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Subsequent Events
12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events

NOTE 11 - Subsequent Events

 

On December 19, 2023, the Company signed a letter of intent to purchase the assets of Streaming TVEE, Inc., (“TVEE”). The purchase price is $9,760,000, consisting of a convertible promissory note in the amount of $7,760,000 and the assumption of $2,000,000 of TVEE’s debt. The promissory note is convertible into the common stock of the Company based on the closing price of the common stock on December 19, 2023. The agreement has closed as of February 6, 2024.

 

On January 9, 2024, the Company entered into a binding letter of intent with Pythia Experiences LLC (“Pythia”), a Virginia limited liability company. Under the terms of the letter of intent, the two companies will create a new company that will be owned 51% by Pythia and 49% by the Company. Pythia will contribute to Newco its ownership of Vidgo, Inc., a Delaware corporation, which owns rights to substantial entertainment content. The Company, at the same time, will contribute a streaming platform to Newco. The object of the agreement is for Newco to provide streaming entertainment, video, and audio as a subscription service to subscribers.  As a result of this transaction, Pythia will become a wholly owned subsidiary of Newco and Newco will become a partially owned subsidiary of the Company. The transaction has been approved by the Board of Directors of the Company, subject to certain contingencies. In order to close the transaction, the parties have agreed to enter into a Definitive Agreement, on terms common to such agreements. In addition, the final closing will be subject to completion of all applicable regulatory approvals.