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Condensed Consolidated Statements of Cash Flows
6 Months Ended
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Cash flows from Operating Activities:    
Net loss $ (96,177,789) $ (30,417,374)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 1,572,934 1,954,655
Content asset impairment and amortization 40,438,142 15,145,637
Amortization of deferred financing and debt discount costs 1,899,265 366,748
Amortization and depreciation of intangibles, property and equipment 22,178,802 5,044,338
Bad debt and video return expense 2,070,544 1,274,127
Non-cash settlement of management and licensing fees 4,681,587  
Non-cash addition to long term debt 27,716,581  
Deferred income taxes (584,033)  
Changes in operating assets and liabilities:    
Trade accounts receivable (47,423,407) (3,905,533)
Prepaid expenses and other assets 4,779,512 (1,339,116)
Content assets (17,132,985) (58,810,149)
Accounts payable, accrued expenses and other payables 18,738,083 8,406,731
Film library acquisition and programming obligations (3,009,309) 29,970,417
Accrued participation costs 17,637,371 7,365,711
Other liabilities 701,190 2,145,770
Net cash used in operating activities (21,913,512) (22,798,038)
Cash flows from Investing Activities:    
Expenditures for property and equipment (3,113,500) (1,254,747)
Business combination, net of cash acquired   (6,672,474)
Net cash used in investing activities (3,113,500) (7,927,221)
Cash flows from Financing Activities:    
Principal payments on debt   (179,996)
Repurchase of common stock   (13,956,022)
Payment of contingent consideration (445,500) (5,054,700)
Payment of put option obligation (7,000,000)  
Acquisition of noncontrolling interests   (750,000)
Payments on capital leases (964,705)  
Proceeds from 9.50% notes due 2025, net   11,094,946
Payments on film acquisition advances (7,825,947)  
Proceeds from issuance of preferred stock 16,939,093 4,016,219
Proceeds from revolving loan   5,406,518
Proceeds from film acquisition advances   10,129,999
Increase (decrease) in due to affiliated companies 243,541 2,655,577
Dividends paid to preferred stockholders (6,123,040) (4,623,833)
Net cash provided (used) by financing activities 13,437,913 9,948,953
Effect of foreign exchanges on cash, cash equivalents and restricted cash (232,185) (26,612)
Net decrease in cash, cash equivalents and restricted cash (11,821,284) (20,802,918)
Cash, cash equivalents and restricted cash at beginning of period 18,738,395 44,286,105
Cash, cash equivalents and restricted cash at end of the period 6,917,111 23,483,187
Supplemental data:    
Cash paid for interest 3,092,790 2,634,140
Non-cash investing activities:    
Property and equipment in accounts payable and accrued expenses 547,379 180,764
Non-cash financing activities:    
Class A common stock and additional consideration for acquisition of noncontrolling interest   2,228,680
Non-cash settlement of management and licensing fees 4,681,587  
Non-cash film acquisition advance 11,130,768 2,876,000
PIK interest increase in HPS debt 27,716,581  
Class A Common Stock    
Cash flows from Financing Activities:    
Proceeds from issuance of Class A common stock $ 18,614,471 $ 1,210,245