| Schedule of Company’s Single Operating Segment |
The
following presents selected financial information with respect to the Company’s single operating segment:
| | |
Year
Ended December 31, | |
| | |
2025 | | |
2024 | |
| Revenues | |
$ | 100,622,320 | | |
$ | 95,488,190 | |
| | |
| | | |
| | |
| Expenses | |
| | | |
| | |
| Programming
and content | |
$ | 86,377,511 | | |
$ | 120,071,966 | |
| Other
cost of services | |
| 21,006,322 | | |
| 18,400,300 | |
| General
and administrative | |
| 48,738,522 | | |
| 36,646,307 | |
| Research
and development | |
| 18,743,630 | | |
| 18,923,319 | |
| Sales
and marketing | |
| 23,892,235 | | |
| 17,330,925 | |
| Acquisition-related
transaction costs | |
| 13,303,532 | | |
| - | |
| Amortization
and depreciation | |
| 14,564,535 | | |
| 13,614,587 | |
| Change
in fair value of digital assets | |
| 649,638 | | |
| - | |
| Change
in fair value of contingent consideration | |
| - | | |
| 1,354,357 | |
| | |
| | | |
| | |
| Total
expenses | |
| 227,275,925 | | |
| 226,341,761 | |
| | |
| | | |
| | |
| Loss
from operations | |
| (126,653,605 | ) | |
| (130,853,571 | ) |
| Interest
income | |
| 10,419,139 | | |
| 8,083,903 | |
| Other
expense | |
| (10,643 | ) | |
| (207,431 | ) |
| Change
in fair value of warrant liability | |
| 24,781,975 | | |
| (32,694,697 | ) |
| Change
in fair value of derivative | |
| 9,700,000 | | |
| (184,699,998 | ) |
| | |
| | | |
| | |
| Loss
before income taxes | |
| (81,763,134 | ) | |
| (340,371,794 | ) |
| Income
tax (expense) benefit | |
| (67,228 | ) | |
| 2,009,015 | |
| | |
| | | |
| | |
| Net
loss | |
$ | (81,830,362 | ) | |
$ | (338,362,779 | ) |
|
| Schedule of Revenue by Geographic Region |
The
following presents revenue by geographic region:
| | |
Year
Ended December 31, | |
| | |
2025 | | |
2024 | |
| United States | |
$ | 90,893,137 | | |
$ | 89,094,815 | |
| Canada | |
| 1,175,959 | | |
| 1,928,280 | |
| Other | |
| 8,553,224 | | |
| 4,465,095 | |
| | |
$ | 100,622,320 | | |
$ | 95,488,190 | |
|
| Schedule of Long Lived Assets |
The
Company tracks assets by physical location. Long-lived assets consist of property and equipment, net, and right-of-use assets, net, as
shown below:
| | |
As
of December 31, | |
| | |
2025 | | |
2024 | |
| United States | |
$ | 16,611,488 | | |
$ | 18,315,173 | |
| Canada | |
| 1,435,911 | | |
| 506,003 | |
| | |
$ | 18,047,399 | | |
$ | 18,821,176 | |
|