0001437749-24-027236 | 10-Q | XBRL Viewer

Debt Disclosure [Text Block]

5. Long-term debt, net

Long-term debt, net of unamortized discount and financing costs, related to the Credit Facility, the New Credit Facility, and Note Payable (as set forth herein) consisted of the following:

	*June 30, 2024*			*December 31, 2023*
Citizens Credit Facility due 2025 (less unamortized discount and financing costs of $0 and $762, respectively)	$	—		$	30,488
New Credit Facility due 2029 (less unamortized discount and financing costs of $987 and $0, respectively)		31,288			—
Note Payable due 2026		2,000			—
Long-term debt, net		33,288			30,488
Less: Current portion of long-term debt		(32,538	)		(5,000	)
Long-term debt, net (non-current)	$	750		$	25,488

FLUENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Amounts in thousands, except share and per share data)

(unaudited)

Citizens Credit Facility

On April 2, 2024, the Company repaid the $30,000 aggregate principal amount of the term loan ("Term Loan") due on September 30, 2025, resulting in a loss due to the early extinguishment of debt of $1,009, which was recognized in the second quarter of 2024.

New Credit Facility

On April 2, 2024, Fluent, LLC, as Borrower, entered into the SLR Credit Agreement with the Company and SLR as administrative agent, lead arranger and bookrunner, and each other lender from time to time party thereto.

The SLR Credit Agreement provides for a $20,000 term loan (the "SLR Term Loan") and a revolving credit facility of up to $30,000 (the "SLR Revolver" and together with the SLR Term Loan, the "SLR Credit Facility"). As of June 30, 2024, the SLR Credit Facility had an outstanding principal balance of $32,274 (of which $12,274 relates to the SLR Revolver) and matures on April 2, 2029.

The Company used a portion of the net proceeds of the SLR Credit Facility to repay the outstanding Term Loan under the credit agreement dated March 31, 2021 (the "Citizens Credit Agreement"), by and among Fluent, LLC, as Borrower, certain subsidiaries of the Borrower as guarantors, the lenders thereto, and Citizens Bank, N.A. ("Citizens Bank").

FLUENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Amounts in thousands, except share and per share data)

(unaudited)

There is no principal amortization prior to maturity under the SLR Credit Agreement except for certain mandatory prepayments to be made with the net cash proceeds of certain asset sales, casualty events, and other extraordinary receipts and upon the occurrence of certain other events, in each case subject to certain reinvestment rights, thresholds and other exceptions. Unfunded commitments will be subject to an unused facility fee, which will be payable monthly in arrears, as of the month following the closing, at a rate of 0.50% per annum. All amounts owed under the SLR Credit Facility are due and payable on the five-year anniversary of the closing date (the "Maturity Date"), or earlier following a change in control or an event of default, unless otherwise extended in accordance with the terms of the SLR Credit Agreement. Borrowings under the SLR Credit Agreement bear interest at a rate per annum equal to a 3-month term SOFR plus 0.26161%, subject to a 1.50% floor, plus 5.25% (the "Applicable Margin"). The Applicable Margin will be reduced to 5.0% when the Company's fixed charge coverage ratio is greater than 1.10 to 1. The opening interest rate of the SLR Credit Facility was 10.81% (SOFR + CSA + 5.25%), which increased to 10.86% (SOFR + CSA+5.25%) as of June 30, 2024.

The SLR Credit Agreement contains restrictive covenants which impose limitations on the way the Company conducts business, including limitations on the amount of additional debt the Company is able to incur and its ability to make certain investments or other restricted payments. The SLR Credit Agreement is guaranteed by the Company and certain of its direct and indirect subsidiaries and is secured by substantially all of the Company's assets and those of its direct and indirect subsidiaries, including Fluent, LLC.

The Borrower's ability to draw on the SLR Revolver depends on its weekly borrowing base, which is calculated by applying specified percentages established by SLR to the Borrower's eligible accounts receivable and cash, less reserves, subject to certain limitations.

Debt issuance costs and debt discount costs, net of accumulated amortization, related to the issuance of the SLR Revolver was $1,050 and $430, respectively, as of June 30, 2024. The amounts are included in other non-current assets in the Company's consolidated balance sheets. The Company amortizes these costs over the life of the related debt.

On May 15, 2024, the Borrower and SLR entered into a First Amendment to Credit Agreement (the "First Amendment"), pursuant to which SLR, among other things, (1) waived any required prepayments on the SLR Revolver from the proceeds from the Company's Private Placement; (2) required that the Credit Parties (as defined in the SLR Credit Agreement) retain a financial advisor to assist in preparing the Company's projections; (3) increased the minimum excess availability covenant following the Private Placement; (4) amended the definition of borrowing base (as defined in the SLR Credit Agreement) and (5) amended certain post-closing obligations.

As of June 30, 2024, the Company was not in compliance with its financial covenants under the SLR Credit Agreement, which the Company had to report by July 31, 2024, and which would have resulted in an event of default, however, on July 31, 2024, the Company and SLR entered into a letter agreement pursuant to which SLR extended the deadline for delivery of the compliance certificate required for the fiscal month ended June 30, 2024, and the related notice of event of default, to August 16, 2024. On August 14, 2024, the parties entered into a second letter agreement pursuant to which SLR extended the deadline for delivery of the same compliance certificate and related notice of event of default to August 21, 2024.

On August 19, 2024, the Borrower, SLR, and the other parties thereto entered into the Second Amendment to Credit Agreement (the "Second Amendment"), which, among other things, required that the Company raise $2,000 in additional capital. To raise the capital, the Company entered into convertible subordinated notes, as described in Note 12, Subsequent Events, below, raising an aggregate $2,050. In addition, among other things, the Second Amendment waived non-compliance with the financial covenant as of June 30, 2024, modified the financial covenant through December 31, 2025, ended a requirement to engage a financial advisor, and increased the interest rate margin from 5.25% to 5.75%.

While based on current projections, the Company expects to be in compliance with the new financial covenants during the next twelve months, if during any fiscal quarter, the Company does not comply with any of its financial covenants, such non-compliance would result in an event of default that would give SLR the right to accelerate maturities. Accordingly, all borrowings under the Credit Agreement have been classified as current as of June 30, 2024.

Note Payable

On March 17, 2024, Fluent, LLC entered into a junior secured promissory note (the "Note Payable") with Freedom Debt Relief, LLC in the principal amount of $2,000 in connection with the Berman Settlement Agreement (see Note 10, Contingencies). The Note Payable bears interest at a rate per annum equal to one-month CME Term SOFR (defined as the rate published by the CME Group Benchmark Administration Limited) plus 11.0%. The opening interest rate of the Note Payable was 16.32% (SOFR +11%), which increased to 16.33% (SOFR + 11%) as of June 30, 2024.

A maximum of $1,000 of the borrowings under the Note Payable are secured by substantially all of the assets of Fluent, LLC. This security interest is subordinate to the security interest under the SLR Credit Agreement.

The Note Payable matures on March 31, 2026 and interest is payable quarterly. Scheduled principal amortization of the Note Payable is $250 per quarter, which commenced with the fiscal quarter ended June 30, 2024, but was subsequently paid upon receipt of the invoice and applied as of July 17, 2024.

Maturities

As of June 30, 2024, scheduled future maturities of the Citizens Credit Agreement and Note Payable are as follows, not reflective of the debt being accelerated as noted in Note 1:

Year		*June 30, 2024*
Remainder of 2024	$	2,846
2025		1,000
2026		250
2027		—
2028		—
2029		30,179
Total maturities	$	34,275

FLUENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Amounts in thousands, except share and per share data)

(unaudited)

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Unvested, number of unvested options (in shares)

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2024	Aug. 16, 2024
Document Information [Line Items]
Entity Central Index Key	0001460329
Entity Registrant Name	Fluent, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-37893
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0688094
Entity Address, Address Line One	300 Vesey Street, 9th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10282
City Area Code	646
Local Phone Number	669-7272
Title of 12(b) Security	Common Stock, $0.0005 par value per share
Trading Symbol	FLNT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,871,826

Note 8 - Share-based Compensation - Unvested Balance of Options (Details) - $ / shares

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

123,833

Unvested, weighted average exercise price per share (in dollars per share)

$ 29.72

Unvested, weighted average remaining contractual term (Year)

8 years 2 months 12 days

5 years 4 months 24 days

Granted, number of unvested options (in shares)

^[1]

16,667

Granted, weighted average exercise price per share (in dollars per share)

^[2]

$ 3.36

Granted, weighted average remaining contractual term (Year)

9 years 10 months 24 days

Forfeited, number of unvested options (in shares)

Forfeited, weighted average exercise price per share (in dollars per share)

$ 0

Vested, number of unvested options (in shares)

(105,834)

Vested, weighted average exercise price per share (in dollars per share)

$ 0

Unvested, number of unvested options (in shares)

34,666

123,833

Unvested, weighted average exercise price per share (in dollars per share)

$ 21.34

$ 29.72

[1]	On June 3, 2024, one employee of the Company was granted stock options that vest equally over four annual installments and are exercisable for ten years after the grant date.
[2]	On June 3, 2024, one employee of the Company was granted stock options that vest equally over four annual installments and are exercisable for ten years after the grant date.

Note 8 - Share-based Compensation - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Outstanding, number of options (in shares)

302,333

Outstanding, weighted average exercise price per share (in dollars per share)

$ 25.68

Outstanding, weighted average remaining contractual term (Year)

5 years 2 months 12 days

5 years 4 months 24 days

Granted, number of options (in shares)

^[1]

16,667

Granted, weighted average exercise price per share (in dollars per share)

^[1]

$ 3.36

Granted, weighted average remaining contractual term (Year)

9 years 10 months 24 days

Exercised, number of options (in shares)

(20,666)

Exercised, weighted average exercise price per share (in dollars per share)

$ 0

Forfeited, weighted average exercise price per share (in dollars per share)

$ 0

Outstanding, number of options (in shares)

298,334

302,333

Outstanding, weighted average exercise price per share (in dollars per share)

$ 25.15

$ 25.68

Options exercisable, number of options (in shares)

263,668

Options exercisable, weighted average exercise price per share (in dollars per share)

$ 25.65

Options exercisable, weighted average remaining contractual term (Year)

4 years 9 months 18 days

Options exercisable, aggregate intrinsic value

$ 0

[1]	On June 3, 2024, one employee of the Company was granted stock options that vest equally over four annual installments and are exercisable for ten years after the grant date.

Note 7 - Equity

6 Months Ended

Jun. 30, 2024

Equity [Text Block]

7. Equity

Common stock

Effective at 6:00 p.m. Eastern Time on April 11, 2024, the Company effected a 1-for-6 (the "Reverse Stock Split Ratio") reverse split of the issued shares of the Company's common stock (the "Reverse Stock Split") pursuant to a certificate of amendment to the Company's Certificate of Incorporation, as amended, filed with the Secretary of State of the State of Delaware on April 11, 2024. As a result of the Reverse Stock Split, every six shares of common stock issued and outstanding or held by the Company in treasury stock were combined and reclassified into one share of common stock. No fractional shares were issued as a result of the Reverse Stock Split. Stockholders who were otherwise entitled to receive a fractional share received an additional fraction of a share of common stock to round up to the next whole share. The Reverse Stock Split affected all stockholders uniformly and did not alter any stockholder's percentage ownership interest or any stockholder's proportionate voting power, except for immaterial adjustments that resulted from the treatment of fractional shares. The Reverse Stock Split did not change the number of authorized shares of common stock or the par value per share of the common stock.

The Reverse Stock Split reduced the number of issued and outstanding shares of common stock from 81,571,864 shares to 13,660,598 shares and reduced the issued shares of common stock held by the Company in treasury stock from 4,611,569 shares to 768,595 shares.

The common stock began trading on a reverse split-adjusted basis at the opening of trading on The Nasdaq Capital Market on April 12, 2024, under the same symbol (FLNT) with a new CUSIP number (34380C 201).

As of the effective time of the Reverse Stock Split, the number of shares available for issuance under the Company's equity incentive plans and the number of shares issuable pursuant to each outstanding equity award immediately prior to the Reverse Stock Split were reduced proportionately at the Reverse Stock Split Ratio, and the exercise price for each outstanding stock option was increased in inverse proportion to the Reverse Stock Split Ratio.

FLUENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Amounts in thousands, except share and per share data)

(unaudited)

As of June 30, 2024 and December 31, 2023, the number of issued shares of common stock was 14,680,246 and 14,384,936, respectively, which included shares of treasury stock of 768,595 and 768,595, respectively.

For the six months ended June 30, 2024, the change in the number of issued shares of common stock was the result of 295,310 shares of common stock issued upon vesting of RSUs, in which no shares of common stock were withheld to cover statutory taxes upon such vesting.

Treasury stock

As of June 30, 2024 and December 31, 2023, the Company held shares of treasury stock of 768,595 and 768,595, respectively, with a cost of $11,407 and $11,407, respectively.

The Company's share-based incentive plans allow employees the option to either make a cash payment or forfeit shares of common stock upon vesting to satisfy federal and state statutory tax withholding obligations associated with equity awards. The forfeited shares of common stock may be taken into treasury stock by the Company or sold on the open market. For the six months ended June 30, 2024, no shares of common stock were withheld to cover statutory taxes owed by certain employees for this purpose. See Note 8, Share-based compensation.

Warrants

On May 13, 2024, the Company entered into Securities Purchase Agreements (the "Purchase Agreements") with certain accredited investors (the "Purchasers"), pursuant to which the Company sold pre-funded warrants (the "Pre-Funded Warrants") to purchase up to 2,955,084 shares of the Company's common stock, at a purchase price of $3.384 per Pre-Funded Warrant (the "Private Placement"). The Purchasers included three individuals who are officers and/or directors of the Company and a principal stockholder of the Company. No underwriting discounts or commissions were paid with respect to the Private Placement.

The aggregate gross proceeds for the Private Placement totaled $10,000, before deducting offering expenses payable by the Company of $100. The Pre-Funded Warrants, which terminated when exercised in full, had an exercise price of $0.0005 per share of common stock and became immediately exercisable upon stockholder approval of the Private Placement. In connection with the Private Placement, the Company entered into Support Agreements with three of the Purchasers, the Company's largest stockholders, who agreed to vote all of their beneficially owned shares of the Company's common stock in favor of the corporate actions required for stockholder approval. Stockholder approval of the Private Placement was obtained on July 2, 2024, at a special meeting of the Company's stockholders.

As of June 30, 2024, none of the Pre-Funded Warrants had been exercised. All of the Pre-Funded Warrants have been exercised as of the date of this report. The issuance of the shares upon exercise of the Pre-Funded Warrants was made in reliance upon the exemption from registration under Section 4(a)(2) of the Securities Act of 1933.

The Pre-Funded Warrants were reflected in the Company's stockholder's equity within additional paid-in-capital as of June 30, 2024 in accordance with ASC 815-40, Derivatives and Hedging. A contract should be classified as an equity agreement if it is both indexed to its own stock and classified in stockholder's equity in its financial position. The Pre-Funded Warrants met the requirements of being classified as equity because (i) they had a fixed share limit and the Company has sufficient authorized and unissued shares (ii) they required physical or net share settlement, and (iii) no cash payments or settlement top-off was required by the Company.

The entire disclosure for equity.

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Note 10 - Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Text Block]

10. Contingencies

In the ordinary course of business, the Company is subject to loss contingencies that cover a range of matters. An estimated loss from a loss contingency, such as a legal proceeding or claim, is accrued if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In determining whether a loss should be accrued, the Company evaluates, among other factors, the degree of probability and the ability to reasonably estimate the amount of any such loss. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated.

On January 28, 2020, Fluent received a Civil Investigative Demand from the Federal Trade Commission ("FTC") regarding compliance with the FTC Act and the Telemarketing Sales Rule. On October 18, 2022, the FTC staff sent the Company a draft complaint and proposed consent order seeking injunctive relief and a civil monetary penalty. On January 12, 2023, the Company made an initial proposal of $5,000 for the civil monetary penalty contingent on successful negotiation of the remaining outstanding terms. The Company accrued the same amount for the year ending December 31, 2022. On May 26, 2023, Fluent agreed to the terms of a Stipulated Order for Permanent Injunction, Monetary Judgment, Civil Penalty Judgment, and Other Relief (the "FTC Consent Order"). The FTC Consent Order imposed a civil penalty of $2,500, required additional changes to the Company's employment opportunities marketplace and programmatic advertising business, and resulted in the implementation of compliance measures across the business. On July 17, 2023, the FTC filed its Complaint for Civil Penalties, Permanent Injunction, Monetary Relief, and Other Relief and, together with Fluent, filed a Joint Motion for Entry of Proposed Stipulated Order in the United States District Court for the Southern District of Florida. The FTC Consent Order was entered by the Court on August 11, 2023, and the escrow funds were released on August 15, 2023. The Company maintains insurance policies that cover certain legal costs, which include those incurred related to the FTC investigation. On August 12, 2024, Fluent filed its required compliance report.

On October 6, 2020, the Company received notice from the Pennsylvania Office of the Attorney General ("PAAG") that it was reviewing the Company's business practices relating to telemarketing. After the Company and the PAAG were unable to reach agreement on a proposed Assurance of Voluntary Compliance, the Commonwealth of Pennsylvania filed a complaint for permanent injunction, civil penalties, and other relief in the United States District Court for the Western District of Pennsylvania on November 2, 2022. On May 18, 2023, the parties entered into a settlement and jointly filed a Consent Petition of Final Decree, wherein the Company agreed to injunctive relief and to pay the PAAG $250 for investigatory costs, all of which was paid as of June 30, 2023.

The Company had been involved in a Telephone Consumer Protection Act class action, Daniel Berman v. Freedom Financial Network, which was originally filed in 2018. On May 31, 2023, the parties entered into an Amended Class Action Settlement Agreement (the "Berman Settlement Agreement"), which included injunctive provisions and payment to plaintiffs of $9,750 for legal fees and a consumer redress fund, of which the Company was responsible for $3,100 due upon final approval of the settlement. That amount had been accrued as of December 31, 2022. On July 28, 2023, the Court preliminarily approved the Berman Settlement Agreement. The final approval of the Berman Settlement Agreement was filed on February 23, 2024. The Company made a cash payment of $1,100 on March 15, 2024 and entered into a $2,000 interest-bearing note provided by co-defendant, Freedom Financial Network, as discussed in Note 5, Long-term debt, net, to satisfy its obligations under the Berman Settlement Agreement.

Note 4 - Goodwill

6 Months Ended

Jun. 30, 2024

Goodwill Disclosure [Text Block]

4. Goodwill

Goodwill represents the difference between the purchase price and the estimated fair value of net assets acquired, when accounted for by the acquisition method of accounting. As of June 30, 2024, the total balance of goodwill was $0, which represented a decrease of $1,261 from the balance as of December 31, 2023, as a result of a non-cash impairment charge.

In accordance with ASC 350, Intangibles - Goodwill and Other, goodwill is assessed at least annually for impairment, or when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable, by assessing qualitative factors or performing a quantitative analysis in determining whether it is more likely than not that its fair value exceeds the carrying value. The measurement date of the Company's annual goodwill impairment test is set to October 1.

During the second quarter of 2024, the Company determined that the effects of the expected decline in operations due to the impact of certain client relationships constituted a triggering event for the All Other reporting unit. The Company conducted an interim test of the fair value of the All Other reporting unit's goodwill for potential impairment related to the triggering event. The Company applied solely the income approach to determine the fair value of the All Other reporting unit. The results of this approach indicated that the carrying value exceeded its fair value by 58%. The Company therefore concluded that the goodwill was impaired as of June 30, 2024 and recorded a non-cash impairment charge for its remaining balance of $1,261.

FLUENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Amounts in thousands, except share and per share data)

(unaudited)

Note 5 - Long-term Debt, Net (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Long-Term Debt Instruments [Table Text Block]

	*June 30, 2024*			*December 31, 2023*
Citizens Credit Facility due 2025 (less unamortized discount and financing costs of $0 and $762, respectively)	$	—		$	30,488
New Credit Facility due 2029 (less unamortized discount and financing costs of $987 and $0, respectively)		31,288			—
Note Payable due 2026		2,000			—
Long-term debt, net		33,288			30,488
Less: Current portion of long-term debt		(32,538	)		(5,000	)
Long-term debt, net (non-current)	$	750		$	25,488

Schedule of Maturities of Long-Term Debt [Table Text Block]

Year		*June 30, 2024*
Remainder of 2024	$	2,846
2025		1,000
2026		250
2027		—
2028		—
2029		30,179
Total maturities	$	34,275

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Note 8 - Share-based Compensation (Details Textual) $ in Thousands					3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 01, 2021	Mar. 01, 2020	Dec. 20, 2019	Feb. 01, 2019	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2019	Jun. 08, 2022 shares
Share-Based Payment Arrangement, Expense \| $					$ 423	$ 936	$ 1,023	$ 2,057
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount \| $					$ 3,046		$ 3,046
Treasury Stock, Common, Shares (in shares)					768,595		768,595		768,595
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Options Vested and Unissued Outstanding (in shares)					4,752		4,752
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)							1 year 7 months 6 days
Share-Based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)							4 years
Share Based Compensation, Options, Number of Employees Granted					1		1
Share Based Compensation, Options, Number of Years Exercisable After Grant Date					10		10
Share-Based Payment Arrangement, Expense \| $					$ 1	0	$ 1	0
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expense \| $					433	$ 960	1,051	$ 2,108
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount \| $					$ 59		$ 59
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Options Vested and Unissued Outstanding (in shares)					291,419		291,419
Transaction Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Delivered in Period (in shares)							3,265
Performance Shares [Member]
Share-Based Payment Arrangement, Expense \| $							$ 29		$ 22
Fluent, Inc. 2022 Omnibus Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)											2,570,421
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)					591,953		591,953
The 2018 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)					240,461		240,461
The 2018 Stock Incentive Plan [Member] \| Share-Based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)										5 years
The 2018 Stock Incentive Plan [Member] \| Vesting if Stock Price is Above 125 Percent of Exercise Price For 20 Consecutive Days [Member] \| Share-Based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50.00%
The 2018 Stock Incentive Plan [Member] \| Share-Based Payment Arrangement, Tranche One [Member] \| Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent	133.33%	133.33%	133.33%	125.00%
The 2018 Stock Incentive Plan [Member] \| Vesting if Stock Price is Above 156 point 25 Percent of Exercise Price For 20 Consecutive Days [Member] \| Share-Based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50.00%
The 2018 Stock Incentive Plan [Member] \| Share-Based Payment Arrangement, Tranche Two [Member] \| Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent	177.78%	177.78%	177.78%	156.25%

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2022	14,129,530	716,692
Balance at Dec. 31, 2022	$ 42	$ (11,171)	$ 423,384	$ (318,300)	$ 93,955
Balance (in shares) at Mar. 31, 2023	14,322,853	768,595
Increase in treasury stock resulting from shares withheld to cover statutory taxes					(236)
Balance at Mar. 31, 2023	$ 43	$ (11,407)	424,531	(350,243)	62,924
Balance (in shares) at Dec. 31, 2022	14,129,530	716,692
Balance at Dec. 31, 2022	$ 42	$ (11,171)	423,384	(318,300)	93,955
Vesting of restricted stock units and issuance of stock under incentive plans (in shares)	227,628
Vesting of restricted stock units and issuance of stock under incentive plans	$ 1	$ 0	(1)	0	0
Share-based compensation	$ 0		2,108		2,108
Net loss				(27,692)	(27,692)
Balance (in shares) at Jun. 30, 2023	14,357,158	768,595
Increase in treasury stock resulting from shares withheld to cover statutory taxes (in shares)		51,903
Increase in treasury stock resulting from shares withheld to cover statutory taxes		$ (236)
Balance at Jun. 30, 2023	$ 43	$ (11,407)	425,491	(345,992)	68,135
Balance (in shares) at Mar. 31, 2023	14,322,853	768,595
Balance at Mar. 31, 2023	$ 43	$ (11,407)	424,531	(350,243)	62,924
Vesting of restricted stock units and issuance of stock under incentive plans (in shares)	34,305
Vesting of restricted stock units and issuance of stock under incentive plans	$ 0		0		0
Share-based compensation	0	0	960	0	960
Net loss	$ 0	$ 0	0	4,251	4,251
Balance (in shares) at Jun. 30, 2023	14,357,158	768,595
Balance at Jun. 30, 2023	$ 43	$ (11,407)	425,491	(345,992)	68,135
Balance (in shares) at Dec. 31, 2023	14,384,936	768,595
Balance at Dec. 31, 2023	$ 43	$ (11,407)	427,286	(381,518)	34,404
Vesting of restricted stock units and issuance of stock under incentive plans (in shares)	295,310	0
Vesting of restricted stock units and issuance of stock under incentive plans	$ 1	$ 0	(1)	0	0
Share-based compensation	0	0	1,052	0	1,052
Issuance of pre-funded warrants	0	0	9,900	0	9,900
Net loss	$ 0	$ 0	0	(17,903)	$ (17,903)
Balance (in shares) at Jun. 30, 2024	14,680,246	768,595
Increase in treasury stock resulting from shares withheld to cover statutory taxes (in shares)					0
Balance at Jun. 30, 2024	$ 44	$ (11,407)	438,237	(399,421)	$ 27,453
Balance (in shares) at Mar. 31, 2024	14,429,193	768,595
Balance at Mar. 31, 2024	$ 43	$ (11,407)	427,904	(387,794)	28,746
Vesting of restricted stock units and issuance of stock under incentive plans (in shares)	251,053	0
Vesting of restricted stock units and issuance of stock under incentive plans	$ 1	$ 0	(1)	0	0
Share-based compensation	0	0	434	0	434
Issuance of pre-funded warrants	0	0	9,900	0	9,900
Net loss	$ 0	$ 0	0	(11,627)	(11,627)
Balance (in shares) at Jun. 30, 2024	14,680,246	768,595
Balance at Jun. 30, 2024	$ 44	$ (11,407)	$ 438,237	$ (399,421)	$ 27,453

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

Note 4 - Goodwill (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Goodwill	$ 0	$ 0		$ 1,261
Goodwill, Period Increase (Decrease)		1,261
Goodwill, Impairment Loss		$ 1,261	$ 25,700
All Other Reporting Unit [Member]
Goodwill, Impairment Loss	$ 1,261

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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-Section S99
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Note 8 - Share-based Compensation - Key Assumptions (Details) - $ / shares	Mar. 01, 2021	Mar. 01, 2020	Dec. 20, 2019	Feb. 01, 2019
Fair value lower range (in dollars per share)		$ 8.76	$ 9.48	$ 16.86
Fair value higher range (in dollars per share)		8.94	9.66	17.16
Exercise price (in dollars per share)		$ 13.98	$ 15.36	$ 28.32
Expected volatility	80.00%	70.00%	70.00%	65.00%
Risk-free rate		1.05%	1.85%	2.61%
Maximum [Member]
Fair value lower range (in dollars per share)	$ 26.04
Fair value higher range (in dollars per share)	26.58
Exercise price (in dollars per share)	$ 37.98
Expected term (Year)	1 year 3 months 18 days	1 year 6 months	1 year 7 months 6 days	1 year 3 months 18 days
Risk-free rate	1.18%
Minimum [Member]
Expected term (Year)	1 year	1 year	1 year	1 year

Note 11 - Variable Interest Entity (Details Textual) - USD ($) $ in Thousands	May 01, 2024	Jan. 09, 2023	Jun. 30, 2024	Dec. 31, 2023
Goodwill			$ 0	$ 1,261
TAPP LLC [Member]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage		100.00%
Business Combination, Consideration Transferred		$ 4,165
Payments to Acquire Businesses, Gross		1,250
Business Combination, Consideration Transferred, Liabilities Incurred		2,915
Goodwill		1,555
TAPP LLC [Member] \| Publisher Contracts [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		$ 1,100
Finite-Lived Intangible Asset, Useful Life (Year)		1 year
TAPP LLC [Member] \| Trade Secrets [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		$ 1,510
Finite-Lived Intangible Asset, Useful Life (Year)		4 years
TAPP LLC [Member] \| Achievement of Specified Revenue and Media Margin Targets [Member]
Business Combination, Contingent Consideration, Liability, Period (Year)		3 years
True North Loyalty, LLC [Member]
Subsidiary, Ownership Percentage, Parent	100.00%
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates	$ 989
True North Loyalty, LLC [Member] \| Divestiture of Interest, Consideration, Deferred Payment Forgiveness [Member]
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates	500
True North Loyalty, LLC [Member] \| Divestiture of Interest, Consideration, Closing Net Working Capital [Member]
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates	168
True North Loyalty, LLC [Member] \| Divestiture of Interest, Consideration, Share of Contribution Margin [Member]
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates	$ 321

Note 2 - Income (loss) Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Text Block]

2. Income (loss) per share

Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period, in addition to restricted stock units ("RSUs") that are vested but not delivered. Diluted income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock are exercised or converted into common stock and is calculated using the treasury stock method for stock options, RSUs, restricted stock, warrants (including the Pre-Funded Warrants, as defined in Note 7 below) and deferred common stock. Stock equivalent shares are excluded from the calculation in loss periods, as their effects would be anti-dilutive.

For the three and six months ended June 30, 2024 and 2023, basic and diluted income (loss) per share were as follows:

	*Three Months Ended June 30,*					*Six Months Ended June 30,*
	*2024*			*2023*		*2024*			*2023*
Numerator:
Net income (loss)	$	(11,627	)	$	4,251	$	(17,903	)	$	(27,692	)
Denominator:
Weighted average shares outstanding		15,289,622			13,502,166		15,827,411			13,435,643
Weighted average restricted shares vested not delivered		245,367			285,829		287,882			285,000
Total basic weighted average shares outstanding		15,534,989			13,787,995		16,115,293			13,720,643
Dilutive effect of assumed conversion of restricted stock units		—			4,113		—			—
Total diluted weighted average shares outstanding		15,534,989			13,792,108		16,115,293			13,720,643
Basic and diluted income (loss) per share:
Basic	$	(0.75	)	$	0.31	$	(1.11	)	$	(2.02	)
Diluted	$	(0.75	)	$	0.31	$	(1.11	)	$	(2.02	)

Based on exercise prices compared to the average stock prices for the three and six months ended June 30, 2024 and 2023, certain stock equivalents, including RSUs and stock options, have been excluded from the diluted weighted average share calculations due to their anti-dilutive nature.

	*Three Months Ended June 30,*				*Six Months Ended June 30,*
	*2024*		*2023*		*2024*		*2023*
Restricted stock units		993,975		928,057		993,975		932,085
Stock options		298,331		356,500		298,331		356,500
Total anti-dilutive securities		1,292,306		1,284,557		1,292,306		1,288,585

FLUENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Amounts in thousands, except share and per share data)

(unaudited)

Note 12 - Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Text Block]

12. Subsequent Events

Sale of Convertible Notes

On August 19, 2024, the Company entered into Securities Purchase Agreements (the "Securities Purchase Agreements") with certain accredited and/or sophisticated investors (the "Purchasers") to sell convertible subordinated promissory notes (the "Convertible Notes") in aggregate principal amount of $2,050. The Convertible Promissory Notes mature on April 2, 2029, bear interest at 13% per annum payable quarterly in cash (subject to payment conditions in the Subordination Agreement described below) or in kind. Subject to the payment conditions in the Subordination Agreement described below, the Company may prepay the Convertible Notes in whole or in part at any time upon ten days’ written notice; provided that, no prepayment will be permitted prior to the stockholder approval described below without the consent of the applicable holder.

Each holder of a Convertible Note is entitled to convert the Conversion Amount (as defined below) into shares of the Company’s common stock at a conversion price equal to the lesser of (i) $3.01, and (ii) the greater of (A) the consolidated closing bid price of the Company’s Common Stock as reported on Nasdaq on the applicable conversion date and (B) $1.00, in each case subject to adjustments for stock splits, recapitalizations and the like. However, the applicable conversion price will in no event be lower than the price established by clause (ii) above unless and until the Company’s stockholders have approved matters related to the issuance of common stock upon conversion of the Convertible Notes, which vote is expected to take place at the Company’s 2024 annual meeting of stockholders. The Convertible Notes are subject to additional limits on conversion until stockholder approval is obtained, including an aggregate limit on the number of shares that may be issued upon conversion to 19.99% of the Company’s outstanding shares of common stock and provisions to prevent a change of control as defined in the rules of the Nasdaq Stock Market. The Company has agreed to use its reasonable efforts to secure stockholder approval at such meeting, including providing a recommendation FOR approval by the Company’s board of directors. Holders of the Convertible Notes will be permitted to vote on such stockholder approval, but may not vote any shares obtained from conversion of the Convertible Notes prior to such vote. No underwriting discounts or commissions were paid with respect to the Convertible Notes.

The purchasers of the Convertible Notes include our Chairman of the Board and Chief Strategy Officer Ryan Schulke, our Chief Executive Officer Donald Patrick, our interim Chief Financial Officer Ryan Perfit, our Chief Customer Officer and member of the board of directors Matthew Conlin, and Dr. Phillip Frost, a beneficial owner of approximately 22% of common stock prior to the Convertible Note transaction. In certain cases the Convertible Notes were purchased by affiliates of such persons.

In connection with the Second Amendment and the Purchase Agreements, the Company, SLR and the purchasers of the Convertible Notes entered into a Second Amendment Subordination Agreement dated August 19, 2024 (the "Subordination Agreement"). The Subordination Agreement confirms the subordinated nature of the Convertible Notes and restricts payments to and remedies of the holders of the Convertible Notes for so long as the SLR Credit Agreement has indebtedness outstanding. The Subordination Agreement provides that the Company may not make any payment of principal or interest on the Convertible Notes unless the conditions set forth in either in clause (i) or clause (ii) below are satisfied:

(i) (a) no event of default under the SLR Credit Agreement exists before or immediately after giving effect to such payment, (b) the Borrower has demonstrated to the satisfaction of SLR compliance with certain financial covenants on a pro forma basis after giving effect to the payment, and (c) SLR’s receipt of the Company’s audited financial statements for the fiscal year ending December 31, 2024.

(ii) (a) no event of default under the SLR Credit Agreement exists before or immediately after giving effect to such payment, (b) the Company has raised equity capital excluding the proceeds from the sale of the Convertible Notes prior to June 30, 2025 and the payments made in respect of the Convertible Notes do not exceed an amount that equals the positive difference of the amount of such equity raise and $7,000,000, and (c) the Borrower has demonstrated to the satisfaction of SLR compliance with certain financial covenants on a pro forma basis after giving effect to the payment.

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue	$ 58,717	$ 82,145	$ 124,700	$ 159,399
Costs and expenses:
Cost of revenue (exclusive of depreciation and amortization)	46,109	59,540	93,457	117,812
Sales and marketing	4,605	4,215	9,417	9,028
Product development	4,717	4,615	9,557	9,553
General and administrative	8,856	3,941	19,221	16,266
Depreciation and amortization	2,567	3,095	5,138	5,454
Goodwill and intangible assets impairment	2,241	0	2,241	25,700
Total costs and expenses	69,095	75,406	139,031	183,813
Income (loss) from operations	(10,378)	6,739	(14,331)	(24,414)
Interest expense, net	(1,015)	(795)	(2,430)	(1,484)
Loss on early extinguishment of debt	(1,009)	0	(1,009)	0
Income (loss) before income taxes	(12,402)	5,944	(17,770)	(25,898)
Income tax (expense) benefit	775	(1,693)	(133)	(1,794)
Net income (loss)	$ (11,627)	$ 4,251	$ (17,903)	$ (27,692)
Basic and diluted income (loss) per share:
Basic (in dollars per share)	$ (0.75)	$ 0.31	$ (1.11)	$ (2.02)
Diluted (in dollars per share)	$ (0.75)	$ 0.31	$ (1.11)	$ (2.02)
Weighted average number of shares outstanding:
Basic (in shares)	15,534,989	13,787,995	16,115,293	13,720,643
Diluted (in shares)	15,534,989	13,792,108	16,115,293	13,720,643

Note 5 - Long-term Debt, Net - Long-term Debt (Details) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
New Credit Facility Term Loan [Member]
Long-term debt, unamortized discount	$ 0	$ 762
New Credit Facility [Member]
Long-term debt, unamortized discount	$ 987	$ 0

Note 8 - Share-based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Text Block]

8. Share-based compensation

On June 8, 2022, the stockholders of the Company approved the Fluent, Inc. 2022 Omnibus Equity Incentive Plan (the "2022 Plan") that authorized for issuance 2,570,421 shares of the Company's common stock. As of June 30, 2024, the Company had 591,953 shares of common stock available for grants pursuant to the 2022 Plan, which includes 240,461 shares of common stock previously available for issuance under the 2018 Stock Incentive Plan.

The primary purpose of the 2022 Plan and prior plans is to attract, retain, reward, and motivate certain individuals by providing them with opportunities to acquire or increase their ownership interests in the Company. In October 2022, the Company issued to certain of its senior officers and employees, RSUs (time-based vesting), long-term incentive grants (performance and time-based vesting RSUs), or performance share units ("PSUs") (achievement of performance targets settled in cash) under the 2022 Plan.

Stock options

In January 2019, the Compensation Committee of the Company's Board of Directors approved the grant of stock options to certain Company executives, which were issued on February 1, 2019, December 20, 2019, March 1, 2020, and March 1, 2021. Subject to continuing service, 50% of the shares subject to these stock options will vest if the Company's stock price remains above 125.00%, 133.33%, 133.33% and 133.33%, respectively, of the exercise price for 20 consecutive trading days, and the remaining 50% of the shares subject to these stock options will vest if the Company's stock price remains above 156.25%, 177.78%, 177.78% and 177.78%, respectively, of the exercise price for 20 consecutive trading days; provided, that no shares will vest prior to the first anniversary of the grant date.

As of June 30, 2024, the first condition for the stock options issued on February 1, 2019, December 20, 2019 and March 1, 2020 had been met and the second condition for the stock options issued on December 20, 2019 and March 1, 2020 had been met. Any shares that remain unvested as of the fifth anniversary of the grant date will vest in full on such date. The fair value of the stock options granted was estimated at the trading day before the date of grant using a Monte Carlo simulation model. The key assumptions utilized to calculate the grant-date fair values for these awards are summarized below:

Issuance Date	*February 1, 2019*			*December 20, 2019*			*March 1, 2020*			*March 1, 2021*
Fair value lower range	$	16.86		$	9.48		$	8.76		$	26.04
Fair value higher range	$	17.16		$	9.66		$	8.94		$	26.58
Exercise price	$	28.32		$	15.36		$	13.98		$	37.98
Expected term (in years)		1.0 - 1.3			1.0 - 1.6			1.0 - 1.5			1.0 - 1.3
Expected volatility		65	%		70	%		70	%		80	%
Dividend yield		—	%		—	%		—	%		—	%
Risk-free rate		2.61	%		1.85	%		1.05	%		1.18	%

FLUENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Amounts in thousands, except share and per share data)

(unaudited)

For the six months ended June 30, 2024, details of stock option activity were as follows:

	*Number of options*			*Weighted average exercise price per share*		*Weighted average remaining contractual term (in years)*		*Aggregate intrinsic value*
Outstanding as of December 31, 2023		302,333		$	25.68		5.4	$	—
Granted⁽¹⁾		16,667			3.36		9.9		—
Exercised		(20,666	)		—		—		—
Forfeited		—			—		—		—
Outstanding as of June 30, 2024		298,334		$	25.15		5.2	$	—
Options exercisable as of June 30, 2024		263,668		$	25.65		4.8	$	—

(1)On June 3, 2024, one employee of the Company was granted stock options that vest equally over four annual installments and are exercisable for ten years after the grant date.

The aggregate intrinsic value amounts in the table above represent the difference between the closing price of the Company's common stock at the end of the reporting period and the corresponding exercise prices, multiplied by the number of in-the-money stock options as of the same date.

For the six months ended June 30, 2024, the unvested balance of stock options was as follows:

	*Number of stock options*			*Weighted average exercise price per share*		*Weighted average remaining contractual term (in years)*
Unvested as of December 31, 2023		123,833		$	29.72		5.4
Granted⁽¹⁾		16,667			3.36		9.9
Forfeited		—			—		—
Vested		(105,834	)		—		—
Unvested as of June 30, 2024		34,666		$	21.34		8.2

(1)On June 3, 2024, one employee of the Company was granted stock options that vest equally over four annual installments and are exercisable for ten years after the grant date.

Compensation expense recognized for stock options was $1 and $0 for both the three months ended June 30, 2024 and 2023, respectively, and $1 and $0 for both the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, there was $59 of unrecognized share-based compensation with respect to outstanding stock options.

FLUENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Amounts in thousands, except share and per share data)

(unaudited)

Restricted stock units and restricted stock

For the six months ended June 30, 2024, details of unvested RSU activity were as follows:

	*Number of units*			*Weighted average grant-date fair value*
Unvested as of December 31, 2023		731,538		$	25.95
Granted		654,411			3.67
Vested and delivered		(295,310	)		10.19
Withheld as treasury stock ⁽¹⁾		—			—
Vested not delivered ⁽²⁾		(1,487	)		10.50
Forfeited		(95,177	)		14.22
Unvested as of June 30, 2024		993,975			17.55

(1)	As discussed in Note 7, Equity, the treasury stock was related to shares withheld to cover statutory withholding taxes upon the delivery of shares following the vesting of RSUs. As of June 30, 2024, there were 768,595 outstanding shares of treasury stock.

(2)

Vested not delivered represents vested RSUs with delivery deferred to a future time. For the six months ended June 30, 2024, there was a net increase in the vested not delivered balance because 4,752 shares were deferred due to timing of delivery of certain shares, slightly offset by 3,265 deferred shares that were delivered. As of June 30, 2024, 291,419 outstanding RSUs were vested not delivered.

Compensation expense recognized for RSUs of $433 and $960 for the three months ended June 30, 2024 and 2023, respectively, and $1,051 and $2,108 for the six months ended June 30, 2024 and 2023, respectively, was recorded in sales and marketing, product development and general and administrative in the consolidated statements of operations, and intangible assets, net in the consolidated balance sheets. The fair value of the RSUs and restricted stock was estimated using the closing prices of the Company's common stock on the dates of grant.

As of June 30, 2024, unrecognized share-based compensation expense associated with the granted RSUs and stock options amounted to $3,046, which is expected to be recognized over a weighted average period of 1.6 years.

For the three and six months ended June 30, 2024 and 2023, share-based compensation for the Company's stock options, RSUs, and common stock awards were allocated to the following accounts in the consolidated financial statements:

	*Three Months Ended June 30,*				*Six Months Ended June 30,*
	*2024*		*2023*		*2024*		*2023*
Sales and marketing	$	57	$	129	$	141	$	296
Product development		55		136		100		327
General and administrative		311		671		782		1,434
Share-based compensation expense		423		936		1,023		2,057
Capitalized in intangible assets		11		24		29		51
Total share-based compensation	$	434	$	960	$	1,052	$	2,108

As of June 30, 2024 and December 31, 2023, the Company recorded a liability of $29 and $22, respectively, related to PSUs that are to be settled in cash.

FLUENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Amounts in thousands, except share and per share data)

(unaudited)

Note 11 - Variable Interest Entity

6 Months Ended

Jun. 30, 2024

Variable Interest Entity Disclosure [Text Block]

11. Variable Interest Entity

A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. The primary beneficiary is the party that has the power to direct activities that most significantly impact the operations of the VIE and has the obligation to absorb losses or the right to benefits from the VIE that could potentially be significant to the VIE. The Company assesses whether it is the primary beneficiary of a VIE at the inception of the arrangement and as of the reporting date.

True North

On May 1, 2024, the Company and Caspian Ventures, LLC ("Caspian") entered into a membership interest purchase agreement pursuant to which the Company conveyed 100% of the membership interests of True North Loyalty, LLC and its direct and indirect subsidiaries (collectively, "True North") to Caspian (the "True North Conveyance"). True North is a subscription-based business that utilizes call center operations and other media channels to market third-party recurring revenue services to consumers. The deemed fair value of the consideration received was $989, which consisted of (i) the forgiveness of a $500 deferred payment owed by the Company in connection with the True North Acquisition on January 1, 2022, (ii) a share of the True North contribution margin after the closing until the Company has received an amount equal to the closing net working capital of approximately $168, and (iii) a continued share of the True North contribution margin of an additional amount at fair value of $321. The True North founder who entered into an employment agreement in connection with the True North Acquisition has remained an employee of the Company after the closing of the True North Conveyance.

In accordance with ASC 810, Consolidation ("ASC 810"), the Company determined that based upon the receivable for the consideration to be received, True North was deemed a VIE. Further, as the majority membership owner of Caspian remained a full-time employee of the Company, under the de facto agent guidance, it was determined that the Company was the primary beneficiary of Caspian and therefore should consolidate Caspian's operations going forward. As a result, no gain or loss was to be recognized on the True North Conveyance. As the Company does not have any equity interest in Caspian, 100% of the net assets and results of the operations of Caspian are attributable to the non-controlling interest.

It was also determined that True North did not meet the discontinued operations criterion under ASC 205-20, Discontinued Operations.

TAPP

On January 9, 2023, the Company entered into employment agreements with certain key employees of TAPP, an influencer-based business that uses an application to utilize its relationships with influencers to bring consumers to advertising clients. The Company is also a customer of TAPP and accounts for the majority of TAPP's revenues. As a result of significant influence over TAPP's key employees and financial performance, the Company determined that TAPP qualified as a VIE in which the Company has a variable interest and that the Company is the primary beneficiary. Therefore, the Company consolidates the TAPP operations. As the Company does not have an equity interest in TAPP, 100% of the net assets and results of the operations of TAPP are attributable to non-controlling interests.

As the Company gained control of TAPP, in accordance with ASC 805, Business Combinations, it was then determined that TAPP constituted a business. The deemed fair value of the consideration was $4,165, which consisted of $1,250 of initial cash and $2,915 contingent upon the achievement of specified revenue and media margin targets over three years. The fair value of assets acquired, which excluded the immaterial net-working capital, were determined to be the publisher contracts of $1,100, which were valued using the 'with or without' method, a variation of the income approach, to be amortized over a period of one year and industry-based trade secrets of $1,510, which were valued using the excess earnings method, a variation of the income approach, to be amortized over a period of four years. The amount of the purchase price in excess of the fair value of the net assets acquired was recorded as goodwill in the amount of $1,555 and primarily represents workforce and expected cash flow generation for the TAPP business that does not qualify for separate recognition as intangible assets included within the Fluent operating segment. For tax purposes, the value of the acquisition payments is treated as ordinary compensation for services rendered, deductible when paid and included in the employees' wages.

FLUENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Amounts in thousands, except share and per share data)

(unaudited)

Note 3 - Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Total accumulated amortization	$ (101,422)	$ (99,418)
Intangible assets, net	$ 23,770	26,809
Computer Software, Intangible Asset [Member]
Amortization period (Year)	3 years
Total gross amount	$ 22,802	20,175
Total accumulated amortization	(14,293)	(12,142)
Intangible assets, net	8,509	8,033
Acquired Proprietary Technology [Member]
Total gross amount	15,792	16,972
Total accumulated amortization	(14,848)	(15,132)
Intangible assets, net	$ 944	1,840
Acquired Proprietary Technology [Member] \| Minimum [Member]
Amortization period (Year)	3 years
Acquired Proprietary Technology [Member] \| Maximum [Member]
Amortization period (Year)	5 years
Customer Relationships [Member]
Total gross amount	$ 36,686	39,168
Total accumulated amortization	(35,647)	(37,249)
Intangible assets, net	$ 1,039	1,919
Customer Relationships [Member] \| Minimum [Member]
Amortization period (Year)	5 years
Customer Relationships [Member] \| Maximum [Member]
Amortization period (Year)	10 years
Trade Names [Member]
Total gross amount	$ 16,657	16,657
Total accumulated amortization	(7,302)	(6,893)
Intangible assets, net	$ 9,355	9,764
Trade Names [Member] \| Minimum [Member]
Amortization period (Year)	4 years
Trade Names [Member] \| Maximum [Member]
Amortization period (Year)	20 years
Internet Domain Names [Member]
Amortization period (Year)	20 years
Total gross amount	$ 195	195
Total accumulated amortization	(82)	(77)
Intangible assets, net	113	118
Database Rights [Member]
Total gross amount	31,292	31,292
Total accumulated amortization	(27,482)	(26,157)
Intangible assets, net	$ 3,810	5,135
Database Rights [Member] \| Minimum [Member]
Amortization period (Year)	5 years
Database Rights [Member] \| Maximum [Member]
Amortization period (Year)	10 years
Noncompete Agreements [Member]
Total gross amount	$ 1,768	1,768
Total accumulated amortization	$ (1,768)	$ (1,768)
Noncompete Agreements [Member] \| Minimum [Member]
Amortization period (Year)	2 years
Noncompete Agreements [Member] \| Maximum [Member]
Amortization period (Year)	5 years

Note 9 - Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*Three Months Ended June 30,*					*Six Months Ended June 30,*
	*2024*			*2023*		*2024*			*2023*
Fluent segment revenue⁽¹⁾:
United States	$	34,654		$	40,200	$	74,970		$	83,108
International		20,911			39,809		43,773			72,139
Fluent segment revenue	$	55,565		$	80,009	$	118,743		$	155,247
All Other segment revenue⁽¹⁾:
United States	$	3,152		$	2,136	$	5,957		$	4,152
International		—			—		—			—
All Other segment revenue	$	3,152		$	2,136	$	5,957		$	4,152
Segment EBITDA
Fluent segment EBITDA	$	(7,041	)	$	9,685	$	(8,890	)	$	(18,894	)
All Other segment EBITDA		(770	)		149		(303	)		(66	)
Total EBITDA		(7,811	)		9,834		(9,193	)		(18,960	)
Depreciation and amortization		2,567			3,095		5,138			5,454
Total loss from operations	$	(10,378	)	$	6,739	$	(14,331	)	$	(24,414	)

	*June 30,*		*December 31,*
	*2024*		*2023*
Total assets:
Fluent	$	83,680	$	97,629
All Other		14,815		14,238
Total assets	$	98,495	$	111,867

Note 8 - Share-based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member]

6 Months Ended

Jun. 30, 2024

$ / shares

Unvested, number of units (in shares) | shares

731,538

Unvested, weighted average grant-date fair value (in dollars per share) | $ / shares

$ 25.95

Granted, number of units (in shares) | shares

654,411

Granted, weighted average grant-date fair value (in dollars per share) | $ / shares

$ 3.67

Vested and delivered, number of units (in shares) | shares

(295,310)

Vested and delivered, weighted average grant-date fair value (in dollars per share) | $ / shares

$ 10.19

Withheld as treasury stock (1), number of units (in shares) | shares

^[1]

Withheld as treasury stock (1), weighted average grant-date fair value (in dollars per share) | $ / shares

$ 0

^[1]

Vested not delivered (2), number of units (in shares) | shares

(1,487)

^[2]

Vested not delivered (2), weighted average grant-date fair value (in dollars per share) | $ / shares

$ 10.5

^[2]

Forfeited, number of units (in shares) | shares

(95,177)

Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares

$ 14.22

Unvested, number of units (in shares) | shares

(993,975)

Unvested, weighted average grant-date fair value (in dollars per share) | $ / shares

$ 17.55

[1]

As discussed in Note 7, Equity, the treasury stock was related to shares withheld to cover statutory withholding taxes upon the delivery of shares following the vesting of RSUs. As of June 30, 2024, there were 768,595 outstanding shares of treasury stock.

[2]

Vested not delivered represents vested RSUs with delivery deferred to a future time. For the six months ended June 30, 2024, there was a net increase in the vested not delivered balance because 4,752 shares were deferred due to timing of delivery of certain shares, slightly offset by 3,265 deferred shares that were delivered. As of June 30, 2024, 291,419 outstanding RSUs were vested not delivered.

Note 6 - Income Taxes (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Percent	0.80%	6.90%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Unrecognized Tax Benefits	$ 1,480		$ 1,480
Unrecognized Tax Benefits, Period Increase (Decrease)	$ (1,480)

Note 1 - Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended
	Aug. 19, 2024 USD ($)	Apr. 11, 2024	Apr. 02, 2024	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 $ / shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Earnings Per Share, Basic (in dollars per share) \| $ / shares				$ (0.75)	$ 0.31	$ (1.11)	$ (2.02)
Earnings Per Share, Diluted (in dollars per share) \| $ / shares				$ (0.75)	$ 0.31	$ (1.11)	$ (2.02)
Contract with Customer, Liability, Current				$ 717		$ 717		$ 430	$ 1,014
Unbilled Receivables, Current				20,482		20,482		$ 21,488	$ 26,878
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		6
Revision of Prior Period, Error Correction, Adjustment [Member]
Accounts Receivable, after Allowance for Credit Loss				$ 1,958		$ 1,958
Earnings Per Share, Basic (in dollars per share) \| $ / shares				$ 0.13
Earnings Per Share, Diluted (in dollars per share) \| $ / shares				$ 0.12
Subsequent Event [Member] \| Convertible Notes [Member]
Proceeds from Convertible Debt	$ 2,050
SLR Credit Agreement [Member]
Debt Instrument, Basis Spread on Variable Rate			5.25%
SLR Credit Agreement [Member] \| Subsequent Event [Member]
Debt Instrument, Covenant, Minimum Capital Raise	$ 2,000
Debt Instrument, Basis Spread on Variable Rate	5.75%

Note 12 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Thousands	Aug. 19, 2024	Aug. 18, 2024
SLR Credit Agreement [Member]
Debt Instrument, Covenant, Difference Between Maximum Amount Raised, Value	$ 7,000,000
Phillip Frost [Member]
Common Stock Shares Outstanding, Percentage		22.00%
Convertible Notes [Member]
Proceeds from Convertible Debt	$ 2,050
Debt Instrument, Interest Rate, Stated Percentage	13.00%
Debt Instrument, Convertible, Conversion Price (in dollars per share)	$ 3.01
Common Stock Shares Outstanding, Percentage	19.99%
Convertible Notes [Member] \| Minimum [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share)	$ 1

Note 3 - Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jan. 01, 2022	Apr. 01, 2020
Asset Impairment Charges	$ 2,241	$ 0	$ 2,241	$ 25,700
Amortization of Intangible Assets	2,495	$ 2,995	4,978	$ 5,251
Customer Relationships [Member]
Asset Impairment Charges			383
Finite-Lived Intangible Assets, Gross	36,686		36,686		$ 39,168
Internallly-developed Software [Member]
Asset Impairment Charges			597
Software Developed for Internal Use, Not Commenced Amortization [Member]
Finite-Lived Intangible Assets, Gross	$ 653		$ 653
Winopoly, LLC [Member]
Business Acquisition, Percentage of Voting Interests Acquired							50.00%
True North Loyalty, LLC [Member]
Business Acquisition, Percentage of Voting Interests Acquired						100.00%

Note 5 - Long-term Debt, Net (Details Textual) - USD ($)				3 Months Ended		6 Months Ended
	Aug. 19, 2024	Apr. 02, 2024	Mar. 17, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Repayments of Long-Term Debt						$ 44,475,000	$ 2,500,000
Gain (Loss) on Extinguishment of Debt				$ (1,009,000)	$ 0	(1,009,000)	$ 0
Long-Term Debt, Gross				$ 34,275,000		$ 34,275,000
Convertible Notes [Member] \| Subsequent Event [Member]
Proceeds from Convertible Debt	$ 2,050,000
Notes Payable to Banks [Member]
Debt Instrument, Face Amount			$ 2,000,000
Debt Instrument, Basis Spread on Variable Rate						11.00%
Debt Instrument, Interest Rate, Effective Percentage			16.32%	16.33%		16.33%
Debt Instrument, Quarterly Principal Amortization			$ 250,000
Notes Payable to Banks [Member] \| Maximum [Member]
Debt Instrument, Collateral Amount			$ 1,000,000
Notes Payable to Banks [Member] \| CME Term SOFR [Member]
Debt Instrument, Basis Spread on Variable Rate			11.00%
The Credit Agreement [Member]
Repayments of Long-Term Debt		$ 30,000,000
Gain (Loss) on Extinguishment of Debt		$ 1,009
SLR Credit Agreement [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.50%
Debt Instrument, Term (Year)		5 years
Debt Instrument, Basis Spread on Variable Rate		5.25%
Debt Instrument, Secured Overnight Financing Rate SOFR Floor		1.50%
Line of Credit Facility, Fixed Charge Coverage Ratio		1.1
Debt Instrument, Interest Rate, Effective Percentage		10.81%
Debt Issuance Costs, Net				$ 1,050,000		$ 1,050,000
Debt Instrument, Unamortized Discount				$ 430,000		$ 430,000
SLR Credit Agreement [Member] \| Subsequent Event [Member]
Debt Instrument, Basis Spread on Variable Rate	5.75%
Debt Instrument, Covenant, Minimum Capital Raise	$ 2,000,000
SLR Credit Agreement [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate		0.26161%
SLR Credit Agreement [Member] \| Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		5.25%				5.25%
Debt Instrument, Reduced Basis Spread on Variable Rate		5.00%
Debt Instrument, Interest Rate, Effective Percentage				10.86%		10.86%
SLR Credit Agreement [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 30,000,000
Long-Term Debt, Gross		32,274,000
SLR Credit Agreement [Member] \| Term Loan [Member]
Debt Instrument, Face Amount		20,000,000
SLR Revolver [Member] \| Revolving Credit Facility [Member]
Long-Term Debt, Gross		$ 12,274,000

Note 2 - Income (loss) Per Share - Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net loss	$ (11,627)	$ 4,251	$ (17,903)	$ (27,692)
Weighted average shares outstanding (in shares)	15,289,622	13,502,166	15,827,411	13,435,643
Weighted average restricted shares vested not delivered (in shares)	245,367	285,829	287,882	285,000
Total basic weighted average shares outstanding (in shares)	15,534,989	13,787,995	16,115,293	13,720,643
Total diluted weighted average shares outstanding (in shares)	15,534,989	13,792,108	16,115,293	13,720,643
Basic (in dollars per share)	$ (0.75)	$ 0.31	$ (1.11)	$ (2.02)
Diluted (in dollars per share)	$ (0.75)	$ 0.31	$ (1.11)	$ (2.02)
Restricted Stock Units (RSUs) [Member]
Dilutive effect of assumed conversion of restricted stock units (in shares)	0	4,113	0	0

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Note 3 - Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	*Amortization period (in years)*		*June 30, 2024*			*December 31, 2023*
Gross amount:
Software developed for internal use		3	$	22,802			20,175
Acquired proprietary technology		3-5		15,792			16,972
Customer relationships		5-10		36,686			39,168
Trade names		4-20		16,657			16,657
Domain names		20		195			195
Databases		5-10		31,292			31,292
Non-competition agreements		2-5		1,768			1,768
Total gross amount				125,192			126,227

Accumulated amortization:
Software developed for internal use				(14,293	)		(12,142	)
Acquired proprietary technology				(14,848	)		(15,132	)
Customer relationships				(35,647	)		(37,249	)
Trade names				(7,302	)		(6,893	)
Domain names				(82	)		(77	)
Databases				(27,482	)		(26,157	)
Non-competition agreements				(1,768	)		(1,768	)
Total accumulated amortization				(101,422	)		(99,418	)
Net intangible assets:
Software developed for internal use				8,509			8,033
Acquired proprietary technology				944			1,840
Customer relationships				1,039			1,919
Trade names				9,355			9,764
Domain names				113			118
Databases				3,810			5,135
Total intangible assets, net			$	23,770		$	26,809

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Year	*June 30, 2024*
Remainder of 2024	$	3,650
2025		6,858
2026		4,255
2027		2,435
2028		828
2029 and thereafter		5,744
Total	$	23,770

Note 8 - Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Issuance Date	*February 1, 2019*			*December 20, 2019*			*March 1, 2020*			*March 1, 2021*
Fair value lower range	$	16.86		$	9.48		$	8.76		$	26.04
Fair value higher range	$	17.16		$	9.66		$	8.94		$	26.58
Exercise price	$	28.32		$	15.36		$	13.98		$	37.98
Expected term (in years)		1.0 - 1.3			1.0 - 1.6			1.0 - 1.5			1.0 - 1.3
Expected volatility		65	%		70	%		70	%		80	%
Dividend yield		—	%		—	%		—	%		—	%
Risk-free rate		2.61	%		1.85	%		1.05	%		1.18	%

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

	*Number of options*			*Weighted average exercise price per share*		*Weighted average remaining contractual term (in years)*		*Aggregate intrinsic value*
Outstanding as of December 31, 2023		302,333		$	25.68		5.4	$	—
Granted⁽¹⁾		16,667			3.36		9.9		—
Exercised		(20,666	)		—		—		—
Forfeited		—			—		—		—
Outstanding as of June 30, 2024		298,334		$	25.15		5.2	$	—
Options exercisable as of June 30, 2024		263,668		$	25.65		4.8	$	—

Schedule of Nonvested Share Activity [Table Text Block]

	*Number of stock options*			*Weighted average exercise price per share*		*Weighted average remaining contractual term (in years)*
Unvested as of December 31, 2023		123,833		$	29.72		5.4
Granted⁽¹⁾		16,667			3.36		9.9
Forfeited		—			—		—
Vested		(105,834	)		—		—
Unvested as of June 30, 2024		34,666		$	21.34		8.2

Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

	*Number of units*			*Weighted average grant-date fair value*
Unvested as of December 31, 2023		731,538		$	25.95
Granted		654,411			3.67
Vested and delivered		(295,310	)		10.19
Withheld as treasury stock ⁽¹⁾		—			—
Vested not delivered ⁽²⁾		(1,487	)		10.50
Forfeited		(95,177	)		14.22
Unvested as of June 30, 2024		993,975			17.55

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	*Three Months Ended June 30,*				*Six Months Ended June 30,*
	*2024*		*2023*		*2024*		*2023*
Sales and marketing	$	57	$	129	$	141	$	296
Product development		55		136		100		327
General and administrative		311		671		782		1,434
Share-based compensation expense		423		936		1,023		2,057
Capitalized in intangible assets		11		24		29		51
Total share-based compensation	$	434	$	960	$	1,052	$	2,108

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (17,903)	$ (27,692)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	5,138	5,454
Non-cash loan amortization expense	837	133
Non-cash gain on contingent consideration	250	0
Non-cash loss on early extinguishment of debt	1,009	0
Share-based compensation expense	1,030	1,997
Goodwill impairment	1,261	25,700
Impairment of intangible assets	980	0
Allowance for credit losses	71	(92)
Changes in assets and liabilities, net of business acquisitions:
Accounts receivable	1,280	5,136
Prepaid expenses and other current assets	(1,579)	(6,435)
Other non-current assets	191	244
Operating lease assets and liabilities, net	(168)	(165)
Accounts payable	(3,140)	7,113
Accrued expenses and other current liabilities	(1,443)	(9,147)
Deferred revenue	474	(119)
Other	(987)	(76)
Net cash (used in) provided by operating activities	(13,199)	2,051
CASH FLOWS FROM INVESTING ACTIVITIES:
Capitalized costs included in intangible assets	(3,542)	(2,370)
Business acquisitions, net of cash acquired	0	(1,250)
Acquisition of property and equipment	0	(22)
Net cash used in investing activities	(3,542)	(3,642)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt, net of debt financing costs	42,917	0
Repayments of long-term debt	(44,475)	(2,500)
Debt financing costs	(968)	(237)
Proceeds from issuance of warrants	9,900	0
Taxes paid related to net share settlement of vesting of restricted stock units	0	(236)
Net cash (used in) provided by financing activities	7,374	(2,973)
Net decrease in cash, cash equivalents, and restricted cash	(9,367)	(4,564)
Cash, cash equivalents, and restricted cash at beginning of period	15,804	25,547
Cash, cash equivalents, and restricted cash at end of period	6,437	20,983
SUPPLEMENTAL DISCLOSURE INFORMATION
Cash paid for interest	1,690	1,434
Cash paid for income taxes	44	78
Share-based compensation capitalized in intangible assets	29	51
Long-term debt issuance	2,000	0
Consideration for True North	500	0
TAPP LLC [Member]
SUPPLEMENTAL DISCLOSURE INFORMATION
Contingent payments in connection with TAPP consolidation	$ 0	$ 2,915

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts receivable, allowance for doubtful accounts	$ 157	$ 231
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0005	$ 0.0005
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	14,680,246	14,384,936
Common stock, shares outstanding (in shares)	13,911,651	13,616,316
Treasury stock, shares (in shares)	768,595	768,595

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		Item 5. Other Information. **Rule 10b5-1 Trading Plans** During the fiscal quarter ended June 30, 2024, none of the Company's directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement." *Second Amendment to SLR Credit Agreement* On July 31, 2024, the Company and SLR entered into a letter agreement pursuant to which SLR extended the deadline for delivery of the compliance certificate required for the fiscal month ended June 30, 2024, and the related notice of event of default, to August 16, 2024. On August 14, 2024, the parties entered into a second letter agreement pursuant to which SLR extended the deadline for delivery of the same compliance certificate and related notice of event of default to August 21, 2024. On August 19, 2024, the Borrower, SLR, and the other parties thereto entered into the Second Amendment to Credit Agreement (the "Second Amendment"), which, among other things, required that the Company raise $2.0 million in additional capital. To raise the capital, the Company entered into convertible subordinated notes with four individuals who are officers and/or directors of the Company and one principal stockholder of the Company. In addition, among other things, the Second Amendment waived non-compliance with the financial covenant as of June 30, 2024, modified the financial covenant through December 31, 2025, ended a requirement to engage a financial advisor, and increased the interest rate margin from 5.25% to 5.75%. The Second Amendment also included a Second Amendment Subordination Agreement described below. *Sale of Convertible Notes* On August 19, 2024, the Company entered into Securities Purchase Agreements (the "Securities Purchase Agreements") with certain accredited and/or sophisticated investors (the "Purchasers") to sell convertible subordinated promissory notes (the "Convertible Notes") in aggregate principal amount of $2.1 million. The Convertible Promissory Notes mature on April 2, 2029, bear interest at 13% per annum payable quarterly in cash (subject to payment conditions in the Subordination Agreement described below) or in kind. Subject to the payment conditions in the Subordination Agreement described below, the Company may prepay the Convertible Notes in whole or in part at any time upon ten days’ written notice; provided that, no prepayment will be permitted prior to the stockholder approval described below without the consent of the applicable holder. Each holder of a Convertible Note is entitled to convert the Conversion Amount (as defined below) into shares of the Company’s common stock at a conversion price equal to the lesser of (i) $3.01, and (ii) the greater of (A) the consolidated closing bid price of the Company’s Common Stock as reported on Nasdaq on the applicable conversion date and (B) $1.00, in each case subject to adjustments for stock splits, recapitalizations and the like. However, the applicable conversion price will in no event be lower than the price established by clause (ii) above unless and until the Company’s stockholders have approved matters related to the issuance of common stock upon conversion of the Convertible Notes, which vote is expected to take place at the Company’s 2024 annual meeting of stockholders. The Convertible Notes are subject to additional limits on conversion until stockholder approval is obtained, including an aggregate limit on the number of shares that may be issued upon conversion to 19.99% of the Company’s outstanding shares of common stock and provisions to prevent a change of control as defined in the rules of the Nasdaq Stock Market. The Company has agreed to use its reasonable efforts to secure stockholder approval at such meeting, including providing a recommendation FOR approval by the Company’s board of directors. Holders of the Convertible Notes will be permitted to vote on such stockholder approval, but may not vote any shares obtained from conversion of the Convertible Notes prior to such vote. No underwriting discounts or commissions were paid with respect to the Convertible Notes. The purchasers of the Convertible Notes include our Chairman of the Board and Chief Strategy Officer Ryan Schulke, our Chief Executive Officer Donald Patrick, our interim Chief Financial Officer Ryan Perfit, our Chief Customer Officer and member of the board of directors Matthew Conlin, and Dr. Phillip Frost, a beneficial owner of approximately 22% of common stock prior to the Convertible Note transaction. In certain cases the Convertible Notes were purchased by affiliates of such persons. In connection with the Second Amendment and the Purchase Agreements, the Company, SLR and the purchasers of the Convertible Notes entered into a Second Amendment Subordination Agreement dated August 19, 2024 (the "Subordination Agreement"). The Subordination Agreement confirms the subordinated nature of the Convertible Notes and restricts payments to and remedies of the holders of the Convertible Notes for so long as the SLR Credit Agreement has indebtedness outstanding. The Subordination Agreement provides that the Company may not make any payment of principal or interest on the Convertible Notes unless the conditions set forth in either in clause (i) or clause (ii) below are satisfied: (i) (a) no event of default under the SLR Credit Agreement exists before or immediately after giving effect to such payment, (b) the Borrower has demonstrated to the satisfaction of SLR compliance with certain financial covenants on a pro forma basis after giving effect to the payment, and (c) SLR’s receipt of the Company’s audited financial statements for the fiscal year ending December 31, 2024. (ii) (a) no event of default under the SLR Credit Agreement exists before or immediately after giving effect to such payment, (b) the Company has raised equity capital excluding the proceeds from the sale of the Convertible Notes prior to June 30, 2025 and the payments made in respect of the Convertible Notes do not exceed an amount that equals the positive difference of the amount of such equity raise and $7,000,000, and (c) the Borrower has demonstrated to the satisfaction of SLR compliance with certain financial covenants on a pro forma basis after giving effect to the payment.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 9 - Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting Disclosure [Text Block]

9. Segment information

The Company identifies operating segments as components of an entity for which discrete financial information is available and is regularly reviewed by the CODM, in making decisions regarding resource allocation and performance assessment. The profitability measure employed by CODM is earnings before interest, taxes, depreciation, and amortization ("EBITDA"). As of June 30, 2024, the Company had two operating segments and two corresponding reporting units, "Fluent" and "All Other," and one reportable segment. "Fluent," for the purposes of segment reporting, represents the consolidated operating results of the Company excluding "All Other." "All Other" represents the operating results of AdParlor, LLC and is included for purposes of reconciliation of the respective balances below to the consolidated financial statements.

Summarized financial information concerning the Company's segments for the three and six months ended June 30, 2024 and 2023 are shown in the following tables below:

	*Three Months Ended June 30,*					*Six Months Ended June 30,*
	*2024*			*2023*		*2024*			*2023*
Fluent segment revenue⁽¹⁾:
United States	$	34,654		$	40,200	$	74,970		$	83,108
International		20,911			39,809		43,773			72,139
Fluent segment revenue	$	55,565		$	80,009	$	118,743		$	155,247
All Other segment revenue⁽¹⁾:
United States	$	3,152		$	2,136	$	5,957		$	4,152
International		—			—		—			—
All Other segment revenue	$	3,152		$	2,136	$	5,957		$	4,152
Segment EBITDA
Fluent segment EBITDA	$	(7,041	)	$	9,685	$	(8,890	)	$	(18,894	)
All Other segment EBITDA		(770	)		149		(303	)		(66	)
Total EBITDA		(7,811	)		9,834		(9,193	)		(18,960	)
Depreciation and amortization		2,567			3,095		5,138			5,454
Total loss from operations	$	(10,378	)	$	6,739	$	(14,331	)	$	(24,414	)

(1) Revenue aggregation is based upon location of the customer.

FLUENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Amounts in thousands, except share and per share data)

(unaudited)

	*June 30,*		*December 31,*
	*2024*		*2023*
Total assets:
Fluent	$	83,680	$	97,629
All Other		14,815		14,238
Total assets	$	98,495	$	111,867

As of June 30, 2024, long-lived assets are all located in the United States.

For the six months ended June 30, 2024, 22% of the Company's consolidated revenue was earned from customers located in Israel.

FLUENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Amounts in thousands, except share and per share data)

(unaudited)

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS:
Cash and cash equivalents	$ 4,973	$ 15,804
Accounts receivable, net of allowance for credit losses of $157 and $231, respectively	55,063	56,531
Prepaid expenses and other current assets	7,109	6,071
Total current assets	67,145	78,406
Restricted cash	1,464	0
Property and equipment, net	431	591
Operating lease right-of-use assets	2,502	3,395
Intangible assets, net	23,770	26,809
Goodwill	0	1,261
Other non-current assets	3,183	1,405
Total assets	98,495	111,867
LIABILITIES AND SHAREHOLDERS' EQUITY:
Accounts payable	7,814	10,954
Accrued expenses and other current liabilities	26,214	30,534
Deferred revenue	717	430
Current portion of long-term debt	32,538	5,000
Current portion of operating lease liability	2,261	2,296
Total current liabilities	69,544	49,214
Long-term debt, net	750	25,488
Operating lease liability, net	673	1,699
Other non-current liabilities	75	1,062
Total liabilities	71,042	77,463
Contingencies (Note 10)
Shareholders' equity:
Preferred stock — $0.0001 par value, 10,000,000 Shares authorized; Shares outstanding — 0 shares for both periods	0	0
Common stock — $0.0005 par value, 200,000,000 Shares authorized; Shares issued — 14,680,246 and 14,384,936, respectively; and Shares outstanding — 13,911,651 and 13,616,316, respectively (Note 7)	44	43
Treasury stock, at cost — 768,595 and 768,595 Shares, respectively (Note 7)	(11,407)	(11,407)
Additional paid-in capital	438,237	427,286
Accumulated deficit	(399,421)	(381,518)
Total shareholders' equity	27,453	34,404
Total liabilities and shareholders' equity	$ 98,495	$ 111,867

Note 9 - Segment Information - Schedule of Revenue and Asset Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue	$ 58,717	$ 82,145	$ 124,700	$ 159,399
EBITDA	(7,811)	9,834	(9,193)	(18,960)
Depreciation and amortization	2,567	3,095	5,138	5,454
Total loss from operations	(10,378)	6,739	(14,331)	(24,414)
Total assets	98,495		98,495		$ 111,867
Fluent Segment [Member]
Revenue	55,565	80,009	118,743	155,247
EBITDA	(7,041)	9,685	(8,890)	(18,894)
Total assets	83,680		83,680		97,629
Fluent Segment [Member] \| UNITED STATES
Revenue	34,654	40,200	74,970	83,108
Fluent Segment [Member] \| Non-US [Member]
Revenue	20,911	39,809	43,773	72,139
Other Operating Segment [Member]
Revenue	3,152	2,136	5,957	4,152
EBITDA	(770)	149	(303)	(66)
Total assets	14,815		14,815		$ 14,238
Other Operating Segment [Member] \| UNITED STATES
Revenue	3,152	2,136	5,957	4,152
Other Operating Segment [Member] \| Non-US [Member]
Revenue	$ 0	$ 0	$ 0	$ 0

Amount of asset recognized for present right to economic benefit.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Note 6 - Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Text Block]

6. Income taxes

The Company is subject to federal and state income taxes in the United States. The tax provision for interim periods is determined using an estimate of the Company's annual effective tax rate ("AETR"). The Company updates its estimated AETR on a quarterly basis and, if the estimate changes, a cumulative adjustment is made.

As of June 30, 2024 and December 31, 2023, the Company recorded a full valuation allowance against net deferred tax assets and intends to continue maintaining a full valuation allowance on these net deferred tax assets until there is sufficient evidence to support the release of all or a portion of these allowances. Release of some or all of the valuation allowance would result in the recognition of certain deferred tax assets and an increase in deferred tax benefit for any period in which such a release may be recorded. However, the exact timing and amount of any valuation allowance release are subject to change, depending upon the level of profitability that the Company is able to achieve and the net deferred tax assets available.

For the six months ended June 30, 2024, the Company's effective income tax expense rate of 0.8% differed from the statutory federal income tax rate of 21% primarily due to state and local tax expense and losses for which no tax benefit is recognized as such amounts are fully offset with a valuation allowance. For the six months ended June 30, 2023, the Company's effective income tax expense rate of 6.9% primarily represents the projected federal and state cash tax expense expected to result in taxable income for full-year 2023 after the impact of a non-deductible goodwill impairment against pre-tax year-to-date losses, offset by the benefit of federal research and development credits on expected federal cash tax expense.

The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon its evaluation of the facts, circumstances, and information available as of the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the Company's financial statements.

As of June 30, 2024 and December 31, 2023, the balance of unrecognized tax benefits was $1,480. If the Company's tax positions are ultimately sustained, the Company's liability would be reduced by $1,480, all of which would impact the Company's tax provision. As of June 30, 2024, the Company has not accrued any interest or penalties with respect to its uncertain tax positions.

The Company is reasonably certain that all of its uncertain tax positions will reverse within the next twelve months due to the closing of the statute of limitations.

The entire disclosure for income tax.

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Note 3 - Intangible Assets, Net

6 Months Ended

Jun. 30, 2024

Intangible Assets Disclosure [Text Block]

3. Intangible assets, net

Intangible assets, net, other than goodwill, consist of the following:

	*Amortization period (in years)*		*June 30, 2024*			*December 31, 2023*
Gross amount:
Software developed for internal use		3	$	22,802			20,175
Acquired proprietary technology		3-5		15,792			16,972
Customer relationships		5-10		36,686			39,168
Trade names		4-20		16,657			16,657
Domain names		20		195			195
Databases		5-10		31,292			31,292
Non-competition agreements		2-5		1,768			1,768
Total gross amount				125,192			126,227

Accumulated amortization:
Software developed for internal use				(14,293	)		(12,142	)
Acquired proprietary technology				(14,848	)		(15,132	)
Customer relationships				(35,647	)		(37,249	)
Trade names				(7,302	)		(6,893	)
Domain names				(82	)		(77	)
Databases				(27,482	)		(26,157	)
Non-competition agreements				(1,768	)		(1,768	)
Total accumulated amortization				(101,422	)		(99,418	)
Net intangible assets:
Software developed for internal use				8,509			8,033
Acquired proprietary technology				944			1,840
Customer relationships				1,039			1,919
Trade names				9,355			9,764
Domain names				113			118
Databases				3,810			5,135
Total intangible assets, net			$	23,770		$	26,809

The gross amounts associated with software developed for internal use primarily represent capitalized costs of internally developed software. The amounts relating to acquired proprietary technology, customer relationships, trade names, domain names, databases, and non-competition agreements primarily represent the fair values of intangible assets acquired as a result of the acquisition of Fluent, LLC, effective December 8, 2015; the acquisition of Q Interactive, LLC, effective June 8, 2016; the acquisition of substantially all the assets of AdParlor Holdings, Inc. and certain of its affiliates, effective July 1, 2019 (the "AdParlor Acquisition"); the acquisition of a 50% interest in Winopoly, LLC, effective April 1, 2020; the acquisition of a 100% interest in True North Loyalty, LLC, (the "True North Acquisition"), effective January 1, 2022 (see Note 11, Variable Interest Entity); and the consolidation of TAPP Influencers Corp. ("TAPP") effective January 9, 2023 (see Note 11, Variable Interest Entity).

During the second quarter of 2024, the Company determined that the effects of the expected decline in operations due to the impact of certain client relationships constituted a triggering event for the All Other reporting unit. The Company conducted an interim test of recoverability of its long-lived assets, which compared the projected undiscounted cash flows to the carrying value of the asset group. The results of this approach indicated that this long-lived asset was not recoverable and an impairment loss related to its customer relationships was to be calculated. The Company determined that based on the facts and circumstances, the remaining balance was impaired and recorded a non-cash impairment charge of its customer relationship intangible of $383 as of June 30, 2024.

As of June 30, 2024, the Company had recorded a $597 impairment charge on its software developed for internal use which related to an immaterial business unit under the Fluent reporting unit that had met the held for sale criteria as of June 30, 2024.

FLUENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Amounts in thousands, except share and per share data)

(unaudited)

Amortization expenses of $2,495 and $2,995 for the three months ended June 30, 2024 and 2023, respectively, and $4,978 and $5,251 for the six months ended June 30, 2024 and 2023, respectively, are included in depreciation and amortization expenses in the consolidated statements of operations. As of June 30, 2024, intangible assets with a carrying amount of $653, included in the gross amount of software developed for internal use, have not commenced amortization, as they are not ready for their intended use.

As of June 30, 2024, estimated amortization expenses related to the Company's intangible assets for the remainder of 2024 and through 2029 and thereafter are as follows:

Year	*June 30, 2024*
Remainder of 2024	$	3,650
2025		6,858
2026		4,255
2027		2,435
2028		828
2029 and thereafter		5,744
Total	$	23,770

Note 2 - Income (loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended June 30,*					*Six Months Ended June 30,*
	*2024*			*2023*		*2024*			*2023*
Numerator:
Net income (loss)	$	(11,627	)	$	4,251	$	(17,903	)	$	(27,692	)
Denominator:
Weighted average shares outstanding		15,289,622			13,502,166		15,827,411			13,435,643
Weighted average restricted shares vested not delivered		245,367			285,829		287,882			285,000
Total basic weighted average shares outstanding		15,534,989			13,787,995		16,115,293			13,720,643
Dilutive effect of assumed conversion of restricted stock units		—			4,113		—			—
Total diluted weighted average shares outstanding		15,534,989			13,792,108		16,115,293			13,720,643
Basic and diluted income (loss) per share:
Basic	$	(0.75	)	$	0.31	$	(1.11	)	$	(2.02	)
Diluted	$	(0.75	)	$	0.31	$	(1.11	)	$	(2.02	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	*Three Months Ended June 30,*				*Six Months Ended June 30,*
	*2024*		*2023*		*2024*		*2023*
Restricted stock units		993,975		928,057		993,975		932,085
Stock options		298,331		356,500		298,331		356,500
Total anti-dilutive securities		1,292,306		1,284,557		1,292,306		1,288,585

Note 8 - Share-based Compensation - Share-based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Sales and marketing	$ 423	$ 936	$ 1,023	$ 2,057
Share-Based Payment Arrangement, Expense	423	936	1,023	2,057
Capitalized in intangible assets	11	24	29	51
Total share-based compensation	434	960	1,052	2,108
Selling and Marketing Expense [Member]
Sales and marketing	57	129	141	296
Share-Based Payment Arrangement, Expense	57	129	141	296
Research and Development Expense [Member]
Sales and marketing	55	136	100	327
Share-Based Payment Arrangement, Expense	55	136	100	327
General and Administrative Expense [Member]
Sales and marketing	311	671	782	1,434
Share-Based Payment Arrangement, Expense	$ 311	$ 671	$ 782	$ 1,434

Note 10 - Contingencies (Details Textual) - USD ($) $ in Thousands	Mar. 15, 2024	Jul. 28, 2023	May 31, 2023	May 18, 2023	Mar. 26, 2023	Jan. 12, 2023
TCPA class action, Daniel Berman v. Freedom Financial Network [Member]
Litigation Settlement, Expense				$ 250
Loss Contingency, Damages Sought, Value			$ 9,750
Civil Investigative Demand, Federal Trade Commission (FTC) [Member]
Loss Contingency, Estimate of Possible Loss					$ 2,500	$ 5,000
Loss Contingency, Settlement Contribution [Member] \| TCPA class action, Daniel Berman v. Freedom Financial Network [Member]
Loss Contingency, Damages Awarded, Value		$ 3,100
Loss Contingency, Execution of the Settlement Agreement [Member] \| TCPA class action, Daniel Berman v. Freedom Financial Network [Member]
Loss Contingency, Damages Paid, Value	$ 1,100
Loss Contingency, Interest-bearing Note Agreement Terms[Member] \| TCPA class action, Daniel Berman v. Freedom Financial Network [Member]
Loss Contingency, Damages Awarded, Value		$ 2,000

Note 1 - Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Significant Accounting Policies [Text Block]

1. Summary of significant accounting policies

(a) Basis of preparation

The accompanying unaudited consolidated financial statements have been prepared by Fluent, Inc., a Delaware corporation (the "Company" or "Fluent"), in accordance with accounting principles generally accepted in the United States ("GAAP" or "U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations.

The accompanying unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods ended June 30, 2024 and 2023, respectively, but are not necessarily indicative of the results of operations to be anticipated for any future interim periods or for the full year ending December 31, 2024.

From time to time, the Company may enter into relationships or investments with other entities, and, in certain instances, the entity in which the Company has a relationship or investment may qualify as a variable interest entity ("VIE"). The Company consolidates a VIE in its financial statements if the Company is deemed to be the primary beneficiary of the VIE. The primary beneficiary is the party that has the power to direct activities that most significantly impact the operations of the VIE and has the obligation to absorb losses or the right to benefits from the VIE that could potentially be significant to the VIE.

The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K") filed with the SEC on April 2, 2024. The consolidated balance sheet as of December 31, 2023 included herein was derived from the audited financial statements as of that date and included in the 2023 Form 10-K.

Going concern

In accordance with Accounting Standards Codification ("ASC") 205-40, Presentation of Financial Statements – Going Concern, management must evaluate whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date these accompanying unaudited consolidated financial statements are issued (the "issuance date"). As part of this evaluation, management may consider the potential mitigating impact of its plans that have not been fully implemented as of the issuance date if (a) it is probable that management's plans will be effectively implemented on a timely basis, and (b) it is probable that the plans, when implemented, will alleviate the relevant conditions or events that raise substantial doubt about the Company's ability to continue as a going concern within one year after the issuance date.

The Company has experienced a continued decline in its operating results, driven primarily by the continued impact of the imposed regulatory requirements on its owned and operated digital media properties (see Note 10, Contingencies). On April 2, 2024, Fluent, LLC, a wholly-owned subsidiary of the Company, as Borrower, entered into a credit agreement (as amended, the "SLR Credit Agreement") with the Company and certain subsidiaries of the Borrower as guarantors, Crystal Financial LLC D/B/A SLR Credit Solutions, as administrative agent, lead arranger and bookrunner ("SLR") and each other lender from time to time party thereto.

The SLR Credit Agreement requires the Company to maintain and comply with certain financial covenants. Moreover, the borrowings under the SLR Revolver (as defined in Note 5) under the SLR Credit Agreement are limited to a borrowing base, that fluctuates as regularly as weekly based on the Company's eligible accounts receivable, as further described in Note 5. As a result of the continued decline in financial performance of the Company's owned and operated digital media properties throughout the second quarter of 2024, the Company's accounts receivable were insufficient to support the borrowing base needed to fund operations through the end of the second quarter of 2024. The Company therefore raised equity capital in the Private Placement (as defined in Note 7, Equity), further updated its projections to reflect the continued decline in its operating results, and entered into the First Amendment (as defined and discussed in Note 5) with SLR on May 15, 2024.

On August 19, 2024, the Company and SLR entered into the Second Amendment (as defined and discussed in Note 5) to the SLR Credit Agreement, which, among other things, required that the Company raise $2,000 in additional capital. To raise the capital, the Company entered into convertible subordinated notes, as described in Note 12, Subsequent Events, below, raising an aggregate $2,050. In addition, among other things, the Second Amendment waived non-compliance with the financial covenant as of June 30, 2024, modified the financial covenant through December 31, 2025, ended the requirement to engage a financial advisor, and increased the interest rate margin from 5.25% to 5.75%.

Additionally, given the continued challenges the Company has faced achieving profitability, the Company made a reduction in workforce during the second quarter of 2024 and continues to consider further cost reduction measures and focus resources on opportunities that will enable the Company to meet its projected budget and cash flow requirements. Initial measures included divesting a non-core business unit (see Note 11, Variable Interest Entity), transferring another business unit (see Note 3, Intangible assets, net), and reviewing additional other business units to determine the impact of potential divestments.

While based on current projections, the Company expects to be in compliance with the new financial covenants for each of the quarters in the twelve months following the issuance date of this Quarterly Report on Form 10-Q, if during any fiscal quarter, the Company does not comply with any of its financial covenants, such non-compliance would result in an event of default that would give SLR the right to accelerate maturities. In such case, the Company likely would not have sufficient funds to repay the SLR Term Loan and the SLR Revolver. In addition, while we believe the proceeds from the sale of the Convertible Notes (as defined and discussed in Note 12, Subsequent Events) will provide sufficient liquidity for any anticipated cash needs, there is no assurance that the Company's available cash plus borrowing base will be sufficient to fund operations over the next twelve months. Further, if needed, the Company will consider implementing other cost saving measures, but there is no guarantee that the plans will be successfully executed or have the expected benefits. As a result, management concluded that there is substantial doubt about the Company's ability to continue as a going concern for one year after the date of this Quarterly Report on Form 10-Q.

The accompanying unaudited consolidated financial statements do not include any adjustments relating to the possible future effects on the recoverability and classification of recorded assets and classification of liabilities that might result should the Company be unable to continue as a going concern.

Principles of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions among the Company and its subsidiaries have been eliminated upon consolidation.

(b) Out of period correction

During the three months ended June 30, 2024, the Company determined that unauthorized changes made to submitted policies by third parties related to the sale of certain health insurance policies led to higher attrition of sold policies than expected. This determination was the result of the lower-than-expected monthly commission receipts based on the Company’s total policies written, after known constraints. We have corrected this error related to the three months ended March 31, 2024 and prior periods with a write-off of for the total maximum impact to the accounts receivable and an associated offset to revenue of $1,958, or $0.13 and $0.12 per share (basic and diluted), respectively. The Company assessed the impact of this out-of-period adjustment and concluded that it was not material to the financial statements previously issued for the interim period, and the cumulative adjustment during the quarter ended June 30, 2024 is not expected to be material to the annual financial statements for 2024. The out-of-period adjustment is included in the Fluent operating segment.

(c) Reverse stock split

On April 11, 2024, the Company effected a 1-for-6 reverse split of the issued shares (the "Reverse Stock Split") of the Company's common stock. All historical share amounts disclosed in this Quarterly Report on Form 10-Q have been retroactively restated to reflect the Reverse Stock Split. No fractional shares were issued as a result of the Reverse Stock Split, as fractional shares of Common Stock were rounded up to the nearest whole share. See Note 7, Equity, for additional information.

(d) Recently issued and adopted accounting standards

Accounting pronouncements not listed below were assessed and determined to be not applicable or are expected to have minimal impact on the Company's consolidated financial statements.

In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiatives, which incorporates updates to the Codification to align with SEC disclosure requirements in response to the August 2018 SEC Release No. 33-10532. The amendment updates and simplifies certain SEC disclosure requirements that were duplicative, overlapping, or outdated due to changes in other SEC requirements and in U.S. GAAP, International Financial Reporting Standards ("IFRS"), or the overall financial reporting environment. The new guidance is effective for each amendment only if the SEC removes the related disclosure of presentation requirements from its existing regulations by June 30, 2027. The guidance is to be applied prospectively, with early adoption prohibited. The Company is currently evaluating the impact of adopting the ASU on its consolidated financial statements and disclosures.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), a description of other segment items by reportable segment, and an explanation of any additional measures the CODM uses in deciding how to allocate resources. The new guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The guidance will be applied on a retrospective basis, with such disclosures to be made in regard to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 470): Improvements to Income Tax Disclosures, which is designed to increase the transparency and decision-usefulness of income tax disclosures for financial statement users. The ASU follows investors' indication and request for enhanced tax disclosures in order to better assess an entity's operations, related tax risks, jurisdictional tax exposures, and increase transparency regarding tax information through improvements to tax disclosures, specifically rate reconciliation, income taxes paid, and unrecognized tax benefits and certain temporary differences. The new guidance is effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025, and early adoption is permitted. The guidance will be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

(e) Revenue recognition

Data and performance-based marketing

Revenue is generated when control of goods or services is transferred to customers, in the amounts that reflect the consideration the Company expects to be entitled to in exchange for those goods or services. The Company's performance obligation is typically to (a) deliver data records based on predefined qualifying characteristics specified by the customer, (b) generate conversions based on predefined user actions (for example, a click, a registration, or the installation of an app) and subject to certain qualifying characteristics specified by the customer, (c) verify user interest or transfer calls to advertiser clients as a part of the contact center operation, or (d) deliver media spend as a part of the business of AdParlor, LLC ("AdParlor"), a wholly-owned subsidiary of the Company.

The Company applies the practical expedient related to the review of a portfolio of contracts in reviewing the terms of customer contracts as one collective group, rather than by individual contract. Based on historical knowledge of the contracts contained in this portfolio and the similar nature and characteristics of the customers, the Company concluded that the financial statement effects are not materially different than accounting for revenue on a contract-by-contract basis.

Revenue is recognized upon satisfaction of associated performance obligations. The Company's customers simultaneously receive and consume the benefits provided, which satisfies the Company's performance obligations. Furthermore, the Company elected the "right to invoice" practical expedient available within ASC 606-10-55-18 as the measure for revenue to be recognized, as it corresponds directly with the amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company's revenue arrangements do not contain significant financing components. The Company has further concluded that revenue does not require disaggregation.

For each identified performance obligation in a contract with a customer, the Company assesses whether it or the third-party supplier is the principal or agent. In arrangements where Fluent has substantive control of the specified goods and services, is primarily responsible for the integration of products and services into the final deliverable to the customer, and has inventory risk and discretion in establishing pricing, Fluent is considered to have acted as the principal. For performance obligations in which Fluent acts as principal, the Company records the gross amount billed to the customer within revenue and the related incremental direct costs incurred as cost of revenue. If the third-party supplier, rather than Fluent, is primarily responsible for the performance and deliverable to the customer, and Fluent solely arranges for the third-party supplier to provide services to the customer, Fluent is considered to have acted as the agent. For performance obligations in which Fluent acts as the agent, the net fees on such transactions are recorded as revenue, with no associated costs of revenue for the Company.

If a customer pays consideration before the Company's performance obligations are satisfied, such amounts are classified as deferred revenue on the consolidated balance sheets. As of June 30, 2024, December 31, 2023, and December 31, 2022 the balance of deferred revenue was $717, $430, and $1,014, respectively. The majority of the deferred revenue balance as of December 31, 2023 was recognized as revenue during the first quarter of 2024.

When there is a delay between the period in which revenue is recognized and when a customer invoice is issued, revenue is recognized, and the related amounts are recorded as unbilled revenue within accounts receivable on the consolidated balance sheets. As of June 30, 2024, December 31, 2023, and December 31, 2022 unbilled revenue included in accounts receivable was $20,482, $21,488, and $26,878, respectively. In line with industry practice, the unbilled revenue balance is recorded based on the Company's internally tracked conversions, net of estimated variances between this amount and the amount tracked and subsequently confirmed by customers. Substantially all amounts included within the unbilled revenue balance are invoiced to customers within the month directly following the period of service. Historical estimates related to unbilled revenue have not differed materially from actual invoiced revenue.

Sales commissions are recorded at the time revenue is recognized and recorded in sales and marketing in the consolidated statements of operations. The Company has elected to utilize a practical expedient to expense incremental costs incurred related to obtaining a contract.

In addition, the Company elected the practical expedient to not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed.

Commission revenue

The Company, acting as the agent, recognizes commission revenue that it expects to receive from the insurance provider from the sale of certain of its health insurance policies, which includes the assumed automatic renewals of such policies once its performance obligation is satisfied. The Company considers its performance obligation related to commissions for both the initial policy sale and future renewals of the policy to be satisfied upon submission by the Company of the initial policy application.

The Company applies the practical expedient to estimate the commission revenue for each insurance policy by applying the use of the portfolio approach to policies grouped together by product type and period submitted for effectuation.

The commission revenue is variable based on a policy's estimated lifetime value ("LTV"), which is based on the amount of time the Company expects the policy will remain effective based on past trends, industry data, expectations as to future retention rates, and commission rates. Further, the Company considers the application of constraints to the LTV and only recognizes the amount of variable consideration believed probable to be received that will not be subject to a significant revenue reversal in the future. Based on this, the commission revenue is recorded upon satisfaction of the performance obligation, which is typically paid monthly by the insurance provider as the consumer renews and pays the insurance provider for the policy over the duration the consumer remains on the policy.

The Company reassesses the estimated LTV for the health insurance policies on a quarterly or as-needed basis. Adjustments to the LTV may result in an increase or decrease in revenue and the corresponding asset in the period the change is made. As described in (b) above, due to the higher attrition of policies sold the Company reassessed its estimated LTV for the health insurance policies by increasing the constraints applied for the amount of consideration deemed probable and led to a change of estimate

(f) Use of estimates

The preparation of consolidated financial statements in accordance with U.S. GAAP requires the Company's management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the allowance for credit losses, useful lives of intangible assets, recoverability of the carrying amounts of goodwill and intangible assets, the portion of revenue subject to estimates for variances between internally-tracked conversions and those confirmed by the customer, the variable commission revenue based on the estimated LTV, purchase accounting, consolidation of variable interest entity and income tax provision. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results could differ from these estimates.

(g) 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.

Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820, Fair Value Measurements and Disclosure describes a fair value hierarchy based on the following three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:

●

Level 1 — defined as observable inputs, such as quoted prices in active markets;

	●	Level 2 — defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
	●	Level 3 — defined as unobservable inputs, for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The fair value of the Company's cash, cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued liabilities approximate their carrying values because of the short-term nature of these instruments. Restricted cash includes a separately maintained cash account, as required under the terms of a lease agreement the Company entered into on October 10, 2018 for office space in New York City.

As of June 30, 2024, the Company regards the fair value of its long-term debt to approximate its carrying value. The fair value assessment represents a Level 2 measurement. See Note 5, Long-term debt, net.

The fair value of certain long-lived non-financial assets and liabilities may be required to be measured on a nonrecurring basis in certain circumstances, including when there is evidence of impairment. As of June 30, 2024, certain non-financial assets have been measured at fair value subsequent to their initial recognition. The Company determined the estimated fair value to be a Level 3 measurement, as certain inputs used to determine fair value are unobservable. See Note 4, Goodwill.

Note 3 - Intangible Assets, Net - Estimated Amortization Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Remainder of 2024	$ 3,650
2025	6,858
2026	4,255
2027	2,435
2028	828
2029 and thereafter	5,744
Total	$ 23,770	$ 26,809

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

(a) Basis of preparation

Going concern

Principles of consolidation

Accounting Immaterial Changes and Error Corrections [Policy Text Block]

(b) Out of period correction

Stockholders' Equity, Policy [Policy Text Block]

(c) Reverse stock split

New Accounting Pronouncements, Policy [Policy Text Block]

(d) Recently issued and adopted accounting standards

Accounting pronouncements not listed below were assessed and determined to be not applicable or are expected to have minimal impact on the Company's consolidated financial statements.

Revenue from Contract with Customer [Policy Text Block]

(e) Revenue recognition

Data and performance-based marketing

Commission revenue

Use of Estimates, Policy [Policy Text Block]

(f) Use of estimates

Fair Value of Financial Instruments, Policy [Policy Text Block]

(g) Fair value

●

Level 1 — defined as observable inputs, such as quoted prices in active markets;

	●	Level 2 — defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
	●	Level 3 — defined as unobservable inputs, for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Disclosure of accounting policy for revenue from contract with customer.

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Note 7 - Equity (Details Textual) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended
	May 13, 2024 USD ($) $ / shares shares	Apr. 11, 2024 shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) shares
Class of Warrant or Right, Outstanding (in shares)						0
Common Stock, Shares, Outstanding (in shares)			13,911,651	13,911,651		13,616,316
Treasury Stock, Common, Shares (in shares)			768,595	768,595		768,595
Common Stock, Shares, Issued (in shares)			14,680,246	14,680,246		14,384,936
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares)			295,310
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)				0
Treasury Stock, Common, Value \| $			$ 11,407	$ 11,407		$ 11,407
Proceeds from Issuance of Warrants \| $				$ 9,900	$ 0
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)				0
Pre-funded Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	2,955,084
Warrant Terms, Minimum Share Price (in dollars per share) \| $ / shares	$ 3.384
Warrants Issued, Underwriting Discounts or Commissions Paid \| $	$ 0
Proceeds from Issuance of Warrants \| $	10,000
Warrants Issued, Amount of Offering Expenses Payable \| $	$ 100
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares	$ 0.0005
Warrants Issued, Number of Warrants Exercised			0	0
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		6
Common Stock, Shares, Outstanding (in shares)		13,660,598	81,571,864	81,571,864
Treasury Stock, Common, Shares (in shares)		768,595	4,611,569	4,611,569

Note 5 - Long-term Debt, Net - Scheduled Future Maturities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Remainder of 2024	$ 2,846
2025	1,000
2026	250
2027	0
2028	0
2029	30,179
Total maturities	$ 34,275

Note 5 - Long-term Debt, Net - Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long-term debt	$ 33,288	$ 30,488
Long-term debt	33,288	30,488
Less: Current portion of long-term debt	(32,538)	(5,000)
Long-term debt, net (non-current)	750	25,488
New Credit Facility Term Loan [Member]
Long-term debt	0	30,488
Long-term debt	0	30,488
New Credit Facility [Member]
Long-term debt	31,288	0
Long-term debt	31,288	0
Notes Payable to Banks [Member]
Long-term debt	2,000	0
Long-term debt	$ 2,000	$ 0