Business Combination (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of proforma financial information

	Three Months Ended March 31,
	2022		2021
Net revenue	$	29,206,197	$	28,196,550
Net loss	$	(14,126,960)	$	(11,181,104)
Basic and diluted net loss per share	$	(0.92)	$	(0.82)

1091 Media, LLC

Schedule of preliminary allocation of the purchase price

Accounts receivable, net	$	4,677,133
Content assets		3,142,661
Other assets		49,347
Intangibles		4,919,525
Total identifiable assets acquired		12,788,666
Accounts payable and accrued expenses		129,244
Revenue share payable		1,623,177
Accrued third party share		3,999,544
Total liabilities assumed		5,751,965
Net identifiable assets acquired		7,036,701
Goodwill		4,919,525
Net assets acquired	$	11,956,226
Cash consideration	$	8,000,000
Equity consideration - Class A common stock		3,303,750
Equity consideration - Series A Preferred Stock		1,980,000
Purchase price consideration		13,283,750
Less: cash acquired		(1,327,524)
Total Estimated Purchase Price	$	11,956,226

Sonar Entertainment Inc.

Schedule of preliminary allocation of the purchase price

	May 21, 2021
Accounts receivable, net	$	17,373,257
Film library		13,000,000
Intangible asset		3,600,000
Total identifiable assets acquired		33,973,257
Goodwill		19,838,743
Net assets acquired	$	53,812,000

Schedule of fair values of assets acquired

Cash	$	18,902,000
Fair Value of Additional Purchase Price – Library Account Receivable		1,580,000
Fair Value of Additional Purchase Price – Contracted TV Cash Flow		13,700,000
Fair Value of Additional Purchase Price – % of Film Cash Flow		630,000
Fair Value of Additional Purchase Price – % of Non-TV Business Cash Flow		2,300,000
Fair Value of Additional Purchase Price – Development Slate Cash Flow		5,200,000
Fair Value of Additional Purchase Price – CSS AVOD Equity Put		11,500,000
Total Estimated Purchase Price	$	53,812,000

Schedule of sonar's stand-alone financial performance

	Three Months Ended
	March 31,
	2022
Net revenue	$	7,207,243
Net income	$	3,294,072