The Arena Group Holdings, Inc. (AREN) 10-Q 7 May 21 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 05, 2021
Cover [Abstract]
Entity Registrant Name	theMaven, Inc.
Entity Central Index Key	0000894871
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		230,287,723
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 7,536,767	$ 8,852,281
Restricted cash	1,000,809	620,809
Accounts receivable, net	15,864,202	16,233,955
Subscription acquisition costs	6,269,758	3,142,580
Royalty fees, current portion	15,000,000	15,000,000
Prepayments and other current assets	4,933,792	4,310,735
Total current assets	50,605,328	48,160,360
Property and equipment, net	1,337,095	661,277
Operating lease right-of-use assets	20,195,115	3,980,649
Platform development, net	6,195,873	5,892,719
Royalty fees, net of current portion	22,500,000	26,250,000
Subscription acquisition costs, net of current portion	3,394,768	3,417,478
Acquired and other intangible assets, net	87,289,182	91,404,144
Other long-term assets	1,450,768	1,085,287
Goodwill	16,139,377	16,139,377
Total assets	209,107,506	196,991,291
Current liabilities:
Accounts payable	12,181,232	9,580,186
Accrued expenses and other	12,753,010	16,483,201
Line of credit	5,415,914
Unearned revenue	49,247,892	32,163,087
Subscription refund liability	3,047,931	3,144,172
Operating lease liabilities	1,995,880	2,203,474
Liquidated damages payable	8,626,569	8,080,514
Convertible debt	805,590	741,197
Warrant derivative liabilities	1,504,981	1,644,200
Embedded derivative liabilities	11,880,000	13,501,000
Total current liabilities	107,458,999	87,541,031
Unearned revenue, net of current portion	15,519,135	31,179,211
Operating lease liabilities, net of current portion	19,437,035	2,616,132
Other long-term liability	242,310	242,310
Officer promissory notes	321,091	319,351
Convertible debt, net of current portion	13,888,853	12,497,765
Long-term debt	52,170,270	44,009,745
Total liabilities	209,037,693	178,405,545
Commitments and contingencies (Note 12)
Mezzanine equity:
Total mezzanine equity	55,653,730	55,653,730
Stockholders' deficiency:
Common stock, $0.01 par value, authorized 1,000,000,000 shares; issued and outstanding: 37,474,736 and 37,119,117 shares at March 31, 2020 and December 31, 2019, respectively	374,746	371,190
Common stock to be issued	39,383	39,383
Additional paid-in capital	39,819,901	35,562,766
Accumulated deficit	(95,817,947)	(73,041,323)
Total stockholders' deficiency	(55,583,917)	(37,067,984)
Total liabilities, mezzanine equity and stockholders' deficiency	209,107,506	196,991,291
Series G Redeemable and Convertible Preferred Stock [Member]
Mezzanine equity:
Total mezzanine equity	168,496	168,496
Series H Convertible Preferred Stock [Member]
Mezzanine equity:
Total mezzanine equity	18,045,496	18,045,496
Series I Convertible Preferred Stock [Member]
Mezzanine equity:
Total mezzanine equity	19,699,742	19,699,742
Series J Convertible Preferred Stock [Member]
Mezzanine equity:
Total mezzanine equity	$ 17,739,996	$ 17,739,996

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	37,474,736	37,119,117
Common stock, shares outstanding	37,474,736	37,119,117
Series G Redeemable and Convertible Preferred Stock [Member]
Temporary equity, par value	$ 0.01	$ 0.01
Temporary equity, liquidation preference per share value	$ 1,000	$ 1,000
Temporary equity, shares authorized	1,800	1,800
Temporary equity, liquidation preference value	$ 168,496	$ 168,496
Temporary equity, shares issued	168,496	168,496
Temporary equity, shares outstanding	168,496	168,496
Temporary equity, common shares issuable upon conversion	$ 188,791	$ 188,791
Series H Convertible Preferred Stock [Member]
Temporary equity, par value	$ 0.01	$ 0.01
Temporary equity, liquidation preference per share value	$ 1,000	$ 1,000
Temporary equity, shares authorized	23,000	23,000
Temporary equity, liquidation preference value	$ 19,399,250	$ 19,399,250
Temporary equity, shares issued	19,400	19,400
Temporary equity, shares outstanding	19,400	19,400
Temporary equity, common shares issuable upon conversion	$ 58,787,879	$ 58,787,879
Series I Convertible Preferred Stock [Member]
Temporary equity, par value	$ 0.01	$ 0.01
Temporary equity, liquidation preference per share value	$ 1,000	$ 1,000
Temporary equity, shares authorized	25,800	25,800
Temporary equity, liquidation preference value	$ 23,100,000	$ 23,100,000
Temporary equity, shares issued	23,100	23,100
Temporary equity, shares outstanding	23,100	23,100
Temporary equity, common shares issuable upon conversion	$ 46,200,000	$ 46,200,000
Series J Convertible Preferred Stock [Member]
Temporary equity, par value	$ 0.01	$ 0.01
Temporary equity, liquidation preference per share value	$ 1,000	$ 1,000
Temporary equity, shares authorized	35,000	35,000
Temporary equity, liquidation preference value	$ 20,000,000	$ 20,000,000
Temporary equity, shares issued	20,000	20,000
Temporary equity, shares outstanding	20,000	20,000
Temporary equity, common shares issuable upon conversion	$ 28,571,428	$ 28,571,428

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenue	$ 30,412,853	$ 6,273,963
Cost of revenue (includes amortization of developed technology and platform development for 2020 and 2019 of $2,040,129 and $1,324,970, respectively)	26,738,833	5,652,565
Gross profit	3,674,020	621,398
Operating expenses
Selling and marketing	9,359,938	1,149,292
General and administrative	10,410,205	4,225,253
Depreciation and amortization	4,096,680	108,340
Total operating expenses	23,866,823	5,482,885
Loss from operations	(20,192,803)	(4,861,487)
Other (expense) income
Change in valuation of warrant derivative liabilities	139,219	(375,695)
Change in valuation of embedded derivative liabilities	1,621,000	(2,383,000)
Interest expense	(3,799,728)	(1,301,208)
Interest income	1,743	3,171
Liquidated damages	(546,055)	(16,887)
Other		126
Total other expense	(2,583,821)	(4,073,493)
Loss before income taxes	(22,776,624)	(8,934,980)
Income taxes
Net loss	$ (22,776,624)	$ (8,934,980)
Basic and diluted net loss per common share	$ (0.59)	$ (0.26)
Weighted average number of common shares outstanding - basic and diluted	38,643,277	34,837,518

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Amortization cost of developed technology and platform development	$ 2,040,129	$ 1,324,970

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Deficiency (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Common Stock [Member]
Balance	$ 371,190	$ 357,685
Balance, shares	37,119,117	35,768,619
Cashless exercise of common stock options		$ 154
Cashless exercise of common stock options, shares		15,341
Issuance of restricted stock units in connection with the acquisition of LiftIgniter
Issuance of restricted stock awards to the board of directors	$ 5,625	$ 8,333
Issuance of restricted stock awards to the board of directors, shares	562,500	833,333
Forfeiture of restricted stock		$ (1,200)
Forfeiture of restricted stock, shares		(120,000)
Issuance of common stock in connection with the merger of Say Media		$ 11,889
Issuance of common stock in connection with the merger of Say Media, shares		1,188,880
Common stock withheld for taxes	$ (2,069)
Common stock withheld for taxes, shares	(206,881)
Stock-based compensation
Net loss
Balance	$ 374,746	$ 376,861
Balance, shares	37,474,736	37,686,173
Common Stock to be Issued [Member]
Balance	$ 39,383	$ 51,272
Balance, shares	3,938,287	5,127,167
Issuance of restricted stock units in connection with the acquisition of LiftIgniter
Issuance of restricted stock awards to the board of directors
Forfeiture of restricted stock
Forfeiture of restricted stock, shares
Issuance of common stock in connection with the merger of Say Media		$ (11,889)
Issuance of common stock in connection with the merger of Say Media, shares		(1,188,880)
Common stock withheld for taxes
Stock-based compensation
Net loss
Balance	$ 39,383	$ 39,383
Balance, shares	3,938,287	3,938,287
Additional Paid-in Capital [Member]
Balance	$ 35,562,766	$ 23,413,077
Cashless exercise of common stock options		(154)
Issuance of restricted stock units in connection with the acquisition of LiftIgniter	500,000
Issuance of restricted stock awards to the board of directors	(5,625)	(8,333)
Forfeiture of restricted stock		1,200
Issuance of common stock in connection with the merger of Say Media
Common stock withheld for taxes	(167,412)
Stock-based compensation	3,930,172	1,487,575
Net loss
Balance	39,819,901	24,893,365
Accumulated Deficit [Member]
Balance	(73,041,323)	(34,539,954)
Cashless exercise of common stock options
Issuance of restricted stock units in connection with the acquisition of LiftIgniter
Issuance of restricted stock awards to the board of directors
Forfeiture of restricted stock
Issuance of common stock in connection with the merger of Say Media
Common stock withheld for taxes
Stock-based compensation
Net loss	(22,776,624)	(8,934,980)
Balance	(95,817,947)	(43,474,934)
Balance	(37,067,984)	(10,717,920)
Cashless exercise of common stock options
Issuance of restricted stock units in connection with the acquisition of LiftIgniter	500,000
Issuance of restricted stock awards to the board of directors
Forfeiture of restricted stock
Issuance of common stock in connection with the merger of Say Media
Common stock withheld for taxes	(169,481)
Stock-based compensation	3,930,172	1,487,575
Net loss	(22,776,624)	(8,934,980)
Balance	$ (55,583,917)	$ (18,165,325)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (22,776,624)	$ (8,934,980)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment	183,261	10,940
Amortization of platform development and intangible assets	5,953,548	1,422,370
Amortization of debt discounts	1,570,853	686,044
Change in valuation of warrant derivative liabilities	(139,219)	375,695
Change in valuation of embedded derivative liabilities	(1,621,000)	2,383,000
Accrued interest	2,046,893	405,186
Liquidated damages	546,055	16,887
Stock-based compensation	3,560,120	1,319,627
Other	(213,982)	(29,911)
Change in operating assets and liabilities net of effect of business combination:
Accounts receivable	621,643	9,573,255
Factor receivables		(6,130,674)
Subscription acquisition costs	(3,104,468)
Royalty fees	3,750,000
Prepayments and other current assets	(623,057)	15,930
Other long-term assets	(365,481)	(62,608)
Accounts payable	2,547,552	(2,416,339)
Accrued expenses and other	(3,730,191)	460,775
Unearned revenue	1,337,842	(298,178)
Subscription refund liability	(96,241)
Operating lease liabilities	398,843	804
Net cash used in operating activities	(10,153,653)	(1,202,177)
Cash flows from investing activities
Purchases of property and equipment	(859,079)	(3,616)
Capitalized platform development	(853,926)	(434,802)
Payments for acquisition of business	(315,289)
Net cash used in investing activities	(2,028,294)	(438,418)
Cash flows from financing activities
Proceeds from delayed draw term note	6,000,000
Payment of debt issuance costs		(10,000)
Proceeds from 12% senior convertible debentures		1,900,000
Borrowings (repayments) under line of credit	5,415,914	(150,541)
Payment for taxes related to repurchase of restricted common stock	(169,481)
Repayment of officer promissory notes		(366,842)
Net cash provided by financing activities	11,246,433	1,372,617
Net decrease in cash, cash equivalents, and restricted cash	(935,514)	(267,978)
Cash, cash equivalents, and restricted cash - beginning of period	9,473,090	2,527,289	$ 2,527,289
Cash, cash equivalents, and restricted cash - end of period	8,537,576	2,259,311	$ 9,473,090
Supplemental disclosure of cash flow information
Cash paid for interest	181,982	209,978
Cash paid for income taxes
Noncash investing and financing activities
Reclassification of stock-based compensation to platform development	370,052	167,948
Debt discount on delayed draw term note	913,865
Restricted stock units issued in connection with acquisition of LiftIgniter	500,000
Assumption of liabilities in connection with acquisition of LiftIgniter	140,381
Discount of 12% senior convertible debentures allocated to embedded derivative liabilities		1,010,000
Liquidated damages liability recorded against cash proceeds for 12% senior convertible debentures		$ 79,800

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) - Senior Convertible Debentures [Member]	3 Months Ended
	Mar. 31, 2019
Discount on debt percentage	12.00%
Liquidation damage percentage	12.00%

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements include the accounts of TheMaven, Inc. and its wholly owned subsidiaries (“Maven” or the “Company”), after eliminating all significant intercompany balances and transactions. The Company does not have any off-balance sheet arrangements. The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements have been prepared in accordance with the United States generally accepted accounting principles (“US GAAP”) for interim financial information, the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and notes required U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements, which are included in Maven’s Annual Report on Form 10-K (the “Form 10-K”) for the year ended December 31, 2019, filed with the SEC on April 9, 2021. The condensed consolidated financial statements as of March 31, 2020, and for the three months ended March 31, 2020 and 2019, are unaudited but, in management’s opinion, include all adjustments necessary for a fair presentation of the results of interim periods. All such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet as of December 31, 2019, was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire fiscal year. Liquidity The Company performed an annual reporting period going concern assessment. Management is required to assess its ability to continue as a going concern. The condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. These condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company has a history of recurring losses. The Company’s recurring losses from operations and net capital deficiency have been evaluated by management to determine if the significance of those conditions or events would limit its ability to meet its obligations when due. The operating loss realized for the three months ended March 31, 2020 was primarily a result of a marketing investment in customer growth, together with investments in people and technology as the Company continued to expand its operations. The operating loss realized in fiscal 2019 was primarily a result of investments in people, infrastructure for the Company’s technology platform, and operations expanding during fiscal 2019 with the acquisition of TheStreet, Inc. (“TheStreet”) and the licensing agreement for certain Sports Illustrated brands, along with continued costs based on the strategic growth plans in other verticals. As reflected in these condensed consolidated financial statements, the Company had revenues of $30,412,853 for the three months ended March 31, 2020, and experienced recurring net losses from operations, negative working capital, and negative operating cash flows. During the three months ended March 31, 2020, the Company incurred a net loss of $22,776,624, utilized cash in operating activities of $10,153,653, and as of March 31, 2020, had an accumulated deficit of $95,817,947. The Company has financed its working capital requirements since inception through the issuance of debt and equity securities. Additionally, as a result of the novel coronavirus (“COVID-19”) pandemic, the Company experienced a decline in traffic and advertising revenue in the first and second quarters of 2020. The Company implemented cost reduction measures in an effort to offset these declines. Since May 2020, there has been a steady recovery in the advertising market in both pricing and volume, which coupled with the return of professional and college sports yielded steady growth in revenues through the balance of 2020 and start of 2021. The Company expects a continued growth in advertising revenue back toward pre-pandemic levels, however, such growth depends on future developments, including the duration of COVID-19, future sport event advisories and restrictions, and the extent and effectiveness of containment actions taken. Management has evaluated whether relevant conditions or events, considered in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern. Substantial doubt exists when conditions and events, considered in the aggregate, indicate it is probable that a company will not be able to meet its obligations as they become due within one year after the issuance date of its financial statements. Management’s assessment is based on the relevant conditions that are known or reasonably knowable as of the date these condensed consolidated financial statements were issued or were available to be issued. Management’s assessment of the Company’s ability to meet its future obligations is inherently judgmental, subjective, and susceptible to change. The factors that the Company considered important in its going concern analysis, include, but are not limited to, its fiscal 2021 cash flow forecast and its fiscal 2021 operating budget. Management also considered the Company’s ability to repay its obligations through future equity and the implementation of cost reduction measures in effect to offset revenue and earnings declines from COVID-19. These factors consider information including, but not limited to, the Company’s financial condition, liquidity sources, obligations due within one year after the issuance date of these condensed consolidated financial statements, the funds necessary to maintain operations and financial conditions, including negative financial trends or other indicators of possible financial difficulty. In particular, the Company’s plan for the: (1) 2021 cash flow forecast, considered the use of its working capital line with FastPay (as described in Note 5) to fund changes in working capital, where the Company has available credit of approximately $10.1 million as of the issuance date of these condensed consolidated financial statements for the three months ended March 31, 2020, and that the Company does not anticipate the need for any further borrowings that are subject to the holders approval, from its Delayed Draw Term Note (as described in Note 8) where the Company may be permitted to borrow up to an additional $5,000,000; and (2) 2021 operating budget, considered that approximately sixty-five percent of the Company’s revenue is from recurring subscriptions, generally paid in advance, and that digital subscription revenue, that accounts for approximately thirty percent of subscription revenue, grew approximately thirty percent during 2020 demonstrating the strength of its premium brand, and the plan to continue to grow its subscription revenue from its acquisition of TheStreet and the launch of premium digital subscriptions from its Sports Illustrated licensed brands. The Company has considered both quantitative and qualitative factors as part of the assessment that are known or reasonably knowable as of the date these condensed consolidated financial statements were issued or were available to be issued and concluded that conditions and events considered in the aggregate, do not raise substantial doubt about the Company’s ability to continue as a going concern for a one-year period following the financial statement issuance date. Reclassifications Certain prior year amounts have been reclassified to conform to the fiscal 2020 presentation with no impact to previously reported earnings. Use of Estimates Preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, the Company evaluates its estimates, including those related to the allowance for credit losses, fair values of financial instruments, capitalization of platform development, intangible assets and goodwill, useful lives of intangible assets and property and equipment, income taxes, fair value of assets acquired and liabilities assumed in the business acquisitions, determination of the fair value of stock-based compensation and valuation of derivatives liabilities and contingent liabilities, among others. The Company bases its estimates on assumptions, both historical and forward looking, that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Contract Modifications The Company occasionally enters into amendments to previously executed contracts that constitute contract modifications. The Company assesses each of these contract modifications to determine: ● if the additional services and goods are distinct from the services and goods in the original arrangement; and ● if the amount of consideration expected for the added services or goods reflects the stand-alone selling price of those services and goods. A contract modification meeting both criteria is accounted for as a separate contract. A contract modification not meeting both criteria is considered a change to the original contract and is accounted for on either a prospective basis as a termination of the existing contract and the creation of a new contract, or a cumulative catch-up basis (see Note 3 and Note 11). Recently Adopted Accounting Standards In June 2016, the FASB ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment Loss per Common Share Basic loss per share is computed using the loss available to common stockholders over the weighted average number of common shares outstanding during the period and excludes any dilutive effects of common stock equivalent shares, such as stock options, restricted stock, and warrants. All restricted stock awards are considered outstanding but is included in the computation of basic loss per common share only when the underlying restrictions expire, the shares are no longer forfeitable, and are thus vested. All restricted stock units are included in the computation of basic loss per common share only when the underlying restrictions expire, the shares are no longer forfeitable, and are thus vested. Contingently issuable shares are included in basic loss per common share only when there are no circumstance under which those shares would not be issued. Diluted loss per common share is computed using the weighted average number of common shares outstanding and common stock equivalent shares outstanding during the period using the treasury stock method. Common stock equivalent shares are excluded from the computation if their effect is anti-dilutive. The Company excluded the outstanding securities summarized below (capitalized terms are described herein), which entitle the holders thereof to acquire shares of the Company’s common stock, from its calculation of net income loss per common share, as their effect would have been anti-dilutive. As of March 31, 2020 2019 Series G Preferred Stock 188,791 188,791 Series H Preferred Stock 58,787,879 58,787,879 Series I Preferred Stock 46,200,000 - Series J Preferred Stock 28,571,428 - Indemnity shares of common stock 412,500 825,000 Restricted Stock Awards 1,991,665 4,214,997 Financing Warrants 2,882,055 3,949,018 ABG Warrants 21,989,844 - Channel Partner Warrants 939,540 939,540 Restricted Stock Units 2,399,997 2,399,997 Common Stock Awards 8,063,811 9,179,013 Common Equity Awards 77,106,507 - Outside Options 3,730,667 3,780,000 Total 253,264,684 84,264,235

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Acquisitions	2. Acquisitions On March 9, 2020, the Company entered into an asset purchase agreement with Petametrics Inc., dba LiftIgniter, a Delaware corporation (“LiftIgniter”), where it purchased substantially all the assets, including the intellectual property and excluding certain accounts receivable, and assumed certain liabilities. The purchase price consisted of: (1) cash payment of $184,087 on February 19, 2020, in connection with the repayment of all outstanding indebtedness, (2) at closing a cash payment of $131,202, (3) collections of certain accounts receivable, (4) on the first anniversary date of the closing issuance of restricted stock units for an aggregate of up to 312,500 shares of the Company’s common stock, and (5) on the second anniversary date of the closing issuance of restricted stock units for an aggregate of up to 312,500 shares of the Company’s common stock. The composition of the preliminary purchase price is as follows: Cash $ 315,289 Indemnity restricted stock units for shares of common stock 500,000 Total purchase consideration $ 815,289 The preliminary purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the closing date of the acquisition based upon their respective fair values as summarized below: Accounts receivable $ 37,908 Developed technology 917,762 Accounts payable (53,494 ) Unearned revenue (86,887 ) Net assets acquired $ 815,289 The useful life for the developed technology is five years (5.0 years).

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2020
Balance Sheet Components
Balance Sheet Components	3. Balance Sheet Components The components of certain balance sheet amounts are as follows: Accounts Receivable Subscription Acquisition Costs Certain contract amendments resulted in a modification to the subscription acquisition costs that will be recognized on a prospective basis in the same proportion as the revenue that has not yet been recognized (further details are provided in Note 11). Platform Development As of March 31, December 31, Platform development $ 11,902,670 $ 10,678,692 Less accumulated amortization (5,706,797 ) (4,785,973 ) Net platform development $ 6,195,873 $ 5,892,719 A summary of platform development activity for the three months ended March 31, 2020 and year ended December 31, 2019 is as follows: As of March 31, December 31, Platform development beginning of period $ 10,678,692 $ 6,833,900 Payroll-based costs capitalized during the period 853,926 2,537,402 Total capitalized costs 11,532,618 9,371,302 Stock-based compensation 370,052 1,307,390 Platform development end of period $ 11,902,670 $ 10,678,692 Amortization expense for the three months ended March 31, 2020 and 2019, was $920,824 and $587,470, respectively. Intangible Assets As of March 31, 2020 As of December 31, 2019 Carrying Accumulated Net Carrying Accumulated Net Developed technology $ 20,055,866 $ (5,209,664 ) $ 14,846,202 $ 19,138,104 $ (4,090,359 ) $ 15,047,745 Noncompete agreement 480,000 (312,000 ) 168,000 480,000 (252,000 ) 228,000 Trade name 3,328,000 (294,395 ) 3,033,605 3,328,000 (224,745 ) 3,103,255 Subscriber relationships 73,458,799 (7,217,138 ) 66,241,661 73,458,799 (3,587,837 ) 69,870,962 Advertiser relationships 2,240,000 (154,103 ) 2,085,897 2,240,000 (94,635 ) 2,145,365 Database 1,140,000 (246,183 ) 893,817 1,140,000 (151,183 ) 988,817 Subtotal amortizable intangible assets 100,702,665 (13,433,483 ) 87,269,182 99,784,903 (8,400,759 ) 91,384,144 Website domain name 20,000 - 20,000 20,000 - 20,000 Total intangible assets $ 100,722,665 $ (13,433,483 ) $ 87,289,182 $ 99,804,903 $ (8,400,759 ) $ 91,404,144 Amortization expense for the three months ended March 31, 2020 and 2019 was $5,032,724 and $834,900, respectively. No impairment charges have been recorded during the three months March 31, 2020 and 2019.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	4. Leases The Company’s leases are primarily comprised of real estate leases for the use of office space, with certain lease arrangements that contain equipment. The Company determines whether an arrangement contains a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that the Company will exercise that option. Substantially all of the leases are long-term operating leases for facilities with fixed payment terms between 1.5 and 12.8 years. The table below presents supplemental information related to operating leases: Three Months Ended March 31, 2020 Operating cash flows for operating leases $ 639,061 Noncash lease liabilities arising from obtaining operating leased assets during the period $ 16,617,790 Weighted-average remaining lease term 11.05 years Weighted-average discount rate 13.40 % The Company generally utilizes its incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments since the implicit rate for most of the Company’s leases is not readily determinable. Variable lease expense includes rental increases that are not fixed, such as those based on amounts paid to the lessor based on cost or consumption, such as maintenance and utilities. Operating lease costs recognized for the three months ended March 31, 2020 and 2019 were $1,037,904 and $130,952, respectively. Maturities of operating lease liabilities as of March 31, 2020 are summarized as follows: Years Ending December 31, 2020 (remaining nine months of the year) $ 2,549,923 2021 3,804,853 2022 3,525,158 2023 3,528,696 2024 3,526,406 Thereafter 27,563,572 Minimum lease payments 44,498,608 Less imputed interest (23,065,693 ) Present value of operating lease liabilities $ 21,432,915 Current portion of operating lease liabilities $ 1,995,880 Long-term portion of operating lease liabilities 19,437,035 Total operating lease liabilities $ 21,432,915 Future minimum lease payments under operating leases as of December 31, 2019, were as follows: Payments due by Year Total 2020 2021 2022 2023 2024 Thereafter Operating leases $ 6,132,252 $ 2,579,924 $ 685,111 $ 472,084 $ 486,247 $ 500,834 $ 1,408,052 Further details as of the date these condensed consolidated financial statements were issued or were available to be issued are provided under the heading Leases

Line of Credit

Line of Credit	3 Months Ended
	Mar. 31, 2020
Line of Credit Facility [Abstract]
Line of Credit	5. Line of Credit FastPay Credit Facility SallyPort Credit Facility

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements The Company estimates the fair value of financial instruments using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts the Company would realize upon disposition. The fair value hierarchy consists of three broad levels of inputs that may be used to measure fair value, which are described below: ● Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities; ● Level 2 Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and ● Level 3 Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. The Company accounts for certain warrants (as described under the heading Common Stock Warrants These warrants and the embedded conversion features are classified as Level 3 within the fair-value hierarchy. Inputs to the valuation model include the Company’s publicly quoted stock price, the stock volatility, the risk-free interest rate, the remaining life of the warrants, notes and debentures, the exercise price or conversion price, and the dividend rate. The Company uses the closing stock price of its common stock over an appropriate period of time to compute stock volatility. Warrant Derivative Liabilities The following table presents the assumptions used for the warrant derivative liabilities under the Black-Scholes option-pricing model: As of March 31, 2020 As of December 31, 2019 Strome B. Riley Strome B. Riley Expected life 3.21 5.55 3.45 5.80 Risk-free interest rate 0.29 % 0.46 % 1.62 % 1.76 % Volatility factor 128.74 % 129.92 % 144.54 % 127.63 % Dividend rate 0 % 0 % 0 % 0 % Transaction date closing market price $ 0.77 $ 0.77 $ 0.80 $ 0.80 Exercise price $ 0.50 $ 1.00 $ 0.50 $ 1.00 The following table represents the carrying amounts and change in valuation for the Company’s warrants accounted for as a derivative liability and classified within Level 3 of the fair-value hierarchy: As of and Three Months Ended March 31, 2020 As of and Three Months Ended March 31, 2019 Carry Change in Carrying Carry Change in Carrying L2 Warrants $ - $ - $ - $ 418,214 $ 121,026 $ 539,240 Strome Warrants 1,036,687 (110,081 ) 926,606 587,971 170,144 758,115 B. Riley Warrants 607,513 (29,138 ) 578,375 358,050 84,525 442,575 Total $ 1,644,200 $ (139,219 ) $ 1,504,981 $ 1,364,235 $ 375,695 $ 1,739,930 For the three months ended March 31, 2020 and 2019, the change in valuation of warrant derivative liabilities recognized as other income (expense) on the condensed consolidated statement of operations, as described in the above table, was $139,219 and ($375,695), respectively. Embedded Derivative Liabilities The carrying amount for the conversion option features, buy-in features, and default remedy features under the 12% Convertible Debentures accounted for as embedded derivative liabilities and classified within Level 3 of the fair-value hierarchy were $11,880,000 and $13,501,000 as of March 31, 2020 and December 31, 2019, respectively. For the three months ended March 31, 2020 and 2019 ,

Convertible Debt

Convertible Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Convertible Debt	7. Convertible Debt 12% Convertible Debentures During 2018 and 2019, the Company had various financings through the issuance of the 12% Convertible Debentures which were due and payable on December 31, 2020. Interest accrued at the rate of 12% per annum, payable on the earlier of conversion or December 31, 2020. The Company’s obligations under the 12% Convertible Debentures are secured by a security agreement, dated as of October 18, 2018, by and among the Company and each investor thereto. The 12% Convertible Debentures were subject to the Company receiving stockholder approval to increase its authorized shares of common stock before conversion. Principal on the 12% Convertible Debentures were convertible into shares of the Company’s common stock, at the option of the investor at any time prior to December 31, 2020, at either a per share conversion price of $0.33 (with respect to the 12% Convertible Debentures issued in 2018) or $0.40 (with respect to the 12% Convertible Debentures issued in 2019), subject to adjustment for stock splits, stock dividends and similar transactions, and certain beneficial ownership blocker provisions. The 12% Convertible Debentures were issued and convertible into shares of the Company’s common stock as follows: (1) gross proceeds of $13,091,528 on December 12, 2018, convertible into 39,671,297 shares; (2) gross proceeds of $1,696,000 on March 18, 2019, convertible into 4,240,000 shares; (3) gross proceeds of $318,000 on March 27, 2019, convertible into 795,000 shares; and (4) gross proceeds of $100,000 on April 8, 2019, convertible into 250,000 shares. Upon issuance of the various financings, the Company accounted for the embedded conversion option feature, buy-in feature, and default remedy feature as embedded derivative liabilities, which required the Company to carry such amount on its condensed consolidated balance sheets as a liability at fair value, as adjusted at each period-end (see Note 6). The Company also incurred additional debt issuance cost. The embedded derivative liabilities and debt issuance cost were treated as a debt discount and amortized over the term of the debt. The following table summarizes the convertible debt: As of March 31, 2020 As of December 31, 2019 Principal Unamortized Carrying Principal Unamortized Carrying 12% Convertible Debentures, due on December 31, 2020 $ 17,633,158 $ (2,938,715 ) $ 14,694,443 $ 17,119,571 $ (3,880,609 ) $ 13,238,962 As of December 31, 2020, there was no longer any principal or accrued but unpaid interest outstanding under the 12% Convertible Debentures. Certain holders converted the debt into shares of the Company’s common stock and certain holders were paid in cash (further details are provided under the heading 12% Convertible Debentures

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-term Debt	8. Long-term Debt 12% Second Amended Senior Secured Note Below is a summary of the various amended and restated notes, as well as various amendments thereto, to the 12% senior secured note that was originally issued on June 10, 2019, for gross proceeds of $20,000,000, due July 31, 2019. The transactions leading up to the 12% second amended and restated note that is outstanding as of March 31, 2020 consisted of: ● Amended and restated note issued on June 14, 2019, where the Company received gross proceeds of $48,000,000, together with the $20,000,000 gross proceeds received on June 10, 2019 for total gross proceeds of $68,000,000, due June 14, 2022; ● First amendment to the amended and restated note issued on August 27, 2019, where the Company received gross proceeds of $3,000,000; ● Second amendment to the amended and restated note issued on February 27, 2020, where the Company issued a $3,000,000 letter of credit to the Company’s landlord for leased premises; and ● Second amended and restated note issued on March 24, 2020, where the Company was permitted to enter into a 15.0% delayed draw term note, in the aggregate principal amount of $12,000,000. Collectively the amended and restated notes and amendments thereto are referred to as the 12% Second Amended Senior Secured Note, with all borrowings collateralized by substantially all assets of the Company. Pursuant to the 12% Second Amended Senior Secured Note, interest on amounts outstanding with respect to (i) interest that was payable on March 31, 2020 and June 30, 2020, and (ii) at the Company’s option, with the consent of requisite purchasers, interest that was payable on September 30, 2020 and December 31, 2020, in lieu of the payment in cash of all or any portion of the interest due on such dates, would be payable in-kind in arrears on the last day of such applicable fiscal quarter (further details as of the date these condensed consolidated financial statements were issued or were available to be issued are provided under the heading 12% Second Amended Senior Secured Note Delayed Draw Term Note On March 24, 2020, the Company entered into a 15% delayed draw term note (the “Delayed Draw Term Note”) pursuant to the second amended and restated note purchase agreement, in the aggregate principal amount of $12,000,000. On March 24, 2020, the Company drew down $6,913,865 under the Delayed Draw Term Note, and after payment of commitment and funding fees paid of $793,109, and other of its legal fees and expenses that were incurred, the Company received net proceeds of $6,000,000. The net proceeds were used for working capital and general corporate purposes. Additional borrowings under the Delayed Draw Term Note requested by the Company may be made at the option of the purchasers, subject to certain conditions. Up to $8,000,000 in principal amount under the note was originally due on March 31, 2021. Interest on amounts outstanding under the note was payable in-kind in arrears on the last day of each fiscal quarter (further details as of the date these condensed consolidated financial statements were issued or were available to be issued are provided under the heading Delayed Draw Term Note The following table summarizes the long-term debt: As of March 31, 2020 As of December 31, 2019 Principal Unamortized Carrying Principal Unamortized Carrying 12% Second Amended Senior Secured Note, as amended, due on December 31, 2022 $ 51,435,626 $ (5,315,279 ) $ 46,120,347 $ 49,921,345 $ (5,911,600 ) $ 44,009,745 Delayed Draw Term Note, as amended, due on March 31, 2022 6,931,150 (881,227 ) 6,049,923 - - - Total $ 58,366,776 $ (6,196,506 ) $ 52,170,270 $ 49,921,345 $ (5,911,600 ) $ 44,009,745

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	9. Stockholders’ Equity Common Stock The Company has the authority to issue 1,000,000,000 shares of common stock, $0.01 par value per share (further details as of the date of these condensed consolidated financial statements were issued or were available to be issued are provided under the heading Amendment to Certificate of Incorporation Common Stock Warrants The Company issued warrants to purchase shares of the Company’s common stock to MDB Capital Group, LLC (the “MDB Warrants”), L2 Capital, LLC (the “L2 Warrants”), Strome Mezzanine Fund LP (the “Strome Warrants”), and B. Riley Financial, Inc. (the “B. Riley Warrants”) in connection with various financing transactions (collectively, the “Financing Warrants”). The Financing Warrants outstanding and exercisable as of March 31, 2020 are summarized as follows: Outstanding Exercise Expiration Date Classified as Classified within (Shares) Total MDB Warrants $ 0.20 November 4, 2021 - 327,490 327,490 Strome Warrants 0.50 June 15, 2023 1,500,000 - 1,500,000 B. Riley Warrants 1.00 October 18, 2025 875,000 - 875,000 MDB Warrants 1.15 October 19, 2022 - 119,565 119,565 MDB Warrants 2.50 October 19, 2022 - 60,000 60,000 Total outstanding and exercisable 2,375,000 507,055 2,882,055 The intrinsic value of exercisable but unexercised in-the-money stock warrants as of March 31, 2020 was $591,669, based on a fair market value of the Company’s common stock of $0.77 per share on March 31, 2020.

Compensation Plans

Compensation Plans	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Compensation Plans	10. Compensation Plans The Company provides stock-based compensation in the form of (a) stock awards to employees and directors, comprised of restricted stock awards and restricted stock units (collectively referred to as the “Restricted Stock Awards”), (b) stock option grants to employees directors and consultants (referred to as the “Common Stock Awards”) (c) stock option awards, restricted stock awards, unrestricted stock awards, and stock appreciation rights to employees, directors and consultants (collectively the “Common Equity Awards”), (d) stock option awards outside the 2016 Stock Incentive Plan and 2019 Equity Incentive Plan to certain officers, directors and employees (referred to as the “Outside Options”), (e) common stock warrants to the Company’s channel partners (referred to as the “Channel Partner Warrants”), and (f) common stock warrants to ABG-SI, LLC (referred to as the “ABG Warrants”). Stock-based compensation and equity-based expense charged to operations or capitalized during the three months ended March 31, 2020 and 2019 are summarized as follows: Restricted Common Common Channel Stock Stock Equity Outside Partner ABG Awards Awards Awards Options Warrants Warrants Totals During the Three Months Ended March 31, 2020 Cost of revenue $ 37,576 $ 69,796 $ 1,009,592 $ 1,206 $ 8,039 $ - $ 1,126,209 Selling and marketing 299,215 35,728 678,279 55,378 - - 1,068,600 General and administrative 22,920 171,672 755,247 55,183 - 360,289 1,365,311 Total costs charged to operations 359,711 277,196 2,443,118 111,767 8,039 360,289 3,560,120 Capitalized platform development 70,283 41,157 256,001 2,611 - - 370,052 Total stock-based compensation $ 429,994 $ 318,353 $ 2,699,119 $ 114,378 $ 8,039 $ 360,289 $ 3,930,172 During the Three Months Ended March 31, 2019 Cost of revenue $ 35,375 $ 20,219 $ - $ 1,129 $ 12,348 $ - $ 69,071 Selling and marketing 34,393 21,945 - 51,946 - - 108,284 General and administrative 715,637 404,430 892 21,313 - - 1,142,272 Total costs charged to operations 785,405 446,594 892 74,388 12,348 - 1,319,627 Capitalized platform development 137,956 29,992 - - - - 167,948 Total stock-based compensation $ 923,361 476,586 $ 892 $ 74,388 $ 12,348 $ - $ 1,487,575 Unrecognized compensation expense and expected weighted-average period to be recognized related to the stock-based compensation awards and equity-based awards as of March 31, 2020 was as follows: Restricted Common Common Channel Stock Stock Equity Outside Partner ABG Awards Awards Awards Options Warrants Warrants Totals Unrecognized compensation expense $ 1,314,792 $ 1,501,346 $ 27,525,363 $ 772,360 $ 6,100 $ 4,302,887 $ 35,422,848 Expected weighted-average period expected to be recognized (in years) 0.89 1.08 2.38 1.86 0.31 3.13 2.35

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	11. Revenue Recognition Disaggregation of Revenue The following table provides information about disaggregated revenue by product line, geographical market and timing of revenue recognition: As of March 31, 2020 2019 Revenue by product line: Advertising $ 11,837,984 $ 6,137,354 Digital subscriptions 5,537,247 51,913 Magazine circulation 12,537,532 - Other 500,090 84,696 Total $ 30,412,853 $ 6,273,963 Revenue by geographical market: United States $ 29,282,130 $ 6,273,963 Other 1,130,723 - Total $ 30,412,853 $ 6,273,963 Revenue by timing of recognition: At point in time $ 24,875,606 $ 6,222,050 Over time 5,537,247 51,913 Total $ 30,412,853 $ 6,273,963 Contract Balances The timing of the Company’s performance under its various contracts often differs from the timing of the customer’s payment, which results in the recognition of a contract asset or a contract liability. A contract asset is recognized when a good or service is transferred to a customer and the Company does not have the contractual right to bill for the related performance obligations. A contract liability is recognized when consideration is received from the customer prior to the transfer of goods or services. The following table provides information about contract balances: As of March 31, December 31, Unearned revenue (short-term contract liabilities): Digital subscriptions 11,070,739 $ 8,634,939 Magazine circulation 38,177,153 23,528,148 $ 49,247,892 $ 32,163,087 Unearned revenue (long-term contract liabilities): Digital subscriptions $ 1,244,706 $ 478,557 Magazine circulation 14,059,429 30,478,154 Other 215,000 222,500 $ 15,519,135 $ 31,179,211 Unearned Revenue During January and February of 2020, the Company modified certain digital and magazine subscription contracts that prospectively changed the frequency of the related issues required to be delivered on a yearly basis. The Company determined that the remaining digital content and magazines to be delivered are distinct from the digital content or magazines already provided under the original contract. As a result, the Company in effect established a new contract that included only the remaining digital content or magazines. Accordingly, the Company allocated the remaining performance obligations in the contracts as consideration from the original contract that has not yet been recognized as revenue.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Revenue Guarantees On a select basis, the Company has provided revenue share guarantees to certain independent publishers that transition their publishing operations from another platform to theMaven.net or maven.io. These arrangements generally guarantee the publisher a monthly amount of income for a period of 12 to 24 months from inception of the publisher contract that is the greater of (a) a fixed monthly minimum, or (b) the calculated earned revenue share. For the three months ended March 31, 2020 and 2019, the Company recognized Channel Partner guarantees of $2,374,087 and $1,254,992, respectively. Claims and Litigation From time to time, the Company may be subject to claims and litigation arising in the ordinary course of business. The Company is not currently a party to any pending or threatened legal proceedings that it believes would reasonably be expected to have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. Liquidated Damages The following table summarizes the contingent obligations with respect to the liquidated damages as of the date these condensed consolidated financial statements were issued or were available to be issued: Series I Preferred Stock Series J Preferred Stock Total Liquidated Damages Registration rights damages $ 69,300 $ 300,000 $ 369,300 Public information failure damages 138,600 360,000 498,600 Accrued interest 20,164 53,458 73,622 $ 228,064 $ 713,458 $ 941,522

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events The Company performed an evaluation of subsequent events through the date of filing of these condensed consolidated financial statements with the SEC. Other than the below described subsequent events, there were no material subsequent events which affected, or could affect, the amounts or disclosures on the condensed consolidated financial statements . Compensation Plans On December 15, 2020, the Company entered into an amendment for certain restricted stock awards and restricted stock units. Pursuant to the amendment: ● the restricted stock awards would cease to vest and all unvested shares would be deemed unvested and forfeited, leaving an aggregate of 1,064,549 shares vested; ● the restricted stock units were modified to vest on December 31, 2020 and as of the close of business on December 31, 2020, each restricted stock unit was terminated and deemed forfeited, with no shares vesting thereunder; and ● subject to certain conditions, the Company agreed to purchase from certain key personnel the vested restricted stock awards, at a price of $4.00 per share in 24 equal monthly installments on the second business day of each calendar month beginning on January 4, 2021. On January 8, 2021, the board of directors (the “Board”) approved an amendment to certain option awards granted under the 2019 Equity Incentive Plan (the “2019 Plan”) to remove certain vesting conditions for the performance-based awards. In general, pursuant to the amendment: ● the common stock options would vest with respect to one-third of the grant when the option holder completes one year of continuous service beginning on the grant date; and ● the remaining common stock options would vest monthly over twenty-four months when the option holder completes each month of continuous service thereafter. On February 18, 2021, the Board approved an amendment to the Company’s 2019 Plan to increase the number of shares of the Company’s common stock available for issuance under the 2019 Plan from 85,000,000 shares to 185,000,000 shares. On February 18, 2021, the Board approved up to an aggregate amount of 26,200,000 stock options to be made on or before March 18, 2021 for shares of the Company’s common stock to certain executive officers of the Company under the 2019 Plan. A total of 11,158,049 stock options were granted and designated as a non-qualified stock options, subject to certain terms and conditions. On February 18, 2021, the Board approved the issuance of restricted stock units to certain executive officers of the Company under the 2019 Plan. A total of 26,048,781 restricted stock units were granted, subject to certain terms and conditions. From April 2020 through the date these condensed consolidated financial statements were issued or were available to be issued, the Company granted common stock options, restricted stock units and restricted stock awards totaling 84,274,395 (includes 11,158,049 stock options and 26,048,781 restricted stock units issued on February 28, 2021 as described above), of which 84,207,987 remain outstanding. 12% Convertible Debentures On December 31, 2020, certain holders converted the 12% Convertible Debentures representing an aggregate of $18,104,949 of the then-outstanding principal and accrued but unpaid interest into 53,887,470 shares of the Company’s common stock at effective conversion per-share prices ranging from $0.33 to $0.40. Further, the Company repaid an aggregate of $1,130,903 of the 12% Convertible Debentures, including the then-outstanding principal and accrued interest in cash. As of December 31, 2020, there was no longer any principal or accrued but unpaid interest outstanding under the 12% Convertible Debentures. As a result of the conversion of certain 12% Convertible Debentures into shares of the Company’s common stock, the Company will no longer have an embedded derivative liability related to the conversion option features, buy-in features, and default remedy features and will recognize the fair value of such amount upon conversion as additional paid-in capital. Further, with respect to the conversion of the accrued interest into shares of the Company’s common stock, the Company will recognize a loss on conversion, as deemed appropriate, at the time of conversion. 12% Second Amended Senior Secured Note On October 23, 2020, the Company entered into Amendment No. 1 to the second amended and restated note purchase agreement (“Amendment 1”), pursuant to which the maturity date of the 12% Second Amended Senior Secured Notes was changed to December 31, 2022, subject to certain acceleration conditions. Pursuant to Amendment 1, interest payable on the 12% Second Amended Senior Secured Notes on September 30, 2020, December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021, and December 31, 2021 will be payable in-kind in arrears on the last day of such fiscal quarter. Alternatively, at the option of the holder, such interest amounts originally could have been paid in shares of “Series K Convertible Preferred Stock” (“Series K Preferred Stock”); however, after December 18, 2020, the date the Series K Preferred Stock converted into shares of the Company’s common stock, all such interest amounts can be paid in shares of the Company’s common stock based upon the conversion rate specified for the Series K Preferred Stock (or $0.40). The balance outstanding under the 12% Second Amended Senior Secured Note as of the date these condensed consolidated financial statements were issued or were available to be issued was approximately $56.3 million, which included outstanding principal of approximately $48.8 million, payment of in-kind interest of approximately $4.2 million that the Company was permitted to add to the aggregate outstanding principal balance, and unpaid accrued interest of approximately $3.3 million. Delayed Draw Term Note On October 23, 2020, pursuant to the terms of Amendment 1, the maturity date of the Delayed Draw Term Note was changed from March 31, 2021 to March 31, 2022. Amendment 1 also provided that the holder, could originally elect, in lieu of receipt of cash for payment of all or any portion of the interest due or cash payments up to a certain conversion portion (as further described in Amendment 1) of the Delayed Draw Term Note, to receive shares of Series K Preferred Stock; however, after December 18, 2020, the date the Series K Preferred Stock converted into shares of the Company’s common stock, the holder may elect, in lieu of receipt of cash for such amounts, shares of the Company’s common stock based upon the conversion rate specified for the Series K Preferred Stock (or $0.40). As of the date these condensed consolidated financial statements were issued or were available to be issued, $3,367,000, including $3,295,505 of principal amount of the Delayed Draw Term Note and $71,495 of accrued interest, had been converted into shares of our Series K Preferred Stock. The aggregate principal amount outstanding under the Delayed Draw Term Note as of the date these condensed consolidated financial statements were issued or were available to be issued was approximately $4.3 million (including payment of in-kind interest of approximately $0.7 million, which was added to the outstanding Delayed Draw Term Note balance). Payroll Protection Program Loan On April 6, 2020, the Company entered into a note agreement with JPMorgan Chase Bank, N.A. under the recently enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) administered by the U.S. Small Business Administration (“SBA”) in the principal amount of $5,702,725 pursuant to Title 1 of the CARES Act (the “PPP Loan”). The PPP Loan proceeds were used to pay for payroll costs, including salaries, commissions, and similar compensation, group health care benefits, and paid leaves; rent; utilities; and interest on certain other outstanding debt. The amount that will be forgiven will be calculated in part with reference to the Company’s full time headcount during the 24 week period following the funding of the PPP Loan. The note is scheduled to mature on April 6, 2022. The interest rate on the note is a fixed rate of 0.98% per annum. To the extent that the amounts owed under the PPP Loan, or a portion of them, are not forgiven, the Company will be required to make principal and interest payments in monthly installments. The balance outstanding as of the issuance date of these condensed consolidated financial statements was $5,702,725. Preferred Stock Series H Preferred Stock – On September 21, 2020, an investor converted 300 shares of Series H Preferred Stock into 909,090 shares of the Company’s common stock. On October 31, 2020, the Company issued 389 shares of Series H Preferred Stock to James Heckman at the stated value of $1,000, convertible into 1,178,787 shares of the Company’s common stock, at the option of the holder subject to certain limitations at a conversion rate equal to the stated value divided by the conversion price of $0.33 per share. The shares of Series H Preferred Stock were issued in connection with the cancellation of promissory notes payable to Mr. Heckman in the aggregate outstanding principal amount of $389,000. The shares of Series H Preferred Stock were subject to limitations on conversion into shares of the Company’s common stock until the date an amendment to the Company’s Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”), was filed and accepted with the State of Delaware that increases the number of authorized shares of its common stock to at least a number permitting all the Series H Preferred Stock to be converted in full (further details are provided under the heading Amendment to Certificate of Incorporation The securities purchase agreements also included a provision that requires the Company to maintain its periodic filings with the SEC in order to satisfy the public information requirements under Rule 144(c) of the Securities Act. If the Company fails for any reason to satisfy the current public information requirement commencing from the six (6) month anniversary date of issuance of the Series H Preferred Shares, then the Company will be obligated to pay Public Information Failure Damages (as further described in Note 14 to the audited consolidated financial statements for the year ended December 31, 2019) to each holder, consisting of a cash payment equal to 1% of the amount invested as partial liquidated damages, up to a maximum of six months, subject to interest at the rate of 1% per month until paid in full. Series J Preferred Stock – All of the shares of the Series J Preferred Stock converted automatically into shares of the Company’s common stock on December 18, 2020, the date the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to the Certificate of Incorporation, which Certificate of Amendment increased the number of authorized shares of the Company’s common stock to at least a number that permitted all the Series J Preferred Stock, the “Series K Convertible Preferred Stock” (the “Series K Preferred Stock”), the “Series I Convertible Preferred Stock” (“Series I Preferred Stock”), and the Series H Preferred Stock, to be converted in full (further details are provided under the heading Amendment to Certificate of Incorporation Pursuant to a registration rights agreement entered into in connection with the securities purchase agreements, the Company agreed to register the shares issuable upon conversion of the Series J Preferred Stock for resale by the investors. The Company committed to file the registration statement by no later than the 30th calendar day following the date the Company files its (a) Annual Reports on Form 10-K for the fiscal year ended December 31, 2018 and December 31, 2019, (b) all its required Quarterly Reports on Form 10-Q since the quarter ended September 30, 2018, through the quarter ended September 30, 2020, and (c) any Form 8-K Reports that the Company is required to file with the SEC; but in no event later than April 30, 2021 (the “Series J Filing Date”). The Company also committed to cause the registration statement to become effective by no later than 60 days after the Series J Filing Date (or, in the event of a full review by the staff of the SEC, 120 days following the Series J Filing Date). The registration rights agreement provides for Registration Rights Damages (as further described in Note 14 to the audited consolidated financial statements for the year ended December 31, 2019) upon the occurrence of certain events up to a maximum amount of 6% of the aggregate amount invested. The securities purchase agreements also included a provision that requires the Company to maintain its periodic filings with the SEC in order to satisfy the public information requirements under Rule 144(c) of the Securities Act. If the Company fails for any reason to satisfy the current public information commencing from the six (6) month anniversary date of issuance of the Series J Preferred Shares, then the Company will be obligated to pay Public Information Failure Damages (as further described in Note 14 to the audited consolidated financial statements for the year ended December 31, 2019) to each holder, consisting of a cash payment equal to 1% of the amount invested as partial liquidated damages, up to a maximum of six months, subject to interest at the rate of 1% per month until paid in full. Series K Preferred Stock In consideration for its services as placement agent, the Company paid B. Riley FBR, Inc. (“B. Riley FBR”) a cash fee of $560,500. The Company used approximately $3.4 million of the net proceeds from the financing to partially repay the Delayed Draw Term Note and used approximately $2.6 million for payment on a prior investment, with the remainder of All of the shares of the Series K Preferred Stock converted automatically into shares of the Company’s common stock on December 18, 2020, the date the Company filed a the Certificate of Amendment to the Certificate of Incorporation, which Certificate of Amendment increased the number of authorized shares of the Company’s common stock to at least a number that permitted all the Series J Preferred Stock, the Series K Preferred Stock, the Series I Preferred Stock, and the Series H Preferred Stock, to be converted in full (further details are provided under the heading Amendment to Certificate of Incorporation Pursuant to a registration rights agreement entered into in connection with the securities purchase agreements, the Company agreed to register the shares issuable upon conversion of the Series K Preferred Stock for resale by the investors. The Company committed to file the registration statement by no later than the 30th calendar day following the date the Company files its (a) Annual Reports on Form 10-K for the fiscal year ended December 31, 2018 and December 31, 2019, (b) all its required Quarterly Reports on Form 10-Q since the quarter ended September 30, 2018, through the quarter ended September 30, 2020, and (c) any Form 8-K Reports that the Company is required to file with the SEC; provided, however, if such 30th calendar day is on or after February 12, 2021, then such 30th calendar date shall be tolled until the 30th calendar day following the date that the Company files its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the “Series K Filing Date”). The Company also committed to cause the registration statement to become effective by no later than 90 days after the Series K Filing Date (or, in the event of a full review by the staff of the SEC, 120 days following the Series K Filing Date). The registration rights agreement provides for Registration Rights Damages (as further described in Note 14 to the audited consolidated financial statements for the year ended December 31, 2019) upon the occurrence of certain events up to a maximum amount of 6% of the aggregate amount invested. The securities purchase agreements also included a provision that requires the Company to maintain its periodic filings with the SEC in order to satisfy the public information requirements under Rule 144(c) of the Securities Act. If the Company fails for any reason to satisfy the current public information requirement commencing from the six (6) month anniversary date of issuance of the Series K Preferred Shares, then the Company will be obligated to pay Public Information Failure Damages (as further described in Note 14 to the audited consolidated financial statements for the year ended December 31, 2019) to each holder, consisting of a cash payment equal to 1% of the amount invested as partial liquidated damages, up to a maximum of six months, subject to interest at the rate of 1% per month until paid in full. Series L Preferred Stock Also on May 4, 2021, the Special Committee declared a dividend of one preferred stock purchase right (each a “Right”) to be paid to the stockholders of record at the close of business on May 14, 2021 for (i) each outstanding share of the Company’s common stock and (ii) each share of the Company’s common stock issuable upon conversion of each share of the Company’s Series H Preferred Stock. Each Right entitles the registered holder to purchase, subject to the Rights Agreement, from the Company one one-thousandth of a share of the Company’s newly created Series L Junior Participating Preferred Stock, par value $0.01 per share (the “Series L Preferred Stock”), at a price of $4.00, subject to certain adjustments. The Series L Preferred Stock will be entitled, when, as and if declared, to a preferential per share quarterly dividend payment equal to the greater of (i) $1.00 per share or (ii) 1,000 times the aggregate per share amount of all cash dividends, and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions paid to the holders of the Company’s Common Stock. The Series L Preferred Stock will be entitled to 1,000 votes on all matters submitted to a vote of the stockholders of the Company. In the event of any merger, consolidation or other transaction in which shares of the Company’s common stock are converted or exchanged, the Series L Preferred Stock will be entitled to receive 1,000 times the amount received per one share of the Company’s common stock. Leases On October 30, 2020, the Company entered into a surrender agreement pursuant to which the Company effectively surrendered certain property located in New York, New York back to the landlord. Pursuant to the surrender agreement, the security deposit of $500,000 held by the landlord and reflected within restricted cash on the condensed consolidated balance sheets was applied to the balance in arrears. In addition, the Company agreed to pay $68,868 per month from January 1, 2021 through June 1, 2022 to satisfy the remaining outstanding balance of $1,239,624 owed to the landlord. The landlord agreed not to charge any late fees, interest charges, or other penalties relating to the surrender of the property. Amendment to Certificate of Incorporation On December 18, 2020, the Company filed a Certificate of Amendment to its Certificate of Incorporation to increase the number of authorized shares of its common stock from 100,000,000 shares to 1,000,000,000 shares. As a result, as of December 18, 2020, the Company has a sufficient number of authorized but unissued shares of its common stock available for issuance required under all of its securities that are convertible into shares of its common stock. As a result of the increase in authorized and unissued shares of the Company’s common stock on December 18, 2020, all of the Series I Preferred Stock, Series J Preferred Stock (including shares issued subsequent to March 31, 2020 as described above) and Series K Preferred Stock (including shares issued subsequent to March 31, 2020 as described above), were converted into shares of the Company’s common stock, accordingly, the Company will recognize a beneficial conversion feature, as deemed appropriate, at the time of conversion.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of TheMaven, Inc. and its wholly owned subsidiaries (“Maven” or the “Company”), after eliminating all significant intercompany balances and transactions. The Company does not have any off-balance sheet arrangements. The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements have been prepared in accordance with the United States generally accepted accounting principles (“US GAAP”) for interim financial information, the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and notes required U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements, which are included in Maven’s Annual Report on Form 10-K (the “Form 10-K”) for the year ended December 31, 2019, filed with the SEC on April 9, 2021. The condensed consolidated financial statements as of March 31, 2020, and for the three months ended March 31, 2020 and 2019, are unaudited but, in management’s opinion, include all adjustments necessary for a fair presentation of the results of interim periods. All such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet as of December 31, 2019, was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire fiscal year.
Liquidity	Liquidity The Company performed an annual reporting period going concern assessment. Management is required to assess its ability to continue as a going concern. The condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. These condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company has a history of recurring losses. The Company’s recurring losses from operations and net capital deficiency have been evaluated by management to determine if the significance of those conditions or events would limit its ability to meet its obligations when due. The operating loss realized for the three months ended March 31, 2020 was primarily a result of a marketing investment in customer growth, together with investments in people and technology as the Company continued to expand its operations. The operating loss realized in fiscal 2019 was primarily a result of investments in people, infrastructure for the Company’s technology platform, and operations expanding during fiscal 2019 with the acquisition of TheStreet, Inc. (“TheStreet”) and the licensing agreement for certain Sports Illustrated brands, along with continued costs based on the strategic growth plans in other verticals. As reflected in these condensed consolidated financial statements, the Company had revenues of $30,412,853 for the three months ended March 31, 2020, and experienced recurring net losses from operations, negative working capital, and negative operating cash flows. During the three months ended March 31, 2020, the Company incurred a net loss of $22,776,624, utilized cash in operating activities of $10,153,653, and as of March 31, 2020, had an accumulated deficit of $95,817,947. The Company has financed its working capital requirements since inception through the issuance of debt and equity securities. Additionally, as a result of the novel coronavirus (“COVID-19”) pandemic, the Company experienced a decline in traffic and advertising revenue in the first and second quarters of 2020. The Company implemented cost reduction measures in an effort to offset these declines. Since May 2020, there has been a steady recovery in the advertising market in both pricing and volume, which coupled with the return of professional and college sports yielded steady growth in revenues through the balance of 2020 and start of 2021. The Company expects a continued growth in advertising revenue back toward pre-pandemic levels, however, such growth depends on future developments, including the duration of COVID-19, future sport event advisories and restrictions, and the extent and effectiveness of containment actions taken. Management has evaluated whether relevant conditions or events, considered in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern. Substantial doubt exists when conditions and events, considered in the aggregate, indicate it is probable that a company will not be able to meet its obligations as they become due within one year after the issuance date of its financial statements. Management’s assessment is based on the relevant conditions that are known or reasonably knowable as of the date these condensed consolidated financial statements were issued or were available to be issued. Management’s assessment of the Company’s ability to meet its future obligations is inherently judgmental, subjective, and susceptible to change. The factors that the Company considered important in its going concern analysis, include, but are not limited to, its fiscal 2021 cash flow forecast and its fiscal 2021 operating budget. Management also considered the Company’s ability to repay its obligations through future equity and the implementation of cost reduction measures in effect to offset revenue and earnings declines from COVID-19. These factors consider information including, but not limited to, the Company’s financial condition, liquidity sources, obligations due within one year after the issuance date of these condensed consolidated financial statements, the funds necessary to maintain operations and financial conditions, including negative financial trends or other indicators of possible financial difficulty. In particular, the Company’s plan for the: (1) 2021 cash flow forecast, considered the use of its working capital line with FastPay (as described in Note 5) to fund changes in working capital, where the Company has available credit of approximately $10.1 million as of the issuance date of these condensed consolidated financial statements for the three months ended March 31, 2020, and that the Company does not anticipate the need for any further borrowings that are subject to the holders approval, from its Delayed Draw Term Note (as described in Note 8) where the Company may be permitted to borrow up to an additional $5,000,000; and (2) 2021 operating budget, considered that approximately sixty-five percent of the Company’s revenue is from recurring subscriptions, generally paid in advance, and that digital subscription revenue, that accounts for approximately thirty percent of subscription revenue, grew approximately thirty percent during 2020 demonstrating the strength of its premium brand, and the plan to continue to grow its subscription revenue from its acquisition of TheStreet and the launch of premium digital subscriptions from its Sports Illustrated licensed brands. The Company has considered both quantitative and qualitative factors as part of the assessment that are known or reasonably knowable as of the date these condensed consolidated financial statements were issued or were available to be issued and concluded that conditions and events considered in the aggregate, do not raise substantial doubt about the Company’s ability to continue as a going concern for a one-year period following the financial statement issuance date.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the fiscal 2020 presentation with no impact to previously reported earnings.
Use of Estimates	Use of Estimates Preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, the Company evaluates its estimates, including those related to the allowance for credit losses, fair values of financial instruments, capitalization of platform development, intangible assets and goodwill, useful lives of intangible assets and property and equipment, income taxes, fair value of assets acquired and liabilities assumed in the business acquisitions, determination of the fair value of stock-based compensation and valuation of derivatives liabilities and contingent liabilities, among others. The Company bases its estimates on assumptions, both historical and forward looking, that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
Contract Modifications	Contract Modifications The Company occasionally enters into amendments to previously executed contracts that constitute contract modifications. The Company assesses each of these contract modifications to determine: ● if the additional services and goods are distinct from the services and goods in the original arrangement; and ● if the amount of consideration expected for the added services or goods reflects the stand-alone selling price of those services and goods. A contract modification meeting both criteria is accounted for as a separate contract. A contract modification not meeting both criteria is considered a change to the original contract and is accounted for on either a prospective basis as a termination of the existing contract and the creation of a new contract, or a cumulative catch-up basis (see Note 3 and Note 11).
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In June 2016, the FASB ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
Loss Per Common Share	Loss per Common Share Basic loss per share is computed using the loss available to common stockholders over the weighted average number of common shares outstanding during the period and excludes any dilutive effects of common stock equivalent shares, such as stock options, restricted stock, and warrants. All restricted stock awards are considered outstanding but is included in the computation of basic loss per common share only when the underlying restrictions expire, the shares are no longer forfeitable, and are thus vested. All restricted stock units are included in the computation of basic loss per common share only when the underlying restrictions expire, the shares are no longer forfeitable, and are thus vested. Contingently issuable shares are included in basic loss per common share only when there are no circumstance under which those shares would not be issued. Diluted loss per common share is computed using the weighted average number of common shares outstanding and common stock equivalent shares outstanding during the period using the treasury stock method. Common stock equivalent shares are excluded from the computation if their effect is anti-dilutive. The Company excluded the outstanding securities summarized below (capitalized terms are described herein), which entitle the holders thereof to acquire shares of the Company’s common stock, from its calculation of net income loss per common share, as their effect would have been anti-dilutive. As of March 31, 2020 2019 Series G Preferred Stock 188,791 188,791 Series H Preferred Stock 58,787,879 58,787,879 Series I Preferred Stock 46,200,000 - Series J Preferred Stock 28,571,428 - Indemnity shares of common stock 412,500 825,000 Restricted Stock Awards 1,991,665 4,214,997 Financing Warrants 2,882,055 3,949,018 ABG Warrants 21,989,844 - Channel Partner Warrants 939,540 939,540 Restricted Stock Units 2,399,997 2,399,997 Common Stock Awards 8,063,811 9,179,013 Common Equity Awards 77,106,507 - Outside Options 3,730,667 3,780,000 Total 253,264,684 84,264,235

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of Net Income (Loss) Per Common Share	The Company excluded the outstanding securities summarized below (capitalized terms are described herein), which entitle the holders thereof to acquire shares of the Company’s common stock, from its calculation of net income loss per common share, as their effect would have been anti-dilutive. As of March 31, 2020 2019 Series G Preferred Stock 188,791 188,791 Series H Preferred Stock 58,787,879 58,787,879 Series I Preferred Stock 46,200,000 - Series J Preferred Stock 28,571,428 - Indemnity shares of common stock 412,500 825,000 Restricted Stock Awards 1,991,665 4,214,997 Financing Warrants 2,882,055 3,949,018 ABG Warrants 21,989,844 - Channel Partner Warrants 939,540 939,540 Restricted Stock Units 2,399,997 2,399,997 Common Stock Awards 8,063,811 9,179,013 Common Equity Awards 77,106,507 - Outside Options 3,730,667 3,780,000 Total 253,264,684 84,264,235

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Schedule of Preliminary Purchase Price	The composition of the preliminary purchase price is as follows: Cash $ 315,289 Indemnity restricted stock units for shares of common stock 500,000 Total purchase consideration $ 815,289
Summary of Price Allocation for Acquisition	The preliminary purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the closing date of the acquisition based upon their respective fair values as summarized below: Accounts receivable $ 37,908 Developed technology 917,762 Accounts payable (53,494 ) Unearned revenue (86,887 ) Net assets acquired $ 815,289

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2020
Balance Sheet Components Tables Abstract
Summary of Platform Development Costs	Platform Development As of March 31, December 31, Platform development $ 11,902,670 $ 10,678,692 Less accumulated amortization (5,706,797 ) (4,785,973 ) Net platform development $ 6,195,873 $ 5,892,719
Summary of Platform Development Cost Activity	A summary of platform development activity for the three months ended March 31, 2020 and year ended December 31, 2019 is as follows: As of March 31, December 31, Platform development beginning of period $ 10,678,692 $ 6,833,900 Payroll-based costs capitalized during the period 853,926 2,537,402 Total capitalized costs 11,532,618 9,371,302 Stock-based compensation 370,052 1,307,390 Platform development end of period $ 11,902,670 $ 10,678,692
Schedule of Intangible Assets Subjects to Amortization	Intangible Assets As of March 31, 2020 As of December 31, 2019 Carrying Accumulated Net Carrying Accumulated Net Developed technology $ 20,055,866 $ (5,209,664 ) $ 14,846,202 $ 19,138,104 $ (4,090,359 ) $ 15,047,745 Noncompete agreement 480,000 (312,000 ) 168,000 480,000 (252,000 ) 228,000 Trade name 3,328,000 (294,395 ) 3,033,605 3,328,000 (224,745 ) 3,103,255 Subscriber relationships 73,458,799 (7,217,138 ) 66,241,661 73,458,799 (3,587,837 ) 69,870,962 Advertiser relationships 2,240,000 (154,103 ) 2,085,897 2,240,000 (94,635 ) 2,145,365 Database 1,140,000 (246,183 ) 893,817 1,140,000 (151,183 ) 988,817 Subtotal amortizable intangible assets 100,702,665 (13,433,483 ) 87,269,182 99,784,903 (8,400,759 ) 91,384,144 Website domain name 20,000 - 20,000 20,000 - 20,000 Total intangible assets $ 100,722,665 $ (13,433,483 ) $ 87,289,182 $ 99,804,903 $ (8,400,759 ) $ 91,404,144

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Supplemental Information Related to Operating Leases	The table below presents supplemental information related to operating leases: Three Months Ended March 31, 2020 Operating cash flows for operating leases $ 639,061 Noncash lease liabilities arising from obtaining operating leased assets during the period $ 16,617,790 Weighted-average remaining lease term 11.05 years Weighted-average discount rate 13.40 %
Summary of Maturity of Lease Liabilities	Maturities of operating lease liabilities as of March 31, 2020 are summarized as follows: Years Ending December 31, 2020 (remaining nine months of the year) $ 2,549,923 2021 3,804,853 2022 3,525,158 2023 3,528,696 2024 3,526,406 Thereafter 27,563,572 Minimum lease payments 44,498,608 Less imputed interest (23,065,693 ) Present value of operating lease liabilities $ 21,432,915 Current portion of operating lease liabilities $ 1,995,880 Long-term portion of operating lease liabilities 19,437,035 Total operating lease liabilities $ 21,432,915
Schedule of Future Minimum Operating Lease Payments	Future minimum lease payments under operating leases as of December 31, 2019, were as follows: Payments due by Year Total 2020 2021 2022 2023 2024 Thereafter Operating leases $ 6,132,252 $ 2,579,924 $ 685,111 $ 472,084 $ 486,247 $ 500,834 $ 1,408,052

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Warrant Derivative Liabilities	The following table presents the assumptions used for the warrant derivative liabilities under the Black-Scholes option-pricing model: As of March 31, 2020 As of December 31, 2019 Strome B. Riley Strome B. Riley Expected life 3.21 5.55 3.45 5.80 Risk-free interest rate 0.29 % 0.46 % 1.62 % 1.76 % Volatility factor 128.74 % 129.92 % 144.54 % 127.63 % Dividend rate 0 % 0 % 0 % 0 % Transaction date closing market price $ 0.77 $ 0.77 $ 0.80 $ 0.80 Exercise price $ 0.50 $ 1.00 $ 0.50 $ 1.00
Schedule of Valuation Activity for Warrants Accounted for Derivative Liability	The following table represents the carrying amounts and change in valuation for the Company’s warrants accounted for as a derivative liability and classified within Level 3 of the fair-value hierarchy: As of and Three Months Ended March 31, 2020 As of and Three Months Ended March 31, 2019 Carry Change in Carrying Carry Change in Carrying L2 Warrants $ - $ - $ - $ 418,214 $ 121,026 $ 539,240 Strome Warrants 1,036,687 (110,081 ) 926,606 587,971 170,144 758,115 B. Riley Warrants 607,513 (29,138 ) 578,375 358,050 84,525 442,575 Total $ 1,644,200 $ (139,219 ) $ 1,504,981 $ 1,364,235 $ 375,695 $ 1,739,930

Convertible Debt (Tables)

Convertible Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Convertible Debt	The following table summarizes the convertible debt: As of March 31, 2020 As of December 31, 2019 Principal Unamortized Carrying Principal Unamortized Carrying 12% Convertible Debentures, due on December 31, 2020 $ 17,633,158 $ (2,938,715 ) $ 14,694,443 $ 17,119,571 $ (3,880,609 ) $ 13,238,962

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long Term Debt	The following table summarizes the long-term debt: As of March 31, 2020 As of December 31, 2019 Principal Unamortized Carrying Principal Unamortized Carrying 12% Second Amended Senior Secured Note, as amended, due on December 31, 2022 $ 51,435,626 $ (5,315,279 ) $ 46,120,347 $ 49,921,345 $ (5,911,600 ) $ 44,009,745 Delayed Draw Term Note, as amended, due on March 31, 2022 6,931,150 (881,227 ) 6,049,923 - - - Total $ 58,366,776 $ (6,196,506 ) $ 52,170,270 $ 49,921,345 $ (5,911,600 ) $ 44,009,745

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Common Stock Financing Warrants Outstanding and Exercisable	The Financing Warrants outstanding and exercisable as of March 31, 2020 are summarized as follows: Outstanding Exercise Expiration Date Classified as Classified within (Shares) Total MDB Warrants $ 0.20 November 4, 2021 - 327,490 327,490 Strome Warrants 0.50 June 15, 2023 1,500,000 - 1,500,000 B. Riley Warrants 1.00 October 18, 2025 875,000 - 875,000 MDB Warrants 1.15 October 19, 2022 - 119,565 119,565 MDB Warrants 2.50 October 19, 2022 - 60,000 60,000 Total outstanding and exercisable 2,375,000 507,055 2,882,055

Compensation Plans (Tables)

Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of Stock-based Compensation	Stock-based compensation and equity-based expense charged to operations or capitalized during the three months ended March 31, 2020 and 2019 are summarized as follows: Restricted Common Common Channel Stock Stock Equity Outside Partner ABG Awards Awards Awards Options Warrants Warrants Totals During the Three Months Ended March 31, 2020 Cost of revenue $ 37,576 $ 69,796 $ 1,009,592 $ 1,206 $ 8,039 $ - $ 1,126,209 Selling and marketing 299,215 35,728 678,279 55,378 - - 1,068,600 General and administrative 22,920 171,672 755,247 55,183 - 360,289 1,365,311 Total costs charged to operations 359,711 277,196 2,443,118 111,767 8,039 360,289 3,560,120 Capitalized platform development 70,283 41,157 256,001 2,611 - - 370,052 Total stock-based compensation $ 429,994 $ 318,353 $ 2,699,119 $ 114,378 $ 8,039 $ 360,289 $ 3,930,172 During the Three Months Ended March 31, 2019 Cost of revenue $ 35,375 $ 20,219 $ - $ 1,129 $ 12,348 $ - $ 69,071 Selling and marketing 34,393 21,945 - 51,946 - - 108,284 General and administrative 715,637 404,430 892 21,313 - - 1,142,272 Total costs charged to operations 785,405 446,594 892 74,388 12,348 - 1,319,627 Capitalized platform development 137,956 29,992 - - - - 167,948 Total stock-based compensation $ 923,361 476,586 $ 892 $ 74,388 $ 12,348 $ - $ 1,487,575
Schedule of Unrecognized Compensation Expense	Unrecognized compensation expense and expected weighted-average period to be recognized related to the stock-based compensation awards and equity-based awards as of March 31, 2020 was as follows: Restricted Common Common Channel Stock Stock Equity Outside Partner ABG Awards Awards Awards Options Warrants Warrants Totals Unrecognized compensation expense $ 1,314,792 $ 1,501,346 $ 27,525,363 $ 772,360 $ 6,100 $ 4,302,887 $ 35,422,848 Expected weighted-average period expected to be recognized (in years) 0.89 1.08 2.38 1.86 0.31 3.13 2.35

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table provides information about disaggregated revenue by product line, geographical market and timing of revenue recognition: As of March 31, 2020 2019 Revenue by product line: Advertising $ 11,837,984 $ 6,137,354 Digital subscriptions 5,537,247 51,913 Magazine circulation 12,537,532 - Other 500,090 84,696 Total $ 30,412,853 $ 6,273,963 Revenue by geographical market: United States $ 29,282,130 $ 6,273,963 Other 1,130,723 - Total $ 30,412,853 $ 6,273,963 Revenue by timing of recognition: At point in time $ 24,875,606 $ 6,222,050 Over time 5,537,247 51,913 Total $ 30,412,853 $ 6,273,963
Schedule of Contract with Customer, Asset and Liability	The following table provides information about contract balances: As of March 31, December 31, Unearned revenue (short-term contract liabilities): Digital subscriptions 11,070,739 $ 8,634,939 Magazine circulation 38,177,153 23,528,148 $ 49,247,892 $ 32,163,087 Unearned revenue (long-term contract liabilities): Digital subscriptions $ 1,244,706 $ 478,557 Magazine circulation 14,059,429 30,478,154 Other 215,000 222,500 $ 15,519,135 $ 31,179,211

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Liquidating Damages	The following table summarizes the contingent obligations with respect to the liquidated damages as of the date these condensed consolidated financial statements were issued or were available to be issued: Series I Preferred Stock Series J Preferred Stock Total Liquidated Damages Registration rights damages $ 69,300 $ 300,000 $ 369,300 Public information failure damages 138,600 360,000 498,600 Accrued interest 20,164 53,458 73,622 $ 228,064 $ 713,458 $ 941,522

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2021	Dec. 31, 2019
Revenues	$ 30,412,853	$ 6,273,963
Net income loss	(22,776,624)	(8,934,980)
Net operating activities	(10,153,653)	$ (1,202,177)
Accumulated deficit	$ (95,817,947)			$ (73,041,323)
Subsequent Event [Member]
Working capital			$ 10,100,000
Additional borrowings			$ 5,000,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Net Income (Loss) Per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive securities excluded from computation of earnings per share amount	253,264,684	84,264,235
Series G Preferred Stock [Member]
Antidilutive securities excluded from computation of earnings per share amount	188,791	188,791
Series H Preferred Stock [Member]
Antidilutive securities excluded from computation of earnings per share amount	58,787,879	58,787,879
Series I Preferred Stock [Member]
Antidilutive securities excluded from computation of earnings per share amount	46,200,000
Series J Preferred Stock [Member]
Antidilutive securities excluded from computation of earnings per share amount	28,571,428
Indemnity Shares of Common Stock [Member]
Antidilutive securities excluded from computation of earnings per share amount	412,500	825,000
Restricted Stock Awards [Member]
Antidilutive securities excluded from computation of earnings per share amount	1,991,665	4,214,997
Financing Warrants [Member]
Antidilutive securities excluded from computation of earnings per share amount	2,882,055	3,949,018
ABG Warrants [Member]
Antidilutive securities excluded from computation of earnings per share amount	21,989,844
Channel Partner Warrants [Member]
Antidilutive securities excluded from computation of earnings per share amount	939,540	939,540
Restricted Stock Units [Member]
Antidilutive securities excluded from computation of earnings per share amount	2,399,997	2,399,997
Common Stock Awards [Member]
Antidilutive securities excluded from computation of earnings per share amount	8,063,811	9,179,013
Common Equity Awards [Member]
Antidilutive securities excluded from computation of earnings per share amount	77,106,507
Outside Options [Member]
Antidilutive securities excluded from computation of earnings per share amount	3,730,667	3,780,000

Acquisitions (Details Narrative

Acquisitions (Details Narrative) - USD ($)	Mar. 09, 2020	Feb. 19, 2020	Mar. 31, 2020
Developed Technology [Member]
Developed technology useful life			5 years
Petametrics Inc. [Member]
Cash payment		$ 184,087
Petametrics Inc. [Member] | Closing [Member]
Cash payment	$ 131,202
Petametrics Inc. [Member] | Second Anniversary Date [Member]
Number of restricted common stock issued	312,500
Petametrics Inc. [Member] | First Anniversary Date [Member]
Number of restricted common stock issued	312,500

Acquisitions - Schedule of Prel

Acquisitions - Schedule of Preliminary Purchase Price (Details) - USD ($)	Mar. 09, 2020	Mar. 31, 2020	Mar. 31, 2019
Payables and Accruals [Abstract]
Cash	$ 315,289	$ 315,289
Indemnity restricted stock units for shares of common stock	500,000
Total purchase consideration	$ 815,289

Acquisitions - Summary of Price

Acquisitions - Summary of Price Allocation for Acquisition (Details	Mar. 09, 2020USD ($)
Business Combinations [Abstract]
Accounts receivable	$ 37,908
Developed technology	917,762
Accounts payable	(53,494)
Unearned revenue	(86,887)
Net assets acquired	$ 815,289

Balance Sheet Components (Detai

Balance Sheet Components (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Balance Sheet Components
Allowance for doubtful accounts	$ 518,111		$ 304,129
Subscription acquisition costs	6,269,758		3,142,580
Subscription acquisition costs, net of current portion	3,394,768		$ 3,417,478
Amortization expense	920,824	$ 587,470
Amortization expense of intangible asset	5,032,724	834,900
Impairment charges

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Platform Development Costs (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net platform development	$ 1,337,095	$ 661,277
Platform Development [Member]
Platform development	11,902,670	10,678,692	$ 6,833,900
Less accumulated amortization	(5,706,797)	(4,785,973)
Net platform development	$ 6,195,873	$ 5,892,719

Balance Sheet Components - Su_2

Balance Sheet Components - Summary of Platform Development Cost Activity (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Stock-based compensation	$ 3,560,120	$ 1,319,627
Platform Development [Member]
Platform development beginning of period	10,678,692	$ 6,833,900	$ 6,833,900
Payroll-based costs capitalized during the period	853,926		2,537,402
Total capitalized costs	11,532,618		9,371,302
Stock-based compensation	370,052		1,307,390
Platform development end of period	$ 11,902,670		$ 10,678,692

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Intangible Assets Subjects to Amortization (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Intangible assets, gross	$ 100,722,665	$ 99,804,903
Intangible assets, accumulated amortization	(13,433,483)	(8,400,759)
Intangible assets, net	87,289,182	91,404,144
Developed Technology [Member]
Intangible assets, gross	20,055,866	19,138,104
Intangible assets, accumulated amortization	(5,209,664)	(4,090,359)
Intangible assets, net	14,846,202	15,047,745
Noncompete Agreement [Member]
Intangible assets, gross	480,000	480,000
Intangible assets, accumulated amortization	(312,000)	(252,000)
Intangible assets, net	168,000	228,000
Trade Name [Member]
Intangible assets, gross	3,328,000	3,328,000
Intangible assets, accumulated amortization	(294,395)	(224,745)
Intangible assets, net	3,033,605	3,103,255
Subscriber Relationships [Member]
Intangible assets, gross	73,458,799	73,458,799
Intangible assets, accumulated amortization	(7,217,138)	(3,587,837)
Intangible assets, net	66,241,661	69,870,962
Advertising Relationships [Member]
Intangible assets, gross	2,240,000	2,240,000
Intangible assets, accumulated amortization	(154,103)	(94,635)
Intangible assets, net	2,085,897	2,145,365
Database [Member]
Intangible assets, gross	1,140,000	1,140,000
Intangible assets, accumulated amortization	(246,183)	(151,183)
Intangible assets, net	893,817	988,817
Subtotal Amortizable Intangible Assets [Member]
Intangible assets, gross	100,702,665	99,784,903
Intangible assets, accumulated amortization	(13,433,483)	(8,400,759)
Intangible assets, net	87,269,182	91,384,144
Website Domain Name [Member]
Intangible assets, gross	20,000	20,000
Intangible assets, accumulated amortization
Intangible assets, net	$ 20,000	$ 20,000

Leases (Details Narrative)

Leases (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating lease costs	$ 1,037,904	$ 130,952
Minimum [Member]
Lease term	1 year 6 months
Maximum [Member]
Lease term	12 years 9 months 18 days

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Information Related to Operating Leases (Details)	2 Months Ended
	Mar. 31, 2020USD ($)
Lessee Disclosure [Abstract]
Operating cash flows for operating leases	$ 639,061
Noncash lease liabilities arising from obtaining operating leased assets during the period	$ 16,617,790
Weighted-average remaining lease term	11 years 18 days
Weighted-average discount rate	13.40%

Leases - Summary of Maturity of

Leases - Summary of Maturity of Lease Liabilities (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Lessee Disclosure [Abstract]
2020	$ 2,549,923
2021	3,804,853
2022	3,525,158
2023	3,528,696
2024	3,526,406
Thereafter	27,563,572
Minimum lease payments	44,498,608
Less imputed interest	(23,065,693)
Present value of operating lease liabilities	21,432,915
Current portion of operating lease liabilities	1,995,880	$ 2,203,474
Long-term portion of operating lease liabilities	19,437,035	$ 2,616,132
Total operating lease liabilities	$ 21,432,915

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Operating Lease Payments (Details)	Dec. 31, 2019USD ($)
Lessee Disclosure [Abstract]
2020	$ 2,579,924
2021	685,111
2022	472,084
2023	486,247
2024	500,834
Thereafter	1,408,052
Operating leasefuture minimum payments due	$ 6,132,252

Line of Credit (Details Narrati

Line of Credit (Details Narrative) - USD ($)	Feb. 27, 2020	Mar. 31, 2020	Dec. 31, 2019
Financing and Security Agreement [Member]
Line of credit		$ 5,415,914
Line of credit maturity date	Feb. 6, 2022
Line of credit , outstanding amount		$ 4,900,000
Financing and Security Agreement [Member] | LIBOR Rate Plus [Member]
Line of credit interest rate	8.50%
FastPay Credit Facility [Member] | Financing and Security Agreement [Member]
Line of credit	$ 15,000,000
Sallyport [Member]
Receivable from related party			$ 626,532

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Change in valuation of warrant derivative liabilities	$ 139,219	$ (375,695)
Change in valuation of embedded derivative liabilities	1,621,000	$ (2,383,000)
Level 3 [Member]
Change in valuation of embedded derivative liabilities	$ 11,880,000		$ 13,501,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of warrant derivative liabilities (Details)	Mar. 31, 2020Integer	Dec. 31, 2019Integer
Expected Life [Member] | Strome Warrants [Member]
Warrants term	3 years 2 months 16 days	3 years 5 months 12 days
Expected Life [Member] | B. Riley Warrants [Member]
Warrants term	5 years 6 months 18 days	5 years 9 months 18 days
Measurement Input, Risk Free Interest Rate [Member] | Strome Warrants [Member]
Warrants measurement input	0.29	1.62
Measurement Input, Risk Free Interest Rate [Member] | B. Riley Warrants [Member]
Warrants measurement input	0.46	1.76
Volatility Factor [Member] | Strome Warrants [Member]
Warrants measurement input	128.74	144.54
Volatility Factor [Member] | B. Riley Warrants [Member]
Warrants measurement input	129.92	127.63
Dividend Rate [Member] | Strome Warrants [Member]
Warrants measurement input	0	0
Dividend Rate [Member] | B. Riley Warrants [Member]
Warrants measurement input	0	0
Transaction Date Closing Market Price [Member] | Strome Warrants [Member]
Warrants measurement input	0.77	0.80
Transaction Date Closing Market Price [Member] | B. Riley Warrants [Member]
Warrants measurement input	0.77	0.80
Exercise Price [Member] | Strome Warrants [Member]
Warrants measurement input	0.50	0.50
Exercise Price [Member] | B. Riley Warrants [Member]
Warrants measurement input	1	1

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Valuation Activity for Warrants Accounted for Derivative Liability (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
L2 Warrants [Member]
Carrying value begining period		$ 418,214
Change in valuation of warrant derivative liabilities		121,026
Carrying value at end of the period		539,240
Strome Warrants [Member]
Carrying value begining period	1,036,687	587,971
Change in valuation of warrant derivative liabilities	(110,081)	170,144
Carrying value at end of the period	926,606	758,115
B. Riley Warrants [Member]
Carrying value begining period	607,513	358,050
Change in valuation of warrant derivative liabilities	(29,138)	84,525
Carrying value at end of the period	578,375	442,575
Warrants [Member]
Carrying value begining period	1,644,200	1,364,235
Change in valuation of warrant derivative liabilities	(139,219)	375,695
Carrying value at end of the period	$ 1,504,981	$ 1,739,930

Convertible Debt (Details Narra

Convertible Debt (Details Narrative) - USD ($)	Apr. 08, 2019	Mar. 27, 2019	Mar. 18, 2019	Dec. 12, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt interest rate							12.00%	12.00%	12.00%
Debt conversion description					The debentures are subject to the Company receiving shareholder approval to increase its authorized shares of common stock, principal on the 12% Convertible Debentures are convertible into shares of common stock, at the option of the investor at any time prior to December 31, 2020, at a per share conversion price (the debentures issued in 2018 have a conversion price of $0.33 per share and the debentures issued in 2019 have a conversion price of $0.40 per share), subject to adjustment for stock splits, stock dividends and similar transactions, and beneficial ownership blocker provisions.
Coversion price								$ 0.40	$ 0.33
Proceeds from convertible debt	$ 100,000	$ 318,000	$ 1,696,000	$ 13,091,528		$ 1,900,000
Debt converted into shares	250,000	795,000	4,240,000	39,671,297

Convertible Debt - Schedule of

Convertible Debt - Schedule of Convertible Debt (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Unamortized debt discount	$ (6,196,506)		$ (5,911,600)
12% Convertible Debenture [Member]
Principal amount of debt		$ 17,633,158	17,119,571
Unamortized debt discount		(2,938,715)	(3,880,609)
Carrying value		$ 14,694,443	$ 13,238,962

Long-term Debt (Details Narrati

Long-term Debt (Details Narrative) - USD ($)	Mar. 24, 2020	Feb. 27, 2020	Aug. 27, 2019	Jun. 14, 2019	Jun. 10, 2019	Jun. 10, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt instrument interest rate							12.00%	12.00%	12.00%
Delayed Draw Term Note [Member]
Debt maturity date							Mar. 31, 2022
12% Senior Secured Note [Member]
Debt maturity date					Jul. 31, 2019
Proceeds from issuance of debt					$ 20,000,000
12% Senior Secured Note [Member] | Amended and Restated Note Purchase Agreement [Member]
Debt maturity date				Jun. 14, 2022
Proceeds from issuance of debt				$ 48,000,000		$ 68,000,000
12% Second Amended Senior Secured Notes [Member]
Debt maturity date							Dec. 31, 2022
Proceeds from issuance of debt		$ 3,000,000	$ 3,000,000
12% Second Amended Senior Secured Notes [Member] | Delayed Draw Term Note [Member]
Debt maturity date	Mar. 31, 2021
Proceeds from issuance of debt	$ 6,913,865
Principal amount of debt	$ 12,000,000
Debt instrument interest rate	15.00%
Legal fees	$ 793,109
Net proceeds from issuance of debt	6,000,000
12% Second Amended Senior Secured Notes [Member] | Delayed Draw Term Note [Member] | Maximum [Member]
Principal amount of debt	$ 8,000,000

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long Term Debt (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Principal Balance (including accrued interest)	$ 58,366,776	$ 49,921,345
Unamortized discount and debt issuance cost	(6,196,506)	(5,911,600)
Carrying value	52,170,270	44,009,745
Delayed Draw Term Note [Member]
Principal Balance (including accrued interest)	6,931,150
Unamortized discount and debt issuance cost	(881,227)
Carrying value	6,049,923
12% Second Amended Senior Secured Notes [Member]
Principal Balance (including accrued interest)	51,435,626	49,921,345
Unamortized discount and debt issuance cost	(5,315,279)	(5,911,600)
Carrying value	$ 46,120,347	$ 44,009,745

Long-term Debt - Schedule of _2

Long-term Debt - Schedule of Long Term Debt (Details) (Parenthetical)	Mar. 24, 2020	Dec. 31, 2020
Delayed Draw Term Note [Member]
Debt maturity date		Mar. 31, 2022
12% Second Amended Senior Secured Notes [Member]
Debt maturity date		Dec. 31, 2022
12% Second Amended Senior Secured Notes [Member] | Delayed Draw Term Note [Member]
Debt maturity date	Mar. 31, 2021

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Common stock authorized	1,000,000,000	1,000,000,000
Common stock par value	$ 0.01	$ 0.01
Shares issued price per share	$ 0.77
Money Stock Warrants [Member]
Fair value of warrants	$ 591,669

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Financing Warrants Outstanding and Exercisable (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Financing Warrants Classified as Derivative Liabilities (Shares)	2,375,000
Financing Warrants Classified within Stockholders' Equity (Shares)	507,055
Total Exercisable Financing Warrants (Shares)	2,882,055
MDB Warrants [Member]
Financing Warrants Exercise Price | $ / shares	$ 0.20
Financing Warrants Expiration Date	Nov. 4, 2021
Financing Warrants Classified as Derivative Liabilities (Shares)
Financing Warrants Classified within Stockholders' Equity (Shares)	327,490
Total Exercisable Financing Warrants (Shares)	327,490
Strome Warrants [Member]
Financing Warrants Exercise Price | $ / shares	$ 0.50
Financing Warrants Expiration Date	Jun. 15, 2023
Financing Warrants Classified as Derivative Liabilities (Shares)	1,500,000
Financing Warrants Classified within Stockholders' Equity (Shares)
Total Exercisable Financing Warrants (Shares)	1,500,000
B. Riley Warrants [Member]
Financing Warrants Exercise Price | $ / shares	$ 1
Financing Warrants Expiration Date	Oct. 18, 2025
Financing Warrants Classified as Derivative Liabilities (Shares)	875,000
Financing Warrants Classified within Stockholders' Equity (Shares)
Total Exercisable Financing Warrants (Shares)	875,000
MDB Warrants One [Member]
Financing Warrants Exercise Price | $ / shares	$ 1.15
Financing Warrants Expiration Date	Oct. 19, 2022
Financing Warrants Classified as Derivative Liabilities (Shares)
Financing Warrants Classified within Stockholders' Equity (Shares)	119,565
Total Exercisable Financing Warrants (Shares)	119,565
MDB Warrants Two [Member]
Financing Warrants Exercise Price | $ / shares	$ 2.50
Financing Warrants Expiration Date	Oct. 19, 2022
Financing Warrants Classified as Derivative Liabilities (Shares)
Financing Warrants Classified within Stockholders' Equity (Shares)	60,000
Total Exercisable Financing Warrants (Shares)	60,000

Compensation Plans - Summary of

Compensation Plans - Summary of Stock-based Compensation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cost of revenue	$ 26,738,833	$ 5,652,565
Selling and marketing	9,359,938	1,149,292
General and administrative	10,410,205	4,225,253
Total stock based compensation	3,560,120	1,319,627
Stock-based Compensation [Member]
Cost of revenue	1,126,209	69,071
Selling and marketing	1,068,600	108,284
General and administrative	1,365,311	1,142,272
Total costs charged to operations	3,560,120	1,319,627
Capitalized platform development	370,052	167,948
Total stock based compensation	3,930,172	1,487,575
Stock-based Compensation [Member] | ABG Warrants [Member]
Cost of revenue
Selling and marketing
General and administrative	360,289
Total costs charged to operations	360,289
Capitalized platform development
Total stock based compensation	260,289
Restricted Stock Awards [Member] | Stock-based Compensation [Member]
Cost of revenue	37,576	35,375
Selling and marketing	299,215	34,393
General and administrative	22,920	715,637
Total costs charged to operations	359,711	785,405
Capitalized platform development	70,283	137,956
Total stock based compensation	429,994	923,361
Common Stock Awards [Member] | Stock-based Compensation [Member]
Cost of revenue	69,796	20,219
Selling and marketing	35,728	21,945
General and administrative	171,672	404,430
Total costs charged to operations	277,196	446,594
Capitalized platform development	41,157	29,992
Total stock based compensation	318,353	476,586
Common Equity Awards [Member] | Stock-based Compensation [Member]
Cost of revenue	1,009,592
Selling and marketing	678,279
General and administrative	755,247	892
Total costs charged to operations	2,443,118	892
Capitalized platform development	256,001
Total stock based compensation	2,699,119	892
Outside Options [Member] | Stock-based Compensation [Member]
Cost of revenue	1,206	1,129
Selling and marketing	55,378	51,946
General and administrative	55,183	21,313
Total costs charged to operations	111,767	74,388
Capitalized platform development	2,611
Total stock based compensation	$ 114,378	$ 74,388

Compensation Plans - Schedule o

Compensation Plans - Schedule of Unrecognized Compensation Expense (Details) - Stock-based Compensation [Member]	3 Months Ended
	Mar. 31, 2020USD ($)
Unrecognized compensation expense	$ 35,836,446
Expected weighted-average period expected to be recognized (in years)	2 years 4 months 2 days
Channel Partner Warrants [Member]
Unrecognized compensation expense	$ 6,100
Expected weighted-average period expected to be recognized (in years)	3 months 22 days
ABG Warrants [Member]
Unrecognized compensation expense	$ 4,302,887
Expected weighted-average period expected to be recognized (in years)	3 years 1 month 16 days
Restricted Stock Awards [Member]
Unrecognized compensation expense	$ 1,304,137
Expected weighted-average period expected to be recognized (in years)	1 year 1 month 24 days
Common Stock Awards [Member]
Unrecognized compensation expense	$ 1,854,025
Expected weighted-average period expected to be recognized (in years)	1 year
Common Equity Awards [Member]
Unrecognized compensation expense	$ 27,525,363
Expected weighted-average period expected to be recognized (in years)	2 years 4 months 17 days
Outside Options [Member]
Unrecognized compensation expense	$ 843,934
Expected weighted-average period expected to be recognized (in years)	1 year 8 months 12 days

Revenue Recognition (Details Na

Revenue Recognition (Details Narrative)	Mar. 31, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Unearned revenue	$ 8,810,987

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Total revenue	$ 30,412,853	$ 6,273,963
At Point in Time [Member]
Total revenue	24,875,606	6,222,050
Over Time [Member]
Total revenue	5,537,247	51,913
United States [Member]
Total revenue	29,282,130	6,273,963
Other [Member]
Total revenue	1,130,723
Advertising [Member]
Total revenue	11,837,984	6,137,354
Digital Subscriptions [Member]
Total revenue	5,537,247	51,913
Magazine Circulation [Member]
Total revenue	12,537,532
Other [Member]
Total revenue	$ 500,090	$ 84,696

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Contract with Customer, Asset and Liability (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Unearned revenues	$ 49,247,892	$ 32,163,087
Unearned revenues, net of current portion	15,519,135	31,179,211
Magazine Circulation [Member]
Unearned revenues	36,557,301	23,528,148
Unearned revenues, net of current portion	13,525,646	30,478,154
Other [Member]
Unearned revenues, net of current portion	215,000	222,500
Digital Subscriptions [Member]
Unearned revenues	11,070,815	8,634,939
Unearned revenues, net of current portion	$ 1,244,706	$ 478,557

Commitments and Contingencies_2

Commitments and Contingencies (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue guarantee description	These arrangements generally guarantee the publisher a monthly amount of income for a period of 12 to 24 months from inception of the publisher contract that is the greater of (a) a fixed monthly minimum, or (b) the calculated earned revenue share.
Revenue	$ 30,412,853	$ 6,273,963
Revenue Guarantee [Member]
Revenue	$ 2,374,087	$ 1,254,992

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Liquidating Damages (Details) - Contingent Obligations [Member]	Mar. 31, 2020USD ($)
Registration Rights Damages	$ 369,300
Public Information Failure Damages	498,600
Accrued interest	73,622
Totals	941,522
Series I Preferred Stock [Member]
Registration Rights Damages	69,300
Public Information Failure Damages	138,600
Accrued interest	20,164
Totals	228,064
Series J Preferred Stock [Member]
Registration Rights Damages	300,000
Public Information Failure Damages	360,000
Accrued interest	53,458
Totals	$ 713,458

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	May 04, 2021	Apr. 02, 2021	Feb. 28, 2021	Feb. 18, 2021	Dec. 31, 2020	Dec. 15, 2020	Oct. 31, 2020	Oct. 30, 2020	Oct. 23, 2020	Sep. 04, 2020	Aug. 20, 2020	Aug. 20, 2020	Apr. 06, 2020	Apr. 08, 2019	Mar. 27, 2019	Mar. 18, 2019	Dec. 12, 2018	Nov. 11, 2020	Apr. 30, 2020	Dec. 31, 2020	Mar. 31, 2021	Mar. 18, 2021	Dec. 18, 2020	Apr. 03, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Conversion price per share																										$ 0.40	$ 0.33
Shares issued upon conversion of debt														250,000	795,000	4,240,000	39,671,297
Share issued price per share																									$ 0.77
Debt instrument interest rate					12.00%															12.00%						12.00%	12.00%
Restricted cash																									$ 1,000,809	$ 620,809
Remaining outstanding balance																									$ 44,498,608
Common stock, shares authorized																									1,000,000,000	1,000,000,000
Delayed DrawTerm Note [Member]
Debt maturity date																				Mar. 31, 2022
Subsequent Event [Member]
Number of shares vested						1,064,549
Purchase price per share						$ 4
Working capital																					$ 10,100,000
Common stock, shares authorized																							1,000,000,000
Subsequent Event [Member] | Surrender Agreement [Member]
Share issued price per share								$ 1
Restricted cash								$ 500,000
Monthly lease payments								68,868
Remaining outstanding balance								$ 1,239,624
Subsequent Event [Member] | Series J Preferred Stock [Member] | Purchase Agreements [Member]
Until paid interest rate percentage		1.00%
Subsequent Event [Member] | Series K Preferred Stock [Member]
Preferred stock shares designated									20,000
Subsequent Event [Member] | Series K Preferred Stock [Member] | Purchase Agreements [Member]
Until paid interest rate percentage		1.00%
Subsequent Event [Member] | Series L Preferred Stock [Member]
Share issued price per share	$ 1
Preferred stock voting rights	1,000 times the aggregate per share amount of all cash dividends, and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions paid to the holders of the Company's common stock. The Series L Preferred Stock will be entitled to 1,000 votes on all matters submitted to a vote of the stockholders of the Company. In the event of any merger, consolidation or other transaction in which shares of the Company's common stock are converted or exchanged, the Series L Preferred Stock will be entitled to receive 1,000 times the amount received per one share of the Company's common stock.
Subsequent Event [Member] | Series L Preferred Stock [Member] | Purchase Agreements [Member]
Share issued price per share	$ 4
Preferred stock stated value	$ 0.01
Subsequent Event [Member] | Accredited Investor [Member] | Series H Preferred Stock [Member]
Conversion price per share											$ 0.33	$ 0.33
Number of shares issued during period, shares											108
Shares issued during the period deemed null and void											2,145
Preferred stock stated value											$ 1,000	$ 1,000
Conversion of stock											327,273
Proceeds from issuance of common stock											$ 130,000
Subsequent Event [Member] | James Heckman [Member] | Series H Preferred Stock [Member]
Conversion price per share							$ 0.33
Note payable							$ 389,000
Number of shares issued during period, shares							389
Preferred stock stated value							$ 1,000
Conversion of stock							1,178,787
Subsequent Event [Member] | Two Accredited Investors [Member] | Series J Preferred Stock [Member]
Conversion price per share										$ 0.70
Number of shares issued during period, shares										10,500
Preferred stock stated value										$ 1,000
Conversion of stock										15,013,072
Proceeds from issuance of common stock										$ 6,000,000
Subsequent Event [Member] | Accredited Investors [Member] | Series K Preferred Stock [Member] | Securities Purchase Agreement [Member]
Debt principal amount																		$ 3,400,000
Conversion price per share																		$ 0.40
Number of shares issued during period, shares																		18,042
Preferred stock stated value																		$ 1,000
Proceeds from issuance of common stock																		$ 18,042,000
Common stock shares issuable upon conversion																		45,105,000
Cash fee paid																		$ 560,500
Working capital																		11,500,000
Payments for prior investment																		$ 2,600,000
Subsequent Event [Member] | Maximum [Member] | Series H Preferred Stock [Member]
Liquidated damages percentage												1.00%
Until paid interest rate percentage												1.00%
Subsequent Event [Member] | Maximum [Member] | Series J Preferred Stock [Member] | Purchase Agreements [Member]
Liquidated damages percentage		1.00%
Percentage of aggregate amount invested		6.00%
Subsequent Event [Member] | Maximum [Member] | Series K Preferred Stock [Member] | Purchase Agreements [Member]
Liquidated damages percentage		1.00%
Percentage of aggregate amount invested		6.00%
Subsequent Event [Member] | 12% Convertible Debentures [Member]
Debt principal amount					$ 18,104,949															$ 18,104,949
Shares issued upon conversion of debt					53,887,470
Repayments of debt					$ 1,130,903
Subsequent Event [Member] | 12% Convertible Debentures [Member] | Maximum [Member]
Conversion price per share					$ 0.33															$ 0.33
Subsequent Event [Member] | 12% Convertible Debentures [Member] | Minimum [Member]
Conversion price per share					$ 0.40															$ 0.40
Subsequent Event [Member] | 12% Amended Senior Secured Notes [Member]
Debt principal amount									$ 4,300,000
Subsequent Event [Member] | 12% Amended Senior Secured Notes [Member] | Delayed DrawTerm Note [Member]
Debt principal amount									$ 3,295,505
Shares issued upon conversion of debt									3,367,000
Accrued interest									$ 71,495
In-kind interest									700,000
Subsequent Event [Member] | 12% Amended Senior Secured Notes [Member] | B. Riley [Member]
Line of credit									$ 56,300,000
Subsequent Event [Member] | 12% Amended Senior Secured Notes [Member] | B. Riley [Member] | Interest and Unpaid Accrued Interest [Member]
Share issued price per share									$ 0.40
Accrued interest									$ 330,000
Debt maturity date									Mar. 31, 2022
Subsequent Event [Member] | 12% Amended Senior Secured Notes [Member] | B. Riley [Member] | Principal Outstanding [Member]
Line of credit									$ 48,800,000
Subsequent Event [Member] | 12% Amended Senior Secured Notes [Member] | B. Riley [Member] | Payment-in-Kind of Interest [Member]
Line of credit									$ 420,000
Subsequent Event [Member] | Payroll Protection Program Loan [Member]
Debt maturity date													Apr. 6, 2022
Proceeds from notes													$ 5,700,000
Debt instrument interest rate													0.98%
Note payable													$ 5,702,725
Subsequent Event [Member] | 2019 Equity Incentive Plan [Member]
Stock options, shares authorized				185,000,000																		26,200,000		85,000,000
Share based payments, stocks granted during period																			11,158,049
Share based payments, stocks granted outstanding during period																			84,207,987
Subsequent Event [Member] | 2019 Equity Incentive Plan [Member] | Non Qualified Stock Options [Member]
Number of shares common stock options, granted			11,158,049	11,158,049
Subsequent Event [Member] | 2019 Equity Incentive Plan [Member] | Restricted Stock Awards [Member]
Number of shares common stock options, granted			26,048,781	26,048,781