,682,000 | 515,000 | 8,847,000 | 607,000 |
S E Q U I R E [Member] | Sequire Platform Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 6,483,000 | 746,000 | 10,991,000 | 852,000 |
S E Q U I R E [Member] | Conference Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 345,000 | 390,000 | ||
S E Q U I R E [Member] | Consumer Media / Data [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | ||||
S E Q U I R E [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | ||||
BIGToken [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 849,000 | 377,000 | 1,704,000 | 570,000 |
Cost of Revenue | 235,000 | 164,000 | 508,000 | 262,000 |
Gross profit | 614,000 | 213,000 | 1,196,000 | 308,000 |
BIGToken [Member] | Sequire Platform Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | ||||
BIGToken [Member] | Conference Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | ||||
BIGToken [Member] | Consumer Media / Data [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 849,000 | 377,000 | 1,704,000 | 570,000 |
BIGToken [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | ||||
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 330,000 | 42,000 | 694,000 | 94,000 |
Cost of Revenue | 72,000 | 1,000 | 61,000 | 1,000 |
Gross profit | 258,000 | 41,000 | 633,000 | 93,000 |
Corporate and Other [Member] | Sequire Platform Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | ||||
Corporate and Other [Member] | Conference Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | ||||
Corporate and Other [Member] | Consumer Media / Data [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | ||||
Corporate and Other [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 330,000 | $ 42,000 | 694,000 | $ 94,000 |
Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | (330,000) | (660,000) | ||
Cost of Revenue | ||||
Gross profit | (330,000) | (660,000) | ||
Eliminations [Member] | Sequire Platform Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | ||||
Eliminations [Member] | Conference Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | ||||
Eliminations [Member] | Consumer Media / Data [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | ||||
Eliminations [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | $ (330,000) | $ (660,000) |
Schedule Of Revenue Disaggregat
Schedule Of Revenue Disaggregation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total Revenue | $ 7,677,000 | $ 1,165,000 | $ 13,119,000 | $ 1,516,000 |
Change in revenue percentage | 559.00% | 1.00% | ||
Change in Amount [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | $ 6,512,000 | $ 11,603,000 | ||
Sequire Platform Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 6,483,000 | 746,000 | 10,991,000 | 852,000 |
Conference Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 345,000 | 390,000 | ||
Other Revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 42,000 | $ 34,000 | 94,000 | |
Change in revenue percentage | (100.00%) | (64.00%) | ||
Other Revenues [Member] | Change in Amount [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | $ (42,000) | $ (60,000) | ||
S E Q U I R E [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | $ 6,828,000 | 746,000 | $ 11,381,000 | 852,000 |
Change in revenue percentage | 815.00% | 1236.00% | ||
S E Q U I R E [Member] | Change in Amount [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | $ 6,082,000 | $ 10,529,000 | ||
S E Q U I R E [Member] | Sequire Platform Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | $ 6,483,000 | 746,000 | 10,991,000 | 852,000 |
Change in revenue percentage | 769.00% | |||
S E Q U I R E [Member] | Sequire Platform Revenue [Member] | Change in Amount [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | $ 5,737,000 | 10,139,000 | ||
S E Q U I R E [Member] | Conference Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 345,000 | $ 390,000 | ||
Change in revenue percentage | 0.00% | |||
S E Q U I R E [Member] | Conference Revenue [Member] | Change in Amount [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | 345,000 | $ 390,000 | ||
BIGToken & Media Vertical [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | $ 849,000 | 377,000 | $ 1,704,000 | 570,000 |
Change in revenue percentage | 125.00% | 199.00% | ||
BIGToken & Media Vertical [Member] | Change in Amount [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | $ 472,000 | $ 1,134,000 | ||
BIGToken & Media Vertical [Member] | Sequire Platform Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue | ||||
BIGToken & Media Vertical [Member] | Sequire Platform Revenue [Member] | Change in Amount [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue |
Segment Reporting (Details Narr
Segment Reporting (Details Narrative) | 6 Months Ended | |
Jun. 30, 2021USD ($)segment | Jun. 30, 2020USD ($) | |
Segment Reporting [Abstract] | ||
Number of operating segments | segment | 2 | |
Contract with Customer, Liability | $ | $ 13,186,000 | $ 1,094,000 |