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SUBSEQUENT EVENTS
9 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 14 – SUBSEQUENT EVENTS

We have evaluated all subsequent events through the date of this quarterly report on Form 10-Q with the SEC, to ensure that this filing includes appropriate disclosure of events both recognized in the financial statements as of June 30, 2023, and events which occurred after June 30, 2023, but which were not recognized in the financial statements.

Shelf Registration ($50 Million ATM)

From July 1, 2023, through the filing date of this quarterly report on Form 10-Q, we sold 95,000 shares of Common Stock under the Sales Agreement, resulting in cash proceeds of $247,739, net of placement agent’s commission and related fees of $7,711 but before deducting offerings costs.  

Departure of Head of Loop Media Studios

 

Due to the integration of Loop Media Studios into other areas of our business during the three months ended June 30, 2023, Andrew Schuon (“Mr. Schuon”), the former Head of Loop Media Studios, departed from his position as Head of Loop Media Studios, effective July 1, 2023 (the “Separation Date”). In connection with Mr. Schuon’s departure, the Company and Mr. Schuon entered into a Separation and General Release Agreement, dated as of July 1, 2023 (the “Separation Agreement”). The Separation Agreement provides that Mr. Schuon will receive certain severance payments and related benefits (the “Consideration”). As a result of the Consideration granted to Mr. Schuon under the Separation Agreement, we will recognize approximately $1.5 million for stock-based compensation and other severance-related expenses in the fourth quarter of fiscal 2023.