0000000000-18-030013.txt : 20190212 0000000000-18-030013.hdr.sgml : 20190212 20180924144802 ACCESSION NUMBER: 0000000000-18-030013 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20180924 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: Fluent, Inc. CENTRAL INDEX KEY: 0001460329 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ADVERTISING [7310] IRS NUMBER: 770688094 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 33 WHITEHALL STREET STREET 2: 15TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10004 BUSINESS PHONE: 6466697272 MAIL ADDRESS: STREET 1: 33 WHITEHALL STREET STREET 2: 15TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10004 FORMER COMPANY: FORMER CONFORMED NAME: Cogint, Inc. DATE OF NAME CHANGE: 20160923 FORMER COMPANY: FORMER CONFORMED NAME: IDI, Inc. DATE OF NAME CHANGE: 20150520 FORMER COMPANY: FORMER CONFORMED NAME: Tiger Media, Inc. 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Form 10-K for the Fiscal Year Ended December 31, 2017 Filed March 14, 2018 Form 10-Q for the Fiscal Quarter Ended June 30, 2018 Filed August 8, 2018 File No. 001-37893 Dear Mr. Perfit: We have limited our review of your filing to the financial statements and related disclosures and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response. After reviewing your response to these comments, we may have additional comments. Form 10-K for the Fiscal Year Ended December 31, 2017 Summary of significant accounting policies (h) Goodwill, page F-14 1. We note goodwill represents a substantial element of your Balance Sheet. You disclose that the results of your impairment testing indicated the fair value of your reporting units exceeded their carrying amount. We note that your Information Services reporting unit has historically incurred substantial losses from operations. Please modify your disclosure to state, if true, that the results of your impairment testing indicate the fair values of each reporting unit substantially exceed their carrying values. Otherwise, please disclose (either here or within Critical Accounting Policies in MD&A) the amount or Ryan Perfit Fluent, Inc. September 24, 2018 Page 2 percentage by which each reporting unit's fair value exceeds its carrying value. Form 10-Q for the Fiscal Quarter Ended June 30, 2018 Summary of significant accounting policies (c) Revenue recognition, page 7 2. You disclose on page 8 that you have a right to payment from customers in an amount that corresponds directly with the value of the performance completed to date. We note that a significant portion of your accounts receivable as of June 30, 2018 and December 31, 2017 consists of unbilled revenue. Please expand your revenue policy to describe the circumstances that result in delays between revenue recognition and the issuance of customer invoices. Please tell us the extent to which your unbilled revenue balances as of June 30, 2018 have been subsequently invoiced and how long it took to issue those invoices. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. You may contact Joseph Cascarano, Staff Accountant, at (202) 551-337or Lisa Haynes Etheredge, Staff Accountant, at (202) 551-3424 with any questions. FirstName LastNameRyan Perfit Sincerely, Comapany NameFluent, Inc. Division of Corporation Finance September 24, 2018 Page 2 Office of Telecommunications FirstName LastName