<SEC-DOCUMENT>0001213900-24-108986.txt : 20250404
<SEC-HEADER>0001213900-24-108986.hdr.sgml : 20250404
<ACCEPTANCE-DATETIME>20241213194836
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-24-108986
CONFORMED SUBMISSION TYPE:	DOSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20241213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Newsmax Inc.
		CENTRAL INDEX KEY:			0002026478
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEVISION BROADCASTING STATIONS [4833]
		ORGANIZATION NAME:           	06 Technology
		EIN:				992600308
		STATE OF INCORPORATION:			FL

	FILING VALUES:
		FORM TYPE:		DOSLTR

	BUSINESS ADDRESS:	
		STREET 1:		750 PARK OF COMMERCE DRIVE
		STREET 2:		SUITE 100
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33487
		BUSINESS PHONE:		(561) 686-1165

	MAIL ADDRESS:	
		STREET 1:		750 PARK OF COMMERCE DRIVE
		STREET 2:		SUITE 100
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33487
</SEC-HEADER>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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  <TD STYLE="text-align: left; width: 70%; vertical-align: top"><IMG SRC="image_001.jpg" ALT=""></TD>
  <TD STYLE="width: 30%">Sheppard, Mullin, Richter &amp; Hampton&nbsp;LLP<BR> 30 Rockefeller Plaza<BR> New York, New York 10112-0015<BR> 212.653.8700 main<BR> 212.653.8701 fax<BR>
www.sheppardmullin.com</TD>
</TR>
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<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 13, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>VIA EDGAR </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 50%; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt">U.S. Securities and Exchange Commission<BR> Division of Corporation Finance<BR> Office of Energy &amp; Transportation<BR> 100 F Street N.E.<BR> Washington, D.C. 20549</TD>
    <TD STYLE="width: 50%; padding-right: 0pt; padding-bottom: 12.25pt; padding-left: 0pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-size: 10pt; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amanda Kim</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stephen Krikorian</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Newsmax Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Draft Offering Statement on Form
    1-A</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Submitted September 4, 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>CIK No. 0002026478</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Messrs. Kim and Krikorian:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This letter sets forth the response of Newsmax
Inc. (the &ldquo;<B>Company</B>&rdquo;) to the comment letter, dated October 4, 2024, of the Staff (the &ldquo;<B>Staff</B>&rdquo;) of
the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) with respect to the Company&rsquo;s Offering Circular on
Form 1-A (the &ldquo;<B>Form 1-A</B>&rdquo;), confidentially submitted on September 4, 2024. In order to facilitate your review, we have
reproduced each of the Staff&rsquo;s comments in its entirety in the original numbered sequence, with the response to a particular comment
set out below the comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Concurrently with this correspondence, the Company
is confidentially submitting Amendment No. 1 to its Form 1-A (the &ldquo;<B>Amended Form 1-A</B>&rdquo;). When indicated, the responses
described below are contained in the Amended Form 1-A. References to page numbers in this letter refer to the pagination of the Amended
Form 1-A. Capitalized terms used but not defined in this letter are intended to have the meanings ascribed to such terms in the Amended
Form 1-A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Draft Offering Statement of Form 1-A </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>The Offering, page 7</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">1.</TD><TD STYLE="text-align: justify">Information provided throughout the offering
                                            statement assumes that you will receive the full amount of the offering. Please revise throughout
                                            the offering statement, as applicable, to show the impact of receiving proceeds at varying
                                            levels, e.g., 25%, 50%, 75% and 100% of the shares being sold. For example, changes should
                                            be made to offering summary and Use of Proceeds.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>RESPONSE:</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
    Company acknowledges the Staff&rsquo;s comment and has revised the Amended Form 1-A to reflect the impact of receiving proceeds at
    varying levels, including in the sections entitled &ldquo;Offering Summary&rdquo; on page 7 and &ldquo;Use of Proceeds&rdquo;
    on page 38.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <B>2 </B>of <B>8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Business, page 42</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">2.</TD><TD STYLE="text-align: justify">We note your disclosure on page 25 that in 2023,
                                            you entered into a settlement agreement with a commercial counterparty for $41.3 million
                                            and as of September 3, 2024, you have a total of $38.2 million remaining to be paid over
                                            time. Please explain why you have not included a discussion of this settlement agreement
                                            under legal proceedings. Clarify whether any of the proceeds of the offering will be used
                                            to pay any portion of the settlement agreement. Additionally, please file the settlement
                                            agreement as an exhibit. Please refer to Item 17 of Part III of Form 1-A.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>RESPONSE:</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 0pt; padding-left: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company acknowledges the Staff&rsquo;s
    comment and respectfully submits that disclosure of this arrangement under the legal proceedings section is not required due to the
    fact that the matter related to potential litigation that the counterparty (also a customer) threatened against Newsmax, rather than
    any litigation that was filed or commenced against Newsmax, which the parties agreed to settle prior to the commencement of any litigation.
    Notwithstanding the foregoing, a description of this matter, including whether any of the proceeds of the offering will be used to
    pay any portion of the settlement agreement, has been included in the section entitled &ldquo;<I>Risk Factors - Newsmax Media and
    the other Subsidiaries may be, and in the past have been, subject to unfavorable litigation that could require it to pay significant
    amounts, lead to onerous operating procedures or have a material adverse effect on the Company&rsquo;s financial position, results
    of operations and cash flows.</I>&rdquo;.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Company respectfully submits
    that, inasmuch as the settlement agreement related to a potential dispute relating to an agreement with a commercial counterparty
    (also a customer) that was made in the ordinary course of the Company&rsquo;s business, the settlement agreement should not be required
    to be filed as an exhibit to the Amended Form 1-A.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Management&rsquo;s Discussion and Analysis of Financial Condition and
Results of Operations, page 51</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">On page 58, the disclosure indicates the General and administrative
expense for the year ended December 31, 2023, and the year ended December 31, 2022, was $73,822,688 and $75,848,360, respectively. On
pages 9 and F-4, you disclose that the general and administrative expenses for the year ended December 31, 2023, and December 31, 2022,
is $100,915,301 and $78,409,190, respectively. Please advise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>RESPONSE:</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 85%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt">We acknowledge the Staff&rsquo;s comment and have corrected these amounts on page 58 of the Amended Form 1-A.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <B>3 </B>of <B>8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Advertising Revenue, page 54</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">You disclose that advertising revenue is only
                                            the service fee or commission associated with the respective advertising when the Company
                                            is acting as an agent. Please tell us how you determine whether you are the principal
                                            or agent in your advertising arrangements. Refer to ASC 606-10-55-36 through 55-40 and 50-12(c).
                                            In addition, tell us what consideration was given to disaggregate revenue by timing of transfer
                                            of goods or services (e.g. point in time, over time) or sales channels (e.g. gross versus
                                            net). Refer to ASC 606-10-55-90 and 55-91.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>RESPONSE:</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 0pt; padding-left: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company acknowledges the Staff&rsquo;s comment and has revised
the language on page 54 of the Amended Form 1-A to clarify language around the Company&rsquo;s advertising revenue. The Company reports
revenue on a gross or net basis based on management&rsquo;s assessment of whether the Company acts as a principal or agent in a transaction.
The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company
controls the good or service before transfer to the customer. When the Company concludes that it controls the good or service before transfer
to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis. When the Company concludes
that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service,
the Company acts as an agent and records revenue on a net basis in the amount it earns for its agency service.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the customer is a direct advertiser, the
Company records revenue from contracts that are entered into directly between the Company and direct advertisers at the amount charged
to the direct advertiser for the services. When the customer is an advertising agency, the Company records revenue from contracts with
advertising agencies at the amount charged to the advertising agency for the services. The Company has determined that the advertising
agencies are the Company&rsquo;s customers. The Company is considered the principal in both of these transactions as it exercises control
over the advertising services provided to both direct advertisers and advertising agencies prior to delivery to the end customer. By setting
the pricing independently and assuming primary responsibility for fulfilling the contractual obligations, the Company assumes the risks
and rewards associated with the service performance. As a result, the Company is not acting as an agent, as it is not merely facilitating
the provision of services on behalf of another party but is instead the primary obligor in the arrangement. The Company doesn&rsquo;t
have any material revenue streams where it is acting as an agent and therefore substantially all revenue is recognized as the principal.
For clarity, we have updated the language throughout the document to remove references to the immaterial revenue streams in which the
Company is an agent.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company acknowledges the Staff&rsquo;s Comment regarding disaggregation
of revenue by timing of transfer of goods or services or by sales channels in accordance with ASC 606-10-55-91 (f) and (g). The Company
considered the level of information and categories that would provide clear and meaningful information to a financial statement user and
the guidance in ASC 606-10-55-90 and 55-91. We determined that it was appropriate to disaggregate revenue first by type of good or service
(products and services) and then to further disaggregate each type of good or service into its revenue components. For example, Services
are further disaggregated into Advertising Revenue, Affiliate Fee Revenue, Subscription Revenue, and Other. Products are further disaggregated
into Supplement Sales, Books, Media, and Other Product Sales, and Product Returns and Allowances. In accordance with ASC 606-10-55-90,
the Company has determined that disaggregating revenue by type of good or service is the most meaningful categorization based on how revenue
information is presented for other purposes. Specifically, the Company disaggregates revenue by type of good or service in its current
investor presentations, which provides investors with better insights into growth metrics and trends, aligning with their focus on product-level
performance rather than the timing of revenue recognition. Additionally, the Chief Operating Decision Maker (CODM) evaluates performance
and makes strategic decisions based on the type of product or service rather than the timing of revenue recognition. This categorization
reflects the operational priorities that drive decision-making, ensuring that the presentation of revenue aligns with both internal and
external reporting practices in a manner consistent with the guidance in ASC 606-10-55-90.</P></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">Page <B>4 </B>of <B>8</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">We note that you recognize some advertising
                                            revenue over-time using the output method. Please disclose the method applied to measure
                                            progress. Also, explain why the method used provides a faithful depiction of the transfer
                                            of goods or services. Refer to ASC 606-10-50-18.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>RESPONSE:</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt; text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Company acknowledges the Staff&rsquo;s comment and has revised
and added to the language on page 54 of the Amended Form 1-A to include disclosure that recognition is based on time elapsed and an explanation
regarding why that measure of progress provides a faithful depiction of the transfer of services. The Company believes that the passage
of time is the measure that best depicts the Company&rsquo;s performance toward satisfying its performance obligation as the customer
simultaneously consumes the services as they are delivered.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Non-GAAP Financial Measures, page 63</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">Please remove the reconciliation that begins
                                            with Revenue and ends in Adjusted EBITDA as the presentation resembles a full income statement
                                            that gives undue prominence to the non-GAAP measure. Refer to Item 10(e)(1)(i)(A) of Regulation
                                            S-K and Question 102.10(c) of the Compliance &amp; Disclosure Interpretations for Non-GAAP
                                            Financial Measures.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>RESPONSE:</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 0pt; padding-left: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company acknowledges the Staff&rsquo;s
    comment and has removed the requested disclosure from the Amended Form 1-A.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has also moved the discussion of non-GAAP financial measures
so that it appears directly beneath the discussion of Segment Adjusted EBITDA on page 63.</P></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">Your reconciliation of adjusted EBITDA removes
                                            the impact of Other Corporate Matters and Other, net. Please tell us how you determined these
                                            expenses were not normal, recurring, cash operating expenses necessary to operate your business.
                                            Refer to Question 100.01 of the Compliance &amp; Disclosure Interpretations for Non-GAAP
                                            Financial Measures.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>RESPONSE:</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt; text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Company acknowledges the Staff&rsquo;s comment and respectfully
submits that management has determined that the expenses recorded as other, net and other corporate matters are not normal, recurring
cash operating expenses of the Company.&nbsp;&nbsp;Other corporate matters represent certain litigation expenses, and related fees, for
specific proceedings that the Company has determined are unusual and infrequent in terms of their magnitude. Other, net consists of payroll
severance costs, tax credits associated with the CARES act, and immaterial income that the Company has determined arise outside of the
ordinary course of business.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <B>5 </B>of <B>8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Certain Relationships and Related Party Transactions, page 76</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">We note your disclosure that all amounts listed
                                            in the Summary of Compensation Table for Mr. Ruddy include a portion of compensation and
                                            expense reimbursement paid/provided to Crown Reserve LLC, an entity wholly owned by Mr. Ruddy,
                                            through which Mr. Ruddy provided certain services, including director services. Please disclose
                                            Mr. Ruddy&rsquo;s role with Crown Reserve LLC and the business in which that Crown Reserve LLC
                                            is engaged. Please provide appropriate disclosure in the Management and related party sections
                                            of the offering statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>RESPONSE:</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt; text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Company acknowledges the Staff&rsquo;s comment and has revised
the disclosure on page 76 to delete the words &ldquo;<I>through which Mr. Ruddy provided certain services to us, including director services</I>.&rdquo;
All services provided by Mr. Ruddy to the Company have been provided by him personally, and any payments to Mr. Ruddy&rsquo;s wholly owned
entity have been to made as an administrative convenience to Mr. Ruddy. Crown Reserve LLC is not engaged in a business, has not provided
any services to the Company, and it is not anticipated that it will provide any services in the future. Therefore we have not included
disclosure regarding Crown Reserve LLC in the Management or related party sections of the Amended Form 1-A.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Plan of Distribution, page 85</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">We note your disclosure that &ldquo;[i]n order
                                            to meet one of the requirements for listing its Class B Common Stock on the NYSE, Digital
                                            Offering and other soliciting dealers intend to sell lots of 100 or more shares to a minimum
                                            of 400 beneficial holders.&rdquo; Given that Digital Offering is not required to sell any
                                            specific number or dollar amount of Shares in this Offering before a closing occurs, discuss
                                            the uncertainties regarding your application to list on the New York Stock Exchange. Clarify
                                            whether you need to complete this offering to meet the initial listing requirements of NYSE.
                                            If so, explain your disclosure that you will not &ldquo;complete the registration&rdquo; if
                                            the Shares are not approved for listing on NYSE.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>RESPONSE:</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 0pt; padding-left: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed in the section of the Amended Form 1-A titled &ldquo;Summary
&ndash; Private Placement,&rdquo; as of December 6, 2024, in our ongoing Regulation D private placement, we have sold 21,855 shares of
our Series B Preferred for net proceeds to us of $99,421,426. Upon the closing of our regulation A offering, these Series B Preferred
Stock shares will convert, on a post-forward split basis into [*] shares of our Class B Common Stock.&nbsp; As a result of this private
placement, we believe that, on an as converted, forward split basis, and assuming at least a $4.00 minimum Offering price, we meet the
qualitative listing requirements of the NYSE, including the 400 round lot requirement.&nbsp; Because of this, we have removed the sentence
relating to the 400 beneficial holders requirement referenced in your comment.&nbsp; We have added a sentence indicating that we believe
we have already met the NYSE initial listing requirements without selling any particular amount in the Offering although we have retained
the qualification language indicating that the approval of our NYSE listing application cannot be guaranteed. We have also clarified the
disclosure to indicate that if the NYSE application is not approved, the &ldquo;Offering,&rdquo; rather that the &ldquo;registration,&rdquo;
will not be completed.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <B>6 </B>of <B>8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Note 1. Nature of Business and Significant Accounting Policies</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Other Assets, page F-14</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">You disclose that during 2023, you capitalized
                                            upfront costs associated with a business agreement with a commercial counterparty amounting
                                            to $41.25 million and recognized an impairment of $23.9 million. Please describe the nature
                                            and terms of this agreement. Explain why the payment is being amortized as a contra revenue
                                            item. In this regard, please tell us and disclose how you are accounting for this payment.
                                            Clarify whether the counterparty is a customer and you are applying ASC 606-10-32-25. Cite
                                            the accounting literature that supports your accounting conclusion. In addition, please disclose
                                            the facts and circumstances leading to the impairment. Tell us your consideration
                                            of charging the impairment as a reduction of revenue like your presentation of the amortization
                                            amount.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>RESPONSE:</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 0pt; padding-left: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company acknowledges the Staff&rsquo;s comment and has updated
the Note 3 disclosure on page F-14 of the Amended Form 1-A to include a description of the accounting for the payment as well as the facts
and circumstances leading to the impairment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2023, a counterparty to a commercial agreement
    with (and also a customer of) Newsmax asserted various legal contractual and non-contractual claims against Newsmax,
    including breach of contract claims and claims that Newsmax violated certain federal and state laws. This counterparty threatened
    litigation against Newsmax. As a result, Newsmax and the counterparty entered into a separate settlement agreement to resolve these
    claims in order for Newsmax to continue providing services to the counterparty under an amended commercial agreement. The settlement
    and commercial agreements were signed on the same date by the same individuals.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The counterparty is the Company&rsquo;s customer
    in this arrangement. Further, the settlement agreement and the amended commercial agreement were combined for accounting purposes
    under ASC 606-10-25-9. This is because they were negotiated as a package with a single commercial objective, i.e., the resolution
    of the dispute between the parties so that the Company could continue providing services under paragraph 25-9(a). In addition, the
    amount of the payments under both agreements are interdependent. That is, the timing of the settlement payments due to the counterparty
    is based upon the payments received from the counterparty for the services provided by the Company, as contemplated in paragraph
    25-9(b).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company applied the guidance in ASC 606-10-32-25
    which requires an entity to account for consideration payable to a customer as a reduction of the transaction price when the payment
    is not in exchange for a distinct good or service as defined in ASC 606-10-32-26. In this context, we note the counterparty is not
    providing any material goods or services to the Company.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In determining the appropriate accounting
    for the settlement payment obligation, the Company noted the $41.25 million payment obligation is a fixed amount (although the timing
    of payments may vary), which represents an asset because it contractually entitles the Company to provide services to the counterparty
    in exchange for consideration.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Next, the Company considered the discussion
    held during the eighth meeting of the Transition Resource Group for Revenue Recognition (TRG) on November 7, 2016. The meeting discussed
    the timing of recording the reduction in revenue for a payment, as quoted below:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.45pt; text-align: justify"><I>24. The TRG memo describes
    two views about the timing of when the reduction in revenue for a payment should be recorded.</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.45pt; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.8pt; text-align: justify"><I>(a) View A: Payments to customers
    should be recognized as a reduction of revenue as the related goods or services (that is, the expected total purchases resulting
    from the upfront payment) are transferred to the customer. The payment might be recorded in the income statement over a period that
    is longer than the current legally enforceable contract. Identification of the related goods or services will require judgment on
    the basis of the facts and circumstances. The asset would be periodically assessed for recoverability.</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.8pt; text-align: justify"><I>&nbsp;</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.8pt; text-align: justify"><I>(b) View B: Payments to customers
should be recognized as a reduction of revenue from the existing contract (that is, existing enforceable rights and obligations). If
no revenue contract exists, then the entire payment would be immediately recognized in the income statement.</I></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <B>7 </B>of <B>8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD><TD STYLE="width: 85%; padding-right: 0pt; padding-left: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the facts and circumstances of the
    arrangement, the Company determined that the accounting approach in View A was appropriate because it accurately reflects the pattern
    of the transfer under the revenue contract and one expected renewal that extends through June 2029. In accordance with that view,
    the Company recognized an asset in the amount of the payment obligation and began amortizing it as a contra-revenue item.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The asset is periodically assessed for recoverability
    as outlined under View A. The settlement agreement provides for payments to the counterparty through the end of the renewal term,
    which is June 2029. Therefore, it is probable the Company will execute its option to renew from January 2028 through June 2029 to
    continue earning consideration from the counterparty, which is used to fund payments to the counterparty. Due to uncertainties related
    to future customer demand and programmer fees in the market, the Company concluded renewals beyond June 2029 were unlikely. These
    assumptions resulted in the impairment charge of $23.9 million.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has updated the disclosure on page F-14 of the Amended
Form 1-A to include additional description of the facts and circumstances leading to the impairment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company considered charging the impairment
    as a reduction to revenue consistent with the way the Company amortizes the upfront payment asset as a reduction to revenue. However,
    recording the impairment as a reduction to revenue would have resulted in recording negative revenue associated with the counterparty
    (customer) on a cumulative basis. Given the absence of any on-point guidance in ASC 606, the Company determined that negative revenue
    was not the appropriate presentation and recognized the impairment in other expenses instead, which is consistent with the guidance
    formerly provided in EITF 01-9.</P></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <B>8 </B>of <B>8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Note 12. Legal</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Defamation and Disparagement Claims, page F-23</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">You disclose that in 2023, you entered into
                                            a settlement agreement with a commercial counterparty for $41.3 million and have $39.4 million
                                            remaining to be paid over time pursuant to the payment schedule. Please tell us how you are
                                            accounting for this settlement agreement and cite the literature that supports your accounting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>RESPONSE:</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 0pt; padding-left: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">The Company acknowledges the Staff&rsquo;s comment and refers the Staff
to its response to the Staff&rsquo;s Comment 10.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any additional supplemental information is
required by the Staff or if you have any questions regarding the foregoing, please contact Edward Welch of Sheppard, Mullin, Richter
&amp; Hampton LLP at (212) 634-3085 with any questions or further comments regarding the responses to the Staff&rsquo;s comments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Edward Welch, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Edward Welch, Esq.</P>
















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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
