Cover
Cover - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Mar. 24, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | |
Cover [Abstract] | ||||
Entity Central Index Key | 0001495231 | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Year Focus | 2022 | |||
Amendment Flag | false | |||
Entity Common Stock, Shares Outstanding | 62,471,997 | |||
Document Type | 10-K | |||
Document Annual Report | true | |||
Document Fiscal Period Focus | FY | |||
Document Transition Report | false | |||
Entity File Number | 001-37703 | |||
Entity Registrant Name | IZEA WORLDWIDE, INC. | |||
Entity Incorporation, State or Country Code | NV | |||
Entity Tax Identification Number | 37-1530765 | |||
Entity Address, Address Line One | 1317 Edgewater Dr. | |||
Entity Address, Address Line Two | # 1880 | |||
Entity Address, Address Line Three | ||||
Entity Address, City or Town | Orlando | |||
Entity Address, State or Province | FL | |||
Entity Address, Postal Zip Code | 32804 | |||
City Area Code | (407) | |||
Local Phone Number | 674-6911 | |||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |||
Trading Symbol | IZEA | |||
Security Exchange Name | NASDAQ | |||
Entity Shell Company | false | |||
Entity Voluntary Filers | No | |||
Entity Public Float | $ 53,250,872 | |||
Entity Interactive Data Current | Yes | |||
Common stock, shares outstanding (shares) | 62,413,929 | 62,044,883 | ||
Entity Emerging Growth Company | false | |||
Document Period End Date | Dec. 31, 2022 | |||
Entity Well-known Seasoned Issuer | No | |||
Entity Small Business | true | |||
Entity Filer Category | Non-accelerated Filer | |||
Entity Current Reporting Status | Yes | |||
ICFR Auditor Attestation Flag | false | |||
Auditor Name | BDO USA, LLP | |||
Auditor Location | Orlando, Florida | |||
Auditor Firm ID | 243 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 24,600,960 | $ 75,433,295 |
Accounts receivable, net | 5,664,727 | 7,599,103 |
Prepaid expenses | 3,927,453 | 2,257,382 |
Short term investments | 16,106,758 | 0 |
Other current assets | 66,441 | 100,522 |
Total current assets | 50,366,339 | 85,390,302 |
Property and equipment, net of accumulated depreciation | 156,774 | 155,185 |
Goodwill | 4,016,722 | 4,016,722 |
Intangible assets, net | 64,953 | 213,263 |
Software development costs, net | 1,774,033 | 1,019,600 |
Long term investments | 29,296,069 | 0 |
Total assets | 85,674,890 | 90,795,072 |
Current liabilities: | ||
Accounts Payable | 1,968,322 | 2,086,892 |
Accrued expenses | 2,130,702 | 2,502,882 |
Contract liabilities | 11,247,746 | 11,338,095 |
Liabilities, Current | 15,346,770 | 15,927,869 |
Finance obligation, less current portion | 62,173 | 10,420 |
Notes payable, less current portion | 0 | 31,648 |
Liabilities | 15,408,943 | 15,969,937 |
Commitments and Contingencies (Note 8) | 0 | 0 |
Stockholders’ equity: | ||
Preferred stock; $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock; $0.0001 par value; 200,000,000 shares authorized; 62,413,929 and 62,044,883, respectively, issued, and outstanding | 6,241 | 6,205 |
Additional paid-in capital | 149,143,567 | 148,452,498 |
Accumulated deficit | (78,103,066) | (73,633,568) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (780,795) | 0 |
Stockholders' Equity Attributable to Parent | 70,265,947 | 74,825,135 |
Liabilities and Equity | $ 85,674,890 | $ 90,795,072 |
Common stock, shares, issued (shares) | 62,413,929 | 62,044,883 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Parentheticals - Balance Sheet [Abstract] | ||
Preferred stock, par value (per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (shares) | 200,000,000 | 200,000,000 |
Common stock, shares, issued (shares) | 62,413,929 | 62,044,883 |
Common stock, shares outstanding (shares) | 62,413,929 | 62,044,883 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 41,095,937 | $ 30,022,377 |
Costs and expenses: | ||
Cost of revenue | 24,737,699 | 14,461,702 |
Sales and marketing | 9,523,894 | 8,795,038 |
General and administrative | 11,637,044 | 11,034,246 |
Depreciation and amortization | 828,161 | 1,089,118 |
Total costs and expenses | 46,726,798 | 35,380,104 |
Loss from operations | (5,630,861) | (5,357,727) |
Other income (expense): | ||
Interest expense | (799) | (25,320) |
Other income (expense), net | 1,162,162 | 2,242,426 |
Other income (expense), net | 1,161,363 | 2,217,106 |
Net loss | (4,469,498) | (3,140,621) |
Weighted average shares outstanding - basic and diluted | $ 62,199,379 | $ 60,407,921 |
Basic and diluted loss per common share | $ (0.07) | $ (0.05) |
Statement of Comprehensive Inco
Statement of Comprehensive Income (Statement) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (4,469,498) | $ (3,140,621) |
Total other comprehensive income (loss) | (780,795) | 0 |
Total comprehensive income (loss) | $ (5,250,293) | $ (3,140,621) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | AOCI Attributable to Parent |
Balance at Dec. 31, 2021 | $ 74,825,135 | $ 6,205 | $ 148,452,498 | $ (73,633,568) | |
Balance (shares) at Dec. 31, 2021 | 62,044,883 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Sale of Securities (shares) | $ 11,186,084 | ||||
Sale of securities | 46,544,688 | $ 1,119 | 46,543,569 | ||
Stock Issued During Period, Shares, Stock purchase plan & option exercise issuances | 190,835 | ||||
Stock Issued During Period, Value, Employee Purchase Price Plan and Stock Options Exercised | 69,589 | $ 19 | 69,570 | ||
Stock issued for payment of services, net (shares) | 30,324 | ||||
Value of stock issued or to be issued for payment of services | 147,329 | $ 3 | 147,326 | ||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | (1,094,929) | (1,094,929) | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 827,530 | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 878,739 | $ 83 | 878,656 | ||
Share withheld to cover statutory taxes (shares) | (240,057) | ||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (507,849) | $ (24) | (507,825) | ||
Net loss | (3,140,621) | (3,140,621) | |||
Unrealized gain (loss) on securities held | 0 | ||||
Balance at Dec. 31, 2020 | 31,928,189 | $ 5,005 | 102,416,131 | (70,492,947) | |
Balance (shares) at Dec. 31, 2020 | 50,050,167 | ||||
Balance at Dec. 31, 2022 | 70,265,947 | $ 6,241 | 149,143,567 | (78,103,066) | $ (780,795) |
Balance (shares) at Dec. 31, 2022 | 62,413,929 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Issued During Period, Shares, Stock purchase plan & option exercise issuances | 95,514 | ||||
Stock Issued During Period, Value, Employee Purchase Price Plan and Stock Options Exercised | 32,543 | $ 9 | 32,534 | ||
Stock issued for payment of services, net (shares) | 105,930 | ||||
Value of stock issued or to be issued for payment of services | 125,000 | $ 11 | 124,989 | ||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 256,018 | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 610,773 | $ 25 | 610,748 | ||
Share withheld to cover statutory taxes (shares) | (88,416) | ||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (77,211) | $ (9) | (77,202) | ||
Net loss | (4,469,498) | (4,469,498) | |||
Unrealized gain (loss) on securities held | (780,795) | $ (780,795) | |||
Balance at Dec. 31, 2021 | $ 74,825,135 | $ 6,205 | $ 148,452,498 | $ (73,633,568) | |
Balance (shares) at Dec. 31, 2021 | 62,044,883 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net Income (Loss) Attributable to Parent | $ (4,469,498) | $ (3,140,621) |
Adjustments to reconcile net income (loss) to net cash used for operating activities: | ||
(Gain) on the forgiveness of debt | 0 | (1,927,220) |
(Gain) on sale of digital assets | 0 | (189,307) |
Impairment of digital assets | 148,310 | 3,412 |
Depreciation | 109,599 | 130,478 |
Amortization | 718,562 | 958,640 |
Stock-based compensation | 610,772 | 878,739 |
Bad debt | 125,000 | 147,329 |
Value of stock issued or to be issued for payment of services | (125,000) | (147,329) |
(Gain)/Loss on disposal of equipment | (7,674) | (22,022) |
Bad debt | 0 | 11,250 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,934,376 | (2,403,148) |
Prepaid expenses and other current assets | (1,635,990) | (2,090,798) |
Accounts payable | (118,570) | (224,083) |
Accrued expenses | (381,650) | 597,127 |
Contract liabilities | (90,349) | 4,703,225 |
Net cash used for operating activities | (3,057,112) | (2,566,999) |
Cash flows from investing activities: | ||
Purchase of short term investments | (159,046,221) | 0 |
Proceeds from the sale of short term investments | 142,807,176 | 0 |
Purchase of long term investments | (41,069,876) | 0 |
Proceeds from the sale of long term investments | 11,125,299 | 0 |
Purchase of property and equipment, net | (79,006) | (63,046) |
Proceeds from sale of property and equipment | 36,716 | 30,324 |
Purchase of digital assets | 0 | 223,228 |
Proceeds from the sale of digital assets | 0 | (216,675) |
Increase in software development costs | (1,472,995) | 0 |
Net cash used for investing activities | (47,698,907) | (26,169) |
Cash flows from financing activities: | ||
Proceeds from Issuance of Common Stock | 0 | 46,544,688 |
Proceeds from Stock Options Exercised | 32,543 | 69,589 |
Repayments of Notes Payable | (31,648) | (30,261) |
Payments of Stock Issuance Costs | 0 | (1,094,929) |
Payment, Tax Withholding, Share-based Payment Arrangement | (77,211) | (507,849) |
Net cash provided by financing activities | (76,316) | 44,981,238 |
Net increase (decrease) in cash and cash equivalents | (50,832,335) | 42,388,070 |
Cash and cash equivalents, beginning of period | 75,433,295 | 33,045,225 |
Cash and cash equivalents, end of period | 24,600,960 | 75,433,295 |
Supplemental cash flow information: | ||
Interest paid | 0 | 9,968 |
Non-cash financing and investing activities: | ||
Fair Value of Assets Acquired | 61,224 | 0 |
Fair value of common stock issued for future services | 125,000 | 147,329 |
PPP loan forgiveness | $ 0 | $ 1,927,220 |
Company and Summary of Signific
Company and Summary of Significant Accounting Policies (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business IZEA Worldwide, Inc. (together with its wholly-owned subsidiaries, “we,” “us,” “our,” “IZEA” or the “Company”) is a Nevada corporation that was founded in February 2006 under the name PayPerPost, Inc. and became a public company in May 2011. In January 2015, IZEA purchased all of the outstanding shares of capital stock of Ebyline, Inc. (“Ebyline”). In March 2016, the Company formed IZEA Canada, Inc., a wholly-owned subsidiary, incorporated in Ontario, Canada, to operate as a sales and support office for IZEA’s Canadian customers. In July 2016, IZEA purchased all the outstanding shares of capital stock of ZenContent, Inc. (“ZenContent”) and in July 2018, a subsidiary of the Company merged with TapInfluence, Inc. (“TapInfluence”). ZenContent, Ebyline, and TapInfluence were merged into IZEA and the legal entities were dissolved in December 2017, December 2019, and December 2020, respectively. The Company helps power the creator economy, allowing everyone from college students to stay-at-home individuals to celebrities and accredited journalists the opportunity to monetize their content, creativity and influence through global brands and marketers. IZEA compensates these creators for producing unique content, such as long and short-form text, videos, photos, status updates, and illustrations for marketers or distributing such content on behalf of marketers through their websites, blogs, and social media channels. The Company provides value through managing custom content workflow, creator search and targeting, bidding, analytics, and payment processing. While the majority of the marketers engage the Company to perform these services (the “Managed Services”) on their behalf, they may also access IZEA’s marketplaces to engage creators for influencer marketing campaigns or to produce custom content on a self-service basis by licensing the Company’s technology. The Company’s primary technology platform, IZEA Exchange (“ IZEAx ”), is designed to provide a unified ecosystem that enables the creation and publication of multiple types of custom content through its creators’ websites, blogs, and social media channels, including, among others, Twitter, Facebook, YouTube, Twitch, and Instagram. The Company extensively uses this platform to manage influencer marketing campaigns on behalf of the Company’s marketers. This platform is also available directly to the Company’s marketers as a self-service tool and a licensed white label product. During 2022, we re-engineered our influencer marketing platform to align more closely with user requirements, announcing the initial rollout of IZEA Flex (“ Flex ”) in September, and we announced the commercial launch of Flex in January 2023. Flex , which introduces end-to-end tracking of social commerce, enabling influencer impact at scale, includes eight modules allowing pricing plans that meet a range of users, will replace IZEAx as our primary platform. IZEAx will be sunset in 2023. In 2020, the Company launched two platforms, BrandGraph and Shake . BrandGraph is a social media intelligence platform that is heavily integrated with IZEAx and now Flex, which relies heavily on data from the other platforms but is also available as a stand-alone platform. The platform maps and classifies the complex hierarchy of corporation-to-brand relationships by category and associates social content with brands through a proprietary content analysis engine. Shake was a new online marketplace where buyers can quickly and easily hire creators of all types for influencer marketing, photography, design, and other digital services. The Shake platform was aimed at digital creatives seeking freelance “gig” work. Creator’s list available “Shakes” on their accounts in the platform and marketers select and purchase creative packages from them through a streamlined chat experience, assisted by ShakeBot - a proprietary, artificial intelligence assistant. Shake was sunset in 2022 in conjunction with the launch of The Creator Marketplace , which replaces and improves upon Shake’s functionality. In October 2022, we launched The Creator Marketplace (“ Marketplace ”) on IZEA.com, which provides powerful tools for creators to showcase their social handles and the brands and topics they post about, and marketers to easily search and filter creator listing that meet requirements of their influencer marketing campaigns, including creator specific predictive audience demographics. Marketplace features include Casting Calls which gives marketers and creators a two-way marketplace to connect and collaborate; marketers use Casting Calls to solicit creators for everything from influencing campaigns to full time employment; creators respond directly to Casting Calls with video and text responses. The Company’s next generation technology platform, IZEA Flex (“ Flex ”), was launched in December 2022. It is designed with flexibility as a core tenet, allowing marketers to use any combination of independent applications as they see fit. The result is a comprehensive suite of tools that, individually, supercharge influencer marketing efforts and become even more powerful when combined. Flex offers eight core modules: Discover, ContentMine, ShareMonitor, Integrations, Tracking Links, Contacts, Transactions, and Campaigns . Flex introduces end-to-end tracking of social commerce, allowing marketers to easily measure the impact of individual influencers on e-commerce revenue at scale, and integrates key functions of The Creator Marketplace on IZEA.com. Modules in Flex included Discover , which allows marketers to search through content from millions of influencer social profiles while filtering across channels, demographics, and interests; ContentMine , a content management tool that collects and measures influencer content, providing real-time insights and A.I. content analysis from BrandGraph ; ShareMonitor , a multi-platform social monitoring tool that allows marketers to monitor hashtags, keywords and brand mentions across leading social platforms; Integrations provides deep integrations such as with Google Analytics and Shopify, providing marketers the capability to track influencer campaign metrics such as time on site, engagement and revenue; and, Tracking Links provides real-time tracking metrics for influencer marketing and can track customer conversions, spend, and purchases when used with other Flex modules. Principles of Consolidation The consolidated financial statements include the accounts of IZEA Worldwide, Inc. and its wholly-owned subsidiaries, subsequent to the subsidiaries’ individual acquisition, merger, or formation dates, as applicable. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less from the date of purchase to be cash equivalents. Deposits made to Company bank accounts are insured by the FDIC up to a maximum amount of $250,000. Deposit balances exceeding this limit were approximately $24.4 million and $74.9 million as of December 31, 2022, and 2021, respectively. Accounts Receivable and Concentration of Credit Risk The Company’s accounts receivable balance consists of trade receivables, contract assets, and a reserve for doubtful accounts. Trade receivables are customer obligations due under normal trade terms. Contract assets represent amounts owed for work that has been performed, but not yet billed. The Company had net trade receivables of $5.7 million and contract assets of $39,095 at December 31, 2022. The Company had net trade receivables of $7.6 million and contract assets of $21,926 at December 31, 2021. Management determines the collectability of accounts by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history, and current economic conditions. An account is deemed delinquent when the customer has not paid an amount due by its associated due date. If a portion of the account balance is deemed uncollectible, the Company will either write off the amount owed or provide a reserve based on its best estimate of the uncollectible portion of the account. The Company had a reserve for doubtful accounts of $155,000 as of December 31, 2022, and 2021. Management believes that this estimate is reasonable, but there can be no assurance that the estimate will not change due to a change in economic conditions or business conditions within the industry, the individual customers, or the Company. Any adjustments to this account are reflected in the consolidated statements of operations as a general and administrative expense. The Company did not recognize any bad debt expense for each of the twelve months ended December 31, 2022 and 2021. Concentrations of credit risk with respect to accounts receivable have been typically limited because a large number of geographically diverse customers make up the Company’s customer base, thus spreading the trade credit risk. However, with the Company’s addition of SaaS customers, it has increased credit exposure on certain customers who carry significant credit balances related to their marketplace spend. The Company controls credit risk through credit approvals, credit limits, and monitoring procedures. The Company performs credit evaluations of its customers but generally does not require collateral to support accounts receivable. The Company had three customers that accounted for 64% of total accounts receivable at December 31, 2022 and three customers that accounted for 38% of total accounts receivable at December 31, 2021. The Company had one customer that accounted for 29% of its revenue during the twelve months ended December 31, 2022 and one customer that accounted for 14% of its revenue during the twelve months ended December 31, 2021. Property and Equipment Property and equipment are recorded at cost, or if acquired in a business combination, at the acquisition date fair value. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Computer Equipment 3 years Office Equipment 3 - 10 years Furniture and Fixtures 5 - 10 years The carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the year of disposal, with resulting gains or losses included in general and administrative expense in the consolidated statements of operations. Goodwill Goodwill represents the excess of the consideration transferred for an acquired business over the fair value of the underlying identifiable net assets. The Company has goodwill in connection with its acquisitions of Ebyline, ZenContent, and TapInfluence. Goodwill is not amortized but instead, it is tested for impairment at least annually. In the event that management determines that the value of goodwill has become impaired, the Company will record a charge in an amount equal to the excess of the reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit during the fiscal quarter in which the determination is made. Goodwill is required to be tested for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment level, which is referred to as a component. Management identifies its reporting units by assessing whether components (i) have discrete financial information available, (ii) engage in business activities, and (iii) whether a segment manager regularly reviews the component’s operating results. The Company had one reporting unit as of December 31, 2022. The Company performs its annual impairment tests of goodwill as of October 1 each year, or more frequently, if certain indicators are present. As described in Note 4, the assessments performed in 2021 and 2022 both concluded that the fair value of our reporting unit exceeds its carrying value, including goodwill. The Company concluded in each year that no impairment existed. Intangible Assets The Company acquired the majority of its intangible assets through its acquisitions of Ebyline, ZenContent, and TapInfluence. The Company amortized the identifiable intangible assets over periods of 12 to 60 months. See Note 4 for further details. The Company accounts for its digital assets held as indefinite-lived intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other. The Company maintains ownership of and control over its digital assets and may use third-party custodial services to secure them. The digital assets are initially recorded at cost and are subsequently evaluated for any impairment losses incurred since acquisition. The Company recognized an impairment of $148,310 on digital assets held as indefinite-lived intangible assets in the twelve months ended December 31, 2022. The Company recognized an impairment of $3,412 on digital assets held as indefinite-lived intangible assets in the twelve months ended December 31, 2021. The Company reviews long-lived assets, including software development costs and other intangible assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared with the asset's carrying amount to determine if there has been an impairment, which is calculated as the difference between the fair value of the asset and the carrying value. Estimates of future undiscounted cash flows are based on expected growth rates for the business, anticipated future economic conditions, and estimates of residual values. Fair values take into consideration management estimates of risk-adjusted discount rates, which are believed to be consistent with assumptions that marketplace participants would use in their estimates of fair value. The Company did not recognize any impairment charges associated with the Company’s acquired intangible assets in the twelve months ended December 31, 2022 and 2021. Software Development Costs In accordance with Accounting Standards Codification (“ASC”) 350-40, Internal Use Software, the Company capitalizes certain internal-use software development costs associated with creating and enhancing internally developed software related to its platforms. Software development activities generally consist of three stages (i) the research and planning stage, (ii) the application and development stage, and (iii) the post-implementation stage. Costs incurred in the research and planning stage and in the post-implementation stage of software development, or other maintenance and development expenses that do not meet the qualification for capitalization, are expensed as incurred. Costs incurred in the application and development stage, including significant enhancements and upgrades, are capitalized. These costs include personnel and related employee benefits expenses for employees or consultants who are directly associated with and who devote time to software projects and external direct costs of materials obtained in developing the software. The Company also capitalizes certain costs associated with cloud computing arrangements ("CCAs"). These software developments, acquired technology, and CCA costs are amortized on a straight-line basis over the estimated useful life of five years upon initial release of the software or additional features. The Company reviews the software development costs for impairment when circumstances indicate that their carrying amounts may not be recoverable. If the carrying value of an asset group is not recoverable, the Company recognizes an impairment loss for the excess of carrying value over the fair value in its consolidated statements of operations. See Note 5 for further details. Leases Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , established a right-of-use model that requires a lessee to record a right-of-use asset and a right-of-use liability on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company does not record leases on the balance sheet that have a lease term of 12 months or less at the commencement date. Revenue Recognition The Company generates revenue from four primary sources: (1) revenue from its managed services when a marketer (typically a brand, agency, or partner) pays the Company to provide custom content, influencer marketing, amplification, or other campaign management services (“Managed Services”); (2) revenue from fees charged to software customers on their marketplace spend within the Company's platforms (“Marketplace Spend Fees”); (3) revenue from license and subscription fees charged to access our platforms (“License Fees”); and, (4) revenue derived from other fees such as inactivity fees, early cash-out fees, and other miscellaneous fees charged to users of the Company's platforms (“Other Fees”). The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, revenue is recognized based on a five-step model as follows: (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) performance obligations are satisfied. The core principle of ASC 606 is that revenue is recognized when the transfer of promised goods or services to customers is made in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are distinct performance obligations. The Company also determines whether it acts as an agent or a principal for each identified performance obligation. The determination of whether the Company acts as principal or agent is highly subjective and requires the Company to evaluate a number of indicators individually and as a whole in order to make its determination. For transactions in which the Company acts as a principal, revenue is reported on a gross basis as the amount paid by the marketer for the purchase of content or sponsorship, promotion, and other related services and the Company records the amounts it pays to third-party creators as cost of revenue. For transactions in which the Company acts as an agent, revenue is reported on a net basis as the amount the Company charged to the self-service marketer using the Company’s platforms, less the amounts paid to the third-party creators providing the service. The Company maintains separate arrangements with each marketer and content creator either in the form of a master agreement or terms of service, which specify the terms of the relationship and access to its platforms or by statement of work, which specifies the price and the services to be performed, along with other terms. The transaction price is determined based on the fixed fee stated in the statement of work and does not contain variable consideration. Marketers who contract with the Company to manage their advertising campaigns or custom content requests may prepay for services or request credit terms. Payment terms are typically 30 days from the invoice date. The agreement typically provides for either a non-refundable deposit or a cancellation fee if the agreement is canceled by the customer prior to completion of services. Billings in advance of completed services are recorded as a contract liability until earned. The Company assesses collectability based on several factors, including the creditworthiness of the customer and payment and transaction history. Managed Services Revenue For Managed Services Revenue, the Company enters into an agreement to provide services that may include multiple distinct performance obligations in the form of (i) an integrated marketing campaign to provide influencer marketing services, which may include the provision of blogs, tweets, photos, or videos shared through social network offerings and content promotion, such as click-through advertisements appearing in websites and social media channels, and (ii) custom content items, such as a research or news article, informational material or videos. Marketers typically purchase influencer marketing services to provide public awareness or advertising buzz regarding the marketer’s brand and purchase custom content for internal and external use. The Company views its obligation to deliver influencer marketing services, including management services, as a single performance obligation that is satisfied over time as the customer receives the benefits from the services. Revenue is recognized using an input method of costs incurred compared to total expected costs to measure the progress towards satisfying the overall performance obligation of the marketing campaign. The Company may provide one type or a combination of all types of these influencer marketing services on a statement of work for a lump sum fee. When multiple types of performance obligations exist in a contract, the Company allocates revenue to each distinct performance obligation at contract inception based on its relative standalone selling price. These performance obligations are to be provided over a period that generally ranges from one day to one year. The delivery of custom content represents a distinct performance obligation that is satisfied at a point in time when each piece of content is delivered to the customer. Based on the Company’s evaluations, revenue from Managed Services is reported on a gross basis because the Company has the primary obligation to fulfill the performance obligations, and it creates, reviews, and controls the services. The Company takes on the risk of payment to any third-party creators, and it establishes the contract price directly with its customers based on the services requested in the statement of work. Marketplace Spend Fees Revenue For Marketplace Spend Fees Revenue, the self-service customers instruct creators found through the Company’s platforms to provide and/or distribute custom content for an agreed-upon transaction price. The Company’s platforms control the contracting, description of services, acceptance of, and payment for the requested content. This service is used primarily by news agencies or marketers to control the outsourcing of their content and advertising needs. The Company charges the self-service customer the transaction price plus a fee based on the contract. Revenue is recognized when the transaction is completed by the creator and accepted by the marketer or verified as posted by the system. Based on the Company’s evaluations, this revenue is reported on a net basis since the Company is acting as an agent through its platform for the third-party creator to provide the services or content directly to the self-service customer or to post approved content through one or more social media platforms. License Fees Revenue License Fees Revenue is generated by granting customers limited, non-exclusive, non-transferable access to the Company’s technology platforms for an agreed-upon subscription period. Customers access the platforms to manage their influencer marketing campaigns. Fees for subscription or licensing services are recognized straight-line over the term of the service. Other Fees Revenue Other Fees Revenue is generated when fees are charged to the Company’s platform users primarily related to monthly plan fees, inactivity fees, and early cash-out fees. Plan fees are recognized within the month they relate to, inactivity fees are recognized at a point in time when the account is deemed inactive, and early cash-out fees are recognized when a cash-out is either below certain minimum thresholds or when accelerated payout timing is requested. The Company does not typically engage in contracts that are longer than one Advertising Costs Advertising costs are charged to expense as they are incurred, including payments to content creators to promote the Company. Advertising costs charged to operations for the twelve months ended December 31, 2022, and 2021 were approximately $2.0 million and $2.0 million, respectively. Advertising costs are included in sales and marketing expense in the accompanying consolidated statements of operations. Income Taxes The Company has not recorded federal income tax expense due to its history of net operating losses. Deferred income taxes are accounted for using the balance sheet approach, which requires recognition of deferred tax assets and liabilities for the expected future consequences of temporary differences between the financial reporting basis and the tax basis of assets and liabilities. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. The Company incurs minimal state franchise tax in four states, which is included in general and administrative expense in the consolidated statements of operations and comprehensive loss. The Company identifies and evaluates uncertain tax positions, if any, and recognizes the impact of uncertain tax positions for which there is a less than more-likely-than-not probability of the position being upheld when reviewed by the relevant taxing authority. Such positions are deemed to be unrecognized tax benefits and a corresponding liability is established on the balance sheet. The Company has not recognized a liability for uncertain tax positions. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company’s tax years subject to examination based on the statute of limitations by the IRS is generally three years; however, the IRS may examine records and other evidence from the year the net operating loss was generated when the Company utilizes net operating loss carryforwards in future periods. The Company’s tax years subject to examination by the Canadian Revenue Agency is generally four years. Fair Value of Financial Instruments The Company’s financial instruments are recorded at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect certain market assumptions. There are three levels of inputs that may be used to measure fair value: • Level 1 – Valuation based on quoted market prices in active markets for identical assets and liabilities. • Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets. • Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. As of December 31, 2022, the Company holds Level 1 and Level 2 financial assets; this is discussed further in Note 2 - Financial Instruments of Notes to the Consolidated Financial Statements. Stock-Based Compensation Stock-based compensation cost related to stock options granted under the 2011 Equity Incentive Plan, as amended, and the 2011 B Equity Incentive Plan (together, the “2011 Equity Incentive Plans”) (see Note 9) is measured at the grant date, based on the fair value of the award, and is recognized as expense over the employee’s requisite service period on a straight-line basis. The Company estimates the fair value of each option award on the date of grant using a Black-Scholes option-pricing model that uses the assumptions noted in the table below. The Company uses the simplified method to estimate the expected term of employee stock options because it does not believe historical exercise data will provide a reasonable basis for estimating the expected term for the current share options granted. The simplified method assumes that employees will exercise share options evenly between the period when the share options are vested and ending on the date when the options would expire. The Company uses the closing stock price of its common stock on the date of the grant as the associated fair value of its common stock. For issuances after June 30, 2019, the Company estimates the volatility of its common stock at the date of grant based on the volatility of its stock during the period. The Company uses the risk-free interest rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term approximately equal to the expected life of the award. The Company has never paid any cash dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future. The Company used the following assumptions for stock options granted under the 2011 Equity Incentive Plans during the twelve months ended December 31, 2022, and 2021: Twelve Months Ended 2011 Equity Incentive Plans Assumptions December 31, December 31, Expected term 5 years 6 years Weighted average volatility 120.48% 120.18% Weighted average risk-free interest rate 1.70% 0.98% Expected dividends — — Weighted average expected forfeiture rate 37.00% 11.74% The Company estimates forfeitures when recognizing compensation expense and this estimate of forfeitures is adjusted over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment, which is recognized in the period of change, and a revised amount of unamortized compensation expense to be recognized in future periods. The Company may issue shares of restricted stock or restricted stock units that vest over future periods. The value of shares is recorded as the fair value of the stock or units upon the issuance date and is expensed on a straight-line basis over the vesting period. See Note 9 for additional information related to these shares. Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements Income Taxes: In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 on January 1, 2021 with no material impact on its current reporting in the Company’s consolidated financial statements. Reference Rate Reform: In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) , and further issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), in January 2021 to provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial report |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Financial Instruments Disclosure | FINANCIAL INSTRUMENTS Cash, Cash Equivalents, and Marketable Securities (Available for Sale) Per a revised investment strategy policy, the Company engaged a third party registered investment advisor and appointed a leading national bank for custody services with respect to investment securities, making an initial deposit of $60 million on April 18, 2022. Investments comply with the Company’s revised investment strategy policy, designed to preserve capital, minimize investment risks, and maximize returns. The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of December 31, 2022: Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Current Marketable Securities (1) Non-Current Marketable Securities (2) Cash and cash equivalents $ 14,583,955 $ — $ — $ 14,583,955 $ 14,583,955 $ — $ — Level 1 (3) Commercial paper 9,777,252 — (2,131) 9,775,121 9,775,121 — — Money market funds 241,884 — — 241,884 241,884 — — US Treasury securities 11,972,036 — (206,439) 11,765,597 — 4,926,950 6,838,647 Subtotal 21,991,172 — (208,570) 21,782,602 10,017,005 4,926,950 6,838,647 Level 2 (4) Asset back securities 12,173,193 — (154,576) 12,018,617 — 4,971,754 7,046,863 Corporate debt securities 22,036,262 — (417,649) 21,618,613 — 6,208,054 15,410,559 Subtotal 34,209,455 — (572,225) 33,637,230 — 11,179,808 22,457,422 Total $ 70,784,582 $ — $ (780,795) $ 70,003,787 $ 24,600,960 $ 16,106,758 $ 29,296,069 (1) Current Marketable Securities have a holding period under one (2) Non-Current Marketable Securities have a holding period over one (3) Level 1 fair value estimates are based on quoted prices in active markets for identical assets and liabilities. (4) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets and liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities. The Company records the fair value of cash equivalents and marketable securities on the balance sheet. The adjusted cost, which includes unrealized gains and losses, reflects settlement amounts if all investments are held to maturity. The Company recognized realized gains (net of losses) of $2,501 for the twelve months ended December 31, 2022. Realized gains and losses are a component of other income (expense), net. Unrealized gains and losses are a component of other comprehensive income (loss) (“OCI”). The following table summarizes the estimated fair value of investments in marketable debt securities by stated contractual maturity dates: As of December 31, 2022 Due in 1 year or less $ 16,106,758 Due in 1 year through 5 years 29,296,069 Total $ 45,402,827 The following table presents fair values and net unrealized gains (losses) recorded to OCI, aggregated by investment category: As of December 31, 2022 Fair Value Net Unrealized Gain (Loss) Cash and cash equivalents $ 24,600,960 $ (2,131) Government bonds 11,765,597 (206,439) Corporate debt securities 21,618,613 (417,649) Asset backed securities 12,018,617 (154,576) Total $ 70,003,787 $ (780,795) During the twelve months ended December 31, 2022, the Company did not recognize any significant credit losses and had no ending allowance balance for credit losses. |
Property and Equipment (Notes)
Property and Equipment (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY AND EQUIPMENT Property and equipment consist of the following: December 31, 2022 December 31, 2021 Furniture and fixtures $ — $ 208,583 Office equipment 3,843 66,417 Computer equipment 323,700 541,330 Total 327,543 816,330 Less accumulated depreciation (170,769) (661,145) Property and equipment, net $ 156,774 $ 155,185 Depreciation expense on property and equipment recorded in depreciation and amortization expense in the consolidated statements of operations and comprehensive loss was $109,599 and $130,478 for the twelve months ended December 31, 2022 and 2021, respectively. |
Intangible Assets (Notes)
Intangible Assets (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | INTANGIBLE ASSETS The identifiable intangible assets, other than Goodwill, consists of the following assets: December 31, 2022 December 31, 2021 Balance Accumulated Amortization Balance Accumulated Amortization Useful Life (in years) Content provider networks $ 160,000 $ 160,000 $ 160,000 $ 160,000 2 Trade names 87,000 87,000 87,000 87,000 1 Developed technology 820,000 820,000 820,000 820,000 5 Self-service content customers 2,810,000 2,810,000 2,810,000 2,810,000 3 Managed content customers 2,140,000 2,140,000 2,140,000 2,140,000 3 Domains 166,469 166,469 166,469 166,469 5 Embedded non-compete provision 28,000 28,000 28,000 28,000 2 Total definite-lived intangible assets $ 6,211,469 $ 6,211,469 $ 6,211,469 $ 6,211,469 Digital assets 64,953 — 213,263 — Indefinite Total intangible assets $ 6,276,422 $ 6,211,469 $ 6,424,732 $ 6,211,469 Total identifiable intangible assets from the Company’s acquisitions and other acquired assets net of accumulated amortization thereon consists of the following: December 31, 2022 December 31, 2021 Ebyline Intangible Assets $ 2,370,000 $ 2,370,000 ZenContent Intangible Assets 722,000 722,000 Domains 166,469 166,469 TapInfluence Intangible Assets 2,953,000 2,953,000 Digital Assets 64,953 213,263 Total $ 6,276,422 $ 6,424,732 Less accumulated amortization (6,211,469) (6,211,469) Intangible assets, net $ 64,953 $ 213,263 There were no impairment charges associated with the Company’s identifiable intangible assets, other than digital assets, in the twelve months ended December 31, 2022, and 2021. Amortization expense recorded in depreciation and amortization in the accompanying consolidated statements of operations and comprehensive loss was $0 and $505,556 for the twelve months ended December 31, 2022, and 2021, respectively. During the twelve months ended December 31, 2021, the Company purchased and received $216,675 in digital assets. During the twelve months ended December 31, 2021, the Company sold $33,921 in digital assets realizing a gain of $189,307. Such gains are presented in other income. The Company impaired the value of its digital assets by $3,412 on December 31, 2021 as the fair market value decreased from the purchase value. The Company did not purchase any digital assets in 2022. The Company impaired the value of its digital assets by $148,310 in the twelve months ended December 31, 2022 as the fair market value decreased from its carrying value. The impairment of digital assets is presented as a non-cash operating expense within general and administrative on the consolidated statements of operations and comprehensive loss. The fair market value of such digital assets held as of December 31, 2022, was $64,953. The Company determines the fair value of its digital assets on a nonrecurring basis in accordance with ASC 820, Fair Value Measurement , based on quoted prices on the active exchange(s) that has been determined to be the principal market for such assets (Level 1 inputs). The Company performs an analysis each quarter to identify whether events or changes in circumstances, principally decreases in the quoted prices on active exchanges, indicate that it is more likely than not that the digital assets are impaired. In determining if an impairment has occurred, the Company considers the lowest market price of one unit of the digital asset quoted on the active exchange since acquiring the digital asset. If the then-current carrying value of a digital asset exceeds the fair value so determined, an impairment loss has occurred with respect to those digital assets in the amount equal to the difference between their carrying value and the price determined. Impairment losses on digital assets are recognized within general and administrative expenses in the consolidated statements of operations and comprehensive loss in the period in which the impairment is identified. The impaired digital assets are written down to the lowest market price at the time of impairment and this new cost basis will not be adjusted upward for any subsequent increase in fair value. Gains are not recorded until realized upon sale, at which point they are presented net of any impairment losses for the same digital assets held. In determining the gain to be recognized upon sale, the Company calculates the difference between the sales price and carrying value of the digital assets sold immediately prior to sale. The Company performs an annual impairment assessment of goodwill in October each year; a quantitative assessment performed in 2022 and a qualitative assessment in 2021 did not indicate that an impairment existed; therefore, no impairment of goodwill has been recorded during these periods. |
Software Development Costs (Not
Software Development Costs (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Research and Development [Abstract] | |
Research, Development, and Computer Software Disclosure [Text Block] | SOFTWARE DEVELOPMENT COSTS Software development costs consists of the following: December 31, 2022 December 31, 2021 Software development costs $ 4,509,805 $ 3,036,810 Less accumulated amortization (2,735,772) (2,017,210) Software development costs, net $ 1,774,033 $ 1,019,600 The Company developed its web-based influencer marketing platform, IZEAx, to enable influencer marketing and content creation campaigns on a greater scale. The Company continued to add new features to IZEAx , BrandGraph, and Shake in 2021 . In 2022, the Company developed two new web-based influencer marketing platforms, Flex and Marketplace . These new platforms will replace IZEAx and Shake . IZEAx will be sunset in March of 2023 and Shake was sunset in Q4 of 2022. The Company capitalized software development costs of $1,472,995 and $0 during the twelve months ended December 31, 2022, and 2021, respectively. As a result, the Company has capitalized a total of $4,509,805 in direct materials, consulting, payroll, and benefit costs to its internal-use software development costs in the consolidated balance sheet as of December 31, 2022. The Company amortizes its software development costs, commencing upon initial release of the software or additional features, on a straight-line basis over the estimated useful life of five years, which is consistent with the amount of time its legacy platforms were in service, or its actual useful life, if shorter. The Company recorded amortization expense associated with its capitalized software development cost of $0.7 million and $0.5 million during the twelve months ended December 31, 2022, and 2021, respectively. As of December 31, 2022, future estimated amortization expense related to software development costs is set forth in the following schedule: Software Development Amortization Expense 2023 $ 591,957 2024 318,305 2025 303,109 2026 297,361 2027 263,301 Total $ 1,774,033 |
Accrued Expenses (Notes)
Accrued Expenses (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ACCRUED EXPENSES Accrued expenses consist of the following: December 31, 2022 December 31, 2021 Accrued payroll liabilities $ 1,967,677 $ 2,251,284 Accrued taxes 39,405 76,079 Current portion of finance obligation 42,858 33,388 Accrued other 80,762 142,131 Total accrued expenses $ 2,130,702 $ 2,502,882 |
Notes Payable (Notes)
Notes Payable (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | NOTES PAYABLE Canada Emergency Business Account (“ CEBA”) Loan On April 22, 2020, the Company received a Canadian dollar loan in the principal amount of 40,000 CAD ($31,648 USD as of December 31, 2021), from TD Canada Trust Bank pursuant to a CEBA term loan agreement (the “CEBA Loan”). The CEBA Loan has an initial term from inception through December 31, 2022 (the “Initial Term”) and an extended-term from January 1, 2023 through December 31, 2025 (the “Extended Term”). No interest is accrued, and no payments are due on the loan during the Initial Term. On October 21, 2022, the Company received notification from the Government of Canada that a determination had been made that the business did not meet the eligibility criteria for loan forgiveness. The loan was paid in the full amount of 40,000 CAD on November 21, 2022. Paycheck Protection Program (“PPP”) Loan On April 23, 2020, the Company received a loan from Western Alliance Bank (the “Lender”) in the principal amount of $1,905,100, under the PPP evidenced by a promissory note issued by the Company (the “Note”) to the Lender. The term of the Note was two years and carried a fixed interest rate of one percent per year. Certain amounts received under the PPP Loan were able to be forgiven if the loan proceeds are used for eligible purposes. On June 18, 2021, the Company was notified by the Lender that the loan had been forgiven by the SBA in full, including accrued interest. The principal amount of $1,905,100 and accrued interest of $22,120, totaling $1,927,220, was recorded as a gain on forgiveness of debt in other income, net in the Company’s consolidated statements of operations and comprehensive loss for the twelve months ended December 31, 2021. Finance Obligation The Company pays for its laptop computer equipment through long-term payment plans, using an imputed interest rate of 7.8%, based on its incremental borrowing rate, to determine the present value of its financial obligation and to record interest expense over the term of the plan. The Company refreshed a portion of its computer inventory during the fourth quarter of 2022, entering a new three-year payment plan with the same vendor. The total balance owed was $105,031 and $43,808 as of December 31, 2022, and 2021, respectively, with the short-term portion of $42,858 and $33,388 recorded under accrued expenses in the consolidated balance sheets as of December 31, 2022, and 2021, respectively. Secured Credit Facility The Company had a secured credit facility agreement (also referred to herein as “line of credit”) with Western Alliance Bank, the parent company of Bridge Bank, N.A. of San Jose, California, which was obtained on March 1, 2013, expanded on April 13, 2015, and terminated in April 2021. During the twelve months ended December 31, 2021, the Company recorded $7,000 in interest cost associated with facility set-up cost amortization. No amounts were outstanding under this secured credit facility as of December 31, 2021, and there are no remaining capitalized loan costs related to the secured credit facility as of December 31, 2021. Summary Interest expense on financing arrangements recorded in the Company’s consolidated statements of operations was $799 and $15,410 during the twelve months ended December 31, 2022, and 2021, respectively. As of December 31, 2022, the future contractual maturities of the Company’s long-term payment obligations by year is set forth in the following schedule: 2023 $ 42,858 2024 32,438 2025 29,735 Total $ 105,031 |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES Lease Commitments The Company does not have any operating or finance leases greater than 12 months in duration as of December 31, 2022. The Company did not have any leasehold rent or operating lease expenses during the twelve months ended December 31, 2022. Total leasehold rent expense recorded in general and administrative expense in the accompanying consolidated statements of operations and comprehensive loss was $264,048 for the twelve months ended December 31, 2021. Cash paid for the one operating lease totaled $113,516 during the twelve months ended December 31, 2021. Retirement Plans The Company offers a 401(k) plan to all of its eligible employees. The Company matches participant contributions in an amount equal to 50% of each participant’s contribution up to 8% of the participant’s salary. The participants become vested in 20% annual increments after two Twelve Months Ended December 31, December 31, Cost of revenue $ 89,418 $ 51,331 Sales and marketing 122,800 92,925 General and administrative 59,294 87,154 Total contribution expense $ 271,512 $ 231,410 Litigation From time to time, the Company may become involved in various other lawsuits and legal proceedings that arise in the ordinary course of its business. Litigation is, however, subject to inherent uncertainties, and an adverse result in any such litigation that may arise from time to time that may harm the Company’s business. The Company is currently not aware of any legal proceedings or claims that it believes would or could have, individually or in the aggregate, a material adverse effect on the Company. Regardless of the outcome, however, any such proceedings or claims may nonetheless impose a significant burden on management and employees and may come with costly defense costs or unfavorable preliminary interim rulings. |
Stockholders' Equity (Notes)
Stockholders' Equity (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Shareholders' Equity and Share-based Payments | STOCKHOLDERS’ EQUITY Authorized Shares The Company has 200,000,000 authorized shares of common stock and 10,000,000 authorized shares of preferred stock, each with a par value of $0.0001 per share. Sale of Securities On June 4, 2020 and January 25, 2021, the Company entered into an ATM Sales Agreements with National Securities Corporation, as sales agent (“National Securities”), pursuant to which the Company could offer and sell shares of the Company's common stock through National Securities, by any method deemed to be an “at the market offering” under Rule 415 of the Securities Act (the “ATM Offering”). During the twelve months ended December 31, 2021, the Company sold 11,186,084 shares at an average price of $4.16 per share for total gross proceeds of $46.5 million. The June 2020 and January 2021 Sales Agreement were each terminated following the sale of all shares of common stock available to be sold thereunder. On June 21, 2021, the Company entered into a third ATM Sales Agreement (the “June 2021 Sales Agreement”) with National Securities, as sales agent, pursuant to which the Company could offer and sell, from time to time, through National Securities, up to $100 million shares of the Company’s common stock. The June 2021 Sales Agreement was terminated on September 6, 2022; no shares were sold under this agreement. Equity Incentive Plans In May 2011, the Company’s Board of Directors (the “Board”) adopted the 2011 Equity Incentive Plan of IZEA Worldwide, Inc. (as amended, the “2011 Equity Incentive Plan”). The Company’s stockholders approved an amendment and restatement of the 2011 Equity Incentive Plan at the Company’s 2020 Annual Meeting of Stockholders held on December 18, 2020, to allow the Company to award restricted stock, restricted stock units, and stock options covering up to 7,500,000 shares of common stock as incentive compensation for its employees and consultants. As of December 31, 2022, the Company had 2,382,009 remaining shares of common stock available for issuance pursuant to future grants under the 2011 Equity Incentive Plan. In August 2011, the Company adopted the 2011 B Equity Incentive Plan (the “August 2011 Plan”) reserving 4,375 shares of common stock for issuance under the August 2011 Plan. The August 2011 Plan expired in 2021 and no new grants may be made thereunder. Restricted Stock Under the 2011 Plan, the Board determines the terms and conditions of each restricted stock issuance, including any future vesting restrictions. In 2021, the Company issued its six independent directors a total of 30,324 shares of restricted common stock initially valued at $147,329 for their annual service as directors of the Company. The stock vested in equal monthly installments from January through December 2021. A new board member started on February 9, 2021 and the annual stock compensation was pro-rated. In 2022, the Company issued its five independent directors a total of 105,930 shares of restricted common stock initially valued at $125,000 for their annual service as directors of the Company. The stock vested in equal monthly installments from January through December 2022. The following table contains summarized information about restricted stock issued during the years ended December 31, 2021 and December 31, 2022: Restricted Stock Common Shares Weighted Average Weighted Average Nonvested at December 31, 2020 13,666 $ 2.28 1.4 Granted 30,324 4.86 Vested (40,437) 4.25 Nonvested at December 31, 2021 3,553 $ 1.83 0.7 Granted 105,930 1.18 Vested (109,197) 1.20 Nonvested at December 31, 2022 286 $ 1.34 0.3 Although restricted stock is issued upon the grant of an award, the Company excludes restricted stock from the computations within the financial statements of total shares outstanding and basic earnings per share until such time as the restricted stock vests. Expense recognized on restricted stock issued to directors for services was $125,000 and $147,329 during twelve months ended December 31, 2022, and 2021, respectively. Expense recognized on restricted stock issued to employees was $6,120 and $24,699 during the twelve months ended December 31, 2022, and 2021, respectively. On December 31, 2022, the fair value of the Company’s common stock was approximately $0.54 per share and the intrinsic value on the non-vested restricted stock was $155. Future compensation expense related to issued, but non-vested, restricted stock awards as of December 31, 2022, is $383. This value is estimated to be recognized over the weighted-average vesting period of approximately three months. Restricted Stock Units The Board determines the terms and conditions of each restricted stock unit award issued under the 2011 Equity Incentive Plan. During the twelve months ended December 31, 2022, the Company issued a total of 967,232 restricted stock units initially valued at $900,380 to non-executive employees as additional incentive compensation. The restricted stock units vest between 12 and 36 months from issuance. During the twelve months ended December 31, 2022, the Company issued Mr. Murphy 308,414 restricted stock units valued at $305,493 for incentive compensation under the terms of his amended employment agreement. The restricted stock units vest between 36 and 48 months from issuance. During the twelve months ended December 31, 2022, the Company issued Mr. Biere 63,094 restricted stock units initially valued at $78,597 for incentive compensation under the terms of his employment agreement. The restricted stock units vest over 36 months from issuance. During the twelve months ended December 31, 2022, the Company issued Mr. Schram 36,843 restricted stock units initially valued at $46,151 for incentive compensation under the terms of his amended employment agreement. The restricted stock vests between 12 and 48 months from issuance. The following table contains summarized information about restricted stock units during the years ended December 31, 2021 and December 31, 2022: Restricted Stock Units Common Shares Weighted Average Weighted Average Nonvested at December 31, 2020 970,349 $ 0.39 1.2 Granted 229,638 2.93 Vested (817,417) 0.83 Forfeited (7,126) 1.77 Nonvested at December 31, 2021 375,444 $ 0.96 1.8 Granted 1,375,583 0.97 Vested (252,751) 0.88 Forfeited (181,123) 1.22 Nonvested at December 31, 2022 1,317,153 $ 0.95 2.5 Expense recognized on restricted stock units issued to employees was $328,002 and $575,150 during the twelve months ended December 31, 2022, and 2021, respectively. On December 31, 2022, the fair value of the Company’s common stock was approximately $0.54 per share and the intrinsic value on the non-vested restricted units was $715,217. Future compensation related to the non-vested restricted stock units as of December 31, 2022, is $1,092,494 and it is estimated to be recognized over the weighted-average vesting period of approximately 2.5 years. Stock Options Under the 2011 Equity Incentive Plan, the Board determines the exercise price to be paid for the stock option shares, the period within which each stock option may be exercised, and the terms and conditions of each stock option. The exercise price of incentive and non-qualified stock options may not be less than 100% of the fair market value per share of the Company’s common stock on the grant date. If an individual owns stock representing more than 10% of the outstanding shares, the exercise price of each share of an incentive stock option must be equal to or exceed 110% of fair market value. Unless otherwise determined by the Board at the time of grant, the exercise price is set at the fair market value of the Company’s common stock on the grant date (or the last trading day prior to the grant date, if it is awarded on a non-trading day). Additionally, the term is set at ten one three A summary of option activity under the 2011 Equity Incentive Plans during the years ended December 31, 2021, and December 31, 2022, is presented below: Options Outstanding Common Shares Weighted Average Weighted Average Outstanding at December 31, 2020 1,712,806 $ 2.56 6.9 Granted 296,569 2.60 Exercised (182,722) 3.26 Expired — — Forfeited (30,990) 0.32 Outstanding at December 31, 2021 1,795,663 $ 2.79 6.4 Granted 125 1.15 Exercised (71,086) 0.25 Expired (37,463) 5.36 Forfeited (22,075) 3.29 Outstanding at December 31, 2022 1,665,164 $ 2.83 5.27 Exercisable at December 31, 2022 1,375,569 $ 3.06 4.7 During the twelve months ended December 31, 2022, 71,086 options were exercised for gross proceeds of $18,027. The intrinsic value of the exercised options was $48,860. During the twelve months ended December 31, 2021, 182,722 options were exercised for gross proceeds of $58,971. The intrinsic value of the exercised options was $488,514. The fair value of the Company's common stock on December 31, 2022, was approximately $0.54 per share, and the intrinsic value on outstanding options as of December 31, 2022, was $63,325. The intrinsic value of the exercisable options as of December 31, 2022, was $48,651. A summary of the nonvested stock option activity under the 2011 Equity Incentive Plan during the years ended December 31, 2021, and December 31, 2022, is presented below: Nonvested Options Common Shares Weighted Average Weighted Average Nonvested at December 31, 2020 715,486 $ 0.56 2.5 Granted 296,569 2.25 Vested (339,099) 0.73 Forfeited (17,152) 1.38 Nonvested at December 31, 2021 655,804 $ 1.22 2.3 Granted 125 1.15 Vested (306,796) 2.84 Forfeited (59,538) 4.59 Nonvested at December 31, 2022 289,595 $ 1.45 1.7 There were outstanding options to purchase 1,665,164 shares with a weighted average exercise price of $2.83 per share, of which options to purchase 1,375,569 shares were exercisable with a weighted average exercise price of $3.06 per share as of December 31, 2022. Expense recognized on stock options issued to employees during the twelve months ended December 31, 2022, and 2021 was $267,672 and $270,958, respectively. Future compensation related to non-vested awards as of December 31, 2022, is $381,425, and it is estimated to be recognized over the weighted-average vesting period of approximately 1.7 years. The following table shows the number of stock options granted under the Company’s 2011 Equity Incentive Plans and the assumptions used to determine the fair value of those options using a Black-Scholes option-pricing model during the twelve months ended December 31, 2022, and 2021: Twelve Months Ended Total Options Granted Weighted Average Exercise Price Weighted Average Expected Term Weighted Average Volatility Weighted Average Risk-Free Interest Rate Expected Dividends Weighted Average Weighted average expected forfeiture rate December 31, 2021 296,569 $ 2.60 6.0 years 120.18% 0.98% — $ 2.25 11.74% December 31, 2022 125 $ 1.15 5.0 years 120.48% 1.70% — $ 1.15 37.00% Employee Stock Purchase Plan The amended and restated IZEA Worldwide, Inc. 2014 Employee Stock Purchase Plan (the “ESPP”) provides for the issuance of up to 500,000 shares of the Company’s common stock to employees regularly employed by the Company for 90 days or more on a full-time or part-time basis (20 hours or more per week on a regular schedule). The ESPP operates in successive six During the twelve months ended December 31, 2022, and 2021, employees paid $14,516 to purchase 24,428 shares of common stock and $5,395 to purchase 8,113 shares of common stock, respectively. The stock compensation expense on ESPP Options was $8,978 and $7,932 for the twelve months ended December 31, 2022, and 2021, respectively. As of December 31, 2022, the Company had 363,072 remaining shares of common stock available for future issuances under the ESPP. Summary of Stock-Based Compensation The stock-based compensation cost related to all awards granted to employees is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the employee’s requisite service period utilizing the weighted-average forfeiture rates as disclosed in Note 1. Total stock-based compensation expense recognized on restricted stock, restricted stock units, stock options, and employee stock purchase plan issuances during the twelve months ended December 31, 2022, and 2021 was recorded in the Company’s consolidated statements of operations as follows: Twelve Months Ended December 31, December 31, Cost of revenue $ 40,895 $ 9,160 Sales and marketing 64,010 22,115 General and administrative 505,867 847,464 Total stock-based compensation $ 610,772 $ 878,739 |
Loss Per Common Share (Notes)
Loss Per Common Share (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | LOSS PER COMMON SHARE Basic earnings (loss) per common share is computed by dividing the net income or loss by the basic weighted-average number of shares of common stock outstanding during each period presented. Although restricted stock is issued upon the grant of an award, the Company excludes restricted stock from the computations of the weighted-average number of shares of common stock outstanding until the stock vests. Diluted loss per share is computed by dividing the net income or loss by the sum of the total of the basic weighted-average number of shares of common stock outstanding plus the additional dilutive securities that could be exercised or converted into common shares during each period presented less the amount of shares that could be repurchased using the proceeds from the exercises. Twelve Months Ended December 31, December 31, Net loss $ (4,469,498) $ (3,140,621) Weighted average shares outstanding - basic and diluted 62,199,379 60,407,921 Basic and diluted loss per common share $ (0.07) $ (0.05) The Company excluded the following weighted average items from the above computation of diluted loss per common share, as their effect would be anti-dilutive: Twelve Months Ended December 31, December 31, Stock options 1,736,414 1,750,096 Restricted stock units 813,088 516,180 Restricted stock 49,913 22,632 Total excluded shares 2,599,415 2,288,908 |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUEThe Company has consistently applied its accounting policies with respect to revenue to all periods presented in the consolidated financial statements contained herein. The following table illustrates the Company’s revenue by product service type: Twelve Months Ended December 31, December 31, Managed Services Revenue $ 39,456,986 $ 28,203,556 Marketplace Spend Fees 205,809 319,419 License Fees 1,301,198 1,454,874 Other Fees 131,944 44,528 SaaS Services Revenue 1,638,951 1,818,821 Total Revenue $ 41,095,937 $ 30,022,377 Managed Services revenue is comprised of two types of revenue, Sponsored Social and Content. Sponsored Social revenue, which totaled $35.2 million for the twelve months ended December 31, 2022, is recognized over time. Content revenue, which totaled $4.3 million during the twelve months ended December 31, 2022, is recognized at a point in time. The following table provides the Company’s revenues as determined by the country of domicile: Twelve Months Ended December 31, December 31, United States $ 40,481,138 $ 29,390,892 Canada 614,799 631,485 Total $ 41,095,937 $ 30,022,377 Contract Balances The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers reported in the Company’s consolidated balance sheet: December 31, 2022 December 31, 2021 Accounts receivable, net $ 5,664,727 $ 7,599,103 Contract liabilities (unearned revenue) 11,247,746 11,338,095 The Company does not typically engage in contracts that are longer than one Contract receivables are recognized when the receipt of consideration is unconditional. Contract liabilities relate to the consideration received from customers in advance of the Company satisfying performance obligations under the terms of the contracts, which will be earned in future periods. Contract liabilities increase as a result of receiving new advance payments from customers and decrease as revenue is recognized upon the Company meeting the performance obligations. As a practical expedient, the Company expenses the costs of sales commissions that are paid to its sales force associated with obtaining contracts less than one year in length in the period incurred. Remaining Performance Obligations The Company typically enters into contracts that are one |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | INCOME TAXES The components of the Company’s net deferred income taxes are as follows (rounded): December 31, December 31, Deferred tax assets: Net operating loss carry forwards $ 24,823,000 $ 23,877,000 Accrued expenses 368,000 430,000 Stock option and warrant expenses 618,000 504,000 Accounts receivable 39,000 41,000 Other 180,000 (42,000) Total deferred tax assets 26,028,000 24,810,000 Valuation allowance (25,921,000) (24,684,000) Net deferred tax assets 107,000 126,000 Deferred tax liabilities: Fixed and tangible assets (107,000) (126,000) Total deferred tax liabilities (107,000) (126,000) Total deferred tax assets (liabilities) $ — $ — The following summary reconciles differences from taxes at the federal statutory rate with the effective rate: Twelve Months Ended December 31, December 31, Federal income tax at statutory rates (21.0) % (21.0) % Change in deferred tax asset valuation allowance 23.2 % 53.7 % Deferred state taxes (3.3) % (7.2) % Non-deductible expenses: ISO & Restricted stock compensation 0.9 % (6.4) % Change in state deferred rate 1.1 % (5.9) % PPP loan forgiveness — % (13.4) % Other (0.9) % 0.2 % Income taxes at effective rates — % — % The Company has incurred net losses for tax purposes every year since its inception. As of December 31, 2022, the Company had approximately $93.7 million in net operating loss carryforwards for U.S. federal income tax purposes and $95.8 million in net operating loss carryforwards for state income tax purposes, which in the aggregate expire in various amounts between the years of 2026 and 2040. The Company's ability to deduct its historical net operating losses may be limited in the future due to IRC Section 382 as a result of the substantial issuances of common stock in 2012 through 2021. Certain of the Company's net operating losses acquired in connection with the Ebyline, ZenContent, and TapInfluence acquisitions also may be limited by IRC Section 382. The change in the valuation allowance for the twelve months ended December 31, 2022, was an increase of $1.2 million resulting primarily from net operating losses generated during the period. The change in the valuation allowance for the twelve months ended December 31, 2021, was an increase of $1.7 million, resulting primarily from net operating losses generated during the period. The Company has deemed any foreign earnings will be indefinitely reinvested. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTSThe Company has completed an evaluation of all subsequent events through March 31, 2023 to ensure that these consolidated financial statements include appropriate disclosure of events both recognized in the consolidated financial statements and events which occurred but were not recognized in the consolidated financial statements. The Company has concluded that no subsequent event has occurred that requires disclosure. |
Company and Summary of Signif_2
Company and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Business [Policy Text Block] | Nature of Business IZEA Worldwide, Inc. (together with its wholly-owned subsidiaries, “we,” “us,” “our,” “IZEA” or the “Company”) is a Nevada corporation that was founded in February 2006 under the name PayPerPost, Inc. and became a public company in May 2011. In January 2015, IZEA purchased all of the outstanding shares of capital stock of Ebyline, Inc. (“Ebyline”). In March 2016, the Company formed IZEA Canada, Inc., a wholly-owned subsidiary, incorporated in Ontario, Canada, to operate as a sales and support office for IZEA’s Canadian customers. In July 2016, IZEA purchased all the outstanding shares of capital stock of ZenContent, Inc. (“ZenContent”) and in July 2018, a subsidiary of the Company merged with TapInfluence, Inc. (“TapInfluence”). ZenContent, Ebyline, and TapInfluence were merged into IZEA and the legal entities were dissolved in December 2017, December 2019, and December 2020, respectively. The Company helps power the creator economy, allowing everyone from college students to stay-at-home individuals to celebrities and accredited journalists the opportunity to monetize their content, creativity and influence through global brands and marketers. IZEA compensates these creators for producing unique content, such as long and short-form text, videos, photos, status updates, and illustrations for marketers or distributing such content on behalf of marketers through their websites, blogs, and social media channels. The Company provides value through managing custom content workflow, creator search and targeting, bidding, analytics, and payment processing. While the majority of the marketers engage the Company to perform these services (the “Managed Services”) on their behalf, they may also access IZEA’s marketplaces to engage creators for influencer marketing campaigns or to produce custom content on a self-service basis by licensing the Company’s technology. The Company’s primary technology platform, IZEA Exchange (“ IZEAx ”), is designed to provide a unified ecosystem that enables the creation and publication of multiple types of custom content through its creators’ websites, blogs, and social media channels, including, among others, Twitter, Facebook, YouTube, Twitch, and Instagram. The Company extensively uses this platform to manage influencer marketing campaigns on behalf of the Company’s marketers. This platform is also available directly to the Company’s marketers as a self-service tool and a licensed white label product. During 2022, we re-engineered our influencer marketing platform to align more closely with user requirements, announcing the initial rollout of IZEA Flex (“ Flex ”) in September, and we announced the commercial launch of Flex in January 2023. Flex , which introduces end-to-end tracking of social commerce, enabling influencer impact at scale, includes eight modules allowing pricing plans that meet a range of users, will replace IZEAx as our primary platform. IZEAx will be sunset in 2023. In 2020, the Company launched two platforms, BrandGraph and Shake . BrandGraph is a social media intelligence platform that is heavily integrated with IZEAx and now Flex, which relies heavily on data from the other platforms but is also available as a stand-alone platform. The platform maps and classifies the complex hierarchy of corporation-to-brand relationships by category and associates social content with brands through a proprietary content analysis engine. Shake was a new online marketplace where buyers can quickly and easily hire creators of all types for influencer marketing, photography, design, and other digital services. The Shake platform was aimed at digital creatives seeking freelance “gig” work. Creator’s list available “Shakes” on their accounts in the platform and marketers select and purchase creative packages from them through a streamlined chat experience, assisted by ShakeBot - a proprietary, artificial intelligence assistant. Shake was sunset in 2022 in conjunction with the launch of The Creator Marketplace , which replaces and improves upon Shake’s functionality. In October 2022, we launched The Creator Marketplace (“ Marketplace ”) on IZEA.com, which provides powerful tools for creators to showcase their social handles and the brands and topics they post about, and marketers to easily search and filter creator listing that meet requirements of their influencer marketing campaigns, including creator specific predictive audience demographics. Marketplace features include Casting Calls which gives marketers and creators a two-way marketplace to connect and collaborate; marketers use Casting Calls to solicit creators for everything from influencing campaigns to full time employment; creators respond directly to Casting Calls with video and text responses. The Company’s next generation technology platform, IZEA Flex (“ Flex ”), was launched in December 2022. It is designed with flexibility as a core tenet, allowing marketers to use any combination of independent applications as they see fit. The result is a comprehensive suite of tools that, individually, supercharge influencer marketing efforts and become even more powerful when combined. Flex offers eight core modules: Discover, ContentMine, ShareMonitor, Integrations, Tracking Links, Contacts, Transactions, and Campaigns . Flex introduces end-to-end tracking of social commerce, allowing marketers to easily measure the impact of individual influencers on e-commerce revenue at scale, and integrates key functions of The Creator Marketplace on IZEA.com. Modules in Flex included Discover , which allows marketers to search through content from millions of influencer social profiles while filtering across channels, demographics, and interests; ContentMine , a content management tool that collects and measures influencer content, providing real-time insights and A.I. content analysis from BrandGraph ; ShareMonitor , a multi-platform social monitoring tool that allows marketers to monitor hashtags, keywords and brand mentions across leading social platforms; Integrations provides deep integrations such as with Google Analytics and Shopify, providing marketers the capability to track influencer campaign metrics such as time on site, engagement and revenue; and, Tracking Links provides real-time tracking metrics for influencer marketing and can track customer conversions, spend, and purchases when used with other Flex modules. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of IZEA Worldwide, Inc. and its wholly-owned subsidiaries, subsequent to the subsidiaries’ individual acquisition, merger, or formation dates, as applicable. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash EquivalentsThe Company considers all highly liquid investments purchased with an original maturity of three months or less from the date of purchase to be cash equivalents. Deposits made to Company bank accounts are insured by the FDIC up to a maximum amount of $250,000. Deposit balances exceeding this limit were approximately $24.4 million and $74.9 million as of December 31, 2022, and 2021, respectively. |
Receivable [Policy Text Block] | Accounts Receivable and Concentration of Credit Risk The Company’s accounts receivable balance consists of trade receivables, contract assets, and a reserve for doubtful accounts. Trade receivables are customer obligations due under normal trade terms. Contract assets represent amounts owed for work that has been performed, but not yet billed. The Company had net trade receivables of $5.7 million and contract assets of $39,095 at December 31, 2022. The Company had net trade receivables of $7.6 million and contract assets of $21,926 at December 31, 2021. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of credit risk with respect to accounts receivable have been typically limited because a large number of geographically diverse customers make up the Company’s customer base, thus spreading the trade credit risk. However, with the Company’s addition of SaaS customers, it has increased credit exposure on certain customers who carry significant credit balances related to their marketplace spend. The Company controls credit risk through credit approvals, credit limits, and monitoring procedures. The Company performs credit evaluations of its customers but generally does not require collateral to support accounts receivable. The Company had three customers that accounted for 64% of total accounts receivable at December 31, 2022 and three customers that accounted for 38% of total accounts receivable at December 31, 2021. The Company had one customer that accounted for 29% of its revenue during the twelve months ended December 31, 2022 and one customer that accounted for 14% of its revenue during the twelve months ended December 31, 2021. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost, or if acquired in a business combination, at the acquisition date fair value. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Computer Equipment 3 years Office Equipment 3 - 10 years Furniture and Fixtures 5 - 10 years |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the consideration transferred for an acquired business over the fair value of the underlying identifiable net assets. The Company has goodwill in connection with its acquisitions of Ebyline, ZenContent, and TapInfluence. Goodwill is not amortized but instead, it is tested for impairment at least annually. In the event that management determines that the value of goodwill has become impaired, the Company will record a charge in an amount equal to the excess of the reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit during the fiscal quarter in which the determination is made. Goodwill is required to be tested for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment level, which is referred to as a component. Management identifies its reporting units by assessing whether components (i) have discrete financial information available, (ii) engage in business activities, and (iii) whether a segment manager regularly reviews the component’s operating results. The Company had one reporting unit as of December 31, 2022. The Company performs its annual impairment tests of goodwill as of October 1 each year, or more frequently, if certain indicators are present. As described in Note 4, the assessments performed in 2021 and 2022 both concluded that the fair value of our reporting unit exceeds its carrying value, including goodwill. The Company concluded in each year that no impairment existed. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets The Company acquired the majority of its intangible assets through its acquisitions of Ebyline, ZenContent, and TapInfluence. The Company amortized the identifiable intangible assets over periods of 12 to 60 months. See Note 4 for further details. The Company accounts for its digital assets held as indefinite-lived intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other. The Company maintains ownership of and control over its digital assets and may use third-party custodial services to secure them. The digital assets are initially recorded at cost and are subsequently evaluated for any impairment losses incurred since acquisition. The Company recognized an impairment of $148,310 on digital assets held as indefinite-lived intangible assets in the twelve months ended December 31, 2022. The Company recognized an impairment of $3,412 on digital assets held as indefinite-lived intangible assets in the twelve months ended December 31, 2021. The Company reviews long-lived assets, including software development costs and other intangible assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared with the asset's carrying amount to determine if there has been an impairment, which is calculated as the difference between the fair value of the asset and the carrying value. Estimates of future undiscounted cash flows are based on expected growth rates for the business, anticipated future economic conditions, and estimates of residual values. Fair values take into consideration management estimates of risk-adjusted discount rates, which are believed to be consistent with assumptions that marketplace participants would use in their estimates of fair value. The Company did not recognize any impairment charges associated with the Company’s acquired intangible assets in the twelve months ended December 31, 2022 and 2021. |
Software Development Costs, Policy [Policy Text Block] | Software Development Costs In accordance with Accounting Standards Codification (“ASC”) 350-40, Internal Use Software, the Company capitalizes certain internal-use software development costs associated with creating and enhancing internally developed software related to its platforms. Software development activities generally consist of three stages (i) the research and planning stage, (ii) the application and development stage, and (iii) the post-implementation stage. Costs incurred in the research and planning stage and in the post-implementation stage of software development, or other maintenance and development expenses that do not meet the qualification for capitalization, are expensed as incurred. Costs incurred in the application and development stage, including significant enhancements and upgrades, are capitalized. These costs include personnel and related employee benefits expenses for employees or consultants who are directly associated with and who devote time to software projects and external direct costs of materials obtained in developing the software. The Company also capitalizes certain costs associated with cloud computing arrangements ("CCAs"). These software developments, acquired technology, and CCA costs are amortized on a straight-line basis over the estimated useful life of five years upon initial release of the software or additional features. The Company reviews the software development costs for impairment when circumstances indicate that their carrying amounts may not be recoverable. If the carrying value of an asset group is not recoverable, the Company recognizes an |
Lessee, Leases [Policy Text Block] | Leases Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , established a right-of-use model that requires a lessee to record a right-of-use asset and a right-of-use liability on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company does not record leases on the balance sheet that have a lease term of 12 months or less at the commencement date. |
Revenue [Policy Text Block] | Revenue Recognition The Company generates revenue from four primary sources: (1) revenue from its managed services when a marketer (typically a brand, agency, or partner) pays the Company to provide custom content, influencer marketing, amplification, or other campaign management services (“Managed Services”); (2) revenue from fees charged to software customers on their marketplace spend within the Company's platforms (“Marketplace Spend Fees”); (3) revenue from license and subscription fees charged to access our platforms (“License Fees”); and, (4) revenue derived from other fees such as inactivity fees, early cash-out fees, and other miscellaneous fees charged to users of the Company's platforms (“Other Fees”). The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, revenue is recognized based on a five-step model as follows: (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) performance obligations are satisfied. The core principle of ASC 606 is that revenue is recognized when the transfer of promised goods or services to customers is made in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are distinct performance obligations. The Company also determines whether it acts as an agent or a principal for each identified performance obligation. The determination of whether the Company acts as principal or agent is highly subjective and requires the Company to evaluate a number of indicators individually and as a whole in order to make its determination. For transactions in which the Company acts as a principal, revenue is reported on a gross basis as the amount paid by the marketer for the purchase of content or sponsorship, promotion, and other related services and the Company records the amounts it pays to third-party creators as cost of revenue. For transactions in which the Company acts as an agent, revenue is reported on a net basis as the amount the Company charged to the self-service marketer using the Company’s platforms, less the amounts paid to the third-party creators providing the service. The Company maintains separate arrangements with each marketer and content creator either in the form of a master agreement or terms of service, which specify the terms of the relationship and access to its platforms or by statement of work, which specifies the price and the services to be performed, along with other terms. The transaction price is determined based on the fixed fee stated in the statement of work and does not contain variable consideration. Marketers who contract with the Company to manage their advertising campaigns or custom content requests may prepay for services or request credit terms. Payment terms are typically 30 days from the invoice date. The agreement typically provides for either a non-refundable deposit or a cancellation fee if the agreement is canceled by the customer prior to completion of services. Billings in advance of completed services are recorded as a contract liability until earned. The Company assesses collectability based on several factors, including the creditworthiness of the customer and payment and transaction history. Managed Services Revenue For Managed Services Revenue, the Company enters into an agreement to provide services that may include multiple distinct performance obligations in the form of (i) an integrated marketing campaign to provide influencer marketing services, which may include the provision of blogs, tweets, photos, or videos shared through social network offerings and content promotion, such as click-through advertisements appearing in websites and social media channels, and (ii) custom content items, such as a research or news article, informational material or videos. Marketers typically purchase influencer marketing services to provide public awareness or advertising buzz regarding the marketer’s brand and purchase custom content for internal and external use. The Company views its obligation to deliver influencer marketing services, including management services, as a single performance obligation that is satisfied over time as the customer receives the benefits from the services. Revenue is recognized using an input method of costs incurred compared to total expected costs to measure the progress towards satisfying the overall performance obligation of the marketing campaign. The Company may provide one type or a combination of all types of these influencer marketing services on a statement of work for a lump sum fee. When multiple types of performance obligations exist in a contract, the Company allocates revenue to each distinct performance obligation at contract inception based on its relative standalone selling price. These performance obligations are to be provided over a period that generally ranges from one day to one year. The delivery of custom content represents a distinct performance obligation that is satisfied at a point in time when each piece of content is delivered to the customer. Based on the Company’s evaluations, revenue from Managed Services is reported on a gross basis because the Company has the primary obligation to fulfill the performance obligations, and it creates, reviews, and controls the services. The Company takes on the risk of payment to any third-party creators, and it establishes the contract price directly with its customers based on the services requested in the statement of work. Marketplace Spend Fees Revenue For Marketplace Spend Fees Revenue, the self-service customers instruct creators found through the Company’s platforms to provide and/or distribute custom content for an agreed-upon transaction price. The Company’s platforms control the contracting, description of services, acceptance of, and payment for the requested content. This service is used primarily by news agencies or marketers to control the outsourcing of their content and advertising needs. The Company charges the self-service customer the transaction price plus a fee based on the contract. Revenue is recognized when the transaction is completed by the creator and accepted by the marketer or verified as posted by the system. Based on the Company’s evaluations, this revenue is reported on a net basis since the Company is acting as an agent through its platform for the third-party creator to provide the services or content directly to the self-service customer or to post approved content through one or more social media platforms. License Fees Revenue License Fees Revenue is generated by granting customers limited, non-exclusive, non-transferable access to the Company’s technology platforms for an agreed-upon subscription period. Customers access the platforms to manage their influencer marketing campaigns. Fees for subscription or licensing services are recognized straight-line over the term of the service. Other Fees Revenue Other Fees Revenue is generated when fees are charged to the Company’s platform users primarily related to monthly plan fees, inactivity fees, and early cash-out fees. Plan fees are recognized within the month they relate to, inactivity fees are recognized at a point in time when the account is deemed inactive, and early cash-out fees are recognized when a cash-out is either below certain minimum thresholds or when accelerated payout timing is requested. one |
Advertising Cost [Policy Text Block] | Advertising CostsAdvertising costs are charged to expense as they are incurred, including payments to content creators to promote the Company. Advertising costs charged to operations for the twelve months ended December 31, 2022, and 2021 were approximately $2.0 million and $2.0 million, respectively. Advertising costs are included in sales and marketing expense in the accompanying consolidated statements of operations. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company has not recorded federal income tax expense due to its history of net operating losses. Deferred income taxes are accounted for using the balance sheet approach, which requires recognition of deferred tax assets and liabilities for the expected future consequences of temporary differences between the financial reporting basis and the tax basis of assets and liabilities. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. The Company incurs minimal state franchise tax in four states, which is included in general and administrative expense in the consolidated statements of operations and comprehensive loss. The Company identifies and evaluates uncertain tax positions, if any, and recognizes the impact of uncertain tax positions for which there is a less than more-likely-than-not probability of the position being upheld when reviewed by the relevant taxing authority. Such positions are deemed to be unrecognized tax benefits and a corresponding liability is established on the balance sheet. The Company has not recognized a liability for uncertain tax positions. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company’s tax years subject to examination based on the statute of limitations by the IRS is generally three years; however, the IRS may examine records and other evidence from the year the net operating loss was generated when |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The Company’s financial instruments are recorded at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect certain market assumptions. There are three levels of inputs that may be used to measure fair value: • Level 1 – Valuation based on quoted market prices in active markets for identical assets and liabilities. • Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets. • Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. As of December 31, 2022, the Company holds Level 1 and Level 2 financial assets; this is discussed further in Note 2 - Financial Instruments of Notes to the Consolidated Financial Statements. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Stock-based compensation cost related to stock options granted under the 2011 Equity Incentive Plan, as amended, and the 2011 B Equity Incentive Plan (together, the “2011 Equity Incentive Plans”) (see Note 9) is measured at the grant date, based on the fair value of the award, and is recognized as expense over the employee’s requisite service period on a straight-line basis. The Company estimates the fair value of each option award on the date of grant using a Black-Scholes option-pricing model that uses the assumptions noted in the table below. The Company uses the simplified method to estimate the expected term of employee stock options because it does not believe historical exercise data will provide a reasonable basis for estimating the expected term for the current share options granted. The simplified method assumes that employees will exercise share options evenly between the period when the share options are vested and ending on the date when the options would expire. The Company uses the closing stock price of its common stock on the date of the grant as the associated fair value of its common stock. For issuances after June 30, 2019, the Company estimates the volatility of its common stock at the date of grant based on the volatility of its stock during the period. The Company uses the risk-free interest rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term approximately equal to the expected life of the award. The Company has never paid any cash dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future. The Company used the following assumptions for stock options granted under the 2011 Equity Incentive Plans during the twelve months ended December 31, 2022, and 2021: Twelve Months Ended 2011 Equity Incentive Plans Assumptions December 31, December 31, Expected term 5 years 6 years Weighted average volatility 120.48% 120.18% Weighted average risk-free interest rate 1.70% 0.98% Expected dividends — — Weighted average expected forfeiture rate 37.00% 11.74% The Company estimates forfeitures when recognizing compensation expense and this estimate of forfeitures is adjusted over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment, which is recognized in the period of change, and a revised amount of unamortized compensation expense to be recognized in future periods. The Company may issue shares of restricted stock or restricted stock units that vest over future periods. The value of shares is recorded as the fair value of the stock or units upon the issuance date and is expensed on a straight-line basis over the vesting period. See Note 9 for additional information related to these shares. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements Income Taxes: In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 on January 1, 2021 with no material impact on its current reporting in the Company’s consolidated financial statements. Reference Rate Reform: In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) , and further issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), in January 2021 to provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 and ASU 2021-01 also provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions impacted by reference rate reform if certain criteria are met. Additionally, they only apply to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. ASU 2020-04 is effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. As of December 31, 2022, the Company does not have any contracts that reference LIBOR rates and this guidance has not had a material impact on its financial statements. Codification Improvements: In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs ("ASU 2020-08"), and ASU No. 2020-10, Codification Improvements ("ASU 2020-10"). ASU 2020-08 and ASU 2020-10 provide changes to clarify or improve existing guidance. The Company adopted ASU No. 2020-08 and ASU No. 2020-10 on January 1, 2021, with no material impact on its current reporting in the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted Credit Losses : In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. In May 2019, the FASB issued ASU 2019-05, which provides transition relief for entities adopting ASU 2016-13. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt ASU No. 2019-05 in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date will be the same as the effective date of ASU 2016-13. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the expected impact of adopting ASU 2016-13 on its consolidated financial statements and disclosures. Accounting for Contract Assets and Contract Liabilities from Contracts with Customers: In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). Under ASU 2021-08, an acquirer in a business combination must apply ASC 606 principles when recognizing and measuring acquired contract assets and contract liabilities. The provisions of ASU 2021-08 are applicable for the Company for fiscal years and interim periods beginning after December 15, 2022. The Company is currently evaluating the impact of ASU 2021-08 on its consolidated financial statements and related disclosures. |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment loss on digital assets | The Company determines the fair value of its digital assets on a nonrecurring basis in accordance with ASC 820, Fair Value Measurement , based on quoted prices on the active exchange(s) that has been determined to be the principal market for such assets (Level 1 inputs). The Company performs an analysis each quarter to identify whether events or changes in circumstances, principally decreases in the quoted prices on active exchanges, indicate that it is more likely than not that the digital assets are impaired. In determining if an impairment has occurred, the Company considers the lowest market price of one unit of the digital asset quoted on the active exchange since acquiring the digital asset. If the then-current carrying value of a digital asset exceeds the fair value so determined, an impairment loss has occurred with respect to those digital assets in the amount equal to the difference between their carrying value and the price determined. |
Company and Summary of Signif_3
Company and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule Of Estimated Useful Lives Of Property Plant And Equipment [Table Text Block] | Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Computer Equipment 3 years Office Equipment 3 - 10 years Furniture and Fixtures 5 - 10 years |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The Company used the following assumptions for stock options granted under the 2011 Equity Incentive Plans during the twelve months ended December 31, 2022, and 2021: Twelve Months Ended 2011 Equity Incentive Plans Assumptions December 31, December 31, Expected term 5 years 6 years Weighted average volatility 120.48% 120.18% Weighted average risk-free interest rate 1.70% 0.98% Expected dividends — — Weighted average expected forfeiture rate 37.00% 11.74% |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of December 31, 2022: Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Current Marketable Securities (1) Non-Current Marketable Securities (2) Cash and cash equivalents $ 14,583,955 $ — $ — $ 14,583,955 $ 14,583,955 $ — $ — Level 1 (3) Commercial paper 9,777,252 — (2,131) 9,775,121 9,775,121 — — Money market funds 241,884 — — 241,884 241,884 — — US Treasury securities 11,972,036 — (206,439) 11,765,597 — 4,926,950 6,838,647 Subtotal 21,991,172 — (208,570) 21,782,602 10,017,005 4,926,950 6,838,647 Level 2 (4) Asset back securities 12,173,193 — (154,576) 12,018,617 — 4,971,754 7,046,863 Corporate debt securities 22,036,262 — (417,649) 21,618,613 — 6,208,054 15,410,559 Subtotal 34,209,455 — (572,225) 33,637,230 — 11,179,808 22,457,422 Total $ 70,784,582 $ — $ (780,795) $ 70,003,787 $ 24,600,960 $ 16,106,758 $ 29,296,069 (1) Current Marketable Securities have a holding period under one (2) Non-Current Marketable Securities have a holding period over one (3) Level 1 fair value estimates are based on quoted prices in active markets for identical assets and liabilities. (4) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets and liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities. |
Fair Value of Investments in Marketable Debt Securities | The following table summarizes the estimated fair value of investments in marketable debt securities by stated contractual maturity dates: As of December 31, 2022 Due in 1 year or less $ 16,106,758 Due in 1 year through 5 years 29,296,069 Total $ 45,402,827 |
Schedule of Unrealized Loss on Investments | The following table presents fair values and net unrealized gains (losses) recorded to OCI, aggregated by investment category: As of December 31, 2022 Fair Value Net Unrealized Gain (Loss) Cash and cash equivalents $ 24,600,960 $ (2,131) Government bonds 11,765,597 (206,439) Corporate debt securities 21,618,613 (417,649) Asset backed securities 12,018,617 (154,576) Total $ 70,003,787 $ (780,795) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment consist of the following: December 31, 2022 December 31, 2021 Furniture and fixtures $ — $ 208,583 Office equipment 3,843 66,417 Computer equipment 323,700 541,330 Total 327,543 816,330 Less accumulated depreciation (170,769) (661,145) Property and equipment, net $ 156,774 $ 155,185 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The identifiable intangible assets, other than Goodwill, consists of the following assets: December 31, 2022 December 31, 2021 Balance Accumulated Amortization Balance Accumulated Amortization Useful Life (in years) Content provider networks $ 160,000 $ 160,000 $ 160,000 $ 160,000 2 Trade names 87,000 87,000 87,000 87,000 1 Developed technology 820,000 820,000 820,000 820,000 5 Self-service content customers 2,810,000 2,810,000 2,810,000 2,810,000 3 Managed content customers 2,140,000 2,140,000 2,140,000 2,140,000 3 Domains 166,469 166,469 166,469 166,469 5 Embedded non-compete provision 28,000 28,000 28,000 28,000 2 Total definite-lived intangible assets $ 6,211,469 $ 6,211,469 $ 6,211,469 $ 6,211,469 Digital assets 64,953 — 213,263 — Indefinite Total intangible assets $ 6,276,422 $ 6,211,469 $ 6,424,732 $ 6,211,469 Total identifiable intangible assets from the Company’s acquisitions and other acquired assets net of accumulated amortization thereon consists of the following: December 31, 2022 December 31, 2021 Ebyline Intangible Assets $ 2,370,000 $ 2,370,000 ZenContent Intangible Assets 722,000 722,000 Domains 166,469 166,469 TapInfluence Intangible Assets 2,953,000 2,953,000 Digital Assets 64,953 213,263 Total $ 6,276,422 $ 6,424,732 Less accumulated amortization (6,211,469) (6,211,469) Intangible assets, net $ 64,953 $ 213,263 |
Software Development Costs (Tab
Software Development Costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The identifiable intangible assets, other than Goodwill, consists of the following assets: December 31, 2022 December 31, 2021 Balance Accumulated Amortization Balance Accumulated Amortization Useful Life (in years) Content provider networks $ 160,000 $ 160,000 $ 160,000 $ 160,000 2 Trade names 87,000 87,000 87,000 87,000 1 Developed technology 820,000 820,000 820,000 820,000 5 Self-service content customers 2,810,000 2,810,000 2,810,000 2,810,000 3 Managed content customers 2,140,000 2,140,000 2,140,000 2,140,000 3 Domains 166,469 166,469 166,469 166,469 5 Embedded non-compete provision 28,000 28,000 28,000 28,000 2 Total definite-lived intangible assets $ 6,211,469 $ 6,211,469 $ 6,211,469 $ 6,211,469 Digital assets 64,953 — 213,263 — Indefinite Total intangible assets $ 6,276,422 $ 6,211,469 $ 6,424,732 $ 6,211,469 Total identifiable intangible assets from the Company’s acquisitions and other acquired assets net of accumulated amortization thereon consists of the following: December 31, 2022 December 31, 2021 Ebyline Intangible Assets $ 2,370,000 $ 2,370,000 ZenContent Intangible Assets 722,000 722,000 Domains 166,469 166,469 TapInfluence Intangible Assets 2,953,000 2,953,000 Digital Assets 64,953 213,263 Total $ 6,276,422 $ 6,424,732 Less accumulated amortization (6,211,469) (6,211,469) Intangible assets, net $ 64,953 $ 213,263 |
Software Development [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Software development costs consists of the following: December 31, 2022 December 31, 2021 Software development costs $ 4,509,805 $ 3,036,810 Less accumulated amortization (2,735,772) (2,017,210) Software development costs, net $ 1,774,033 $ 1,019,600 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of December 31, 2022, future estimated amortization expense related to software development costs is set forth in the following schedule: Software Development Amortization Expense 2023 $ 591,957 2024 318,305 2025 303,109 2026 297,361 2027 263,301 Total $ 1,774,033 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses consist of the following: December 31, 2022 December 31, 2021 Accrued payroll liabilities $ 1,967,677 $ 2,251,284 Accrued taxes 39,405 76,079 Current portion of finance obligation 42,858 33,388 Accrued other 80,762 142,131 Total accrued expenses $ 2,130,702 $ 2,502,882 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | As of December 31, 2022, the future contractual maturities of the Company’s long-term payment obligations by year is set forth in the following schedule: 2023 $ 42,858 2024 32,438 2025 29,735 Total $ 105,031 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Defined Contribution Plan Disclosures | Total expense for employer matching contributions during the twelve months ended December 31, 2022, and 2021 was recorded in the Company’s consolidated statements of operations as follows: Twelve Months Ended December 31, December 31, Cost of revenue $ 89,418 $ 51,331 Sales and marketing 122,800 92,925 General and administrative 59,294 87,154 Total contribution expense $ 271,512 $ 231,410 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | The following table contains summarized information about restricted stock issued during the years ended December 31, 2021 and December 31, 2022: Restricted Stock Common Shares Weighted Average Weighted Average Nonvested at December 31, 2020 13,666 $ 2.28 1.4 Granted 30,324 4.86 Vested (40,437) 4.25 Nonvested at December 31, 2021 3,553 $ 1.83 0.7 Granted 105,930 1.18 Vested (109,197) 1.20 Nonvested at December 31, 2022 286 $ 1.34 0.3 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table contains summarized information about restricted stock units during the years ended December 31, 2021 and December 31, 2022: Restricted Stock Units Common Shares Weighted Average Weighted Average Nonvested at December 31, 2020 970,349 $ 0.39 1.2 Granted 229,638 2.93 Vested (817,417) 0.83 Forfeited (7,126) 1.77 Nonvested at December 31, 2021 375,444 $ 0.96 1.8 Granted 1,375,583 0.97 Vested (252,751) 0.88 Forfeited (181,123) 1.22 Nonvested at December 31, 2022 1,317,153 $ 0.95 2.5 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | A summary of option activity under the 2011 Equity Incentive Plans during the years ended December 31, 2021, and December 31, 2022, is presented below: Options Outstanding Common Shares Weighted Average Weighted Average Outstanding at December 31, 2020 1,712,806 $ 2.56 6.9 Granted 296,569 2.60 Exercised (182,722) 3.26 Expired — — Forfeited (30,990) 0.32 Outstanding at December 31, 2021 1,795,663 $ 2.79 6.4 Granted 125 1.15 Exercised (71,086) 0.25 Expired (37,463) 5.36 Forfeited (22,075) 3.29 Outstanding at December 31, 2022 1,665,164 $ 2.83 5.27 Exercisable at December 31, 2022 1,375,569 $ 3.06 4.7 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The Company used the following assumptions for stock options granted under the 2011 Equity Incentive Plans during the twelve months ended December 31, 2022, and 2021: Twelve Months Ended 2011 Equity Incentive Plans Assumptions December 31, December 31, Expected term 5 years 6 years Weighted average volatility 120.48% 120.18% Weighted average risk-free interest rate 1.70% 0.98% Expected dividends — — Weighted average expected forfeiture rate 37.00% 11.74% |
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | Total stock-based compensation expense recognized on restricted stock, restricted stock units, stock options, and employee stock purchase plan issuances during the twelve months ended December 31, 2022, and 2021 was recorded in the Company’s consolidated statements of operations as follows: Twelve Months Ended December 31, December 31, Cost of revenue $ 40,895 $ 9,160 Sales and marketing 64,010 22,115 General and administrative 505,867 847,464 Total stock-based compensation $ 610,772 $ 878,739 |
Equity Incentive 2011 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following table shows the number of stock options granted under the Company’s 2011 Equity Incentive Plans and the assumptions used to determine the fair value of those options using a Black-Scholes option-pricing model during the twelve months ended December 31, 2022, and 2021: Twelve Months Ended Total Options Granted Weighted Average Exercise Price Weighted Average Expected Term Weighted Average Volatility Weighted Average Risk-Free Interest Rate Expected Dividends Weighted Average Weighted average expected forfeiture rate December 31, 2021 296,569 $ 2.60 6.0 years 120.18% 0.98% — $ 2.25 11.74% December 31, 2022 125 $ 1.15 5.0 years 120.48% 1.70% — $ 1.15 37.00% |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity [Table Text Block] | A summary of the nonvested stock option activity under the 2011 Equity Incentive Plan during the years ended December 31, 2021, and December 31, 2022, is presented below: Nonvested Options Common Shares Weighted Average Weighted Average Nonvested at December 31, 2020 715,486 $ 0.56 2.5 Granted 296,569 2.25 Vested (339,099) 0.73 Forfeited (17,152) 1.38 Nonvested at December 31, 2021 655,804 $ 1.22 2.3 Granted 125 1.15 Vested (306,796) 2.84 Forfeited (59,538) 4.59 Nonvested at December 31, 2022 289,595 $ 1.45 1.7 |
Loss Per Common Share (Tables)
Loss Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Diluted loss per share is computed by dividing the net income or loss by the sum of the total of the basic weighted-average number of shares of common stock outstanding plus the additional dilutive securities that could be exercised or converted into common shares during each period presented less the amount of shares that could be repurchased using the proceeds from the exercises. Twelve Months Ended December 31, December 31, Net loss $ (4,469,498) $ (3,140,621) Weighted average shares outstanding - basic and diluted 62,199,379 60,407,921 Basic and diluted loss per common share $ (0.07) $ (0.05) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The Company excluded the following weighted average items from the above computation of diluted loss per common share, as their effect would be anti-dilutive: Twelve Months Ended December 31, December 31, Stock options 1,736,414 1,750,096 Restricted stock units 813,088 516,180 Restricted stock 49,913 22,632 Total excluded shares 2,599,415 2,288,908 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table illustrates the Company’s revenue by product service type: Twelve Months Ended December 31, December 31, Managed Services Revenue $ 39,456,986 $ 28,203,556 Marketplace Spend Fees 205,809 319,419 License Fees 1,301,198 1,454,874 Other Fees 131,944 44,528 SaaS Services Revenue 1,638,951 1,818,821 Total Revenue $ 41,095,937 $ 30,022,377 Managed Services revenue is comprised of two types of revenue, Sponsored Social and Content. Sponsored Social revenue, which totaled $35.2 million for the twelve months ended December 31, 2022, is recognized over time. Content revenue, which totaled $4.3 million during the twelve months ended December 31, 2022, is recognized at a point in time. The following table provides the Company’s revenues as determined by the country of domicile: Twelve Months Ended December 31, December 31, United States $ 40,481,138 $ 29,390,892 Canada 614,799 631,485 Total $ 41,095,937 $ 30,022,377 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers reported in the Company’s consolidated balance sheet: December 31, 2022 December 31, 2021 Accounts receivable, net $ 5,664,727 $ 7,599,103 Contract liabilities (unearned revenue) 11,247,746 11,338,095 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s net deferred income taxes are as follows (rounded): December 31, December 31, Deferred tax assets: Net operating loss carry forwards $ 24,823,000 $ 23,877,000 Accrued expenses 368,000 430,000 Stock option and warrant expenses 618,000 504,000 Accounts receivable 39,000 41,000 Other 180,000 (42,000) Total deferred tax assets 26,028,000 24,810,000 Valuation allowance (25,921,000) (24,684,000) Net deferred tax assets 107,000 126,000 Deferred tax liabilities: Fixed and tangible assets (107,000) (126,000) Total deferred tax liabilities (107,000) (126,000) Total deferred tax assets (liabilities) $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation | The following summary reconciles differences from taxes at the federal statutory rate with the effective rate: Twelve Months Ended December 31, December 31, Federal income tax at statutory rates (21.0) % (21.0) % Change in deferred tax asset valuation allowance 23.2 % 53.7 % Deferred state taxes (3.3) % (7.2) % Non-deductible expenses: ISO & Restricted stock compensation 0.9 % (6.4) % Change in state deferred rate 1.1 % (5.9) % PPP loan forgiveness — % (13.4) % Other (0.9) % 0.2 % Income taxes at effective rates — % — % |
Company and Summary of Signif_4
Company and Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Cash, FDIC Insured Amount | $ 250,000 | |
Cash, Uninsured Amount | $ 24,400,000 | $ 74,900,000 |
Company and Summary of Signif_5
Company and Summary of Significant Accounting Policies - Accounts Receivable and Concentration of Credit Risk (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | ||
Accounts receivable, before allowance for credit loss | $ 5,700,000 | $ 7,600,000 |
Unbilled receivables | $ (39,095) | (21,926) |
Allowance for doubtful accounts receivable | $ 155,000 | |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, customer | three | three |
Accounts Receivable [Member] | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 64% | 38% |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, customer | one | one |
Concentration risk, percentage | 29% | 14% |
Company and Summary of Signif_6
Company and Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Computer Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life (in years) | 3 years |
Minimum [Member] | Office Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life (in years) | 3 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life (in years) | 5 years |
Maximum [Member] | Office Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life (in years) | 10 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life (in years) | 10 years |
Company and Summary of Signif_7
Company and Summary of Significant Accounting Policies - Goodwill (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) leases | Dec. 31, 2021 USD ($) | |
Accounting Policies [Abstract] | ||
Number of reporting units | leases | 1 | |
Goodwill, Impairment Loss | $ | $ 0 | $ 0 |
Company and Summary of Signif_8
Company and Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Impairment of digital assets | $ 148,310 | $ 3,412 |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (in years) | 12 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (in years) | 60 years |
Company and Summary of Signif_9
Company and Summary of Significant Accounting Policies - Software Development Costs (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Amortization period of software development costs (in years) | 5 years |
Company and Summary of Signi_10
Company and Summary of Significant Accounting Policies - Leases (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Lease term | 12 months |
Company and Summary of Signi_11
Company and Summary of Significant Accounting Policies - Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Contract assets and contract liabilities length of agreement with customers | 1 year |
Invoice payment terms | 30 days |
Company and Summary of Signi_12
Company and Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Selling and Marketing Expense [Member] | ||
Significant Accounting Policies [Line Items] | ||
Advertising costs | $ 2,000,000 | $ 2,000,000 |
Company and Summary of Signi_13
Company and Summary of Significant Accounting Policies - Stock-Based Compensation (Details) - Equity Incentive 2011 Plan [Member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | ||
Expected term (in years) | 5 years | 6 years |
Weighted average volatility (percentage) | 120.48% | 120.18% |
Weighted average risk free interest rate (percentage) | 1.70% | 0.98% |
Expected dividends | 0% | |
Weighted-average expected forfeiture rate (percentage) | 37% | 11.74% |
Financial Instruments (Details)
Financial Instruments (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Maximum [Member] | |
Marketable Securities [Line Items] | |
Holding Period for Marketable Securities | 1 year |
Minimum [Member] | |
Marketable Securities [Line Items] | |
Holding Period for Marketable Securities | 1 year |
Other Expense | |
Marketable Securities [Line Items] | |
Realized Investment Gains (Losses) | $ 2,501 |
Financial Instruments - Marketa
Financial Instruments - Marketable Securities by Significant Investment Category (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Investments, Debt and Equity Securities [Abstract] | |||
Investment Owned, at Cost | $ 70,784,582 | ||
Unrealized Gain (Loss) on Investments | (780,795) | ||
Marketable Securities [Line Items] | |||
Investment Owned, at Cost | 70,784,582 | ||
Investment Owned, at Fair Value | 70,003,787 | ||
Cash and cash equivalents | 24,600,960 | $ 75,433,295 | |
Unrealized Gain (Loss) on Investments | (780,795) | ||
Marketable Securities, Current | 16,106,758 | ||
Marketable Securities, Noncurrent | 29,296,069 | ||
Marketable Securities | 45,402,827 | ||
Investment Owned, at Fair Value | 70,003,787 | ||
Marketable Securities, Noncurrent | 29,296,069 | ||
Marketable Securities, Current | 16,106,758 | ||
Fair Value, Inputs, Level 1 | |||
Investments, Debt and Equity Securities [Abstract] | |||
Investment Owned, at Cost | [1] | 21,991,172 | |
Unrealized Gain (Loss) on Investments | [1] | (208,570) | |
Marketable Securities [Line Items] | |||
Investment Owned, at Cost | [1] | 21,991,172 | |
Investment Owned, at Fair Value | [1] | 21,782,602 | |
Cash and cash equivalents | [1] | 10,017,005 | |
Unrealized Gain (Loss) on Investments | [1] | (208,570) | |
Marketable Securities, Current | [1] | 4,926,950 | |
Marketable Securities, Noncurrent | [1] | 6,838,647 | |
Investment Owned, at Fair Value | [1] | 21,782,602 | |
Marketable Securities, Noncurrent | [1] | 6,838,647 | |
Marketable Securities, Current | [1] | 4,926,950 | |
Fair Value, Inputs, Level 2 | |||
Investments, Debt and Equity Securities [Abstract] | |||
Investment Owned, at Cost | [2] | 34,209,455 | |
Unrealized Gain (Loss) on Investments | [2] | (572,225) | |
Marketable Securities [Line Items] | |||
Investment Owned, at Cost | [2] | 34,209,455 | |
Investment Owned, at Fair Value | [2] | 33,637,230 | |
Unrealized Gain (Loss) on Investments | [2] | (572,225) | |
Marketable Securities, Current | [2] | 11,179,808 | |
Marketable Securities, Noncurrent | [2] | 22,457,422 | |
Investment Owned, at Fair Value | [2] | 33,637,230 | |
Marketable Securities, Noncurrent | [2] | 22,457,422 | |
Marketable Securities, Current | [2] | 11,179,808 | |
Cash and cash equivalents | |||
Investments, Debt and Equity Securities [Abstract] | |||
Investment Owned, at Cost | 14,583,955 | ||
Marketable Securities [Line Items] | |||
Investment Owned, at Cost | 14,583,955 | ||
Investment Owned, at Fair Value | 14,583,955 | ||
Cash and cash equivalents | 14,583,955 | ||
Investment Owned, at Fair Value | 14,583,955 | ||
Commercial Paper | Fair Value, Inputs, Level 1 | |||
Investments, Debt and Equity Securities [Abstract] | |||
Investment Owned, at Cost | [1] | 9,777,252 | |
Unrealized Gain (Loss) on Investments | [1] | (2,131) | |
Marketable Securities [Line Items] | |||
Investment Owned, at Cost | [1] | 9,777,252 | |
Investment Owned, at Fair Value | [1] | 9,775,121 | |
Cash and cash equivalents | [1] | 9,775,121 | |
Unrealized Gain (Loss) on Investments | [1] | (2,131) | |
Investment Owned, at Fair Value | [1] | 9,775,121 | |
Money Market Funds | Fair Value, Inputs, Level 1 | |||
Investments, Debt and Equity Securities [Abstract] | |||
Investment Owned, at Cost | [1] | 241,884 | |
Unrealized Gain (Loss) on Investments | [1] | 0 | |
Marketable Securities [Line Items] | |||
Investment Owned, at Cost | [1] | 241,884 | |
Investment Owned, at Fair Value | [1] | 241,884 | |
Cash and cash equivalents | [1] | 241,884 | |
Unrealized Gain (Loss) on Investments | [1] | 0 | |
Investment Owned, at Fair Value | [1] | 241,884 | |
US Treasury Securities | |||
Investments, Debt and Equity Securities [Abstract] | |||
Unrealized Gain (Loss) on Investments | (206,439) | ||
Marketable Securities [Line Items] | |||
Investment Owned, at Fair Value | 11,765,597 | ||
Unrealized Gain (Loss) on Investments | (206,439) | ||
Investment Owned, at Fair Value | 11,765,597 | ||
US Treasury Securities | Fair Value, Inputs, Level 1 | |||
Investments, Debt and Equity Securities [Abstract] | |||
Investment Owned, at Cost | [1] | 11,972,036 | |
Unrealized Gain (Loss) on Investments | [1] | (206,439) | |
Marketable Securities [Line Items] | |||
Investment Owned, at Cost | [1] | 11,972,036 | |
Investment Owned, at Fair Value | [1] | 11,765,597 | |
Cash and cash equivalents | [1] | 0 | |
Unrealized Gain (Loss) on Investments | [1] | (206,439) | |
Marketable Securities, Current | [1] | 4,926,950 | |
Marketable Securities, Noncurrent | [1] | 6,838,647 | |
Investment Owned, at Fair Value | [1] | 11,765,597 | |
Marketable Securities, Noncurrent | [1] | 6,838,647 | |
Marketable Securities, Current | [1] | 4,926,950 | |
Asset-backed Securities | |||
Investments, Debt and Equity Securities [Abstract] | |||
Unrealized Gain (Loss) on Investments | (154,576) | ||
Marketable Securities [Line Items] | |||
Investment Owned, at Fair Value | 12,018,617 | ||
Unrealized Gain (Loss) on Investments | (154,576) | ||
Investment Owned, at Fair Value | 12,018,617 | ||
Asset-backed Securities | Fair Value, Inputs, Level 2 | |||
Investments, Debt and Equity Securities [Abstract] | |||
Investment Owned, at Cost | [2] | 12,173,193 | |
Unrealized Gain (Loss) on Investments | [2] | (154,576) | |
Marketable Securities [Line Items] | |||
Investment Owned, at Cost | [2] | 12,173,193 | |
Investment Owned, at Fair Value | [2] | 12,018,617 | |
Unrealized Gain (Loss) on Investments | [2] | (154,576) | |
Marketable Securities, Current | [2] | 4,971,754 | |
Marketable Securities, Noncurrent | [2] | 7,046,863 | |
Investment Owned, at Fair Value | [2] | 12,018,617 | |
Marketable Securities, Noncurrent | [2] | 7,046,863 | |
Marketable Securities, Current | [2] | 4,971,754 | |
Corporate Debt Securities | |||
Investments, Debt and Equity Securities [Abstract] | |||
Unrealized Gain (Loss) on Investments | (417,649) | ||
Marketable Securities [Line Items] | |||
Investment Owned, at Fair Value | 21,618,613 | ||
Unrealized Gain (Loss) on Investments | (417,649) | ||
Investment Owned, at Fair Value | 21,618,613 | ||
Corporate Debt Securities | Fair Value, Inputs, Level 2 | |||
Investments, Debt and Equity Securities [Abstract] | |||
Investment Owned, at Cost | [2] | 22,036,262 | |
Unrealized Gain (Loss) on Investments | [2] | (417,649) | |
Marketable Securities [Line Items] | |||
Investment Owned, at Cost | [2] | 22,036,262 | |
Investment Owned, at Fair Value | [2] | 21,618,613 | |
Unrealized Gain (Loss) on Investments | [2] | (417,649) | |
Marketable Securities, Current | [2] | 6,208,054 | |
Marketable Securities, Noncurrent | [2] | 15,410,559 | |
Investment Owned, at Fair Value | [2] | 21,618,613 | |
Marketable Securities, Noncurrent | [2] | 15,410,559 | |
Marketable Securities, Current | [2] | $ 6,208,054 | |
[1]3) Level 1 fair value estimates are based on quoted prices in active markets for identical assets and liabilities.[2] (4) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets and liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities. |
Financial Instruments - Fair Va
Financial Instruments - Fair Value of Marketable Debt Securities (Details) | Dec. 31, 2022 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities, Current | $ 16,106,758 |
Marketable Securities, Noncurrent | 29,296,069 |
Marketable Securities | $ 45,402,827 |
Financial Instruments - Fair _2
Financial Instruments - Fair Value and Net Unrealized Gains (Losses) By Investment in OCI (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Owned, at Fair Value | $ 70,003,787 |
Unrealized Gain (Loss) on Investments | (780,795) |
Marketable Securities [Line Items] | |
Investment Owned, at Fair Value | 70,003,787 |
Unrealized Gain (Loss) on Investments | (780,795) |
Cash and Cash Equivalents | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Owned, at Fair Value | 24,600,960 |
Unrealized Gain (Loss) on Investments | (2,131) |
Marketable Securities [Line Items] | |
Investment Owned, at Fair Value | 24,600,960 |
Unrealized Gain (Loss) on Investments | (2,131) |
Corporate Debt Securities | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Owned, at Fair Value | 21,618,613 |
Unrealized Gain (Loss) on Investments | (417,649) |
Marketable Securities [Line Items] | |
Investment Owned, at Fair Value | 21,618,613 |
Unrealized Gain (Loss) on Investments | (417,649) |
Asset-backed Securities | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Owned, at Fair Value | 12,018,617 |
Unrealized Gain (Loss) on Investments | (154,576) |
Marketable Securities [Line Items] | |
Investment Owned, at Fair Value | 12,018,617 |
Unrealized Gain (Loss) on Investments | (154,576) |
US Treasury Securities | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Owned, at Fair Value | 11,765,597 |
Unrealized Gain (Loss) on Investments | (206,439) |
Marketable Securities [Line Items] | |
Investment Owned, at Fair Value | 11,765,597 |
Unrealized Gain (Loss) on Investments | $ (206,439) |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | $ 327,543 | $ 816,330 |
Less accumulated depreciation | (170,769) | (661,145) |
Property and equipment, net of accumulated depreciation | 156,774 | 155,185 |
Depreciation | 109,599 | 130,478 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 0 | 208,583 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 3,843 | 66,417 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 323,700 | 541,330 |
Depreciation and Amortization Expense [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 109,599 | $ 130,478 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Identifiable Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 6,211,469 | $ 6,211,469 |
Less accumulated amortization | (6,211,469) | (6,211,469) |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 64,953 | 213,263 |
Intangible Assets, Gross (Excluding Goodwill) | 6,276,422 | 6,424,732 |
Indefinite-lived Intangible Assets Acquired | 216,675 | |
Content provider networks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 160,000 | 160,000 |
Less accumulated amortization | $ (160,000) | (160,000) |
Useful life (in years) | 2 years | |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 87,000 | 87,000 |
Less accumulated amortization | $ (87,000) | (87,000) |
Useful life (in years) | 1 year | |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 820,000 | 820,000 |
Less accumulated amortization | $ (820,000) | (820,000) |
Useful life (in years) | 5 years | |
Self-service content customers | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 2,810,000 | 2,810,000 |
Less accumulated amortization | $ (2,810,000) | (2,810,000) |
Useful life (in years) | 3 years | |
Managed content customers | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 2,140,000 | 2,140,000 |
Less accumulated amortization | $ (2,140,000) | (2,140,000) |
Useful life (in years) | 3 years | |
Domains | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 166,469 | 166,469 |
Less accumulated amortization | $ (166,469) | (166,469) |
Useful life (in years) | 5 years | |
Embedded non-compete provision | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 28,000 | 28,000 |
Less accumulated amortization | $ (28,000) | $ (28,000) |
Useful life (in years) | 2 years |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Other Acquired Assets (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 6,211,469 | $ 6,211,469 |
Intangible Assets, Gross (Excluding Goodwill) | 6,276,422 | 6,424,732 |
Less accumulated amortization | (6,211,469) | (6,211,469) |
Intangible assets, net | 64,953 | 213,263 |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 64,953 | 213,263 |
Ebyline Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | 2,370,000 | 2,370,000 |
ZenContent Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | 722,000 | 722,000 |
Domains | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | 166,469 | 166,469 |
TapInfluence Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 2,953,000 | $ 2,953,000 |
Intangible Assets - (Detail Tex
Intangible Assets - (Detail Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 |
(Gain) on sale of digital assets | 0 | (189,307) |
Indefinite-lived Intangible Assets Acquired | 216,675 | |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 |
Digital assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Impairment of Intangible Assets, Finite-lived | 3,412 | |
Finite-lived asset sold during the period | 33,921 | |
Depreciation and Amortization Expense [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 0 | $ 505,556 |
Software Development Costs - Sc
Software Development Costs - Schedule of Software Development Cost (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Research and Development [Abstract] | ||
Software development costs | $ 4,509,805 | $ 3,036,810 |
Less accumulated amortization | (2,735,772) | (2,017,210) |
Software development costs, net | $ 1,774,033 | $ 1,019,600 |
Software Development Costs - _2
Software Development Costs - Schedule of Future Estimated Amortization Expense (Details) - Software and Software Development Costs [Member] | Dec. 31, 2022 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Software Amortization Expense, 2023 | $ 591,957 |
Software Amortization Expense, 2024 | 318,305 |
Software Amortization Expense, 2025 | 303,109 |
Software Amortization Expense, 2026 | 297,361 |
Software Amortization Expense, 2027 | 263,301 |
Software Amortization Expense, Total | $ 1,774,033 |
Software Development Costs (Det
Software Development Costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Capitalized computer software, additions | $ 1,472,995 | $ 0 |
Capitalized computer software, gross | 4,509,805 | 3,036,810 |
Capitalized computer software, amortization | $ (700,000) | $ (500,000) |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (in years) | 60 years |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Current portion of finance obligation | $ 42,858 | $ 33,388 |
Accrued payroll liabilities | 1,967,677 | 2,251,284 |
Accrued taxes | 39,405 | 76,079 |
Accrued other | 80,762 | 142,131 |
Accrued expenses | $ 2,130,702 | $ 2,502,882 |
Notes Payable - Canada Emergenc
Notes Payable - Canada Emergency Business Account (Details) - Canada Emergency Business Account Term Loan [Member] | 12 Months Ended | |||
Nov. 21, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 40,000 | $ 31,648 | ||
Debt Instrument, Periodic Payment, Principal | $ 0 | |||
Debt Instrument, Periodic Payment, Interest | $ 0 | |||
Payments for Loans | $ 40,000 |
Notes Payable -Payment Protecti
Notes Payable -Payment Protection Program (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Apr. 23, 2020 | |
Debt Instrument [Line Items] | |||
(Gain) on the forgiveness of debt | $ 0 | $ 1,927,220 | |
SBA Loan - Paycheck Protection Program [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,905,100 | ||
Debt Instrument, Decrease, Forgiveness | 1,905,100 | ||
Debt Instrument, Decrease, Accrued Interest Forgiveness | 22,120 | ||
SBA Loan - Paycheck Protection Program [Member] | Other Income | |||
Debt Instrument [Line Items] | |||
(Gain) on the forgiveness of debt | $ 1,927,220 |
Notes Payable - Finance Obligat
Notes Payable - Finance Obligation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 105,031 | |
Finance Obligation | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Basis for Effective Rate | 7.8 | |
Short-term Debt | $ 42,858 | $ 33,388 |
Long-term Debt | $ 105,031 | $ 43,808 |
Notes Payable - Secured Credit
Notes Payable - Secured Credit Facility (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Interest expense | $ 799 | $ 25,320 |
Remaining capitalized loan costs | 0 | |
Secured Line of Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest expense | $ 799 | 15,410 |
Long-term line of credit | 0 | |
Interest Costs Incurred | $ 7,000 |
Notes Payable - Schedule of Fut
Notes Payable - Schedule of Future Maturities (Details) | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
Long-term debt, future contractual maturities 2023 | $ 42,858 |
Long-term debt, future contractual maturities 2024 | 32,438 |
Long-term debt, future contractual maturities 2025 | 29,735 |
Long-term Debt | $ 105,031 |
Commitments and Contingencies -
Commitments and Contingencies - Lease Commitments (Details) | 12 Months Ended | |
Dec. 31, 2021 USD ($) | Dec. 31, 2022 lease | |
Other Commitments [Line Items] | ||
Number of operating lease liabilities | lease | 1 | |
General and Administrative Expense [Member] | ||
Other Commitments [Line Items] | ||
Operating lease payment | $ 113,516 | |
Operating Lease, Expense | $ 264,048 |
Commitments and Contingencies_2
Commitments and Contingencies - Retirement Plans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Commitments [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 8% | |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20% | |
Defined Contribution Plan, Employers Matching Contribution, Years of Service | 2 years | |
Defined Contribution Plan, Cost | $ 271,512 | $ 231,410 |
Cost of revenue [Member] | ||
Other Commitments [Line Items] | ||
Defined Contribution Plan, Cost | 89,418 | 51,331 |
Sales and marketing | ||
Other Commitments [Line Items] | ||
Defined Contribution Plan, Cost | 122,800 | 92,925 |
General and Administrative Expense [Member] | ||
Other Commitments [Line Items] | ||
Defined Contribution Plan, Cost | $ 59,294 | $ 87,154 |
Stockholders' Equity - Authoriz
Stockholders' Equity - Authorized Shares (Detail) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Stockholders' Equity [Abstract] | ||
Common stock, shares authorized (shares) | 200,000,000 | 200,000,000 |
Preferred stock, shares authorized (shares) | 10,000,000 | 10,000,000 |
Preferred stock, par value (per share) | $ 0.0001 | $ 0.0001 |
Stockholders' Equity - Sale of
Stockholders' Equity - Sale of Securities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Jun. 21, 2021 | |
ATM Sales Agreement June 2021 Sale Agreement | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, capital shares reserved for future issuance (shares) | 100,000,000 | |
At the Market (ATM) Offering [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from the Sale of Securities, Financing Activities | $ 46,500,000 | |
Sale of stock, price per share (per share) | $ 4.16 | |
Sale of stock, number of shares issued in transaction | 11,186,084 |
Stockholders' Equity - Equity I
Stockholders' Equity - Equity Incentive Plan (Details) - shares | Dec. 31, 2022 | Aug. 22, 2021 |
2011 B Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, capital shares reserved for future issuance (shares) | 4,375 | |
Incentive compensation for employees and consultants [Member] | The Amended and Restated May 2011 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, capital shares reserved for future issuance (shares) | 2,382,009 | |
Maximum [Member] | Incentive compensation for employees and consultants [Member] | The Amended and Restated May 2011 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, capital shares reserved for future issuance (shares) | 7,500,000 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) leases $ / shares shares | Dec. 31, 2021 USD ($) leases shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock issued for payment of services | $ 125,000 | $ 147,329 |
Number of independent directors | leases | 5 | 6 |
Five Independent Directors | Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock issued for payment of services (shares) | shares | 105,930 | |
Stock issued for payment of services | $ 125,000 | |
Six Independent Directors | Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock issued for payment of services (shares) | shares | 30,324 | |
Stock issued for payment of services | $ 147,329 | |
Director [Member] | Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock or unit expense | 125,000 | 147,329 |
Employees [Member] | Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock or unit expense | 6,120 | $ 24,699 |
Equity Incentive 2011 Plan [Member] | Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of common stock issued for future services | 383 | |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, nonvested | $ 155 | |
Common Stock, Fair Value | $ / shares | $ 0.54 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Non-Vested Restricted Stock (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Restricted stock units, nonvested beginning of period | 3,553 | 13,666 | |
Restricted stock units, nonvested grants in period | 105,930 | 30,324 | |
Restricted stock units, nonvested vested in period | (109,197) | (40,437) | |
Restricted stock units, nonvested ending of period | 286 | 3,553 | 13,666 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Restricted stock units, nonvested weighted average grant date fair value | $ 1.83 | $ 2.28 | |
Restricted stock units, nonvested grants in period, weighted average grant date fair value | 1.18 | 4.86 | |
Restricted stock units , nonvested vested in period, weighted average grant date fair value | 1.20 | 4.25 | |
Restricted stock units, nonvested weighted average grant date fair value | $ 1.34 | $ 1.83 | $ 2.28 |
Restricted stock units, nonvested weighted average remaining contractual terms | 3 months 18 days | 8 months 12 days | 1 year 4 months 24 days |
Stockholders' Equity - Restri_2
Stockholders' Equity - Restricted Stock Units (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock issued for payment of services | $ 125,000 | $ 147,329 | |
Common stock, par value (per share) | $ 0.0001 | $ 0.0001 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of common stock issued for future services | $ 1,092,494 | ||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, nonvested | $ 715,217 | ||
Restricted stock units, nonvested weighted average remaining contractual terms | 2 years 6 months | 1 year 9 months 18 days | 1 year 2 months 12 days |
Non Executive Employees [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock issued for payment of services, net (shares) | 967,232 | ||
Stock issued for payment of services | $ 900,380 | ||
Non Executive Employees [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period (in years) | 12 months | ||
Non Executive Employees [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period (in years) | 36 months | ||
Mr. Murphy | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock issued for payment of services, net (shares) | 308,414 | ||
Stock issued for payment of services | $ 305,493 | ||
Mr. Murphy | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period (in years) | 36 months | ||
Mr. Murphy | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period (in years) | 48 months | ||
Mr. Biere | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock issued for payment of services, net (shares) | 63,094 | ||
Stock issued for payment of services | $ 78,597 | ||
Mr. Biere | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period (in years) | 36 months | ||
Mr. Schram | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock issued for payment of services, net (shares) | 36,843 | ||
Stock issued for payment of services | $ 46,151 | ||
Mr. Schram | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period (in years) | 12 months | ||
Mr. Schram | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period (in years) | 48 months | ||
Employees [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock or unit expense | $ 328,002 | $ 575,150 |
Stockholders' Equity - Restri_3
Stockholders' Equity - Restricted Stock Units Schedule (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Restricted stock units, nonvested beginning of period | 375,444 | 970,349 | |
Restricted stock units, nonvested grants in period | 1,375,583 | 229,638 | |
Restricted stock units, nonvested vested in period | (252,751) | (817,417) | |
Restricted stock units, nonvested forfeited in period | (181,123) | (7,126) | |
Restricted stock units, nonvested ending of period | 1,317,153 | 375,444 | 970,349 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Restricted stock units, nonvested weighted average grant date fair value | $ 0.96 | $ 0.39 | |
Restricted stock units, nonvested grants in period, weighted average grant date fair value | 0.97 | 2.93 | |
Restricted stock units , nonvested vested in period, weighted average grant date fair value | 0.88 | 0.83 | |
Restricted stock units, nonvested forfeited in period, weighted average grant date fair value | 1.22 | 1.77 | |
Restricted stock units, nonvested weighted average grant date fair value | $ 0.95 | $ 0.96 | $ 0.39 |
Restricted stock units, nonvested weighted average remaining contractual terms | 2 years 6 months | 1 year 9 months 18 days | 1 year 2 months 12 days |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Options (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, par value (per share) | $ 0.0001 | $ 0.0001 | |
Stock option plan expense | $ 267,672 | $ 270,958 | |
Percentage of individual ownership of common stock (percentage) | 10% | ||
Common shares, exercised | 182,722 | ||
Share-based compensation arrangement by share-based payment award, options, outstanding, intrinsic value | $ 63,325 | ||
Proceeds from Stock Options Exercised | 32,543 | $ 69,589 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 48,860 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | $ 488,514 | ||
Equity Incentive 2011 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares outstanding | 1,665,164 | 1,795,663 | 1,712,806 |
Common shares expected to vest | 1,375,569 | ||
Common shares expected to vest weighted average | $ 3.06 | ||
Common shares, exercised | 71,086 | 182,722 | |
Share-based compensation arrangement by share-based payment award, options, exercisable, intrinsic value | $ 48,651 | ||
Weighted average remaining years to vest (in years) | 1 year 8 months 12 days | 2 years 3 months 18 days | 2 years 6 months |
Proceeds from Stock Options Exercised | $ 18,027 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.83 | $ 2.79 | $ 2.56 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 289,595 | 655,804 | 715,486 |
Options, granted | 125 | 296,569 | |
Weighted average grant date fair value, granted | $ 1.15 | $ 2.25 | |
Common shares, vested | (306,796) | (339,099) | |
Weighted average grant date fair value, vested | $ 2.84 | $ 0.73 | |
Common shares, forfeited | (59,538) | (17,152) | |
Weighted average grant date fair value, forfeited | $ 4.59 | $ 1.38 | |
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price | $ 1.45 | $ 1.22 | $ 0.56 |
May 2011 and August 2011 Equity Incentive Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair market value of incentive stock options | 100% | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, par value (per share) | $ 0.54 | ||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized | $ 381,425 | ||
Proceeds from issuance or sale of equity | $ 58,971 | ||
Individual Stock Ownership in Excess of 10 Percent [Member] | May 2011 and August 2011 Equity Incentive Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair market value of incentive stock options | 110% | ||
Total vesting period [Member] | Share-based Payment Arrangement, Option [Member] | May 2011 and August 2011 Equity Incentive Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period (in years) | 10 years | ||
Twelve Months After Grant Date [Member] | May 2011 and August 2011 Equity Incentive Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of individual ownership of common stock (percentage) | 25% | ||
Stock option vesting period from grant date (in years) | 1 year | ||
Monthly in equal installments [Member] | Share-based Payment Arrangement, Option [Member] | May 2011 and August 2011 Equity Incentive Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period (in years) | 3 years |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Options Outstanding (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options, exercised | (182,722) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted average exercise price, expired | $ 5.36 | ||
Equity Incentive 2011 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options outstanding, beginning of period | 1,795,663 | 1,712,806 | |
Options, granted | 125 | 296,569 | |
Options, exercised | (71,086) | (182,722) | |
Options, expired | (37,463) | ||
Options, forfeited | (22,075) | (30,990) | |
Options outstanding, end of period | 1,665,164 | 1,795,663 | 1,712,806 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted average exercise price, beginning of period | $ 2.79 | $ 2.56 | |
Weighted average exercise price, granted | 1.15 | 2.60 | |
Weighted average exercise price, exercised | 0.25 | 3.26 | |
Weighted average exercise price, forfeited | 3.29 | 0.32 | |
Weighted average exercise price, end of period | $ 2.83 | $ 2.79 | $ 2.56 |
Weighted average remaining life (years), outstanding | 5 years 3 months 7 days | 6 years 4 months 24 days | 6 years 10 months 24 days |
Common shares expected to vest | 1,375,569 | ||
Common shares expected to vest weighted average | $ 3.06 | ||
Weighted average remaining useful life exercisable | 4 years 8 months 12 days |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of Nonvested Stock Option (Details) - Equity Incentive 2011 Plan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||
Common shares, nonvested beginning of period | 655,804 | 715,486 | |
Common shares, granted | 125 | 296,569 | |
Common shares, vested | (306,796) | (339,099) | |
Common shares, forfeited | (59,538) | (17,152) | |
Common shares, nonvested end of period | 289,595 | 655,804 | 715,486 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Weighted average grant date fair value, nonvested beginning of period | $ 1.22 | $ 0.56 | |
Weighted average grant date fair value, granted | 1.15 | 2.25 | |
Weighted average grant date fair value, vested | 2.84 | 0.73 | |
Weighted average grant date fair value, forfeited | 4.59 | 1.38 | |
Weighted average grant date fair value, nonvested end of period | $ 1.45 | $ 1.22 | $ 0.56 |
Weighted average remaining years to vest (in years) | 1 year 8 months 12 days | 2 years 3 months 18 days | 2 years 6 months |
Stockholders' Equity - Schedu_4
Stockholders' Equity - Schedule of Stock Option Assumptions (Details) - Equity Incentive 2011 Plan [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options, granted | 125 | 296,569 |
Weighted average exercise price, granted | $ 1.15 | $ 2.60 |
Expected term (in years) | 5 years | 6 years |
Weighted average volatility (percentage) | 120.48% | 120.18% |
Weighted average risk free interest rate (percentage) | 1.70% | 0.98% |
Weighted average grant date fair value, granted | $ 1.15 | $ 2.25 |
Weighted-average expected forfeiture rate (percentage) | 37% | 11.74% |
Stockholders' Equity - Employee
Stockholders' Equity - Employee Stock Purchase Plan (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) hours shares | Dec. 31, 2021 USD ($) shares | |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Adjustments to additional paid in capital, share-based compensation, requisite service period recognition (in dollars) | $ | $ 610,772 | $ 878,739 |
2014 Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, capital shares reserved for future issuance (shares) | shares | 500,000 | |
Share-based compensation arrangement by share-based payment award, award vesting period (in days) | 90 days | |
Minimum hour requirement for employees participation in the ESSP (hours) | hours | 20 | |
Employee stock ownership plan (ESOP), successive offering period | 6 months | |
Annual compensation limit percentage, employee stock purchase plan (percentage) | 10% | |
Annual compensation limit, employee stock purchase plan (dollars) | $ | $ 21,250 | |
Shares issuance limit per offering period, employee stock purchase plan | shares | 2,000 | |
Fair market value of shares available for issuance (percentage) | 85% | |
Stock purchase plan issuances (shares) | shares | 24,428 | 8,113 |
Proceeds Employee Stock Purchase Plans | $ | $ 14,516 | $ 5,395 |
Remaining Common Stock, Capital Shares Reserved for Future Issuance | shares | 363,072 | |
2014 Employee Stock Purchase Plan [Member] | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Adjustments to additional paid in capital, share-based compensation, requisite service period recognition (in dollars) | $ | $ 8,978 | $ 7,932 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary Stock-Based Compensation (Details) - Stock options - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Adjustments to additional paid in capital, share-based compensation, requisite service period recognition (in dollars) | $ 610,772 | $ 878,739 |
Cost of revenue [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Adjustments to additional paid in capital, share-based compensation, requisite service period recognition (in dollars) | 40,895 | 9,160 |
Selling and Marketing Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Adjustments to additional paid in capital, share-based compensation, requisite service period recognition (in dollars) | 64,010 | 22,115 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Adjustments to additional paid in capital, share-based compensation, requisite service period recognition (in dollars) | $ 505,867 | $ 847,464 |
Loss Per Common Share - Schedul
Loss Per Common Share - Schedule of Dilutive Shares (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (4,469,498) | $ (3,140,621) |
Weighted average shares outstanding - basic and diluted | $ 62,199,379 | $ 60,407,921 |
Basic and diluted loss per common share | $ (0.07) | $ (0.05) |
Loss Per Common Share - Sched_2
Loss Per Common Share - Schedule of Anti-Dilutive Shares (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 2,599,415 | 2,288,908 |
Stock options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 1,736,414 | 1,750,096 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 813,088 | 516,180 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 49,913 | 22,632 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | $ 41,095,937 | $ 30,022,377 |
Managed Services Revenue | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 39,456,986 | 28,203,556 |
Marketplace Spend Fees | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 205,809 | 319,419 |
License Fees | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 1,301,198 | 1,454,874 |
Other Fees | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 131,944 | 44,528 |
SaaS Services Revenue | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 1,638,951 | 1,818,821 |
United States | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | 40,481,138 | 29,390,892 |
Canada | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | $ 614,799 | $ 631,485 |
Revenue - Contract Balances (De
Revenue - Contract Balances (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable, net | $ 5,664,727 | $ 7,599,103 |
Contract liabilities (unearned revenue) | $ 11,247,746 | $ 11,338,095 |
Revenue (Details Textuals)
Revenue (Details Textuals) | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | $ 41,095,937 | $ 30,022,377 |
Revenue from Contract with Customer [Abstract] | ||
Length of contract with customers | 1 year | |
Contract liabilities | $ 11,247,746 | 11,338,095 |
Contract with Customer, Liability, Revenue Recognized | 9.9 | |
Accounts receivable, net | 5,664,727 | $ 7,599,103 |
Accounts Receivable Outstanding Balance From Prior Year | $ 35,600 | |
Contract length for sales commissions payment | 1 | |
Performance Obligation Contract Term | 1 year | |
Sponsored Social Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | $ 35.2 | |
Content Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, excluding assessed tax | $ 4.3 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Net operating loss carry forwards | $ 24,823,000 | $ 23,877,000 |
Accrued expenses | 368,000 | 430,000 |
Stock option and warrant expenses | 618,000 | 504,000 |
Accounts receivable | 39,000 | 41,000 |
Other | 180,000 | (42,000) |
Total deferred tax assets | 26,028,000 | 24,810,000 |
Valuation allowance | (25,921,000) | (24,684,000) |
Net deferred tax assets | 107,000 | 126,000 |
Deferred tax liabilities: | ||
Fixed and tangible assets | (107,000) | (126,000) |
Total deferred tax liabilities | 107,000 | 126,000 |
Total deferred tax assets (liabilities) | $ 0 | $ 0 |
Income Taxes - Effective Rate R
Income Taxes - Effective Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax at statutory rates | (21.00%) | (21.00%) |
Change in deferred tax asset valuation allowance | 23.20% | 53.70% |
Deferred state taxes | (3.30%) | (7.20%) |
Non-deductible expenses: | ||
ISO & Restricted stock compensation | 0.90% | (6.40%) |
Change in state deferred rate | 1.10% | (5.90%) |
PPP loan forgiveness | $ 0 | $ (0.134) |
Other | (0.90%) | (0.20%) |
Income taxes at effective rates | 0% | 0% |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Examination [Line Items] | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 1,200,000 | $ 1,700,000 |
Minimum [Member] | ||
Income Tax Examination [Line Items] | ||
Operating loss carryforwards, expiration year | 2026 | |
Maximum [Member] | ||
Income Tax Examination [Line Items] | ||
Operating loss carryforwards, expiration year | 2040 | |
Domestic Tax Authority | ||
Income Tax Examination [Line Items] | ||
Operating loss carryforwards | $ 93,700,000 | |
State and Local Jurisdiction | ||
Income Tax Examination [Line Items] | ||
Operating loss carryforwards | $ 95,800,000 |