| Schedule of Assets and Liabilities of the Discontinued Group |
The following table presents the major classes of assets and liabilities of the Discontinued Group:
|
|
|
As of
September 30,
2023
|
|
As of
December 30,
2022
|
|
Cash and restricted cash
|
|
$
|
|
|
$
|
305,500 |
|
Accounts receivable, net
|
|
|
|
|
|
112,444 |
|
Prepaid expenses & other current assets
|
|
|
|
|
|
578,393 |
|
Fixed assets
|
|
|
|
|
|
63,764 |
|
Capitalized software, net
|
|
|
|
|
|
828,555 |
|
Intangible assets, net
|
|
|
|
|
|
3,241,372 |
|
Total assets held for sale
|
|
$
|
|
|
$
|
5,130,028 |
| |
|
|
|
|
|
|
|
Accounts payable, accrued expenses and other current liabilities
|
|
$
|
|
|
$
|
1,034,426 |
|
Deferred revenue
|
|
|
|
|
|
994,713 |
|
Deferred revenue, noncurrent
|
|
|
|
|
|
217,083 |
|
Total liabilities held for sale
|
|
$
|
|
|
$
|
2,246,222 |
|
The following table presents the major classes of assets and liabilities of the Discontinued Group:
|
|
|
As of December 31,
|
| |
|
2022
|
|
2021
|
|
Cash and restricted cash
|
|
$
|
305,500 |
|
$
|
1,354,899 |
|
Accounts receivable, net
|
|
|
112,444 |
|
|
530,086 |
|
Prepaid expenses & other current assets
|
|
|
578,393 |
|
|
258,042 |
|
Fixed assets
|
|
|
63,764 |
|
|
87,123 |
|
Capitalized software, net
|
|
|
828,555 |
|
|
371,023 |
|
Intangible assets, net
|
|
|
3,241,372 |
|
|
15,056,111 |
|
Goodwill
|
|
|
—
|
|
|
14,098,384 |
|
Other noncurrent assets
|
|
|
—
|
|
|
9,700 |
|
Total assets
|
|
$
|
5,130,028 |
|
$
|
31,765,368 |
| |
|
|
|
|
|
|
|
Accounts payable, accrued expenses and other current liabilities
|
|
$
|
1,034,426 |
|
$
|
677,747 |
|
Deferred revenue
|
|
|
994,713 |
|
|
2,672,019 |
|
Deferred revenue, noncurrent
|
|
|
217,083 |
|
|
336,773 |
|
Total liabilities
|
|
$
|
2,246,222 |
|
$
|
3,686,539 |
| |
|
|
|
|
|
|
|
Current assets held for sale
|
|
$
|
5,130,028 |
|
$
|
2,143,027 |
|
Noncurrent assets held for sale
|
|
|
—
|
|
|
29,622,341 |
|
Total assets held for sale
|
|
$
|
5,130,028 |
|
$
|
31,765,368 |
| |
|
|
|
|
|
|
|
Current liabilities held for sale
|
|
$
|
2,246,222 |
|
$
|
3,349,766 |
|
Noncurrent liabilities held for sale
|
|
|
—
|
|
|
336,773 |
|
Total liabilities held for sale
|
|
$
|
2,246,222 |
|
$
|
3,686,539 |
|
| Schedule of Operations of the Discontinued Group |
The following table summarizes the results of operations of the Discontinued Group:
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
| |
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Revenue
|
|
$
|
|
|
$
|
2,348,423 |
|
|
$
|
214,346 |
|
|
$
|
7,650,389 |
|
|
Cost of revenue
|
|
|
|
|
|
575,076 |
|
|
|
10,119 |
|
|
|
1,916,454 |
|
|
Gross profit
|
|
|
|
|
|
1,773,347 |
|
|
|
204,227 |
|
|
|
5,733,935 |
|
|
Product development
|
|
|
|
|
|
414,948 |
|
|
|
117,500 |
|
|
|
1,290,618 |
|
|
Sales and marketing
|
|
|
|
|
|
928,221 |
|
|
|
171,753 |
|
|
|
|
|
|
General and administrative
|
|
|
|
|
|
(3,006,140 |
)
|
|
|
4,032 |
|
|
|
(2,596,946 |
)
|
|
Depreciation and amortization
|
|
|
|
|
|
567,259 |
|
|
|
24,507 |
|
|
|
1,619,478 |
|
|
Impairment of long-lived assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,037,642 |
|
|
Other expense (income), net
|
|
|
|
|
|
(849 |
)
|
|
|
1,833 |
|
|
|
(304,526 |
)
|
|
Gain (loss) from discontinued operations before income taxes
|
|
|
|
|
|
2,869,908 |
|
|
|
(115,398 |
)
|
|
|
(7,240,811 |
)
|
|
Income tax benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) from discontinued operations, net of tax
|
|
|
|
|
|
2,869,908 |
|
|
|
(115,398 |
)
|
|
|
(7,240,811 |
)
|
|
Gain on sale of discontinued operations, net of tax
|
|
|
|
|
|
|
|
|
|
212,601 |
|
|
|
|
|
|
Net gain (loss) from discontinued operations, net of tax
|
|
$
|
|
|
$
|
2,869,908 |
|
|
$
|
97,203 |
|
|
$
|
(7,720,811 |
)
|
|
The following table summarizes the results of operations of the Discontinued Group:
|
|
|
Year Ended December 31,
|
| |
|
2022
|
|
2021
|
|
Revenue
|
|
$
|
9,453,309 |
|
|
$
|
3,057,877 |
|
|
Cost of revenue
|
|
|
2,418,322 |
|
|
|
685,603 |
|
|
Gross profit
|
|
|
7,034,987 |
|
|
|
2,372,274 |
|
|
Research and development
|
|
|
1,807,068 |
|
|
|
379,943 |
|
|
Sales and marketing
|
|
|
4,166,545 |
|
|
|
1,399,908 |
|
|
General and administrative
|
|
|
472,479 |
|
|
|
248,578 |
|
|
Depreciation and amortization
|
|
|
2,212,438 |
|
|
|
560,599 |
|
|
Impairment of long-lived assets
|
|
|
22,811,310 |
|
|
|
29,196 |
|
|
Changes in fair value of contingent consideration
|
|
|
(4,016,194 |
)
|
|
|
—
|
|
|
Interest expense
|
|
|
596 |
|
|
|
794 |
|
|
Loss from discontinued operations before income taxes
|
|
|
(20,419,255 |
)
|
|
|
(246,744 |
)
|
|
Income tax benefit
|
|
|
(12,919 |
)
|
|
|
(1,500 |
)
|
|
Net loss from discontinued operations, net of tax
|
|
$
|
(20,432,174 |
)
|
|
$
|
(248,244 |
)
|
|