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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
[1]
Cash flows from Operating Activities:    
Net loss $ (20,322,874) $ (2,322,612)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 794,149 736,792
Amortization of programming costs and rights 451,050 1,509,217
Amortization of deferred financing costs 72,063 35,725
Amortization of fixed assets and acquired intangibles 5,631,136 197,684
Amortization of film library 3,475,471 3,656,515
Bad debt expense 1,241,243 714,506
Loss on debt extinguishment 350,691 0
Deferred income taxes 452,000 507,000
Changes in operating assets and liabilities:    
Trade accounts receivable (16,132,075) (1,424,768)
Prepaid expenses and other current assets (903,361) (372,137)
Inventory (29,849) 77,297
Programming costs and rights (1,622,067) (4,001,407)
Film library (10,134,353) (6,121,335)
Accounts payable, accrued expenses and other payables 17,797,811 584,087
Film library acquisition obligations 3,019,500 1,837,700
Accrued participation costs (230,564) (659,033)
Other liabilities (272,401) 304,917
Deferred revenue (6,469) 119,800
Net cash used in operating activities (16,368,899) (4,620,052)
Cash flows from Investing Activities:    
Business Acquisition, net of cash acquired 0 40,310
(Increase) decrease in due from affiliated companies (5,796,629) 791,277
Net cash (used in) provided by investing activities (5,796,629) 831,587
Cash flows from Financing Activities:    
Proceeds from revolving credit facility from related party 0 200,000
Repayments of revolving credit from related party 0 (1,700,000)
Proceeds from commercial loan 8,665,000 7,500,000
Repayments of commercial loan (666,667) (333,334)
Payment of preferred stock issuance costs (1,489,706) (1,261,648)
Proceeds from issuance of common stock under equity plans 160,161 0
Payment of deferred financing costs (192,004) (383,049)
Proceeds from issuance of Series A preferred stock 17,012,625 16,092,680
Common stock repurchases held in treasury 0 (632,729)
Dividends paid to common stockholders 0 (5,182,549)
Dividends paid to preferred stockholders (2,330,675) (422,779)
Net cash provided by financing activities 21,158,734 13,876,592
Net (decrease) increase in cash and cash equivalents (1,006,794) 10,088,127
Cash and cash equivalents at beginning of period 7,201,758 2,172,985
Cash and cash equivalents at end of the period 6,194,964 12,261,112
Supplemental data:    
Interest paid 376,881 111,410
Noncash investing activities (Crackle Plus business combination) $ 51,672,531 $ 0
[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.