overview curiositystream is a media and entertainment company that offers premium video programming across the entire category of factual entertainment , including science , history , society , nature , lifestyle and technology . our mission is to provide premium factual entertainment that informs , enchants and inspires . we are seeking to meet demand for high-quality factual entertainment via svod platforms , as well as via bundled content licenses for svod and linear offerings , partner bulk sales , brand partnerships and content sales . we are well-positioned for growth as a digital-native video platform monetizing content across this broad revenue stack . we operate our business as a single operating segment that provides premium streaming content through multiple channels , including the use of various applications , partnerships and affiliate relationships . we generate our revenue through six lines of business : direct to consumer , partner direct business , bundled distribution , program sales , corporate & association partnerships and sponsorships . for the year ended december 31 , 2020 , direct to consumer and corporate & association partnerships together represented approximately 42 % of our revenue as of december 31 , 2020 , followed by bundled distribution ( approximately 35 % of our revenue ) and partner direct business ( approximately 7 % of our revenue ) , program sales ( approximately 15 % of our revenue ) and sponsorships ( approximately 1 % of our revenue ) . our product and service lines and channels through which we generate revenue are described in further detail below . our content library features more than 3,100 nonfiction episodes , including more than 1,000 original , commissioned or co-produced documentaries , of short-form , mid-form and long-form duration , with an estimated $ 1 billion in original production value . our content , approximately one-third of which is originally produced and the other two-thirds of which is licensed programming , is available directly through our o & o service and app services . our app services enable access to curiositystream on almost every major consumer device , including streaming media players like roku , apple tv and amazon fire tv , all major smart tv brands ( e.g . , lg , vizio , samsung , sony ) and gaming consoles like xbox . our direct service is available to any household in the world with a broadband connection for $ 2.99 per month or $ 19.99 per year for high definition resolution , or $ 9.99 per month or $ 69.99 per year for service in 4k . the mvpd , vmvpd and digital distributor partners making up our partner direct business pay us a license fee for sales to individuals who subscribe to curiositystream via the partners ' respective platforms . we have affiliate agreement relationships with , and our service is available directly from , major mvpds that include comcast , cox , dish and vmvpds and digital distributors that include amazon prime video channels , roku channels , sling tv and youtube tv . 37 in addition to our direct and partner direct businesses , we have affiliate relationships with mvpds and bundled mvpd partners to whom we can offer a broad scope sets of rights , including 24/7 “ linear ” channels , our on-demand content library , mobile rights and pricing and packaging flexibility , in exchange for an annual fixed fee or fee per subscriber . our corporate & association partnerships business to date has been comprised primarily of selling subscriptions in bulk to companies and organizations that in turn offer these subscriptions to their employees and members as an employment benefit or “ gift of curiosity . ” to date , over 30 companies have purchased annual subscriptions at bulk discounts for their employees . in the future , we hope to enter into multi-year integrated partnerships where we create and distribute content in support of these partners ' csr and membership initiatives . in the future , we hope to continue developing integrated digital brand partnerships with advertisers . these sponsorship campaigns would offer companies the chance to be associated with curiositystream content in a variety of forms , including short and long form program integration , branded social media promotional videos , broadcast advertising spots , and digital display ads . we believe the impressions accumulated in these multi-faceted campaigns would roll up to verifiable metrics for the clients . we executed on two such sponsorships in 2020 : one in the financial services sector as well as a brand in the health and fitness sector . the sixth line of business in our revenue stack is our program sales business . we are able to sell to certain media companies a collection of our existing titles in a traditional program sales deal and as of december 31 , 2020 , we were party to a multi-year , multi-million dollar program sales agreement with one such media company . we are also able to sell selected rights ( such as in territories or on platforms that are lower priority for us ) to content we create before we even begin production . this latter model reduces risk in our content development decisions and creates program sales revenue . prior to the business combination , software acquisition group inc. was a blank check company , incorporated as a delaware corporation on may 9 , 2019 and formed for the purpose of effecting a merger , capital stock exchange , asset acquisition , stock purchase , reorganization or similar business combination with one or more businesses . until the consummation of the business combination , software acquisition group inc. did not engage in any operations nor generate any revenue . story_separator_special_tag the content licenses are for a fixed fee and specific windows of availability . payments for content , including additions to content library and the changes in related liabilities , are classified within “ net cash used in operating activities ” on the consolidated statements of cash flows . the company recognizes its content library ( licensed and produced ) as “ content assets , net ” on the consolidated balance sheets . for licenses , the company capitalizes the fee per title and records a corresponding liability at the gross amount of the liability when the license period begins , the cost of the title is known , and the title is accepted and available for streaming . for productions , the company capitalizes costs associated with the production , including development costs , direct costs and production overhead . based on factors including historical and estimated viewing patterns , the company generally amortizes the content library ( licensed and produced ) in “ cost of revenues ” on the consolidated statements of operations on a straight-line basis over the shorter of each title 's contractual window of availability or estimated period of use , beginning with the month of first availability . the company reviews factors impacting the amortization of the content library on an ongoing basis and will record amortization on an accelerated basis when there is more upfront use of a title , for instance due to significant program sales . revenue recognition subscriptions — o & o service the company generates revenue from monthly subscription fees from its o & o service . curiositystream subscribers enter into non-refundable , month-to-month or annual subscriptions with the company . the company bills the monthly subscriber on each subscriber 's monthly anniversary date and recognizes the revenue ratably over each monthly membership period . the annual subscription fees are collected by the company at the start of the annual subscription period and are recognized ratably over the subsequent twelve-month period . revenues are presented net of the taxes that are collected from subscribers and remitted to governmental authorities . subscription — app services the company also earns subscription revenues through its app services . these subscriptions are similar to the o & o service subscriptions , but these subscriptions are generated based on agreements with certain streaming media players as well as with smart tv brands and gaming consoles . under these agreements , the streaming media player typically bills the subscriber directly and then remits the collected subscriptions to the company , net of a distribution fee . the company recognizes the gross subscription revenues when earned and simultaneously recognizes the corresponding distribution fees as an expense . the company is the principal in these relationships as the company retains control over service delivery to its subscribers . 44 licensing — affiliates the company generates license fee revenues from mvpds such as altice , comcast and cox as well as from vmvpds such as amazon and sling tv ( mvpds and vmvpds are also referred to as affiliates ) . under the terms of the agreements with these affiliates , the company receives license fees based upon contracted programming rates and subscriber levels reported by the affiliates . in exchange , the company licenses its content to the affiliates for distribution to their subscribers . the company earns revenue under these agreements either based on the total number of subscribers multiplied by rates specified in the agreements or based on fixed fee arrangements . these revenues are recognized over the term of each agreement when earned . licensing — program sales the company has distribution agreements which grant a licensee limited distribution rights to the company 's programs for varying terms , generally in exchange for a fixed license fee . revenue is recognized once the content is made available for the licensee to use . the company 's performance obligations include ( 1 ) access to its svod platform via the company 's o & o service and app services , ( 2 ) access to the company 's content assets , and ( 3 ) licenses of specific program titles . in contracts containing the right to access the company svod platform , the performance obligation is satisfied as access to the svod platform is provided post any free trial period . in contracts which contain access to the company 's content assets , the performance obligation is satisfied as access to the content is provided . for contracts with licenses of specific program titles , the performance obligation is satisfied as that content is made available for the customer to use . recently issued financial accounting standards in february 2016 , the fasb issued asu 2016-02 , leases ( topic 842 ) , which requires lessees to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under current u.s. gaap . asu 2016-02 requires that a lessee should recognize a liability to make lease payments ( the lease liability ) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet . the new guidance also requires qualitative and quantitative disclosures related to the nature , timing and uncertainty of cash flows arising from leases . the guidance is effective for the company 's fiscal year beginning january 1 , 2022 , with early adoption permitted , and is required to be implemented using a modified retrospective approach . the company is currently assessing the impact of the new standard on its financial statements , but anticipates a material increase in assets and liabilities due to the recognition of the required right-of-use asset and corresponding lease liability for all lease obligations that are currently classified as operating leases , such as real estate leases for corporate headquarters , as well as additional disclosure on all its lease obligations . the income statement recognition of lease expense is

liquidity and capital resources as of december 31 , 2020 , we had cash and cash equivalents , including restricted cash , of $ 17.4 million . for the year ended december 31 , 2020 , we incurred a net loss of $ 38.6 million and used $ 52.9 million of net cash in operating activities , while investing activities provided $ 25.5 million of net cash and financing activities provided $ 36.0 million of net cash . during the year ended december 31 , 2019 and through the date of the merger , we have financed our operations primarily from the net proceeds of our sale of series a preferred stock in november and december 2018. an additional source of liquidity includes borrowings under our line of credit facility with a bank ( the “ line of credit ” ) . this line of credit provides for borrowings of up to $ 4.5 million with interest-only monthly payments at a rate equal to the libor daily floating rate plus 2.25 % . the line of credit carries an unused fee of 0.25 % annually on all committed but unused capital , payable quarterly in arrears . the entire unpaid principal balance is due when the line of credit matures on february 28 , 2022 , following the execution of a one year extension during february 2021. the line of credit is collateralized by cash of $ 4.5 million that is held in restricted cash in current assets on the consolidated balance sheet . in connection with the business combination , we received net cash proceeds of approximately $ 41.5 million , prior to the payment of $ 5.7 million of offering costs . on february 8 , 2021 , we consummated the offering . the net proceeds to us from the offering were $ 94.1 million , after deducting underwriting discounts and commissions and offering expenses payable by us in connection with the offering . during the months of january and february 2021 , we received funds of approximately $ 55 million for the exercise of 4.8 million warrants .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources as of december 31 , 2020 , we had cash and cash equivalents , including restricted cash , of $ 17.4 million . for the year ended december 31 , 2020 , we incurred a net loss of $ 38.6 million and used $ 52.9 million of net cash in operating activities , while investing activities provided $ 25.5 million of net cash and financing activities provided $ 36.0 million of net cash . during the year ended december 31 , 2019 and through the date of the merger , we have financed our operations primarily from the net proceeds of our sale of series a preferred stock in november and december 2018. an additional source of liquidity includes borrowings under our line of credit facility with a bank ( the “ line of credit ” ) . this line of credit provides for borrowings of up to $ 4.5 million with interest-only monthly payments at a rate equal to the libor daily floating rate plus 2.25 % . the line of credit carries an unused fee of 0.25 % annually on all committed but unused capital , payable quarterly in arrears . the entire unpaid principal balance is due when the line of credit matures on february 28 , 2022 , following the execution of a one year extension during february 2021. the line of credit is collateralized by cash of $ 4.5 million that is held in restricted cash in current assets on the consolidated balance sheet . in connection with the business combination , we received net cash proceeds of approximately $ 41.5 million , prior to the payment of $ 5.7 million of offering costs . on february 8 , 2021 , we consummated the offering . the net proceeds to us from the offering were $ 94.1 million , after deducting underwriting discounts and commissions and offering expenses payable by us in connection with the offering . during the months of january and february 2021 , we received funds of approximately $ 55 million for the exercise of 4.8 million warrants .
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 Suspicious Activity Report : overview curiositystream is a media and entertainment company that offers premium video programming across the entire category of factual entertainment , including science , history , society , nature , lifestyle and technology . our mission is to provide premium factual entertainment that informs , enchants and inspires . we are seeking to meet demand for high-quality factual entertainment via svod platforms , as well as via bundled content licenses for svod and linear offerings , partner bulk sales , brand partnerships and content sales . we are well-positioned for growth as a digital-native video platform monetizing content across this broad revenue stack . we operate our business as a single operating segment that provides premium streaming content through multiple channels , including the use of various applications , partnerships and affiliate relationships . we generate our revenue through six lines of business : direct to consumer , partner direct business , bundled distribution , program sales , corporate & association partnerships and sponsorships . for the year ended december 31 , 2020 , direct to consumer and corporate & association partnerships together represented approximately 42 % of our revenue as of december 31 , 2020 , followed by bundled distribution ( approximately 35 % of our revenue ) and partner direct business ( approximately 7 % of our revenue ) , program sales ( approximately 15 % of our revenue ) and sponsorships ( approximately 1 % of our revenue ) . our product and service lines and channels through which we generate revenue are described in further detail below . our content library features more than 3,100 nonfiction episodes , including more than 1,000 original , commissioned or co-produced documentaries , of short-form , mid-form and long-form duration , with an estimated $ 1 billion in original production value . our content , approximately one-third of which is originally produced and the other two-thirds of which is licensed programming , is available directly through our o & o service and app services . our app services enable access to curiositystream on almost every major consumer device , including streaming media players like roku , apple tv and amazon fire tv , all major smart tv brands ( e.g . , lg , vizio , samsung , sony ) and gaming consoles like xbox . our direct service is available to any household in the world with a broadband connection for $ 2.99 per month or $ 19.99 per year for high definition resolution , or $ 9.99 per month or $ 69.99 per year for service in 4k . the mvpd , vmvpd and digital distributor partners making up our partner direct business pay us a license fee for sales to individuals who subscribe to curiositystream via the partners ' respective platforms . we have affiliate agreement relationships with , and our service is available directly from , major mvpds that include comcast , cox , dish and vmvpds and digital distributors that include amazon prime video channels , roku channels , sling tv and youtube tv . 37 in addition to our direct and partner direct businesses , we have affiliate relationships with mvpds and bundled mvpd partners to whom we can offer a broad scope sets of rights , including 24/7 “ linear ” channels , our on-demand content library , mobile rights and pricing and packaging flexibility , in exchange for an annual fixed fee or fee per subscriber . our corporate & association partnerships business to date has been comprised primarily of selling subscriptions in bulk to companies and organizations that in turn offer these subscriptions to their employees and members as an employment benefit or “ gift of curiosity . ” to date , over 30 companies have purchased annual subscriptions at bulk discounts for their employees . in the future , we hope to enter into multi-year integrated partnerships where we create and distribute content in support of these partners ' csr and membership initiatives . in the future , we hope to continue developing integrated digital brand partnerships with advertisers . these sponsorship campaigns would offer companies the chance to be associated with curiositystream content in a variety of forms , including short and long form program integration , branded social media promotional videos , broadcast advertising spots , and digital display ads . we believe the impressions accumulated in these multi-faceted campaigns would roll up to verifiable metrics for the clients . we executed on two such sponsorships in 2020 : one in the financial services sector as well as a brand in the health and fitness sector . the sixth line of business in our revenue stack is our program sales business . we are able to sell to certain media companies a collection of our existing titles in a traditional program sales deal and as of december 31 , 2020 , we were party to a multi-year , multi-million dollar program sales agreement with one such media company . we are also able to sell selected rights ( such as in territories or on platforms that are lower priority for us ) to content we create before we even begin production . this latter model reduces risk in our content development decisions and creates program sales revenue . prior to the business combination , software acquisition group inc. was a blank check company , incorporated as a delaware corporation on may 9 , 2019 and formed for the purpose of effecting a merger , capital stock exchange , asset acquisition , stock purchase , reorganization or similar business combination with one or more businesses . until the consummation of the business combination , software acquisition group inc. did not engage in any operations nor generate any revenue . story_separator_special_tag the content licenses are for a fixed fee and specific windows of availability . payments for content , including additions to content library and the changes in related liabilities , are classified within “ net cash used in operating activities ” on the consolidated statements of cash flows . the company recognizes its content library ( licensed and produced ) as “ content assets , net ” on the consolidated balance sheets . for licenses , the company capitalizes the fee per title and records a corresponding liability at the gross amount of the liability when the license period begins , the cost of the title is known , and the title is accepted and available for streaming . for productions , the company capitalizes costs associated with the production , including development costs , direct costs and production overhead . based on factors including historical and estimated viewing patterns , the company generally amortizes the content library ( licensed and produced ) in “ cost of revenues ” on the consolidated statements of operations on a straight-line basis over the shorter of each title 's contractual window of availability or estimated period of use , beginning with the month of first availability . the company reviews factors impacting the amortization of the content library on an ongoing basis and will record amortization on an accelerated basis when there is more upfront use of a title , for instance due to significant program sales . revenue recognition subscriptions — o & o service the company generates revenue from monthly subscription fees from its o & o service . curiositystream subscribers enter into non-refundable , month-to-month or annual subscriptions with the company . the company bills the monthly subscriber on each subscriber 's monthly anniversary date and recognizes the revenue ratably over each monthly membership period . the annual subscription fees are collected by the company at the start of the annual subscription period and are recognized ratably over the subsequent twelve-month period . revenues are presented net of the taxes that are collected from subscribers and remitted to governmental authorities . subscription — app services the company also earns subscription revenues through its app services . these subscriptions are similar to the o & o service subscriptions , but these subscriptions are generated based on agreements with certain streaming media players as well as with smart tv brands and gaming consoles . under these agreements , the streaming media player typically bills the subscriber directly and then remits the collected subscriptions to the company , net of a distribution fee . the company recognizes the gross subscription revenues when earned and simultaneously recognizes the corresponding distribution fees as an expense . the company is the principal in these relationships as the company retains control over service delivery to its subscribers . 44 licensing — affiliates the company generates license fee revenues from mvpds such as altice , comcast and cox as well as from vmvpds such as amazon and sling tv ( mvpds and vmvpds are also referred to as affiliates ) . under the terms of the agreements with these affiliates , the company receives license fees based upon contracted programming rates and subscriber levels reported by the affiliates . in exchange , the company licenses its content to the affiliates for distribution to their subscribers . the company earns revenue under these agreements either based on the total number of subscribers multiplied by rates specified in the agreements or based on fixed fee arrangements . these revenues are recognized over the term of each agreement when earned . licensing — program sales the company has distribution agreements which grant a licensee limited distribution rights to the company 's programs for varying terms , generally in exchange for a fixed license fee . revenue is recognized once the content is made available for the licensee to use . the company 's performance obligations include ( 1 ) access to its svod platform via the company 's o & o service and app services , ( 2 ) access to the company 's content assets , and ( 3 ) licenses of specific program titles . in contracts containing the right to access the company svod platform , the performance obligation is satisfied as access to the svod platform is provided post any free trial period . in contracts which contain access to the company 's content assets , the performance obligation is satisfied as access to the content is provided . for contracts with licenses of specific program titles , the performance obligation is satisfied as that content is made available for the customer to use . recently issued financial accounting standards in february 2016 , the fasb issued asu 2016-02 , leases ( topic 842 ) , which requires lessees to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under current u.s. gaap . asu 2016-02 requires that a lessee should recognize a liability to make lease payments ( the lease liability ) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet . the new guidance also requires qualitative and quantitative disclosures related to the nature , timing and uncertainty of cash flows arising from leases . the guidance is effective for the company 's fiscal year beginning january 1 , 2022 , with early adoption permitted , and is required to be implemented using a modified retrospective approach . the company is currently assessing the impact of the new standard on its financial statements , but anticipates a material increase in assets and liabilities due to the recognition of the required right-of-use asset and corresponding lease liability for all lease obligations that are currently classified as operating leases , such as real estate leases for corporate headquarters , as well as additional disclosure on all its lease obligations . the income statement recognition of lease expense is

