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10-K true 2024-12-31 --12-31 2024 false 001-39826 Banzai International, Inc. DE 85-3118980 435 Ericksen Ave Suite 250 Bainbridge Island WA 98110 206 414-1777 Class A common stock, par value $0.0001 per share BNZI NASDAQ Redeemable Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $575.00 BNZIW NASDAQ No No Yes Yes Non-accelerated Filer true true false false false false 4576909 12846807 2311134 None. Item 1C. Cybersecurity. We maintain a cyber risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats. The underlying processes and controls of our cyber risk management program incorporate recognized best practices and standards for cybersecurity and information technology, including the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF) and processes and controls supporting requirements with the General Data Protection Regulation (GDPR). The NIST CSF offers a thorough set of guidelines and best practices to help establish a strong cybersecurity posture. Utilizing NIST CSF enables us to systemically identify, assess, and manage cybersecurity risks most relevant and impactful to our business operations. It is important to note that using the NIST CSF as a guide does not imply our cybersecurity program meets any specific technical standards or requirements. We have an annual assessment performed by a third-party specialist of the cyber risk management program against the NIST CSF. The annual risk assessment identifies, quantifies, and categorizes material cyber risks. In addition, we, in conjunction with the third-party cyber risk management specialists, develop a Risk Mitigation Plan to mitigate such risks, and where necessary, remediate potential vulnerabilities identified through the annual assessment process. We maintain policies over areas such as information security, incident management, business continuity, IT change and configuration management, acceptable use and access on/offboarding to help govern the processes put in place by management designed to protect our IT assets, data, and services from threats and vulnerabilities. We partner with industry recognized cybersecurity providers leveraging third-party technology and expertise. We engage with these partners to monitor and maintain the performance and effectiveness of IT assets, data, and services that are deployed in our IT environment. Cybersecurity partners, including assessors, consultants, advisors and other third-party service providers, are a key part of our cybersecurity risk management strategy and infrastructure. We partner with industry recognized cybersecurity providers leveraging third-party technology and expertise and engage with these partners to monitor and maintain the performance and effectiveness of IT assets, data and services. The cybersecurity partners provide services including, but not limited to, configuration management, vulnerability scans, network protection and monitoring, remote monitoring and management, user activity monitoring, data backups management, infrastructure maintenance, cybersecurity strategy, and cyber risk advisory, assessment, and remediation. We have implemented third-party risk management processes to manage the risks associated with reliance on vendors, critical service providers, and other third-parties that may lead to a service disruption or an adverse cybersecurity incident. This includes vendor due diligence prior to onboarding, a review of System and Organization Control (SOC) reports on an annual basis, regular review of vendor contracts, and compliance with service level agreements (SLAs). In evaluating the risks identified as a result of the annual cybersecurity assessment process, our cybersecurity partners assist the Company to assess the likelihood, severity, and impact of relevant risks, including the impact on employees, stakeholders, and vendors. These risks are prioritized and monitored by the cybersecurity partners and management of the Company. Our cybersecurity program includes an incident response plan that includes all relevant and critical members of management and third-party service providers alike. The team is responsible for assessing and managing cybersecurity incident response processes, response times, and communication plans in the event corrective actions and mitigation procedures are required to isolate and eradicate an incident. <div style="font-size:10pt;font-family:Times New Roman;"><div>Our management team, in conjunction with the Chief Technology Officer and cybersecurity service providers are responsible for oversight and administration of our cyber risk management program, and for informing senior management and other relevant stakeholders regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents. The management team has prior experience selecting, deploying, and overseeing cybersecurity technologies, initiatives, and processes directly or via selection of strategic third-party partners. Management relies on threat intelligence as well as other information obtained from governmental, public or private sources, including external consultants engaged in strategic cyber risk management, advisory and decision making. </div> Our Audit Committee oversees our cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks. The cybersecurity stakeholders, including member(s) of management assigned with cybersecurity oversight responsibility and/or third-party consultants providing cyber risk services brief the Audit Committee on cyber threats and vulnerabilities identified through the risk management process, the effectiveness of our cyber risk management program, and the emerging threat landscape and new cyber risks on at least an annual basis. This includes updates on our processes to prevent, detect, and mitigate cybersecurity incidents. In addition, cybersecurity risks are reviewed by our Board of Directors at least annually, as part of the Company’s corporate risk oversight processes. </div> We face risks from cybersecurity threats that could have a material adverse effect on our business, financial condition, results of operations, cash flows or reputation. We acknowledge that the risk of a cyber incident is prevalent in the current threat landscape and that a future cyber incident may occur in the normal course of our business. However, prior cybersecurity incidents have not had a material adverse effect on our business, financial condition, results of operations, or cash flows. We proactively seek to detect and investigate unauthorized attempts and attacks against our IT assets, data, and services, and to prevent their occurrence and recurrence where practical through changes or updates to our internal processes and tools and changes or updates to our service delivery; however, potential vulnerabilities to known or unknown threats will remain. Further, there is increasing regulation regarding responses to cybersecurity incidents, including reporting to regulators, investors, and additional stakeholders, which could subject us to additional liability and reputational harm. In response to such risks, we have implemented initiatives such as the cybersecurity risk assessment process and developed an incident response plan. See Item 1A. "Risk Factors" for more information on our cybersecurity risks. true true true The team is responsible for assessing and managing cybersecurity incident response processes, response times, and communication plans in the event corrective actions and mitigation procedures are required to isolate and eradicate an incident. <div>Our management team, in conjunction with the Chief Technology Officer and cybersecurity service providers are responsible for oversight and administration of our cyber risk management program, and for informing senior management and other relevant stakeholders regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents. The management team has prior experience selecting, deploying, and overseeing cybersecurity technologies, initiatives, and processes directly or via selection of strategic third-party partners. Management relies on threat intelligence as well as other information obtained from governmental, public or private sources, including external consultants engaged in strategic cyber risk management, advisory and decision making. </div> Our Audit Committee oversees our cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks. The cybersecurity stakeholders, including member(s) of management assigned with cybersecurity oversight responsibility and/or third-party consultants providing cyber risk services brief the Audit Committee on cyber threats and vulnerabilities identified through the risk management process, the effectiveness of our cyber risk management program, and the emerging threat landscape and new cyber risks on at least an annual basis. This includes updates on our processes to prevent, detect, and mitigate cybersecurity incidents. In addition, cybersecurity risks are reviewed by our Board of Directors at least annually, as part of the Company’s corporate risk oversight processes. Our management team, in conjunction with the Chief Technology Officer and cybersecurity service providers are responsible for oversight and administration of our cyber risk management program, and for informing senior management and other relevant stakeholders regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents. The management team has prior experience selecting, deploying, and overseeing cybersecurity technologies, initiatives, and processes directly or via selection of strategic third-party partners. Management relies on threat intelligence as well as other information obtained from governmental, public or private sources, including external consultants engaged in strategic cyber risk management, advisory and decision making. true The management team has prior experience selecting, deploying, and overseeing cybersecurity technologies, initiatives, and processes directly or via selection of strategic third-party partners. Management relies on threat intelligence as well as other information obtained from governmental, public or private sources, including external consultants engaged in strategic cyber risk management, advisory and decision making. Our Audit Committee oversees our cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks. The cybersecurity stakeholders, including member(s) of management assigned with cybersecurity oversight responsibility and/or third-party consultants providing cyber risk services brief the Audit Committee on cyber threats and vulnerabilities identified through the risk management process, the effectiveness of our cyber risk management program, and the emerging threat landscape and new cyber risks on at least an annual basis. This includes updates on our processes to prevent, detect, and mitigate cybersecurity incidents. In addition, cybersecurity risks are reviewed by our Board of Directors at least annually, as part of the Company’s corporate risk oversight processes. false false false false false Rule 10b5-1 Sales Plans Our directors and executive officers may adopt written plans, known as Rule 10b5-1 plans, in which they will contract with a broker to buy or sell shares of our common stock on a periodic basis. Under a Rule 10b5-1 plan, a broker executes trades pursuant to parameters established by the director or executive officer when entering into the plan, without further direction from them. The director or executive officer may amend a Rule 10b5-1 plan in some circumstances and may terminate a plan at any time. Our directors and executive officers also may buy or sell additional shares outside of a Rule 10b5-1 plan when they are not in possession of material nonpublic information, subject to compliance with the terms of our insider trading policy. The sale of any shares under such a plan will be subject to the Lock-Up Agreements, to the extent that the selling director or executive officer is a party thereto. 2024 Policies and Practices Related to the Grant of Certain Equity Awards In response to Item 402(x)(1) of Regulation S-K, the Company does not currently grant new awards of stock options, stock appreciation rights, or similar option-like instruments within four business days before or one business day after the release of a Form 10-Q, 10-K, or 8-K that discloses material nonpublic information (MNPI). Accordingly, the Company has no specific policy or practice on the timing of awards of such options in relation to the disclosure of material nonpublic information by the Company. In the event the Company determines to grant new awards of such options, the Board will evaluate the appropriate steps to take in relation to the foregoing. true the Company does not currently grant new awards of stock options, stock appreciation rights, or similar option-like instruments within four business days before or one business day after the release of a Form 10-Q, 10-K, or 8-K that discloses material nonpublic information (MNPI). false 688 Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Banzai International, Inc. (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations, stockholders’ deficit and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. Marcum LLP Marlton, NJ 08053

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1. OrganizationThe BusinessBanzai International, Inc. (the “Company” or “Banzai”) was incorporated in Delaware on September 30, 2015. Banzai is a leading enterprise SaaS Video Engagement platform used by marketers to power webinars, trainings, virtual events, and on-demand video content. Reverse Stock SplitOn August 29, 2024, the Company held a special meeting of securityholders (the “Special Meeting”). At the Special Meeting, the Company’s securityholders approved the proposal to amend the Second Amended and Restated Certificate of Incorporation to effect a reverse stock split with respect to the Company’s issued and outstanding Class A Common Stock, at a ratio of up to 1-for-50, with the final ratio and exact timing to be determined at the discretion of the Board of Directors (the "Reverse Stock Split"). On September 10, 2024, the Board determined to effect a reverse stock split at a ratio of 1-for-50, effective as of September 19, 2024 and filed an amendment with the Secretary of State of the State of Delaware. The Class B Common Stock was not affected by the Reverse Stock Split.No cash or fractional shares were issued in connection with the Reverse Stock Split, and instead the Company rounded up to the next whole share in lieu of issuing factional shares that would have been issued in the reverse split. Proportional adjustments were made to the number of shares of Class A Common Stock issuable upon exercise or conversion of the Company’s outstanding stock options and warrants, the exercise price or conversion price (as applicable) of the Company’s outstanding stock options and warrants, and the number of shares reserved for issuance under the Company’s equity incentive plan. All Class A Common Stock share and per share information included herein has been retroactively adjusted to reflect the impact of the Reverse Stock Split.Close of the MergerOn December 14, 2023 (the “Closing Date”), 7GC & Co. Holdings Inc. ("7GC"), our predecessor company, consummated the business combination pursuant to the Agreement and Plan of Merger and Reorganization, dated as of December 8, 2022 (the “Original Merger Agreement”), by and among 7GC, Banzai International, Inc. (“Legacy Banzai”), 7GC Merger Sub I, Inc., an indirect wholly owned subsidiary of 7GC (“First Merger Sub”), and 7GC Merger Sub II, LLC, a direct wholly owned subsidiary of 7GC (“Second Merger Sub”), as amended by the Amendment to Agreement and Plan of Merger, dated as of August 4, 2023 (the “Merger Agreement Amendment” and, together with the Original Merger Agreement, the “Merger Agreement”), by and between 7GC and Legacy Banzai. Pursuant to the terms of the Merger Agreement, a business combination between 7GC and Legacy Banzai was effected through (a) the merger of First Merger Sub with and into Legacy Banzai, with Legacy Banzai surviving as a wholly-owned subsidiary of 7GC (Legacy Banzai, in its capacity as the surviving corporation of the merger, the “Surviving Corporation”) (the “First Merger”) and (b) the subsequent merger of the Surviving Corporation with and into Second Merger Sub, with Second Merger Sub being the surviving entity of the Second Merger, which ultimately resulted in Legacy Banzai becoming a wholly-owned direct subsidiary of 7GC (the “Second Merger” and, together with the First Merger, the “Mergers” and, collectively with the other transactions described in the Merger Agreement, the “Merger”). On the Closing Date, and in connection with the closing of the Merger (the “Closing”), 7GC changed its name to Banzai International, Inc.Although 7GC was the legal acquirer of Legacy Banzai in the merger, Legacy Banzai is deemed to be the accounting acquirer, and the historical financial statements of Legacy Banzai became the basis for the historical financial statements of the Company upon the closing of the merger. As a result, the financial statements included here reflect (i) the historical operating results of Legacy Banzai prior to the merger; (ii) the combined results of 7GC and Legacy Banzai following the close of the merger; (iii) the assets and liabilities of Legacy Banzai at their historical cost and (iv) the Legacy Banzai’s equity structure for all periods presented, as affected by the recapitalization presentation after completion of the merger. The aggregate consideration payable to securityholders of Legacy Banzai at the Closing consisted of a number of shares of Class A Common Stock or shares of Class B Common Stock, and cash in lieu of any fractional shares of Class A Common Stock or shares of Class B Common Stock that would otherwise have been payable to any Legacy Banzai securityholders, equal to $100,000,000. See Note 4 - Reverse Merger Capitalization with 7GC & Co. Holdings Inc. for further details of the merger.Emerging Growth CompanyUpon closure of the Merger, the Company became an "emerging growth company," as defined in Section 2(a) of the Securities Act of 1933, as amended, (the "Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the "JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to public companies that are not emerging growth companies.Section 102(b) (1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply. Private companies are those companies that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act of 1934, as amended (the "Exchange Act"). The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies. Any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised, it adopts the new or revised standard at the time private companies adopt the new or revised standard. Therefore, the Company’s financial statements may not be comparable to certain public companies. ReclassificationsCertain amounts in the prior year’s consolidated financial statements, as of December 31, 2023 have been reclassified to conform to the current period's presentation. This involved reclassifying the debt outstanding and associated interest expense on the debt outstanding with counterparty CP BF which were previously disclosed as Convertible Notes and Notes payable, and Interest expense, respectively, to Convertible notes - related party and Notes payable - related party, net of discount, and Interest expense - related party, respectively. This reclassification had no effect on the Company’s loss from operations, net loss, or net loss per share.

2015-09-30

On August 29, 2024, the Company held a special meeting of securityholders (the “Special Meeting”). At the Special Meeting, the Company’s securityholders approved the proposal to amend the Second Amended and Restated Certificate of Incorporation to effect a reverse stock split with respect to the Company’s issued and outstanding Class A Common Stock, at a ratio of up to 1-for-50, with the final ratio and exact timing to be determined at the discretion of the Board of Directors (the "Reverse Stock Split"). On September 10, 2024, the Board determined to effect a reverse stock split at a ratio of 1-for-50, effective as of September 19, 2024 and filed an amendment with the Secretary of State of the State of Delaware. The Class B Common Stock was not affected by the Reverse Stock Split.

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3. Summary of Significant Accounting Policies<div style="font-size:10pt;font-family:Times New Roman;">Basis of PresentationThe Company’s audited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”) regarding annual financial reporting.</div><div style="font-size:10pt;font-family:Times New Roman;">Principles of Consolidation The accompanying audited consolidated financial statements include the accounts of Banzai and its subsidiaries. The Company consolidates all entities over which the Company has the power to govern the financial and operating policies and therefore exercises control, and upon which the Company has a controlling financial interest. The existence and effect of both current voting rights and potential voting rights that are currently exercisable or convertible are considered when assessing whether control of an entity is exercised. The subsidiary is consolidated from the date at which the Company obtains control and is de-consolidated from the date at which control ceases. All intercompany balances and transactions have been eliminated. The accounting policies of the subsidiary has been changed where necessary to ensure consistency with the policies adopted by the Company.In the opinion of management, all necessary adjustments (consisting of normal recurring adjustments, intercompany adjustments, reclassifications and non-recurring adjustments) have been recorded to present fairly our financial position as of December 31, 2024 and 2023, respectively, and the results of operations and cash flows for the years ended December 31, 2024 and 2023, respectively.</div> <div style="font-size:10pt;font-family:Times New Roman;">Use of EstimatesThe preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the audited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.Making estimates requires management to exercise significant judgment. It is at least reasonably possible that estimates made as of the date of the financial statements could change in the near term due to one or more future events. Actual results could differ significantly from these estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements include estimates of impairment of goodwill, recognition and measurement of convertible and Simple Agreement for Future Equity (SAFE) notes, including the associated embedded derivatives, determination of the fair value of the warrant liabilities and debt instruments reported at fair value, determination of the consideration transferred and purchase price allocated to assets acquired and liabilities assumed for acquisitions which are based on their estimated fair values at the date of acquisition, estimated useful lives of finite-lived intangible assets, and recognition and measurement of stock compensation.</div><div style="font-size:10pt;font-family:Times New Roman;">Certain Risks and UncertaintiesThe Company’s business and operations are sensitive to general business and economic conditions. These conditions include short-term and long-term interest rates, inflation, fluctuations in debt and equity capital markets and the general condition of the world economy. A host of factors beyond the Company’s control could cause fluctuations in these conditions. Adverse developments in these general business and economic conditions could have a material adverse effect on the Company’s financial condition and the results of its operations. In addition, the Company will compete with many companies that currently have extensive and well-funded products, marketing and sales operations. The Company may be unable to compete successfully against these companies. The Company’s industry is characterized by rapid changes in technology and market demands. As a result, the Company’s products, services, or expertise may become obsolete or unmarketable. The Company’s future success will depend on its ability to adapt to technological advances, anticipate customer and market demands, and enhance its current technology. The Company is also subject to risks which include, but are not limited to, dependence on key personnel, reliance on third parties, successful integration of business acquisitions, protection of proprietary technology, and compliance with regulatory requirements.</div><div>CashThe Company considers all highly liquid investments purchased with original maturities of 90 days or less to be cash equivalents. As of December 31, 2024 and 2023, respectively, the Company does not have any cash equivalents.</div><div>The Company has no significant off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other hedging arrangements. The Company holds cash in banks in excess of federally insured limits. However, the Company believes risk of loss is minimal as the cash is held by large highly rated financial institutions. To reduce its risk associated with the failure of such financial institutions, the Company evaluates at least annually the rating of the financial institutions in which it holds cash. Any material loss that the Company may experience in the future could have an adverse effect on its ability to pay its operational expenses or make other payments and may require the Company to move its cash to other high quality financial institutions. Currently, the Company is reviewing its bank relationships in order to mitigate its risk to ensure that its exposure is limited or reduced to the FDIC protection limits.</div><div>Accounts Receivable and Allowance for Credit LossesAccounts receivable consist of balances due from customers as well as from payment service providers. Payment terms range from due upon receipt, to net 30 days. Accounts receivable are stated net of an allowance for credit losses.The allowance for expected credit losses is based on the probability of future collection under the current expected credited loss (“CECL”) impairment model which was adopted by the Company on January 1, 2023, as discussed below within Recent Accounting Pronouncements. The adoption of ASU No. 2016-13, Financial Instruments: Credit Losses (Topic 326) ("ASU 2016-13") did not have a material impact on these consolidated financial statements. Account balances are written off after all means of collection are exhausted and the balance is deemed uncollectible. Subsequent recoveries are credited to the allowance. Changes in the allowance are recorded as adjustments to credit losses in the period incurred.As of December 31, 2024 and 2023, the Company determined an allowance for credit losses of $24,210 and $5,748 was required, respectively. Further, for the years ended December 31, 2024 and 2023, the Company recognized bad debt expenses for accounts receivable balances of $18,462 and $65,013, respectively.<div style="font-size:10pt;font-family:Times New Roman;">The following table presents changes in the allowance for credit losses for the year ended December 31, 2024: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:79.924%;box-sizing:content-box;"></td> <td style="width:1.78%;box-sizing:content-box;"></td> <td style="width:1.32%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.977%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance - December 31, 2023</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">5,748</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in provision for credit losses</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">18,462</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance - December 31, 2024</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">24,210</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table></div></div><div></div><div style="font-size:10pt;font-family:Times New Roman;">Deferred Sales CommissionsSales commissions earned by the Company's sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions for initial contracts are deferred and then amortized on a straight-line basis over a period of benefit the Company has determined to be three (3) years. The Company determined the period of benefit by taking into consideration the average contractual customer term, technology obsolescence and other factors.</div><div style="font-size:10pt;font-family:Times New Roman;">Property and EquipmentProperty and equipment are recorded at cost and presented net of accumulated depreciation. Major additions and betterments are capitalized while maintenance and repairs, which do not improve or extend the life of the respective assets, are expensed. Property and equipment are depreciated on the straight-line basis over their estimated useful lives (3 years for computer equipment).</div><div>Intangible Assets and Impairment of Long-Lived AssetsIntangible assets are presented at fair value, net of amortization. The fair value is determined based on the appraised value of the asset. Intangible assets are composed of developed technology, trade names and customer lists (see Note 5), video material licenses, a web domain, and patents. Intangible assets subject to amortization consist of the following:<div> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:64.14%;box-sizing:content-box;"></td> <td style="width:1.48%;box-sizing:content-box;"></td> <td style="width:16.22%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.16%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Estimated Useful Life (years):</td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">December 31, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Customer relationships</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">7</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">588,710</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Trade name</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">15</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">899,600</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Technology</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">6</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,415,010</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">3,903,320</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Less: Accumulated amortization</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(19,467</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Intangible assets, net</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;">3,883,853</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> </table> </div></div><div style="font-size:10pt;font-family:Times New Roman;"><div style="font-size:10pt;font-family:Times New Roman;"> </div>Total amortization expense related to intangible assets was $19,467 for the year ended December 31, 2024. Expected amortization expense is as follows: <div style="font-size:10pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:64.14%;box-sizing:content-box;"></td> <td style="width:1.48%;box-sizing:content-box;"></td> <td style="width:16.22%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.16%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Year Ending December 31, 2025</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">546,576</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Year Ending December 31, 2026</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">546,576</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Year Ending December 31, 2027</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">546,576</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Year Ending December 31, 2028</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">546,576</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Year Ending December 31, 2029</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">546,576</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Thereafter</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,150,973</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Total</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">3,883,853</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> </table></div>The Company periodically evaluates its long-lived assets for potential impairment in accordance with ASC Topic 360, Property, Plant and Equipment (“ASC 360”). Potential impairment is assessed when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. The recoverability of these assets is assessed based on undiscounted expected future cash flows from the assets, considering a number of factors, including past operating results, budgets and economic projections, market trends and product development cycles. If impairments are identified, assets are written down to their estimated fair value. The Company has not recognized any impairment charges through December 31, 2024.</div><div>GoodwillGoodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. Goodwill is reviewed for impairment at least annually, in December, or more frequently if a triggering event occurs between impairment testing dates. As of December 31, 2024, the Company had two operating segments, which were deemed to be its reporting units, for the purpose of evaluating goodwill impairment. Refer to Note 21 for further discussion of the Company's segment reporting.The Company’s impairment assessment begins with a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Qualitative factors may include, macroeconomic conditions, industry and market considerations, cost factors, and other relevant entity and Company specific events. If, based on the qualitative test, the Company determines that it is "more likely than not” that the fair value of a reporting unit is less than its carrying value, then we evaluate goodwill for impairment by comparing the fair value of our reporting unit to its respective carrying value, including its goodwill. If it is determined that it is not likely that the fair value of the reporting unit is less than its carrying value, then no further testing is required. The factors considered in the qualitative assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among other factors. Under a quantitative assessment, the Company will estimate the fair value of the Company through a combination of income and market approach valuation methodologies. The Company completed its annual goodwill impairment test as of December 31, 2024. For the annual test, the Company bypassed the qualitative assessment and proceeded directly to the quantitative impairment test based on the stock price of the Company on the measurement date and economic uncertainty. To perform the quantitative assessment, the Company estimated the fair value of equity using the market capitalization method of the market approach, consideration of initiatives unknown by the market and evaluation of any implied control premium. Management further supported the conclusions by assessing a combination of an income valuation methodology, comprising a discounted cash flow analysis and market valuation methodologies, comprising the guideline public company and guideline transaction methods. The market capitalization method calculated the aggregate market value of the Company based on the total number of outstanding shares of common and preferred stock and the market prices of the shares as of the assessment date. The Company evaluated conditions that were unknown by the market as of the assessment date and how a market participant would evaluate an implied control premium for the Company. The implied control premium was supported using a discounted cash flow analysis that contemplated the present value of assumed market participant cost savings and synergies. The discounted cash flow (“DCF”) estimated the present value of future cash flows. A DCF analysis requires significant judgment to model financial forecasts, which included revenue growth, cost of sales as a percentage of revenue, gross profit margin, operating expenses as a percentage of revenue, EBITDA margin, EBITDA growth, industry and economic trends, and other relevant considerations. For periods beyond those forecasted, a terminal value was estimated based on an assumed long-term growth rate, which was derived using the Gordon Growth Model. The discount rate applied to the forecasted cash flows was calculated using a build-up approach, which starts with the risk-free interest rate, which was then calibrated for market and </div><div style="font-size:10pt;font-family:Times New Roman;">small stock risk premiums, including a beta, equity risk, size, and small stock risk premiums to reflect risks and uncertainties in the financial market and in the Company’s business projections. The market approach for the guideline public company method utilizes observable market data from comparable public companies, including revenue multiples, to estimate the Company’s fair value. This approach also incorporates a control premium to represent the Company’s expectation of a hypothetical acquisition. The market approach for the guideline transaction method utilizes observable transactions of actual prices paid for target companies that operated in comparable industries or markets facing similar risks. Both methods of the market approach require judgment in the selection of comparable companies or comparable transactions and includes those with similar business activities, and related operating environments.The selection and assessment of qualitative factors used to determine whether it is more likely than not that the fair value of a reporting unit exceeds the carrying value involves significant judgment and estimates. Fair values may be determined using a combination of both income and market-based approaches. There was a $2.7 million impairment of goodwill recorded to the OpenReel reporting unit for the year ended December 31, 2024, and no impairment of goodwill recognized on the Banzai Operating Co. reporting unit for the years ended December 31, 2024 and 2023, respectively.</div><div style="font-size:10pt;font-family:Times New Roman;">Deferred Offering CostsIn 2023, the Company capitalized fees related to the Merger Agreement (see Note 1 - Organization and Note 4 - Merger) as an asset. These fees were recognized as a reduction of equity, upon Closing of the Merger on December 14, 2023.<div style="font-size:10pt;font-family:Times New Roman;">Capitalized deferred offering costs consisted of the following, as of December 14, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:80.444%;box-sizing:content-box;"></td> <td style="width:1.8%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.757%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 14, 2023</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">SPAC-related legal fees</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,973,077</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Investment bank advisory services</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">135,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Federal Trade Commission filing fees</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">125,020</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Total deferred offering costs capitalized</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">3,233,097</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table></div>The entire balance of Deferred Offering Costs capitalized as of December 14, 2023, was reclassified to Additional Paid-in- Capital, on December 14, 2023, in connection with the closing of the Merger. As a result, there was no Deferred Offering Costs balance as of December 31, 2023.</div><div>Warrant LiabilitiesThe Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.Warrant Liability - related partyThe warrants originally issued in 7GC's initial public offering (the "Public Warrants") are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercise or expiration, and any change in fair value is recognized in the Company’s consolidated statements of operations.The Public Warrants were initially measured at fair value using a Monte Carlo simulation model and have subsequently been measured based on the listed market price of such warrants. Warrant liabilities are classified as current liabilities on the Company's consolidated balance sheets.Warrant Liability The GEM Warrants were not considered indexed to the issuer’s stock pursuant to ASC 815, as the holder’s ability to receive in lieu of the Warrant one percent of the total consideration received by the Company’s stockholders in connection with a Change of Control, where the surviving corporation is not publicly traded, adjusts the settlement value based on items outside </div><div style="font-size:10pt;font-family:Times New Roman;">the Company’s control in violation of the fixed-for-fixed option pricing model. As such, the Company recorded the Warrants as liabilities initially measured at fair value with subsequent changes in fair value recognized in earnings each reporting period. The measurement of fair value was determined utilizing a Monte Carlo simulation considering all relevant assumptions current at the date of issuance (i.e., share price, exercise price, term, volatility, risk-free rate, probability of dilutive term of three years, and expected time to conversion). </div><div style="font-size:10pt;font-family:Times New Roman;">Simple Agreements for Future Equity—SAFEThe Company accounts for Simple Agreements for Future Equity ("SAFE") at fair value in accordance with ASC 480 Distinguishing Liabilities from Equity. The SAFEs are subject to revaluation at the end of each reporting period, with changes in fair value recognized in the accompanying consolidated statement of operations.</div><div style="font-size:10pt;font-family:Times New Roman;">Concentration of Business and Credit RiskFinancial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company has no financial instruments with off-balance sheet risk of loss. At December 31, 2024, one customer accounted for 10% or more of accounts receivable with a concentration of 14% of the total accounts receivable balance. At December 31, 2023, no customers accounted for 10% or more of accounts receivable. For the years ended December 31, 2024 and 2023, no customers accounted for 10% or more of total revenues.At December 31, 2024 and 2023, two suppliers and one supplier accounted for 10% or more of accounts payable, respectively.</div><div>Loss Per ShareBasic loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding and pre-funded warrants outstanding during the period. Diluted net loss per share excludes, when applicable, the potential impact of stock options and convertible preferred stock because their effect would be anti-dilutive due to the net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same.<div style="font-size:10pt;font-family:Times New Roman;">The calculation of basic and diluted net loss per share attributable to common stock was as follows: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:60.992%;box-sizing:content-box;"></td> <td style="width:1.36%;box-sizing:content-box;"></td> <td style="width:1.36%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.883%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.36%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.043000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="6" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">For the Year Ended December 31,</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">2023</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Numerator:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Net loss attributable to common shareholders—basic and diluted</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(31,095,029</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(14,406,262</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Denominator:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Weighted average shares—basic and diluted</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">4,458,169</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,401,988</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Net loss per share attributable to common shareholders—basic and diluted</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(6.97</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(6.00</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> </table></div> <div style="font-size:10pt;font-family:Times New Roman;">Securities that were excluded from loss per share as their effect would be anti-dilutive due to the net loss position that could potentially be dilutive in future periods are as follows: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:67.313%;box-sizing:content-box;"></td> <td style="width:1.02%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:13.323%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.02%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:13.323%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="6" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">As of December 31,</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">2023</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Options</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">25,661</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">14,962</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">RSUs</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">340,783</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Public warrant shares</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">230,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">230,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">GEM warrant shares</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">16,571</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">16,571</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Common warrant shares</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">4,527,613</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Placement agent warrant shares</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">104,902</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Total</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">5,245,530</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">261,533</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table></div></div><div></div><div>LeasesThe Company determines if an arrangement is a lease at inception and classifies its leases at commencement. Operating leases </div><div style="font-size:10pt;font-family:Times New Roman;">are presented as right-of-use (“ROU”) assets and the corresponding lease liabilities are included in operating lease liabilities, current and operating lease liabilities, non-current on the Company’s balance sheets. ROU assets represent the Company's right to use an underlying asset, and lease liabilities represent the Company's obligation for lease payments in exchange for the ability to use the asset for the duration of the lease term.ROU assets and lease liabilities are recognized at commencement date and determined using the present value of the future minimum lease payments over the lease term. The Company uses an incremental borrowing rate based on estimated rate of interest for collateralized borrowing since the Company's leases do not include an implicit interest rate. The estimated incremental borrowing rate considers market data, actual lease economic environment, and actual lease term at commencement date. The lease term may include options to extend when it is reasonably certain that the Company will exercise that option. In addition, the Company does not recognize short-term leases that have a term of twelve months or less as ROU assets or lease liabilities. The Company recognizes operating lease expense on a straight-line basis over the lease term.The Company has lease agreements which contain both lease and non-lease components, which it has elected to account for as a single lease component when the payments are fixed. As such, variable lease payments, including those not dependent on an index or rate, such as real estate taxes, common area maintenance, and other costs that are subject to fluctuation from period to period are not included in lease measurement.The Company evaluates long-lived assets for recoverability if there are indicators of potential impairment. Indicators of potential impairment may include subleasing a location for less than the head lease cost. If there are indicators of potential impairment, the Company will test the assets for recoverability. If the undiscounted cash flows estimated to be generated are less than the carrying value of the underlying assets, the assets are deemed impaired. If it is determined that assets are impaired, an impairment loss is calculated based on the amount that the asset’s book value exceeds its fair value.</div><div style="font-size:10pt;font-family:Times New Roman;">Revenue RecognitionRevenue is generated through Banzai providing marketing and webinar platform subscription software service for a set period of time. The Statement of Work ("SOW") or Invoice, and the accompanying documents are negotiated and signed by both parties (if applicable). Alternatively, customer contracting is achieved via self service and invoicing is initiated automatically once the customer accepts the terms and conditions on the platform, based on their selection of the desired subscription product. When execution or completion of the contract occurs, the contract is valid and revenue is earned when the service is provided for each period of performance, daily. The amount is paid by the customer based on the contract terms monthly, quarterly, or annually, with the majority paid via credit card processing.The Company recognizes revenue in an amount that reflects the consideration to which it expects to be entitled in exchange for the transfer of promised services to its customers. To determine revenue recognition for contracts with customers, the Company performs the following steps described in ASC 606: (1) identifies the contract with the customer, or Step 1, (2) identifies the performance obligations in the contract, or Step 2, (3) determines the transaction price, or Step 3, (4) allocates the transaction price to the performance obligations in the contract, or Step 4, and (5) recognizes revenue when (or as) the entity satisfies a performance obligation, or Step 5.Revenue from contracts with customers are not recorded until the Company has the approval and commitment from the parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance and collectability of the consideration is probable. The Company also evaluates the following indicators, amongst others, when determining whether it is acting as a principal in the transaction (and therefore whether to record revenue on a gross basis): (i) whether the Company is primarily responsible for fulfilling the promise to provide the specified good or service, (ii) whether the Company has the inventory risk before the specified good or service has been transferred to a customer or after transfer of control to the customer and (iii) whether the Company has the discretion to establish the price for the specified good or service. If the terms of a transaction do not indicate that the Company is acting as a principal in the transaction, then the Company is acting as an agent in the transaction and therefore, the associated revenue is recognized on a net basis (that is revenue net of costs).Revenue is recognized once control passes to the customer. The following indicators are evaluated in determining when control has passed to the customer: (i) whether the Company has a right to payment for the product or service, (ii) whether the customer has legal title to the product or service, (iii) whether the Company has transferred physical possession of the product or service to the customer, (iv) whether the customer has the significant risk and rewards of ownership of the product or service and (v) whether the customer has accepted the product or service. When an arrangement contains more than one performance obligation, the Company will allocate the transaction price to each performance obligation on a relative standalone selling price basis. The Company utilizes the observable price of products and services when they are sold separately to similar customers in order to estimate standalone selling price.</div><div style="font-size:10pt;font-family:Times New Roman;">Costs of RevenueCosts of revenue consist primarily of infrastructure, streaming service, data license and contracted services costs, as well as merchant fees and payroll costs.</div><div style="font-size:10pt;font-family:Times New Roman;">Advertising CostsAdvertising costs are expensed as incurred. Advertising costs were $467,897 and $941,737 for the years ended December 31, 2024 and 2023, respectively, which are included in general and administrative expenses on the consolidated statements of operations.</div><div style="font-size:10pt;font-family:Times New Roman;">Stock-Based CompensationThe Company expenses stock-based compensation to employees and non-employees over the requisite service period based on the estimated grant-date fair value of the awards in accordance with ASC 718, Stock Compensation. The Company accounts for forfeitures as they occur. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model, and the assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment.</div><div style="font-size:10pt;font-family:Times New Roman;">Income TaxesIncome taxes are recorded in accordance with ASC 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company recognizes any interest and penalties accrued related to unrecognized tax benefits as income tax expense.</div><div style="font-size:10pt;font-family:Times New Roman;">Derivative Financial Instruments The Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives. Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded derivatives are recognized at fair value, with changes in fair value recognized in the statement of operations each period. Bifurcated embedded derivatives are classified with the related host contract in the Company’s balance sheet. Refer to Note 8 - Fair Value Measurements and Note 14 - Debt for further detail.</div><div>Bridge Notes - Fair Value Option ElectionThe Company determined the Agile Notes and 1800 Diagonal Notes (The "Bridge Notes") (as defined in Note 11 - Debt) were eligible for the fair value option, in accordance with ASC 825-10-50-28, and made such election to account for the Bridge Notes at fair value. The fair value option may be elected on an instrument-by-instrument basis and is irrevocable unless a new election date occurs. Additional term or other notes may be issued in subsequent periods where the Company would be able to make a fair value option election upon issuance provided eligibility criteria are met. The Company records the portion of the Bridge Notes that are issued and outstanding for accounting purposes at fair value with changes in fair value recorded in other income (expense), net in the condensed consolidated statement of operations, except for the portion of the total change in fair value that results from a change in the instrument-specific credit risk of the Bridge Notes, which is recorded in other comprehensive income (loss), if applicable. The fair value option election was made to align the accounting for the Bridge Notes with the Company's financial reporting objectives and reduce operational effort to account for embedded features that otherwise would require bifurcation as a separate unit of account.Pursuant to the fair value option election, direct and incremental debt issuance costs and consideration paid to the lender related to the Bridge Notes were expensed as incurred and recorded in other income (expense), net in the condensed consolidated </div><div style="font-size:10pt;font-family:Times New Roman;">statements of operations. Measurement of the change in fair value of the Bridge Notes includes accrued interest, whether paid-in-kind or cash.</div><div style="font-size:10pt;font-family:Times New Roman;">Fair Value of Financial InstrumentsIn accordance with FASB ASC 820 Fair Value Measurements and Disclosures, the Company uses a three-level hierarchy for fair value measurements of certain assets and liabilities for financial reporting purposes that distinguishes between market participant assumptions developed from market data obtained from outside sources (observable inputs) and the Company's own assumptions about market participant assumptions developed from the best information available to us in the circumstances (unobservable inputs). The fair value hierarchy is divided into three levels based on the source of inputs as follows:Level 1: Quoted prices in active markets for identical assets or liabilities.Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace.Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.The fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management during the years ended December 31, 2024 and 2023. The carrying amount of cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses, deferred revenue, and other current liabilities approximated their fair values as of December 31, 2024 and 2023. </div><div style="font-size:10pt;font-family:Times New Roman;">Business CombinationsThe purchase price for acquisitions are allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The fair value of identifiable intangible assets is based on detailed valuations that use information and assumptions provided by management, including expected future cash flows. We allocate any excess purchase price over the fair value of the identifiable net assets and liabilities acquired to goodwill. Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related costs, including advisory, legal, accounting, valuation, and other costs, are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date. Refer to Note 5 for further discussion.</div><div>Recent Accounting PronouncementsRecent accounting pronouncements not yet effectiveIn December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to income tax disclosures, which enhances the disclosure requirements for the income tax rate reconciliation, domestic and foreign income taxes paid, requiring disclosure of disaggregated income taxes paid by jurisdiction, unrecognized tax benefits, and modifies other income tax-related disclosures. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted and should be applied prospectively. The Company is currently evaluating the effect of adopting this guidance on its consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization included in each relevant expense caption presented on the statement of operations. The guidance also requires disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, as well as the total amount of selling expenses and an entity’s definition of selling expenses. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption of the amendment is permitted. The Company is currently evaluating the guidance and its impact to its consolidated financial statements and related disclosures. Recently adopted accounting pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments improve reportable segment disclosure requirements through enhanced disclosures over significant segment expenses regularly provided to the Chief Operating Decision Maker ("CODM"), extending certain annual </div>disclosures to interim periods, and through permitting more than one measure of segment profit or loss to be reported under certain conditions. The Company adopted this guidance effective December 31, 2024, on a retrospective basis. Refer to Note 21 for further information.

Accounts Receivable and Allowance for Credit LossesAccounts receivable consist of balances due from customers as well as from payment service providers. Payment terms range from due upon receipt, to net 30 days. Accounts receivable are stated net of an allowance for credit losses.The allowance for expected credit losses is based on the probability of future collection under the current expected credited loss (“CECL”) impairment model which was adopted by the Company on January 1, 2023, as discussed below within Recent Accounting Pronouncements. The adoption of ASU No. 2016-13, Financial Instruments: Credit Losses (Topic 326) ("ASU 2016-13") did not have a material impact on these consolidated financial statements. Account balances are written off after all means of collection are exhausted and the balance is deemed uncollectible. Subsequent recoveries are credited to the allowance. Changes in the allowance are recorded as adjustments to credit losses in the period incurred.As of December 31, 2024 and 2023, the Company determined an allowance for credit losses of $24,210 and $5,748 was required, respectively. Further, for the years ended December 31, 2024 and 2023, the Company recognized bad debt expenses for accounts receivable balances of $18,462 and $65,013, respectively.<div style="font-size:10pt;font-family:Times New Roman;">The following table presents changes in the allowance for credit losses for the year ended December 31, 2024: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:79.924%;box-sizing:content-box;"></td> <td style="width:1.78%;box-sizing:content-box;"></td> <td style="width:1.32%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.977%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance - December 31, 2023</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">5,748</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in provision for credit losses</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">18,462</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance - December 31, 2024</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">24,210</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table></div>

24210

5748

18462 65013

5748

18462

24210

P3Y

The fair value is determined based on the appraised value of the asset. Intangible assets are composed of developed technology, trade names and customer lists (see Note 5), video material licenses, a web domain, and patents. Intangible assets subject to amortization consist of the following: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:64.14%;box-sizing:content-box;"></td> <td style="width:1.48%;box-sizing:content-box;"></td> <td style="width:16.22%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.16%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Estimated Useful Life (years):</td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">December 31, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Customer relationships</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">7</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">588,710</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Trade name</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">15</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">899,600</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Technology</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">6</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,415,010</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">3,903,320</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Less: Accumulated amortization</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(19,467</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Intangible assets, net</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;">3,883,853</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> </table>

P7Y

588710

P15Y

899600

P6Y

2415010

3903320

19467

3883853

19467

<table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:64.14%;box-sizing:content-box;"></td> <td style="width:1.48%;box-sizing:content-box;"></td> <td style="width:16.22%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.16%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Year Ending December 31, 2025</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">546,576</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Year Ending December 31, 2026</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">546,576</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Year Ending December 31, 2027</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">546,576</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Year Ending December 31, 2028</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">546,576</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Year Ending December 31, 2029</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">546,576</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Thereafter</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,150,973</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;">Total</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">3,883,853</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> </table>

546576

1150973

3883853

2700000

Capitalized deferred offering costs consisted of the following, as of December 14, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:80.444%;box-sizing:content-box;"></td> <td style="width:1.8%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.757%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 14, 2023</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">SPAC-related legal fees</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,973,077</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Investment bank advisory services</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">135,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Federal Trade Commission filing fees</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">125,020</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Total deferred offering costs capitalized</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">3,233,097</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table>

2973077

135000

125020

3233097

0.14

-31095029

-14406262

4458169

2401988

-6.97

-6

25661

14962

340783

230000

16571

4527613

104902

5245530

261533

467897

941737

0.0001

0.6147 100000000 64149

0.0001

538 34524065

0.0001

350000000

250000000

25000000

75000000

0.0001

8195163

0.0001

2024-12-18

0.0001

19600000

P10D 1.5 2.25

930558

11769501

0.0001

P2Y

11769501

19300805

209085

The preliminary fair value of the consideration transferred totaled $20,826,920 summarized as follows: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:80.444%;box-sizing:content-box;"></td> <td style="width:1.8%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.757%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Common stock issued to OpenReel Stockholders</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,526,115</td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Pre-Funded warrants issued to OpenReel Stockholders</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">19,300,805</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Preferred Stock issued to OpenReel Stockholder</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Total consideration paid</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">20,826,920</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table>

20826920

1526115

19300805

20826920

The following table summarizes the provisional purchase price allocation relating to the OpenReel Merger: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:80.58%;box-sizing:content-box;"></td> <td style="width:1.64%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.780000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Assets acquired:</td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Cash and cash equivalents</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">82,219</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Accounts receivable, net</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">865,562</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Prepaid expense and other current assets</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">103,343</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Property and equipment, net</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">3,607</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Intangible Assets - OpenReel - Customer relationships</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">588,710</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Intangible Assets - OpenReel - Trade name</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">899,600</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Intangible Assets - OpenReel - Technology</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">2,415,010</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> Total assets</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">4,958,051</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Liabilities assumed:</td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Accounts payable</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">330,602</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Accrued payroll</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">120,408</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Unearned revenue, current</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,726,846</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Accrued expenses and other current liabilities</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">222,581</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Unearned revenue, non-current</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">107,070</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Due to Parent</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">150,033</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> Total liabilities</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">3,657,540</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Total identifiable net assets</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">1,300,511</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Goodwill recorded:</td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Goodwill</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">19,526,409</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Total consideration</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">20,826,920</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table>

82219

865562

103343

3607

588710

899600

2415010

4958051

330602

120408

2726846

222581 107070 150033

3657540

1300511

19526409

20826920

P7Y

588710

P15Y

899600

P6Y

2415010

32000

10604538

12081328

2254010 2519147 21778659 20544964 -18061763 -4662025

-31489894

-15644808

2300000

0.0001

500000

2540092

67118

2024-09-23

2000000 100000

P30D

The performance obligations identified include access to the suite and platform, within the parameters established, and within the standards established in the agreement. Contracts include a standalone selling price for the number of webinars and hosts as a performance obligation. There are no financing components and payments are typically net 30 of date or receipt of invoice. It is nearly 100% certain that a significant revenue reversal will not occur. The Company recognizes revenue for its sale of Demio services over time which corresponds with the period of time that access to the service is provided.

The performance obligations identified include access to the suite and platform, within the parameters established, and within the standards established in the agreement. Contracts include a standalone selling price for the number of simultaneous published events as a performance obligation. There are no financing components and payments are typically net 30 of date or receipt of invoice. It is nearly 100% certain that a significant revenue reversal will not occur. The Company recognizes revenue for its sale of Reach services over time which corresponds with the timing the service is rendered.

The Company enters into fixed price subscription contracts with customers, which can be monthly, annual, or multi-year agreements which auto-renew without discount for additional periods of the same duration as the initial term, unless either party requests termination in writing at least thirty (30) days prior to the end of the initial service term. The subscription revenues are recognized ratably over the term of the service agreement, which is considered an output method, as the obligation of hosting the SaaS product is fulfilled over the course of the agreement. The Company does not charge for implementation or recognize any revenues upfront due to minimal effort required. There are no financing components and payments are typically net 30 of date of receipt of invoice, or typically net 90 date of receipt of invoice for customers on multi-year subscription agreement contracts. It is nearly 100% certain that a significant revenue reversal will not occur.

1 239000 375000

2564074

0.57

2677050

0.59

1492561

0.33

1511886

0.33

471244

0.10

372364

0.08

4527879

4561300

The Company receives payments from customers based upon agreed-upon contractual terms, typically within 30 days of invoicing the customer.

<table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:50.761%;box-sizing:content-box;"></td> <td style="width:1.121%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9.189%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.121%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9.189%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.121%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9.189%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.121%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9.189%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;"> </td> <td colspan="2" style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;">Opening Balance</td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;"> </td> <td colspan="2" style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;">Closing Balance</td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;"> </td> <td colspan="2" style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;">Opening Balance</td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;"> </td> <td colspan="2" style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;">Closing Balance</td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;"> </td> <td colspan="2" style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;">1/1/2024</td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;"> </td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;"> </td> <td colspan="2" style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;">12/31/2024</td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;"> </td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;"> </td> <td colspan="2" style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;">1/1/2023</td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;"> </td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;"> </td> <td colspan="2" style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;">12/31/2023</td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Accounts receivable, net</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;">$</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;text-align:center;">105,049</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;">$</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;text-align:center;">936,321</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;">$</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;text-align:center;">68,416</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;">$</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;text-align:center;">105,049</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> </tr> </table>

105049

936321

68416

105049

270335

299450

31504

51472

69737

242810 261075

51472

180141 200109

31504

8. Fair Value MeasurementsThe fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of and during the periods ended December 31, 2024 and the year ended December 31, 2023. The carrying amount of accounts payable approximated fair value as they are short term in nature.Fair Value on a Recurring BasisThe Company follows the guidance in ASC 820 Fair Value Measurements and Disclosures for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The estimated fair value of the Public Warrants liabilities represent Level 1 measurements. The estimated fair value of the convertible notes bifurcated embedded derivative liabilities, GEM warrant liabilities, Yorkville convertible note, SAFE, Agile term notes and 1800 Diagonal convertible notes represent Level 3 measurements. <div style="font-size:10pt;font-family:Times New Roman;">The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis at December 31, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:56.803%;box-sizing:content-box;"></td> <td style="width:1.261%;box-sizing:content-box;"></td> <td style="width:12.525%;box-sizing:content-box;"></td> <td style="width:1.261%;box-sizing:content-box;"></td> <td style="width:13.445%;box-sizing:content-box;"></td> <td style="width:1.261%;box-sizing:content-box;"></td> <td style="width:13.445%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Description</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">Level</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 31, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 31, 2023</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Assets:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Bifurcated embedded derivative asset - related party</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$63,000</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Definite-lived intangibles*</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$3,903,320</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Definite-lived intangibles**</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$3,883,853</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Goodwill - OpenReel (Note 5)*</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$19,526,409</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Goodwill**</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$18,972,475</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$2,171,526</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Liabilities:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Warrant liabilities - public</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">1</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$2,300</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$575,000</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">GEM warrant liabilities</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$15,000</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$641,000</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Yorkville convertible note</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$—</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$1,766,000</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Agile term notes</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$3,143,000</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">1800 Diagonal convertible notes</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$432,000</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$—</td> </tr> </table> * Certain assets measured at the acquisition date** Measured at year-end impairment testing</div> Warrant Liability - Public Warrants The Company assumed Public Warrants in the Merger, exercisable into 230,000 shares of Common A Common Stock, which were outstanding as of December 31, 2024 and December 31, 2023. The fair values of the Public Warrants are measured based on the listed market price of such warrants through December 31, 2024. See Note 15 - Warrant Liabilities for further details. As of December 31, 2024, the Company recognized a gain of approximately $572,700 resulting from changes in the fair value of the derivative warrant liabilities, presented as change in fair value of warrant liabilities - related party in the accompanying condensed consolidated statements of operations. <div style="font-size:10pt;font-family:Times New Roman;">The following tables set forth a summary of the changes in the fair value of the Public Warrants liability which are Level 1 financial liabilities that are measured at fair value on a recurring basis: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:80.444%;box-sizing:content-box;"></td> <td style="width:1.8%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.757%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Fair Value</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance at December 31, 2023</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">575,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in fair value</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(572,700</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance at December 31, 2024</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">2,300</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table></div> Warrant Liability - GEM Warrants The measurement of fair value of the GEM Warrants were determined utilizing a Monte Carlo simulation considering all relevant assumptions current at the date of issuance (i.e., share price, exercise price, term, volatility, risk-free rate, probability of dilutive term of three years, and expected time to conversion). Refer to Note 15 - Warrant Liabilities for further details. As of December 31, 2024, the Company recognized a gain of approximately $626,000, resulting from changes in the fair value of the derivative warrant liabilities, presented as change in fair value of warrant liabilities in the accompanying condensed consolidated statements of operations. <div style="font-size:10pt;font-family:Times New Roman;">The following tables set forth a summary of the changes in the fair value of the GEM Warrants liability which are Level 3 financial liabilities that are measured at fair value on a recurring basis: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:80.444%;box-sizing:content-box;"></td> <td style="width:1.8%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.757%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Fair Value</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance at December 31, 2023</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">641,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in fair value</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(626,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance at December 31, 2024</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">15,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table></div> Yorkville Convertible Notes The measurement of fair value of the Yorkville convertible notes were determined utilizing a Monte Carlo simulation considering all relevant assumptions current at the date of issuance (i.e., share price, term, volatility, risk-free rate, and probability of optional redemption). Refer to Note 14 - Debt for further details. As of December 31, 2024, the Company recognized a loss of approximately $693,000 resulting from changes in the fair value of the Yorkville convertible notes, presented as change in fair value of convertible promissory notes in the accompanying condensed consolidated statements of operations. <div style="font-size:10pt;font-family:Times New Roman;">The following tables set forth a summary of the changes in the fair value of the Yorkville convertible notes which is a Level 3 financial liability measured at fair value on a recurring basis: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:80.444%;box-sizing:content-box;"></td> <td style="width:1.8%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.757%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Fair Value</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance at December 31, 2023</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,766,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Issuance of Yorkville convertible note</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,250,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Loss on debt issuance</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">171,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Payment in shares to settle Yorkville convertible notes</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(4,130,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Repayment in cash of Yorkville convertible notes</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(750,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in fair value</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">693,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance at December 31, 2024</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table></div> Bifurcated Embedded Derivative Assets and LiabilitiesThe fair value of the embedded put options, relating to the Convertible Notes - Related Party, Convertible Notes, and Term and Convertible Notes (CP BF), was determined using a Black Scholes option pricing model. Estimating fair values of embedded conversion features requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. Because the embedded conversion features are initially and subsequently carried at fair values, the Company’s consolidated statements of operations will reflect the volatility in these estimate and assumption changes. On December 14, 2023, all outstanding principal and accrued interest, including the carrying value of any related embedded derivative, related to the Related Party Convertible Notes and Third Party Convertible Notes converted into the Company’s Class A Common Stock pursuant to the close of the Merger Agreement, terminating the embedded derivative. <div style="font-size:10pt;font-family:Times New Roman;">The following table sets forth a summary of the changes in the fair value of the bifurcated embedded derivative liabilities for the year ended December 31, 2023, related to the Related Party and Third Party Convertible Debt, respectively, which are Level 3 financial liabilities that are measured at fair value on a recurring basis: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:67.313%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.843%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.843%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="6" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Fair Value</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Related Party</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Third Party</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance at December 31, 2022</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,936,827</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">845,473</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Issuance of convertible notes with bifurcated embedded derivative</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,126,451</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">559,390</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in fair value</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(3,063,278</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(1,404,863</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance at December 31, 2023</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table></div>The fair value of the embedded put options, relating to the Convertible Note to CP BF issued on September 23, 2024, was determined using a Black Scholes option pricing model. Estimating fair values of embedded conversion features requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. Because the embedded conversion features are initially and subsequently carried at fair values, the Company’s consolidated statements of operations will reflect the volatility in these estimate and assumption changes. The bifurcated embedded derivative net asset was $63,000 as of December 31, 2024. Refer to Note 14 - Debt for further details. <div style="font-size:10pt;font-family:Times New Roman;">The following table sets forth a summary of the changes in the fair value of the bifurcated embedded derivative asset for the year ended December 31, 2024, relating to the Convertible Note to CP BF issued on September 23, 2024, which are Level 3 financial liabilities that are measured at fair value on a recurring basis: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:80.444%;box-sizing:content-box;"></td> <td style="width:1.8%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.757%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Fair Value</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">CP BF Convertible</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Issuance of convertible notes with bifurcated embedded derivative asset</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">12,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in fair value</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">51,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance at December 31, 2024</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">63,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table></div> Simple Agreements for Future Equity (SAFE)During 2021, the Company entered into Simple Agreements for Future Equity (SAFE) arrangements (the "SAFEs"). In the event of an Equity Financing (as defined in the SAFEs agreements), the SAFEs will automatically convert into shares of the Company’s common or preferred stock at a discount of 15% of the per share price of the shares offered in the Equity Financing (the “Discount Price”). In the event of a Liquidity Event, SPAC Transaction or Dissolution Event (all terms as defined in the SAFEs agreements), the holders of the SAFEs will be entitled to receive cash or shares of the Company’s common or preferred stock. The number of shares required to be issued to settle the SAFEs at the equity financing is variable, because that number will be determined by the discounted fair value of the Company's equity shares on the date of settlement (i.e., Discount Price). Regardless of the fair value of the shares on the date of settlement, the holder will receive a fixed monetary value based on the Purchase Amount of the SAFE. If there is a Liquidity Event or SPAC Transaction before the settlement or termination of the SAFEs, the SAFEs will automatically be entitled to receive a portion of Proceeds, due and payable immediately prior to, or concurrent with, the consummation of such Liquidity Event or SPAC Transaction, equal to the greater of (i) two times (2x) the Purchase Amount (the “Cash-Out Amount”) or (ii) the amount payable on the number of shares of Common Stock equal to the Purchase Amount divided by the Liquidity Price (as defined in the SAFEs agreements). Refer to Note 16 - Simple Agreements for Future Equity for additional information related to the Company's SAFEs.The fair value of the SAFEs was determined using a scenario-based method for the pre-modification SAFE's and a Monte Carlo simulation method for the post-modification SAFEs. The value of the SAFE liability as of December 31, 2023 is based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the SAFEs on the date of issuance was determined to be $3,836,000. On December 14, 2023, all outstanding principal related to the Third Party SAFEs and Related Party SAFEs converted into the Company’s Class A Common Stock pursuant to the close of the Merger Agreement. Upon the conversion described above, the SAFEs were $0 as of December 31, 2024 and December 31, 2023, respectively. Refer to Note 16 - Simple Agreements for Future Equity for further details.<div style="font-size:11pt;font-family:'Calibri',sans-serif;">The following tables set forth a summary of the activity of the Related Party and Third Party SAFE liabilities, respectively (See Note 16 - Simple Agreements for Future Equity for further detail), which represents a recurring fair value measurement at the end of the relevant reporting period: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:67.313%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.843%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.843%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="6" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Fair Value</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Related Party</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Third Party</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance at December 31, 2022</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">8,802,196</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">663,804</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in fair value</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(2,752,430</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(207,570</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Conversion on SAFEs</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(6,049,766</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(456,234</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance at December 31, 2023</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table></div> Term Notes (Agile)On July 22, 2024, September 13, 2024, and December 12, 2024, the Company entered into term loan promissory note agreements with Agile Lending, LLC, and Agile Capital Funding, LLC, as the collateral agent, as discussed further in Note 14 of the notes to the consolidated financial statements.Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2024. The Company classified the Agile Term Notes as a Level 3 fair value measurement and used a discounted cash flow model to calculate the fair values as of July 22, 2024, September 13, 2024, and December 12, 2024, respectively, and for each subsequent reporting period. Key inputs for the valuation are summarized below. The discounted cash flow model uses inputs such as the contractual term of the note and a market participant interest rate.<div style="font-size:10pt;font-family:Times New Roman;">The range of key inputs at issuance of the Agile term notes and for the period ended December 31, 2024, were as follows: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:24.925%;box-sizing:content-box;"></td> <td style="width:0.999%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.269%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:0.999%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:6.914000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:0.999%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:8.234%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:0.999%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:6.914000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:0.999%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:8.773%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:0.999%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9.972%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="6" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">July Agile Note</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="6" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">September Agile Note</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="6" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">December Agile Note</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Key Inputs</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">July 22, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 12, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">September 13, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 12, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 12, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 31, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Contractual term (years)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.55</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.48</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.43</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.61</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.56</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Interest rate</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">18.92</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">9.30</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">14.37</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">9.33</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">9.48</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">10.13</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> </table></div> Refer to Note 14 - Debt, for a summary of the changes in the fair value of the Agile term notes which is a Level 3 financial liability measured at fair value on a recurring basis. Convertible Notes (1800 Diagonal)On August 16, 2024, September 24, 2024, and December 10, 2024, the Company entered into convertible promissory notes with 1800 Diagonal Lending, LLC, as discussed further in Note 14 of the notes to the consolidated financial statements.Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2024. The Company classified the Notes as a Level 3 fair value measurement and used the Black-Scholes option pricing model to calculate the fair values as of August 16, 2024, September 24, 2024, and December 10, 2024, respectively and for each subsequent reporting period. Key inputs for the simulation are summarized below. The Black-Scholes simulation uses inputs such as the stock price, volatility, the contractual term of the note, risk free interest rates and dividend yields.<div>The range of key inputs for the Black-Scholes simulations at issuance of the 1800 Diagonal convertible notes and for the year ended December 31, 2024, were as follows: </div><div style="font-size:10pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:17.784%;box-sizing:content-box;"></td> <td style="width:1.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9.142%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.482000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:11.062000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:11.702%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:11.722%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9.802%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td colspan="6" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">August 1800 Diagonal Note</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="6" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">September 1800 Diagonal Note</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="6" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 1800 Diagonal Note</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Key Inputs</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">August 16, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 31, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">September 24, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 31, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 10, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 31, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Stock price</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">5.58</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1.53</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">8.24</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1.53</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2.05</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1.53</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Contractual term (years)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.84</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.46</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.86</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.59</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.86</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.80</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Risk-free rate</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">5.00</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">4.25</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">4.34</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">4.23</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">4.29</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">4.19</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Volatility(1)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">114</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">191</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">192</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">264</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">222</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">232</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Maturity probability</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">80</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">80</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">80</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">80</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">75</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">75</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Default probability</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">20</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">20</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">20</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">20</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">25</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">25</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Dividend yield</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.00</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.00</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.00</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.00</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.00</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.00</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> </table> (1) The Company utilized historical equity volatility in measurement of the fair value of the notes.</div> Refer to Note 14 - Debt, for a summary of the changes in the fair value of the 1800 Diagonal convertible notes which is a Level 3 financial liability measured at fair value on a recurring basis. Business Combination, including Definite-Lived Intangibles <div>The significant unobservable inputs used in our level 3 fair value measurement of business combinations, including definite-lived intangibles at the acquisition date (Note and 5) are as follows: </div><div> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:27.994%;box-sizing:content-box;"></td> <td style="width:2.999%;box-sizing:content-box;"></td> <td style="width:20.996%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:24.175%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.418%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.418%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Area</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">Valuation Techniques</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">Unobservable Input</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">2023</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Business Combination (Note 5)</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Various *</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Growth rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">5.8%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Weighted average cost of capital</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">13.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Internal rate of return</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">11.3%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> None</td> </tr> <tr style="background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Customer Relationship (Note 5)</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> Distributor method</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Long-term revenue growth rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">5.8%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Revenue growth attributable to exiting customers</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">50.0%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Existing customer attrition</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">20.0%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Distributor EBITA margin</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">7.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Contributory asset charges rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">0.9% - 1.4%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Weighted average cost of capital</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">13.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> None</td> </tr> <tr style="background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Trade name (Note 5)</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Relief-from-royalty method</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Long-term revenue growth rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">5.8%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Royalty rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">2.0%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Contributory asset charges rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">1.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Weighted average cost of capital</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">13.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Technology (Note 5)</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Multi-period excess earnings method</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Long-term revenue growth rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">5.8%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">R&D expense for new developed technology</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">12.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Developed technology obsolescence rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">30.0%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Contributory asset charges rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">0.2% - 2.3%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Weighted average cost of capital</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">13.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> </table> * Includes all of the valuation techniques for each of the fair valued assets above as of the acquisition date (Note 5) Goodwill The significant unobservable inputs used in our level 3 fair value measurement of goodwill as of our annual impairment assessment date of December 31, 2024, are as follows (Notes 3 and 11): </div><div style="font-size:10pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:35.873%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.497%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:22.835%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.298%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.498%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Area</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">Valuation Techniques</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">Unobservable Input</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">2023</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Goodwill</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Discounted cash flow</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Long-term revenue growth rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">5.8%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Cost of sales as a percentage of revenue</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">13.9%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Gross profit margin</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">86.1%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Operating expenses as a percentage of revenue</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">49.5% - 74.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> EBITDA margin</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">11.6% - 36.6%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> EBITDA growth rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">3.0% - 45.9%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Weighted average cost of capital</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">13.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="white-space:pre-wrap;word-break:break-word;"> <td style="background-color:#cff0fc;padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#cff0fc;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Market - Guideline public company</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Revenue multiples</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> 2.9x - 3.10x</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Weighting</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">25.0% - 50.0%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="white-space:pre-wrap;word-break:break-word;"> <td style="background-color:#cff0fc;padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#cff0fc;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Market - Guideline transaction</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Revenue multiple</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> 3.25x</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> </table></div>

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis at December 31, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:56.803%;box-sizing:content-box;"></td> <td style="width:1.261%;box-sizing:content-box;"></td> <td style="width:12.525%;box-sizing:content-box;"></td> <td style="width:1.261%;box-sizing:content-box;"></td> <td style="width:13.445%;box-sizing:content-box;"></td> <td style="width:1.261%;box-sizing:content-box;"></td> <td style="width:13.445%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Description</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">Level</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 31, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 31, 2023</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Assets:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Bifurcated embedded derivative asset - related party</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$63,000</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Definite-lived intangibles*</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$3,903,320</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Definite-lived intangibles**</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$3,883,853</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$—</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Goodwill - OpenReel (Note 5)*</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$19,526,409</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Goodwill**</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$18,972,475</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$2,171,526</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Liabilities:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Warrant liabilities - public</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">1</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$2,300</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$575,000</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">GEM warrant liabilities</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$15,000</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$641,000</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Yorkville convertible note</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$—</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$1,766,000</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Agile term notes</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$3,143,000</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$—</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">1800 Diagonal convertible notes</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;">3</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$432,000</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">$—</td> </tr> </table> * Certain assets measured at the acquisition date** Measured at year-end impairment testing

63000

3903320 3883853

19526409

18972475

2171526

2300 575000 15000 641000

1766000

3143000

432000

230000

572700

626000

1766000

2250000 171000 -4130000

750000

693000

1936827

845473

1126451 559390

3063278

1404863

63000

12000

51000

63000

0.15

3836000

0 0

8802196 663804 -2752430 -207570 6049766 456234

0.55

0.48

0.43

0.61

0.56

18.92

9.3

14.37

9.33

9.48

10.13

5.58

1.53

8.24

1.53

2.05

1.53

0.84

0.46

0.86

0.59

0.86

0.8

4.25

4.34

4.23

4.29

4.19

114

191

192

264

222

232

The significant unobservable inputs used in our level 3 fair value measurement of business combinations, including definite-lived intangibles at the acquisition date (Note and 5) are as follows: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:27.994%;box-sizing:content-box;"></td> <td style="width:2.999%;box-sizing:content-box;"></td> <td style="width:20.996%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:24.175%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.418%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.418%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Area</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">Valuation Techniques</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">Unobservable Input</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">2023</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Business Combination (Note 5)</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Various *</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Growth rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">5.8%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Weighted average cost of capital</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">13.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Internal rate of return</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">11.3%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> None</td> </tr> <tr style="background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Customer Relationship (Note 5)</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> Distributor method</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Long-term revenue growth rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">5.8%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Revenue growth attributable to exiting customers</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">50.0%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Existing customer attrition</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">20.0%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Distributor EBITA margin</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">7.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Contributory asset charges rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">0.9% - 1.4%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Weighted average cost of capital</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">13.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> None</td> </tr> <tr style="background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Trade name (Note 5)</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Relief-from-royalty method</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Long-term revenue growth rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">5.8%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Royalty rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">2.0%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Contributory asset charges rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">1.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Weighted average cost of capital</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">13.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Technology (Note 5)</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Multi-period excess earnings method</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Long-term revenue growth rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">5.8%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">R&D expense for new developed technology</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">12.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Developed technology obsolescence rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">30.0%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Contributory asset charges rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">0.2% - 2.3%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Weighted average cost of capital</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">13.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> </table> * Includes all of the valuation techniques for each of the fair valued assets above as of the acquisition date (Note 5) Goodwill The significant unobservable inputs used in our level 3 fair value measurement of goodwill as of our annual impairment assessment date of December 31, 2024, are as follows (Notes 3 and 11): <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:35.873%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.497%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:22.835%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.298%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.498%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Area</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">Valuation Techniques</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">Unobservable Input</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">2023</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Goodwill</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Discounted cash flow</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Long-term revenue growth rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">5.8%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Cost of sales as a percentage of revenue</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">13.9%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Gross profit margin</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">86.1%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Operating expenses as a percentage of revenue</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">49.5% - 74.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> EBITDA margin</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">11.6% - 36.6%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> EBITDA growth rate</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">3.0% - 45.9%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Weighted average cost of capital</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">13.5%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="white-space:pre-wrap;word-break:break-word;"> <td style="background-color:#cff0fc;padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#cff0fc;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Market - Guideline public company</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Revenue multiples</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> 2.9x - 3.10x</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Weighting</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">25.0% - 50.0%</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> <tr style="white-space:pre-wrap;word-break:break-word;"> <td style="background-color:#cff0fc;padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#cff0fc;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="background-color:#ffffff;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Market - Guideline transaction</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> Revenue multiple</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> 3.25x</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">None</td> </tr> </table>

0.058

0.135

0.113

0.058

0.50

0.20

0.075

0.009

0.014

0.135

0.058

0.02

0.015

0.135

0.058

0.125

0.30

0.002

0.023

0.135

0.058

0.139

0.861

0.495

0.745

0.116

0.366

0.03

0.459

0.135

0.029

0.031

0.25

0.50

0.0325

34474

30867

30935

26223

3539

4644

4712

7160

31504 51472 239041 364384

130345

17661

76767 120332 59855 29887

29133

11074

26690 26224 3125 53124

47214

66997

643674

741155

The following is a summary of goodwill by reportable segment as of and for the years ended December 31, 2024 and 2023: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:58.528%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.918000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.42%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.918000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.3%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.918000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Banzai Operating Co.</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">OpenReel</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Consolidated</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Goodwill - December 31, 2023</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,171,526</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,171,526</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Additions to goodwill (Note 5)</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:center;">19,526,409</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">19,526,409</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Accumulated impairment losses</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Impairment</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(2,725,460</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(2,725,460</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Goodwill - December 31, 2024</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">2,171,526</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">16,800,949</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">18,972,475</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table>

2171526

19526409

2725460

2171526

16800949

18972475

2700000

2419829 1511889 452508 314873 315764 2694439 223717 223717 207970 185504 51308 37765 46759 22110

54102

173163

149841

3891018

5194240

1214096

930436

1214096

930436

4362730 4781924 -1214096 -930436 -3091333 -3567828 2663230

3934627

1214096

117643

4052270

1214096

14. DebtConvertible NotesConvertible Notes - Related PartyOn March 21, 2022, the Company issued a subordinated convertible promissory note (“Old Alco Note”) for a principal sum of $2,000,000 to Alco Investment Company (“Alco”), a related party. Alco held approximately 5% of the issued equity of the Company, through its ownership of Series A preferred stock. The Old Alco Note bore interest at a rate of 15% per annum until exchanged. The outstanding principal and accrued interest were due and payable on December 31, 2023 (“Original Maturity Date”), provided that, Alco could elect to extend the Original Maturity Date up to two times by additional 12-month increments by delivering written notice to the Company prior to the Original Maturity Date of such election. The outstanding principal and interest under the Old Alco Note was, at the Holder’s election, either (i) effective upon the closing of an Equity Financing (as defined in the agreement), to be converted into shares of the same series of preferred stock of the Company issued to other investors in the Equity Financing (the “Equity Financing Securities”) at a conversion price equal to 85% of the price per share of Equity Financing Securities paid by the other investors in the Equity Financing, with any resulting fraction of a share rounded to the nearest whole share (with 0.5 being rounded up) (the “Conversion Option”) or (ii) immediately prior to the closing of an Equity Financing, become due and payable in cash.The embedded redemption put feature upon an Equity Financing is not clearly and closely related to the debt host instrument, was separated from the debt host and initially measured at fair value. Subsequent changes in fair value of the feature are recognized in the Consolidated Statement of Operations. The fair value (see Note 8 - Fair Value Measurements) of the bifurcated derivative liability was estimated utilizing the with and without method which uses the probability weighted difference between the scenarios with the derivative and the plain vanilla maturity scenario without a derivative.Discounts to the principal amounts were included in the carrying value of the Old Alco Note and amortized to interest expense over the remaining term of the underlying debt. During 2022, the Company recorded a $151,000 debt discount upon issuance of the Old Alco Note. For the year ended December 31, 2022, interest expense on the Old Alco Note totaled $124,621, comprised of $100,274 of contractual interest and $24,347 for the amortization of the discount. The effective interest rate was 20% prior to the exchange of the Old Alco Note as noted below.On July 19, 2022, the Company and Alco entered into an exchange agreement whereby Alco and the Company agreed to the cancellation of the Old Alco Note in exchange for the issuance of a new subordinated convertible promissory note in the principal amount of $2,101,744 (representing the principal amount plus accrued interest under the Old Alco Note) (the "New Alco Note”). In accordance with ASC 470 Debt, the Company treated the Old Alco Note as extinguished and recognized a loss on debt extinguishment of $56,653, determined by the sum of the fair value of the New Alco Note in excess of the carrying value of the Old Alco Note less the bifurcated embedded derivative liability at the time of the modification. Between July and September 2022, the Company issued additional subordinated convertible notes (together with the New Alco Note, the “2022 Related Party Convertible Notes”) for an aggregate amount of $4,200,538 to related parties Alco, Mason Ward and DNX. Between March and September 2023, the Company issued additional subordinate convertible notes (together with the 2022 Related Party Convertible Notes, the "Related Party Convertible Notes”) for an aggregate amount of $2,583,000 to related parties Alco, Mason Ward, DNX and William Bryant. DNX held in excess of 5% of the issued equity of the Company, through its ownership of Series A preferred stock. William Bryant will become a member of the Board of Directors upon completion of the Merger. The Related Party Convertible Notes bear interest at a rate of 8% per annum, and are convertible into the same series of capital stock of the Company to be issued to other investors upon a Qualified Financing (as defined in the agreement) at a conversion price equal to the lesser of (i) 80% of the per share price paid by the cash purchasers of such Qualified Financing Securities (as defined in the agreement) in the Qualified Financing, or (ii) the conversion price obtained by dividing $50,000,000 by the Fully Diluted Capitalization (as defined in the agreement). If not sooner converted or prepaid, the Convertible Notes are payable no later than the earlier of (a) the written demand by the holders of a majority-in-interest of the Notes then outstanding on or after September 1, 2023, (b) consummation of a Liquidity Event (as defined in the agreement), or (c) the written demand by the Majority Holders (as defined in the agreement) after an Event of Default (as defined in the agreement) has occurred. In the event of a Liquidity Event (as defined below) while this Note is outstanding, immediately prior to the closing of such Liquidity Event and in full satisfaction of this Note, an amount equal to the greater of (a) the Outstanding Amount, or (b) two times (2x) the principal amount of this Note then outstanding shall become immediately due and payable in cash. The embedded redemption put feature upon an Equity Financing and the optional redemption upon a Liquidity Event at a substantial premium are not clearly and closely related to the debt host instrument, were separated and bundled together, assigned probabilities of being affected and initially measured at fair value. Subsequent changes in fair value of the feature will be recognized in the Consolidated Statement of Operations. The fair value of the bifurcated derivative liability was estimated utilizing the with and without method which uses the probability weighted difference between the scenarios with the derivative and the plain vanilla maturity scenario without a derivative (see Note 8 - Fair Value Measurements).Discounts to the principal amounts are included in the carrying value of the Related Party Convertible Notes and amortized to interest expense over the contractual term of the underlying debt. During the year ended December 31, 2023, the Company recorded a $1,126,451 debt discount upon issuance of additional Related Party Convertible Notes. For the year ended December 31, 2023, interest expense on the Related Party Convertible Notes totaled $2,307,013, comprised of $464,071 of contractual interest and $1,842,942 for the amortization of the discount. March 2023 AmendmentIn March 2023, the Related Party Convertible Notes were amended to extend the maturity to December 31, 2023. The Company evaluated the terms of the First Amendment in accordance with ASC 470-60, Troubled Debt Restructurings, and ASC 470-50, Debt Modifications and Extinguishments. The Company determined that the Company was granted a concession by the lender based on the decrease of the effective borrowing rate on the First Amendment. Accordingly, the Company accounted for the First Amendment as a troubled debt restructuring. As a result, the Company accounted for the troubled debt restructuring by calculating a new effective interest rate for the First Amendment based on the carrying amount of the debt and the present value of the revised future cash flow payment stream. The troubled debt restructuring did not result in recognition of a gain or loss in the consolidated statement of operations but does impact interest expense recognized in the future.Conversion of Related Party Convertible Notes On December 14, 2023, all outstanding principal and accrued interest, net of the remaining debt discount, related to the Related Party Convertible Notes, totaling $7,271,368 converted into 22,929 shares the Company’s Class A Common Stock pursuant to the close of the Merger Agreement and application of the exchange ratio.Convertible Notes - Third PartyBetween July and September 2022, the Company issued additional subordinated convertible notes (the “2022 Third Party Convertible Notes”) for an aggregate amount of $1,761,206 to third-party creditors. Between March and September 2023, the Company issued additional subordinate convertible notes (together with the 2022 Third Party Convertible Notes, the "Third Party Convertible Notes”) for an aggregate amount of $1,435,000 to third-party creditors. The Third Party Convertible Notes bear interest at a rate of 8% per annum, and are convertible into the same series of capital stock of the Company to be issued <div style="font-size:10pt;font-family:Times New Roman;">to other investors upon a Qualified Financing (as defined in the agreement) at a conversion price equal to the lesser of (i) 80% of the per share price paid by the cash purchasers of such Qualified Financing Securities (as defined in the agreement) in the Qualified Financing, or (ii) the conversion price obtained by dividing $50,000,000 by the Fully Diluted Capitalization (as defined in the agreement). If not sooner converted or prepaid, the Convertible Notes are payable no later than the earlier of (a) the written demand by the holders of a majority-in-interest of the Notes then outstanding on or after September 1, 2023, (b) consummation of a Liquidity Event (as defined in the agreement), or (c) the written demand by the Majority Holders (as defined in the agreement) after an Event of Default (as defined in the agreement) has occurred. In the event of a Liquidity Event (as defined below) while this Note is outstanding, immediately prior to the closing of such Liquidity Event and in full satisfaction of this Note, an amount equal to the greater of (a) the Outstanding Amount, or (b) two times (2x) the principal amount of this Note then outstanding shall become immediately due and payable in cash. </div>The embedded redemption put feature upon an Equity Financing and the optional redemption upon a Liquidity Event at a substantial premium are not clearly and closely related to the debt host instrument, were separated and bundled together, assigned probabilities of being affected and initially measured at fair value. Subsequent changes in fair value of the feature will be recognized in the Consolidated Statement of Operations. The fair value of the bifurcated derivative liability was estimated utilizing the with and without method which uses the probability weighted difference between the scenarios with the derivative and the plain vanilla maturity scenario without a derivative (see Note 8 - Fair Value Measurements).Discounts to the principal amounts are included in the carrying value of the Third Party Convertible Notes and amortized to interest expense over the contractual term of the underlying debt. During the year ended December 31, 2023, the Company recorded a $559,390 debt discount upon issuance of additional Third Party Convertible Notes. For the year ended December 31, 2023, interest expense on the Third Party Convertible Notes totaled $1,063,093, comprised of $188,059 of contractual interest and $875,034 for the amortization of the discount. March 2023 AmendmentIn March 2023, the 2022 Related Party Convertible Notes were amended to extend the maturity to December 31, 2023. The Company evaluated the terms of the First Amendment in accordance with ASC 470-60, Troubled Debt Restructurings, and ASC 470-50, Debt Modifications and Extinguishments. The Company determined that the Company was granted a concession by the lender based on the decrease of the effective borrowing rate on the First Amendment. Accordingly, the Company accounted for the First Amendment as a troubled debt restructuring. As a result, the Company accounted for the troubled debt restructuring by calculating a new effective interest rate for the First Amendment based on the carrying amount of the debt and the present value of the revised future cash flow payment stream. The troubled debt restructuring did not result in recognition of a gain or loss in the consolidated statement of operations but does impact interest expense recognized in the future.Conversion of Third Party Convertible Notes On December 14, 2023, all outstanding principal and accrued interest, net of the remaining debt discount, related to the Third Party Convertible Notes, totaling $3,346,232 converted into 10,598 shares the Company’s Class A Common Stock pursuant to the close of the Merger Agreement and application of the exchange ratio. <div style="font-size:10pt;font-family:Times New Roman;">The following table presents the Related Party and Third Party Convertible Notes, respectively, as of December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:67.313%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.843%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.843%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;"> </td> <td colspan="2" style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;">Related Party</td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;"> </td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;"> </td> <td colspan="2" style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;">Third Party</td> <td style="padding-top:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Face value of the convertible notes</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;">$</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;text-align:center;">6,783,538</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;">$</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;text-align:center;">3,196,206</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Debt discount, net</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;text-align:center;">(131,867</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;">)</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;text-align:center;">(83,688</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Carrying value of the convertible notes</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;text-align:center;">6,651,671</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;text-align:center;">3,112,518</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Accrued interest</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;text-align:center;">619,697</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;text-align:center;">233,714</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Conversion of convertible notes</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;text-align:center;">(7,271,368</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;">)</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;text-align:center;">(3,346,232</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Total convertible notes and accrued interest</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;">$</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;">$</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;"> </td> </tr> </table></div> Promissory Notes Promissory Notes - Related PartyOn August 30, 2023, the Company issued a subordinate promissory note (“Alco August Promissory Note”) in the aggregate principal amount of $150,000 to Alco Investment Company, a related party. Alco held its ownership of over 10% of the issued equity of the Company, through its ownership of Series A preferred stock. The Alco August Promissory Note bears interest at a rate of 8% per annum. The outstanding principal and accrued interest are due and payable on April 29, 2024. The Company recorded a $3,711 debt discount upon issuance of the Alco August Promissory Note. For the year ended December 31, 2024, interest expense on the Alco August Promissory Note totaled $11,284, comprised of $8,022 of contractual accrued interest and $3,261 for the amortization of the discount. For the year ended December 31, 2023, interest expense on the Alco August Promissory Note totaled $4,494, comprised of $4,044 of contractual accrued interest and $450 for the amortization of the discount. As of December 31, 2024 the Alco August Promissory Note was converted in full (see below). As of December 31, 2023, $150,000 of principal and $4,044 of accrued interest was outstanding under the Alco August Promissory Note recorded in note payable - related party, net of discount on the consolidated balance sheets. On September 13, 2023, the Company issued a subordinate promissory note (“Alco September Promissory Note”) in the aggregate principal amount of up to $1,500,000 to Alco Investment Company, a related party. The Alco September Promissory Note bears interest at a rate of 8% per annum. The outstanding principal and accrued interest were due and payable on September 30, 2024, however the due date was extended and the debt subsequently settled (see below). The Company recorded $8,588 of debt issuance costs and a $638,808 debt discount upon issuance of the Alco September Promissory Note, relating to the share transfer agreements, see below. For the year ended December 31, 2024, interest expense on the Alco September Promissory Note totaled $283,188, comprised of $92,822 of contractual accrued interest and $190,366 for the amortization of the discount. For the year ended December 31, 2023, interest expense on the Alco September Promissory Note totaled $478,815, comprised of $30,575 of contractual accrued interest and $448,240 for the amortization of the discount. As of December 31, 2024 the Alco September Promissory Note was converted in full (see below). As of December 31, 2023, $1,500,000 of principal and $30,575 of accrued interest was outstanding under the Alco September Promissory Note recorded in note payable - related party, net of discount on the consolidated balance sheets. On November 16, 2023, the Company issued a subordinate promissory note (“Alco November Promissory Note”) in the aggregate principal amount of up to $750,000 to Alco Investment Company, a related party. The Alco November Promissory Note bears interest at a rate of 8% per annum. The outstanding principal and accrued interest were due and payable on April 13, 2024, however the due date was extended and the debt subsequently settled (see below). The Company recorded a $363,905 debt discount upon issuance of the Alco November Promissory Note relating to the share transfer agreements, see below. For the year ended December 31, 2024, interest expense on the Alco November Promissory Note totaled $321,189, comprised of $43,891 of contractual accrued interest and $277,298 for the amortization of the discount. For the year ended December 31, 2023, interest expense on the Alco November Promissory Note totaled $94,005, comprised of $7,397 of contractual accrued interest and $86,608 for the amortization of the discount. As of December 31, 2024 the Alco November Promissory Note was converted in full (see below). As of December 31, 2023, $750,000 of principal and $7,397 of accrued interest was outstanding under the Alco November Promissory Note recorded in note payable - related party, net of discount on the consolidated balance sheets. On December 13, 2023, the Company issued a subordinate promissory note (“Alco December Promissory Note”) in the aggregate principal amount of up to $2,000,000 to Alco Investment Company, a related party. The Alco December Promissory Note bears interest at a rate of 8% per annum. The outstanding principal and accrued interest are due and payable on December 31, 2024. The Company recorded a $1,496,252 debt discount upon issuance of the Alco December Promissory Note, relating to the share transfer agreements, see below. For the year ended December 31, 2024, interest expense on the Alco December Promissory Note totaled $936,941, comprised of $117,040 of contractual accrued interest and $819,901 for the amortization of the discount. For the year ended December 31, 2023, interest expense on the Alco December Promissory Note totaled $39,087, comprised of $7,890 of contractual accrued interest and $31,197 for the amortization of the discount. As of December 31, 2024 the Alco December Promissory Note was converted in full (see below). As of December 31, 2023, $2,000,000 of principal and $7,890 of accrued interest was outstanding under the Alco December Promissory Note recorded in note payable – related party, net of discount on the consolidated balance sheets.In connection with the issuances of the Alco September, November, and December Promissory Notes, the Company, 7GC and the Sponsor entered into share transfer agreements (the “Alco Share Transfer Agreements”) with Alco Investment Company. Pursuant to which for each $10.00 in principal borrowed under the Alco September and November Promissory Notes, the Sponsor agreed to forfeit one share of 7GC Class B Common Stock held by the Sponsor, in exchange for the right of Alco to receive one New Banzai Class A Share. For each $10.00 in principal borrowed under the December Note, the Sponsor agreed to forfeit three shares of 7GC Class B Common Stock held by the Sponsor, in exchange for the right of Alco to receive three New Banzai Class A Shares. Such forfeited and issued shares under the Alco September, November, and December Promissory Notes are capped at an amount equal to 150,000, 75,000, and 600,000, respectively. Pursuant to the Alco Share Transfer Agreements, the shares are subject to an 180-day lock-up period upon issuance of the shares. For the Alco Share Transfer Agreements, the Company considered the guidance under ASC 815, Derivatives and Hedging, and determined that the Investor Shares underlying each of the Share Transfer Agreements described above, met the definition of a freestanding financial instrument and are not precluded from being considered indexed to the Company’s common stock. The Company determined that these shares represent a freestanding equity contract issued to the lender, resulting in a discount recorded on the notes when they are issued. Equity-classified contracts are initially measured at fair value (or allocated value). Subsequent changes in fair value are not recognized if the contracts continue to be classified in equity. The measurement of fair value was determined utilizing various put option models in estimating the discount lack of marketability (the “DLOM”) applied to the public share price as the shares underlying each of the Share Transfer Agreements are subject to a lock-up period pursuant to each agreement, to estimate the fair value of the shares transferred. Option pricing models assume that the cost to purchase a stock option relates directly to the measurement of the DLOM. The logic behind these models is that investors may be able to quantify this price risk, due to lack of marketability, over a particular holding period where price volatility is usually estimated as a proxy for risk. The inputs and assumptions utilized in the fair value estimation included the Company’s stock price on the measurement date, a DLOM as described above, the number of shares pursuant to each Share Transfer Agreement, and a probability weighted factor for the Company’s expected percentage of completing its Business Combination, at each Share Transfer Agreement date. For the Alco September Promissory Note, of which $1,000,000 was drawn on September 13, 2023, the DLOM was estimated using the put option models described above and the following assumptions: a holding period for the shares of 272 days (approximately 0.77 years) measured from the date of issuance of the $1,000,000 of proceeds under the September Note through the issuance of the shares under the Alco October Share Transfer Agreement on December 14, 2023 at which time the 180-day lock-up period commenced; a re-levered equity volatility estimated using guideline public companies of 54.0%; and a risk-free rate commensurate with the term of 5.3%. The put option models provided a DLOM range of 10.7% to 16.0% and the concluded DLOM was estimated to be 12.5%. The Company’s expected percentage of completing the Merger on this date was 80%. For the remaining $500,000 drawn on the Alco September Promissory Note on October 3, 2023, the DLOM was estimated using the put option models described above and the following assumptions: a holding period for the shares of 252 days (approximately 0.72 years) measured from the date of issuance of the remaining $500,000 of proceeds under the September Note through the issuance of the shares under the Alco October Share Transfer Agreement on December 14, 2023 at which time the 180-day lock-up period commenced; a re-levered equity volatility estimated using guideline public companies of 52.0%; and a risk-free rate commensurate with the term of 5.4%. The put option models provided a DLOM range of 10.0% to 15.0% and the concluded DLOM was estimated to be 11.5%. The Company’s expected percentage of completing the Merger on this date was 80%. For the Alco November Promissory Note, the DLOM was estimated using the put option models described above and the following assumptions: a holding period for the shares of 208 days (approximately 0.60 years) measured from the issuance date of the November Note through the issuance of the shares under the November 2023 Share Transfer Agreement on December 14, 2023 at which time the 180-day lock-up period commenced; a re-levered equity volatility estimated using guideline public companies of 54.0%; and a risk-free rate commensurate with the term of 5.2%. The put option models provided a DLOM range of 9.5% to 15.0% and the concluded DLOM was estimated to be 11.5%. The Company’s expected percentage of completing the Merger on this date was 100%. For the Alco December Promissory Note, the DLOM was estimated using the put option models described above and the following assumptions: a holding period for the shares of 180 days (approximately 0.49 years) measured from the issuance date of the December Note through the issuance of the shares under the December 2023 Share Transfer Agreement on December 14, 2023 at which time the 180-day lock-up period commenced; a re-levered equity volatility estimated using guideline public companies of 47.0%; and a risk-free rate commensurate with the term of 5.2%. The put option models provided a DLOM range of 7.5% to 12.0% and the concluded DLOM was estimated to be 9.0%. The Company’s expected percentage of completing its Business Combination on this date was 100%.April 2024 and May 2024 AmendmentOn April 18, 2024, the Company amended the Alco August Promissory Note and Alco November Promissory Note to extend the maturity dates of each note to May 31, 2024 (the "Alco April 2024 Amendment"). On May 30, 2024, both parties agreed to again amend the Alco August Promissory Note and Alco November Promissory Note to further amend the maturity date to the earlier of (a) August 29, 2024 or (b) the closing of the next transaction (an “Offering”) in which the Company sells any of its Common Stock for cash with net proceeds of $4,000,000 or greater or if the holder acquires Common Stock in an amount not less than the then outstanding balance of the Alco August Promissory Note and Alco November Promissory Note (the "Alco May 2024 Amendment"). The Company evaluated the terms of both the Alco April 2024 Amendment and Alco May 2024 Amendment (the "Alco 2024 Amendments") in accordance with ASC 470-60, Troubled Debt Restructurings, and ASC 470-50, Debt Modifications and Extinguishments. The Company determined that the Company was granted a concession by the lender based on the decrease of the effective borrowing rate on the Alco 2024 Amendments. Accordingly, the Company accounted for the Alco 2024 Amendments as troubled debt restructurings by calculating a new effective interest rate for the Alco 2024 Amendments based on the carrying amount of the debt and the present value of the revised future cash flows payment streams. The troubled debt restructurings did not result in recognition of a gain or loss in the consolidated statement of operations but does impact interest expense recognized in the future. September 2024 Alco Promissory Note Conversion and Settlement On September 19, 2024, the Company and Alco agreed to convert an aggregate balance of $4,711,681 of debt inclusive of principal and accrued interest, representing the aggregate total balance outstanding to Alco as of that date (excluding the carrying value of debt discounts), into 282,420 shares of Class A Common Stock, Warrants to purchase up to 1,331,340 shares of Class A Common Stock and Pre-Funded Warrants to purchase up to 1,048,920 shares of Class A Common Stock (collectively, the “Alco Securities”), and in full settlement of the balance outstanding to Alco. The Company recognized the issuance of the Alco Securities, on September 19, 2024, in full settlement of all amounts owing to Alco. The grant date fair value of the Class A Common Stock, Warrants to purchase shares of Class A Common Stock and Pre-Funded Warrants to purchase shares of Class A Common Stock, were determined to be $1,098,614, $3,687,812, and $4,080,194, respectively. As a result of this transaction, the Company recognized a loss on extinguishment of $4,808,882, as of September 23, 2024, which was recognized as loss on conversion and settlement of Alco promissory notes per the condensed consolidated statement of operations. Promissory Notes - 7GC The Company assumed two promissory notes in connection with the Merger which remained outstanding as of December 31, 2023. On February 9, 2024, the $2,540,091 balance was converted into 17,813 shares the Company’s Class A Common Stock pursuant to the terms in the 7GC Promissory Notes.Promissory Note - GEM On December 14, 2023, the Company and GEM Global Yield LLC SCS and GEM Yield Bahamas Limited (collectively, “GEM”) agreed to terminate in its entirety the GEM Agreement, pursuant to which GEM was to purchase from the Company shares of common stock having an aggregate value up to $100,000,000 and the Company was required to make and execute a warrant ("GEM Warrant"). The Company’s obligation to issue the GEM Warrant remained, granting GEM the right to purchase Class A Common Stock in an amount equal to 3% of the total number of equity interests outstanding as of the Closing, calculated on a fully diluted basis, at an exercise price on the terms and conditions set forth therein, in exchange for issuance of a $2.0 million convertible debenture with a five-year maturity and 0% coupon. Due to the determination of the final terms of the planned $2.0 million convertible debenture having not been finalized, nor the final agreement related to the convertible debenture having been executed, as of December 31, 2023, the Company recognized, concurrent with the close of the merger, a liability for the GEM commitment fee, along with a corresponding GEM commitment fee expense, in the amount of $2.0 million. On February 5, 2024, the Company and GEM entered into a settlement agreement (the “GEM Settlement Agreement”), pursuant to which (a) the Company and GEM agreed to (i) settle the Company’s obligations under and terminate the binding term sheet entered into between Legacy Banzai and GEM, dated December 13, 2023, and (ii) terminate the share repurchase agreement, dated May 27, 2022, by and among the Company and GEM, and (b) the Company (i) agreed to pay GEM $1.2 million in cash within three business days of the GEM Settlement Agreement and (ii) issued to GEM, on February 5, 2024, an unsecured promissory zero coupon note in the amount of $1.0 million, payable in monthly installments of $100,000 beginning on March 1, 2024, with the final payment to be made on December 1, 2024 (the “GEM Promissory Note”). The Company paid GEM the $1.2 million in cash in February 2024. The GEM Promissory Note provides that, in the event the Company fails to make a required monthly payment when due, the Company shall issue to GEM a number of shares of Class A Common Stock equal to the monthly payment amount divided by the VWAP of the Class A Common Stock for the trading day immediately preceding the applicable payment due date. In addition, the Company agreed to register on a registration statement 2,000,000 shares of Class A Common Stock that may be issuable under the terms of the GEM Promissory Note. The GEM Promissory Note contains customary events of default. If an event of default occurs, GEM may, at its option, demand from the Company immediate payment of any outstanding balance under the GEM Promissory Note. As of December 31, 2024, the Company has issued an aggregate of 190,001 shares of Class A Common Stock to GEM in lieu of monthly payment obligations and the remaining balance of the GEM Promissory Note as of December 31, 2024 is $215,057 recorded in the convertible notes line on the consolidated balance sheet. The Company notes the GEM Promissory Note is in default as the Company failed to make the required payments under the agreement. The remaining balance of $215,057 outstanding as of December 31, 2024 was settled in cash during Q1 2025 and there is no outstanding balance as of March 31, 2025.Convertible Promissory Notes (Yorkville) On December 14, 2023, in connection with and pursuant to the terms of its Standby Equity Purchase Agreement (“SEPA”) with YA II PN, LTD, a Cayman Islands exempt limited partnership managed by Yorkville Advisors Global, LP (“Yorkville”), (refer to Note 18 - Equity for further details), Yorkville agreed to advance to the Company, in exchange for convertible promissory notes, an aggregate principal amount of up to $3,500,000, $2,000,000 of which was funded at the Closing in exchange for the issuance by the Company of a Convertible Promissory Note (the “December Yorkville Convertible Note”). The Company received net proceeds of $1,800,000 after a non-cash original issue discount of $200,000. On February 5, 2024, the Company and Yorkville entered into a supplemental agreement (the “SEPA Supplemental Agreement”) to increase the amount of convertible promissory notes allowed to be issued under SEPA by $1,000,000 (the “Additional Pre-Paid Advance Amount”), for an aggregate principal amount of $4,500,000 to be advanced by Yorkville to the Company in the form of convertible promissory notes. On February 5, 2024 in exchange for a promissory note in the principal amount of $1,000,000 (the “February Yorkville Promissory Note”), with the same terms as the December Yorkville Convertible Note, the Company received net proceeds of $900,000 after an original issue discount of $100,000. On March 26, 2024, the Company, in exchange for a convertible promissory note with a principal amount of $1,500,000 (the "March Yorkville Promissory Note" and, together with the December Yorkville Convertible Note and February Yorkville Promissory Note the" Yorkville Promissory Notes"), received net proceeds of $1,250,000 after an original issue discount of $250,000 from Yorkville. On May 3, 2024, the Company and Yorkville entered into a Debt Repayment Agreement (the “Original Debt Repayment Agreement”) with respect to the Yorkville Promissory Notes. Under the Original Debt Repayment Agreement, Yorkville agreed that, upon completion of a Company registered offering and repayment of an aggregate $2,000,000 outstanding under the Yorkville Promissory Notes (the “Original Repayment Amount”), Yorkville would not deliver to the Company any Investor Notice (as defined in the SEPA) and would not exercise its right to convert the remainder of the amount outstanding under the Promissory Notes for a period commencing on the date of the closing of the offering and ending on the date that is 90 days thereafter. Under the Original Debt Repayment Agreement, the Company and Yorkville also agreed to extend the maturity date of the Promissory Notes to the date that is 120 days after the closing of the offering and to satisfy the $200,000 payment premium due in connection with an early redemption through the issuance of an Advance Notice (as defined in the SEPA) for shares of the Company’s Class A common stock, par value $0.0001 per share. The Debt Repayment Agreement was conditioned on the completion of the offering by June 2, 2024. On May 22, 2024, the Company and Yorkville entered into an Amended and Restated Debt Repayment Agreement (the “Amended Debt Repayment Agreement”) with respect to the Yorkville Promissory Notes, which amends and restates the Original Debt Repayment Agreement. Under the Amended Debt Repayment Agreement, Yorkville has agreed that, upon completion of a registered offering and repayment of an aggregate $750,000 outstanding under the Yorkville Promissory Notes (the “Amended Repayment Amount”), Yorkville will not deliver to the Company any Investor Notice (as defined in the SEPA) and will not exercise its right to convert the remainder of the amount outstanding under the Promissory Notes for a period commencing on the date of the closing of the offering and ending on the date that is 90 days thereafter (the “Stand-still Period”); provided that the Company will seek any consents necessary to allow Yorkville to issue Investor Notices or exercise its right to convert the remainder of the amount outstanding under the Promissory Notes after a period of 60 days following the closing of the offering. Under the Amended Debt Repayment Agreement, the Company and Yorkville also agreed to extend the maturity date of the Promissory Notes to the date that is 120 days after the closing of the offering and to satisfy the $75,000 payment premium due in connection with an early redemption through the issuance of an Advance Notice for shares of Class A Common Stock (the “Q2 Prepayment Premium”). The Amended Debt Repayment Agreement was conditioned on the completion of the offering by May 29, 2024, which condition was satisfied upon the closing of the offering on May 28, 2024 (the "May 2024 Offering"). Pursuant to the terms of the Amended Repayment Agreement, the Company made a cash principal payment of $750,000 on May 31, 2024 (the “Repayment Date”), and issued an Advance Notice for the purchase of 12,000 shares of Class A Common Stock (the “Premium Advance Shares”) (representing the number of shares the Company reasonably believed would be sufficient to result in net proceeds of $75,000 as of the Repayment Date) (the “Premium Advance”). The total purchase price for the Premium Advance was $110,040, of which $75,000 was applied in satisfaction of the Payment Premium, and the remaining $35,040 was paid by Yorkville to the Company in cash (the “Cash Surplus”). The Premium Advance Shares were recorded at fair value totaling $115,800 on the Repayment Date, and the excess of fair value over the Cash Surplus was recorded to the consolidated statement of operations in line Yorkville prepayment premium expense. On September 20, 2024, the Company entered into a Floor Price Reduction Agreement (the “Floor Price Reduction Agreement”) with Yorkville. The Company and Yorkville, pursuant to the Floor Price Adjustment Agreement, agreed to amend and restate the prior repayment agreements such that the outstanding principal under the Amended Debt Repayment Agreement was reduced to $0.7 million, with no remaining interest, the floor price, as described in the Outstanding Promissory Notes, was adjusted to $2.00, and the maturity date for the Outstanding Promissory Notes is extended by 120 days to January 17, 2025. The Yorkville Promissory Notes have a maturity date (as modified by the Floor Price Reduction Agreement) of January 17, 2025, and accrue interest at 0% per annum, subject to an increase to 18% per annum upon events of default as defined in the agreement. As of December 31, 2024, no events of default have occurred. Yorkville has the right to convert any portion of the outstanding principal into shares of Class A common stock at any time subsequent to the Stand-still Period through maturity. The number of shares issuable upon conversion is equal to the amount of principal to be converted (as specified by Yorkville) divided by the Conversion Price (as defined in the Standby Equity Purchase Agreement disclosure in Note 18). Yorkville will not have the right to convert any portion of the principal to the extent that after giving effect to such conversion, Yorkville would beneficially own in excess of 9.99% of the total number of shares of Class A common stock outstanding after giving effect to such conversion. Additionally, the Company, at its option, shall have the right, but not the obligation, to redeem early a portion or all amounts outstanding under the Promissory Notes at a redemption amount equal to the outstanding principal balance being repaid or redeemed, plus a 10% prepayment premium, plus all accrued and unpaid interest; provided that (i) the Company provides Yorkville with no less than ten trading days’ prior written notice thereof and (ii) on the date such notice is issued, the VWAP of the Class A common stock is less than the Fixed Price. Upon the occurrence of certain triggering events, as defined in the Yorkville Promissory Notes agreement (each an "Amortization Event"), the Company may be required to make monthly repayments of amounts outstanding under the Yorkville Promissory Notes, with each monthly repayment to be in an amount equal to the sum of (x) $1,000,000, plus (y) 10% in respect of such amount, and (z) all outstanding accrued and unpaid interest as of each payment date. During January 2024, the Company’s stock price per share fell below the then in effect Floor Price (as defined in the Standby Equity Purchase Agreement disclosure in Note 15) of $2.00 for five trading days during a period of seven consecutive trading days (an Amortization Event under the terms of the December Yorkville Convertible Note agreement), thus triggering amortization payments under the terms of the December Yorkville Convertible Note. On January 24, 2024, Yorkville agreed to waive the Amortization Event trigger, prior to the date upon which any amortization payment would have been required. As discussed in the definitions below, the Floor Price was reset on February 14, 2024, in conjunction with the effective date of the Company’s Registration Statement, at a price of $0.294 per share of Common Stock, thus curing the Amortization Event condition. During the year ended December 31, 2024, $2,000,000 of the full outstanding principal under the December Yorkville Convertible Note, respectively, was converted into 275,383 shares of Class A Common stock of the Company. During the year ended December 31, 2024, the full principal amount of $1,000,000 under the February Yorkville Promissory Note was converted into 28,910 Class A Common stock of the Company. During the year ended December 31, 2024, the full outstanding principal amount of $750,000 under the March Yorkville Promissory Note was converted into 149,863, Class A Common stock of the Company. As of December 31, 2024 and December 31, 2023, the principal amount outstanding under the Yorkville Promissory Notes was $0 and $2,000,000, respectively. During the year ended December 31, 2024, the Company recorded interest expense of $80,760 in connection with the Yorkville Promissory Notes, all of which was related to the Premium Advance. The Yorkville Promissory Notes are required to be measured at fair value pursuant to ASC 480 Distinguishing Liabilities from Equity ("ASC 480") at the date of issuances and in subsequent reporting periods, due to the variable share-settled feature described above in which, if converted, the value to be received by Yorkville fluctuates based on something other than the fair value of the Company’s common stock. The fair value of the Yorkville Promissory Notes as of December 31, 2024 and December 31, 2023 was $0 and $1,766,000, respectively. The Company used a Monte Carlo simulation model in order to determine the Yorkville Promissory Note’s fair value at December 31, 2023, with the following inputs: the fair value of the Company's common stock of $1.88 on December 31, 2023, estimated equity volatility of 71%, the time to maturity of 0.46 years, a discounted market interest rate of 14%, a risk free rate of 5.28%, and probability of optional redemption 10.0%. During the year ended December 31, 2024 and 2023, the Company recorded a loss of $693,000 and a gain of $34,000, respectively, related to the change in fair value of the Yorkville Promissory Notes liability, respectively. As of December 31, 2024, the full outstanding balances of the Yorkville Promissory Notes have been converted into the Company's Class A Common stock and repaid. Term and Convertible Notes (CP BF) - related partyDuring 2021, the Company entered into a loan agreement with CP BF Lending, LLC (“CP BF”) comprised of a Term Note and a Convertible Note. The Term Note bears cash interest at a rate of 14% per annum paid monthly and accrued interest payable-in-kind (“PIK”) cumulatively at 1.5% per annum. The outstanding principal balance of the Term Note together with accrued and unpaid interest thereon, unpaid fees and expenses and any other Obligations then due, shall be paid on February 19, 2025 (“Loan Maturity Date”). The Convertible Note accrues PIK interest cumulatively at a rate of 15.5% per annum, and is convertible into Class A Common Stock upon Qualified Financing (as defined in the agreement), upon a Change of Control (as defined in the agreement), upon Prepayment, or at Maturity at a fixed conversion price of $133.64 per unit. If not sooner converted or prepaid, the Convertible Note principal together with accrued and unpaid interest thereon, unpaid fees and expenses and any other Obligations then due, shall be paid on the Loan Maturity Date. Additionally, the Company may voluntarily prepay the Principal of the Loans, in accordance with their terms, in whole or in part at any time. On the date of any such prepayment, the Company will owe to Lender: (i) all accrued and unpaid Cash Interest with respect to the principal amount so prepaid through the date the prepayment is made; (ii) if such prepayment is prior to the twelve-month anniversary of the Closing Date, all unpaid interest (including for the avoidance of doubt, PIK Interest and Cash Interest) with respect to the principal amount so prepaid that would have been due and payable on or prior to the twelve-month anniversary of the Closing Date had the Loans remained outstanding until such twelve-month anniversary date (the “Yield Maintenance Premium”); (iii) the Exit Fee with respect to the principal amount so prepaid, calculated as 1.0% of the outstanding principal balance of the Loans, with only the portion of the principal balance so converted counted for purposes of determining the applicable Exit Fee; and provided further, that, in the event of a partial prepayment of the Loans, the Exit Fee shall be calculated on the principal amount so repaid and not on the entire outstanding principal balance thereof, and (iv) all other Obligations, if any, that shall have become due and payable hereunder with respect to the principal amount so prepaid.The Loan Agreement contains customary covenants, including restrictions on the Company’s ability to incur indebtedness, grant liens or security interest on assets, make acquisitions, loans, advances or investments, or sell or otherwise transfer assets, among others. The Loan Agreement also contains other financial covenants related to minimum gross profit margin, minimum ARR (Annual Recurring Revenue) growth rate, and fixed charge ratio, among other financial covenants per the terms of the Loan Agreement. The Loan Agreement is secured by a first-priority Lien (subject to Permitted Liens) on and security interest in the Collateral pursuant to the terms of the Collateral Documents. The Loan Agreement named Joseph Davy, CEO, as Guarantor, and per the term of the Loan Agreement, he is willing to guarantee the full payment, performance and collection of all of the Credit Parties’ obligations thereunder and under the Loan Agreement, all as further set forth therein.For all respective periods presented, the Company was not in compliance with the Minimum Gross Profit Margin covenant in section 7.14.1 of the Loan Agreement, the Minimum ARR Growth covenant in section 7.14.2 of the Loan Agreement, and the Fixed Charge Coverage Ratio covenant in section 7.14.3 of the Loan Agreement. As a result of the Company's noncompliance with the financial covenants, the entire principal amount and all unpaid and accrued interest will be classified as current on the Company's consolidated balance sheets.Upon the occurrence of an Event of Default, and at any time thereafter unless and until such Event of Default has been waived by CP BF or cured to the satisfaction of Lender, subject to the exercise of customary commercial underwriting standards in determining such satisfaction, Lender may, without notice or demand to the Credit Parties declare the unpaid principal of and any accrued interest shall be immediately due and payable. While the Company and the Lender are engaged in good faith discussions to resolve these matters, no agreement to resolve such matters has been reached and all of the Loans remain in default for the reasons stated above, and the Lender is not presently exercising remedies, which the Lender reserves the right to so do at any time.On February 19, 2021, the Company capitalized $310,589 and $71,674 of costs associated with the issuance of the Term Note and Convertible Notes, respectively, and amortizes these costs to interest expense over the term of the debt, using the effective interest method. The capitalized debt issuance costs are presented as a reduction of the carrying value of the Term Note and Convertible Notes.The embedded redemption put feature upon a Prepayment and Default Interest triggering events that are unrelated to the creditworthiness of the Company are not clearly and closely related to the debt host instrument, were separated and bundled together, as a derivative and assigned probabilities of being affected and initially measured at fair value in the amount of $3,000. Subsequent changes in fair value of the feature will be recognized as a gain or loss in the Consolidated Statement of Operations. The fair value of the bifurcated derivative liability was estimated utilizing the with and without method which uses the probability weighted difference between the scenarios with the derivative and the plain vanilla maturity scenario without a derivative (See Note 8 - Fair Value Measurements).On October 10, 2022 the Loan Agreement was amended, where CP BF waived payment by the Company of four months of cash interest with respect to the Term Note in replacement for a Convertible Note (“First Amendment Convertible Note”) in the principal amount of $321,345, which is not considered an Additional Loan as defined above. The First Amendment Convertible Note has the same features as the Convertible Note described above.The effective interest rate for the Term Note was 16% for the year ended December 31, 2024 and 2023. Discounts to the principal amounts, relating to the debt issuance costs and embedded features, are included in the carrying value of the Convertible Notes and amortized to interest expense over the remaining term of the underlying debt. For the year ended December 31, 2024, interest expense on the Term Note totaled $851,175, comprised of $772,550 of contractual interest and $78,625 for the amortization of the discount. For the year ended December 31, 2023, interest expense on the Term Note totaled $1,140,106, respectively, comprised of $1,058,230 of contractual interest and $81,876 for the amortization of the discount. The effective interest rate for the CP BF Convertible Note and First Amendment Convertible Note was 16% for the year ended December 31, 2024 and 2023. For the year ended December 31, 2024, interest expense on the Convertible Notes totaled $350,430 comprised of $325,818 of contractual interest and $24,612 for the amortization of the discount. For the year ended December 31, 2023, interest expense on the Convertible Notes totaled $422,507, comprised of $395,575 of contractual interest and $26,932 for the amortization of the discount. The Company utilizes a combination of scenario-based methods and Black-Scholes option pricing models to determine the average share count outstanding at conversion and the simulated price per share for the Company as of the valuation date. Key inputs into these models included the timing and probability of the identified scenarios, and for Black-Scholes option pricing models used for notes that included a valuation cap, equity values, risk-free rate and volatility. CP BF restructuring - related party On September 5, 2024, the Company entered into a side letter to the loan agreement with CP BF whereby the Company agreed to consolidate the Term Note, CP BF Convertible Note and First Amendment Convertible Note (combined the "Old CP BF Notes") into a single convertible note (the "2024 CP BF Convertible Note"). In accordance with ASC 470 Debt, the Company treated the Old CP BF Notes as extinguished and recognized a loss on debt extinguishment of $6,529,402, determined by the sum of the fair value of the 2024 CP BF Convertible Note, plus the fair value of the additional equity consideration given as part of the side letter and share purchase agreement, as discussed below, in excess of the carrying value of the Old CP BF Notes. After consideration of the below transactions it was determined CP BF is a related party as they own approximately 16% of the outstanding Class A Common Stock. In conjunction with the side letter, the Company agreed to issue to CP BF, 70,000 shares of the Company's Class A Common Stock. On September 23, 2024 the transaction was finalized and the Company issued the 2024 CP BF Convertible Note with a principal amount of $10,758,775. The outstanding principal balance of the 2024 CP BF Convertible Note together with accrued interest thereon, unpaid fees and expenses and any other Obligations then due, shall be paid on February 19, 2027 (“2024 Loan Maturity Date”). The 2024 CP BF Convertible Note accrues interest at a rate of 15.5% which interest shall be paid in kind monthly and is convertible at the holder's option at any time on or following the effectiveness of the first resale registration statement covering the applicable conversion shares at a fixed conversion price per share of $3.89. Upon the occurrence, and during the continuance, of an Event of Default (as defined in the agreement), interest on the 2024 CP BF Convertible Note will bear PIK interest at a per annum rate of 20% (“2024 Default Rate”). The Company may voluntarily prepay the principal of the 2024 CP BF Convertible Note, in accordance with their terms, in whole or in part at any time. On the date of any such prepayment, the Company will owe to Lender: (i) all accrued interest with respect to the principal amount so prepaid through the date the prepayment is made and (ii) the Exit Fee with respect to the principal amount so prepaid, calculated as 1.0% of the outstanding principal balance of the loans, with only the portion of the principal balance so converted counted for purposes of determining the applicable Exit Fee; and provided further, that, in the event of a partial prepayment of the loans, the Exit Fee shall be calculated on the principal amount so repaid and not on the entire outstanding principal balance thereof, and (iii) all other Obligations, if any, that shall have become due and payable hereunder with respect to the principal amount so prepaid. The 2024 CP BF Convertible Note obtain features that relate to the mandatory prepayment, either partially or in whole, upon certain contingent events. The embedded redemption put feature upon a Prepayment and Default Interest triggering events that are unrelated to the creditworthiness of the Company are not clearly and closely related to the debt host instrument, were separated and bundled together, as a derivative and assigned probabilities of being affected and initially measured at fair value in the amount of $12,000. Subsequent changes in fair value of the feature will be recognized as a gain or loss in the Consolidated Statement of Operations. The fair value of the bifurcated derivative asset was estimated utilizing the with and without method which uses the probability weighted difference between the scenarios with the derivative and the plain vanilla maturity scenario without a derivative (See Note 8 - Fair Value Measurements). For the year ended December 31, 2024, the fair value of the bifurcated derivatives totaled to $51,000. The Company recorded a gain related to the change in fair value of the bifurcated derivatives of $51,000 for the year ended December 31, 2024. In October 2024, CP BF exercised its optional conversion option in which it received 55,600 Class A Common Stock at the fixed conversion price per share of $3.89 in satisfaction of $216,284 of the Companies obligations under the 2024 CP BF Convertible Note. On September 23, 2024, the Company entered into a Securities Purchase Agreement (the “CP BF SPA”), a Registration Rights Agreement (the “CP BF RRA”), a Lock-Up Agreement (the “CP BF Lock Up”) and issued CP BF a Common Stock Purchase Warrant (the “CP BF Warrant”) and a Pre-Funded Warrant (the “CP BF Pre-Funded Warrant,” together with the CP BF SPA, CP BF RRA, CP BF Lock Up and CP BF Warrant, the “CP BF Transaction Documents”). Pursuant to the CP BF SPA, CP BF agreed to convert $2,000,000 in debt into 260,849 shares of Class A Common Stock, CP BF Warrants to purchase up to 565,553 shares of Class A Common Stock and CP BF Pre-Funded Warrants to purchase up to 304,704 shares of Class A Common Stock (all such securities and shares collectively referred to as the “CP BF Registrable Securities”). The CP BF Warrant can be exercised at an initial exercise price of $3.89 per share, subject to adjustment for a term of five years. The CP BF Pre-Funded Warrant will be exercisable at any time after the date of issuance at an exercise price of $0.0001. Neither warrant may be exercised if the holder, together with its affiliates, would beneficially own more than 19.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise. Both warrants may be exercised via cash or cashless exercise. Pursuant to the CP BF RRA, the Company agreed to file a registration statement to register the CP BF Registrable Securities and for the registration statement to become effective on or before December 9, 2024. Under the CP BF Lock-Up, the Company’s CEO, Joe Davy, agreed not to sell an aggregate of 2,311,143 shares of Class B Common Stock that he owns until such time as CP BF no longer owns any of the CP BF Registrable Securities. As further discussed in Note 18 - Equity, on September 24, 2024, the Company entered into a securities purchase agreement with an institutional investor for the issuance and sale in a private placement with gross proceeds to the Company of approximately $4.6 million. One of the contingent redemption features in the 2024 CP BF Convertible Note relates to the Company prepaying, either partially or in whole, the obligations in an aggregate amount upon the sale of the Company's capital stock equal to 20% of the cash proceeds in excess of $3,000,000. The Company paid a total of $283,315 of which satisfied outstanding principal under the 2024 CP BF Convertible Note. The effective interest rate for the 2024 CP BF Convertible Note was approximately 15.4% for the year ended December 31, 2024. For the year ended December 31, 2024, interest expense on the 2024 CP BF Convertible Note totaled $368,525 consisting of $369,459 of contractual interest offset by $934 of amortization of the debt premium. <div>The following table presents the 2024 CP BF Convertible Note as of December 31, 2024: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:80.444%;box-sizing:content-box;"></td> <td style="width:1.8%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.757%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Face value of the CP BF convertible notes</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">8,758,775</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Debt premium, net</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">11,066</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Carrying value of the CP BF convertible notes</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">8,769,841</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Accrued interest</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">369,459</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Prepayments made</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(283,315</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Conversions</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(216,284</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Total CP BF convertible notes and accrued interest</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">8,639,701</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table> The following table presents the Old CP BF convertible notes as of December 31, 2024:</div><div style="font-size:10pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:80.444%;box-sizing:content-box;"></td> <td style="width:1.8%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.757%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Face value of the CP BF convertible notes</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;">$</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;text-align:center;">1,821,345</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Debt discount, net</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;text-align:center;">(17,370</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Carrying value of the CP BF convertible notes</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;text-align:center;">1,803,975</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Accrued interest</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;text-align:center;">1,240,297</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Carrying value of the CP BF term note extinguished</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;text-align:center;">(3,044,272</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Total CP BF convertible notes and accrued interest</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;">$</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;"> </td> </tr> </table> The following table presents the Old CP BF convertible notes as of December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:80.444%;box-sizing:content-box;"></td> <td style="width:1.8%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.757%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Face value of the CP BF convertible notes</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,821,345</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Debt discount, net</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(41,983</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Carrying value of the CP BF convertible notes</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,779,362</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Accrued interest</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">914,479</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Total CP BF convertible notes and accrued interest</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">2,693,841</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table> The following table presents the Old CP BF term note as of December 31, 2024: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:80.444%;box-sizing:content-box;"></td> <td style="width:1.8%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.757%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Face value of the CP BF term note</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;">$</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;text-align:center;">6,500,000</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Debt discount, net</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;text-align:center;">(50,961</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Carrying value of the CP BF term note</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;text-align:center;">6,449,039</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Accrued interest</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;text-align:center;">853,451</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Carrying value of the CP BF term note extinguished</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;"> </td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;text-align:center;">(7,302,490</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;">Total CP BF term note and accrued interest</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;"> </td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;">$</td> <td style="padding-top:0in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;text-align:center;">—</td> <td style="padding-top:0in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;"> </td> </tr> </table> The following table presents the Old CP BF term note as of December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:80.444%;box-sizing:content-box;"></td> <td style="width:1.8%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.757%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Face value of the CP BF term note</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">6,500,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Debt discount, net</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(129,586</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Carrying value of the CP BF term note</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">6,370,414</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Accrued interest</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">289,373</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Total CP BF term note and accrued interest</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">6,659,787</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table></div> Term Notes (Agile)On July 22, 2024, the Company entered into a subordinated business loan and security agreement (the "July Subordinated Business Loan and Security Agreement") with Agile Lending, LLC and Agile Capital Funding, LLC as the collateral agent. On July 22, 2024, the Company issued a subordinated secured promissory note (the “July Agile Note”) for an aggregate principal amount of $787,500 and received $750,000 of proceeds, net of administrative agent fees $37,500 to the collateral agent, with a maturity date of February 5, 2025 under the subordinated business loan and security agreement. The loan under the agreement bears interest at a rate of 42% and will be calculated on a three hundred and sixty (360) day year based on the actual number of days lapsed, and interest shall accrue on the loan commencing on and including the effective date pursuant to the Agreement's weekly repayment and amortization schedule. On September 13, 2024, the Company entered into a subordinated business loan and security agreement (the "September Subordinated Business Loan and Security Agreement") with Agile Lending, LLC and Agile Capital Funding, LLC as the collateral agent. On September 13, 2024, the Company issued a subordinated secured promissory note (the “September Agile Note”) for an aggregate principal amount of $262,500 and received $250,000 of proceeds, net of administrative agent fees $12,500 to the collateral agent, with a maturity date of March 3, 2025 under the September Note. The September Note bears interest at a rate of 48%, and interest will be calculated on a three hundred and sixty (360) day year based on the actual number of days lapsed, and interest shall accrue on the September Note commencing on and including the effective date pursuant to the September Note Agreement's weekly repayment and amortization schedule.On December 12, 2024, the Company issued a subordinated secured promissory note (the “December Agile Note”) for an aggregate principal amount of $2,400,000 and received $1,782,438 of proceeds, net of administrative agent fees of $120,000 paid to the collateral agent, and net of payments to Agile Lending, LLC of $319,500 and $178,063 in respect to early prepayment of the remaining outstanding balances of the July Agile Note and September Agile Note, with a maturity date on the December Agile Note of July 10, 2025. The December Agile Note bears interest at a rate of 44%, and interest will be calculated on a three hundred and sixty (360) day year based on the actual number of days lapsed, and interest shall accrue on the December Agile Note commencing on and including the effective date pursuant to the December Agile Note Agreement’s weekly repayment and amortization schedule. Upon the modification on December 12, 2024, the Company evaluated the debt modification guidance, determining that the modification is an extinguishment of the existing July Agile Note and September Agile Note due to the terms of the December Agile Note being substantially different from the terms of the July and September Agile Notes. As a result, the Company recorded a loss on debt extinguishment of $1,071,563. The July Agile Note, the September Agile Note, and the December Agile Note are together referred to as the “Agile Notes”. The collateral under the subordinated business loan and security agreements consist of all of the Company’s goods, accounts, equipment, inventory, contract rights or rights to payment of money, leases, license agreements, franchise agreements, general intangibles (including intellectual property), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts and other collateral accounts, all certificates of deposit, fixtures, letters of credit rights, securities, and all other investment property, supporting obligations, and financial assets. Upon any Changes in Business or Management, Ownership (as defined in the agreements) or upon an Event of Default (as defined in the agreements), each of the July Agile Note and or the September Agile Note then-outstanding will become accelerated and the Company shall immediately pay to Agile an amount equal to the sum of (i) all outstanding principal of the term loan plus accrued and unpaid interest thereon accrued through the prepayment date, (ii) a Prepayment Fee (as defined in the agreements), plus (iii) all other obligations that are due and payable, including, without limitation, incremental interest at the Default Rate of 5.0% (as defined in the agreements). Additionally, the Company may voluntarily prepay the July Agile Note and or the September Agile Note, in accordance with their terms, in whole or in part at any time. On the date of such prepayment of any principal amounts, the Company will owe to Agile a Prepayment Fee comprising a make-whole premium payment on account of such principal amount prepaid, which shall be equal to the aggregate and actual amount of interest (at the contract rate of interest) that would be paid through the maturity date of the respective note, as described above. The Agile Notes include contingent redemption (put) rights which trigger mandatory prepayment and a make-whole premium upon certain events including an event of default, and defaulted contingent interest upon an event of default. Due to the contingent redemption put feature and default interest embedded feature within the Agile Notes, the Company elected to account for the Agile Notes at fair value at their respective dates of issuance and in subsequent reporting periods, pursuant to ASC 825 Financial Instruments (“ASC 825”). The Company will record changes in the fair value of the notes that relate to changes in credit risk to other comprehensive income. The remaining changes in fair value, including the component related to accrued interest, will be recorded through the other (income) expense section of the Company’s condensed consolidated statements of operations and comprehensive loss statement in a single line item. Interest expense on the Agile Notes totaled $100,095 for the year ended December 31, 2024 and is included in the fair value of the notes. <div style="font-size:10pt;font-family:Times New Roman;">The following presents the Agile Notes as of December 31, 2024: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:65.513%;box-sizing:content-box;"></td> <td style="width:2.38%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:30.105999999999998%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">Fair Value</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance at December 31, 2023</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Issuance of Agile term notes</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">3,450,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Loss on debt issuance</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">390,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Loss on restructuring</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,071,563</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Repayments in cash</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(1,857,151</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in fair value</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">88,588</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance at December 31, 2024</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">3,143,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> <tr style="background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Outstanding principal balance as of December 31, 2024</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,269,695</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Accrued interest as of December 31, 2024</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">100,095</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> </table></div> Convertible Notes (1800 Diagonal)On August 16, 2024, the Company entered into a securities purchase agreement and promissory note agreement (the "August Securities Purchase Agreement") with 1800 Diagonal Lending LLC (“Lender”). On August 16, 2024 the Company issued a promissory note (the “August 1800 Diagonal Note”) for an aggregate principal amount of $184,000 and received $152,000 of proceeds, net of an original issue discount of $24,000 and issuance costs of $8,000 for due diligence and legal fees, with a maturity date of June 15, 2025. The August Securities Purchase Agreement stipulates that the Company and Lender may mutually agree to enter into additional tranches of promissory notes over the 12 month period commencing on August 16, 2024, up to an aggregate total of $750,000. The stated interest rate on the August Note is 12% per annum, and interest shall accrue on the August Note commencing on and including the issuance date pursuant to the August Agreement's monthly repayment and amortization schedule.On September 24, 2024, the Company issued a second promissory note (the “September 1800 Diagonal Note”) for an aggregate principal amount of $124,200 and received $100,000 of proceeds, net of an original discount of $16,200 and issuance costs of $8,000 for due diligence and legal fees, with a maturity date of July 30, 2025. The stated interest rate on the September Note is 12% per annum, and interest shall accrue on the September Note commencing on and including the issuance date pursuant to the September Note Agreement's repayment and amortization schedule.On December 10, 2024, the Company issued a third promissory note (the “December 1800 Diagonal Note”) for an aggregate principal amount of $124,200 and received $100,000 of proceeds, net of an original discount of $16,200 and issuance costs of $8,000 for due diligence and legal fees, with a maturity date of October 15, 2025. The stated interest rate on the December Note is 12% per annum, and interest shall accrue on the December Note commencing on and including the issuance date pursuant to the December Note Agreement's repayment and amortization schedule.The August 1800 Diagonal Note, the September 1800 Diagonal Note, and the December 1800 Diagonal Note are together referred to as the “1800 Diagonal Notes”.Upon an event of default, as defined in the agreements, all or any portion of the 1800 Diagonal Notes that are then-outstanding, may become convertible at the option of the Lender into fully paid and non-assessable shares of the Company’s Common Stock up to 4.99% of the Company’s outstanding shares of Common Stock. The Notes become convertible at the lender’s option upon an event of default, at a conversion price equal to the quotient resulting from dividing the Conversion Amount, measured as the sum of (1) the principal amount of the Note or Notes being converted in such conversion, plus (2) at the lender’s option, accrued and unpaid interest, if any, on such principal amount at the interest rates to the respective note or notes being converted through the conversion date, plus (3) at the lender’s option, the default interest, divided by the “Conversion Price” then in effect on the date specified in the notice of conversion (the conversion date). The Conversion Price will be measured as seventy-five percent (75%) multiplied by the market price, which means the lowest trading price for the Company’s Common Stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. The 1800 Diagonal Notes include optional conversion rights to the holder upon an event of default, contingent redemption (put) rights which trigger mandatory prepayment upon event of default, and defaulted contingent interest upon an event of default. Due to these embedded features within the 1800 Diagonal Notes, the Company elected to account for the 1800 Agile Notes at fair value at their respective dates of issuance and in subsequent reporting periods, pursuant to ASC 825 Financial Instruments (“ASC 825”). The Company will record changes in the fair value of the notes that relate to changes in credit risk to other comprehensive income. The remaining changes in fair value, including the component related to accrued interest, will be recorded through the other (income) expense section of the Company’s condensed consolidated statements of operations and comprehensive loss statement in a single line item.Interest expense on the 1800 Diagonal Notes totaled approximately $12,251 for the year ended December 31, 2024 and is included in the fair value of the notes.<div>The following table presents the 1800 Diagonal Notes as of December 31, 2024: </div><div style="font-size:10pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:80.444%;box-sizing:content-box;"></td> <td style="width:1.8%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.757%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">Fair Value</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance at December 31, 2023</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Issuance of 1800 Diagonal convertible notes</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">432,400</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Loss on debt issuance</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">92,208</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Repayments in cash</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(82,432</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in fair value</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(10,176</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Balance at December 31, 2024</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">432,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> <tr style="background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Outstanding principal balance as of December 31, 2024</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">370,886</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Accrued interest as of December 31, 2024</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">15,935</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> </table></div>

2000000

0.05

0.15

The outstanding principal and interest under the Old Alco Note was, at the Holder’s election, either (i) effective upon the closing of an Equity Financing (as defined in the agreement), to be converted into shares of the same series of preferred stock of the Company issued to other investors in the Equity Financing (the “Equity Financing Securities”) at a conversion price equal to 85% of the price per share of Equity Financing Securities paid by the other investors in the Equity Financing, with any resulting fraction of a share rounded to the nearest whole share (with 0.5 being rounded up) (the “Conversion Option”) or (ii) immediately prior to the closing of an Equity Financing, become due and payable in cash

0.85

151000

124621

100274

24347

0.20

2101744

-56653

4200538

2583000

0.05

The Related Party Convertible Notes bear interest at a rate of 8% per annum, and are convertible into the same series of capital stock of the Company to be issued to other investors upon a Qualified Financing (as defined in the agreement) at a conversion price equal to the lesser of (i) 80% of the per share price paid by the cash purchasers of such Qualified Financing Securities (as defined in the agreement) in the Qualified Financing, or (ii) the conversion price obtained by dividing $50,000,000 by the Fully Diluted Capitalization (as defined in the agreement). If not sooner converted or prepaid, the Convertible Notes are payable no later than the earlier of (a) the written demand by the holders of a majority-in-interest of the Notes then outstanding on or after September 1, 2023, (b) consummation of a Liquidity Event (as defined in the agreement), or (c) the written demand by the Majority Holders (as defined in the agreement) after an Event of Default (as defined in the agreement) has occurred. In the event of a Liquidity Event (as defined below) while this Note is outstanding, immediately prior to the closing of such Liquidity Event and in full satisfaction of this Note, an amount equal to the greater of (a) the Outstanding Amount, or (b) two times (2x) the principal amount of this Note then outstanding shall become immediately due and payable in cash.

0.08

0.80 50000000

1126451

2307013

464071

1842942

7271368

22929

1761206

1435000

The Third Party Convertible Notes bear interest at a rate of 8% per annum, and are convertible into the same series of capital stock of the Company to be issued to other investors upon a Qualified Financing (as defined in the agreement) at a conversion price equal to the lesser of (i) 80% of the per share price paid by the cash purchasers of such Qualified Financing Securities (as defined in the agreement) in the Qualified Financing, or (ii) the conversion price obtained by dividing $50,000,000 by the Fully Diluted Capitalization (as defined in the agreement). If not sooner converted or prepaid, the Convertible Notes are payable no later than the earlier of (a) the written demand by the holders of a majority-in-interest of the Notes then outstanding on or after September 1, 2023, (b) consummation of a Liquidity Event (as defined in the agreement), or (c) the written demand by the Majority Holders (as defined in the agreement) after an Event of Default (as defined in the agreement) has occurred. In the event of a Liquidity Event (as defined below) while this Note is outstanding, immediately prior to the closing of such Liquidity Event and in full satisfaction of this Note, an amount equal to the greater of (a) the Outstanding Amount, or (b) two times (2x) the principal amount of this Note then outstanding shall become immediately due and payable in cash.

0.08

0.80 50000000

559390

1063093

188059

875034

3346232

10598

6783538

3196206

-131867 -83688

6651671

3112518

619697 233714 7271368 3346232

150000

0.10

0.08

2024-04-29

3711

11284

8022

3261

4494

4044

450

150000

4044

1500000

0.08

2024-09-30

8588

638808

283188

92822

190366

478815

30575

448240

1500000

30575

750000

0.08

2024-04-13

363905

321189

43891

277298

94005

7397

86608

750000

7397

2000000

0.08

2024-12-31

1496252

936941

117040

819901

39087

7890

31197

2000000

7890

for each $10.00 in principal borrowed under the Alco September and November Promissory Notes, the Sponsor agreed to forfeit one share of 7GC Class B Common Stock held by the Sponsor, in exchange for the right of Alco to receive one New Banzai Class A Share. For each $10.00 in principal borrowed under the December Note, the Sponsor agreed to forfeit three shares of 7GC Class B Common Stock held by the Sponsor, in exchange for the right of Alco to receive three New Banzai Class A Shares. Such forfeited and issued shares under the Alco September, November, and December Promissory Notes are capped at an amount equal to 150,000, 75,000, and 600,000, respectively.

150000

75000

600000

P180D P180D P180D

1000000

P0Y9M7D

1000000

P180D 0.54 0.053 0.107 0.16 0.125 0.80

500000

P0Y8M19D

500000

P180D 0.52 0.054 0.10 0.15 0.115 0.80 P0Y7M6D P180D 0.54 0.052 0.095 0.15 0.115 1 P0Y5M26D P180D 0.47 0.052 0.075 0.12 0.09 1

2024-05-31

4000000

4711681

282420

1331340 1048920

2024-09-19

1098614

3687812 4080194

-4808882

2540091

17813

100000000

0.03

2000000

P5Y

2000000

1200000

1000000

100000

1200000

2000000 190001

215057

3500000

2000000

1800000

200000

1000000 4500000

1000000

900000

100000

1500000

1250000

250000

2000000

Under the Original Debt Repayment Agreement, the Company and Yorkville also agreed to extend the maturity date of the Promissory Notes to the date that is 120 days after the closing of the offering and to satisfy the $200,000 payment premium due in connection with an early redemption through the issuance of an Advance Notice (as defined in the SEPA) for shares of the Company’s Class A common stock, par value $0.0001 per share.

200000

0.0001

2024-06-02

750000

Under the Amended Debt Repayment Agreement, the Company and Yorkville also agreed to extend the maturity date of the Promissory Notes to the date that is 120 days after the closing of the offering and to satisfy the $75,000 payment premium due in connection with an early redemption through the issuance of an Advance Notice for shares of Class A Common Stock (the “Q2 Prepayment Premium”).

75000

2024-05-29

750000

12000

75000

110040

75000

35040

115800

700000

2000000 maturity date for the Outstanding Promissory Notes is extended by 120 days to January 17, 2025.

2025-01-17

0.18

0.0999

0.10

1000000

0.10 2 0.294

2000000

275383

1000000

28910

750000

149863

2000000

80760

1766000

1.88

0.71

P0Y5M15D

0.14

0.0528

0.10 -693000 34000

0.14

monthly

0.015

15.5

133.64

0.01

The Loan Agreement contains customary covenants, including restrictions on the Company’s ability to incur indebtedness, grant liens or security interest on assets, make acquisitions, loans, advances or investments, or sell or otherwise transfer assets, among others. The Loan Agreement also contains other financial covenants related to minimum gross profit margin, minimum ARR (Annual Recurring Revenue) growth rate, and fixed charge ratio, among other financial covenants per the terms of the Loan Agreement.

For all respective periods presented, the Company was not in compliance with the Minimum Gross Profit Margin covenant in section 7.14.1 of the Loan Agreement, the Minimum ARR Growth covenant in section 7.14.2 of the Loan Agreement, and the Fixed Charge Coverage Ratio covenant in section 7.14.3 of the Loan Agreement. As a result of the Company's noncompliance with the financial covenants, the entire principal amount and all unpaid and accrued interest will be classified as current on the Company's consolidated balance sheets.

310589 71674

3000

321345

0.16

851175

772550

78625

1140106

1058230

81876

0.16

350430

325818

24612

422507

395575

26932

On September 5, 2024, the Company entered into a side letter to the loan agreement with CP BF whereby the Company agreed to consolidate the Term Note, CP BF Convertible Note and First Amendment Convertible Note (combined the "Old CP BF Notes") into a single convertible note (the "2024 CP BF Convertible Note").

-6529402

0.16

70000

10758775

2027-02-19

0.155

3.89

0.20 0.01

12000

51000

55600

3.89

216284

2000000

260849

565553 304704 3.89

0.0001

0.1999

2311143

4600000

0.20

3000000

283315

0.154

368525

369459

934

8758775

11066

8769841

369459 -283315 -216284 8639701

1821345

-17370

1803975

1240297 -3044272

1821345

-41983

1779362

914479 2693841

6500000

50961

6449039

853451 -7302490

6500000

129586

6370414

289373 6659787

787500

750000

37500

2025-02-05

0.42

262500

250000

12500

2025-03-03

0.48

2400000

1782438

120000

319500

178063

2025-07-10

0.44

-1071563

0.05

100095

3450000 390000 1071563

1857151

88588

3143000

2269695

100095

184000

152000

24000

8000

2025-06-15

750000

0.12

124200

100000

16200

8000

2025-07-30

0.12

124200

100000

16200

8000

2025-10-15

0.12

0.0499

The Notes become convertible at the lender’s option upon an event of default, at a conversion price equal to the quotient resulting from dividing the Conversion Amount, measured as the sum of (1) the principal amount of the Note or Notes being converted in such conversion, plus (2) at the lender’s option, accrued and unpaid interest, if any, on such principal amount at the interest rates to the respective note or notes being converted through the conversion date, plus (3) at the lender’s option, the default interest, divided by the “Conversion Price” then in effect on the date specified in the notice of conversion (the conversion date). The Conversion Price will be measured as seventy-five percent (75%) multiplied by the market price, which means the lowest trading price for the Company’s Common Stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date.

12251

432400 92208

82432

-10176

432000

370886

15935

230000

The Public Warrants have an exercise price of $575.00 per share, subject to adjustments, and will expire five years from the Merger Closing Date. The exercise price and number of shares of Class A Common Stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation.

575

P5Y 0 P60D 900 Once the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants:•in whole and not in part;•at a price of $0.50 per Warrant;•upon a minimum of 30 days' prior written notice of redemption (the "30-day redemption period"); and•if, and only if, the closing price per share of Class A Common Stock equals or exceeds $900.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a Public Warrant as described under the heading “- Warrants—Public Stockholder Warrants—Anti-dilution Adjustments”) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders. 900 900

575

0 16571

324.5

GEM may exercise the GEM Warrant at any time and from time to time until December 14, 2026. The terms of the GEM Warrant provide that the exercise price of the GEM Warrant, and the number of shares of Class A Common Stock for which the GEM Warrant may be exercised, are subject to adjustment to account for increases or decreases in the number of outstanding shares of New Banzai Common Stock resulting from stock splits, reverse stock splits, consolidations, combinations and reclassifications. Additionally, the GEM Warrant contains weighted average anti-dilution provisions that provide that if the Company issues shares of Common Stock, or securities convertible into or exercisable or exchange for, shares of Common Stock at a price per share that is less than 90% of the exercise price then in effect or without consideration, then the exercise price of the GEM Warrant upon each such issuance will be adjusted to the price equal to 105% of the consideration per share paid for such Common Stock or other securities. In the event of a Change of Control, if the Surviving Corporation does not have registered class of equity securities and common shares listed on a U.S. national securities exchange, then the Holder is entitled to receive one percent of the total consideration received by the Company’s stockholders and the GEM Warrants will expire upon payment. Upon the closing of the OpenReel Merger (as discussed in Note 5), the exercise price of the GEM Warrants were adjusted to the price equal to 105% of the consideration per share paid which resulted in a strike price of $1.83. The effect of the change in strike price feature being triggered resulted in a change of value of approximately $15,000 which is recorded in the statement of operations line change in fair value of warrant liability. 1.83 15000 15000 641000 0.0999 16. Simple Agreements for Future EquitySimple Agreements for Future Equity - Related PartyDuring 2021, the Company entered into Simple Agreements for Future Equity (SAFE) arrangements with related parties Alco and DNX (See Note 14 - Debt, for a description of the related party relationship with these entities) (the "Related Party SAFEs") pursuant to which the Company received gross proceeds in the amount of $3,567,000. In the event of an Equity Financing (as defined in the SAFEs agreements), the Related Party SAFEs will automatically convert into shares of the Company’s common or preferred stock at a discount of 15% of the per share price of the shares offered in the Equity Financing (the “Discount Price”). In the event of a Liquidity Event, SPAC Transaction or Dissolution Event (all terms as defined in the SAFEs agreements), the holders of the Related Party SAFEs will be entitled to receive cash or shares of the Company’s common or preferred stock. The Related Party SAFEs were recorded as a liability in accordance with the applicable accounting guidance as they are redeemable for cash upon contingent events that are outside of the Company’s control. The initial fair value of the Related Party SAFE liability was $3,567,000. Subsequent changes in fair value at each reporting period are recognized in the consolidated statement of operations. For the year ended December 31, 2023, the Company recognized a gain of $2,752,430 for the change in fair value of the Related Party SAFE liability, respectively.The Company utilizes a combination of scenario-based methods and Monte Carlo simulation to determine the fair value of the Related Party SAFE liability as of the valuation dates. Key inputs into these models included the timing and probability of the identified scenarios, and for Black-Scholes option pricing models used for notes that included a valuation cap, equity values, risk-free rate and volatility. On December 14, 2023, all outstanding principal related to the Related Party SAFEs at a carrying value of $6,049,766 converted into 11,040 shares the Company’s Class A Common Stock pursuant to the close of the Merger Agreement and application of the exchange ratio.Simple Agreements for Future Equity - Third PartyDuring 2021, the Company entered into Simple Agreements for Future Equity (SAFE) arrangements with third party investors (the "Third Party SAFEs") pursuant to which the Company received gross proceeds in the amount of $269,000. In the event of an Equity Financing (as defined in the SAFEs agreements), the Third Party SAFEs will automatically convert into shares of the Company’s common or preferred stock at a discount of 15% of the per share price of the shares offered in the Equity Financing (the “Discount Price”). In the event of a Liquidity Event, SPAC Transaction or Dissolution Event (all terms as defined in the SAFEs agreements), the holders of the Third Party SAFEs will be entitled to receive cash or shares of the Company’s common or preferred stock. The Third Party SAFEs were recorded as a liability in accordance with the applicable accounting guidance as they are redeemable for cash upon contingent events that are outside of the Company’s control. The initial fair value of the Third Party SAFE liability was $269,000. Subsequent changes in fair value at each reporting period are recognized in the Consolidated Statement of Operations. For the year ended December 31, 2023, the Company recognized a gain of $207,570 for the change in fair value of the Third Party SAFE liability.The Company utilizes a combination of scenario-based methods and Monte Carlo simulation to determine the fair value of the Third Party SAFE liability as of the valuation dates. Key inputs into these models included the timing and probability of the identified scenarios, and for Black-Scholes option pricing models used for notes that included a valuation cap, equity values, risk-free rate and volatility. On December 14, 2023, all outstanding principal related to the Third Party SAFEs at a carrying value of $456,234 converted into 833 shares the Company’s Class A Common Stock pursuant to the close of the Merger Agreement and application of the exchange ratio. 3567000 0.15 3567000 2752430

6049766

11040

269000 0.15 269000 207570

456234

833

P2Y9M29D

145674

199611

117084

204324

28590

-4713

Supplemental cash flow information related to leases are as follows: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:65%;box-sizing:content-box;"></td> <td style="width:1.44%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.44%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="6" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">For the Year Ended December 31,</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Supplemental cash flow information:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">2023</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Cash paid for amounts included in the measurement of lease liabilities:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Non-cash lease expense (operating cash flow)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">137,717</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">173,245</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in lease liabilities (operating cash flow)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(237,607</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(284,963</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Right of use assets obtained in exchange for lease obligations:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Operating leases</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">76,269</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> </table>

137717

173245

-237607

-284963

76269

Supplemental balance sheet information related to leases was as follows: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:65%;box-sizing:content-box;"></td> <td style="width:1.44%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.44%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Operating leases:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 31, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 31, 2023</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Operating lease right-of-use assets</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">72,565</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">134,013</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Operating lease liability, current</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">22,731</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">234,043</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Operating lease liability, non-current</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">49,974</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Total operating lease liabilities</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">72,705</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">234,043</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:64.98%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.52%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Weighted-average remaining lease term:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 31, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 31, 2023</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Operating leases (in years)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2.83</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.76</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> </table> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:64.98%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.52%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Weighted-average discount rate:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 31, 2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 31, 2023</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Operating leases</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">9.40</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">6.76</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> </table>

72565

134013

22731

234043

49974

72705

234043

P2Y9M29D

P0Y9M3D

0.094

0.0676

28608

29466

25167

83241

10536

72705

8050000 4050000 8050000 4000000

24000

12500 0.05 P6M P6M P60D

24000

where the Company agreed to pay the fees owed under the Roth Agreement and 7GC Agreement by (1) issuing to Roth 3,500 shares and amending the Company’s registration statement on Form S-1 filed with the SEC on December 29, 2023 to include the initial 3,500 shares to be issued, and 120,000 shares that may be issued as additional shares, as defined in the Addendum, to Roth, and (2) on or before June 30, 2024, the Company shall pay to Roth an amount in cash equal to $300,000 (the “Cash Fee”); provided that, if, as a result of the Company’s cash position at such time, the Company determines in its reasonable discretion that the cash payment should not be made in cash, then the Company may elect to satisfy the cash payment by issuing to Roth, within three business days of such date, additional shares.

3500

120000

300000

35294

115000

29077

4711681

282420

1331340 1048920

2024-09-19

1098614

3687812 4080194

4808882

1385000

460000

P60D

600000

261200 0.50

130500

1523029

400000

11 monthly installments

36300

2024-10-01

817400

450000

15 equal monthly installments

30000

4815979

1605326

12 monthly payments

Unpaid Fee on a 2 for 1 basis, such that for every one dollar ($1.00) paid by Company, Sidley shall reduce the Sidley Unpaid Fee Amount by an additional two dollars ($2.00). 0.12

1072148

357025

12 monthly installments

45000

11 28366

196666

66666

130000

16 equal cash installment

8125

2024-10-01

650000 650000

275000000

250000000

25000000

0.0001

The Class A Common Stock and Class B Common Stock entitle their holders to one vote per share and ten votes per share, respectively, on each matter properly submitted to the stockholders entitled to vote thereon.

8195163

5884029

2311134

2585297

274163

2311134

104556

173223 277778

0.005

P5Y

2500000

600000 1900000 2024-05-28 0.07 25000 0.06 1.10

409000

104556

277778

P5Y

0.87

0.046 0 722000

104556

173223 660000

104556

16667 100000

P5Y

0.87

0.046 0 1176471

0.001

1176471

P5Y

P18M

4.249

5000000

600000 4400000 0.075 0.01 50000 88235

5.3125

0.075

P5Y

2.5

2352942

6.08

P5Y

P1Y6M

0.90

1.32

0.036 0.038 0 2372000 1176471 1638000 88235 393000

6.08

5.31

P5Y

0.90

0.036 0

282420

1331340 1048920 1098614 3687812 4080194

3.89

4.02

P5Y

0.87

0.035 0

260849

565553 304704

2000000

1014703 1185268 1577893

3.89

P5Y

0.87

0.035 0 11769501

75000000

0.0001

P2Y

100000000

0.0001

10,000 shares or (ii) such amount as is equal to 100% of the average daily volume traded of the Class A common stock during the five trading days immediately prior to the date the Company requests each Advance

0.0999 0.95 0.96 0.0999 0.1999 0.1999

0.0001

0 0 500000 14201

500

0.90 100 The Floor Price shall be adjusted (downwards only) to equal 20% of the average VWAP for the five trading days immediately prior to the date of effectiveness of the initial Registration Statement. 0.75

100

630000

550000

1.61

881000

1.68

650000

The aggregate number of shares of common stock that may be purchased pursuant to the Purchase Plan is equal to 2% of the fully diluted common stock determined at the Close of the Merger Agreement, determined to be 11,444. In addition, the aggregate number of shares of common stock that remain available to be awarded under the Purchase Plan, will automatically increase on January 1 of each year for a period of 10 years commencing on January 1, 2024 and ending on January 1, 2033, in an amount equal to the lesser of one percent (1%) of the total number of shares of the fully diluted common stock determined as of December 31 of the preceding year, or a number of shares of common stock equal to two hundred percent (200%) of the initial share reserve of 11,444.

0.02

11444

P10Y

2033-01-01

0.01 2 11444

11558

11444

The aggregate number of shares of common stock that may be issued will not exceed approximately 12.5% of the fully diluted common stock determined at the Close of the Merger, determined to be 71,522. In addition, the aggregate number of shares of common stock that remain available to be awarded under the Plan, will automatically increase on January 1 of each year for a period of ten years commencing on January 1, 2024 and ending on January 1, 2033, in an amount equal to 5% of the total number of shares of the fully diluted common stock determined as of the day prior to such increase. The aggregate maximum number of shares of common stock that may be issued pursuant to the exercise of incentive stock options is approximately three times the total number of shares of common stock initially reserved for issuance, which were 71,522.

0.125

71522

P10Y

2033-01-01

0.05 71522

2332

71522

293

419

599

5.85

250

419

599

0.61

0.6957

0.80

1.1095

P5Y7M9D

P6Y29D

P5Y

P6Y29D

0.0371

0.0445

0.0346

0.0431

6349

105.24

P7Y11M12D

108253

17375

496.49

355

109.46

4480

127

599

8229

578.56

15013

291.44

P8Y3M14D

109821

28448

143.34

2004

309.24

15796

234.57

25661

161.83

P8Y6M7D

6560

159.65

P6Y4M13D

131041

1245796

7.15

243

212936

2594571

P9Y3M

P2Y8M23D

P4Y

0.25

425039

2.65

81788 5.86

2468

21.84

340783

1.74

1034639

37150

P3Y4M13D

20. Income Taxes <div style="font-size:10pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:67.313%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.843%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.843%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Components of net loss before income taxes:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="border-top:0.5pt solid #000000;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">2024</td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="border-top:0.5pt solid #000000;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">2023</td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">United States</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(31,513,389</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(14,406,262</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Foreign</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> </table></div> <div style="font-size:10pt;font-family:Times New Roman;">A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate consists of the following: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:57.003%;box-sizing:content-box;"></td> <td style="width:1.261%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.104000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:6.183%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.261%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9.304%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:6.883%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="12" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">For the Years Ended December 31,</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="5" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="5" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">2023</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Statutory federal income tax benefit</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(6,617,812</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">21.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(3,025,315</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">21.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">State taxes, net of federal tax benefit</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(463,682</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1.5</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(219,705</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1.5</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in valuation allowance</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,968,883</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-9.4</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,079,231</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-14.4</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in state tax rate</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">16,101</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-0.1</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">462,709</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-3.2</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in fair value estimates</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(107,489</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.3</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(2,050,026</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">14.2</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Non-deductible interest - IRC 163(l)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">516,624</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-1.6</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">738,993</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-5.1</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Non-deductible transaction/restructuring costs</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,313,792</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-9.1</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Loss on debt conversion & extinguishment</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,935,747</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-9.3</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Nondeductible warrant issuance expense</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">552,321</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-3.8</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Impairment of goodwill</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">612,511</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-1.9</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Other non-deductible expenses</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">139,117</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">-0.5</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">148,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">-1.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Effective tax rate</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">-</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">0.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">-</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">0.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">%</td> </tr> </table></div> <div>The components of income tax provision (benefit) are as follows: </div><div style="font-size:10pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:67.313%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.843%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.843%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="6" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">As of December 31,</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">2023</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Federal:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Current</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Deferred</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">State and Local:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Current</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Deferred</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Total</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table></div>Deferred income taxes reflect the net tax effects of temporary differences between the carrying value of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. The temporary differences that give rise to deferred tax assets and liabilities are as follows:<div style="font-size:10pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:67.313%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.843%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.843%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="6" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">As of December 31,</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">2023</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Deferred tax assets (liabilities):</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Net operating loss carryforwards</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">12,347,734</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">6,368,669</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Contribution carryforwards</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">23,718</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">24,626</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Tax credits</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">91,889</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Stock-based compensation</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">157,165</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">155,404</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Accrual to cash adjustment</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,299</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Starup costs & other intangibles</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,700,257</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,816,143</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Acquired intangibles</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(870,569</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Lease Liabilities</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">16,339</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">52,805</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Right of use assets</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(16,308</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(30,236</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Accrued expenses</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">651,519</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Capitalized R&D costs (Sec. 174)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,930,337</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">798,802</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Other</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">8,182</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(3,363</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">16,040,263</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">9,184,149</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Valuation allowance</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(16,040,263</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(9,184,149</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Deferred tax assets, net of allowance</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table></div> As of December 31, 2024, the Company had federal and state net operating loss carryforwards of approximately $50,966,400 and $28,244,800, respectively. As of December 31, 2023, the Company had federal and state net operating loss carryforwards of approximately $24,014,200 and $12,350,800, respectively. Federal losses of $1,128,500 begin to expire in 2036 and $49,737,900 of the federal losses carryforward indefinitely. State losses of $22,175,100 begin to expire in 2031 and $6,069,700 of the state losses carryforward indefinitely. Utilization of the net operating loss carryforwards may be subject to an annual limitation according to Section 382 of the Internal Revenue Code of 1986 as amended, and similar provisions. The Company has determined, based upon available evidence, that it is more likely than not that all of the net deferred tax assets will not be realized and, accordingly, has provided a full valuation allowance against its net deferred tax asset. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, net operating loss carryback potential, and tax planning strategies in making these assessments. The Company has determined that it had no material uncertain tax benefits for the year ended December 31, 2024, and 2023. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in interest expense and penalties in operating expense. No amounts were accrued for the payment of interest and penalties at December 31, 2024, and 2023. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which they operate. In the normal course of business, the Company is subject to examination by federal and state jurisdictions where applicable based on the statute of limitations that apply in each jurisdiction. As of December 31, 2024, the 2017 and subsequent tax years related to all jurisdictions remain open. The Company has no open tax audits with any taxing authority as of December 31, 2023.

-31513389

-14406262

A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate consists of the following: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:57.003%;box-sizing:content-box;"></td> <td style="width:1.261%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.104000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:6.183%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.261%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9.304%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:6.883%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="12" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">For the Years Ended December 31,</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="5" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="5" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">2023</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Statutory federal income tax benefit</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(6,617,812</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">21.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(3,025,315</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">21.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">State taxes, net of federal tax benefit</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(463,682</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1.5</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(219,705</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1.5</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in valuation allowance</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,968,883</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-9.4</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,079,231</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-14.4</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in state tax rate</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">16,101</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-0.1</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">462,709</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-3.2</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Change in fair value estimates</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(107,489</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.3</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(2,050,026</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">14.2</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Non-deductible interest - IRC 163(l)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">516,624</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-1.6</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">738,993</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-5.1</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Non-deductible transaction/restructuring costs</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,313,792</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-9.1</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Loss on debt conversion & extinguishment</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,935,747</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-9.3</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Nondeductible warrant issuance expense</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">552,321</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-3.8</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Impairment of goodwill</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">612,511</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-1.9</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">0.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Other non-deductible expenses</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">139,117</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">-0.5</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">148,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">-1.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Effective tax rate</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">-</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">0.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">-</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">0.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">%</td> </tr> </table>

-6617812

0.21

-3025315

0.21

-463682

0.015

-219705

0.015

2968883 -0.094 2079231 -0.144

16101

-0.001

462709

-0.032

-107489 0.003 -2050026 0.142 516624 -0.016 738993 -0.051

1313792

-0.091

2935747 -0.093 0 0 552321 -0.038

612511

-0.019

139117

-0.005

148000

-0.01

The components of income tax provision (benefit) are as follows: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:67.313%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.843%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.843%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="6" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">As of December 31,</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">2023</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Federal:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Current</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Deferred</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">State and Local:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Current</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Deferred</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Total</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table>

The temporary differences that give rise to deferred tax assets and liabilities are as follows: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:67.313%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.843%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.843%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="6" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">As of December 31,</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">2023</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Deferred tax assets (liabilities):</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Net operating loss carryforwards</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">12,347,734</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">6,368,669</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Contribution carryforwards</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">23,718</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">24,626</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Tax credits</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">91,889</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Stock-based compensation</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">157,165</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">155,404</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Accrual to cash adjustment</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">-</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,299</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Starup costs & other intangibles</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,700,257</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,816,143</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Acquired intangibles</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(870,569</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Lease Liabilities</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">16,339</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">52,805</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Right of use assets</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(16,308</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(30,236</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Accrued expenses</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">651,519</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Capitalized R&D costs (Sec. 174)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,930,337</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">798,802</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Other</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">8,182</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(3,363</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">16,040,263</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">9,184,149</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Valuation allowance</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(16,040,263</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(9,184,149</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Deferred tax assets, net of allowance</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> </tr> </table>

12347734

6368669

23718

24626

91889

157165

155404

1299 1700257 1816143 870569 16339 52805 16308 30236

651519

1930337 798802

8182

-3363

16040263

9184149

16040263

9184149

50966400

28244800

24014200

12350800

1128500

49737900

22175100

6069700

2017

The Company has no open tax audits with any taxing authority as of December 31, 2023.

21. Segment Reporting The Company has two reportable operating segments, Banzai Operating Co., Inc and Banzai Reel Acquisition Inc. (OpenReel). The Company's segments deliver SaaS tools that leverage data, analytics, and AI to provide marketing and sales solutions for business of all sizes. Our Chief Executive Officer who serves as the Company's chief operating decision maker ("CODM"), primarily uses segment revenue, gross profit, and adjusted EBITDA to allocate resources and assess performance. Segment revenue and gross profit are determined on the same basis as consolidated revenue and consolidated gross profit as shown in the Company’s consolidated statements of operations. Segment adjusted EBITDA is defined as revenue less the following expenses associated with each segment: cost of revenue, people, marketing and advertising, technology, and other segment expenses. Segment adjusted EBITDA excludes certain non-cash items or items that management does not consider reflective of ongoing core operations. Currently, the CODM does not review assets in evaluating the results of the operating segments, and therefore, such information is not presented. <div>The table below presents information about reported segments for the year ending December 31, 2024: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:58.052%;box-sizing:content-box;"></td> <td style="width:1.18%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.802000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.18%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.802000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.18%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.802000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">Banzai Operating</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">OpenReel</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">Total Consolidated</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Revenue</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">4,305,429</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">222,450</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">4,527,879</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Cost of revenue</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">1,407,564</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">14,978</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">1,422,542</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Gross profit</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,897,865</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">207,472</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">3,105,337</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;text-indent:10pt;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Expenses</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;text-indent:10pt;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">People</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">6,209,488</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">17,642</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">6,227,130</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Marketing and advertising</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,587,085</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">5,020</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,592,105</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Technology</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">861,775</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">112,429</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">974,204</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Other segment expenses1</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">811,519</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">6,856</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">818,375</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Total expenses</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">9,469,867</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">141,947</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">9,611,814</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Adjusted EBITDA</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(6,572,002</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">65,525</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(6,506,477</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Transaction, PubCo. Expenses and Stock-based compensation</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">6,912,309</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">6,912,309</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">EBITDA</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">(13,484,311</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">65,525</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">(13,418,786</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">)</td> </tr> </table> 1Other segment expenses for each reportable segment includes travel and entertainment expenses, professional expenses other than those included in transaction and PubCo. expenses, insurance expenses, and expenses related to licenses. The table below presents information about reported segments for the year ending December 31, 2023: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:57.828%;box-sizing:content-box;"></td> <td style="width:1.18%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.878%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.18%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.878%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.18%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.878%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">2023</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">Banzai Operating</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">OpenReel1</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">Total Consolidated</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Revenue</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">4,561,300</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">4,561,300</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Cost of revenue</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">1,444,618</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">1,444,618</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Gross profit</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">3,116,682</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">3,116,682</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;text-indent:10pt;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Expenses</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;text-indent:10pt;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">People</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">5,809,973</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">5,809,973</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Marketing and advertising</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">941,737</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">941,737</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Technology</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">628,998</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">628,998</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Other segment expenses2</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">7,679,506</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">7,679,506</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Total expenses</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">15,060,214</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">15,060,214</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Adjusted EBITDA</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(11,943,532</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(11,943,532</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Transaction, PubCo. Expenses and Stock-based compensation</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">6,118,859</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">6,118,859</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">EBITDA</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">(18,062,391</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;text-indent:10pt;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">(18,062,391</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">)</td> </tr> </table> </div><div style="font-size:10pt;font-family:Times New Roman;"> 1The OpenReel acquisition occurred on December 18, 2024 (refer to Note 5) and therefore is presented at $0 for comparative purposes.2Other segment expenses for each reportable segment includes travel and entertainment expenses, professional expenses other than those included in transaction and PubCo. expenses, SEPA commitment fee and deferred fee expense, GEM warrant expense, and GEM commitment fee expense. </div> <div style="font-size:10pt;font-family:Times New Roman;">A reconciliation between reportable segment adjusted EBITDA to consolidated net loss before income taxes for the years ended December 31, 2024, and 2023, is as follows: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:64.54%;box-sizing:content-box;"></td> <td style="width:1.18%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.42%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.44%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.42%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 31, 2024</td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">December 31, 2023</td> <td style="padding-top:0.01in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">EBITDA by segment</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> Banzai Operating Co.</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(13,484,311</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(18,062,391</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> OpenReel</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">65,525</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Total</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(13,418,786</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(18,062,391</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Reconciliation to loss before income taxes:</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Changes in fair value of financial instruments</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(478,288</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(9,154,141</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Interest income</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(10</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">(813</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Interest expense</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">1,068,447</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Interest expense – related party</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">3,047,101</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">4,486,027</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Gain (loss) on extinguishment of liabilities, net</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">390,801</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Loss on conversion of liabilities</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">11,338,284</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Loss on debt issuance</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">653,208</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">GEM settlement fee expense</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">200,000</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Yorkville prepayment premium expense</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">80,760</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Goodwill impairment</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">2,725,460</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">—</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Depreciation and amortization</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">24,179</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">7,160</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Other</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">113,108</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">(62,809</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">)</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:top;padding-bottom:0in;padding-right:0.01in;">Loss before income taxes</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">(31,513,389</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">)</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">$</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">(14,406,262</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">)</td> </tr> </table></div> Disaggregation of Revenue <div style="font-size:10pt;font-family:Times New Roman;">The following table presents the Company's revenue generated by SaaS product for the years ended December 31, 2024, and 2023: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:65.107%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.437%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.456999999999999%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Year Ended December 31,</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;">Year Ended December 31,</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Revenue %</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">2024</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"> </td> <td colspan="2" style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;">2023</td> <td style="padding-top:0.01in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Reach</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">3.8</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">4.5</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Demio</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">91.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;">94.9</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Other1</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">5.2</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;">0.6</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;">%</td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;">Total</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">100.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">%</td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"> </td> <td style="padding-top:0.01in;white-space:pre-wrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;">100.0</td> <td style="padding-top:0.01in;white-space:nowrap;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;">%</td> </tr> </table> 1 Other includes Boost sales for the years ended December 31, 2024, and 2023 and OpenReel product sales from acquisition date (refer to Note 5) to December 31, 2024.</div> For disaggregation of revenue by geographic area, refer to Note 7.

Segment revenue and gross profit are determined on the same basis as consolidated revenue and consolidated gross profit as shown in the Company’s consolidated statements of operations. Segment adjusted EBITDA is defined as revenue less the following expenses associated with each segment: cost of revenue, people, marketing and advertising, technology, and other segment expenses. Segment adjusted EBITDA excludes certain non-cash items or items that management does not consider reflective of ongoing core operations.

4305429

222450

4527879

1407564

14978

1422542

2897865

207472

3105337

6209488

17642

6227130

1587085

5020

1592105

861775

112429

974204

811519

6856

818375

9469867

141947

9611814

-6572002 65525 -6506477 6912309 6912309 -13484311 65525 -13418786

4561300

1444618

3116682

5809973

941737

628998

7679506

15060214

-11943532 -11943532 6118859 6118859 -18062391 -18062391

2024-12-18

-13484311

-18062391

65525

-13418786

-18062391

-478288 -9154141

813

1068447

3047101

4486027

390801

11338284 653208 200000 80760

2725460

24179

7160

113108

-62809

-31513389

-14406262

0.038

0.045

0.91

0.949

0.052

0.006

150000

30489

48000

5516308

7097921

337773

3500000

2025-07-31

0.10

0.06

0.18

1500000

500000

0.04

0.0001

0.04 P10D

2745031

2500000

898204

P180D

35050000

33200000

P5D

0.1999 0.0499

0.001

0.7855

2000000

P5D

P12M

30000

16666

4000000

2044105

200000

1755895

2025-11-12

0.44