Stockholders’ Deficiency

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders’ Deficiency

Stockholders’ Deficiency

Common Stock

Common Stock Purchase Agreement – On August 19, 2024, in connection with the Amended Promissory Note, the Company and Simplify entered into a Common Stock Purchase Agreement, where $15,000 of outstanding indebtedness under the Simplify Loan was exchanged for 17,797,817 shares of the Company’s common stock at a purchase price of approximately $0.84 per share, based on a 60-day volume weighted-average price of the Company’s common stock, which approximated the trading price on August 19, 2024, as reflected on the consolidated statements of stockholders’ deficiency. Further information is provided in Note 23.

Common Stock Private Placement – On February 14, 2024, the Company entered into a subscription agreement (the “Subscription Agreement”) with Simplify, pursuant to which the Company agreed to sell and issue to Simplify in a private placement (the “Private Placement”) an aggregate of 5,555,555 shares (the “Private Placement Shares”) of the Company’s common stock, at a purchase price of $2.16 per share, a price equal to the 60-day volume weighted average price of the Company’s common stock. The Private Placement closed on February 14, 2024 and the Company received proceeds from the Private Placement of $12,000 which were reflected in the consolidated statements of stockholders’ deficiency for the year ended December 31, 2024. The proceeds were used for working capital and general corporate purposes. Further information is provided in Note 23.

Common Stock Withheld – The Company recorded the repurchase of vested restricted common stock of 6,901 shares for the payment for taxes of $29, and 330,982 shares for the payment for taxes of $534, during the years ended December 31, 2025 and 2024, respectively, as reflected on the consolidated statements of stockholders’ deficiency.

Restricted Stock Awards

Unless otherwise stated, the fair value of a restricted stock award is determined based on the number of shares granted and the quoted price of the Company’s common stock on the date issued. The estimated fair value of these shares is being recognized as compensation expense over the vesting period of the award (see Note 19).

Common Stock to be Issued

In connection with a closing of a private placement on January 4, 2018, MDB, as the placement agent, was entitled to receive 2,701 shares of the Company’s common stock (subject to liquidated damages, see Note 14), which have not been issued as of December 31, 2025, as reflected on the consolidated statements of stockholders’ deficiency as common stock to be issued (see Note 14).

Common Stock Warrants

Warrants were issued to purchase shares of the Company’s common stock in connection with various financings, all of which have expired.

As of December 31, 2025, the Company had no outstanding warrants to purchase shares of common stock. Warrants to purchase 39,774 shares of common stock that were outstanding as of December 31, 2024 (weighted-average exercise price of $7.26 per share) expired on October 20, 2025.

AllHipHop Warrants – On October 26, 2020, the Company granted AllHipHop, LLC an aggregate of 5,682 warrants exercisable for shares of the Company’s common stock with an exercise price of $14.30 (the “AllHipHop Warrants”). The AllHipHop Warrants are exercisable for a period of five years, subject to customary anti-dilution adjustments. The warrants expired in 2025 and were not outstanding as of December 31, 2025.

ABG Warrants – On June 14, 2019, the Company issued 999,540 warrants to acquire the Company’s common stock to ABG (the “ABG Warrants”) in connection with the Sports Illustrated Licensing Agreement, expiring in ten years. During the year ended December 31, 2025, the ABG Warrants were forfeited as part of the ABG settlement.