Put Option Obligation

12 Months Ended

Dec. 31, 2023

Put Option Obligation [Abstract]

Put Option Obligation

Note 12 – Put Option Obligation

As part of the additional purchase price for the Sonar Entertainment, Inc business acquisition the Company issued a 5% interest in CSS AVOD, Inc. and a Put Option that, if exercised, requires the Company to repurchase these shares of CSS AVOD, Inc. from the investor for $11,500,000 in cash. The Put Option is exercisable, with 60 day’s written notice, by the investor at any time during a three-year period commencing on October 8, 2022 and expiring on October 7, 2025 (“Put Election Period”). In February 2023, MidCap Financial Trust exercised their Put Option resulting in the Put Price of $11,500,000 payable by May 2023, in exchange for Midcap’s Financial Trust’s 5% interest in CSS AVOD. As of December 31, 2023, the Company has paid $7,706,633 under the amended payment agreement and the outstanding amount of $3,793,337 is past due. Upon payment, the Company will own 100% of CSS AVOD. See Note 1 for additional information.

As of December 31, 2023, the 5% interest in CSS AVOD, Inc. consists of the following:

	December 31,
	2023
Put Option Obligation	$	3,693,337
Noncontrolling Interests		100,000
Total	$	3,793,337