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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2020
Dec. 31, 2019
ASSETS    
Cash and cash equivalents $ 9,243,315 $ 6,447,402
Accounts receivable, net of allowance for doubtful accounts of $1,777,744 and $1,531,247, respectively 24,772,024 34,661,119
Prepaid expenses and other current assets 2,985,503 1,173,223
Goodwill 21,448,106 21,448,106
Indefinite lived intangible assets 12,163,943 12,163,943
Intangible assets, net 20,575,942 35,451,951
Film library, net 36,878,196 33,250,149
Due from affiliated companies 6,081,324 7,642,432
Programming costs and rights, net 20,702,405 15,113,574
Other assets, net 4,794,239 313,585
Total assets 159,644,997 167,665,484
LIABILITIES AND EQUITY    
Current maturities of commercial loan 0 3,200,000
Commercial loan, net of unamortized deferred finance costs of $0 and $189,525, respectively 0 11,810,475
9.50% Notes due 2025, net of unamortized deferred finance costs of $1,059,401 and $0, respectively 21,040,599 0
Notes payable under revolving credit facility 2,500,000 5,000,000
Film acquisition advance 10,210,000 0
Accounts payable and accrued expenses 25,923,748 26,646,390
Ad representation fees payable 3,021,520 12,429,838
Film library acquisition obligations 10,609,186 5,020,600
Programming obligations 6,416,012 7,300,861
Accrued participation costs 12,894,099 5,066,512
Other liabilities 1,777,548 170,106
Total liabilities 94,392,712 76,644,782
Commitments and contingencies (Note 14)
Stockholders' Equity:    
Series A cumulative redeemable perpetual preferred stock, $.0001 par value, liquidation preference of $25.00 per share, 10,000,000 shares authorized; 1,732,139 and 1,599,002 shares issued and outstanding, respectively; redemption value of $43,303,475 and $39,975,050, respectively 173 160
Additional paid-in capital 96,498,618 87,610,030
Deficit (67,182,836) (32,695,629)
Class A common stock held in treasury, at cost (74,235 shares) (632,729) (632,729)
Total stockholders’ equity 28,684,500 54,283,039
Subsidiary convertible preferred stock 36,350,000 36,350,000
Noncontrolling interests 217,785 387,663
Total equity 65,252,285 91,020,702
Total liabilities and equity 159,644,997 167,665,484
Common Class A    
Stockholders' Equity:    
Common stock value 492 425
Common Class B    
Stockholders' Equity:    
Common stock value $ 782 $ 782