XML 52 R23.htm IDEA: XBRL DOCUMENT v3.20.1
Subsequent Events
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

17. Subsequent Events

The Company evaluates and discloses subsequent events as required by ASC Topic No. 855, Subsequent Events. The Topic establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the financial statements are issued or are available to be issued.

On February 12, 2020, the Company acquired the operator business of Circle Media Labs Inc. (“Circle”), a Delaware corporation, pursuant to a certain Asset Purchase Agreement (the “Purchase Agreement”) dated as of the same date by and between the Company and Circle. Pursuant to the terms of the Purchase Agreement, the Company acquired certain assets, including customer contracts and a perpetual source code license, for a purchase price of $13.5 million in cash. The Company has engaged a third party firm to value the acquired assets, and the results of such valuation are not available as of the date of issuance of the financial statements.

During February 2020, certain holders of common stock warrants exercised approximately 1.0 million warrants resulting in cash proceeds of approximately $2.2 million.