XML 38 R28.htm IDEA: XBRL DOCUMENT v3.22.2
Business Combination (Tables)
6 Months Ended
Jun. 30, 2022
Schedule of stand-alone financial performance

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended June 30, 

​

    

2022

    

​

​

​

Sonar

​

​

Other

​

​

Total

​

Net revenue

​

$

6,875,499

​

$

8,324,514

​

$

15,200,013

 

Net income (loss)

​

$

3,539,177

​

$

(364,267)

​

$

3,174,910

 

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Six Months Ended June 30, 

​

    

2022

    

​

​

​

Sonar

​

​

Other

​

​

Total

​

Net revenue

​

$

14,067,201

​

$

12,703,090

​

$

26,770,291

 

Net income (loss)

​

$

6,860,148

​

$

(232,170)

​

$

6,627,978

 

1091 Media, LLC  
Schedule of preliminary allocation of the purchase price

​

​

​

​

​

    

​

​

Accounts receivable, net

​

$

4,677,133

Content assets

​

​

4,695,000

Other assets

​

​

49,348

Intangibles

​

​

2,810,000

Total identifiable assets acquired

​

 

12,231,481

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

​

​

6,479,516

Goodwill

​

​

5,476,710

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