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Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
[1]
Sep. 30, 2019
Sep. 30, 2018
[1]
Revenue:        
Online networks $ 14,383,659 $ 1,809,689 $ 25,128,001 $ 3,339,901
Television and film distribution 2,613,872 2,510,462 6,058,862 7,785,427
Television and short-form video production 48,557 2,283,933 596,252 4,720,094
Total revenue 17,046,088 6,604,084 31,783,115 15,845,422
Less: Television & film distribution returns and allowances (255,394) (107,300) (828,785) (553,294)
Net revenue 16,790,694 6,496,784 30,954,330 15,292,128
Cost of revenue 13,614,648 2,471,136 23,568,743 7,398,107
Gross profit 3,176,046 4,025,648 7,385,587 7,894,021
Operating expenses:        
Selling, general and administrative 6,371,870 2,324,632 13,894,351 7,467,654
Amortization 4,695,522 149,596 5,631,136 197,751
Management and license fees 1,676,303 647,603 3,091,093 1,512,687
Total operating expenses 12,743,695 3,121,831 22,616,580 9,178,092
Operating (loss) income (9,567,649) 903,817 (15,230,993) (1,284,071)
Interest income 8,997 16,883 34,546 20,530
Interest expense (195,881) (133,121) (483,363) (251,939)
Loss on extinguishment of debt (350,691) 0 (350,691) 0
Acquisition-related costs (1,078,637) (182,832) (3,735,373) (228,132)
(Loss) income before income taxes and preferred dividends (11,183,861) 604,747 (19,765,874) (1,743,612)
Provision for income taxes 1,248,000 375,000 557,000 579,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total (12,431,861) 229,747 (20,322,874) (2,322,612)
Net (loss) attributable to noncontrolling interests (37,473) 0 (36,960) 0
Net Income (Loss) Attributable to Parent, Total (12,394,388) 229,747 (20,285,914) (2,322,612)
Less: Preferred dividends 929,387 422,779 2,330,675 422,779
Net (loss) available to common stockholders $ (13,323,775) $ (193,032) $ (22,616,589) $ (2,745,391)
Net (loss) per common share:        
Basic and diluted $ (1.11) $ (0.02) $ (1.89) $ (0.23)
[1] *     In accordance with ASC Subtopic 80550 "Transactions between entities under common control", results of operations for the 2018 period have been retrospectively adjusted for the acquisition of A Plus on December 28, 2018 to furnish comparative information as required. The effects of intra-entity transactions have been eliminated as a part of the consolidation, where applicable.