Liberated Syndication (LSYN) 10-Q/A 10 Jul 20 2018 Q2 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 09, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Liberated Syndication Inc.
Entity Central Index Key	0001667489
Amendment Flag	true
Amendment Description	This Quarterly Report on Form 10-Q/A (Amendment No. 1) amends the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) by Liberated Syndication Corp. (the “Company”) on August 14, 2019 (the “Original 10-Q”) to restate our unaudited consolidated financial statements for the quarterly period ended June 30, 2019 and to amend related disclosures.
Document Type	10-Q/A
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,271,974
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	NV
Entity File Number	000-55779

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash	$ 14,205,455	$ 11,079,941
Accounts receivable, net	479,095	481,921
Prepaid expenses	595,675	449,223
Total current assets	15,280,225	12,011,085
Property and equipment, net	1,975,359	2,229,294
Goodwill	16,388,171	16,388,171
Definite life - intangible assets	6,858,028	7,786,686
Prepaid expense	304,187	191,609
Operating lease right-of-use assets	1,142,581	0
Deferred tax assets	1,657,765	1,454,077
Total assets	43,606,316	40,060,922
CURRENT LIABILITIES:
Accounts payable	724,298	745,889
Accrued expenses	956,975	377,572
Income tax payable	1,583,159	868,529
Deferred revenue	2,374,948	2,276,079
Current portion of capital lease obligation	37,804	72,986
Current portion of loans payable, net	2,641,130	2,638,599
Current portion of operating lease liabilities	511,380	0
Total current liabilities	8,829,694	6,979,654
LONG TERM LIABILITIES:
Loans payable, net	4,893,803	5,681,767
Capital lease obligation, net of current portion	0	831
Deferred revenue, net of current portion	513,628	371,938
Operating lease liabilities	631,201	0
Total long-term liabilities	6,038,632	6,054,536
Total liabilities	14,868,326	13,034,190
COMMITMENTS & CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock	29,272	29,722
Additional paid-in capital	34,857,590	35,010,552
Accumulated deficit	(6,148,872)	(8,013,542)
Total stockholders' equity	28,737,990	27,026,732
Total liabilities and stockholders' equity	$ 43,606,316	$ 40,060,922

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 14,000	$ 14,000
Common stock authorized	200,000,000	200,000,000
Common stock par value	$ 0.001	$ 0.001
Common stock issued	29,271,974	29,721,974
Common stock outstanding	29,271,974	29,721,974

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenue	$ 5,700,635	$ 5,305,762	$ 11,983,614	$ 10,365,067
Costs and operating expenses
Cost of revenue (excluding depreciation and amortization)	860,848	704,515	1,700,488	1,411,885
General and administrative	1,905,567	1,516,587	3,734,106	3,221,899
Technology	457,151	492,573	911,789	865,899
Selling	214,542	210,371	409,336	427,373
Customer support	648,565	707,065	1,308,433	1,375,295
Depreciation and amortization	745,093	769,365	1,487,190	1,536,265
Total costs and operating expenses	4,831,766	4,400,476	9,551,342	8,838,616
Operating income	868,869	905,286	2,432,272	1,526,451
Interest expense	(82,880)	(98,607)	(169,722)	(199,203)
Interest income	59,738	13,401	111,689	23,066
Other income (expense)	2,252	2,486	1,373	5,167
Income from operations before income taxes	847,979	822,566	2,375,612	1,355,481
Income tax (benefit)	(183,932)	(173,209)	(510,942)	(1,097,850)
Net Income	$ 664,047	$ 649,357	$ 1,864,670	$ 2,453,331
BASIC AND DILUTED INCOME PER COMMON SHARE	$ 0.02	$ 0.02	$ 0.06	$ 0.08
BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	29,336,260	29,776,974	29,528,051	29,711,034

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance, shares at Dec. 31, 2017	29,595,473
Balance, amount at Dec. 31, 2017	$ 29,596	$ 34,804,457	$ (12,386,887)	$ 22,447,166
Issuance of common stock for services, shares	200,000
Issuance of common stock for services, amount	$ 200	317,800		318,000
Return of common stock for final settlement of Pair Acquisition, shares	(18,499)
Return of common stock for final settlement of Pair Acquisition, amount	$ (18)	(29,260)		(29,278)
Net income			1,803,974	1,803,974
Balance, shares at Mar. 31, 2018	29,776,974
Balance, amount at Mar. 31, 2018	$ 29,778	35,029,977	(10,582,913)	24,539,862
Balance, shares at Dec. 31, 2017	29,595,473
Balance, amount at Dec. 31, 2017	$ 29,596	34,804,457	(12,386,887)	22,447,166
Net income				2,453,331
Balance, shares at Jun. 30, 2018	29,776,974
Balance, amount at Jun. 30, 2018	$ 29,778	35,029,977	(9,933,556)	25,189,219
Balance, shares at Mar. 31, 2018	29,776,974
Balance, amount at Mar. 31, 2018	$ 29,778	35,029,977	(10,582,913)	24,539,862
Net income			649,357	649,357
Balance, shares at Jun. 30, 2018	29,776,974
Balance, amount at Jun. 30, 2018	$ 29,778	35,029,977	(9,933,556)	25,189,219
Balance, shares at Dec. 31, 2018	29,721,974
Balance, amount at Dec. 31, 2018	$ 29,722	35,010,552	(8,013,542)	27,026,732
Recapture of prior period non-cash compensation charges in the current period		(830,500)		(830,500)
Non-cash compensation awards		677,088		677,088
Net income			1,200,623	1,200,623
Balance, shares at Mar. 31, 2019	29,721,974
Balance, amount at Mar. 31, 2019	$ 29,722	34,857,140	(6,812,919)	28,073,943
Balance, shares at Dec. 31, 2018	29,721,974
Balance, amount at Dec. 31, 2018	$ 29,722	35,010,552	(8,013,542)	27,026,732
Net income				1,864,670
Balance, shares at Jun. 30, 2019	29,271,974
Balance, amount at Jun. 30, 2019	$ 29,272	34,857,590	(6,148,872)	28,737,990
Balance, shares at Mar. 31, 2019	29,721,974
Balance, amount at Mar. 31, 2019	$ 29,722	34,857,140	(6,812,919)	28,073,943
Stock forfeiture, shares	(450,000)
Stock forfeiture, amount	$ (450)	450		0
Net income			664,047	664,047
Balance, shares at Jun. 30, 2019	29,271,974
Balance, amount at Jun. 30, 2019	$ 29,272	$ 34,857,590	$ (6,148,872)	$ 28,737,990

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Flows from Operating Activities
Net income	$ 1,864,670	$ 2,453,331
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	1,487,190	1,536,265
Issuance of common stock	0	318,000
Deferred taxes	(203,688)	(1,380,251)
Non-cash compensation expense, net of recapture	(153,413)	0
Amortization of right-of-use asset	255,240	0
Discount on loan fees	14,567	17,361
Change in assets and liabilities:
Accounts receivable	2,825	157,115
Prepaid expenses	(259,029)	(278,042)
Accounts payable	(21,590)	111,024
Income taxes payable	714,630	282,401
Accrued expense	579,403	(335,730)
Operating lease liabilities	(255,240)	0
Deferred revenue	240,558	1,063,210
Net Cash Provided by Operating Activities	4,266,123	3,944,684
Cash Flows from Investing Activities:
Purchase of property and equipment	(304,597)	(152,729)
Net Cash Used in Investing Activities	(304,597)	(152,729)
Cash Flows from Financing Activities:
Repayment on term loan	(800,000)	(800,000)
Repayment on capital lease	(36,012)	(34,166)
Net Cash Used in Financing Activities	(836,012)	(834,166)
Net Increase in Cash	3,125,514	2,957,789
Cash at Beginning of Period	11,079,941	5,211,845
Cash at End of Period	14,205,455	8,169,634
Supplemental Disclosures of Cash Flow Information
Cash paid during the periods for: Interest	153,612	146,194
Cash paid during the periods for: Income taxes	0	0
Supplemental Disclosures of Cash Flow Investing and Financing Activities
Right-of-use operating lease assets obtained in exchange for operating lease liabilities	1,397,821	0
Returned Common Stock	$ 0	$ 29,278

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Organization On December 27, 2017, the Company purchased all the issued and outstanding shares of Pair Networks Inc., (“Pair”), a Pennsylvania corporation, and subsidiaries Ryousha Kokusai, LLC (Ryousha) and 660837NB, Inc. (NB), in a transaction accounted for as a purchase. Pair Networks Inc. provides web hosting services and domain name registrations. Services include shared web hosting, e-commerce, fully managed virtual private and dedicated servers, customer self-managed dedicated servers, domain-name registration, co-location and content-delivery networks. Pair began operations in August 1995. It incorporated in the state of Pennsylvania in August 1998. Pair’s principal operations are conducted on-site in Pittsburgh, PA. Pair also has an operating site in Denver, Colorado, and a remote site back-up location in Pittsburgh, PA. Ryousha Kokusai, LLC (dba Pair International), a wholly owned single-member limited liability company subsidiary of Pair, was formed on January 1, 2015. The Value Added Tax (VAT) for sales to European Union countries subject to the VAT in Europe are paid through Ryousha Kokusai LLC. There are no operating activities conducted by Ryousha. NB, a Canadian Company was organized on December 2, 2011. NB is used solely for holding the Canadian tradenames and domain names of Pair. There are no operating activities conducted by NB. Basis of Presentation Our interim financial statements are unaudited, and in our opinion, include all adjustments of a normal recurring nature necessary for the fair presentation of the periods presented. The results for the interim periods are not necessarily indicative of the results to be expected for any subsequent period or for the year ending December 31, 2019. These financial statements should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2018 (the 2018 Form 10-K). Prior Period Reclassifications - Accounting Estimates Our more significant estimates include: ● the assessment of recoverability of long-lived assets, including property and equipment, goodwill and intangible assets; ● the estimated reserve for refunds; ● the estimated useful lives of intangible and depreciable assets; ● the grant date fair value of equity-based awards; ● the recognition, measurement, and valuation of current and deferred income taxes; We periodically evaluate these estimates and adjust prospectively, if necessary. We believe our estimates and assumptions are reasonable; however, actual results may differ from our estimates. Cash and Cash Equivalents Depreciation Accounts Receivable Definite-life intangible assets Technology Costs Goodwill Advertising Costs Fair Value of Financial Instruments ● Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities; ● Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and ● Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The fair value of the Company’s equity-based awards recorded in the Company’s financial statements during the first quarter of 2019 was determined using a Monte Carlo simulation valuation methodology based upon a Geometric Brownian Motion stock path, a Level 3 measurement. Volatility was based on historical volatility of the Company’s common stock over commensurate periods. The expected life was based on the contractual term of the award, and the risk-free interest rate was based on the implied yield available on U.S. Treasury Securities with a maturity similar to the awards’ expected life. Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, and accounts payable, deferred revenue and accrued expenses approximates their recorded values due to their short-term maturities. Revenue Recognition Certain products are generally sold with a right of return within our policy, which are accounted for as variable consideration when estimating the amount of revenue to recognize. Refunds are estimated at contract inception using the expected value method based on historical refund experience and updated each reporting period as additional information becomes available and only to the extent it is probable a significant reversal of any incremental revenue will not occur. Refunds reduce deferred revenue at the time they are granted and resulted in a reduced amount of revenue recognized over the contract term of the applicable service compared to the amount originally expected. Our revenue is categorized and disaggregated as follows: Domains Hosting Services Podcast Hosting Media Subscription Services Advertising Equity-Based Compensation - Leases We elected to transition to ASC 842 using the option to apply the standard on its effective date, January 1, 2019. The comparative periods presented reflect the former lease accounting guidance and the required comparative disclosures are included in Note 8 – Leases. There was not a material cumulative-effect adjustment to our beginning retained earnings as a result of adopting ASC 842. We have recognized additional operating lease assets and obligations of $1.4 million and $1.1 million as of January 1, 2019 and June 30, 2019, respectively. For additional disclosure and detail, see Note 8 – Leases. Earnings Per Share Income Taxes Recently Enacted Accounting Standards -

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	The following is a summary of property and equipment at: Life June 30, 2019 December 31, 2019 Furniture, fixtures, and equipment 3-10 yrs $ 8,262,927 $ 8,155,322 Leasehold improvements 3 - 5 yrs 2,646,400 2,646,400 Software 3 yrs 459,038 262,046 11,368,365 11,063,768 Less: Accumulated depreciation (9,393,006 ) (8,834,474 ) Property & equipment, net $ 1,975,359 $ 2,229,294 Depreciation expense for the six months ended June 30, 2019 and 2018 was $558,533 and $607,608, respectively.

GOODWILL AND OTHER DEFINITE-LIF

GOODWILL AND OTHER DEFINITE-LIFE INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER DEFINITE-LIFE INTANGIBLE ASSETS	Goodwill June 30, December 31, 2019 2018 Pair $ 4,903,920 $ 4,903,920 Libsyn 11,484,251 11,484,251 Goodwill at end of period $ 16,388,171 $ 16,388,171 Other definite-life intangible assets As of June 30, 2019, identifiable intangible assets consist of following: Preliminary Fair Value Weighted Average Useful Life (in Years) Accumulated Amortization Net Carrying Amount Customer Relationships $ 3,947,000 7 $ 845,786 $ 3,101,214 Intellectual Property 3,709,000 7 794,786 2,914,214 Trade Name 576,000 10 86,400 489,600 Non-compete 1,412,000 2 1,059,000 353,000 Total $ 9,644,000 $ 2,785,972 $ 6,858,028 Amortization expense for the six months ended June 30, 2019 and 2018 was $928,657 and $928,657, respectively. The estimated future amortization expenses related to other intangible assets as of June 30, 2019 are as follows: For twelve months ending June 30, 2020 $ 1,504,314 2021 1,151,315 2022 1,151,315 2023 1,151,314 2024 1,151,314 Thereafter 748,456 Total $ 6,858,028

LOANS

LOANS	6 Months Ended
	Jun. 30, 2019
Loans Payable [Abstract]
LOANS	On December 27, 2017, the Company entered into a loan agreement (the “Loan Agreement”) among the Company, Libsyn, and Pair, together, and First Commonwealth Bank, a Pennsylvania bank and trust company (the “Bank”). The Loan Agreement provides for: (i) a revolving credit facility pursuant to which the Company may borrow an aggregate principal amount not to exceed $2,000,000 (the “Revolving Credit Facility”); and (ii) a term loan in a principal amount equal to $8,000,000 (the “Term Loan” and, together with the Revolving Credit Facility, the “Facility”). A portion of the Revolving Credit Facility, up to $500,000, may be used for standby letters of credit for the account of the Company. As of June 30, 2019, $2,000,000 was drawn down on the revolving line with $0 available. The loan currently accrues interest at LIBOR plus 125 base points or prime plus 75 basis points at the election of the Company. As of June 30, 2019, the Company has elected LIBOR plus 125 basis points or 3.6524%. The Term Loan is repayable in quarterly installments of $400,000 commencing on March 30, 2018 and on the last day of each June, September, December and March thereafter, through and including September 30, 2022. Accrued interest is payable in arrears not less frequently than quarterly. The remaining unpaid principal balance of the Term Loan, together with accrued interest thereon, is due and payable in full on December 27, 2022. The Term Loan also calls for additional payment equal to the following: 1)100% of the proceeds from the sale of any common shares 2) 100% of the proceeds from the sale of assets not immediately replaced 3) excess liquidity in any given year up to $1,066,667 a year and no more than $3,200,000 over the life of the term loan. Excess liquidity is obtained when the audited financial statements reflect a cash balance greater than $4,600,000. Based upon the 2018 financial statements, the company demonstrates excess liquidity per the Term Loan agreement. As such, the company has included the expected $1,066,667 payment to the bank as a current liability. As of June 30, 2019, the balance on the term loan was $5,600,000. The Company, Libsyn and Pair have granted the bank a blanket security interest in their respective assets, and the Company has pledged the stock of Webmayhem Inc. and Pair Networks Inc. to the bank, as security for all obligations under the Loan Agreement. Borrowings under the Facility are at variable rates which are, at the Company’s option, tied to LIBOR (London Interbank Offered Rate) plus an applicable rate or a prime rate. Interest rates are subject to change based on the Company’s combined cash balances. The Facility contains covenants that may have the effect of limiting the ability of the Company to, among other things, merge with or acquire other entities, enter into a transaction resulting in a change in control, create certain new liens, incur certain additional indebtedness, engage in certain transactions with affiliates, engage in new lines of business or sell a substantial part of its assets. The Facility also requires the Company to maintain certain consolidated fixed charge coverage ratios and minimum liquidity balances. The Facility also contains customary events of default, including (but not limited to) default in the payment of principal or, following an applicable grace period, interest, breaches of the Company’s covenants or warranties under the Facility, payment default or acceleration of certain indebtedness of the Company or any subsidiary, certain events of bankruptcy, insolvency or liquidation involving the Company or its subsidiaries, certain judgments or uninsured losses, changes in control and certain liabilities related to ERISA based plans. On December 27, 2017, the Company drew $10,000,000 under the Facility to finance a portion of the cash consideration for the Purchase of Pair Networks, Inc. Debt issuance costs of $113,000 for the Facility were recorded as a discount and will be amortized over the life of the Facility. As of June 30, 2019, the discount was $65,067. Future maturities of the loans at June 30, 2019 are as follows: Twelve months ending June 30, 2020 $ 2,666,667 2021 1,600,000 2022 1,600,000 2023 1,733,333 Thereafter - Total $ 7,600,000

CAPITAL STOCK

CAPITAL STOCK	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity Note [Abstract]
CAPITAL STOCK	Common Stock In prior periods, the Company issued stock-based awards to employees that contained a vesting performance condition related to the occurrence of an uplisting of the Company’s common stock to the NASDAQ stock exchange. Such awards were initially expensed in the period issued as the Company deemed it probable the performance condition would be met. During the first quarter of 2019, approximately $830,500 of previously recognized expense related to these awards was recaptured in accordance with ASC 718, Compensation – Stock Compensation (“ASC 718”) as a credit to general and administrative expense as it became less than probable that such performance conditions would occur within the time specified in the stock award agreements. On March 15, 2019 (“Modification Date”), the Company modified certain stock awards previously issued which contained a market condition. The prior agreement required the Company’s adjusted market capitalization to exceed $75 million on five consecutive days by April 23, 2019, whereas the modified award increases the adjusted market capitalization threshold to $80 million on five consecutive days within 18 months of the Modification Date. In accordance with ASC 718, the Company recorded the incremental fair value of the newly modified award over the fair value of the original award, as compensation expense totaling approximately $677,087. On April 13, 2019, 450,000 shares of common stock were forfeited as certain milestones were not achieved. No additional stock was issued during the second quarter of 2019. During the first quarter of 2018, the Company issued 200,000 shares of common stock valued at $318,000 to a consultant for services rendered. During the first quarter of 2018, the seller of Pair Networks Inc., returned 18,499 shares valued at $29,278 to the company as per the terms of the acquisition agreement dated December 27, 2017 in connection with the closing adjustment for the net-working capital provision.

DEFERRED REVENUE

DEFERRED REVENUE	6 Months Ended
	Jun. 30, 2019
Deferred Revenue [Abstract]
DEFERRED REVENUE	Deferred revenue consists of the following: June 30, 2019 December 31, 2018 Current: Hosting services $ 1,528,445 $ 1,601,335 Domains 647,175 535,273 Media subscription 199,328 139,471 $ 2,374,948 $ 2,276,079 Noncurrent: Hosting services 23,085 39,071 Domains 490,543 332,867 $ 2,888,576 $ 2,648,017 Deferred revenue as of June 30, 2019 is expected to be recognized as revenue as follows: Remainder of 2019 2020 2021 2022 2023 Thereafter Total Domains $ 414,430 $ 344,799 $ 154,464 $ 118,925 $ 79,941 $ 25,159 $ 1,137,718 Hosting 1,226,610 319,072 5,848 - - - 1,551,530 Media Subscription 173,191 26,137 - - - - 199,328 $ 1,814,231 $ 690,008 $ 160,312 $ 118,925 $ 79,941 $ 25,159 $ 2,888,576 Disaggregated revenue consists of following: Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 Hosting services $ 1,890,719 $ 2,132,140 $ 4,618,635 $ 4,193,635 Podcast hosting 3,326,710 2,649,525 6,464,527 5,150,632 Advertising 158,244 250,750 331,884 571,414 Domains 244,306 116,499 485,838 188,295 Other 80,656 156,848 82,730 261,091 $ 5,700,635 $ 5,305,762 $ 11,983,614 $ 10,365,067

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	Our provision for income taxes for the six-month periods ended June 30, 2019 and 2018 was a tax expense of approximately $510,942 and a tax benefit of approximately $1,097,850, respectively, which resulted in an effective tax rate of 22% and (81)%, respectively. Our provision for income taxes for the three-month periods ended June 30, 2019 and 2018 was a tax expense of approximately $183,932 and $173,209, respectively, which resulted in an effective tax rate of 22% and 21%, respectively.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
LEASES	We lease two office spaces, a Denver data center, and three Xerox machines. These leases are all classified as operating leases. There is one capital lease for Emerson batteries which is immaterial to our condensed consolidated financial statements. Operating lease assets and obligations are reflected within Operating lease right-of-use assets, Current portion of operating lease liabilities, and Operating lease liabilities, respectively, on the Condensed Consolidated Balance Sheet. Lease expense for these leases is recognized on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred. We have options to renew lease terms for the office spaces and other assets. We evaluate renewal and termination options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. The weighted average remaining lease term for our operating leases as of June 30, 2019 was 2.28 years. The discount rate implicit within our leases is generally not determinable and therefore the Company determines the discount rate based on its incremental borrowing rate for purposes of classifying the lease and measuring the right-of-use asset and lease liability. The incremental borrowing rate for our leases is determined based on lease term in a similar economic environment, adjusted for impacts of collateral. The weighted average discount rate used to measure our operating lease liabilities as of June 30, 2019 was 4.42%. For the first six months ended, June 30, 2019, cash paid for amounts in the measurement of lease liabilities was $278,595. Total operating lease costs during the same period were $279,425. Maturity of lease liabilities: Twelve months ending June 30, Operating Leases 2020 551,484 2021 482,581 2022 167,264 2023 2,150 2024 - Thereafter - Total lease payments 1,203,479 Less amount of lease payment representing interest (60,898 ) Total present value of lease payments 1,142,581 As previously disclosed in our 2018 Form 10-K under the prior guidance of ASC 840, minimum payments under operating lease agreements as of December 31, 2018 were as follows: Twelve months ending December 31, Operating Leases 2019 544,284 2020 493,164 2021 365,562 2022 19,812 2023 - Thereafter - Total lease payments 1,422,822

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE	Basic earnings per share is computed by dividing net income attributable to Liberated Syndication Inc. by the weighted-average number of shares of common stock outstanding during the period. As of June 30, 2019, there were no common stock equivalents outstanding. The following data shows the amounts used in computing earnings per share and the weighted average number of shares of common stock outstanding for the periods presented for the periods ended: For the Three Months For the Six Months June 30 June 30 2019 2018 2019 2018 Income from operations available to common stockholders (numerator)$ 664,047 $ 649,357 $ 1,864,670 $ 2,453,331 Income available to common stockholders (numerator) 664,047 $ 649,357 $ 1,864,670 $ 2,453,31 Weighted average number of common shares outstanding during the period used in earnings per share (denominator) 29,336,260 29,776,974 29,528,051 29,711,034

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Although the Company does not expect to be liable for any obligations not expressly assumed by the Company from the Spin-Off, it is possible that the Company could be required to assume responsibility for certain obligations retained by FAB Universal Corp. (“FAB”), the former parent company of the Company, should FAB fail to pay or perform its retained obligations. FAB may have obligations that at the present time are unknown or unforeseen. As the nature of such obligations are unknown, we are unable to provide an estimate of the potential obligation. However, should FAB incur such obligations, the Company may be financially obligated to pay any losses incurred. The Company has a 401(k) plan and profit-sharing plan for the benefit of the employees of the Company. Employees are eligible to participate in the plan the first of the month following their hire date and attaining the age of 21. Profit sharing contributions are made at the discretion of the Board of Directors and vest 100% after the second year of service. The Company made a $111,431 profit sharing contribution to the plan in the first six months of 2019. The Company entered into employment agreements with its executive officers and management that provide for bonus payments at the end of the agreement, and bonus upon termination without cause, or following a change of control by the Company or by the executive for good reason. On April 24, 2019, a stockholder made a demand to inspect the Company’s books and records, purportedly in connection with such stockholder’s efforts to compel the Company to call a special meeting of its stockholders. On May 8, 2019, the Company provided the materials required by relevant Nevada law. On July 15, 2019, the purported stockholder filed a verified complaint and alternative petition for a writ of mandamus/prohibition in Nevada District Court together with a motion for preliminary injunction, seeking to compel the Company to provide certain additional documents relating to the identity of beneficial owners of its common stock. The Company filed a response brief to the motion for preliminary injunction and a hearing was held on such motion on August 1. The Court’s decision denied the issuance of an injunction obligating the Company to generate or obtain those additional documents, but requires the Company to turn over any such documents should the Company use those documents in the future to engage in solicitation activity in connection with any special meeting of stockholders that may be held involving such stockholder.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
SEGMENT REPORTING	ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company's business segments. The Company is engaged in providing hosting services. The Company's chief operating decision maker (“CODM”) has been identified as the CEO who reviews the financial information of separate operating segments when making decisions about allocating resources and assessing performance of the group. Based on management's assessment, the Company has determined that it has two operating segments as of June 30, 2019 which are podcast hosting services (Libsyn) and internet hosting services (Pair). The following table presents summary information by segment for the six months ended June 30, 2019 and 2018, respectively: 2019 2018 (in thousands) Libsyn Pair Total Libsyn Pair Total Revenue $ 6,925 $ 5,059 $ 11,984 $ 5,908 $ 4,457 $ 10,365 Cost of revenue 1,153 547 1,700 1,074 338 1,412 Total assets $ 25,064 $ 18,542 $ 43,606 $ 21,946 $ 18,115 $ 40,061 Depreciation and amortization $ 38 $ 1,449 $ 1,487 $ 18 $ 1,518 $ 1,536 The following table presents summary information by segment for the three months ended June 30, 2019 and 2018, respectively: 2019 2018 (in thousands) Libsyn Pair Total Libsyn Pair Total Revenue $ 3,590 $ 2,110 $ 5,700 $ 3,025 $ 2,281 $ 5,306 Cost of revenue 586 275 861 539 166 705 Depreciation and amortization $ 20 $ 725 $ 745 $ 10 $ 759 $ 769

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Management has evaluated subsequent events through the date of the filing of this report. No events have occurred that would require adjustments to or disclosure in the financial statements.

RESTATEMENT OF PREVIOUSLY REPOR

RESTATEMENT OF PREVIOUSLY REPORTED UNAUDITED CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract]
RESTATEMENT OF PREVIOUSLY REPORTED UNAUDITED CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS	Background of the Restatement On April 28, 2020, the Audit Committee of the Board of Directors of Liberated Syndication Inc, a Nevada corporation (the “Company”) determined that (a) the Consolidated Balance Sheet as of December 31, 2018, (b) the Consolidated Statement of Operations for the year ended December 31, 2018, (c) the Statement of Stockholders’ Equity for the year ended December 31, 2018, and (d) the Consolidated Statement of Cash Flows for the year December 31, 2018, all as presented in the Company’s Annual Report on Form 10-K for the Period Ended December 31, 2018, as previously filed with the U.S. Securities and Exchange Commission on March 14, 2019, should not be relied upon. Subsequent to such determination, the Company reviewed the related interim financial statements and interim financial statements for the first three quarters of 2019 and 2018, and as a result of such review, on May 20, 2020, the Audit Committee determined that such interim financial statement should likewise no longer be relied upon. Specifically, the amounts reported in the Consolidated Balance Sheet as of June 30, 2019 for total assets, current liabilities, and consequently total liabilities and total stockholders’ equity, were determined to be materially different. Additionally, the income tax (benefit) expense in the Consolidated Statement of Operations for the three and six months ended June 30, 2019 was changed. As a result, the net income and the basic and diluted income per common share were determined to be materially different. The Statement of Stockholders’ Equity for the period ended June 30, 2019 with its net income and accumulated deficit are consequently affected. The Consolidated Statement of Cash Flows for the six months ended June 30, 2019 also changed as a result of the deferred income taxes and income tax payable for 2019. During the 2019 audit process, it was discovered through an ongoing IRS examination it was discovered that the Company owed Federal tax for 2018. The IRS examination uncovered an error in calculating the Net Operating Loss Carryforward (NOL) resulting from the spin-off of Libsyn in 2016. At December 31, 2017, the Company had recorded an NOL of approximately $14 million. The NOL was part of deferred tax asset which was valued at $0 on the balance sheet, as it had a full valuation allowance. Consequently, the Company was not recognizing tax expenses or the associated tax payable during 2018. However, as the IRS examination continued, it has become clear that the $14 million NOL was overestimated by approximately $12.5 million, and by March 31, 2018, that the NOL has been completely utilized. The result is that the Company ought to have begun recording tax expenses in 2018. This Federal Tax Balance will be paid with an amended return in 2020. The Company has temporary tax differences which result in a deferred tax asset (DTA). Under the provisions of ASC Topic 740, a DTA is to be recognized for the potential future tax benefit from a loss carryforward. Full realization of the benefit, however, depends on the Company having income in future years. Because the NOL has been completely utilized and the Company is now consistently recording profits, a DTA with the associated payable should have been recorded in 2018. DTAs represent future income tax benefits. But the tax benefits will be realized only if there is sufficient taxable income from which the deductible amount can be deducted. Impact of the Restatement As a result of the restatement, reported net income was decreased by $183,932, or $0.01 per basic and diluted share for the three months ended June 30, 2019. As a result of the restatement, reported net income was decreased by $510,942, or $0.02 per basic and diluted share for the six months ended June 30, 2019. Total assets increased by $1,657,765 at June 30, 2019. Current and total liabilities increased by $1,583,159 at June 30, 2019. Accumulated deficit decreased by $74,606 at June 30, 2019. The financial statements included in this Form 10-Q/A have been restated to reflect the adjustments described. The table below summarizes the effects of the restatement on Libsyn’s Unaudited Consolidated Statements of Operation for the three and six months ended June 30, 2019, Unaudited Consolidated Balance Sheet at June 30, 2019, and Unaudited Statement of Stockholders’ Equity for the period ended June 30, 2019. In addition to the restatement of the financial statements, certain information within Note 7 – Income Taxes to the financial statements has been restated to reflect the corrections of misstatements discussed above as well as to add disclosure language as appropriate. Unaudited Consolidated Balance Sheet June 30, 2019 As Reported Corrections June 30, 2019 As Restated Deferred Tax Assets - 1,657,765 1,657,765 Total Assets 41,948,551 1,657,765 43,606,316 Income Taxes Payable - 1,583,159 1,583,159 Total Current Liabilities 7,246,535 1,583,159 8,829,694 Total Liabilities 13,285,167 1,583,159 14,868,326 Accumulated Deficit (6,223,478 ) 74,606 (6,148,872) Stockholder’s Equity 28,663,384 74,606 28,737,990 Unaudited Consolidated Statement of Operations Six months ended June 30, 2019 As Reported Corrections Six months ended June 30, 2019 As Restated Income Tax (Benefit) Expense - 510,942 510,942 Net Income 2,375,612 (510,942 ) 1,864,670 Basic and Diluted Income Per Common Share 0.08 (0.02 ) 0.06 Unaudited Consolidated Statement of Operations Three months ended June 30, 2019 As Reported Corrections Three months ended June 30, 2019 As Restated Income Tax (Benefit) Expense - 183,932 183,932 Net Income 847,979 (183,932 ) 664,047 Basic and Diluted Income Per Common Share 0.03 (0.01 ) 0.02 Unaudited Statement of Stockholders’ Equity June 30, 2019 As Reported Corrections June 30, 2019 As Restated Net Income 2,375,612 (510,942 ) 1,864,670 Accumulated Deficit (6,223,478 ) 74,606 (6,148,872)

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Organization	Organization On December 27, 2017, the Company purchased all the issued and outstanding shares of Pair Networks Inc., (“Pair”), a Pennsylvania corporation, and subsidiaries Ryousha Kokusai, LLC (Ryousha) and 660837NB, Inc. (NB), in a transaction accounted for as a purchase. Pair Networks Inc. provides web hosting services and domain name registrations. Services include shared web hosting, e-commerce, fully managed virtual private and dedicated servers, customer self-managed dedicated servers, domain-name registration, co-location and content-delivery networks. Pair began operations in August 1995. It incorporated in the state of Pennsylvania in August 1998. Pair’s principal operations are conducted on-site in Pittsburgh, PA. Pair also has an operating site in Denver, Colorado, and a remote site back-up location in Pittsburgh, PA. Ryousha Kokusai, LLC (dba Pair International), a wholly owned single-member limited liability company subsidiary of Pair, was formed on January 1, 2015. The Value Added Tax (VAT) for sales to European Union countries subject to the VAT in Europe are paid through Ryousha Kokusai LLC. There are no operating activities conducted by Ryousha. NB, a Canadian Company was organized on December 2, 2011. NB is used solely for holding the Canadian tradenames and domain names of Pair. There are no operating activities conducted by NB.
Basis of Presentation	Basis of Presentation Our interim financial statements are unaudited, and in our opinion, include all adjustments of a normal recurring nature necessary for the fair presentation of the periods presented. The results for the interim periods are not necessarily indicative of the results to be expected for any subsequent period or for the year ending December 31, 2019. These financial statements should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2018 (the 2018 Form 10-K).
Prior Period Reclassifications	Prior Period Reclassifications -
Accounting Estimates	Accounting Estimates Our more significant estimates include: ● the assessment of recoverability of long-lived assets, including property and equipment, goodwill and intangible assets; ● the estimated reserve for refunds; ● the estimated useful lives of intangible and depreciable assets; ● the grant date fair value of equity-based awards; ● the recognition, measurement, and valuation of current and deferred income taxes; We periodically evaluate these estimates and adjust prospectively, if necessary. We believe our estimates and assumptions are reasonable; however, actual results may differ from our estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents
Depreciation	Depreciation
Accounts Receivable	Accounts Receivable
Definite-life Intangible Assets	Definite-life intangible assets
Technology Costs	Technology Costs
Goodwill	Goodwill
Advertising Costs	Advertising Costs
Fair Value of Financial Instruments	Fair Value of Financial Instruments ● Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities; ● Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and ● Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The fair value of the Company’s equity-based awards recorded in the Company’s financial statements during the first quarter of 2019 was determined using a Monte Carlo simulation valuation methodology based upon a Geometric Brownian Motion stock path, a Level 3 measurement. Volatility was based on historical volatility of the Company’s common stock over commensurate periods. The expected life was based on the contractual term of the award, and the risk-free interest rate was based on the implied yield available on U.S. Treasury Securities with a maturity similar to the awards’ expected life. Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, prepaid expenses, and accounts payable, deferred revenue and accrued expenses approximates their recorded values due to their short-term maturities.
Revenue Recognition	Revenue Recognition Certain products are generally sold with a right of return within our policy, which are accounted for as variable consideration when estimating the amount of revenue to recognize. Refunds are estimated at contract inception using the expected value method based on historical refund experience and updated each reporting period as additional information becomes available and only to the extent it is probable a significant reversal of any incremental revenue will not occur. Refunds reduce deferred revenue at the time they are granted and resulted in a reduced amount of revenue recognized over the contract term of the applicable service compared to the amount originally expected. Our revenue is categorized and disaggregated as follows: Domains Hosting Services Podcast Hosting Media Subscription Services Advertising
Equity-Based Compensation	Equity-Based Compensation -
Leases	Leases We elected to transition to ASC 842 using the option to apply the standard on its effective date, January 1, 2019. The comparative periods presented reflect the former lease accounting guidance and the required comparative disclosures are included in Note 8 – Leases. There was not a material cumulative-effect adjustment to our beginning retained earnings as a result of adopting ASC 842. We have recognized additional operating lease assets and obligations of $1.4 million and $1.1 million as of January 1, 2019 and June 30, 2019, respectively. For additional disclosure and detail, see Note 8 – Leases.
Earnings Per Share	Earnings Per Share
Income Taxes	Income Taxes
Recently Enacted Accounting Standards	Recently Enacted Accounting Standards -

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Life June 30, 2019 December 31, 2019 Furniture, fixtures, and equipment 3-10 yrs $ 8,262,927 $ 8,155,322 Leasehold improvements 3 - 5 yrs 2,646,400 2,646,400 Software 3 yrs 459,038 262,046 11,368,365 11,063,768 Less: Accumulated depreciation (9,393,006 ) (8,834,474 ) Property & equipment, net $ 1,975,359 $ 2,229,294

GOODWILL AND OTHER DEFINITE-L_2

GOODWILL AND OTHER DEFINITE-LIFE INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of goodwill	June 30, December 31, 2019 2018 Pair $ 4,903,920 $ 4,903,920 Libsyn 11,484,251 11,484,251 Goodwill at end of period $ 16,388,171 $ 16,388,171
Summary of other intangible assets	Preliminary Fair Value Weighted Average Useful Life (in Years) Accumulated Amortization Net Carrying Amount Customer Relationships $ 3,947,000 7 $ 845,786 $ 3,101,214 Intellectual Property 3,709,000 7 794,786 2,914,214 Trade Name 576,000 10 86,400 489,600 Non-compete 1,412,000 2 1,059,000 353,000 Total $ 9,644,000 $ 2,785,972 $ 6,858,028
Schedule of estimated future amortization expenses related to other intangible assets	For twelve months ending June 30, 2020 $ 1,504,314 2021 1,151,315 2022 1,151,315 2023 1,151,314 2024 1,151,314 Thereafter 748,456 Total $ 6,858,028

LOANS (Tables)

LOANS (Tables)	6 Months Ended
	Jun. 30, 2019
Loans Payable [Abstract]
Future maturities of the loans	Twelve months ending June 30, 2020 $ 2,666,667 2021 1,600,000 2022 1,600,000 2023 1,733,333 Thereafter - Total $ 7,600,000

DEFERRED REVENUE (Tables)

DEFERRED REVENUE (Tables)	6 Months Ended
	Jun. 30, 2019
Deferred Revenue [Abstract]
Schedule of deferred revenue	June 30, 2019 December 31, 2018 Current: Hosting services $ 1,528,445 $ 1,601,335 Domains 647,175 535,273 Media subscription 199,328 139,471 $ 2,374,948 $ 2,276,079 Noncurrent: Hosting services 23,085 39,071 Domains 490,543 332,867 $ 2,888,576 $ 2,648,017
Deferred revenue expected to be recognized	Remainder of 2019 2020 2021 2022 2023 Thereafter Total Domains $ 414,430 $ 344,799 $ 154,464 $ 118,925 $ 79,941 $ 25,159 $ 1,137,718 Hosting 1,226,610 319,072 5,848 - - - 1,551,530 Media Subscription 173,191 26,137 - - - - 199,328 $ 1,814,231 $ 690,008 $ 160,312 $ 118,925 $ 79,941 $ 25,159 $ 2,888,576
Disaggregated revenue	Three Months Ended June 30 Six Months Ended June 30 2019 2018 2019 2018 Hosting services $ 1,890,719 $ 2,132,140 $ 4,618,635 $ 4,193,635 Podcast hosting 3,326,710 2,649,525 6,464,527 5,150,632 Advertising 158,244 250,750 331,884 571,414 Domains 244,306 116,499 485,838 188,295 Other 80,656 156,848 82,730 261,091 $ 5,700,635 $ 5,305,762 $ 11,983,614 $ 10,365,067

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Maturity of lease liabilities	Twelve months ending June 30, Operating Leases 2020 551,484 2021 482,581 2022 167,264 2023 2,150 2024 - Thereafter - Total lease payments 1,203,479 Less amount of lease payment representing interest (60,898 ) Total present value of lease payments 1,142,581
Schedule of future minimum lease payments	Twelve months ending December 31, Operating Leases 2019 544,284 2020 493,164 2021 365,562 2022 19,812 2023 - Thereafter - Total lease payments 1,422,822

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of earnings per share	For the Three Months For the Six Months June 30 June 30 2019 2018 2019 2018 Income from operations available to common stockholders (numerator)$ 664,047 $ 649,357 $ 1,864,670 $ 2,453,331 Income available to common stockholders (numerator) 664,047 $ 649,357 $ 1,864,670 $ 2,453,31 Weighted average number of common shares outstanding during the period used in earnings per share (denominator) 29,336,260 29,776,974 29,528,051 29,711,034

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment reporting	The following table presents summary information by segment for the six months ended June 30, 2019 and 2018, respectively: 2019 2018 (in thousands) Libsyn Pair Total Libsyn Pair Total Revenue $ 6,925 $ 5,059 $ 11,984 $ 5,908 $ 4,457 $ 10,365 Cost of revenue 1,153 547 1,700 1,074 338 1,412 Total assets $ 25,064 $ 18,542 $ 43,606 $ 21,946 $ 18,115 $ 40,061 Depreciation and amortization $ 38 $ 1,449 $ 1,487 $ 18 $ 1,518 $ 1,536 The following table presents summary information by segment for the three months ended June 30, 2019 and 2018, respectively: 2019 2018 (in thousands) Libsyn Pair Total Libsyn Pair Total Revenue $ 3,590 $ 2,110 $ 5,700 $ 3,025 $ 2,281 $ 5,306 Cost of revenue 586 275 861 539 166 705 Depreciation and amortization $ 20 $ 725 $ 745 $ 10 $ 759 $ 769

RESTATEMENT OF PREVIOUSLY REP_2

RESTATEMENT OF PREVIOUSLY REPORTED UNAUDITED CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract]
Restatement of financial statements	Unaudited Consolidated Balance Sheet June 30, 2019 As Reported Corrections June 30, 2019 As Restated Deferred Tax Assets - 1,657,765 1,657,765 Total Assets 41,948,551 1,657,765 43,606,316 Income Taxes Payable - 1,583,159 1,583,159 Total Current Liabilities 7,246,535 1,583,159 8,829,694 Total Liabilities 13,285,167 1,583,159 14,868,326 Accumulated Deficit (6,223,478 ) 74,606 (6,148,872) Stockholder’s Equity 28,663,384 74,606 28,737,990 Unaudited Consolidated Statement of Operations Six months ended June 30, 2019 As Reported Corrections Six months ended June 30, 2019 As Restated Income Tax (Benefit) Expense - 510,942 510,942 Net Income 2,375,612 (510,942 ) 1,864,670 Basic and Diluted Income Per Common Share 0.08 (0.02 ) 0.06 Unaudited Consolidated Statement of Operations Three months ended June 30, 2019 As Reported Corrections Three months ended June 30, 2019 As Restated Income Tax (Benefit) Expense - 183,932 183,932 Net Income 847,979 (183,932 ) 664,047 Basic and Diluted Income Per Common Share 0.03 (0.01 ) 0.02 Unaudited Statement of Stockholders’ Equity June 30, 2019 As Reported Corrections June 30, 2019 As Restated Net Income 2,375,612 (510,942 ) 1,864,670 Accumulated Deficit (6,223,478 ) 74,606 (6,148,872)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Accounting Policies [Abstract]
Cash balances in excess of federally insured limits	$ 13,815,167
Allowance for doubtful accounts	14,000		$ 14,000
Adjusted allowance for bad debt	0	$ 0
Software development costs	$ 42,508	$ 67,368

PROPERY AND EQUIPMENT (Details)

PROPERY AND EQUIPMENT (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Property and equipment	$ 11,368,365	$ 11,063,768
Less: accumulated depreciation	(9,393,006)	(8,834,474)
Property and equipment, net	1,975,359	2,229,294
Furniture, fixtures and equipment
Property and equipment	$ 8,262,927	8,155,322
Furniture, fixtures and equipment | Minimum
Life	3 years
Furniture, fixtures and equipment | Maximum
Life	10 years
Leasehold Improvements
Property and equipment	$ 2,646,400	2,646,400
Leasehold Improvements | Minimum
Life	3 years
Leasehold Improvements | Maximum
Life	5 years
Software
Property and equipment	$ 459,038	$ 262,046
Life	3 years

PROPERY AND EQUIPMENT (Details

PROPERY AND EQUIPMENT (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 558,533	$ 607,607

GOODWILL AND OTHER DEFINITE-L_3

GOODWILL AND OTHER DEFINITE-LIFE INTANGIBLE ASSETS (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Goodwill
Goodwill at beginning of period	$ 16,388,171	$ 0
Pair	4,903,920	4,903,920
Libsyn	11,484,251	11,484,251
Goodwill at end of period	$ 16,388,171	$ 16,388,171

GOODWILL AND OTHER DEFINITE-L_4

GOODWILL AND OTHER DEFINITE-LIFE INTANGIBLE ASSETS (Details 1) - USD ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Preliminary fair value	$ 9,644,000
Accumulated amortization	2,785,972
Net carrying amount	6,858,028	$ 7,786,686
Customer relationships
Preliminary fair value	$ 3,947,000
Weighted average useful life	7 years
Accumulated amortization	$ 845,786
Net carrying amount	3,101,214
Intellectual property
Preliminary fair value	$ 3,709,000
Weighted average useful life	7 years
Accumulated amortization	$ 794,786
Net carrying amount	2,914,214
Trade name
Preliminary fair value	$ 576,000
Weighted average useful life	10 years
Accumulated amortization	$ 86,400
Net carrying amount	489,600
Non-compete
Preliminary fair value	$ 1,412,000
Weighted average useful life	2 years
Accumulated amortization	$ 1,059,000
Net carrying amount	$ 353,000

GOODWILL AND OTHER DEFINITE-L_5

GOODWILL AND OTHER DEFINITE-LIFE INTANGIBLE ASSETS (Details 2) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 1,504,314
2021	1,151,315
2022	1,151,315
2023	1,151,314
2024	1,151,314
Thereafter	748,456
Total	$ 6,858,028	$ 7,786,686

GOODWILL AND OTHER DEFINITE-L_6

GOODWILL AND OTHER DEFINITE-LIFE INTANGIBLE ASSETS (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 928,657	$ 928,657

LOANS (Details)

LOANS (Details)	Jun. 30, 2019USD ($)
Loans Payable [Abstract]
2020	$ 2,666,667
2021	1,600,000
2022	1,600,000
2023	1,733,333
Thereafter	0
Total	$ 7,600,000

CAPITAL STOCK (Details Narrativ

CAPITAL STOCK (Details Narrative) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Common stock authorized	200,000,000	200,000,000
Common stock par value	$ 0.001	$ 0.001
Common stock issued	29,271,974	29,721,974
Common stock outstanding	29,271,974	29,721,974

DEFERRED REVENUE (Details)

DEFERRED REVENUE (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Current revenue	$ 2,374,948	$ 2,276,079
Noncurrent revenue	513,628	371,938
Deferred revenue	2,888,576	2,648,017
Hosting Services
Current revenue	1,528,445	1,601,335
Noncurrent revenue	23,085	39,071
Deferred revenue	1,551,530
Domains
Current revenue	647,175	535,273
Noncurrent revenue	490,543	332,867
Deferred revenue	1,137,718
Media Subscription
Current revenue	199,328	$ 139,471
Deferred revenue	$ 199,328

DEFERRED REVENUE (Details 1)

DEFERRED REVENUE (Details 1) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Remainder of 2019	$ 1,814,231
2020	690,008
2021	160,312
2022	118,925
2023	79,941
Thereafter	25,159
Total	2,888,576	$ 2,648,017
Domains
Remainder of 2019	414,430
2020	344,799
2021	154,464
2022	118,925
2023	79,941
Thereafter	25,159
Total	1,137,718
Hosting Services
Remainder of 2019	1,226,610
2020	319,072
2021	5,848
2022	0
2023	0
Thereafter	0
Total	1,551,530
Media Subscription
Remainder of 2019	173,191
2020	26,137
2021	0
2022	0
2023	0
Thereafter	0
Total	$ 199,328

DEFERRED REVENUE (Details 2)

DEFERRED REVENUE (Details 2) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue	$ 5,700,635	$ 5,305,762	$ 11,983,614	$ 10,365,067
Hosting Services
Revenue	1,890,719	2,132,140	4,618,635	4,193,635
Podcast Hosting
Revenue	3,326,710	2,649,525	6,464,527	5,150,632
Advertising
Revenue	158,244	250,750	331,884	571,414
Domains
Revenue	244,306	116,499	485,838	188,295
Other
Revenue	$ 80,656	$ 156,848	$ 82,730	$ 261,091

LEASES (Details)

LEASES (Details)	Jun. 30, 2019USD ($)
Leases [Abstract]
2020	$ 551,484
2021	482,581
2022	167,264
2023	2,150
2024	0
Therafter	0
Total payments	1,203,479
Less: imputed interest	(60,898)
Total operating lease liability	$ 1,142,581

LEASES (Details 1)

LEASES (Details 1)	Jun. 30, 2019USD ($)
Leases [Abstract]
2019	$ 544,284
2020	493,164
2021	365,562
2022	19,812
2023	0
Thereafter	0
Total minimum lease payment	$ 1,422,822

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Income from operations available to common stockholders (numerator)	$ 664,047		$ 649,357		$ 1,864,670	$ 2,453,331
Income available to common stockholders (numerator)	$ 664,047	$ 1,200,623	$ 649,357	$ 1,803,974	$ 1,864,670	$ 2,453,331
Restated Weighted average number of common shares outstanding during the period used in earnings per share (denominator)	29,336,260		29,776,974		29,528,051	29,711,034

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue	$ 5,700	$ 5,306	$ 11,984	$ 10,365
Cost of revenue	861	705	1,700	1,412
Total assets	43,606	40,061	43,606	40,061
Depreciation and amortization	745	769	1,487	1,536
Libsyn
Revenue	3,590	3,025	6,925	5,908
Cost of revenue	586	539	1,153	1,074
Total assets	25,064	21,946	25,064	21,946
Depreciation and amortization	20	10	38	18
Pair
Revenue	2,110	2,281	5,059	4,457
Cost of revenue	275	166	547	338
Total assets	18,542	18,115	18,542	18,115
Depreciation and amortization	$ 725	$ 759	$ 1,449	$ 1,518

RESTATEMENT OF PREVIOUSLY REP_3

RESTATEMENT OF PREVIOUSLY REPORTED UNAUDITED CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Deferred tax assets	$ 1,657,765		$ 1,454,077
Total assets	43,606,316		40,060,922
Income taxes payable	1,583,159		868,529
Total current liabilities	8,829,694		6,979,654
Total liabilities	14,868,326		13,034,190
Accumulated deficit	(6,148,872)		(8,013,542)
Total stockholders' equity	28,737,990	$ 28,073,943	$ 27,026,732	$ 25,189,219	$ 24,539,862	$ 22,447,166
As Reported
Deferred tax assets	0
Total assets	41,948,551
Income taxes payable	0
Total current liabilities	7,246,535
Total liabilities	13,285,167
Accumulated deficit	(6,223,478)
Total stockholders' equity	28,663,384
Corrections
Deferred tax assets	1,657,765
Total assets	1,657,765
Income taxes payable	1,583,159
Total current liabilities	1,583,159
Total liabilities	1,583,159
Accumulated deficit	74,606
Total stockholders' equity	$ 74,606

RESTATEMENT OF PREVIOUSLY REP_4

RESTATEMENT OF PREVIOUSLY REPORTED UNAUDITED CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS (Details 1) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Income tax expense (benefit)	$ (183,932)		$ (173,209)		$ (510,942)	$ (1,097,850)
Net Income (loss)	$ 664,047	$ 1,200,623	$ 649,357	$ 1,803,974	$ 1,864,670	$ 2,453,331
Basic and Diluted Income per Common Share	$ 0.02		$ 0.02		$ 0.06	$ 0.08
As Reported
Income tax expense (benefit)	$ 0				$ 0
Net Income (loss)	$ 847,979				$ 2,375,612
Basic and Diluted Income per Common Share	$ 0.03				$ 0.08
Corrections
Income tax expense (benefit)	$ (183,932)				$ (510,942)
Net Income (loss)	$ (183,932)				$ (510,942)
Basic and Diluted Income per Common Share	$ (0.01)				$ (0.02)

RESTATEMENT OF PREVIOUSLY REP_5

RESTATEMENT OF PREVIOUSLY REPORTED UNAUDITED CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS (Details 2) (USD $) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Net Income (loss)	$ 664,047	$ 1,200,623	$ 649,357	$ 1,803,974	$ 1,864,670	$ 2,453,331
Accumulated deficit	(6,148,872)				(6,148,872)
As Reported
Net Income (loss)	847,979				2,375,612
Accumulated deficit	(6,223,478)				(6,223,478)
Corrections
Net Income (loss)	(183,932)				(510,942)
Accumulated deficit	$ 74,606				$ 74,606