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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2024
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from to
Commission
File Number: 001-41508
LOOP
MEDIA, INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
47-3975872 |
(State
or other jurisdiction of incorporation) |
|
(IRS
Employer Identification Number) |
|
2600
West Olive Avenue, Suite 5470, Burbank, CA 91505 |
(Address
of principal executive offices) (Zip Code) |
|
(213)
436-2100 |
(Registrant’s
telephone number, including area code) |
|
N/A
(Former
Name, Former Address and Former Fiscal Year, if Changed Since Last Report) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
stock, $0.0001 par value per share |
|
LPTV |
|
The
NYSE American, LLC |
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). ☒ Yes ☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
Emerging
growth company ☐ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes
☒ No
As
of August 6, 2024, the registrant had 80,825,910 shares of common stock issued and outstanding.
TABLE
OF CONTENTS
PART
I — FINANCIAL INFORMATION
Item
1. Financial Statements.
LOOP
MEDIA, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
June 30, 2024 | | |
September
30, 2023 | |
| |
(UNAUDITED) | | |
| |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 1,546,088 | | |
$ | 3,068,696 | |
Accounts receivable, net | |
| 3,541,592 | | |
| 6,211,815 | |
Prepaid expenses and other current assets | |
| 443,045 | | |
| 987,605 | |
Content assets, current | |
| 997,508 | | |
| 2,218,894 | |
Total current assets | |
| 6,528,233 | | |
| 12,487,010 | |
| |
| | | |
| | |
Deposits | |
| 9,954 | | |
| 12,054 | |
Content assets, non-current | |
| 211,661 | | |
| 448,726 | |
Deferred costs, non-current | |
| 503,123 | | |
| 744,408 | |
Property and equipment, net | |
| 2,507,776 | | |
| 2,711,558 | |
Right-of-use assets | |
| 189,650 | | |
| — | |
Intangible assets, net | |
| 393,556 | | |
| 477,889 | |
Total non-current assets | |
| 3,815,720 | | |
| 4,394,635 | |
Total assets | |
$ | 10,343,953 | | |
$ | 16,881,645 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 5,501,995 | | |
$ | 4,978,920 | |
Accrued liabilities | |
| 1,866,161 | | |
| 3,546,338 | |
Accrued royalties and revenue share | |
| 7,829,892 | | |
| 4,930,329 | |
Equipment financing liability, current | |
| 131,348 | | |
| — | |
License content liability, current | |
| 708,567 | | |
| 489,157 | |
Deferred income | |
| 26,278 | | |
| — | |
Lease liability, current | |
| 67,689 | | |
| — | |
Revolving line of credit, current | |
| 2,175,456 | | |
| 2,985,298 | |
Non-revolving line of credit - related party, current | |
| 1,000,000 | | |
| — | |
Non-revolving line of credit, current | |
| 1,329,750 | | |
| 2,124,720 | |
Total current liabilities | |
| 20,637,136 | | |
| 19,054,762 | |
| |
| | | |
| | |
License content liability, non-current | |
| 129,000 | | |
| 208,000 | |
Equipment financing liability, non-current | |
| 229,846 | | |
| — | |
Lease liability, non-current | |
| 121,961 | | |
| — | |
Non-revolving line of credit | |
| — | | |
| 475,523 | |
Non-revolving line of credit, related party | |
| — | | |
| 1,959,693 | |
Revolving line of credit, related party | |
| 1,679,226 | | |
| — | |
Non-revolving line of credit | |
| — | | |
| 475,523 | |
Total non-current liabilities | |
| 2,160,033 | | |
| 2,643,216 | |
Total liabilities | |
| 22,797,169 | | |
| 21,697,978 | |
| |
| | | |
| | |
Stockholders’ equity (deficit) | |
| | | |
| | |
Common Stock, $0.0001 par value, 150,000,000 shares authorized, 79,048,736 and 65,620,151 shares issued and outstanding as of June 30, 2024, and September 30, 2023, respectively | |
| 7,904 | | |
| 6,562 | |
Additional paid in capital | |
| 134,132,075 | | |
| 123,462,648 | |
Accumulated deficit | |
| (146,593,195 | ) | |
| (128,285,543 | ) |
Total stockholders’ equity (deficit) | |
| (12,453,216 | ) | |
| (4,816,333 | ) |
Total liabilities and stockholders’ equity (deficit) | |
$ | 10,343,953 | | |
$ | 16,881,645 | |
See
the accompanying notes to the consolidated financial statements
LOOP
MEDIA, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three
months ended June 30, | | |
Nine
months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenue | |
$ | 4,350,570 | | |
$ | 5,734,976 | | |
$ | 18,524,289 | | |
$ | 25,954,038 | |
Cost of revenue | |
| | | |
| | | |
| | | |
| | |
Cost of revenue - Advertising and Legacy and other
revenue | |
| 2,641,779 | | |
| 3,132,568 | | |
| 11,214,512 | | |
| 14,767,807 | |
Cost of revenue - depreciation
and amortization | |
| 798,434 | | |
| 779,165 | | |
| 2,356,717 | | |
| 2,091,876 | |
Total cost of revenue | |
| 3,440,213 | | |
| 3,911,733 | | |
| 13,571,229 | | |
| 16,859,683 | |
Gross profit | |
| 910,357 | | |
| 1,823,243 | | |
| 4,953,060 | | |
| 9,094,355 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Sales, general and administrative | |
| 4,116,186 | | |
| 6,284,514 | | |
| 16,022,857 | | |
| 22,011,961 | |
Stock-based compensation | |
| 931,571 | | |
| 2,592,369 | | |
| 3,371,933 | | |
| 6,858,983 | |
Depreciation and amortization | |
| 422,882 | | |
| 295,008 | | |
| 1,217,955 | | |
| 717,733 | |
Restructuring costs | |
| 220,053 | | |
| 146,672 | | |
| 220,053 | | |
| 146,672 | |
Total operating expenses | |
| 5,690,692 | | |
| 9,318,563 | | |
| 20,832,798 | | |
| 29,735,349 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from Operations | |
| (4,780,335 | ) | |
| (7,495,320 | ) | |
| (15,879,738 | ) | |
| (20,640,994 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (670,981 | ) | |
| (962,718 | ) | |
| (2,402,444 | ) | |
| (2,889,745 | ) |
Loss on extinguishment of debt | |
| — | | |
| — | | |
| (25,424 | ) | |
| — | |
Employee retention credits | |
| — | | |
| 648,543 | | |
| — | | |
| 648,543 | |
Other expense | |
| 34 | | |
| (65,643 | ) | |
| 289 | | |
| (68,267 | ) |
Total Other income (expense) | |
| (670,947 | ) | |
| (379,818 | ) | |
| (2,427,579 | ) | |
| (2,309,469 | ) |
Income tax expense | |
| (335 | ) | |
| (394 | ) | |
| (335 | ) | |
| (1,624 | ) |
Net loss | |
$ | (5,451,617 | ) | |
$ | (7,875,532 | ) | |
$ | (18,307,652 | ) | |
$ | (22,952,087 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic
and diluted net loss per common share (Note 2) | |
$ | (0.07 | ) | |
$ | (0.14 | ) | |
$ | (0.26 | ) | |
$ | (0.41 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of common shares outstanding | |
| 75,146,980 | | |
| 56,604,812 | | |
| 70,966,475 | | |
| 56,455,743 | |
See
the accompanying notes to the consolidated financial statements
LOOP
MEDIA, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR
THE NINE MONTHS ENDED June 30, 2024, and 2023
(UNAUDITED)
| |
Shares | | |
Amount | | |
in
Capital | | |
Deficit | | |
Total | |
| |
Common Stock | | |
Additional Paid | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
in Capital | | |
Deficit | | |
Total | |
Balances, September 30, 2023 | |
| 65,620,151 | | |
$ | 6,562 | | |
$ | 123,462,648 | | |
$ | (128,285,543 | ) | |
$ | (4,816,333 | ) |
Stock-based compensation | |
| — | | |
| — | | |
| 1,328,225 | | |
| — | | |
| 1,328,225 | |
Warrants issued for debt | |
| — | | |
| — | | |
| 1,003,269 | | |
| — | | |
| 1,003,269 | |
Shares issued for consulting fees | |
| 311,889 | | |
| 31 | | |
| 124,101 | | |
| — | | |
| 124,132 | |
Shares issued for debt conversion | |
| 3,037,895 | | |
| 304 | | |
| 2,455,437 | | |
| — | | |
| 2,455,741 | |
Shares issued for capital raise costs | |
| 30,405 | | |
| 3 | | |
| 22,497 | | |
| — | | |
| 22,500 | |
Shares issued upon warrant exercises | |
| 1,850,874 | | |
| 185 | | |
| 1,480,514 | | |
| — | | |
| 1,480,699 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| (5,285,402 | ) | |
| (5,285,402 | ) |
Balances, December 31, 2023 | |
| 70,851,214 | | |
$ | 7,085 | | |
$ | 129,876,691 | | |
$ | (133,570,945 | ) | |
$ | (3,687,169 | ) |
Stock-based compensation | |
| — | | |
| — | | |
| 1,112,137 | | |
| — | | |
| 1,112,137 | |
Warrants issued for debt | |
| — | | |
| — | | |
| 214,978 | | |
| — | | |
| 214,978 | |
Shares issued for vested RSUs | |
| 292,117 | | |
| 29 | | |
| (56,045 | ) | |
| — | | |
| (56,016 | ) |
Shares issued for capital raise costs | |
| 30,405 | | |
| 3 | | |
| 22,497 | | |
| — | | |
| 22,500 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| (7,570,633 | ) | |
| (7,570,633 | ) |
Balances, March 31, 2024 | |
| 71,173,736 | | |
$ | 7,117 | | |
$ | 131,170,258 | | |
$ | (141,141,578 | ) | |
$ | (9,964,203 | ) |
Stock-based compensation | |
| — | | |
| — | | |
| 931,571 | | |
| — | | |
| 931,571 | |
Pre-funded warrants issued for cash | |
| — | | |
| — | | |
| 1,269,877 | | |
| — | | |
| 1,269,877 | |
Shares issued for cash | |
| 7,875,000 | | |
| 787 | | |
| 1,180,463 | | |
| — | | |
| 1,181,250 | |
Shares issuance cost | |
| — | | |
| — | | |
| (420,094 | ) | |
| — | | |
| (420,094) | |
Net loss | |
| — | | |
| — | | |
| — | | |
| (5,451,617 | ) | |
| (5,451,617 | ) |
Balances, June 30, 2024 | |
| 79,048,736 | | |
$ | 7,904 | | |
$ | 134,132,075 | | |
$ | (146,593,195 | ) | |
$ | (12,453,216 | ) |
| |
Common Stock | | |
Additional Paid | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
in Capital | | |
Deficit | | |
Total | |
Balances, September 30, 2022 | |
| 56,381,209 | | |
$ | 5,638 | | |
$ | 101,970,318 | | |
$ | (96,321,864 | ) | |
$ | 5,654,092 | |
Stock-based compensation | |
| — | | |
| — | | |
| 1,790,807 | | |
| — | | |
| 1,790,807 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| (5,259,439 | ) | |
| (5,259,439 | ) |
Balances, December 31, 2022 | |
| 56,381,209 | | |
$ | 5,638 | | |
$ | 103,761,125 | | |
$ | (101,581,303 | ) | |
$ | 2,185,460 | |
Stock-based compensation | |
| — | | |
| — | | |
| 2,475,807 | | |
| — | | |
| 2,475,807 | |
Short swing profit recovery | |
| — | | |
| — | | |
| 1,201 | | |
| — | | |
| 1,201 | |
Issuance costs from uplist of stock | |
| — | | |
| — | | |
| (86,330 | ) | |
| — | | |
| (86,330 | ) |
Net loss | |
| — | | |
| — | | |
| — | | |
| (9,817,117 | ) | |
| (9,817,117 | ) |
Balances, March 31, 2023 | |
| 56,381,209 | | |
$ | 5,638 | | |
$ | 106,151,803 | | |
$ | (111,398,420 | ) | |
$ | (5,240,979 | ) |
Balances,
value | |
| 56,381,209 | | |
| 5,638 | | |
| 106,151,803 | | |
| (111,398,420 | ) | |
$ | (5,240,979 | ) |
Stock-based compensation | |
| — | | |
| — | | |
| 2,547,799 | | |
| — | | |
| 2,547,799 | |
Warrants issued for consulting fees | |
| — | | |
| — | | |
| 44,569 | | |
| — | | |
| 44,569 | |
Warrants issued in conjunction with debt | |
| — | | |
| — | | |
| 136,103 | | |
| — | | |
| 136,103 | |
Shares issued for cash under ATM, net | |
| 2,779,997 | | |
| 278 | | |
| 8,224,782 | | |
| — | | |
| 8,225,060 | |
Shares issued upon option exercises | |
| 22,462 | | |
| 2 | | |
| 38,408 | | |
| — | | |
| 38,410 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| (7,875,532 | ) | |
| (7,875,532 | ) |
Balances, June 30, 2023 | |
| 59,183,668 | | |
$ | 5,918 | | |
$ | 117,143,464 | | |
$ | (119,273,952 | ) | |
$ | (2,124,570 | ) |
Balances,
value | |
| 59,183,668 | | |
| 5,918 | | |
| 117,143,464 | | |
| (119,273,952 | ) | |
| (2,124,570 | ) |
See
the accompanying notes to the consolidated financial statements
LOOP
MEDIA, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| |
2024 | | |
2023 | |
| |
Nine months ended June 30, | |
| |
2024 | | |
2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net loss | |
$ | (18,307,652 | ) | |
$ | (22,952,087 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Amortization of debt discount | |
| 1,635,218 | | |
| 1,842,003 | |
Depreciation and amortization expense, PPE | |
| 1,037,319 | | |
| 700,097 | |
Amortization of deferred costs, ATM | |
| 180,635 | | |
| 17,636 | |
Amortization of content assets | |
| 2,356,717 | | |
| 2,091,876 | |
Amortization of right-of-use assets | |
| 26,274 | | |
| 76,696 | |
Bad debt expense | |
| 284,065 | | |
| — | |
Loss on extinguishment of debt converted to equity | |
| 25,424 | | |
| — | |
Stock-based compensation | |
| 3,371,933 | | |
| 6,858,983 | |
Stock option exercise | |
| — | | |
| 38,410 | |
Shares issued for consulting fees | |
| 124,135 | | |
| — | |
Change in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 2,386,158 | | |
| 7,090,558 | |
Inventory | |
| 7,400 | | |
| 4,397 | |
Prepaid expenses | |
| 537,162 | | |
| 78,632 | |
Deposit | |
| 2,100 | | |
| (147 | ) |
Accounts payable | |
| 830,107 | | |
| (2,605,012 | ) |
Accrued liabilities | |
| (1,571,597 | ) | |
| (2,899,246 | ) |
Accrued royalties and revenue share | |
| 2,899,563 | | |
| (748,226 | ) |
License content liability | |
| (1,135,673 | ) | |
| (4,132,894 | ) |
Operating lease liabilities | |
| (26,274 | ) | |
| (75,529 | ) |
Equipment financing liability | |
| 361,194 | | |
| — | |
Deferred income | |
| 26,278 | | |
| (140,764 | ) |
NET CASH USED IN OPERATING ACTIVITIES | |
| (4,949,514) | | |
| (14,754,617 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Purchase of property and equipment | |
| (754,543 | ) | |
| (1,483,498 | ) |
NET CASH USED IN INVESTING ACTIVITIES | |
| (754,543 | ) | |
| (1,483,498 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from issuance of common
stock, registered direct offering | |
| 1,181,250 | | |
| — | |
Proceeds from issuance of pre-funded
warrants | |
| 1,269,877 | | |
| — | |
Proceeds from issuance of common stock, ATM | |
| — | | |
| 8,318,110 | |
Proceeds from exercise of warrants | |
| 1,480,699 | | |
| — | |
Proceeds from lines of credit | |
| 24,294,104 | | |
| 37,974,347 | |
Repayments on lines of credit | |
| (23,705,000 | ) | |
| (36,262,546 | ) |
Value of shares withheld for taxes | |
| (56,016 | ) | |
| — | |
Common stock issuance costs for uplist | |
| — | | |
| (179,380 | ) |
Deferred costs | |
| 136,629 | | |
| (646,840 | ) |
Shares issuance costs | |
| (420,094 | ) | |
| — | |
Payment of acquisition related consideration | |
| — | | |
| (250,125 | ) |
Debt issuance costs | |
| — | | |
| (402,278 | ) |
Short swing profit recovery | |
| — | | |
| 1,201 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | |
| 4,181,449 | | |
| 8,552,489 | |
| |
| | | |
| | |
Change in cash and cash equivalents | |
| (1,522,608 | ) | |
| (7,685,626 | ) |
Cash, beginning of period | |
| 3,068,696 | | |
| 14,071,914 | |
Cash, end of period | |
$ | 1,546,088 | | |
$ | 6,386,288 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW STATEMENTS | |
| | | |
| | |
Cash paid for interest | |
$ | 641,227 | | |
$ | 945,939 | |
Cash paid for income taxes | |
$ | — | | |
$ | 1,624 | |
SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING AND FINANCING ACTIVITIES | |
| | | |
| | |
Shares issued for debt conversion | |
$ | 2,455,741 | | |
$ | — | |
Deferred costs for warrants issued for debt | |
$ | 1,003,269 | | |
$ | 136,103 | |
Unpaid additions to licensed content and internally-developed content | |
$ | 174,004 | | |
$ | — | |
Unpaid deferred costs | |
$ | 76,122 | | |
$ | 157,731 | |
Unpaid additions to property and equipment | |
$ | 314,357 | | |
$ | 412,256 | |
Leased assets obtained in exchange for new operating lease liabilities | |
$ | 215,924 | | |
| — | |
See
the accompanying notes to the consolidated financial statements
LOOP
MEDIA, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2024
(UNAUDITED)
NOTE
1 – BUSINESS
Loop
Media, Inc., a Nevada corporation, (collectively, “Loop Media,” the “Company,” “we,” “us”
or “our”) is a multichannel digital video platform media company that uses marketing technology, or “MarTech,”
to generate our revenue and offer our services. Our technology and vast library of videos and licensed content enable us to curate and
distribute short-form videos to connected televisions (“CTV”) in out-of-home (“OOH”) dining, hospitality and
retail establishments, convenience stores and other locations and venues to enable them to inform, entertain and engage their customers.
Our technology also provides businesses the ability to promote and advertise their products via digital signage and provides third-party
advertisers with a targeted marketing and promotional tool for their products and services. We also allow our business clients to access
our service without advertisements by paying a monthly subscription fee. In the second and third quarters of fiscal year 2024, we have continued to work toward the expansion of our subscription
offerings, including toward the introduction of a two-tier music video service offering, which will include a “primary tier”
consisting of fewer than ten music video channels provided under a free ad-based service, and a “premium tier” of the full
library of curated music video channels provided under a subscription service. We also recently announced a non-music subscription offering
that includes a number of live channels ranging from live sports events to news and culture offerings.
We
offer hand-curated music video content licensed from major and independent record labels, including Universal Music Group (“Universal”),
Sony Music Entertainment (“Sony”), and Warner Music Group (“Warner” and collectively with Universal and Sony,
the “Music Labels”), as well as non-music video content. Our non-music video content is predominantly licensed or acquired
from third parties, including action sports clips, drone and nature footage, trivia, news headlines, lifestyle channels and kid-friendly
videos, as well as movie, television and video game trailers, amongst other content. We distribute our content and advertising inventory
to digital screens located in OOH locations primarily through (i) our owned and operated platform (the “O&O Platform”)
of Loop Media-designed “small-box” streaming Android media players (“Loop Players”) and legacy ScreenPlay (as
defined below) computers and (ii) through screens (“Partner Screens”) on digital platforms owned and operated by third parties
(each a “Partner Platform” and collectively, the “Partner Platforms,” and together with the O&O Platform,
the “Loop Platform”).
As
of June 30, 2024, we had approximately 81,000 active Loop Players and Partner Screens across the Loop Platform, which include 30,486
quarterly active Loop Players, or QAUs (as defined below) across our O&O Platform, a decrease of 2,172 over the quarter ended March
31, 2024, and approximately 51,000 Partner Screens across our Partner Platforms, an increase of approximately 1,000 Partner Screens over
the quarter ended March 31, 2024.
We
define an “active unit” as (i) an ad-supported Loop Player or digital out-of-home (“DOOH”) location using our
ad- supported service through our “Loop for Business” application or using a DOOH venue-owned computer screening our content,
that is online, used on our O&O Platform, playing content and has checked into the Loop Media analytics system at least once in the
90-day period ending on the date of measurement, or (ii) a DOOH location customer using our subscription service on our O&O Platform
at any time during the 90-day period. We use “QAU” to refer to the number of such active units during such period. We do
not count towards our QAUs any Loop Players or screens used on our Partner Platform.
Liquidity
and management’s plan
As
shown in the accompanying consolidated financial statements, we have incurred recurring losses resulting in an accumulated deficit. We
anticipate further losses in the foreseeable future. We also had negative cash flows used in operations. These factors raise substantial
doubt about our ability to continue as a going concern. Our primary source of operating funds since inception has been cash proceeds
from the sale of our common stock, par value $0.0001 per share (the “Common Stock”) and debt and equity financing transactions. Our ability to continue as a going concern is dependent
upon our ability to generate sufficient revenue and our ability to raise additional funds by way of our debt and equity financing efforts.
The
accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets
and satisfaction of liabilities in the ordinary course of business. These unaudited consolidated financial statements do not include
any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities
that might be necessary if we are unable to continue as a going concern. Our ability to continue as a going concern is dependent on our
ability to supplement our cash from revenues with additional cash raised from equity investment or debt transactions while maintaining
reduced spending levels. As previously disclosed, we have continued to explore potential strategic alternatives to maximize shareholder value
and to evaluate potential financing opportunities.
Shelf
Registration ($50 Million ATM)
On
December 22, 2022, we filed a Shelf Registration Statement on Form S-3 that has been declared effective by the SEC. On May 12, 2023,
we entered into an At-the-Market (“ATM”) Issuance Sales Agreement (the “ATM Sales Agreement”) with B. Riley Securities,
Inc. (the “Agent”) pursuant to which we may offer and sell, from time to time through the Agent, shares of our Common Stock,
for aggregate gross proceeds of up to $50,000,000.
As
previously disclosed, effective May 31, 2024, the Company and the Agent terminated the ATM Sales Agreement. We are not subject to any
termination penalties related to the termination of the ATM Sales Agreement.
During
the nine months ended June 30, 2024, we did not raise any funds through sales under the ATM Sales Agreement.
GemCap
Revolving Line of Credit
Effective
as of July 29, 2022, we entered into a Loan and Security Agreement with Industrial Funding Group, Inc. (the “Initial Lender”)
for a revolving loan credit facility for the initial principal sum of up to $4,000,000, and through the exercise of an accordion feature,
a total sum of up to $10,000,000 (the “GemCap Revolving Line of Credit Agreement”), evidenced by a Revolving Loan Secured
Promissory Note (the “Revolving Loan Note”), also effective as of July 29, 2022 (the “GemCap Revolving Line of Credit”).
In connection with the GemCap Revolving Line of Credit Agreement and the Revolving Loan Note, we also executed and delivered to the Initial
Lender the Loan Agreement Schedule dated as of July 29, 2022 (the “Loan Agreement Schedule”) and other Loan Documents (as
defined in the GemCap Revolving Line of Credit Agreement). Shortly after the effective date of the GemCap Revolving Line of Credit Agreement,
the Initial Lender assigned the GemCap Revolving Line of Credit Agreement, and the Loan Documents, to GemCap Solutions, LLC (“GemCap”
or the “Senior Lender”).
Effective
as of October 27, 2022, we entered into Amendment Number 1 to the Loan and Security Agreement and to the Revolving Loan Agreement Schedule,
and the Amended and Restated Secured Promissory Note (Revolving Loans) with the Senior Lender to increase the principal sum available
under the GemCap Revolving Line of Credit Agreement from $4,000,000 to $6,000,000.
Effective
July 29, 2024, we entered into Amendment Number 2 to the Loan and Security Agreement, the Loan Agreement Schedule, the Revolving Loan
Note and to the other Loan Documents to amend certain material terms, including to (i) extend the maturity date of the GemCap Revolving
Line of Credit Agreement by one (1) year, from July 29, 2024, to July 29, 2025, and (ii) to make Retail Media TV, Inc., our wholly-owned
subsidiary, a co-borrower thereunder.
The
GemCap Revolving Line of Credit had an original maturity date of July 29, 2024, and began accruing interest on the unpaid principal balance
of advances, payable monthly in arrears, on September 7, 2022, at an annual rate equal to the greater of (I) the sum of (i) the “Prime
Rate” as reported in the “Money Rates” column of The Wall Street Journal, adjusted as and when such Prime Rate changes,
plus (ii) zero percent (0.00%), and (II) four percent (4.00%). Availability for borrowing under the GemCap Revolving Line of Credit is
dependent upon our assets in certain eligible accounts and measures of revenue, subject to reduction for reserves that the Senior Lender
may require in its discretion, and the accordion feature is a provision whereby we may request that the Senior Lender increase availability
under the GemCap Revolving Line of Credit, subject to its sole discretion.
Under
the GemCap Revolving Line of Credit Agreement, we have granted to the Senior Lender a first-priority security interest in all of our
present and future property and assets, including products and proceeds thereof. In connection with the loan, our existing secured
lenders, some of whom are the RAT Lenders under our RAT Non-Revolving Line of Credit (each as defined below) (collectively, the
“Subordinated Lenders”) delivered subordination agreements (the “GemCap Subordination Agreements”) to the
Senior Lender. We are permitted to make regularly scheduled payments, including payments upon maturity, to such subordinated lenders
and potentially other payments subject to a measure of cash flow and receiving certain financing activity proceeds, in accordance
with the terms of the GemCap Subordination Agreements. In connection with the delivery of the GemCap Subordination Agreements by the
Subordinated Lenders, on July 29, 2022, we issued warrants to each Subordinated Lender on identical terms for an aggregate of up to 296,329
shares of our Common Stock (each, a “Subordination Agreement Warrant”). Each Subordination Agreement Warrant has an
exercise price of $5.25
per share, expires on July 29, 2025, and is exercisable at any time prior to such date. One
warrant for 191,570
warrant shares was issued to Eagle Investment Group, LLC, an entity managed by Bruce Cassidy, Executive Chairman of our Board of
Directors (“Mr. Cassidy”), as directed by its affiliate, Excel Family Partners, LLLP (“Excel”), an entity
also managed by Mr. Cassidy, one of the Subordinated Lenders. The Subordinated Lenders receiving warrants for the remaining 104,759
warrant shares were also entitled to receive a cash payment of $22,000
six months from the date of the GemCap Subordination Agreements, representing one percent (1.00%)
of the outstanding principal amount of the loan held by such Subordinated Lenders. This cash payment was made to those Subordinated
Lenders on January 25, 2023.
As
of June 30, 2024, the GemCap Revolving Line of Credit had a balance, including accrued interest, amounting to $2,279,596.
See “Note 8 – Debt.”
The
Registered Offering and the Concurrent Private Placement Offering
On
May 31, 2024, we entered into a Securities Purchase Agreement (the “Institutional Purchase Agreement”) with the purchaser
named therein (the “Institutional Investor”) and a Securities Purchase Agreement (the “Private Placement Purchase Agreement,”
and together with the Institutional Purchase Agreement, the “Purchase Agreements”) with Excel (the “Private Placement
Entity,” together with the Institutional Investor, the “Investors”).
Pursuant
to the Institutional Purchase Agreement, we agreed to sell and issue, in a registered direct offering (the “Registered Offering”)
7,875,000 shares (the “Registered Shares”) of our Common Stock at a purchase price per share of $0.15 and pre-funded warrants
(the “Registered Pre-Funded Warrants”) to purchase up to an aggregate of 1,777,174 shares of Common Stock (the “Registered
Pre-Funded Warrant Shares”) at a purchase price per Registered Pre-Funded Warrant of $0.1499, for aggregate gross proceeds to the
Company of approximately $1.45 million, before deducting placement agent fees and offering expenses payable by the Company.
Pursuant
to the Private Placement Purchase Agreement, in a concurrent private placement (the “Concurrent Private Placement Offering,”
together with the Registered Offering, the “Offerings”), we agreed to sell and issue to the Private Placement Entity pre-funded
warrants (the “Private Pre-Funded Warrants”) to purchase up to an aggregate of 4,347,826 shares of Common Stock (the “Private
Pre-Funded Warrant Shares”) at a purchase price of $0.2308 per Private Pre-Funded Warrant, for aggregate gross proceeds to the
Company of approximately $1.0 million, before deducting offering expenses payable by the Company. The Private Pre-Funded Warrants are
immediately exercisable at an exercise price of $0.0001 per share and will expire when the Private Pre-Funded Warrants are fully exercised.
The Concurrent Private Placement Offering closed on June 10, 2024.
The
Purchase Agreements contain customary representations, warranties and agreements of the Company and the Investors and customary
indemnification rights and obligations of the parties. Pursuant to the terms of the Institutional Purchase Agreement, we have agreed
to certain restrictions, subject to certain exceptions, on the issuance and sale of its Common Stock and securities convertible
into shares of Common Stock during the 90-day period following the closing of the Registered Offering. We also agreed not to effect
or enter into an agreement to effect any issuance of Common Stock or any securities convertible into or exercisable or exchangeable for
shares of Common Stock involving a variable rate transaction (as defined in the Institutional Purchase Agreement), subject to certain
exceptions, until the six-month anniversary of the closing of the Registered Offering.
In
addition, until the date that is the eighteen-month anniversary of the closing of the Registered Offering, the Institutional Investor
is entitled to a participation right in any subsequent financing (as defined in the Institutional Purchase Agreement ) effected by the
Company or any of its subsidiaries of Common Stock or Common Stock equivalents for cash consideration, or a combination of units thereof,
up to an amount equal to 35% of such subsequent financing on the same terms, conditions and price provided for in the subsequent financing,
subject to certain carve-outs as set forth in the Institutional Purchase Agreement.
In
connection with the Offerings, on May 31, 2024, we also entered into a placement agency agreement (the “Placement Agency Agreement”)
with Roth Capital Partners, LLC (the “Placement Agent”). Pursuant to the terms of the Placement Agency Agreement, the Placement
Agent agreed to use its reasonable best efforts to arrange for the sale of the Registered Shares, the Registered Pre-Funded Warrants,
the Registered Pre-Funded Warrant Shares, the Private Pre-Funded Warrants and the Private Pre-Funded Warrant Shares (the “Securities”).
We paid the Placement Agent a cash fee equal to 6.5% of the gross proceeds generated from the Offerings and agreed to reimburse the Placement
Agent for certain of its expenses in an amount up to $50,000. The Placement Agent did not receive cash placement agent fees on the sale
of the Private Pre-Funded Warrants and the Private Pre-Funded Warrant Shares. The Placement Agency Agreement contains customary representations,
warranties and agreements of the Company and the Placement Agent and customary indemnification rights and obligations of the parties.
Pursuant
to the terms of the Placement Agency Agreement, we issued to the Placement Agent warrants (“Placement Agent Warrants”) to
purchase up to 700,000 shares of Common Stock, or 5.0% of the aggregate shares of Common Stock (or Common Stock equivalents) issued in
the Offerings, exercisable at a price per share of $0.25399. The Placement Agent Warrants are exercisable commencing six months after
the closing date of the Registered Offering and expire May 31, 2029.
The
Registered Offering closed on June 3, 2024, and on July 1, 2024, the Institutional Investor delivered a Notice of Exercise to us to purchase
the Registered Pre-Funded Warrant Shares.
The
Registered Shares and the Registered Pre-Funded Warrants were offered pursuant to our effective Shelf Registration Statement on Form S-3
(File No. 333-268957), which was previously filed and declared effective by the SEC, the accompanying base prospectus dated January 11,
2023, and a prospectus supplement dated May 31, 2024.
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Interim
Financial Statements
The
following (a) condensed consolidated balance sheet as of September 30, 2023, which has been derived from our audited financial statements,
and (b) our unaudited condensed consolidated interim financial statements for the nine months ended June 30, 2024, have been prepared
in accordance with accounting principles generally accepted in the United States (“US GAAP”) for interim financial information
and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X of the Securities Act of 1933. Accordingly, they do not include all
of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the
nine months ended June 30, 2024, are not necessarily indicative of results that may be expected for the year ending September 30, 2024.
These
unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements
and notes thereto for the year ended September 30, 2023, included in our Annual Report on Form 10-K filed with the SEC on December 19,
2023.
Basis
of presentation
The
consolidated financial statements include our accounts and our wholly-owned subsidiaries, EON Media Group Pte. Ltd. and Retail Media
TV, Inc. The unaudited condensed consolidated financial statements are prepared using the
accrual basis of accounting in accordance with US GAAP. All inter-company transactions and balances have been eliminated on consolidation.
Use
of estimates
The
preparation of the unaudited condensed consolidated financial statements in conformity with US GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ
from those estimates. Significant estimates include assumptions used in the revenue recognition of performance obligations, allowance
for doubtful accounts, fair value of stock-based compensation awards, income taxes and going concern.
Segment
reporting
We
report as one reportable segment. Our business activities, revenues and expenses are evaluated by management as one reportable segment.
Cash
Cash
and cash equivalents include all highly liquid monetary instruments with original maturities of three months or less when purchased.
These investments are carried at cost, which approximates fair value. Financial instruments that potentially subject us to concentrations
of credit risk consist primarily of cash deposits. We maintain our cash in institutions insured by the Federal Deposit Insurance Corporation
(“FDIC”). At times, our cash and cash equivalent balances may be uninsured or in amounts that exceed the FDIC insurance limits.
We have not experienced any losses on such accounts. On June 30, 2024, and September 30, 2023, we had no cash equivalents.
As
of June 30, 2024, and September 30, 2023, approximately $628,658 and $2,818,696 of cash exceeded the FDIC insurance limits, respectively.
Accounts
receivable
Accounts
receivable represent amounts due from customers. We assess the collectability of receivables on an ongoing basis. A provision for the
impairment of receivables involves significant management judgment and includes the review of individual receivables based on individual
customers, current economic trends and analysis of historical bad debts. As of June 30, 2024, and September 30, 2023, we had recorded
an allowance for doubtful accounts of $284,065 and $630,629, respectively.
Concentration
of credit risk
During
the nine months ended June 30, 2024, we had two customers that each individually comprised greater than 10% of net revenue, representing 22% and 15% respectively. No other customer accounted for more than 10% of net revenue during the periods presented.
During
the nine months ended June 30, 2023, we had two customers that each individually comprised greater than 10% of net revenue, representing 16% and 14% respectively. No other customer accounted for more than 10% of net revenue during the periods presented.
As
of June 30, 2024, two customers accounted for a total of 20% of our accounts receivable balance or 10% and 10%, respectively. No other
customer accounted for more than 10% of total accounts receivable.
As
of June 30, 2023, one customer accounted for a total of 15% of our accounts receivable balance. No other customer accounted for more
than 10% of total accounts receivable.
We
grant credit in the normal course of business to our customers. Periodically, we review past due accounts and make decisions about future
credit on a customer-by-customer basis. Credit risk is the risk that one party to a financial instrument will cause a loss for the other
party by failing to discharge an obligation.
Prepaid
expenses
Expenditures
paid in one accounting period which will not be consumed until a future period such as insurance premiums and annual subscription fees
are accounted for on the balance sheet as a prepaid expense. When the asset is eventually consumed, it is charged to expense.
Content
Assets
We
capitalize the fixed content fees and corresponding liability when the license period begins, the cost of the content is known, and the
content is accepted and available for streaming. If the licensing fee is not determinable or reasonably estimable, no asset or liability
is recorded, and licensing costs are expensed as incurred. We amortize licensed content assets into cost of revenue, using the straight-line
method over the contractual period of availability. The liability is paid in accordance with the contractual terms of the arrangement.
Internally-developed content costs are capitalized in the same manner as licensed content costs, when the cost of the content is known
and the content is ready and available for streaming. We amortize internally-developed content assets into cost of revenue, using the
straight-line method over the estimated period of streaming.
Long-lived
assets
We
evaluate the recoverability of long-lived assets, including intangible assets, for impairment when events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. Conditions that would necessitate an impairment assessment include
a significant decline in the observable market value of an asset, a significant change in the extent or manner that an asset is used,
or a significant adverse change that would indicate that the carrying amount of an asset or group of assets is not recoverable. For long-lived
assets to be held and used, we recognize an impairment loss only if their carrying amount is not recoverable through the undiscounted
cash flows. The impairment loss is based on the difference between the carrying amount and estimated fair value as determined by discounted
future cash flows. Our finite long-lived intangible assets are amortized on a straight-line basis over their estimated useful lives,
which range from two to nine years.
Property
and equipment, net
Property
and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s
estimated useful life. Our capitalization policy is to capitalize property and equipment purchases greater than $3,000, as well as internally-developed
software enhancements. Expenditures for maintenance and repairs are expensed as incurred. When retired or otherwise disposed, the related
carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized
from disposition is reflected in earnings.
Loop
Players are capitalized as fixed assets and depreciated over the estimated period of use.
See
below for estimated useful lives:
SCHEDULE
OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES
Loop Players | |
3 years |
Equipment | |
3-5 years |
Software | |
3 years |
Operating
leases
We
determine if an arrangement is a lease at inception. Operating lease right-of-use assets (“ROU assets”) and short-term and
long-term lease liabilities are included on the face of the consolidated balance sheet.
ROU
assets represent the right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease
payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present
value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use an incremental borrowing rate
based on the information available at commencement date in determining the present value of lease payments. Our lease terms may include
options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments
is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are accounted
for as a single lease component. For lease agreements with terms less than twelve months, we have elected the short-term lease measurement
and recognition exemption, and we recognize such lease payments on a straight-line basis over the lease term.
Fair
value measurement
We
determine the fair value of our assets and liabilities using a hierarchy established by the accounting guidance that prioritizes the
inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based
upon unobservable inputs that are significant to the valuation (Level 3 measurements). The three levels of valuation hierarchy are defined
as follows:
|
● |
Level
1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. |
|
|
|
|
● |
Level
2 inputs to the valuation methodology included quoted prices for similar assets and liabilities in active markets, quoted prices
for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or
indirectly, for substantially the full term of the financial instrument. |
|
|
|
|
● |
Level
3 inputs to the valuation methodology is one or more unobservable inputs which are significant to the fair value measurement. |
The
carrying amount of our financial instruments, including cash, accounts receivable, deposits, short-term portion of notes receivable and
notes payable, and current liabilities approximate fair value due to their short-term nature. We do not have financial assets or liabilities
that are required under US GAAP to be measured at fair value on a recurring basis. We have not elected to use fair value measurement
option for any assets or liabilities for which fair value measurement is not presently required.
We
record assets and liabilities at fair value on a nonrecurring basis as required by US GAAP. Assets recognized or disclosed at fair value
in the condensed consolidated financial statements on a nonrecurring basis include items
such as property and equipment, operating lease assets, goodwill, and other intangible assets, which are measured at fair value if determined
to be impaired.
On
September 26, 2022, our convertible debentures converted to Common Stock as part of our public offering and uplist to The NYSE
American, LLC (the “NYSE American”), in accordance with the terms of the original debt agreements. As of September 30, 2022, the remaining balance of the
Derivative Liability was written off as part of the conversion to equity. Thus, there is no
fair value measurement of the Derivative Liability balance as of June 30, 2024.
Advertising
costs
We
expense all advertising costs as incurred.
Advertising
and marketing costs for the three months ended June 30, 2024, and 2023, were $957,727 and $2,743,194, respectively.
Advertising
and marketing costs for the nine months ended June 30, 2024, and 2023, were $4,883,946 and $8,647,738, respectively.
Revenue
recognition
We
recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers, when it satisfies a performance obligation
by transferring control over a product to a customer. Revenue is measured based on the consideration we expect to receive in exchange
for those products. In instances where final acceptance of the product is specified by the client, revenue is deferred until all acceptance
criteria have been met. For example, we bill subscription services in advance of when the service is performed and revenue is treated
as deferred revenue until the service is performed and/or the performance obligation is satisfied. Revenues are recognized under Topic
606 in a manner that reasonably reflects the delivery of our products and services to clients in return for expected consideration and
includes the following elements:
|
● |
executed
contracts with our customers that we believe are legally enforceable; |
|
|
|
|
● |
identification
of performance obligations in the respective contract; |
|
|
|
|
● |
determination
of the transaction price for each performance obligation in the respective contract; |
|
|
|
|
● |
allocation
of the transaction price to each performance obligation; and |
|
|
|
|
● |
recognition
of revenue only when we satisfy each performance obligation. |
Our
revenue can be categorized into two revenue streams: Advertising revenue and Legacy and other revenue.
The
following table disaggregates our revenue by major type for each of the periods indicated:
SCHEDULE
OF DISAGGREGATION OF REVENUE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three months ended June 30, | | |
Nine months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Advertising revenue | |
$ | 3,997,054 | | |
$ | 5,079,922 | | |
$ | 16,936,810 | | |
$ | 23,687,817 | |
Legacy and other revenue | |
| 353,516 | | |
| 655,054 | | |
| 1,587,479 | | |
| 2,266,221 | |
Total | |
$ | 4,350,570 | | |
$ | 5,734,976 | | |
$ | 18,524,289 | | |
$ | 25,954,038 | |
Revenue | |
$ | 4,350,570 | | |
$ | 5,734,976 | | |
$ | 18,524,289 | | |
$ | 25,954,038 | |
Performance
obligations and significant judgments
Our
performance obligations and recognition patterns for each revenue stream are as follows:
Advertising
revenue
For
the three months ended June 30, 2024, and 2023, advertising revenue accounted for 92% and 89%, respectively, of our revenue and includes
revenue from direct programmatic and local advertising as well as sponsorships.
For
the nine months ended June 30, 2024, and 2023, advertising revenue accounted for 91% and 91%, respectively, of our revenue and includes
revenue from direct programmatic and local advertising as well as sponsorships.
For
all advertising revenue sources, we evaluate whether we should be considered the principal (i.e., report revenues on a gross basis) or
an agent (i.e., report revenues on a net basis). Our role as principal or agent differs based on our performance obligation for each
revenue share arrangement.
For
both the O&O and Partner Platforms businesses, advertising inventory provided to advertisers through the use of an advertising demand
partner or agency, with whose fees or commission is calculated based on a stated percentage of gross advertising spending, we are considered
the agent and our revenues are reported net of agency fees and commissions. We are considered the agent because the demand partner or
agency controls all aspects of the transaction (pricing risk, inventory risk, obligation for fulfillment) except for the devices used
to show the advertisements, therefore we report this advertising revenue net of agency fees and commissions.
We
are considered the principal in our arrangements with content providers in our O&O Platform business and with our arrangements with
our third-party partners in our Partner Platforms business and thus report revenues on a gross basis (net of agency fees and commissions),
wherein the amounts billed to our advertising demand partners, advertising agencies, and direct advertisers and sponsors are recorded
as revenues, and amounts paid to content providers and third-party partners are recorded as expenses. We are considered the principal
because we control the advertising space, are primarily responsible to our advertising demand partners and other parties filling our
advertising inventory, have discretion in pricing and advertising fill rates and typically have an inventory risk.
For
advertising revenue, we recognize revenue at the time the digital advertising impressions are filled and the advertisements are played
and, for sponsorship revenue, we generally recognize revenue ratably over the term of the sponsorship arrangement as the sponsored advertisements
are played.
Legacy
and other business revenue
For
the three months ended June 30, 2024, and 2023, legacy and other business revenue accounted for the remaining 8% and 11%, respectively,
of total revenue and includes streaming services, subscription content services, and hardware delivery, as described below.
For
the nine months ended June 30, 2024, and 2023, legacy and other business revenue accounted for the remaining 9% and 9%, respectively,
of total revenue and includes streaming services, subscription content services, and hardware delivery, as described below:
|
● |
Delivery
of streaming services including content encoding and hosting. We recognize revenue over the term of the service based on bandwidth
usage. Revenue from streaming services is insignificant. |
|
● |
Delivery
of subscription content services in customized formats. We recognize revenue straight-line over the term of the service. |
|
● |
Delivery
of hardware for ongoing subscription content delivery through software. We recognize revenue at the point of hardware delivery. Revenue
from hardware sales is insignificant. |
Transaction
prices for performance obligations are explicitly outlined in relevant agreements; therefore, we do not believe that significant judgments
are required with respect to the determination of the transaction price, including any variable consideration identified.
Customer
acquisition costs
Customer
acquisition costs consist of marketing costs and affiliate fees associated with the O&O Platform business. They are included in operating
expenses and expensed as incurred.
Cost
of revenue
Cost
of revenue for the O&O Platform and legacy businesses represents the amortized cost of ongoing licensing and hosting fees, which
is recognized over time based on usage patterns. The depreciation expense associated with the Loop Players is not included in cost of
sales.
Cost
of revenue for the Partner Platform business represents hosting fees, amortized costs of internally-developed content, and the revenue
share with third party partners (after deduction of allocated infrastructure costs). The cost of revenue is higher with partners within
the Partner Platform versus those within the O&O Platform because we leverage our Partner Platform partners’ network of customers
and their screens to deliver content and advertising inventory, rather than using our own Loop Players.
Deferred
income
Deferred
income represents our accounting for the timing difference between when fees are received and when the performance obligation is satisfied.
Net
loss per share
We
account for net loss per share in accordance with ASC subtopic 260-10, Earnings Per Share (“ASC 260-10”), which requires
presentation of basic and diluted earnings per share (“EPS”) on the face of the statement of operations for all entities
with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator
and denominator of the diluted EPS.
Basic
net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of Common
Stock outstanding during each period. It excludes the dilutive effects of any potentially issuable common shares.
Diluted
net loss per share is calculated by including any potentially dilutive share issuances in the denominator.
The
following securities are excluded from the calculation of weighted average diluted shares at June 30, 2024, and September 30, 2023, respectively,
because their inclusion would have been anti-dilutive.
SCHEDULE
OF ANTI-DILUTIVE SECURITIES
| |
June 30, 2024 | | |
September 30, 2023 | |
Options to purchase common stock | |
| 7,845,881 | | |
| 8,849,305 | |
Warrants to purchase common stock | |
| 6,866,699 | | |
| 5,592,573 | |
Restricted Stock Units (RSUs) | |
| 4,326,259 | | |
| 1,156,397 | |
Series A preferred stock | |
| — | | |
| — | |
Series B preferred stock | |
| — | | |
| — | |
Convertible debentures | |
| — | | |
| — | |
Total common stock equivalents | |
| 19,038,839 | | |
| 15,598,275 | |
On
December 14, 2023, we entered into Warrant Reprice Letter Agreements with certain holders to amend the exercise price of existing exercisable
warrants to $0.80
per share and to exercise warrants for 1,850,874
shares of our Common Stock for an aggregate exercise
price of $1,480,699.
The impact of the amendment resulted in a deemed dividend in the amount of $419,939,
which was calculated based on the change in fair value.
On
May 31, 2024, we entered into a Securities Purchase Agreement (the “Institutional Purchase Agreement”) with the purchaser
named therein (the “Institutional Investor”) and a Securities Purchase Agreement (the “Private Placement Purchase Agreement,”
and together with the Institutional Purchase Agreement, the “Purchase Agreements”) with Excel (the “Private Placement
Entity,” together with the Institutional Investor, the “Investors”).
Pursuant
to the Institutional Purchase Agreement, we agreed to sell and issue, in a registered direct offering (the “Registered Offering”)
7,875,000 shares (the “Registered Shares”) of our Common Stock at a purchase price per share of $0.15 and pre-funded warrants
(the “Registered Pre-Funded Warrants”) to purchase up to an aggregate of 1,777,174 shares of Common Stock (the “Registered
Pre-Funded Warrant Shares”) at a purchase price per Registered Pre-Funded Warrant of $0.1499, for aggregate gross proceeds to the
Company of approximately $1.45 million, before deducting placement agent fees and offering expenses payable by the Company. Beginning
with their issuance date, these pre-funded warrants were included in the weighted average number of common shares outstanding in the
computation of basic net loss per share as their stated exercise price of $0.0001 was non-substantive and their exercise was virtually
assured.
Pursuant
to the Private Placement Purchase Agreement, in a concurrent private placement (the “Concurrent Private Placement Offering,”
together with the Registered Offering, the “Offerings”), we agreed to sell and issue to the Private Placement Entity pre-funded
warrants (the “Private Pre-Funded Warrants”) to purchase up to an aggregate of 4,347,826 shares of Common Stock (the “Private
Pre-Funded Warrant Shares”) at a purchase price of $0.2308 per Private Pre-Funded Warrant, for aggregate gross proceeds to the
Company of approximately $1.0 million, before deducting offering expenses payable by the Company. The Private Pre-Funded Warrants are
immediately exercisable at an exercise price of $0.0001 per share and will expire when the Private Pre-Funded Warrants are fully exercised.
The Concurrent Private Placement Offering closed on June 10, 2024. Beginning with their issuance date, these pre-funded warrants were
included in the weighted average number of common shares outstanding in the computation of basic net loss per share as their stated exercise
price of $0.0001 was non-substantive and their exercise was virtually assured.
The
Purchase Agreements contain customary representations, warranties and agreements of the Company and the Investors and customary
indemnification rights and obligations of the parties. Pursuant to the terms of the Institutional Purchase Agreement, we have agreed
to certain restrictions, subject to certain exceptions, on the issuance and sale of its Common Stock and securities convertible
into shares of Common Stock during the 90-day period following the closing of the Registered Offering. We also agreed not to effect
or enter into an agreement to effect any issuance of Common Stock or any securities convertible into or exercisable or exchangeable for
shares of Common Stock involving a variable rate transaction (as defined in the Institutional Purchase Agreement), subject to certain
exceptions, until the six-month anniversary of the closing of the Registered Offering.
In
addition, until the date that is the eighteen-month anniversary of the closing of the Registered Offering, the Institutional Investor
is entitled to a participation right in any subsequent financing (as defined in the Institutional Purchase Agreement ) effected by the
Company or any of its subsidiaries of Common Stock or Common Stock equivalents for cash consideration, or a combination of units thereof,
up to an amount equal to 35% of such subsequent financing on the same terms, conditions and price provided for in the subsequent financing,
subject to certain carve-outs as set forth in the Institutional Purchase Agreement.
In
connection with the Offerings, on May 31, 2024, we also entered into a placement agency agreement (the “Placement Agency Agreement”)
with Roth Capital Partners, LLC (the “Placement Agent”). Pursuant to the terms of the Placement Agency Agreement, the Placement
Agent agreed to use its reasonable best efforts to arrange for the sale of the Registered Shares, the Registered Pre-Funded Warrants,
the Registered Pre-Funded Warrant Shares, the Private Pre-Funded Warrants and the Private Pre-Funded Warrant Shares (the “Securities”).
We paid the Placement Agent a cash fee equal to 6.5% of the gross proceeds generated from the Offerings and agreed to reimburse the Placement
Agent for certain of its expenses in an amount up to $50,000. The Placement Agent did not receive cash placement agent fees on the sale
of the Private Pre-Funded Warrants and the Private Pre-Funded Warrant Shares. The Placement Agency Agreement contains customary representations,
warranties and agreements of the Company and the Placement Agent and customary indemnification rights and obligations of the parties.
Pursuant
to the terms of the Placement Agency Agreement, we issued to the Placement Agent warrants (“Placement Agent Warrants”) to
purchase up to 700,000 shares of Common Stock, or 5.0% of the aggregate shares of Common Stock (or Common Stock equivalents) issued in
the Offerings, exercisable at a price per share of $0.25399. The Placement Agent Warrants are exercisable commencing six months after
the closing date of the Registered Offering and expire May 31, 2029.
The
Registered Offering closed on June 3, 2024, and on July 1, 2024, the Institutional Investor delivered a Notice of Exercise to us to purchase
the Registered Pre-Funded Warrant Shares.
The
Registered Shares and the Registered Pre-Funded Warrants were offered pursuant to our effective Shelf Registration Statement on Form S-3
(File No. 333-268957), which was previously filed and declared effective by the SEC, the accompanying base prospectus dated January 11,
2023, and a prospectus supplement dated May 31, 2024.
For
the three and nine months ended June 30, 2024, a reconciliation of the numerator and
denominator used in the calculation of basic and diluted net loss per share of our Common Stock is as follows:
SCHEDULE
OF BASIC AND DILUTED NET LOSS PER SHARE
|
|
Three months ended June 30, |
| |
Nine
months ended June 30, | |
|
|
2024 |
|
|
2023 |
| |
2024 | | |
2023 | |
Numerator: |
|
|
|
|
|
|
|
| |
| | |
| |
Net loss |
|
$ |
(5,451,617 |
) |
|
$ |
(7,875,532 |
) | |
$ | (18,307,652 | ) | |
$ | (22,952,087 | ) |
Plus: Deemed dividend on warrants |
|
|
— |
|
|
|
— |
| |
| (419,939 | ) | |
| — | |
Net loss attributable to common stockholders |
|
$ |
(5,451,617 |
) |
|
$ |
(7,875,532 |
) | |
$ | (18,749,850) | | |
$ | (22,952,087 | ) |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
Denominator: |
|
|
|
|
|
|
|
| |
| | | |
| | |
Weighted average number of common shares outstanding |
|
|
75,146,980 |
|
|
|
56,604,812 |
| |
| 70,966,475 | | |
| 56,455,743 | |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
Basic and diluted net loss per common share |
|
|
(0.07 |
) |
|
|
(0.14 |
) | |
$ | (0.26 | ) | |
$ | (0.41 | ) |
Shipping
and handling costs
Loop
Players are provided free to our customers. Loop Media absorbs any associated costs of shipping and handling and records as an operational
expense at the time of service.
Income
taxes
We
account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”). ASC 740 requires a company to
use the asset and liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary
differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences
between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance
when, in the opinion of management, it is more likely than not that some portion, or all of, the deferred tax assets will not be realized.
Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment.
Under
ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained
in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that
is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test,
no tax benefit is recorded. We have no material uncertain tax positions for any of the reporting periods presented.
We
recognize accrued interest and penalties related to unrecognized tax benefits as part of income tax expense. We have also made a policy
election to treat the income tax with respect to global intangible low-tax income as a period expense when incurred.
In
December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity
in accounting standards. The amendments in the ASU are effective for fiscal years beginning after December 15, 2020, including interim
periods therein. The adoption of this standard in the first quarter of 2022 had no impact on our consolidated financial statements.
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”).
ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09
address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid
information. ASU 2023-09 will be effective for us in the annual period beginning October 1, 2025, though early adoption is permitted.
We are still evaluating the presentational effect that ASU 2023-09 will have on our consolidated financial statements, but we expect
considerable changes to our income tax footnote.
Stock-based
compensation
Stock-based
compensation issued to employees is measured at the grant date, based on the fair value of the award, and is recognized as an expense
over the requisite service period. We measure the fair value of the stock-based compensation issued to non-employees using the stock
price observed in the trading market (for stock transactions) or the fair value of the award (for non-stock transactions), which were
more reliably determinable measures of fair value than the value of the services being rendered.
Deferred
financing costs
Deferred
financing costs represent legal, accounting and other direct costs related to our efforts to raise capital through a public or private
sale of our Common Stock. Costs related to the public sale of our Common Stock are deferred until the completion of the applicable offering,
at which time such costs are reclassified to additional paid-in-capital as a reduction of the proceeds. Costs related to the private
sale of our Common Stock are deferred until the completion of the applicable offering, at which time such costs are amortized over the
term of the applicable purchase agreement.
Employee
retention credits
In
March 2020, the Coronavirus Aid, Relief, and Economic Security Act was signed into law, providing numerous tax provisions and other stimulus
measures, including the Employee Retention Credit (“ERC”): a refundable tax credit against certain employment taxes. The
Taxpayer Certainty and Disaster Tax Relief Act of 2020 and the American Rescue Plan Act of 2021 extended and expanded the availability
of the ERC. We qualified for the ERC in the third and fourth quarters of 2020 and the first, second and third quarters of 2021. During
the nine months ended June 30, 2024, we recorded no aggregate benefit in our condensed combined income statement to reflect the ERC.
Reclassifications
Certain prior year amounts have been reclassified to conform to current
year presentation. These reclassifications have no effect on the previously reported financial position, results of operations, or cash
flows.
Restructuring
costs
As
previously disclosed, we began taking steps in fiscal year 2023 to increase efficiency and cut costs, while still maintaining our focus
on, and dedication to, the continued growth of our business. These cuts and adjustments across several aspects of our business, including
reductions in headcount and organizational restructuring, continued in the first three quarters of fiscal year 2024 and continue as of
the date of this Report.
Recently
adopted accounting pronouncements
In
September 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments. This guidance requires the measurement of all expected credit losses for financial assets held at the reporting date
based on historical experience, current conditions and reasonable and supportable forecasts. This guidance also requires enhanced disclosures
regarding significant estimates and judgments used in estimating credit losses. The new guidance is effective for fiscal years beginning
after December 15, 2022. We are currently evaluating the impact of this standard on our condensed consolidated financial statements and
related disclosures. We adopted this ASU as of October 1, 2023, and there is no material impact to our financial statements as of June
30, 2024.
Recent
accounting pronouncements
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, that would
enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with
ASC 280. ASC 280 requires a public entity to report for each reportable segment a measure of segment profit or loss that its chief operating
decision maker (“CODM”) uses to assess segment performance and to make decisions about resource allocations. The amendments
in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis
for all public entities to enable investors to develop more useful financial analyses. Currently, Topic 280 requires that a public entity
disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit
or loss that the CODM uses to assess segment performance and make decisions about allocating resources. ASC 280 also requires other specified
segment items and amounts such as depreciation, amortization and depletion expense to be disclosed under certain circumstances. The amendments
in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity
identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable
segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within
fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-07
retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of this standard on
our condensed consolidated financial statements and related disclosures.
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”).
ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09
address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid
information. ASU 2023-09 will be effective for us in the annual period beginning October 1, 2025, though early adoption is permitted.
We are still evaluating the presentational effect that ASU 2023-09 will have on our consolidated financial statements, but we expect
considerable changes to our income tax footnote.
NOTE
3 – CONTENT ASSETS
Content
Assets
The
content we stream to our users is generally acquired by securing the intellectual property rights to the content through licenses from,
and paying royalties or other consideration to, rights holders or their agents. The licensing can be for a fixed fee or can be a revenue
sharing arrangement. The licensing arrangements specify the period when the content is available for streaming, the territories, the
platforms, the fee structure and other standard content licensing terms defining the rights and/or restrictions for how the licensed
content can be used by Loop Media. We also develop original content internally, which is capitalized when the content is ready and available
for streaming, and generally amortized over a period of two to three years.
As
of June 30, 2024, content assets were $997,508 recorded as Content asset, net – current and $211,661 recorded as Content asset,
net – noncurrent, of which $86,217 was internally-developed content asset, net.
We
recorded amortization expense in cost of revenue, in the consolidated statements of operations, related to capitalized content assets:
SCHEDULE
OF AMORTIZATION EXPENSE RELATED TO CONTENT ASSETS
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three months ended June 30, | | |
Nine months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Licensed content assets | |
$ | 780,219 | | |
$ | 760,951 | | |
$ | 2,302,072 | | |
$ | 2,045,794 | |
Internally-developed assets | |
| 18,215 | | |
| 18,215 | | |
| 54,645 | | |
| 46,082 | |
Total | |
$ | 798,434 | | |
$ | 779,166 | | |
$ | 2,356,717 | | |
$ | 2,091,876 | |
Our
content license contracts are typically two to three years. The amortization expense for the next three years for capitalized content
assets as of June 30, 2024:
SCHEDULE
OF FUTURE AMORTIZATION EXPENSE
| |
Remaining in
Fiscal Year 2024 | | |
Fiscal Year 2025 | | |
Fiscal Year 2026 | |
Licensed content assets | |
$ | 555,088 | | |
$ | 470,463 | | |
$ | 97,401 | |
Internally-developed assets | |
| 18,215 | | |
| 59,440 | | |
| 8,562 | |
Total | |
$ | 573,303 | | |
$ | 529,903 | | |
$ | 105,963 | |
License
Content Liabilities
As
of June 30, 2024, we had $1,011,571 of obligations comprised of $708,567 in License content liability – current, $129,000 in License
content liability - noncurrent and $174,004 in accounts payable on our consolidated balance sheets. Payments for content liabilities
for the nine months ended June 30, 2024, were $649,307. The expected timing of payments for these content obligations is $389,071 payable
in fiscal year 2024, $345,500 payable in fiscal year 2025 and $110,000 payable in fiscal year 2026.
NOTE
4. PROPERTY AND EQUIPMENT
Our
property and equipment, net consisted of the following as of June 30, 2024, and September 30, 2023:
SCHEDULE
OF PROPERTY PLANT AND EQUIPMENT
| |
June
30, 2024 | | |
September
30, 2023 | |
Loop Players | |
$ | 3,334,030 | | |
$ | 2,536,937 | |
Equipment | |
| 712,536 | | |
| 801,301 | |
Software | |
| 895,846 | | |
| 854,966 | |
Equipment gross | |
| 4,942,413 | | |
| 4,193,204 | |
Less: accumulated depreciation | |
| (2,434,637 | ) | |
| (1,481,646 | ) |
Total, equipment net | |
$ | 2,507,776 | | |
$ | 2,711,558 | |
For
the three months ended June 30, 2024, and 2023, depreciation expense, calculated using straight line method, charged to operations amounted
to $331,191 and $249,256, respectively.
For
the nine months ended June 30, 2024, and 2023, depreciation expense, calculated using straight line method, charged to operations amounted
to $952,986 and $ 615,764, respectively.
NOTE
5. INTANGIBLE ASSETS
Our
intangible assets, each definite lived assets, consisted of the following as of June 30, 2024, and September 30, 2023:
SCHEDULE
OF INTANGIBLE ASSETS
| |
Useful life | |
June
30, 2024 | | |
September
30, 2023 | |
Customer relationships | |
nine years | |
$ | 1,012,000 | | |
$ | 1,012,000 | |
Content library | |
two years | |
| 198,000 | | |
| 198,000 | |
Total intangible assets, gross | |
| |
| 1,210,000 | | |
| 1,210,000 | |
| |
| |
| | | |
| | |
Less: accumulated amortization | |
| |
| (816,444 | ) | |
| (732,111 | ) |
Total | |
| |
| (816,444 | ) | |
| (732,111 | ) |
Total intangible assets, net | |
| |
$ | 393,556 | | |
$ | 477,889 | |
Amortization
expense charged to operations amounted to $28,111 and $28,111, for the three months ended June 30, 2024, and 2023, respectively.
Amortization
expense charged to operations amounted to $84,333 and $84,333, for the nine months ended June 30, 2024, and 2023, respectively.
Annual
amortization expense for the next five years and thereafter is estimated to be $28,111 (remaining in fiscal year 2024), $112,444, $112,444,
$112,444, and $28,113, respectively. The weighted average life of the intangible assets subject to amortization is 3.5 years as of June
30, 2024.
NOTE
6 – OPERATING LEASES
Operating
leases
We
have operating leases for office space and office equipment. Many of our leases include one or more options to renew, some of which included
options to extend the leases for a long-term period, and some leases included options to terminate the leases within 30 days. In certain
of our lease agreements, the rental payments were adjusted periodically to reflect actual charges incurred for capital area maintenance,
utilities, inflation and/or changes in other indexes.
Our
lease liability consisted of the following as of June 30, 2024, and September 30, 2023:
SCHEDULE
OF LEASE LIABILITY
| |
June
30, 2024 | | |
September
30, 2023 | |
Short term portion | |
$ | 67,689 | | |
$ | — | |
Long term portion | |
| 121,961 | | |
| — | |
Total lease liability | |
$ | 189,650 | | |
$ | — | |
Maturity
analysis under these lease agreements are as follows:
SCHEDULE
OF MATURITY OF OPERATING LEASE LIABILITY
| |
| | |
2024 | |
$ | 20,902 | |
2025 | |
| 83,607 | |
2026 | |
| 83,607 | |
2027 | |
| 20,499 | |
Total undiscounted cash flows | |
| 208,615 | |
Less: 10% Present value discount | |
| (18,965 | ) |
Lease liability | |
$ | 189,650 | |
We
recorded lease expense in sales, general and administrative expenses in the consolidated statement of operations:
SCHEDULE
OF LEASE EXPENSE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three months ended June 30, | | |
Nine months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Operating lease expense | |
$ | 20,902 | | |
$ | 17,495 | | |
$ | 34,836 | | |
$ | 79,434 | |
Short-term lease expense | |
| 2,400 | | |
| 34,828 | | |
| 41,643 | | |
| 69,659 | |
Total lease expense | |
$ | 23,302 | | |
$ | 52,323 | | |
$ | 76,479 | | |
$ | 149,093 | |
For
the three months ended June 30, 2024, and 2023, cash payments against lease liabilities totalled $20,902 and $18,792 and accretion on
lease liability of $5,007 and $309.
For
the nine months ended June 30, 2024, and 2023, cash payments against lease liabilities totalled $34,836
and $77,929
and accretion on lease liability of $8,563
and $2,737.
Weighted-average
remaining lease term and discount rate for operating leases are as follows:
SCHEDULE
OF WEIGHTED-AVERAGE REMAINING LEASE TERM AND DISCOUNT RATE
Weighted-average remaining lease term | |
| 2.59 years | |
Weighted-average discount rate | |
| 10 | % |
NOTE
7 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts
payable and accrued expenses consisted of the following as of June 30, 2024, and September 30, 2023:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
June
30, 2024 | | |
September
30, 2023 | |
Accounts payable | |
$ | 5,501,995 | | |
$ | 4,978,920 | |
| |
| | | |
| | |
Performance bonuses | |
| 300,000 | | |
| 1,262,000 | |
Interest payable | |
| 209,057 | | |
| 175,094 | |
Professional fees | |
| 669,186 | | |
| 449,944 | |
Marketing | |
| 357,123 | | |
| 800,165 | |
Insurance liabilities | |
| 12,166 | | |
| 552,000 | |
Other accrued liabilities | |
| 318,629 | | |
| 307,135 | |
Accrued Liabilities | |
| 1,866,161 | | |
| 3,546,338 | |
| |
| | | |
| | |
Accrued royalties and revenue share | |
| 7,829,892 | | |
| 4,930,329 | |
| |
| | | |
| | |
Total accounts payable and accrued expenses | |
$ | 15,198,048 | | |
$ | 13,455,587 | |
NOTE
8 – DEBT
Lines
of Credit as of June 30, 2024:
SCHEDULE
OF CLASSIFICATIONS OF NON-REVOLVING LINE OF CREDIT
| |
Net
Carrying Value | | |
Unpaid
| | |
Contractual
| | |
Contractual | |
| |
Related
party lines of credit: | |
Current | | |
Long Term | | |
Principal
Balance | | |
Interest
Rates | | |
Maturity
Date | |
Warrants
issued | |
$2,500,000
revolving line of credit, December 14, 2023 | |
$ | — | | |
$ | 1,679,226 | | |
$ | 2,500,000 | | |
| 10 | % | |
12 months prior
written notice | |
| 3,125,000 | |
$1,000,000
non-revolving line of credit, March 28, 2024 | |
| 1,000,000 | | |
| — | | |
| 1,000,000 | | |
| 12 | % | |
9/24/2024 | |
| — | |
Total related
party non-revolving lines of credit, net | |
$ | 1,000,000 | | |
$ | 1,679,226 | | |
$ | 3,500,000 | | |
| | | |
| |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| |
| | |
Lines of credit: | |
| | | |
| | | |
| | | |
| | | |
| |
| | |
$2,200,000
non-revolving line of credit, May 13, 2022 | |
$ | 735,740 | | |
$ | — | | |
$ | 770,000 | | |
| 12 | % | |
08/13/24 | |
| 314,286 | |
$6,000,000
revolving line of credit, July 29, 2022 | |
| 2,175,456 | | |
| — | | |
| 2,250,018 | | |
| Greater
of Prime + 0, or 4 | % | |
07/29/24 | |
| — | |
$4,000,000
non-revolving line of credit, May 10, 2023 | |
| 594,010 | | |
| — | | |
| 800,000 | | |
| 12 | % | |
05/10/25 | |
| 83,142 | |
Total lines
of credit, net | |
$ | 3,505,206 | | |
$ | — | | |
$ | 3,820,018 | | |
| | | |
| |
| | |
Lines
of Credit as of September 30, 2023:
| |
Net
Carrying Value | | |
Unpaid | | |
Contractual | | |
Contractual | |
| |
Related
party lines of credit: | |
Current | | |
Long Term | | |
Principal
Balance | | |
Interest
Rates Cash | | |
Maturity
Date | |
Warrants
issued | |
$4,000,000 non-revolving line of credit, May 10, 2023 | |
$ | — | | |
$ | 1,959,693 | | |
$ | 2,266,733 | | |
| 12 | % | |
5/10/2025 | |
| 209,398 | |
Total related party lines of credit, net | |
$ | — | | |
$ | 1,959,693 | | |
$ | 2,266,733 | | |
| | | |
| |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| |
| | |
Lines of credit: | |
| | | |
| | | |
| | | |
| | | |
| |
| | |
$2,200,000 non-revolving line of credit, May 13, 2022 | |
$ | 2,124,720 | | |
$ | — | | |
$ | 2,200,000 | | |
| 12 | % | |
11/13/2023 | |
| 314,286 | |
$6,000,000 revolving line of credit, July 29, 2022 | |
| 2,985,298 | | |
| — | | |
| 3,730,914 | | |
| Greater
of Prime +0, or 4 | % | |
7/29/2024 | |
| — | |
$4,000,000 revolving line of credit, May 10, 2023 | |
| — | | |
| 475,523 | | |
| 900,000 | | |
| 12 | % | |
5/10/2025 | |
| 83,142 | |
Total lines of credit, net | |
$ | 5,110,018 | | |
$ | 475,523 | | |
$ | 6,830,914 | | |
| | | |
| |
| | |
The
following table presents the interest expense related to the contractual interest coupon and the amortization of debt discounts on the
lines of credit:
SCHEDULE OF INTEREST EXPENSE RELATED TO THE CONTRACTUAL INTEREST COUPON AND THE AMORTIZATION OF DEBT DISCOUNTS
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three months ended June 30, | | |
Nine months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Interest expense | |
$ | 225,329 | | |
$ | 364,604 | | |
$ | 738,773 | | |
$ | 1,037,499 | |
Amortization of debt discounts | |
| 435,177 | | |
| 597,674 | | |
| 1,635,218 | | |
| 1,842,003 | |
Total | |
$ | 660,506 | | |
$ | 962,278 | | |
$ | 2,373,991 | | |
$ | 2,879,502 | |
Maturity
analysis under the line of credit agreements for the fiscal years ended September 30,
SCHEDULE OF MATURITY ANALYSIS UNDER LINE OF CREDIT AGREEMENTS
For the fiscal years ended September 30, | |
| | |
2024 | |
$ | 4,020,018 | |
2025 | |
| 3,300,000 | |
2026 | |
| — | |
2027 | |
| — | |
2028 | |
| — | |
2029 | |
| — | |
Lines of credit, related and non-related party | |
| 7,320,018 | |
Less: Debt discount on lines of credit payable | |
| (1,135,586 | ) |
Total Lines of credit payable, related and non-related party, net | |
$ | 6,184,432 | |
Revolving
Lines of Credit
Excel
Revolving Line of Credit
Effective
as of December 14, 2023, we entered into a Revolving Line of Credit Loan Agreement with Excel Family Partners, LLLP, an entity
managed by Bruce Cassidy, Executive Chairman of our Board of Directors, (“Excel” and the “Excel Revolving Line of
Credit Agreement”) for up to a principal sum of $2,500,000,
under which we may pay down and re-borrow up to the maximum amount of the $2,500,000
limit (the “Excel Revolving Line of Credit”). Our drawdown on the Excel Revolving Line of Credit is limited to no more
than twenty-five percent (25%)
of the last three full months’ revenue, not to exceed $1,250,000 in
any quarter, and not to exceed in aggregate the outstanding debt amount of $2,500,000.The
Excel Revolving Line of Credit is a perpetual loan, with a maturity date that is twelve (12)
months from the date of formal notice of termination by Excel, and accrues interest, payable semi-annually in arrears, at a fixed
rate of interest equal to ten percent (10%)
per year. Under the Excel Revolving Line of Credit Agreement, we granted to Excel a security interest in all of our present and
future assets and properties, real or personal, tangible or intangible, wherever located, including products and proceeds thereof,
which security interest is pari passu with the RAT Non-Revolving Line of Credit Agreement and the May 2023 Secured Line of
Credit (each as described below), but is subordinate in rights to GemCap under the GemCap Revolving Line of Credit Agreement (as
defined below).
Under
the terms of the Excel Revolving Line of Credit Agreement, on December 14, 2023, we issued to Excel a warrant to purchase up to an aggregate
of 3,125,000 shares of our Common Stock. The warrant has an exercise price of $0.80 per share, which was the closing price of our Common
Stock on December 14, 2023, expires on December 14, 2026, and is exercisable at any time prior to such date,
to the extent that after giving effect to such exercise, Excel and its affiliates would beneficially own, for purposes of Section 13(d)
of the Exchange Act, no more than 29.99% of the outstanding shares of our Common Stock.
The
Excel Revolving Line of Credit had a balance, including accrued interest, amounting to $2,582,590 and $0 as of June 30, 2024, and September
30, 2023, respectively. We incurred interest expense for the Excel Revolving Line of Credit in the amount of $146,800 and $0 for the
three months ended June 30, 2024, and 2023, and $256,084 and $0 for the nine months ended June 30, 2024, and 2023, respectively.
GemCap
Revolving Line of Credit Agreement
Effective
as of July 29, 2022, we entered into a Loan and Security Agreement with Industrial Funding Group, Inc. (the “Initial Lender”)
for a revolving loan credit facility for the initial principal sum of up to $4,000,000, and through the exercise of an accordion feature,
a total sum of up to $10,000,000 (the “GemCap Revolving Line of Credit Agreement”), evidenced by a Revolving Loan Secured
Promissory Note (the “Revolving Loan Note”), also effective as of July 29, 2022 (the “GemCap Revolving Line of Credit”).
In connection with the GemCap Revolving Line of Credit Agreement and the Revolving
Loan Note, we also executed and delivered to the Initial Lender the Loan Agreement Schedule dated as of July 29, 2022 (the “Loan
Agreement Schedule”) and other Loan Documents (as defined in the GemCap Revolving Line of Credit Agreement). Shortly after the
effective date of the GemCap Revolving Line of Credit, the Initial Lender assigned the GemCap Revolving Line of Credit Agreement, and
the Loan Documents, to GemCap Solutions, LLC (“GemCap” or “Senior Lender”). Effective as of October
27, 2022, we entered into Amendment Number 1 to the Loan and Security Agreement and to the Revolving Loan Agreement Schedule, and the
Amended and Restated Secured Promissory Note (Revolving Loans) with the Senior Lender to increase the principal sum available under the
GemCap Revolving Line of Credit Agreement from $4,000,000 to $6,000,000.
Effective
July 29, 2024, we entered into Amendment Number 2 to the Loan and Security Agreement, the Loan Agreement Schedule, the Revolving Loan
Note and to the other Loan Documents to amend certain material terms, including to (i) extend the maturity date of the GemCap Revolving Line of Credit Agreement
by one (1) year, from July 29, 2024, to July 29, 2025, and (ii) to make Retail Media TV, Inc., our wholly-owned subsidiary, a co-borrower
thereunder.
The
GemCap Revolving Line of Credit had an original maturity date of July 29, 2024, and began accruing interest on the unpaid principal balance
of advances, payable monthly in arrears, on September 7, 2022, at an annual rate equal to the greater of (I) the sum of (i) the “Prime
Rate” as reported in the “Money Rates” column of The Wall Street Journal, adjusted as and when such Prime Rate changes,
plus (ii) zero percent (0.00%), and (II) four percent (4.00%). Availability for borrowing under the GemCap Revolving Line of Credit is
dependent upon our assets in certain eligible accounts and measures of revenue, subject to reduction for reserves that the Senior Lender
may require in its discretion, and the accordion feature is a provision whereby we may request that the Senior Lender increase availability
under the GemCap Revolving Line of Credit, subject to its sole discretion.
Under
the GemCap Revolving Line of Credit Agreement, we have granted to the Senior Lender a first-priority security interest in all of our
present and future property and assets, including products and proceeds thereof. In connection with the loan, our existing secured
lenders, some of whom are the RAT Lenders under our RAT Non-Revolving Line of Credit (each as defined below) (collectively, the
“Subordinated Lenders”) delivered subordination agreements (the “GemCap Subordination Agreements”) to the
Senior Lender. We are permitted to make regularly scheduled payments, including payments upon maturity, to such subordinated lenders
and potentially other payments subject to a measure of cash flow and receiving certain financing activity proceeds, in accordance
with the terms of the GemCap Subordination Agreements. In connection with the delivery of the GemCap Subordination Agreements by the
Subordinated Lenders, on July 29, 2022, we issued warrants to each Subordinated Lender on identical terms for an aggregate of up to 296,329
shares of our Common Stock (each, a “Subordination Agreement Warrant”). Each Subordination Agreement Warrant has an
exercise price of $5.25
per share, expires on July 29, 2025, and is exercisable at any time prior to such date. One
warrant for 191,570
warrant shares was issued to Eagle Investment Group, LLC, an entity managed by Bruce Cassidy, Executive Chairman of our Board of
Directors (“Mr. Cassidy”), as directed by its affiliate, Excel Family Partners, LLLP (“Excel”), an entity
also managed by Mr. Cassidy, one of the Subordinated Lenders. The Subordinated Lenders receiving warrants for the remaining 104,759
warrant shares were also entitled to receive a cash payment of $22,000
six months from the date of the GemCap Subordination Agreements, representing one percent (1.00%)
of the outstanding principal amount of the loan held by such Subordinated Lenders. This cash payment was made to those Subordinated
Lenders on January 25, 2023.
The
GemCap Revolving Line of Credit had a balance, including accrued interest, amounting to $2,279,596 and $3,757,074 as of June 30, 2024,
and September 30, 2023, respectively. We incurred interest expense for the GemCap Revolving Line of Credit in the amount of $304,038
and $353,684 for the three months ended June 30, 2024, and 2023, and $1,012,000 and $1,068,425 for the nine months ended June 30, 2024,
and 2023, respectively.
Non-Revolving
Lines of Credit
RAT
Non-Revolving Line of Credit
Effective
as of May 13, 2022, we entered into a Secured Non-Revolving Line of Credit Loan Agreement (the “RAT Non-Revolving Line of Credit
Agreement”) with several institutions and individuals (each a “RAT Lender” and collectively, the “RAT Lenders”)
and RAT Investment Holdings, LP, as administrator of the loan (the “Loan Administrator”) for an aggregate principal amount
of $2,200,000 (the “RAT Non-Revolving Line of Credit”), evidenced by a Non-Revolving Line of Credit Promissory Note (the
“RAT Note”), also effective as of May 13, 2022. Pursuant to the terms of the RAT Non-Revolving Line of Credit Agreement,
the RAT Non-Revolving Line of Credit matured eighteen (18) months from the effective date of the RAT Non-Revolving Line of Credit (the
“Original RAT Line of Credit Maturity Date”) and accrues interest, payable semi-annually in arrears, at a fixed rate of interest
equal to twelve percent (12%) per year. Under the RAT Non-Revolving Line of Credit Agreement, we granted to the RAT Lenders a security
interest in all of our present and future assets and properties, real or personal, tangible or intangible, wherever located, including
products and proceeds thereof, which security interest is pari passu with the Excel Revolving Line of Credit Agreement (as defined
above) and the May 2023 Secured Line of Credit Agreement (as defined below) and (each of which are subordinated in connection with our
GemCap Revolving Line of Credit Agreement (as defined above)).
In
connection with the RAT Non-Revolving Line of Credit Agreement, on May 13, 2022, we issued a warrant (collectively, the “RAT Loan
Warrants”) to each RAT Lender for an aggregate of up to 209,522 shares of our Common Stock. Each RAT Loan Warrant had an exercise
price of $5.25 per share, expires on May 13, 2025, and is exercisable at any time prior to the expiration date.
Effective
as of November 13, 2023, we entered into a Non-Revolving Line of Credit Loan Agreement Amendment (the “RAT Non-Revolving Line
of Credit Agreement Amendment”) with the RAT Lenders to: (i) extend the Original RAT Line of Credit Maturity Date from
eighteen (18)
months to twenty-seven (27)
months from the date of the RAT Non-Revolving Line of Credit Agreement, or August 13, 2024 (the “First Extended RAT Line of
Credit Maturity Date”); and (ii) amend the payment terms of the RAT Non-Revolving Line of Credit such that payments of
interest or principal under the RAT Non-Revolving Line of Credit Agreement and the RAT Note will be due and payable from November
13, 2023, to the First Extended RAT Line of Credit Maturity Date, as follows (a) one payment of $374,000
(comprised of accrued interest of $132,000
due through November 13, 2023, an initial payment of principal of $220,000
and $22,000
as consideration to extend the Original RAT Line of Credit Maturity Date) due on November 13, 2023; and (b) nine (9)
monthly payments of principal of $220,000
plus accrued interest, commencing December 13, 2023. In consideration for the extension of the Original RAT Line of Credit Maturity
Date, we agreed to amend the terms of the RAT Loan Warrants as well as the Subordination Agreement Warrants issued to the RAT
Lenders in connection with the GemCap Subordination Agreements described above to reduce the warrant exercise price to $1.00. See
“—GemCap Revolving Line of Credit.” We also agreed to apply one-third (1/3) of the net proceeds of any capital
raise that takes place subsequent to the date of the RAT Non-Revolving Line of Credit Agreement Amendment, other than proceeds from
an equity offering under any at-the-market (“ATM” program or from an affiliate or insider, toward paying down the then
outstanding principal amount due under the RAT Non-Revolving Line of Credit. Pursuant to the RAT Non-Revolving Line of Credit
Agreement Amendment #1, each RAT Lender agreed to enter into a lock-up agreement restricting the disposal of any shares of our
Common Stock that are issued in connection with the exercise of the RAT Loan Warrants or the Subordination Agreement Warrants for a
period of twelve (12)
months from the date of the RAT Non-Revolving Line of Credit Agreement Amendment #1. Effective as of November 13, 2023, we issued an
Amended and Restated Non-Revolving Line of Credit Promissory Note Amendment to the Lenders reflecting the extension of the Original
RAT Line of Credit Maturity Date.
On
April 18, 2024, we entered into that certain Non-Revolving Line of Credit Loan Agreement Amendment #2 (the “RAT Non-Revolving
Line of Credit Agreement Amendment #2”) with the RAT Lenders to: (i) extend the Original RAT Line of Credit Maturity Date from
eighteen (18)
months to thirty-two (32) months from the date of the RAT Non-Revolving Line of Credit Agreement, or January 13, 2025 (the
“Second Extended RAT Line of Credit Maturity Date”); and (ii) amend the payment terms of the RAT Non-Revolving Line of
Credit such that payments of interest and principal under the RAT Non-Revolving Line of Credit Agreement and the RAT Note are due
and payable from April 13, 2024, to the Second Extended RAT Line of Credit Maturity Date, as follows: (a) one payment of $121,000,
comprised of accrued interest of $11,000 through
April 13, 2024, and an initial payment of principal of $110,000,
due on April 13, 2024; and (b) nine (9) monthly payments of principal of $110,000,
plus accrued interest, commencing on May 13, 2024. We issued a Second Amended and Restated Non-Revolving Line of Credit Promissory
Note, effective April 13, 2024, to the RAT Lenders reflecting the extension of the Original RAT Line of Credit Maturity
Date.
On
May 31, 2024, we entered into a Non-Revolving Line of Credit Waiver and Consent Agreement (the “Waiver and Consent”), with
the Loan Administrator, effective as of and contingent upon the closing of the Offerings (each as defined and described below), waiving
certain provisions of the RAT Non-Revolving Line of Credit Agreement Amendment #1, pursuant to which the RAT Lenders agreed to irrevocably
waive their rights to receive one-third (1/3) of the net proceeds of any non-affiliate capital raise, including the Offerings, and consent
to us not paying any of such proceeds to the RAT Lenders. In consideration for entering into the Waiver and Consent, we agreed to reduce
the exercise price of the RAT Loan Warrants and the Subordination Agreement Warrants held by the
RAT Lenders to purchase an aggregate of 314,281 shares of Common Stock from $1.00 to $0.24. See “Note 11 – The Registered
Offering and the Concurrent Private Placement Offering” below.
The
RAT Non-Revolving Line of Credit had a balance, including accrued interest, amounting to $774,222 and $2,300,899 as of June 30, 2024,
and September 30, 2023, respectively. We incurred interest expense for the RAT Non-Revolving Line of Credit in the amount of $99,156
and $223,382 for the three months ended June 30, 2024, and 2023, and $409,165 and $670,146 for the nine months ended June 30, 2024, and
2023, respectively.
May
2023 Secured Loan
Effective
as of May 10, 2023, we entered into a Secured Non-Revolving Line of Credit Loan Agreement (the “May 2023 Secured Line of Credit
Agreement”) with several individuals and institutional lenders for aggregate loans of up to $4.0 million (the “May 2023 Secured
Line of Credit”), evidenced by Secured Non-Revolving Line of Credit Promissory Notes (each a “May 2023 Secured Note”
and collectively, the “May 2023 Secured Notes”), also effective as of May 10, 2023. The May 2023 Secured Line of Credit matures
twenty-four (24) months from the date of the May 2023 Secured Line of Credit Agreement and accrues interest, payable semi-annually in
arrears, at a fixed rate of interest equal to twelve percent (12%) per year. We granted to the lenders under the May 2023 Secured Line
of Credit Agreement a security interest in all of our present and future assets and properties, real or personal, tangible or intangible,
wherever located, including products and proceeds thereof, which security interest is pari passu with the RAT Non-Revolving Line
of Credit Agreement and the Excel Revolving Line of Credit Agreement, but is subordinate in rights to GemCap under the GemCap Revolving
Line of Credit Agreement. See “— GemCap Revolving Line of Credit Agreement.”
In
connection with the May 2023 Secured Line of Credit, on May 10, 2023, we agreed to issue to each lender under the May 2023 Secured Line
of Credit Agreement, upon drawdown, a warrant to purchase up to an aggregate of 369,517 shares of our Common Stock. The warrants have
an exercise price of $4.33 per share, expire on May 10, 2026, and is exercisable at any time prior to such date.
As
of May 10, 2023, Excel, an entity managed by Mr. Cassidy, had committed to be a lender under the May 2023 Secured Line of Credit Agreement
for an aggregate loan of $2.65 million, and as of September 11, 2023, Excel had not loaned any funds under the May 2023 Secured Line
of Credit. On May 31, 2023, we entered into a Secured Non-Revolving Line of Credit Loan Agreement (the “Excel $2.2M Secured Line
of Credit Agreement”) with Excel for an aggregate principal amount of up to $2,200,000 (the “Excel $2.2M Line of Credit”),
evidenced by a Non-Revolving Line of Credit Promissory Note (the “Excel $2.2M Note”). Pursuant to the terms of a Pay Off
Letter Agreement with Excel dated September 12, 2023, we refinanced the outstanding principal and interest of the Excel $2.2M Line of
Credit to be included as part of the obligations of the May 2023 Secured Line of Credit Agreement. As a result of such refinancing, as
of September 12, 2023, no principal or interest remained outstanding under the Excel $2.2M Secured Line of Credit, and the Excel $2.2M
Secured Line of Credit Agreement was terminated, and as of September 12, 2023, Excel had loaned $2,266,733 under the May 2023 Secured
Line of Credit Agreement and received a warrant to purchase 209,398 shares of our Common Stock.
As
of December 14, 2023, the outstanding principal and interest on Excel’s portion of the May 2023 Secured Line of Credit was $2,328,617
(the “Excel May 2023 Secured Line of Credit Pay Off-Amount”) of the total aggregate
principal and interest outstanding under the May 2023 Secured Line of Credit of $3,262,817. On December 14, 2023, Excel agreed to convert
the Excel May 2023 Secured Line of Credit Pay-Off Amount owed under the May 2023 Secured Line of Credit Agreement into 2,910,771 shares
of our Common Stock at a conversion price per share of $0.80. In addition, in connection with the Warrant Repricing (as defined below),
on December 14, 2023, Excel agreed to the reprice the per share warrant exercise price of the warrant for 209,398 shares of our Common
Stock to $0.80 per warrant share and immediately exercised the warrant, delivering the net proceeds of $167,518.40 to us. See “—Repricing
and Exercise of Certain Warrants.”
On
December 31, 2023,
one of the remaining lenders under the May 2023 Secured Line of Credit converted $101,699.83 in outstanding principal and interest into
127,124 shares of our Common Stock at a conversion price per share of $0.80. As of June 30, 2024, a total principal amount of $800,000
remained outstanding on the May 2023 Secured Line of Credit and warrants for a total of 83,142 warrant shares had been issued to the
remaining lenders in connection with the May 2023 Secured Line of Credit and remained outstanding.
The
May 2023 Secured Loan had a principal balance, including accrued interest, amounting to $861,333 and $3,214,769 as of June 30, 2024,
and September 30, 2023, respectively. We incurred interest expense for the 2023 Secured Loan in the amount of $80,179 and $40,736 for
the three months ended June 30, 2024, and 2023, and $293,520 and $40,736 for the nine months ended June 30, 2024, and 2023, respectively.
Excel
$1.0M Line of Credit
On
March 28, 2024, we entered into a Secured Non-Revolving Line of Credit Loan Agreement with Excel (“Excel $1.0M Secured Line of
Credit Agreement”) for an aggregate principal amount of up to $1,000,000 (the “Excel $1.0M Line of Credit”), evidenced
by a Secured Non-Revolving Line of Credit Promissory Note (the “Excel $1.0M Note”). The Excel $1.0M Line of Credit matures
one hundred eighty (180) days from the date of the Excel $1.0M Secured Line of Credit Agreement (the “Excel $1.0M Line of Maturity
Date”) and accrues interest, payable in arrears on the Excel $1.0M Line of Credit Maturity Date, at a fixed rate of interest equal
to twelve percent (12%) per year.
Under
the Excel $1.0M Secured Line of Credit Agreement, we granted to Excel a security interest in all of our present and future assets and
properties, real or personal, tangible or intangible, wherever located, including products and proceeds thereof, which security interest
is subordinate in rights to GemCap under the GemCap Revolving Line of Credit Agreement.
On
May 31, 2024, we entered into a Waiver and Consent Letter Agreement with Excel (the “Excel Waiver Agreement”), effective
as of and contingent upon the closing of the Registered Offering (as defined and described below), waiving certain provisions of the
Excel $1.0M Secured Line of Credit Agreement, pursuant to which Excel irrevocably agreed to waive its rights to receive
five hundred thousand dollars ($500,000)
of the net proceeds of any non-affiliate capital raise, including the Registered Offering, and consented to us not paying any of
such proceeds to it, contingent upon the closing of such a non-affiliate capital raise, including the Registered Offering. See
“Note 11 – The Registered Offering and the Concurrent Private Placement Offering” below.
The
Excel $1.0M Line of Credit had a balance, including accrued interest, amounting to $1,031,333 and $0 as of June 30, 2024, and September
30, 2023, respectively. We incurred interest expense for the Excel $1.0M Line of Credit in the amount of $30,333 and $0 for the three
months ended, and $31,333 and $0 for the nine months ended June 30, 2024, and 2023, respectively.
See
Note 12 – Stock Options, Restricted Stock Units (RSUs) and Warrants for discussion on the repricing of certain existing warrants
and the issuance of prefunded warrants.
NOTE
9 – COMMITMENTS AND CONTINGENCIES
We
may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. Such matters are subject to
many uncertainties, and outcomes are not predictable with assurance. There are no such loss contingencies that are included in the financial
statements as of June 30, 2024.
NOTE
10 – RELATED PARTY TRANSACTIONS
Related
parties are natural persons or other entities that have the ability, directly or indirectly, to control another party or exercise significant
influence over the party making financial and operating decisions. Related parties include other parties that are subject to common control
or that are subject to common significant influences.
500
Limited
For
the nine months ended June 30, 2024, and 2023, we paid 500 Limited $145,500
and $307,000,
respectively, for programming services provided to Loop Media. 500 Limited is an entity controlled by Liam McCallum, our former Chief
Product and Technology Officer.
Excel
On
May 31, 2024, we entered into a Securities Purchase Agreement (the “Private Placement
Purchase Agreement”) with Excel.
Pursuant
to the Private Placement Purchase Agreement, in a private placement (the “Concurrent Private Placement Offering”), we agreed
to sell and issue to Excel pre-funded warrants (the “Private Pre-Funded Warrants”) to purchase up to an aggregate of 4,347,826
shares of Common Stock (the “Private Pre-Funded
Warrant Shares”) at a purchase price of $0.2308
per Private Pre-Funded Warrant, for aggregate
gross proceeds to the Company of approximately $1.0
million, before deducting offering expenses payable
by the Company. The Private Pre-Funded Warrants are immediately exercisable at an exercise price of $0.0001
per share and will expire when the Private Pre-Funded
Warrants are fully exercised. The Concurrent Private Placement Offering closed on June 10, 2024. See Note 11 – The Registered
Offering and the Concurrent Private Placement Offering.
On
May 31, 2024, we also entered into the Excel Waiver Agreement, effective as of and contingent upon the closing of the Registered Offering,
with Excel, waiving certain provisions of the Excel $1.0M Secured Line of Credit Agreement, pursuant to which Excel irrevocably agreed
to waive its rights to receive five hundred thousand dollars ($500,000) of the net proceeds of any non-affiliate capital raise, including
the Registered Offering, and consented to us not paying any of such proceeds to it, contingent upon the closing of such a non-affiliate
capital raise, including the Registered Offering.
See
Note 8 – Debt for discussion on the following:
|
● |
GemCap
Revolving Line of Credit Agreement and Warrants |
|
● |
Excel
Revolving Line of Credit |
|
● |
Excel
$1.0M Line of Credit |
See
Note 12 – Stock Options, Restricted Stock Units (RSUs) and Warrants for discussion on the repricing of certain existing warrants
and the issuance of prefunded warrants.
NOTE
11 –STOCKHOLDERS’ EQUITY (DEFICIT)
Change
in Number of Authorized and Outstanding Shares
On
August 15, 2023, the Loop stockholders voted at our 2023 Annual Meeting of Stockholders to approve an amendment to our Restated Articles
of Incorporation to increase the number of shares of common stock, par value of $0.0001 per share (“Common Stock”), authorized
for issuance thereunder from 105,555,556 shares to 150,000,000 shares.
On
September 21, 2022, a 1 for 3 reverse stock split of our Common Stock became effective. All share and per share information in the accompanying
consolidated financial statements and footnotes has been retroactively adjusted for the effects of the reverse split for all periods
presented.
Common
Stock
Our
authorized capital stock consists of 150,000,000 shares of Common Stock, $0.0001 par value per share, and 3,333,334 shares of preferred
stock, $0.0001 par value per share.
As
of June 30, 2024, and 2023, there were 79,048,736 and 59,183,668, respectively, shares of Common Stock issued and outstanding.
The
Registered Offering and the Concurrent Private Placement Offering
On
May 31, 2024, we entered into a Securities Purchase Agreement (the “Institutional Purchase Agreement”) with the purchaser
named therein (the “Institutional Investor”) and a Securities Purchase Agreement (the “Private Placement Purchase Agreement,”
together with the Institutional Purchase Agreement, the “Purchase Agreements”) with Excel (the “Private Placement
Entity,” together with the Institutional Investor, the “Investors”).
Pursuant
to the Institutional Purchase Agreement, we agreed to sell and issue, in a registered direct offering (the “Registered Offering”)
7,875,000
shares (the “Registered Shares”)
of our Common Stock at a purchase price per share of $0.15
and pre-funded warrants (the “Registered
Pre-Funded Warrants”) to purchase up to an aggregate of 1,777,174
shares of Common Stock (the “Registered
Pre-Funded Warrant Shares”) at a purchase price per Registered Pre-Funded Warrant of $0.1499,
for aggregate gross proceeds to the Company of approximately $1.45
million, before deducting placement agent fees
and offering expenses payable by the Company.
Pursuant
to the Private Placement Purchase Agreement, in a concurrent private placement (the “Concurrent Private Placement Offering,”
together with the Registered Offering, the “Offerings”), we agreed to sell and issue to the Private Placement Entity pre-funded
warrants (the “Private Pre-Funded Warrants”) to purchase up to an aggregate of 4,347,826 shares of Common Stock (the “Private
Pre-Funded Warrant Shares”) at a purchase price of $0.2308 per Private Pre-Funded Warrant, for aggregate gross proceeds to the
Company of approximately $1.0 million, before deducting offering expenses payable by the Company. The Private Pre-Funded Warrants are
immediately exercisable at an exercise price of $0.0001 per share and will expire when the Private Pre-Funded Warrants are fully exercised.
The Concurrent Private Placement Offering closed on June 10, 2024.
The
Purchase Agreements contain customary representations, warranties and agreements of the Company and the Investors and customary indemnification
rights and obligations of the parties. Pursuant to the terms of the Institutional Purchase Agreement, we have agreed to certain restrictions,
subject to certain exceptions, on the issuance and sale of its Common Stock and securities convertible into shares of Common Stock during
the 90-day period following the closing of the Registered Offering. We also agreed not to effect or enter into an agreement to effect
any issuance of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock involving a
variable rate transaction (as defined in the Institutional Purchase Agreement), subject to certain exceptions, until the six-month anniversary
of the closing of the Registered Offering.
In
addition, until the date that is the eighteen-month anniversary of the closing of the Registered Offering, the Institutional Investor
is entitled to a participation right in any subsequent financing (as defined in the Institutional Purchase Agreement ) effected by the
Company or any of its subsidiaries of Common Stock or Common Stock equivalents for cash consideration, or a combination of units thereof,
up to an amount equal to 35% of such subsequent financing on the same terms, conditions and price provided for in the subsequent financing,
subject to certain carve-outs as set forth in the Institutional Purchase Agreement.
In connection with the Offerings, on
May 31, 2024, we also entered into a placement agency agreement (the “Placement Agency Agreement”) with Roth Capital Partners,
LLC (the “Placement Agent”). Pursuant to the terms of the Placement Agency Agreement, the Placement
Agent agreed to use its reasonable best efforts to arrange for the sale of the Registered Shares, the Registered Pre-Funded Warrants,
the Registered Pre-Funded Warrant Shares, the Private Pre-Funded Warrants and the Private Pre-Funded Warrant Shares (the “Securities”).
We paid the Placement Agent a cash fee equal to 6.5% of the gross proceeds generated from the Offerings and agreed to reimburse the Placement Agent for certain of its expenses in
an amount up to $50,000. The Placement Agent did not receive cash placement agent fees on the sale of the Private Pre-Funded Warrants
and the Private Pre-Funded Warrant Shares. The Placement Agency Agreement contains customary representations, warranties and agreements
of the Company and the Placement Agent and customary indemnification rights and obligations of the parties.
Pursuant
to the terms of the Placement Agency Agreement, we issued to the Placement Agent warrants (“Placement Agent Warrants”) to
purchase up to 700,000 shares of Common Stock, or 5.0% of the aggregate shares of Common Stock (or Common Stock equivalents) issued in
the Offerings, exercisable at a price per share of $0.25399. The Placement Agent Warrants
are exercisable commencing six months after the closing date of the Registered Offering and expire May 31, 2029.
The Registered
Offering closed on June 3, 2024, and on July 1, 2024, the Institutional Investor delivered a Notice of Exercise to us to purchase the
Registered Pre-Funded Warrant Shares.
The Registered Shares and the Registered Pre-Funded Warrants were offered
pursuant to our effective Shelf Registration Statement on Form S-3 (File No. 333-268957), which was previously filed and declared
effective by the SEC, the accompanying base prospectus dated January 11, 2023, and a prospectus supplement dated May 31, 2024.
Nine
months ended June 30, 2024
During
the nine months ended June 30, 2024, we issued 7,875,000 shares of common stock through a Registered Direct Offering.
During
the nine months ended June 30, 2024, we issued 1,850,874 shares of common stock upon the exercise of warrants.
During
the nine months ended June 30, 2024, we issued 2,910,771
shares of common stock to a board member upon
the conversion of non-revolving line of credit plus accrued interest.
During
the nine months ended June 30, 2024, we issued 127,124
shares of common stock upon the conversion of
non-revolving line of credit plus accrued interest.
During
the nine months ended June 30, 2024, we issued 60,810 shares of common stock for capital raise costs.
During
the nine months ended June 30, 2024, we issued 311,889 shares of common stock for consulting fees.
During
the nine months ended June 30, 2024, we issued 292,117 shares of common stock for vested RSUs.
See
Note 12 – Stock Options and Warrants for stock compensation discussion.
Nine
months ended June 30, 2023
We
filed a Shelf Registration Statement on Form S-3 that has been declared effective by the SEC. On May 12, 2023, we entered into an At
Market (“ATM”) Issuance Sales Agreement (the “ATM Sales Agreement”) with B. Riley Securities, Inc. (the
“Agent”) pursuant to which we may offer and sell, from time to time through the Agent, shares of our Common Stock, for
aggregate gross proceeds of up to $50,000,000.
During the nine months ended June 30, 2023, we issued 2,779,997
shares of Common Stock under the Sales Agreement, resulting in cash proceeds of $8,317,936,
net of placement agent’s commission and related fees of $257,435
but before deducting offering costs.
During
the nine months ended June 30, 2023, we issued 22,462 shares of Common Stock upon the exercise of stock options.
See
Note 12 – Stock Options and Warrants for stock compensation discussion.
NOTE
12 – STOCK OPTIONS, RESTRICTED STOCK UNITS (RSUs) AND WARRANTS
Options
Option
valuation models require the input of highly subjective assumptions. The fair value of stock-based payment awards was estimated using
the Black-Scholes option model with a volatility figure derived from using our historical stock prices. We account for the expected life
of options based on the contractual life of options for non-employees. For employees, we account for the expected life of options in
accordance with the “simplified” method, which is used for “plain-vanilla” options, as defined in the accounting
standards codification. The risk-free interest rate was determined from the implied yields of U.S. Treasury zero-coupon bonds with a
remaining life consistent with the expected term of the options.
The
following table summarizes the stock option activity for the nine months ended June 30, 2024:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
Number of | | |
Weighted Average Exercise | | |
Weighted Average Remaining Contractual | | |
Aggregate Intrinsic | |
| |
Options | | |
Price | | |
Term | | |
Value | |
Outstanding at September 30, 2023 | |
| 8,849,305 | | |
$ | 3.84 | | |
| 6.35 | | |
$ | — | |
Grants | |
| 201,666 | | |
| 0.23 | | |
| | | |
| — | |
Exercised | |
| — | | |
| — | | |
| | | |
| — | |
Expired | |
| (805,854 | ) | |
| 3.50 | | |
| | | |
| — | |
Forfeited | |
| (399,236 | ) | |
| 2.92 | | |
| | | |
| — | |
Outstanding at June 30, 2024 | |
| 7,845,881 | | |
$ | 3.83 | | |
| 5.76 | | |
$ | — | |
Exercisable at June 30, 2024 | |
| 7,067,471 | | |
$ | 3.79 | | |
| 5.45 | | |
$ | — | |
The
aggregate intrinsic value in the preceding tables represents the total pretax intrinsic value, based on options with an exercise price
less than our stock price of $0.10 as of June 30, 2024, and $2.39 as of June 30, 2023, which would have been received by the option holders
had those option holders exercised their options as of that date.
We
recognize compensation expense for all stock options granted using the fair value-based method of accounting. During the nine months
ended June 30, 2024, we issued 201,666 options valued at $0.23 per option. As of June 30, 2024, the total compensation cost related to
nonvested awards not yet recognized is $1,917,278 and the weighted average period over which expense is expected to be recognized is
24.9 months.
We
calculated the fair value of options issued using the Black-Scholes option pricing model, with the following assumptions:
SCHEDULE
OF FAIR VALUE OF OPTIONS FOR VALUATION ASSUMPTIONS
| |
June 30, 2024 | |
| |
| |
Weighted average fair value of options granted | |
$ | 0.23 | |
Expected life | |
| 5.68 years | |
Risk-free interest rate | |
| 4.45 | % |
Expected volatility | |
| 53.63 | % |
Expected dividends yield | |
| — | |
Forfeiture rate | |
| — | |
The
stock-based compensation expense related to option grants was $2,018,579 and $5,319,045, for the nine months ended June 30, 2024, and
2023, respectively.
Restricted
Stock Units
On
September 18, 2022, the Compensation Committee of our Board of Directors approved Restricted Stock Unit (“RSU”) awards to
certain officers and key employees pursuant to the terms of the Loop Media, Inc. Amended and Restated 2020 Equity Incentive Compensation
Plan (the “2020 Plan”).
On
September 22, 2022, we granted an aggregate of 890,000 RSUs, which vest over time subject to continued service. Each RSU was valued at
the public offering price during our initial public offering of $5.00 per share, and twenty-five percent (25%) of the RSUs vest on the
one-year anniversary of the grant date and the remainder in equal quarterly installments over the following three-year period.
On
January 3, 2023, the Compensation Committee of our Board of Directors approved RSU awards as compensation to members of our Board of
Directors pursuant to the 2020 Plan.
On
January 3, 2023, we granted an aggregate of 212,004 RSUs which vest over time subject to continued service. Each RSU was valued at $6.23
per share. Twenty-five percent (25%) of 130,464 RSUs vest on the one-year anniversary of the grant date and the remainder in equal quarterly
installments over the following three-year period. One hundred percent (100%) of 81,540 RSUs vested on the day after the end of the fiscal
year in which the grant was made.
On
July 1, 2023, we granted an aggregate of 54,393 RSUs which vested one hundred percent (100%) on the grant date. Each RSU was valued at
$2.39 per share.
On
January 1, 2024, we granted an aggregate of 140,000 RSUs which will vest in equal semi-annual installments over a two-year term, beginning
on the six (6) month anniversary of the grant date until all RSUs are fully vested. Each RSU was valued at $1.00 per share.
On
March 15, 2024, we granted an aggregate of 3,065,000 RSUs which will vest over a two-year period with fifty percent (50%) vesting on
the one (1) year anniversary of the grant date and the remainder at twelve and a half percent (12.5%) on a quarterly basis thereafter
until all RSUs are fully vested. Each RSU was valued at $0.50 per share.
On
March 15, 2024, we granted 600,000 RSUs, which will vest over a four-year period, with one quarter (1/4) of the shares subject to the
RSUs vesting on the one (1) year anniversary of the grant date and the remaining shares vesting equally on a quarterly basis beginning
three (3) months after the one-year anniversary until all RSUs are fully vested. Each RSU was valued at $0.50 per share.
On
April 1, 2024, we granted 75,000 RSUs, which will vest over a year and four months period, with fifty percent (50%) of the shares subject
to the RSUs vesting on the one (1) year anniversary of the grant date and the remaining shares vesting equally on a quarterly basis beginning
three (3) months after the one-year anniversary until all RSUs are fully vested. Each RSU was valued at $0.32 per share.
The
following table summarizes the RSU activity for the nine months ended June 30, 2024:
SCHEDULE
OF RESTRICTED
STOCK UNITS ACTIVITY
| |
Number of | | |
Weighted Average | | |
Aggregate | |
| |
RSUs | | |
Fair Value | | |
Intrinsic Value | |
Outstanding at September 30, 2023 | |
| 860,754 | | |
$ | 5.30 | | |
$ | 427,795 | |
Granted | |
| 3,880,000 | | |
| | | |
| | |
Vested | |
| (284,495 | ) | |
| | | |
| | |
Expired | |
| — | | |
| | | |
| | |
Forfeited | |
| (130,000 | ) | |
| | | |
| | |
Outstanding at June 30, 2024 | |
| 4,326,259 | | |
$ | 1.14 | | |
$ | 436,952 | |
The
aggregate intrinsic value in the preceding tables represents the total pretax intrinsic value, based on our stock price of $0.10 as of
June 30, 2024, and $2.39 as of June 30, 2023, which would have been received by the RSU holders as of that date.
The
stock-based compensation expense related to RSU grants was $1,239,713 and $1,263,635, for the nine months ended June 30, 2024, and 2023,
respectively.
As
of June 30, 2024, the total compensation cost related to nonvested RSU awards not yet recognized was $4,560,326 and the weighted average
period over which expense is expected to be recognized in months was 26.3.
Warrants
The
following table summarizes the warrant activity for the nine months ended June 30, 2024:
SCHEDULE OF WARRANT ACTIVITY
| |
Number of | | |
Weighted average exercise | |
| |
shares | | |
price per share | |
Outstanding at September 30, 2023 | |
| 5,592,573 | | |
$ | 5.74 | |
Issued* | |
| 3,125,000 | | |
| 0.41 | |
Exercised | |
| (1,850,874 | ) | |
| 0.80 | |
Expired | |
| — | | |
| — | |
Outstanding at June 30, 2024 | |
| 6,866,699 | | |
$ | 2.19 | |
* Excludes pre-funded warrants
We
record all warrants granted using the fair value-based method of accounting.
During
the nine months ended June 30, 2024, we issued 3,125,000 warrants in conjunction with a revolving line of credit. We allocated the fair
value of the warrants at inception as deferred costs.
During
the nine months ended June 30, 2024, we recorded debt discount of $1,003,125 for the warrants issued in conjunction with lines of
credit and recorded the straight-line amortization ratably over the life of the debt as interest expense.
During
the nine months ended June 30, 2024, we recorded consulting expense of $113,640
as a result of current period vesting of previously issued warrants to various companies for consulting services.
We
calculated the fair value of warrants issued using the Black-Scholes option pricing model, with the following assumptions:
SCHEDULE OF FAIR VALUE OF WARRANTS ISSUED
| |
| June 30, 2024 | |
Weighted average fair value of warrants granted | |
$ | 0.80 | |
Expected life | |
| 3.00 years | |
Risk-free interest rate | |
| 4.09 | % |
Expected volatility | |
| 46.56 | % |
Expected dividends yield | |
| — | % |
Forfeiture rate | |
| — | % |
Repricing
and Exercise of Certain Existing Warrants
On
December 14, 2023, we agreed to offer to amend certain existing warrants exercisable for an aggregate of up to 4,055,240 shares of our
Common Stock (each such warrant an “Existing Warrant”) to reduce the respective exercise prices thereof to $0.80 per share
(such new price being referred to as the “Amended Warrant Exercise Price”), which was the closing price per share of our
common stock as quoted on the NYSE American on December 13, 2023, on the condition that the holder of each Existing Warrant would commit
to exercise the Existing Warrant within a certain period of time, paying the aggregate Amended Warrant Exercise Price of each respective
Existing Warrant in cash to us (the “Warrant Repricing”). As of December 14, 2023, Existing Warrants exercisable for an aggregate
of up to 786,482 shares of our common stock were held by Excel and Eagle Investment Group, LLC, entities managed by Bruce Cassidy, Sr.,
Executive Chairman of our Board of Directors, and Existing Warrants exercisable for an aggregate of up to 443,332 shares of our Common
Stock were held by Denise Penz, a member of our Board of Directors. In connection with the Warrant Repricing, each of Mr. Cassidy and
Ms. Penz exercised their Existing Warrants, resulting in net proceeds to us of $983,851.
As
of June 30, 2024, holders of Existing Warrants (including those held by Mr. Cassidy and Ms. Penz) had exercised warrants
for 1,850,874 shares for an aggregate exercise price of $1,480,699.
No other Existing Warrants have been repriced or exercised under the Warrant Repricing.
RAT
Warrant Repricing
On
May 31, 2024, we entered into a Non-Revolving Line of Credit Waiver and Consent Agreement (the “Waiver and Consent”), with
the Loan Administrator, effective as of and contingent upon the closing of the Offerings, waiving
certain provisions of the RAT Non-Revolving Line of Credit Agreement Amendment #1, pursuant to which the RAT Lenders agreed to irrevocably
waive their rights to receive one-third (1/3) of the net proceeds of any non-affiliate capital raise, including the Offerings, and consent
to us not paying any of such proceeds to the RAT Lenders. In consideration for entering into the Waiver and Consent, we agreed to reduce
the exercise price of the RAT Loan Warrants and the Subordination Agreement Warrants held by the
RAT Lenders to purchase an aggregate of 314,281 shares of Common Stock from $1.00 to $0.24. See “Note 11 – The Registered
Offering and the Concurrent Private Placement Offering” above.
Pre-Funded
Warrants
During
the nine months ended June 30, 2024, we issued 1,777,174 pre-funded warrants in conjunction with a registered direct offering
as well as 4,347,826 pre-funded warrants in conjunction with a private placement.
See
Note 11 - The Registered Offering and the Concurrent Private Placement Offering for the discussion on pre-funded warrants.
NOTE
13 – SUBSEQUENT EVENTS
We
have evaluated all subsequent events through the date of this quarterly report on Form 10-Q with the SEC, to ensure that this filing
includes appropriate disclosure of events both recognized in the financial statements as of June 30, 2024, and events that occurred after
June 30, 2024, but which were not recognized in the financial statements.
Exercise
of Pre-Funded Warrants
On July 1, 2024, the Institutional Investor delivered a Notice of Exercise
to us to purchase the Registered Pre-Funded Warrant Shares. See
Note 11 - The Registered Offering and the Concurrent Private Placement Offering for the discussion on pre-funded warrants.
NYSE
American Listing Requirements
As previously
disclosed, on April 23, 2024, we received a deficiency letter from the NYSE American LLC (the “NYSE American”) indicating
that we were not in compliance with the NYSE American continued listing standards set forth in Sections 1003(a)(i), (ii) and (iii) of
the NYSE American Company Guide (the “Company Guide”), and were given until May 23, 2024 (the “Deadline”), to
submit a plan to regain such compliance with the continued listing standards (a “Plan”).
We submitted
a Plan by the Deadline, and on July 16, 2024, we received notification (the “Acceptance Letter”) from the NYSE American that
our Plan was accepted. In the Acceptance Letter, the NYSE American granted us until October 23, 2025 (the “Plan Period”),
to regain compliance with the continued listing standards.
During the
Plan Period, we will be subject to periodic review by the NYSE American on its progress with the goals and initiatives outlined in the
Plan. We intend to regain compliance with Sections 1003(a)(i), (ii) and (iii) of the Company Guide during the Plan Period; however, if
we do not regain compliance with the NYSE American listing standards by October 25, 2025, or if we do not make sufficient progress consistent
with the Plan during the Plan Period, then NYSE American may initiate delisting proceedings.
The Acceptance
Letter has no immediate impact on the listing of our shares of common stock, par value $0.0001 per share (the “Common Stock”),
which will continue to be listed and traded on the NYSE American during the Plan Period, subject to our compliance with the other listing
requirements of the NYSE American. The Acceptance Letter does not affect our ongoing business operations or our reporting requirements
with the Securities and Exchange Commission (the “SEC”).
We can provide
no assurances that we will be able to make progress with respect to the Plan that the NYSE American will determine to be satisfactory,
that it will regain compliance with Section 1003(a)(i), (ii) and (iii) of the Company Guide on or before the expiration of the Plan Period,
or that developments and events occurring subsequent to our formulation of the Plan or its acceptance by the NYSE American will not adversely
affect our ability to make sufficient progress and/or regain compliance with these continuing listing standards on or before the expiration
of the Plan Period or result in our failure to be in compliance with other NYSE American continued listing standards.
Amendment to Loan Agreement
Effective
as of July 29, 2022, we entered into a Loan and Security Agreement (the “Loan Agreement”) with Industrial Funding Group, Inc.
(the “Initial Lender”), for a revolving loan credit facility for the principal sum of up to four million dollars ($4,000,000.00),
and through the exercise of an accordion feature, a total sum of up to ten million dollars ($10,000,000.00) (the “Loan”),
evidenced by a Revolving Loan Secured Promissory Note (the “Revolving Loan Note”), also effective as of July 29, 2022. In
connection with the Loan Agreement and the Revolving Loan Note, we also executed and delivered to the Initial Lender the Loan Agreement
Schedule dated as of July 29, 2022 (the “Loan Agreement Schedule”) and other Loan Documents, as defined in the Loan Agreement.
Shortly
thereafter, the Initial Lender assigned the Loan Agreement, and the loan documents related thereto, to GemCap Solutions, LLC (“GemCap”
or “Senior Lender”). As previously disclosed, on October 27, 2022, the Loan Agreement was amended by Amendment Number 1 to
the Loan and Security Agreement and to the Loan Agreement Schedule to increase the maximum availability and maximum credit of the loan
from four million dollars ($4,000,000.00) to six million dollars ($6,000,000.00), evidenced by an Amended and Restated Secured Promissory
Note (Revolving Loans), also dated October 27, 2022.
Effective July 29, 2024, we entered into Amendment Number 2 to the Loan
and Security Agreement, the Loan Agreement Schedule, the Revolving Loan Note and to the other Loan Documents (the “Loan Agreement
Amendment No. 2”) to amend certain material terms, including (i) to extend the maturity date of the Loan Agreement by one (1) year,
from July 29, 2024, to July 29, 2025, and (ii) to make Retail Media TV, Inc., the Company’s wholly-owned subsidiary, a co-borrower
thereunder.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
STATEMENT
ON FORWARD-LOOKING INFORMATION
This
report (“Report”) on Form 10-Q contains certain forward-looking statements. All statements other than statements of historical
fact are “forward-looking statements” for purposes of these provisions, including any projections of earnings, revenues,
or other financial items; any statements of the plans, strategies, and objectives of management for future operations; any statements
concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements
of belief; and any statement of assumptions underlying any of the foregoing. Such forward-looking statements are subject to inherent
risks and uncertainties, and actual results could differ materially from those anticipated by the forward-looking statements.
These
forward-looking statements involve significant risks and uncertainties, including, but not limited to, the following: competition, promotional
costs and risk of declining revenues. Our actual results could differ materially from those anticipated in such forward-looking statements
as a result of a number of factors. These forward-looking statements are made as of the date of this filing, and we assume no obligation
to update such forward-looking statements. The following discusses our financial condition and results of operations based upon our financial
statements which have been prepared in conformity with accounting principles generally accepted in the United States of America. It should
be read in conjunction with our financial statements and the notes thereto included elsewhere herein.
The
following discussion and analysis provides information which our management believes to be relevant to an assessment and understanding
of our results of operations and financial condition. The discussion should be read together with our financial statements and the notes
to the financial statements, which are included in this Report.
Overview
We
are a multichannel digital video platform media company that uses marketing technology, or “MarTech,” to generate our revenue
and offer our services. Our technology and vast library of videos and licensed content enable us to curate and distribute short-form
videos to connected televisions (“CTV”) and other screens; in out-of-home (“OOH”) dining, hospitality and retail
establishments, convenience stores and other locations and venues to enable the operators of those locations to inform, entertain and
engage their customers. Our technology also provides businesses the ability to promote and advertise their products via digital signage
and provides third-party advertisers with a targeted marketing and promotional tool for their products and services. We also allow our
business clients to access our service without advertisements by paying a monthly subscription fee. In the second and third quarters of fiscal year 2024, we have continued to work toward the expansion of our subscription
offerings, including toward the introduction of a two-tier music video service offering, which will include a “primary tier”
consisting of fewer than ten music video channels provided under a free ad-based service, and a “premium tier” of the full
library of curated music video channels provided under a subscription service. We also recently announced a non-music subscription offering
that includes a number of live channels ranging from live sports events to news and culture offerings.
We
offer hand-curated music video content licensed from major and independent record labels, including Universal Music Group (“Universal”),
Sony Music Entertainment (“Sony”), and Warner Music Group (“Warner” and collectively with Universal and Sony,
the “Music Labels”), as well as non-music video content. Our non-music video content is predominantly licensed or acquired
from third parties, including action sports clips, drone and nature footage, trivia, news headlines, lifestyle channels and kid-friendly
videos, as well as movie, television and video game trailers, amongst other content. We distribute our content and advertising inventory
to digital screens located in OOH locations primarily through (i) our owned and operated platform (the “O&O Platform”)
of Loop Media-designed “small-box” streaming Android media players (“Loop Players”) and legacy ScreenPlay (as
defined below) computers and (ii) through screens (“Partner Screens”) on digital platforms owned and operated by third parties
(each a “Partner Platform” and collectively the “Partner Platforms,” and together with the O&O Platform,
the “Loop Platform”).
As
of June 30, 2024, we had approximately 81,000 active Loop Players and Partner Screens across the Loop Platform, which included
30,486 quarterly active Loop Players, or QAUs (as defined below) across our O&O
Platform, a decrease of 13% (or 4,412 QAUs) from the 34,898 QAUs for the quarter ended June
30, 2023, and a decrease of 2,172 from the 32,658 QAUs for the quarter
ended March 31, 2024, and approximately 51,000 Partner Screens across our Partner Platforms, an increase of 38% (or approximately
14,000) over approximately 37,000 Partner Screens for the quarter ended June 30, 2023, and an increase of approximately 1,000 Partner
Screens over approximately 50,000 Partner Screens for quarter ended March 31, 2024. See “— Key Performance Indicators.”
We
have two primary constituents that are included in our customer base: the OOH locations we service and the advertisers who purchase advertising
inventory on the Loop Platform. We earn revenue from these customers primarily by selling advertising inventory on the Loop Platform
and by collecting subscription fees from our O&O Platform owners and operators that are streaming advertising-free content.
The
O&O Platform
The
foundation of our business model is built around the OOH experience, with a focus on distributing licensed music videos and other content
to public-facing business venues and locations. Our OOH offering has supported hospitality and retail businesses for over 20 years, originally
through ScreenPlay, Inc. (“ScreenPlay”), which we fully acquired in 2019. Since the acquisition of ScreenPlay, we have primarily
focused on acquiring OOH clients throughout the United States. We have sought very limited expansion into Canada, New Zealand and Australia.
We
deliver content across our O&O Platform to the owners and operators of OOH locations who sign up for our media service. We sell advertising
impressions contained in the content streams to demand sources, including demand-side platforms (“DSPs”), supply-side platforms
(“SSPs”) and advertisers, who pay us to fill those impressions and have their ads delivered into the OOH locations that utilize
our services. We also allow OOH locations on our O&O Platform to access our content without advertisements by paying a monthly subscription
fee.
From
a business operations standpoint, for the O&O Platform business, we view our customers as the owners and operators of the OOH locations
that use our content services to engage and entertain the customers that visit the OOH locations. Our customer services team works with
the owners and operators of OOH locations in our O&O Platform business to ensure our customers are being properly serviced and addressing
any questions about the service, content, advertising performance and other matters.
From
an accounting standpoint, for the O&O Platform business, our customers are considered to be those persons that provide revenue to
us, which includes the owners and operators of the OOH locations that utilize a subscription-based service, and the advertising demand
sources (including DSPs, SSPs and advertisers) that purchase our advertising inventory on the O&O Platform. From an accounting standpoint,
the owners and operators of the OOH locations utilizing a free advertising-based service on our O&O Platform are not our customers.
Instead, it is the advertising demand sources that are our customers because they are providing revenue to us (by way of purchasing advertising
inventory) for the streaming of content to those OOH locations utilizing an ad-free service.
We
record as cost of revenue in the O&O Platform business certain costs and expenses associated with operating such business, including
the cost of content, streaming costs, and content hosting fees. We procure content from third parties though licensing fees or by purchasing
the content outright. Certain of our content, including our music video and certain third-party non-music content, are under licenses
that contain a revenue share arrangement. We and the licensor of the content negotiate and pre-agree the percentage of revenue to which
each party is entitled. The cost of content, including any payments to licenses under a revenue share license, is the single largest
component of the cost of revenue associated with the O&O Platform business.
The
Partner Platform
The
screens in our Partner Platform business may deliver content that we curate and deliver or content that is provided by the owners and
operators of third-party digital platforms. We make available to our Partner Platforms clients’ channels of original content developed
using licensed or purchased content that is then reformatted into short-form content suitable for commercial use.
We
provide advertising demand services to third parties by selling ad impressions available on the Partner Platform to advertising demand
sources (including DSPs, SSPs and advertisers) who pay us to fill those impressions and have ads delivered across the Partner Platform.
If the advertising impressions are filled with advertisements, we will fulfill our obligation and be paid as the publisher of the advertisement.
If advertising impressions are not purchased, the content will play without advertisements and no revenue will be earned by us.
From
a business operations standpoint, for our Partner Platform services, we view as our customers the owners and operators of the third-party
digital platforms that utilize our content and advertising services and enable such third parties to better monetize the screens on their
digital platforms. We may, in certain instances, also provide content across the Partner Platform.
Our
customer services team works with the owners and operators of the third-party digital platforms in our Partner Platform business to ensure
our customers are being properly serviced and address any questions about the service, content, advertising performance and other matters.
From
an accounting standpoint, for the Partner Platform business, our customers are the advertising demand sources (including DSPs, SSPs and
advertisers) because they are providing revenue to us (by way of purchasing advertising inventory) for the streaming of content across
the Partner Platform. The Partner Platform business operates a free ad-supported business model and has no subscription fees.
The
revenue share arrangements in the O&O Platform business are included in the cost of revenue. The content streamed on the Partner
Platforms is content we procure on licenses that do not contain an element of revenue share or content provided by the third-party partner
who owns and operates the screens on the Partner Platform. As such, there are no content partner revenue share arrangements on the Partner
Platform. There is, however, a revenue share arrangement with the third-party partner who owns and operates the screens on the Partner
Platform. We deduct from the revenue we generate in the Partner Platform business certain costs and expenses associated with operating
such business (including streaming costs and content hosting) and then allocate the remaining revenue between us and the third-party
digital platform provider, based on pre-agreed negotiated percentages. The percentage of revenue we pass along to third-party digital
platform providers is recorded as cost of revenue and is our single largest cost of revenue component for the Partner Platform business.
Recent Developments
NYSE
American Listing Requirements
As
previously disclosed, on April 23, 2024, we received a deficiency letter from the NYSE American LLC (the “NYSE American”)
indicating that we were not in compliance with the NYSE American continued listing standards set forth in Sections 1003(a)(i), (ii) and
(iii) of the NYSE American Company Guide (the “Company Guide”), and were given until May 23, 2024 (the “Deadline”),
to submit a plan to regain such compliance with the continued listing standards (a “Plan”).
We
submitted a Plan by the Deadline, and on July 16, 2024, we received notification (the “Acceptance Letter”) from the NYSE
American that our Plan was accepted. In the Acceptance Letter, the NYSE American granted us until October 23, 2025 (the “Plan Period”),
to regain compliance with the continued listing standards.
During
the Plan Period, we will be subject to periodic review by the NYSE American on its progress with the goals and initiatives outlined
in the Plan. We intend to regain compliance with Sections 1003(a)(i), (ii) and (iii) of the Company Guide during the Plan Period; however, if we do not regain compliance with the NYSE American listing standards by October 25, 2025, or if we do not make
sufficient progress consistent with the Plan during the Plan Period, then NYSE American may initiate delisting proceedings.
The
Acceptance Letter has no immediate impact on the listing of our shares of common stock, par value $0.0001 per share (the “Common Stock”),
which will continue to be listed and traded on the NYSE American during the Plan Period, subject to our compliance with
the other listing requirements of the NYSE American. The Acceptance Letter does not affect our ongoing business operations
or our reporting requirements with the Securities and Exchange Commission (the “SEC”).
We can provide no assurances that we will be able to make progress with respect to the Plan that the NYSE American will determine
to be satisfactory, that it will regain compliance with Section 1003(a)(i), (ii) and (iii) of the Company Guide on or before the expiration
of the Plan Period, or that developments and events occurring subsequent to our formulation of the Plan or its acceptance
by the NYSE American will not adversely affect our ability to make sufficient progress and/or regain compliance with
these continuing listing standards on or before the expiration of the Plan Period or result in our failure to be in compliance
with other NYSE American continued listing standards.
Exercise
of Pre-Funded Warrants
On July 1, 2024, the Institutional
Investor delivered a Notice of Exercise to us to purchase the Registered Pre-Funded Warrant Shares. See – “Future Capital
Requirements – The Registered Offering and the Concurrent Private Placement Offering.”
Key
Performance Indicators
We
review our quarterly active units (“QAUs”) and average revenue per unit player (“ARPU”), among other key performance
indicators, to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections
and make strategic decisions.
Quarterly
Active Units
We
define an “active unit” as (i) an ad-supported Loop Player or DOOH (defined below) location using our ad- supported service
through our “Loop for Business” application or using a DOOH venue-owned computer screening our content that is online, used
on our O&O Platform, playing content and has checked into the Loop Media analytics system at least once in the 90-day period ending
on the date of measurement, or (ii) a DOOH location customer using our subscription service on our O&O Platform at any time during
the 90-day period. We use “QAU” to refer to the number of such active units during such period. We do not count towards our
QAUs any Loop Players or screens used on our Partner Platform.
Digital
out-of-home (“DOOH”) is a form of media that is delivered digitally outside of the home on billboards, signage, displays,
televisions, and other devices in OOH locations, including restaurants, retail shops, healthcare facilities, sports and entertainment
venues, and other public or non-residential spaces.
As
of June 30, 2024, we had approximately 81,000 active Loop Players and Partner Screens across the Loop Platform, which includes 30,486
QAUs across our O&O Platform, a decrease of 13% (or 4,412 QAUs) from the 34,898 QAUs for the quarter ended June 30, 2023, and a decrease
of 7% (or 2,172 QAUs) from the 32,658 QAUs for the quarter ended March 31, 2024, and
approximately 51,000 Partner Screens across our Partner Platforms, an increase of 38% (or approximately 14,000 Partner Screens) over
approximately 37,000 Partner Screens for the quarter ended June 30, 2023, and an increase of 2% (or 1,000 Partner Screens) over approximately
50,000 Partner Screens for the quarter ended March 31, 2024.
Our QAU footprint for the third quarter
of fiscal 2024 was reduced from the prior periods as a result of natural attrition of Loop Players that were not immediately replaced,
as we continued to revamp our distribution strategy and investments surrounding new Loop Players. Previously, we transitioned to
a more targeted distribution model, pivoting our focus to certain designated advertising markets and geographies, as well as more desirable
out-of-home locations and venues, including convenience stores, restaurants, bars, and other retail establishments. This more targeted
distribution plan helped us to understand where we could actually achieve the greatest revenue opportunities in
terms of geographies as well as venue types, and that those opportunities were not necessarily in the larger advertising markets, which
generally experience greater competition, resulting in slower distribution growth in those markets, as compared to the potential for growth
in smaller markets. As such, our growth has been flat in recent periods. We believe this will change
as we increase our distribution efforts with our extensive affiliate network beginning in the fourth quarter of fiscal 2024, with
a goal of growing our QAUs quarter on quarter, providing a more robust distribution platform for our advertising partners going forward.
Average
Revenue Per Unit
We
define a “unit player” as (i) an ad-supported Loop Player (or a DOOH location using our ad- supported service through our
“Loop for Business” application or using a DOOH location-owned computer screening our content) that is online, used on our
O&O Platform, playing content and has checked into the Loop Media analytics system at least once in the 90-day period or (ii) a DOOH
location customer using our paid subscription service on our O&O Platform at any time during the 90-day period. A unit player that
is supported by our advertising-based revenue model is an ad-supported unit player and a unit player that is supported by a subscription-based
revenue model is a subscription unit player. We calculate advertising ARPU (“AD ARPU”) by dividing quarterly revenues from
our DOOH ad-supported service on our O&O Platform for the period by QAUs for our ad-supported unit players on our O&O Platform.
We calculate subscription ARPU (“SUB ARPU”) by dividing quarterly revenues from our DOOH subscription-supported service on
our O&O Platform for the period by QAUs for our subscription-supported unit players on our O&O Platform. We do not include in
our unit players count, AD ARPU or SUB ARPU any Loop Players or screens used on our Partner Platform.
Our
AD ARPU fluctuates based on a number of factors, including the length of time in a quarter that a unit player is activated and operating,
the cost-per-thousand ad impressions (“CPMs”) we are able to achieve for our advertising impressions, and the advertising
fill rates that we are able to achieve. Our SUB ARPU fluctuates based on a number of factors, including the timing of the start of a
customer subscription for a subscription-supported unit player, the number of ad-supported unit players we have, and the price clients
pay for those subscriptions. An increase in the number of unit players over the course of a quarterly period may have the effect of decreasing
quarterly ARPU, particularly if such players are added towards the end of the quarterly period. Increases or decreases in ARPU may not
correspond with increases or decreases in our revenue, and ARPU may be calculated in a manner different than any similar key performance
indicator used by other companies.
For
the quarter ended June 30, 2024, AD ARPU was $84, compared to $64 for the quarter ended March 31, 2024, a 31% increase. AD ARPU was $142
for the quarter ended December 31, 2023, $90 for the quarter ended September 30, 2023, and $114 for the quarter ended June 30, 2023.
For
the quarter ended June 30, 2024, SUB ARPU was $561, compared to $554 for the quarter ended March 31, 2024, a 1% increase. SUB ARPU was
$426 for the quarter ended December 31, 2023, $353 for the quarter ended September 30, 2023, and $222 for the quarter ended June 30,
2023.
Components
of Results of Operations
Revenue
The
majority of our revenue is generated from ad sales, which is recognized at the time the digital advertising impressions are filled and
the advertisements are played. Revenue generated from content subscription services in customized formats is recognized over the term
of the service. The revenue generated from hardware for ongoing subscription content delivery is
recognized at the point of the hardware delivery. Revenue generated from content and streaming services, including content encoding
and hosting, are recognized over the term of the service based on bandwidth usage.
Cost
of Revenue
Cost
of revenue for the O&O Platform and legacy businesses represents the amortized cost of ongoing licensing and hosting fees, which
is recognized over time based on usage patterns. Licensing fees include fees paid under both our
revenue share and fixed-fee arrangements. The depreciation expense associated with the Loop players is not included in cost of
sales.
Cost
of revenue for the Partner Platforms business represents hosting fees, amortized costs of internally-developed content, and the revenue
share with third party partners (after deduction of allocated infrastructure costs). The cost of revenue is higher with partners within
the Partner Platform versus those within the O&O Platform because we leverage our Partner Platforms clients’ network of customers
and their screens to deliver content and advertising inventory, rather than using our own Loop players.
Total
Operating Expenses
Operating
expenses are attributable to the general overhead related to all the products and services that we provide to our clients and, as a result,
they are presented in an aggregate total. Our operating expenses include sales, general and administrative expenses and restructuring
costs.
Sales,
General and Administrative Expenses
Sales
and marketing expenses consist primarily of employee compensation and related costs associated with our sales and marketing staff, including
salaries, benefits, bonuses and commissions as well as costs relating to our marketing and business development. We intend to continue
to invest resources in our sales and marketing initiatives to drive growth and extend our market position.
General
and administrative expenses consist of employee compensation and related costs for executive, finance/accounting, legal, human resources,
recruiting, and employee-related information technology and administrative personnel, including salaries, benefits, and bonuses, as well
as depreciation, facilities, recruiting and other corporate services.
Restructuring
Costs
As previously disclosed,
we began taking steps in fiscal year 2023 to increase efficiency and cut costs, while still maintaining our focus on, and dedication to,
the continued growth of our business. These cuts and adjustments across several aspects of our business, including reductions in headcount
and organizational restructuring, continued in the first three quarters of fiscal year 2024 and continue as of the date of this Report.
As a result, we have seen a decrease of 35% in our SG&A costs in the three months ended June 30, 2024, over the same period in fiscal
2023, and a decrease of 27% in our SG&A costs in the nine months ended June 30, 2024, over the same period in fiscal 2023.
Other
Income/Expense
Interest
Expense
Interest
expense consists of interest expense on our outstanding indebtedness and amortization of debt issuance costs.
Other
Income (Expense)
Other
income consists of employee retention credits, foreign currency translation adjustment, realized foreign current gains/losses and unrealized
gains/losses.
Income
Taxes
We
account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”). ASC 740 requires a company to use the
asset and liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary differences,
and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the
reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the
opinion of management, it is more likely than not that some portion, or all of, the deferred tax assets will not be realized. Deferred
tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment.
Under
ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained
in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that
is greater than 50% likely of being realized on examination.
For
tax positions not meeting the “more likely than not” test, no tax benefit is recorded. We have no material uncertain tax
positions for any of the reporting periods presented.
We
recognize accrued interest and penalties related to unrecognized tax benefits as part of income tax expense. We have also made a policy
election to treat the income tax with respect to global intangible low-tax income as a period expense when incurred.
In
December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.
2019-12, Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in accounting standards. The amendments
in the ASU are effective for fiscal years beginning after December 15, 2020, including interim periods therein. The adoption of this
standard in the first quarter of 2022 had no impact on our consolidated financial statements.
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”).
ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09
address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid
information. ASU 2023-09 will be effective for us in the annual period beginning October 1, 2025, though early adoption is permitted.
We are still evaluating the presentational effect that ASU 2023-09 will have on our consolidated financial statements, but we expect
considerable changes to our income tax footnote.
Consolidated
Results of Operations
The
following tables set forth our results of operations for the periods presented. The period-to-period comparison of financial results
is not necessarily indicative of future results.
For
the three months ended June 30, 2024, compared to the three months ended June 30, 2023:
| |
Three months ended June 30, | | |
| | |
| |
| |
2024 | | |
2023 | | |
$ variance | | |
% variance | |
Revenue | |
$ | 4,350,570 | | |
$ | 5,734,976 | | |
$ | (1,384,406 | ) | |
| (24 | )% |
Cost of revenue | |
| 3,440,213 | | |
| 3,911,733 | | |
| (471,520 | ) | |
| (12 | )% |
Gross profit | |
| 910,357 | | |
| 1,823,243 | | |
| (912,886 | ) | |
| (50 | )% |
Total operating expenses | |
| 5,690,692 | | |
| 9,318,563 | | |
| (3,627,871 | ) | |
| (39 | )% |
Loss from operations | |
| (4,780,335 | ) | |
| (7,495,320 | ) | |
| 2,714,985 | | |
| (36 | )% |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (670,981 | ) | |
| (962,718 | ) | |
| 291,737 | | |
| (30 | )% |
Other income (expense) | |
| 34 | | |
| (65,643 | ) | |
| 65,677 | | |
| (100 | )% |
Employee retention credits | |
| — | | |
| 648,543 | | |
| (648,543 | ) | |
| (100 | )% |
Total other income (expense) | |
| (670,947 | ) | |
| (379,818 | ) | |
| (291,129 | ) | |
| 77 | % |
| |
| | | |
| | | |
| | | |
| | |
Income tax (expense)/benefit | |
| (335 | ) | |
| (394 | ) | |
| 59 | | |
| (15 | )% |
Net loss | |
$ | (5,451,617 | ) | |
$ | (7,875,532 | ) | |
$ | 2,423,915 | | |
| (31 | )% |
Revenue
Our
revenue for the three months ended June 30, 2024, was $4,350,570, a decrease of $1,384,406, or 24%, from $5,734,976 for the three
months ended June 30, 2023. This decrease was primarily driven by a challenging ad market environment in the second and third
quarters of fiscal year 2024 due to one of the largest ad demand participants changing their terms of business with ad publishers,
including us, which resulted in a material negative impact on our ad demand partner revenue.
During
the latter part of the second quarter and through the third quarter of fiscal year 2024, we worked with our demand partners and successfully
integrated those changes and believe we restored demand from this ad demand participant, although their new algorithms do not allow for
the same historical frequency of ad calls and ad fills. As a result, we do not expect to experience the same levels of absolute revenue
previously recognized by this ad-demand participant unless and until we significantly increase our distribution footprint.
Finally,
our decrease in revenue for the three months ended June 30, 2024, from the three months ended June 30, 2023, was also a result of the
reduction in ad demand partners in the third quarter of fiscal year 2024 that view our Loop Platform as a CTV platform on which CTV
ad budgets can be spent, as compared to the number of ad partners that viewed us as a CTV platform in the third quarter of fiscal
year 2023. CTV advertising budgets are generally significantly higher and thus CTV ad demand is generally associated with higher
fill rates and CPMs, as compared to DOOH ad budgets and DOOH ad demand.
Cost
of Revenue
Our
cost of revenue for the three months ended June 30, 2024, was $3,440,213, a decrease of $471,520, or 12%, from $3,911,733 for the three
months ended June 30, 2023. This decrease in cost of revenue was primarily due to decreased revenue, which results in lower variable
costs, offset by fixed fee and minimum fee licensing costs.
During
the third quarter of fiscal year 2024 we continued the cost-cutting review we began earlier in fiscal year 2024, which we believed
would provide the framework to making us more competitive in the CTV for business/DOOH industry and would accelerate our potential
path to break even and achieve operating profitability. These measures have included: (1) discussions with certain of our
third-party content providers and other licensors with a view to (i) restructuring existing or new license agreements and (ii)
eliminating certain fixed fee content licenses, in each case to more closely align payments to content licensors with revenue
associated with such content; (2) the development and promotion of lower cost channels to reduce or eliminate third-party content
license fees, where possible; and (3) a continued review of existing third-party vendor products and services with a view to
eliminating approximately $750,000 in ongoing yearly costs and expenses beginning in the first quarter of fiscal year 2025.
These
efforts are ongoing and as these initiatives and changes continue to take effect, we believe we will see improved margins
for the business. There can be no assurances, however, that we will be able to effect all changes that we have identified or that
any such changes will achieve the desired results.
Gross
Profit Margin
Our
gross profit margin for the three months ended June 30, 2024, was $910,357, a decrease of $912,886, or 50%, from $1,823,243 for the three
months ended June 30, 2023. Our gross profit margin as a percentage of total revenue for the three months ended June 30, 2024, was approximately
20.9% compared to 31.8% for the three months ended June 30, 2023. The percentage decrease was primarily driven by decreased revenue.
Certain
of our content license agreements provide for license fees to be paid at the greater of a percentage of revenue or some other
non-revenue metric, based on the breadth of the Loop Platform and the amount of streaming done across the Loop platform. In times of
reduced revenue, our ability to match more closely revenue and expenses is reduced, as our license fees may not be paid out as a
percentage of revenue, but instead on other less advantageous metrics. In addition, our fixed fee content license agreements may
reduce our gross profit margins, as the fixed fees paid are a greater percentage of lower revenue than they would be on higher
revenue.
The
relative contributions to total revenue of our O&O Platform and Partner Platforms businesses will impact our gross profit margin
as a percentage of total revenue in future periods. Each of these businesses have different cost of revenue components with a lower gross
profit margin in our Partner Platforms business, offset by lower operating and selling costs.
Total
Operating Expenses
Our
operating expenses for the three months ended June 30, 2024, were $5,690,692, a decrease of $3,627,871, or 39%, from $9,318,563 for the
three months ended June 30, 2023. This decrease in operating expenses was primarily due to a decrease in sales, general and administrative
expenses as well as stock-based compensation as follows:
Sales,
General and Administrative Expenses
Our
Sales, General and Administrative Expenses for the three months ended June 30, 2024, were $4,116,186, a decrease of $2,168,328, or
35%, from $6,284,514 for the three months ended June 30, 2023. This decrease in Sales, General and Administrative expenses was
primarily due to reductions in marketing costs, professional and administration fees, headcount and sales commissions in the third quarter of fiscal 2024.
More
specifically:
|
● |
Our
payroll costs for the three months ended June 30, 2024, were $2,048,920, a decrease of $439,970 or 18% from $2, 488,890 for the three
months ended June 30, 2023, primarily driven by a reduction in headcount, sales commissions and corporate bonuses. |
|
|
|
|
● |
Our
marketing costs for the three months ended June 30, 2024, were $957,727, a decrease of $1,785,467, or 65%, from $2,743,194 for the
three months ended June 30, 2023, primarily due to a reduction in affiliate fees, brand marketing and digital advertising spend. |
|
|
|
|
● |
Our
professional fees for the three months ended June 30, 2024, were $398,346, a decrease of $86,750, or 18%, from $485,096 for the
three months ended June 30, 2023, primarily due to a decrease in legal and accounting fees, offset slightly by music license reporting costs. |
|
|
|
|
● |
Our
administration fees for the three months ended June 30, 2024, were $253,165, a decrease of $91,257, or 26%, from $344,422 for the
three months ended June 30, 2023, primarily due to a decrease in insurance premiums. |
Sales,
General and Administrative Expenses as a percentage of total revenue for the three months ended June 30, 2024, was 94.6% compared to
109.6% for the three months ended June 30, 2023.
As a result of the cost-cutting measures that we have undertaken in fiscal
year 2024, we have realized a quarter-on-quarter reduction in our Sales, General and Administrative Expenses of $1,619,508, or 28%, from
$5,735,694 in the second quarter ended March 31, 2024, to $4,116,186 in the third quarter ended June 30, 2024. We do not expect to achieve
similar reductions in future periods, as we are focused on sustaining our SG&A costs at approximately this level per quarter for the remainder of fiscal year
2024 and through fiscal year 2025.
Stock-Based
Compensation
Our
stock compensation (non-cash) for the three months ended June 30, 2024, was $931,571, a decrease of $1,660,798, or 64%, from
$2,592,369 for the three months ended June 30, 2023, primarily due to a decrease in stock compensation expense driven by the
decrease in stock awards granted and a lower stock price.
Restructuring
Costs
Our
restructuring costs for the three months ended June 30, 2024, was $220,053 compared to $146,672 for the three months ended June 30,
2023, due to higher costs related to the reduction of headcount in the third quarter of fiscal year 2024 as compared to the lower costs
related to the dismantling of our former Loop Media Studios division and its integration into other areas
of our business in the same period the previous year.
Board
Cash Compensation Deferral
As
part of the cost-cutting measures being undertaken across the Company, effective as of May 3, 2024, our Board of Directors agreed to
defer all cash compensation due to them for the remainder of fiscal year 2024 until October 1, 2024, at which time deferred payments
are expected to be paid and regular quarterly payments are scheduled to resume.
Total
Other Expense
Our
total other expenses for the three months ended June 30, 2024, were $670,947, an increase of $291,129, or 77%, from $379,818 total
other expenses for the three months ended June 30, 2023. This increase in other expenses was due to an employee retention credit of
$648,543 for the three months ended June 30, 2023, that was not credited in the corresponding period of 2024, partially offset by a
reduction in interest expense for the three months ended June 30, 2024, which was primarily driven by the paydown of debt and the
conversion of debt to equity.
For
the nine months ended June 30, 2024, compared to the nine months ended June 30, 2023:
| |
Nine months ended June 30, | | |
| | |
| |
| |
2024 | | |
2023 | | |
$ variance | | |
% variance | |
Total revenue | |
$ | 18,524,289 | | |
$ | 25,954,038 | | |
$ | (7,429,749 | ) | |
| (29 | )% |
Cost of revenue | |
| 13,571,229 | | |
| 16,859,683 | | |
| (3,288,454 | ) | |
| (20 | )% |
Gross profit | |
| 4,953,060 | | |
| 9,094,355 | | |
| (4,141,295 | ) | |
| (46 | )% |
Total operating expenses | |
| 20,832,798 | | |
| 29,735,349 | | |
| (8,902,551 | ) | |
| (30 | )% |
Loss from operations | |
| (15,879,738 | ) | |
| (20,640,994 | ) | |
| 4,761,256 | | |
| (23 | )% |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (2,402,444 | ) | |
| (2,889,745 | ) | |
| 487,301 | | |
| (17 | )% |
Other income (expense) | |
| 289 | | |
| (68,267 | ) | |
| 68,556 | | |
| (100 | )% |
Loss on extinguishment of debt | |
| (25,424 | ) | |
| — | | |
| (25,424 | ) | |
| N/A | |
Employee retention credits | |
| — | | |
| 648,543 | | |
| (648,543 | ) | |
| (100 | )% |
Total other income (expense) | |
| (2,427,579 | ) | |
| (2,309,469 | ) | |
| (118,110 | ) | |
| 5 | % |
| |
| | | |
| | | |
| | | |
| | |
Income tax (expense)/benefit | |
| (335 | ) | |
| (1,624 | ) | |
| 1,289 | | |
| (79 | )% |
Net loss | |
$ | (18,307,652 | ) | |
$ | (22,952,087 | ) | |
$ | 4,644,435 | | |
| (20 | )% |
Revenue
Our revenue for the nine months
ended June 30, 2024, was $18,524,289, a decrease of $7,429,749, or 29%, from $25,954,038 for the nine months ended June 30, 2023. This
decrease was primarily driven by (i) a lack of political ad placements in the first quarter of fiscal 2024, as compared to those in the
first quarter of fiscal 2023, during which period there was significant political ad spend in connection with the U.S. congressional and
local elections, and (ii) a slowdown in digital advertising spend in the first quarter of fiscal 2024, as compared to the same period
in the previous fiscal year, due to the more challenging macroeconomic environment in the first quarter of fiscal 2024.
We
also saw a slowdown in ad spending in the last couple of weeks of our first quarter of fiscal year 2024 due to one of the largest ad
demand participants changing their terms of business with ad publishers, including us. This change had a material adverse impact on our ad demand partner
revenue for the last weeks of December 2023 and through the current period.
During
the latter half of the second quarter of fiscal year 2024 we worked with our demand partners and successfully integrated those changes
and believe we restored demand from this ad demand participant, although their new algorithms do not allow for the same historical frequency
of ad calls and ad fills. As a result, we will need to increase our distribution footprint to experience the levels of absolute revenue
previously recognized by this ad demand participant.
Cost
of Revenue
Our
cost of revenue for the nine months ended June 30, 2024, was $13,571,229, a decrease of $3,288,454, or 20%, from $16,859,683 for the
nine months ended June 30, 2023. This decrease in cost of revenue was primarily due to decreased revenue, which results in lower variable
costs, offset by fixed fee and minimum fee licensing costs.
During the second and third quarters of fiscal year 2024, we have undertaken
an operational and cost-cutting review across the Company, which has included: (1) discussions with certain of our third-party content
providers and other licensors with a view to (i) restructuring existing or new license agreements and (ii) eliminating certain fixed fee
content licenses, in each case to more closely align payments to content licensors with revenue associated with such content; (2) the
development and promotion of lower cost channels to reduce or eliminate third-party content license fees, where possible; and (3) a continued
review of existing third-party vendor products and services with a view to eliminating approximately $750,000 in ongoing yearly costs
and expenses beginning in the first quarter of fiscal year 2025. These are ongoing efforts and as these initiatives and changes continue
to take effect, we believe we will see improved margins for the business. There can be no assurances, however, that we will be able to
effect all changes that we have identified or that any such changes will achieve the desired results.
Gross
Profit Margin
Our
gross profit margin for the nine months ended June 30, 2024, was $4,953,060, a decrease of $4,141,295, or 46%, from $9,094,355 for the
nine months ended June 30, 2023. Our gross profit margin as a percentage of total revenue for the nine months ended June 30, 2024, was
approximately 26.7% compared to 35% for the nine months ended June 30, 2023. The percentage decrease was primarily driven by decreased
revenue and revenue mix, as the year-ago period included a smaller portion of our Partner Platform business which carries lower gross
margin, offset by lower operating costs resulting in higher operating margin.
Certain
of our content license agreements provide for license fees to be paid at the greater of a percentage of revenue or some other
non-revenue metric, based on the breadth of the Loop Platform and the amount of streaming done across that platform. In times of
reduced revenue, our ability to match more closely revenue and expenses is reduced, as our license fees may not be paid out as a
percentage of revenue, but on other less advantageous metrics. In addition, our fixed fee content license agreements may reduce our
gross profit margins, as the fixed fees paid are a greater percentage of lower revenue than they would be on higher
revenues.
The
relative contributions to total revenue of our O&O Platform and Partner Platforms businesses will impact our gross profit margin
as a percentage of total revenue in future periods. Each of these businesses have different cost of revenue components with a lower gross
profit margin in our Partner Platforms business.
Total
Operating Expenses
Our
operating expenses for the nine months ended June 30, 2024, were $20,832,798, a decrease of $8,902,551, or 30%, from $29,735,349 for
the nine months ended June 30, 2023. This decrease in operating expenses was primarily due to a decrease in sales, general and administrative
expenses as well as a reduction in stock-based compensation, as follows:
Sales,
General and Administrative Expenses
Our
Sales, General and Administrative Expenses for the nine months ended June 30, 2024, were $16,022,857, a decrease of $5,989,103, or 27%,
from $22,011,962 for the nine months ended June 30, 2023. This decrease in Sales, General and Administrative expenses was primarily due
to a reduction in payroll costs, marketing costs and administration fees resulting in lower expenditures and decreased
payroll expenses.
More
specifically:
|
● |
Our
payroll costs for the nine months ended June 30, 2024, were $7,021,814, a decrease of $2,748,412, or 28%, from $9,770,226 for the
nine months ended June 30, 2023, primarily driven by a reduction in headcount, sales commissions and corporate bonuses. |
|
|
|
|
● |
Our
marketing costs for the nine months ended June 30, 2024, were $4,883,946, a decrease of $3,763,792, or 44%, from $8,647,738 for the
nine months ended June 30, 2023, primarily due to a reduction in affiliate fees, brand marketing and digital advertising spend resulting
in lower marketing expenditures. |
|
|
|
|
● |
Our
administration fees for the nine months ended June 30, 2024, were $755,505, a decrease of $338,859, or 31%, from $1,094,364 for the
nine months ended June 30, 2023, primarily due to a decrease in insurance premiums and board fees. |
Sales,
General and Administrative Expenses as a percentage of total revenue for the nine months ended June 30, 2024, was 86.5% compared to 84.8%
for the nine months ended June 30, 2023.
Stock-Based
Compensation
Our
stock compensation (non-cash) for the nine months ended June 30, 2024, was $3,371,933, a decrease of $3,487,050, or 51%, from $6,858,983
for the nine months ended June 30, 2023, primarily driven by the decrease in stock award
grants and our stock price.
Restructuring
Costs
Our
restructuring costs for the nine months ended June 30, 2024, were $220,053 compared to $146,672 for the nine months ended June 30,
2023, due to higher costs related to the reduction of headcount in this period in fiscal 2024 as compared to the lower costs related to
the dismantling of our former Loop Media Studios division and its integration into
other areas of our business in the same period the previous fiscal year.
Total
Other Expense
Our
total other expenses for the nine months ended June 30, 2024, were $2,427,579, an increase of $118,110 or 5% from $2,309,469 for the nine months ended June 30, 2023. This increase in other expenses was primarily due to increased interest expense from
rising interest rates and increased borrowing offset by employee retention credits as described below.
The
employee retention credits we received from the Internal Revenue Service include refundable credits recognized under the provisions
of the CARES Act and extension thereof. During the nine months ended June 30, 2024, we received and recorded credits in the amount of
$0 compared to $648,543 for the nine months ended June 30, 2023.
Non-GAAP
EBITDA
We
believe that the presentation of EBITDA (as defined below), a financial measure that is not part of U.S. Generally Accepted Accounting
Principles, or U.S. GAAP, provides investors with additional information about our financial results. EBITDA is an important supplemental
measure used by our Board of Directors and management to evaluate our operating performance from period-to-period on a consistent basis
and as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations. We define
EBITDA as earnings before interest expense (income), income tax (expense)/benefit, depreciation and amortization.
EBITDA
is not measured in accordance with, or an alternative to, measures prepared in accordance with U.S. GAAP. In addition, this non-GAAP
measure is not based on any comprehensive set of accounting rules or principles. As a non-GAAP measure, EBITDA has limitations in that
it does not reflect all of the amounts associated with our results of operations as determined in accordance with U.S. GAAP. In particular:
|
● |
EBITDA
does not reflect the amounts we paid in interest expense on our outstanding debt; |
|
|
|
|
● |
EBITDA
does not reflect the amounts we received in interest income on our investments; |
|
|
|
|
● |
EBITDA
does not reflect the amounts we paid in taxes or other components of our tax provision; |
|
|
|
|
● |
EBITDA
does not include depreciation expense from fixed assets; and |
|
|
|
|
● |
EBITDA
does not include amortization expense. |
Because
of these limitations, you should consider EBITDA alongside other financial performance measures including net income (loss) and our financial
results presented in accordance with U.S. GAAP.
The
following table provides a reconciliation of net loss to EBITDA for each of the periods indicated:
| |
Three months ended June 30, | | |
Nine months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
GAAP net loss | |
$ | (5,451,617 | ) | |
$ | (7,875,532 | ) | |
$ | (18,307,652 | ) | |
$ | (22,952,087 | ) |
Adjustments to reconcile to EBITDA: | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| 670,981 | | |
| 962,718 | | |
| 2,402,444 | | |
| 2,889,745 | |
Depreciation and Amortization expense* | |
| 1,221,316 | | |
| 1,074,173 | | |
| 3,574,672 | | |
| 2,809,609 | |
Income Tax expense/(benefit) | |
| 335 | | |
| 394 | | |
| 335 | | |
| 1,624 | |
| |
| | | |
| | | |
| | | |
| | |
EBITDA | |
$ | (3,558,985 | ) | |
$ | (5,838,247 | ) | |
$ | (12,330,201 | ) | |
$ | (17,251,109 | ) |
*
Includes amortization of content assets and cost of revenue and operating expenses.
Non-GAAP
Adjusted EBITDA
We
believe that the presentation of Adjusted EBITDA, a financial measure that is not part of U.S. GAAP, provides investors with additional
information about our financial results. Adjusted EBITDA is an important supplemental measure used by our Board of Directors and management
to evaluate our operating performance from period-to-period on a consistent basis and as a measure for planning and forecasting overall
expectations and for evaluating actual results against such expectations.
We
define Adjusted EBITDA as: EBITDA, as further adjusted for stock-based compensation, non-recurring income and expenses, if any,
restructuring costs, loss on the extinguishment of debt, employee retention credits and other income, including foreign currency
translation adjustments, realized foreign currency gains/losses and unrealized gains/losses.
Adjusted
EBITDA is not measured in accordance with, or an alternative to, measures prepared in accordance with U.S. GAAP. In addition, this non-GAAP
measure is not based on any comprehensive set of accounting rules or principles. As a non-GAAP measure, Adjusted EBITDA has limitations
in that it does not reflect all of the amounts associated with our results of operations as determined in accordance with U.S. GAAP.
In particular:
|
● |
Adjusted
EBITDA does not reflect the amounts we paid in interest expense on our outstanding debt; |
|
|
|
|
● |
Adjusted
EBITDA does not reflect the amounts we paid in taxes or other components of our tax provision; |
|
|
|
|
● |
Adjusted
EBITDA does not include depreciation expense from fixed assets; |
|
|
|
|
● |
Adjusted
EBITDA does not include amortization expense; |
|
|
|
|
● |
Adjusted
EBITDA does not include the impact of stock-based compensation; |
|
|
|
|
● |
Adjusted
EBITDA does not include the impact of non-recurring expense; |
|
|
|
|
● |
Adjusted EBITDA does not include the impact of restructuring
costs;
|
|
|
|
|
● |
Adjusted
EBITDA does not include the impact of the loss on the extinguishment of debt; |
|
|
|
|
● |
Adjusted EBITDA does not include the impact of employee
retention credits; and
|
|
|
|
|
● |
Adjusted
EBITDA does not include the impact of other income including foreign currency translation adjustments, realized foreign currency
gains/losses and unrealized gains/losses. |
Because
of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures including net income (loss)
and our financial results presented in accordance with U.S. GAAP.
The
following table provides a reconciliation of net loss to Adjusted EBITDA for each of the periods indicated:
| |
Three months ended June 30, | | |
Nine months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
GAAP net loss | |
$ | (5,451,617 | ) | |
$ | (7,875,532 | ) | |
$ | (18,307,652 | ) | |
$ | (22,952,087 | ) |
Adjustments to reconcile to Adjusted EBITDA: | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| 670,981 | | |
| 962,718 | | |
| 2,402,444 | | |
| 2,889,745 | |
Depreciation and Amortization expense* | |
| 1,221,316 | | |
| 1,074,173 | | |
| 3,574,672 | | |
| 2,809,609 | |
Income Tax expense/(benefit) | |
| 335 | | |
| 394 | | |
| 335 | | |
| 1,624 | |
| |
| | | |
| | | |
| | | |
| | |
Stock-based compensation** | |
| 931,571 | | |
| 2,592,369 | | |
| 3,371,933 | | |
| 6,858,983 | |
Non-recurring expense | |
| 159,425 | | |
| 62,615 | | |
| 437,838 | | |
| 62,615 | |
Restructuring costs | |
| 220,053 | | |
| 146,672 | | |
| 220,053 | | |
| 146,672 | |
Loss on extinguishment of debt | |
| — | | |
| — | | |
| 25,424 | | |
| — | |
Employee retention credits | |
| — | | |
| (648,543 | ) | |
| — | | |
| (648,543 | ) |
Other Income (expense) | |
| (34 | ) | |
| 3,028 | | |
| (289 | ) | |
| 5,652 | |
| |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA | |
$ | (2,247,970 | ) | |
$ | (3,682,106 | ) | |
$ | (8,275,242 | ) | |
$ | (10,825,730 | ) |
*Includes
amortization content assets.
**Stock-based
compensation includes options, RSUs and warrants
Liquidity
and Capital Resources
As
of June 30, 2024, we had cash of $1,546,088.
The
following table provides a summary of our net cash flows from operating, investing, and financing activities.
| |
Nine months ended June 30, | |
| |
2024 | | |
2023 | |
Net cash used in operating activities | |
$ | (4,949,514 | ) | |
$ | (14,754,617 | ) |
Net cash used in investing activities | |
| (754,543 | ) | |
| (1,483,498 | ) |
Net cash provided by (used in) financing activities | |
| 4,181,449 | | |
| 8,552,489 | |
Change in cash | |
| (1,522,608 | ) | |
| (7,685,626 | ) |
| |
| | | |
| | |
Cash, beginning of period | |
| 3,068,696 | | |
| 14,071,914 | |
Cash, end of period | |
$ | 1,546,088 | | |
$ | 6,386,288 | |
Historically,
our principal sources of cash have included revenues from our operations, proceeds from the issuance of shares of our common stock (“Common
Stock”), preferred stock and warrants as well as proceeds from the issuance of debt.
Although
historically we have reported significant recurring losses as well as negative cash flows used in operations, we intend to meet future
cash requirements and maintain operations by continuing to reduce overall operating expenses, continuing to focus on increasing the scope
and size of the Partner Platforms and explore alternative revenue generating sources to generate cash through operations while continuing
to fund through financing activities and through the use of equity and debt instruments available to us.
For
the next twelve months, we anticipate that we will need to supplement our cash from revenues with additional cash raised from equity
investment or debt transactions, while maintaining reduced spending levels, to ensure that we will have adequate cash to support our
minimum operating cash requirements and thus to continue as a going concern.
There
can be no guarantee or assurance that we can raise adequate capital from outside sources. If we are unable to raise funds when required
or on acceptable terms, we may have to significantly reduce, or discontinue our operations.
Cash
Flows for the Nine Months Ended June 30, 2024, and 2023
Net
Cash Flow Used in Operating Activities
Our
net cash used in operating activities during the nine months ended June 30, 2024, was $4,949,514, a decrease of $9,805,103, or 66%,
from $14,754,617 for the nine months ended June 30, 2023, primarily driven by decreased SG&A expenditures and stock-based
compensation expense partially offset by increased depreciation and amortization expense
as well as bad debt expense.
Net
Cash Flow Used in Investing Activities
Our
net cash used in investing activities during the nine months ended June 30, 2024, was $754,543, a decrease of $728,955, or 49%, from
$1,483,498 for the nine months ended June 30, 2023, primarily driven by a decrease in the purchase of property and equipment.
Net
Cash Flow Provided by Financing Activities
Our
net cash provided by financing activities during the nine months ended June 30, 2024, was $4,181,449, a decrease of $4,371,040, or
51%, from $8,552,489 for the nine months ended June 30, 2023, primarily due to no proceeds from the issuance of common stock through
the ATM Sales Agreement partially offset by proceeds from the issuance of Common Stock and pre-funded warrants in the Registered Offering (as defined
below), the issuance of pre-funded warrants in the Private Placement (as defined below) and the exercise of warrants.
As
a result of the above activities, for the nine months ended June 30, 2024, we recorded a cash balance of $1,546,088, a decrease of $4,840,200,
or 76%, from $6,386,288 for the nine months ended June 30, 2023.
Future
Capital Requirements
We
have generated limited revenue, and as of June 30, 2024, our cash totalled $1,546,088, and we had an accumulated deficit of $146,593,195.
We anticipate further losses as well as negative cash flows used in operations in the foreseeable future. These factors raise substantial
doubt about our ability to continue as a going concern for a period of at least one year from the date of issuance of the accompanying
consolidated financial statements.
Historically,
our principal sources of cash have included proceeds from the issuance of Common Stock, preferred stock and warrants and proceeds from
the issuance of debt. Our principal uses of cash have included cash used in operations, payments for license rights and payments relating
to purchases of property and equipment. We expect that the principal uses of cash in the future will be for continuing operations, and
general working capital requirements. We expect that as our operations continue to grow, we will need to raise additional capital to
sustain operations and growth.
Our
primary source of operating funds since inception has been cash proceeds from the sale of our Common Stock and debt and equity financing
transactions. Our ability to continue as a going concern is dependent upon our ability to generate sufficient revenue and our ability
to raise additional funds by way of our debt and equity financing efforts. As previously disclosed, we have continued to explore potential strategic alternatives to maximize shareholder value,
and to evaluate potential financing opportunities.
Revolving
Lines of Credit
Excel
Revolving Line of Credit
Effective
as of December 14, 2023, we entered into a Revolving Line of Credit Loan Agreement with Excel Family Partners, LLLP (“Excel”
and the “Excel Revolving Line of Credit Agreement”) for up to a principal sum of $2,500,000, under which we may pay down
and re-borrow up to the maximum amount of the $2,500,000 limit (the “Excel Revolving Line of Credit”). Our drawdown on the
Excel Revolving Line of Credit is limited to no more than twenty-five percent (25%) of the last three full months’ revenue, not
to exceed $1,250,000 in any quarter, and not to exceed in aggregate the outstanding debt amount of $2,500,000.The Excel Revolving Line
of Credit is a perpetual loan, with a maturity date that is twelve (12) months from the date of formal notice of termination by Excel,
and accrues interest, payable semi-annually in arrears, at a fixed rate of interest equal to ten percent (10%) per year. Under the Excel
Revolving Line of Credit Agreement, we granted to Excel a security interest in all of our present and future assets and properties, real
or personal, tangible or intangible, wherever located, including products and proceeds thereof, which security interest is pari passu
with the RAT Non-Revolving Line of Credit Agreement and the May 2023 Secured Line of Credit (each as defined below), but is subordinate
in rights to GemCap under the GemCap Revolving Line of Credit Agreement (each as defined below).
Under
the terms of the Excel Revolving Line of Credit Agreement, on December 14, 2023, we issued to Excel a warrant to purchase up to an aggregate
of 3,125,000 shares of our Common Stock. The warrant has an exercise price of $0.80 per share, which was the closing price of our Common
Stock on December 13, 2023, expires on December 14, 2026, and is exercisable at any time prior to such date, to the extent that after
giving effect to such exercise, Excel and its affiliates would beneficially own, for purposes of Section 13(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), no more than 29.99% of the outstanding shares of our Common Stock.
The
Excel Revolving Line of Credit had a balance, including accrued interest, amounting to $2,582,590 and $0 as of June 30, 2024, and September
30, 2023, respectively. We incurred interest expense for the Excel Revolving Line of Credit in the amount of $256,084 and $0 for the
nine months ended June 30, 2024, and 2023, respectively.
GemCap
Revolving Line of Credit
Effective
as of July 29, 2022, we entered into a Loan and Security Agreement with Industrial Funding Group, Inc. (the “Initial Lender”)
for a revolving loan credit facility for the initial principal sum of up to $4,000,000, and through the exercise of an accordion feature,
a total sum of up to $10,000,000 (the “GemCap Revolving Line of Credit Agreement”), evidenced by a Revolving Loan Secured
Promissory Note (the “Revolving Loan Note”), also effective as of July 29, 2022 (the “GemCap Revolving Line of Credit”).
In connection with the GemCap Revolving Line of Credit Agreement and the Revolving
Loan Note, we also executed and delivered to the Initial Lender the Loan Agreement Schedule dated as of July 29, 2022 (the “Loan
Agreement Schedule”) and other Loan Documents (as defined in the GemCap Revolving Line of Credit Agreement). Shortly after the
effective date of the GemCap Revolving Line of Credit Agreement, the Initial Lender assigned the GemCap Revolving Line of Credit Agreement,
and the Loan Documents, to GemCap Solutions, LLC (“GemCap” or the “Senior Lender”).
Effective
as of October 27, 2022, we entered into Amendment Number 1 to the Loan and Security Agreement and to the Revolving Loan Agreement Schedule,
and the Amended and Restated Secured Promissory Note (Revolving Loans) with the Senior Lender to increase the principal sum available
under the GemCap Revolving Line of Credit Agreement from $4,000,000 to $6,000,000.
Effective
July 29, 2024, we entered into Amendment Number 2 to the Loan and Security Agreement, the Loan Agreement Schedule, the Revolving Loan
Note and to the other Loan Documents to amend certain material terms, including to (i) extend the maturity date of the GemCap Revolving Line of Credit Agreement
by one (1) year, from July 29, 2024, to July 29, 2025, and (ii) to make Retail Media TV, Inc., our wholly-owned subsidiary, a co-borrower
thereunder.
The
GemCap Revolving Line of Credit had an original maturity date of July 29, 2024, and began accruing interest on the unpaid principal balance
of advances, payable monthly in arrears, on September 7, 2022, at an annual rate equal to the greater of (I) the sum of (i) the “Prime
Rate” as reported in the “Money Rates” column of The Wall Street Journal, adjusted as and when such Prime Rate changes,
plus (ii) zero percent (0.00%), and (II) four percent (4.00%). Availability for borrowing under the GemCap Revolving Line of Credit is
dependent upon our assets in certain eligible accounts and measures of revenue, subject to reduction for reserves that the Senior Lender
may require in its discretion, and the accordion feature is a provision whereby we may request that the Senior Lender increase availability
under the GemCap Revolving Line of Credit, subject to its sole discretion.
Under
the GemCap Revolving Line of Credit Agreement, we have granted to the Senior Lender a first-priority security interest in all of our
present and future property and assets, including products and proceeds thereof. In connection with the loan, our existing secured
lenders, some of whom are the RAT Lenders under our RAT Non-Revolving Line of Credit (each as defined below) (collectively, the
“Subordinated Lenders”) delivered subordination agreements (the “GemCap Subordination Agreements”) to the
Senior Lender. We are permitted to make regularly scheduled payments, including payments upon maturity, to such subordinated lenders
and potentially other payments subject to a measure of cash flow and receiving certain financing activity proceeds, in accordance
with the terms of the GemCap Subordination Agreements. In connection with the delivery of the GemCap Subordination Agreements by the
Subordinated Lenders, on July 29, 2022, we issued warrants to each Subordinated Lender on identical terms for an aggregate of up to
296,329 shares of our Common Stock (each, a “Subordination Agreement Warrant”). Each Subordination Agreement Warrant has
an exercise price of $5.25 per share, expires on July 29, 2025, and is exercisable at any time prior to such date. One warrant for
191,570 warrant shares was issued to Eagle Investment Group, LLC, an entity managed by Bruce Cassidy, Executive Chairman of our
Board of Directors (“Mr. Cassidy”), as directed by its affiliate, Excel Family Partners, LLLP (“Excel”), an
entity also managed by Mr. Cassidy, one of the Subordinated Lenders. The Subordinated Lenders receiving warrants for the remaining
104,759 warrant shares were also entitled to receive a cash payment of $22,000 six months from the date of the GemCap Subordination
Agreements, representing one percent (1.00%) of the outstanding principal amount of the loan held by such Subordinated Lenders. This
cash payment was made to those Subordinated Lenders on January 25, 2023.
The
GemCap Revolving Line of Credit had a balance, including accrued interest, amounting to $2,279,596 and $3,757,074 as of June 30, 2024,
and September 30, 2023, respectively. We incurred interest expense for the GemCap Revolving Line of Credit in the amount of $1,012,000
and $1,068,425 for the nine months ended June 30, 2024, and 2023, respectively.
Non-Revolving
Lines of Credit
RAT
Non-Revolving Line of Credit
Effective
as of May 13, 2022, we entered into a Secured Non-Revolving Line of Credit Loan Agreement (the “RAT Non-Revolving Line of Credit
Agreement”) with several institutions and individuals (each a “RAT Lender” and collectively, the “RAT Lenders”)
and RAT Investment Holdings, LP, as administrator of the loan (the “Loan Administrator”) for an aggregate principal amount
of $2,200,000 (the “RAT Non-Revolving Line of Credit”), evidenced by a Non-Revolving Line of Credit Promissory Note (the
“RAT Note”), also effective as of May 13, 2022. Pursuant to the terms of the RAT Non-Revolving Line of Credit Agreement,
the RAT Non-Revolving Line of Credit matured eighteen (18) months from the effective date of the RAT Non-Revolving Line of Credit Agreement
(the “Original RAT Line of Credit Maturity Date”) and accrues interest, payable semi-annually in arrears, at a fixed rate
of interest equal to twelve percent (12%) per year. Under the RAT Non-Revolving Line of Credit Agreement, we granted to the RAT Lenders
a security interest in all of our present and future assets and properties, real or personal, tangible or intangible, wherever located,
including products and proceeds thereof, which security interest is pari passu with the Excel Revolving Line of Credit Agreement
(as defined above) and the May 2023 Secured Line of Credit Agreement (as defined below) and (each of which are subordinated in connection
with our GemCap Revolving Line of Credit Agreement (as defined above)).
In
connection with the RAT Non-Revolving Line of Credit Agreement, on May 13, 2022, we issued a warrant to each RAT Lender (collectively,
the “RAT Loan Warrants”) for an aggregate of up to 209,522 shares of our Common Stock. Each RAT Loan Warrant had an exercise
price of $5.25 per share, expires on May 13, 2025, and is exercisable at any time prior to the expiration date.
Effective
as of November 13, 2023, we entered into a Non-Revolving Line of Credit Loan Agreement Amendment (the “RAT Non-Revolving Line of
Credit Agreement Amendment #1”) with the RAT Lenders to: (i) extend the Original RAT Line of Credit Maturity Date from eighteen
(18) months to twenty-seven (27) months from the date of the RAT Non-Revolving Line of Credit Agreement, or August 13, 2024 (the “First
Extended RAT Line of Credit Maturity Date”); and (ii) amend the payment terms of the RAT Non-Revolving Line of Credit such that
payments of interest or principal under the RAT Non-Revolving Line of Credit Agreement and the RAT Note will be due and payable from
November 13, 2023, to the First Extended RAT Line of Credit Maturity Date as follows: (a) one payment of $374,000 (comprised of accrued
interest of $132,000 due through November 13, 2023, an initial payment of principal of $220,000 and $22,000 as consideration to extend
the Original RAT Line of Credit Maturity Date) due on November 13, 2023; and (b) nine (9) monthly payments of principal of $220,000 plus
accrued interest, commencing December 13, 2023. In consideration for the extension of the Original RAT Line of Credit Maturity Date,
we agreed to amend the terms of the RAT Loan Warrants as well as the Subordination Agreement Warrants issued to the RAT Lenders in connection
with the GemCap Subordination Agreements described above to reduce the respective exercise prices thereof to $1.00. See “—GemCap
Revolving Line of Credit.” We also agreed to apply one-third (1/3) of the net proceeds of any capital raise that takes place
subsequent to the date of the RAT Non-Revolving Line of Credit Agreement Amendment #1, other than proceeds from an equity offering under
any at-the-market (“ATM”) program or from an affiliate or insider, toward paying down the then outstanding principal amount
due under the RAT Non-Revolving Line of Credit. Pursuant to the RAT Non-Revolving Line of Credit Agreement Amendment #1, each RAT Lender
agreed to enter into a lock-up agreement restricting the disposal of any shares of our Common Stock that are issued in connection with
the exercise of the RAT Loan Warrants or the Subordination Agreement Warrants for a period of twelve (12) months from the date of the
RAT Non-Revolving Line of Credit Agreement Amendment #1. Effective as of November 13, 2023, we issued an Amended and Restated Non-Revolving
Line of Credit Promissory Note Amendment to the Lenders reflecting the extension of the Original RAT Line of Credit Maturity Date.
On
April 18, 2024, we entered into that certain Non-Revolving Line of Credit Loan Agreement Amendment #2 (the “RAT Non-Revolving
Line of Credit Agreement Amendment #2”) with the RAT Lenders to: (i) extend the Original RAT Line of Credit Maturity Date from
eighteen (18) months to thirty-two (32) months from the date of the RAT Non-Revolving Line of Credit Agreement, or January 13, 2025
(the “Second Extended RAT Line of Credit Maturity Date”); and (ii) amend the payment terms of the RAT Non-Revolving Line
of Credit such that payments of interest and principal under the RAT Non-Revolving Line of Credit Agreement and the RAT Note are due
and payable from April 13, 2024, to the Second Extended RAT Line of Credit Maturity Date, as follows: (a) one payment of $121,000,
comprised of accrued interest of $11,000 through April 13, 2024, and an initial payment of principal of $110,000, due on April 13,
2024; and (b) nine (9) monthly payments of principal of $110,000, plus accrued interest, commencing on May 13, 2024. We issued a
Second Amended and Restated Non-Revolving Line of Credit Promissory Note, effective April 13, 2024, to the RAT Lenders
reflecting the extension of the Original RAT Line of Credit Maturity Date.
On
May 31, 2024, we entered into a Non-Revolving Line of Credit Waiver and Consent Agreement (the “Waiver and Consent”),
with the Loan Administrator, effective as of and contingent upon the closing of a non-affiliate capital raise, waiving certain
provisions of the RAT Non-Revolving Line of Credit Agreement Amendment #1, pursuant to which the RAT Lenders agreed to irrevocably
waive their rights to receive one-third (1/3) of the net proceeds of any non-affiliate capital raise, including the Offerings (as defined below), and
consented to us not paying any of such proceeds to the RAT Lenders. In consideration for entering into the Waiver and Consent, we
agreed to reduce the exercise price of the RAT Loan Warrants and the Subordination Agreement Warrants held
by the RAT Lenders to purchase an aggregate of 314,281 shares of Common Stock from $1.00 to $0.24. See “ – The
Registered Offering and the Concurrent Private Placement Offering” below.
The
RAT Non-Revolving Line of Credit had a balance, including accrued interest, amounting to $774,222 and $2,300,899 as of June 30, 2024,
and September 30, 2023, respectively. We incurred interest expense for the RAT Non-Revolving Line of Credit in the amount of $409,165
and $670,146 for the nine months ended June 30, 2024, and 2023, respectively.
May
2023 Secured Loan
Effective
as of May 10, 2023, we entered into a Secured Non-Revolving Line of Credit Loan Agreement (the “May 2023 Secured Line of Credit
Agreement”) with several individuals and institutional lenders for aggregate loans of up to $4.0 million (the “May 2023 Secured
Line of Credit”), evidenced by the Secured Non-Revolving Line of Credit Promissory Notes (each a “May 2023 Secured Note”
and collectively, the “May 2023 Secured Notes”), also effective as of May 10, 2023. The May 2023 Secured Line of Credit matures
twenty-four (24) months from the date of the May 2023 Secured Line of Credit and accrues interest, payable semi-annually in arrears,
at a fixed rate of interest equal to twelve percent (12%) per year. We granted to the lenders under the May 2023 Secured Line of Credit
Agreement a security interest in all of our present and future assets and properties, real or personal, tangible or intangible, wherever
located, including products and proceeds thereof, which security interest is pari passu with the RAT Non-Revolving Line of Credit
Agreement and the Excel Revolving Line of Credit Agreement, but is subordinate in rights to GemCap under the GemCap Revolving Line of
Credit Agreement. See “— GemCap Revolving Line of Credit Agreement.”
In
connection with the May 2023 Secured Line of Credit, on May 10, 2023, we agreed to issue to each lender under the May 2023 Secured Line
of Credit Agreement, upon a drawdown, a warrant to purchase up to an aggregate of 369,517 shares of our Common Stock. Each warrant has
an exercise price of $4.33 per share, expires on May 10, 2026, and is exercisable at any time prior to such date.
As
of May 10, 2023, Excel, an entity managed by Mr. Cassidy, had committed to be a lender under the May 2023 Secured Line of Credit Agreement
for an aggregate loan of $2.65 million, and as of September 11, 2023, Excel had not loaned any funds under the May 2023 Secured Line
of Credit. On May 31, 2023, we entered into a Secured Non-Revolving Line of Credit Loan Agreement (the “Excel $2.2M Secured Line
of Credit Agreement”) with Excel for an aggregate principal amount of up to $2,200,000 (the “Excel $2.2M Line of Credit”),
evidenced by a Non-Revolving Line of Credit Promissory Note (the “Excel $2.2M Note”). Pursuant to the terms of a Pay Off
Letter Agreement with Excel dated September 12, 2023, we refinanced the outstanding principal and interest of the Excel $2.2M Line of
Credit to be included as part of the obligations of the May 2023 Secured Line of Credit Agreement. As a result of such refinancing, as
of September 12, 2023, no principal or interest remained outstanding under the Excel $2.2M Secured Line of Credit, and the Excel $2.2M
Secured Line of Credit Agreement was terminated, and as of September 12, 2023, Excel had loaned $2,266,733 under the May 2023 Secured
Line of Credit Agreement and received a warrant to purchase 209,398 shares of our Common Stock.
As
of December 14, 2023, the outstanding principal and interest on Excel’s portion of the May 2023 Secured Line of Credit was $2,328,617
(the “Excel May 2023 Secured Line of Credit Pay Off-Amount”) of the total aggregate
principal and interest outstanding under the May 2023 Secured Line of Credit of $3,262,817. On December 14, 2023, Excel agreed to convert
the Excel May 2023 Secured Line of Credit Pay-Off Amount owed under the May 2023 Secured Line of
Credit Agreement into 2,910,771 shares of our Common Stock at a conversion price per share of $0.80. In addition, in connection with
the Warrant Repricing (as defined below), on December 14, 2023, Excel agreed to reprice the per share warrant exercise price of the warrant
for 209,398 shares of our Common Stock to $0.80 per warrant share and immediately exercised the warrant, delivering the net proceeds
of $167,518.40 to us. See “—Repricing and Exercise of Certain Warrants.”
On
December 31, 2023, one of the remaining lenders under the May 2023 Secured Line of Credit converted $101,699.83 in outstanding principal
and interest into 127,124 shares of our Common Stock at a conversion price per share of $0.80. As of June 30, 2024, a total principal
amount of $800,000 remained outstanding on the May 2023 Secured Line of Credit and warrants for a total of 83,142 warrant shares had
been issued to the remaining lenders in connection with the May 2023 Secured Line of Credit and remained outstanding.
The
May 2023 Secured Loan had a principal balance, including accrued interest, amounting to $861,333 and $3,214,769 as of June 30, 2024,
and September 30, 2023, respectively. We incurred interest expense for the May 2023 Secured Loan in the amount of $293,520 and $40,736
for the nine months ended June 30, 2024, and 2023, respectively.
Excel
$1.0M Line of Credit
On
March 28, 2024, we entered into a Secured Non-Revolving Line of Credit Loan Agreement with Excel, an entity managed by Bruce
Cassidy, Executive Chairman of our Board of Directors (the “Excel $1.0M Secured Line of Credit Agreement”), for an
aggregate principal amount of up to $1,000,000 (the “Excel $1.0M Line of Credit”), evidenced by a Secured Non-Revolving
Line of Credit Promissory Note (the “Excel $1.0M Note”). The Excel $1.0M Line of Credit matures one hundred eighty (180)
days from the date of the Excel $1.0M Secured Line of Credit Agreement (the “Excel $1.0M Line of Credit Maturity Date”)
and accrues interest, payable in arrears on the Excel $1.0M Line of Credit Maturity Date, at a fixed rate of interest equal to
twelve percent (12%) per year.
Under
the Excel $1.0M Secured Line of Credit Agreement, we granted to Excel a security interest in all of our present and future assets and
properties, real or personal, tangible or intangible, wherever located, including products and proceeds thereof, which security interest
is subordinate in rights to GemCap under the GemCap Revolving Line of Credit Agreement.
On
May 31, 2024, we entered into a Waiver and Consent Letter Agreement with Excel (the “Excel Waiver Agreement”), effective
as of and contingent upon the closing of the Registered Offering (as defined and described below), waiving certain provisions of the Excel
$1.0M Secured Line of Credit Agreement, pursuant to which Excel irrevocably agreed to waive its rights to receive five
hundred thousand dollars ($500,000) of the net proceeds of any non-affiliate capital raise, including the Registered Offering, and
consented to us not paying any of such proceeds to it, contingent upon the closing of such a non-affiliate capital raise, including
the Registered Offering. See “ – The Registered Offering and the Concurrent Private Placement Offering”
below.
The
Excel $1.0M Line of Credit had a balance, including accrued interest, amounting to $1,031,333 and $0 as of June 30, 2024, and September
30, 2023, respectively. We incurred interest expense for the Excel $1.0M Line of Credit in the amount of $31,333 and $0 for the nine
months ended June 30, 2024, and 2023, respectively.
Repricing
and Exercise of Certain Existing Warrants
On
December 14, 2023, we agreed to offer to amend certain existing warrants exercisable for an aggregate of up to 4,055,240 shares of our
Common Stock (each such warrant an “Existing Warrant”) to reduce the respective exercise prices thereof to $0.80 per share
(such new price being referred to as the “Amended Warrant Exercise Price”), which was the closing price per share of our
common stock as quoted on the NYSE American on December 13, 2023, on the condition that the holder of each Existing Warrant would commit
to exercise the Existing Warrant within a certain period of time, paying the aggregate Amended Warrant Exercise Price of each respective
Existing Warrant in cash to us (the “Warrant Repricing”). As of December 14, 2023, Existing Warrants exercisable for an aggregate
of up to 786,482 shares of our common stock were held by Excel and Eagle Investment Group, LLC, entities managed by Bruce Cassidy, Sr.,
Executive Chairman of our Board of Directors, and Existing Warrants exercisable for an aggregate of up to 443,332 shares of our Common
Stock were held by Denise Penz, a member of our Board of Directors. In connection with the Warrant Repricing, each of Mr. Cassidy and
Ms. Penz exercised their Existing Warrants, resulting in net proceeds to us of $983,851.
As
of June 30, 2024, holders of Existing Warrants (including those held by Mr. Cassidy and Ms. Penz) had exercised warrants for 1,850,874
shares for an aggregate exercise price of $1,480,699. No other Existing Warrants have been repriced or exercised under the Warrant Repricing.
The
Registered Offering and the Concurrent Private Placement Offering
On
May 31, 2024, we entered into a Securities Purchase Agreement (the “Institutional Purchase Agreement”) with the
purchaser named therein (the “Institutional Investor”) and a Securities Purchase Agreement (the “Private Placement
Purchase Agreement,” and together with the Institutional Purchase Agreement, the “Purchase Agreements”) with
Excel (the “Private Placement Entity,” together with the Institutional Investor, the
“Investors”).
Pursuant
to the Institutional Purchase Agreement, we agreed to sell and issue, in a registered direct offering (the “Registered Offering”)
7,875,000 shares (the “Registered Shares”) of our Common Stock at a purchase price per share of $0.15 and pre-funded warrants
(the “Registered Pre-Funded Warrants”) to purchase up to an aggregate of 1,777,174 shares of Common Stock (the “Registered
Pre-Funded Warrant Shares”) at a purchase price per Registered Pre-Funded Warrant of $0.1499, for aggregate gross proceeds to the
Company of approximately $1.45 million, before deducting placement agent fees and offering expenses payable by the Company.
Pursuant
to the Private Placement Purchase Agreement, in a concurrent private placement (the “Concurrent Private Placement Offering,”
together with the Registered Offering, the “Offerings”), we agreed to sell and issue to the Private Placement Entity pre-funded
warrants (the “Private Pre-Funded Warrants”) to purchase up to an aggregate of 4,347,826 shares of Common Stock (the “Private
Pre-Funded Warrant Shares”) at a purchase price of $0.2308 per Private Pre-Funded Warrant, for aggregate gross proceeds to the
Company of approximately $1.0 million, before deducting offering expenses payable by the Company. The Private Pre-Funded Warrants are
immediately exercisable at an exercise price of $0.0001 per share and will expire when the Private Pre-Funded Warrants are fully exercised.
The Concurrent Private Placement Offering closed on June 10, 2024.
The
Purchase Agreements contain customary representations, warranties and agreements of the Company and the Investors and customary indemnification
rights and obligations of the parties. Pursuant to the terms of the Institutional Purchase Agreement, we have agreed to certain restrictions,
subject to certain exceptions, on the issuance and sale of its Common Stock and securities convertible into shares of Common Stock during
the 90-day period following the closing of the Registered Offering. We also agreed not to effect or enter into an agreement to effect
any issuance of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock involving a
variable rate transaction (as defined in the Institutional Purchase Agreement), subject to certain exceptions, until the six-month anniversary
of the closing of the Registered Offering.
In
addition, until the date that is the eighteen-month anniversary of the closing of the Registered Offering, the Institutional Investor
is entitled to a participation right in any subsequent financing (as defined in the Institutional Purchase Agreement ) effected by the
Company or any of its subsidiaries of Common Stock or Common Stock equivalents for cash consideration, or a combination of units thereof,
up to an amount equal to 35% of such subsequent financing on the same terms, conditions and price provided for in the subsequent financing,
subject to certain carve-outs as set forth in the Institutional Purchase Agreement.
In
connection with the Offerings, on May 31, 2024, we also entered into a placement agency agreement (the “Placement Agency Agreement”)
with Roth Capital Partners, LLC the “Placement Agent”). Pursuant to the terms of the Placement Agency Agreement, the Placement
Agent agreed to use its reasonable best efforts to arrange for the sale of the Registered Shares, the Registered Pre-Funded Warrants,
the Registered Pre-Funded Warrant Shares, the Private Pre-Funded Warrants and the Private Pre-Funded Warrant Shares (the “Securities”).
We paid the Placement Agent a cash fee equal to 6.5% of the gross proceeds generated from the Offerings and agreed to reimburse the Placement
Agent for certain of its expenses in an amount up to $50,000. The Placement Agent did not receive cash placement agent fees on the sale
of the Private Pre-Funded Warrants and the Private Pre-Funded Warrant Shares. The Placement Agency Agreement contains customary representations,
warranties and agreements of the Company and the Placement Agent and customary indemnification rights and obligations of the parties.
Pursuant
to the terms of the Placement Agency Agreement, we issued to the Placement Agent warrants (“Placement Agent Warrants”) to
purchase up to 700,000 shares of Common Stock, or 5.0% of the aggregate shares of Common Stock (or Common Stock equivalents) issued in
the Offerings, exercisable at a price per share of $0.25399. The Placement Agent Warrants are exercisable commencing six months after
the closing date of the Registered Offering and expire May 31, 2029.
The
Registered Offering closed on June 3, 2024, and on July 1, 2024, the Institutional Investor delivered a Notice of Exercise to us to purchase
the Registered Pre-Funded Warrant Shares.
The
Registered Shares and the Registered Pre-Funded Warrants were offered pursuant to our effective Shelf Registration Statement on
Form S-3 (File No. 333-268957), which was previously filed and declared effective by the SEC, the accompanying base prospectus
dated January 11, 2023, and a prospectus supplement dated May 31, 2024.
Shelf
Registration ($50 Million ATM)
On
December 22, 2022, we filed a Shelf Registration Statement on Form S-3 that has been declared effective by the SEC. On May 12, 2023,
we entered into an At-the-Market (“ATM”) Issuance Sales Agreement (the “ATM Sales Agreement”) with B. Riley Securities,
Inc. (the “Agent”) pursuant to which we may offer and sell, from time to time through the Agent, shares of our Common Stock,
for aggregate gross proceeds of up to $50,000,000.
As
previously disclosed, effective May 31, 2024, the Company and the Agent terminated the ATM Sales Agreement. We are not subject to any
termination penalties related to the termination of the ATM Sales Agreement.
During
the nine months ended June 30, 2024, we did not raise any funds through sales under the ATM Sales Agreement.
Future
Use of Operating Cash and Capital Requirements
Our
future use of operating cash and capital requirements will depend on many forward-looking factors, including the following:
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our ability to raise capital when needed and on acceptable terms and conditions;
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our ability to regain and maintain compliance with the continued listing
requirements NYSE American;
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our
ability to attract and retain management with experience in digital media including digital video music streaming, and similar emerging
technologies; |
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our
ability to negotiate, finalize and maintain economically feasible agreements with the major and independent music labels, publishers
and performance rights organizations; |
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our ability to attract prospective users and to retain existing users;
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our
expectations regarding market acceptance of our products in general, and our ability to penetrate digital video music streaming in
particular; |
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volatility
in digital programmatic advertising spend which can affect our revenues; |
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the
scope, validity and enforceability of our and third-party intellectual property rights; |
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our ability to comply with governmental regulations and changes in legislation
or governmental regulations affecting us;
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the
intensity of competition in the markets in which we operate and
those that we may seek to enter; |
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changes
in the political and regulatory environment and in business and fiscal conditions in the United States and overseas; |
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our
dependence upon third-party licenses for sound recordings and musical compositions; |
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our
lack of control over the providers of our content and their effect on our access to music and other content; |
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our
ability to comply with the many complex license agreements to which we are a party; |
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our
ability to accurately estimate the amounts payable under our license agreements; |
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the
limitations on our ability to reduce operating costs due to the minimum guarantees required under certain of our license agreements; |
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our
ability to obtain accurate and comprehensive information about music compositions in order to obtain necessary licenses or perform
obligations under our existing license agreements; |
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potential
breaches of our security systems; |
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assertions
by third parties of infringement or other violations by us of their intellectual property rights; |
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competition for users and user listening time;
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our
ability to generate sufficient revenue to be profitable or to generate positive cash flow on a sustained basis; |
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our ability to continue as a going concern; |
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our
ability to accurately estimate our user metrics; |
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the manipulation of stream counts and user accounts and unauthorized access
to our services; |
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our ability to hire and retain key personnel; |
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our ability to maintain, protect and enhance our brand;
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risks associated with our potential international expansion, including
difficulties obtaining rights to stream music on favorable terms; |
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risks
relating to the acquisition, investment and disposition of companies or technologies; |
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dilution
resulting from additional share issuances; |
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tax-related
risks; |
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the
concentration of voting power among our founders who have and will continue to have substantial control over our business; |
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international, national, or local economic, social or political conditions;
and |
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risks
associated with accounting estimates, currency fluctuations and foreign exchange controls. |
We
have evaluated and expect to continue to evaluate a wide array of strategic transactions as part of our plan to acquire or license and
develop additional products and services to augment our current business operations. Strategic transaction opportunities that we may
pursue could materially affect our liquidity and capital resources and may require us to incur additional indebtedness, seek equity capital
or both. Accordingly, we expect to continue to opportunistically seek access to additional capital to license or acquire additional products,
services or companies to expand our operations or for general corporate purposes. Strategic transactions may require us to raise additional
capital through one or more public or private debt or equity financings or could be structured as a collaboration or partnering arrangement.
We have no arrangements, agreements, or understandings in place at the present time to enter into any acquisition, licensing or similar
strategic business transaction.
If
we raise additional funds by issuing equity securities, our stockholders will experience dilution. Debt financing, if available, would
result in increased fixed payment obligations and may involve agreements that include covenants limiting or restricting our ability to
take specific actions, such as incurring additional debt, making capital expenditures, or declaring dividends. Any debt financing or
additional equity that we raise may contain terms, such as liquidation and other preferences that are not favorable to us or our stockholders.
As
of June 30, 2024, our cash totalled $1,546,088. During the nine months ended June 30, 2024, we incurred a net loss of $18,307,652 and
used $4,949,514 of cash in operations. We have incurred significant operating losses in the past and, as of June 30, 2024, we had an
accumulated deficit of $146,593,195. We do not expect to experience positive cash flows from operations in the near future as we continue
to invest in the distribution of our Loop Players and the expansion of our Partner Platform business. We also expect to incur significant
additional legal and financial expenditures in meeting the regulatory requirements of an NYSE American listed public company.
There
is uncertainty regarding our ability to grow our business without additional financing. Our long-term future growth and success are dependent
upon our ability to continue selling our services, generate cash from operating activities and obtain additional financing. We may be
unable to continue selling our products and services, generate sufficient cash from operations, sell additional shares of Common Stock
or borrow additional funds. Our inability to obtain additional cash could have a material adverse effect on our ability to grow our business
to a greater extent than we can with our existing financial resources.
Critical
Accounting Policies and Use of Estimates
Use
of Estimates and Assumptions
The
preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ
from those estimates. Significant estimates include assumptions used in the revenue recognition of performance obligations, fair value
of stock-based compensation awards and income taxes.
Revenue
Recognition
We
recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Our revenue recognition
disclosure reflects our updated accounting policies that are affected by this new standard. We applied the “modified retrospective”
transition method for open contracts for the implementation of Topic 606. As sales are and have been primarily from delivery of streaming
services, delivery of subscription content services in customized formats, and delivery of hardware and ongoing content delivery through
software and we have no significant post-delivery obligations, this new standard did not result in a material recognition of revenue
on our consolidated financial statements for the cumulative impact of applying this new standard. Therefore, there was no cumulative
effect adjustment required.
We
recognize revenue when it satisfies a performance obligation by transferring control over a product to a customer. Revenue is measured
based on the consideration we expect to receive in exchange for those products. In instances where final acceptance of the product is
specified by the customer, revenue is deferred until all acceptance criteria have been met. For example, we bill subscription services
in advance of when the service is performed and revenue is treated as deferred revenue until the service is performed and/or the performance
obligation is satisfied. Revenues are recognized under Topic 606 in a manner that reasonably reflects the delivery of our products and
services to clients in return for expected consideration and includes the following elements:
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executed
contracts with our clients that we believe are legally enforceable; |
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identification
of performance obligations in the respective contract; |
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determination
of the transaction price for each performance obligation in the respective contract; |
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allocation
the transaction price to each performance obligation; and |
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recognition
of revenue only when we satisfy each performance obligation. |
Our
revenue can be categorized into two revenue streams: Advertising revenue and Legacy and other revenue.
The
following table disaggregates our revenue by major type for each of the periods indicated:
| |
Three months ended June 30, | | |
Nine months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Advertising revenue | |
$ | 3,997,054 | | |
$ | 5,079,922 | | |
$ | 16,936,810 | | |
$ | 23,687,817 | |
Legacy and other revenue | |
| 353,516 | | |
| 655,054 | | |
| 1,587,479 | | |
| 2,266,221 | |
Total | |
$ | 4,350,570 | | |
$ | 5,734,976 | | |
$ | 18,524,289 | | |
$ | 25,954,038 | |
We
generate advertising revenue by selling advertising impressions on the Loop Platform, which consists of both the O&O Platform and
the Partner Platform. Our advertising sales team works across both platforms, selling ad impressions for both platforms to the same DSPs
and other demand sources. Revenue recognition for both Platforms is the same.
Legacy
and other revenue includes streaming services, subscription content services, and hardware delivery, as further described below.
We
consider ourselves the principal on all advertising transactions in which we sell ad impressions, and thus report revenues on a gross
basis (net of advertising agency fees and commissions retained by advertising demand sources). We have evaluated ASC 606-10-50-5 and
determined that there are no significant differences in the type of goods or services, geographical region, market or type of customer,
contract type, contract duration, timing of transfer and sales channel between the O&O Platform and Partner Platform, and therefore
would not require additional disaggregation of advertising revenue.
Performance
Obligations and Significant Judgments
Our
performance obligations and recognition patterns for each revenue stream are as follows:
Advertising
Revenue
For
the nine months ended June 30, 2024, and 2023, advertising revenue accounted for 91% and 91%, respectively, of our revenue and includes
revenue from direct programmatic and local advertising as well as sponsorships.
For
all advertising revenue sources, we evaluate whether we should be considered the principal (i.e., report revenues on a gross basis) or
an agent (i.e., report revenues on a net basis). Our role as principal or agent differs based on our performance obligation for each
revenue share arrangement.
For
both the O&O and Platform Partner businesses, advertising inventory provided to advertisers through the use of an advertising demand
partner or agency, with whose fees or commission is calculated based on a stated percentage of gross advertising spending, we are considered
the agent and our revenues are reported net of agency fees and commissions. We are considered the agent because the demand partner or
agency controls all aspects of the transaction (pricing risk, inventory risk, obligation for fulfillment) except for the devices used
to show the advertisements, therefore we report this advertising revenue net of agency fees and commissions.
We
are considered the principal in our arrangements with content providers in our O&O Platform business and with our arrangements with
our third-party partners in our Partner Platforms business and thus report revenues on a gross basis (net of agency fees and commissions),
wherein the amounts billed to our advertising demand partners, advertising agencies, and direct advertisers and sponsors are recorded
as revenues, and amounts paid to content providers and third-party partners are recorded as expenses. We are considered the principal
because we control the advertising space, are primarily responsible to our advertising demand partners and other parties filling our
advertising inventory, have discretion in pricing and advertising fill rates and typically have an inventory risk.
For
advertising revenue, we recognize revenue at the time the digital advertising impressions are filled and the advertisements are played,
and for sponsorship revenue, we generally recognize revenue ratably over the term of the sponsorship arrangement as the sponsored advertisements
are played.
Legacy
and Other Business Revenue
For
the nine months ended June 30, 2024, and 2023, legacy and other business revenue accounted for the remaining 9% and 9%, respectively,
of total revenue and includes streaming services, subscription content services, and hardware delivery, as described below:
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Delivery
of streaming services including content encoding and hosting. We recognize revenue over the term of the service based on bandwidth
usage. Revenue from streaming services is insignificant. |
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Delivery
of subscription content services in customized formats. We recognize revenue straight-line over the term of the service. |
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Delivery
of hardware for ongoing subscription content delivery through software. We recognize revenue at the point of hardware delivery. Revenue
from hardware sales is insignificant. |
Transaction
prices for performance obligations are explicitly outlined in relevant contractual agreements; therefore, we do not believe that significant
judgments are required with respect to the determination of the transaction price, including any variable consideration identified.
Stock-Based
Compensation
Stock-based
compensation awarded to employees is measured at the award date, based on the fair value of the award, and is recognized as an expense
over the requisite vesting period. We measure the fair value of the stock-based compensation issued to non-employees using the stock
price observed in the trading market (for stock transactions) or the fair value of the award (for non-stock transactions), which were
more reliably determinable measures of fair value than the value of the services being rendered. The measurement date is the earlier
of (1) the date at which commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the date at
which the counterparty’s performance is complete.
Content
Assets
On
January 1, 2020, we adopted the guidance in Accounting Standards Update (“ASU”) 2019-02, Entertainment—Films—Other
Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350):
Improvements to Accounting for Costs of Films and License Agreements for Program Materials, on a prospective basis. We capitalize
the fixed content fees and our corresponding liability when the license period begins, the cost of the content is known, and the content
is accepted and available for streaming. If the licensing fee is not determinable or reasonably estimable, no asset or liability is recorded,
and licensing costs are expenses as incurred. We amortize licensed content assets into cost of revenue, using the straight-line method
over the contractual period of availability. The liability is paid in accordance with the contractual terms of the arrangement. Internally-developed
content costs are capitalized in the same manner as licensed content costs, when the cost of the content is known and the content is
ready and available for streaming. We amortize internally-developed content assets into cost of revenue, using the straight-line method
over the estimated period of streaming.
Income
Taxes
We
account for income taxes in accordance with ASC 740. ASC 740 requires a company to use the asset and liability method of accounting for
income taxes, whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized
for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and
their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than
not that some portion, or all of, the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for
the effect of changes in tax laws and rates on the date of enactment.
Under
ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained
in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that
is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test,
no tax benefit is recorded. We have no material uncertain tax positions for any of the reporting periods presented.
We
recognize accrued interest and penalties related to unrecognized tax benefits as part of income tax expense. We have also made a policy
election to treat the income tax with respect to global intangible low-tax income as a period expense when incurred.
In
December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity
in accounting standards. The amendments in the ASU are effective for fiscal years beginning after December 15, 2020, including interim
periods therein. The adoption of this standard in the first quarter of 2022 had no impact on our consolidated financial statements.
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”).
ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09
address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid
information. ASU 2023-09 will be effective for us in the annual period beginning October 1, 2025, though early adoption is permitted.
We are still evaluating the presentational effect that ASU 2023-09 will have on our consolidated financial statements, but we expect
considerable changes to our income tax footnote.
Recently
Adopted Accounting Pronouncements
In
September 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments. This guidance requires the measurement of all expected credit losses for financial assets held at the reporting date
based on historical experience, current conditions and reasonable and supportable forecasts. This guidance also requires enhanced disclosures
regarding significant estimates and judgments used in estimating credit losses. The new guidance is effective for fiscal years beginning
after December 15, 2022. We are currently evaluating the impact of this standard on our condensed consolidated financial statements and
related disclosures. We adopted this ASU as of October 1, 2023, and there is no material impact to our financial statements as of June
30, 2024.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
Not
required.
Item
4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures
We
maintain disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), consisting of controls and other procedures designed to give reasonable assurance that information
we are required to disclose in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within
the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management,
including our Chief Executive Officer and our Chief Financial Officer, to allow timely decisions regarding such required disclosure.
A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives
of the control system are met. Our Chief Executive Officer and Chief Financial Officer have evaluated such disclosure controls and procedures
as of the end of the period covered by this Quarterly Report on Form 10-Q and have determined that such disclosure controls and procedures
are effective.
Changes
in Internal Controls over Financial Reporting
There
have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred
during our last fiscal quarter that have materially affected or are reasonably likely to materially affect our internal control over
financial reporting.
PART
II — OTHER INFORMATION
Item
1. Legal Proceedings
We
are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results
of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency,
self-regulatory organization or body pending or, to the knowledge of our executive officers, threatened against or affecting us, or our
Common Stock, in which an adverse decision could have a material adverse effect.
Item
1A. Risk Factors
Factors
that could cause our actual results to differ materially from those in this Quarterly Report on Form 10-Q are any of the risks described
in our Annual Report on Form 10-K filed with the SEC on December 19, 2023, and our Quarterly Report on Form 10-Q filed with the SEC on May 3, 2024. Any of these factors could result in a significant or material
adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently
deem immaterial may also impair our business or results of operations.
There
have been no material changes from the risk factors previously disclosed under the heading “Risk Factors” in our Annual Report
on Form 10-K filed with the SEC on December 19, 2023, or our Quarterly Report on Form 10-Q filed with the SEC on May 3, 2024.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item
3. Defaults Upon Senior Securities.
There
were no material defaults regarding payments of principal and interest that exceeded 5% of our total assets.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
(a) None.
(b) None.
(c) None
of our directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading
arrangement during our fiscal quarter ended June 30, 2024 (each as defined in Item 408 of Regulation S-K under the Securities
Exchange Act of 1934, as amended).
Item
6. Exhibits
Exhibit
No. |
|
Exhibit
Description |
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4.1 |
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Form of Registered Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on June 3, 2024). |
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4.2 |
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Form of Private Pre-Funded Warrant (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on June 3, 2024). |
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4.3 |
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Form of Placement Agent Warrant (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed on June 3, 2024). |
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10.1 |
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Non-Revolving Line of Credit Loan Agreement Amendment #2, dated April 18, 2024, by and between the Company, RAT Investment Holdings, LP, as administrator of the loan, and the institutions and individuals identified as lenders therein (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 24, 2024). |
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10.2 |
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Second Amended and Restated Non-Revolving Line of Credit Promissory Note, effective as of April 13, 2024, executed by the Company for the benefit of the lenders under the Non-Revolving Line of Credit Loan Agreement Amendment #2, effective as of the same date (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on April 24, 2024). |
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10.3 |
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CEO Employment Letter Agreement Amendment between the Company and Justis Kao, effective May 3, 2024 (incorporated by reference to Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed on May 3, 2024).
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10.4 |
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Form of Securities Purchase Agreement, dated May 31, 2024, by and between the Company and the Institutional Investor (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 3, 2024). |
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10.5 |
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Form of Securities Purchase Agreement, dated May 31, 2024, by and between the Company and the Private Placement Entity (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on June 3, 2024). |
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10.6 |
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Placement Agency Agreement, dated May 31, 2024, by and between the Company and the Placement Agent (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on June 3, 2024). |
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31.1* |
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Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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31.2* |
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Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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32.1** |
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Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 |
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32.2** |
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Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 |
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101.INS |
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the Inline XBRL document |
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101.SCH |
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101.CAL |
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101.DEF |
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104 |
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Cover
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*
Filed herewith.
**
This certification is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise
subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under
the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the registrant specifically incorporates
it by reference.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
Loop
Media, Inc., a Nevada corporation |
|
(Registrant) |
|
|
Date:
August 7, 2024 |
By: |
/s/
Justis Kao |
|
|
Justis
Kao |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
Date:
August 7, 2024 |
By: |
/s/
Neil Watanabe |
|
|
Neil
Watanabe |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
Exhibit
31.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I,
Justis Kao, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of Loop Media, Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f) ) for the registrant and have: |
|
a. |
designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing
the equivalent function): |
|
a. |
all
significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are
reasonable likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b. |
any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal controls over financial reporting. |
Dated:
August 7, 2024 |
/s/
Justis Kao |
|
Justis
Kao |
|
Chief
Executive Officer
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I,
Neil Watanabe, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of Loop Media, Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f) ) for the registrant and have: |
|
a. |
designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing
the equivalent function): |
|
a. |
all
significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are
reasonable likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b. |
any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal controls over financial reporting. |
Dated:
August 7, 2024 |
/s/
Neil Watanabe |
|
Neil
Watanabe |
|
Chief
Financial Officer |
|
(Principal
Financial and Accounting Officer) |
Exhibit
32.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
In
connection with the Quarterly Report of Loop Media, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2024,
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Justis Kao, Interim Chief Executive
Officer of the Company, hereby certify pursuant to 18 U.S.C §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of
2002, to the best of my knowledge and belief, that:
(1) |
the
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
(2) |
the
information contained in this Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Dated:
August 7, 2024 |
/s/
Justis Kao |
|
Justis
Kao |
|
Chief
Executive Officer |
Exhibit
32.2
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
In
connection with the Quarterly Report of Loop Media, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2024,
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Neil Watanabe, Chief Financial
Officer of the Company, hereby certify pursuant to 18 U.S.C §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of
2002, to the best of my knowledge and belief, that:
(1) |
the
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
(2) |
the
information contained in this Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Dated:
August 7, 2024 |
/s/
Neil Watanabe |
|
Neil
Watanabe |
|
Chief
Financial Officer |
v3.24.2.u1
Cover - shares
|
9 Months Ended |
|
Jun. 30, 2024 |
Aug. 06, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--09-30
|
|
Entity File Number |
001-41508
|
|
Entity Registrant Name |
LOOP
MEDIA, INC.
|
|
Entity Central Index Key |
0001643988
|
|
Entity Tax Identification Number |
47-3975872
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
2600
West Olive Avenue
|
|
Entity Address, Address Line Two |
Suite 5470
|
|
Entity Address, City or Town |
Burbank
|
|
Entity Address, State or Province |
CA
|
|
Entity Address, Postal Zip Code |
91505
|
|
City Area Code |
(213)
|
|
Local Phone Number |
436-2100
|
|
Title of 12(b) Security |
Common
stock, $0.0001 par value per share
|
|
Trading Symbol |
LPTV
|
|
Security Exchange Name |
NYSE
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
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Entity Common Stock, Shares Outstanding |
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v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Sep. 30, 2023 |
Current assets |
|
|
Cash |
$ 1,546,088
|
$ 3,068,696
|
Accounts receivable, net |
3,541,592
|
6,211,815
|
Prepaid expenses and other current assets |
443,045
|
987,605
|
Content assets, current |
997,508
|
2,218,894
|
Total current assets |
6,528,233
|
12,487,010
|
Deposits |
9,954
|
12,054
|
Content assets, non-current |
211,661
|
448,726
|
Deferred costs, non-current |
503,123
|
744,408
|
Property and equipment, net |
2,507,776
|
2,711,558
|
Right-of-use assets |
189,650
|
|
Intangible assets, net |
393,556
|
477,889
|
Total non-current assets |
3,815,720
|
4,394,635
|
Total assets |
10,343,953
|
16,881,645
|
Current liabilities |
|
|
Accounts payable |
5,501,995
|
4,978,920
|
Accrued liabilities |
1,866,161
|
3,546,338
|
Accrued royalties and revenue share |
7,829,892
|
4,930,329
|
Equipment financing liability, current |
131,348
|
|
License content liability, current |
708,567
|
489,157
|
Deferred income |
26,278
|
|
Lease liability, current |
67,689
|
|
Revolving line of credit, current |
2,175,456
|
2,985,298
|
Total current liabilities |
20,637,136
|
19,054,762
|
License content liability, non-current |
129,000
|
208,000
|
Equipment financing liability, non-current |
229,846
|
|
Lease liability, non-current |
121,961
|
|
Revolving line of credit, related party |
1,679,226
|
|
Total non-current liabilities |
2,160,033
|
2,643,216
|
Total liabilities |
22,797,169
|
21,697,978
|
Stockholders’ equity (deficit) |
|
|
Common Stock, $0.0001 par value, 150,000,000 shares authorized, 79,048,736 and 65,620,151 shares issued and outstanding as of June 30, 2024, and September 30, 2023, respectively |
7,904
|
6,562
|
Additional paid in capital |
134,132,075
|
123,462,648
|
Accumulated deficit |
(146,593,195)
|
(128,285,543)
|
Total stockholders’ equity (deficit) |
(12,453,216)
|
(4,816,333)
|
Total liabilities and stockholders’ equity (deficit) |
10,343,953
|
16,881,645
|
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v3.24.2.u1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Sep. 30, 2023 |
Aug. 15, 2023 |
Jun. 30, 2023 |
Statement of Financial Position [Abstract] |
|
|
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
$ 0.0001
|
|
Common stock, authorized |
150,000,000
|
150,000,000
|
105,555,556
|
|
Common stock, shares issued |
79,048,736
|
65,620,151
|
|
59,183,668
|
Common stock, shares outstanding |
79,048,736
|
65,620,151
|
|
59,183,668
|
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v3.24.2.u1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenue |
$ 4,350,570
|
$ 5,734,976
|
$ 18,524,289
|
$ 25,954,038
|
Cost of revenue |
|
|
|
|
Total cost of revenue |
3,440,213
|
3,911,733
|
13,571,229
|
16,859,683
|
Gross profit |
910,357
|
1,823,243
|
4,953,060
|
9,094,355
|
Operating expenses |
|
|
|
|
Sales, general and administrative |
4,116,186
|
6,284,514
|
16,022,857
|
22,011,961
|
Stock-based compensation |
931,571
|
2,592,369
|
3,371,933
|
6,858,983
|
Depreciation and amortization |
422,882
|
295,008
|
1,217,955
|
717,733
|
Restructuring costs |
220,053
|
146,672
|
220,053
|
146,672
|
Total operating expenses |
5,690,692
|
9,318,563
|
20,832,798
|
29,735,349
|
Loss from Operations |
(4,780,335)
|
(7,495,320)
|
(15,879,738)
|
(20,640,994)
|
Other income (expense) |
|
|
|
|
Interest expense |
(670,981)
|
(962,718)
|
(2,402,444)
|
(2,889,745)
|
Loss on extinguishment of debt |
|
|
(25,424)
|
|
Employee retention credits |
|
648,543
|
|
648,543
|
Other expense |
34
|
(65,643)
|
289
|
(68,267)
|
Total Other income (expense) |
(670,947)
|
(379,818)
|
(2,427,579)
|
(2,309,469)
|
Loss before income taxes |
(5,451,282)
|
(7,875,138)
|
(18,307,317)
|
(22,950,463)
|
Income tax expense |
(335)
|
(394)
|
(335)
|
(1,624)
|
Net loss |
$ (5,451,617)
|
$ (7,875,532)
|
$ (18,307,652)
|
$ (22,952,087)
|
Basic net loss per common share (Note 2) |
$ (0.07)
|
$ (0.14)
|
$ (0.26)
|
$ (0.41)
|
Diluted net loss per common share (Note 2) |
$ (0.07)
|
$ (0.14)
|
$ (0.26)
|
$ (0.41)
|
Weighted average number of common shares outstanding, basic |
75,146,980
|
56,604,812
|
70,966,475
|
56,455,743
|
Weighted average number of common shares outstanding, diluted |
75,146,980
|
56,604,812
|
70,966,475
|
56,455,743
|
Advertising And Legacy And Other Revenue [Member] |
|
|
|
|
Cost of revenue |
|
|
|
|
Total cost of revenue |
$ 2,641,779
|
$ 3,132,568
|
$ 11,214,512
|
$ 14,767,807
|
Depreciation Amortization [Member] |
|
|
|
|
Cost of revenue |
|
|
|
|
Total cost of revenue |
$ 798,434
|
$ 779,165
|
$ 2,356,717
|
$ 2,091,876
|
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v3.24.2.u1
Condensed Consolidated Statement of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balances, value at Sep. 30, 2022 |
$ 5,638
|
$ 101,970,318
|
$ (96,321,864)
|
$ 5,654,092
|
Balance, shares at Sep. 30, 2022 |
56,381,209
|
|
|
|
Stock-based compensation |
|
1,790,807
|
|
1,790,807
|
Net loss |
|
|
(5,259,439)
|
(5,259,439)
|
Balances, value at Dec. 31, 2022 |
$ 5,638
|
103,761,125
|
(101,581,303)
|
2,185,460
|
Balance, shares at Dec. 31, 2022 |
56,381,209
|
|
|
|
Balances, value at Sep. 30, 2022 |
$ 5,638
|
101,970,318
|
(96,321,864)
|
5,654,092
|
Balance, shares at Sep. 30, 2022 |
56,381,209
|
|
|
|
Net loss |
|
|
|
(22,952,087)
|
Short swing profit recovery |
|
|
|
1,201
|
Balance, shares |
22,462
|
|
|
|
Balances, value at Jun. 30, 2023 |
$ 5,918
|
117,143,464
|
(119,273,952)
|
(2,124,570)
|
Balance, shares at Jun. 30, 2023 |
59,183,668
|
|
|
|
Balances, value at Dec. 31, 2022 |
$ 5,638
|
103,761,125
|
(101,581,303)
|
2,185,460
|
Balance, shares at Dec. 31, 2022 |
56,381,209
|
|
|
|
Stock-based compensation |
|
2,475,807
|
|
2,475,807
|
Net loss |
|
|
(9,817,117)
|
(9,817,117)
|
Short swing profit recovery |
|
1,201
|
|
1,201
|
Issuance costs from uplist of stock |
|
(86,330)
|
|
(86,330)
|
Balances, value at Mar. 31, 2023 |
$ 5,638
|
106,151,803
|
(111,398,420)
|
(5,240,979)
|
Balance, shares at Mar. 31, 2023 |
56,381,209
|
|
|
|
Stock-based compensation |
|
2,547,799
|
|
2,547,799
|
Warrants issued in conjunction with debt |
|
136,103
|
|
136,103
|
Net loss |
|
|
(7,875,532)
|
(7,875,532)
|
Warrants issued for consulting fees |
|
44,569
|
|
44,569
|
Shares issued for cash under ATM, net |
$ 278
|
8,224,782
|
|
8,225,060
|
Balance, shares |
2,779,997
|
|
|
|
Shares issued upon option exercises |
$ 2
|
38,408
|
|
38,410
|
Balance, shares |
22,462
|
|
|
|
Balances, value at Jun. 30, 2023 |
$ 5,918
|
117,143,464
|
(119,273,952)
|
(2,124,570)
|
Balance, shares at Jun. 30, 2023 |
59,183,668
|
|
|
|
Balances, value at Sep. 30, 2023 |
$ 6,562
|
123,462,648
|
(128,285,543)
|
(4,816,333)
|
Balance, shares at Sep. 30, 2023 |
65,620,151
|
|
|
|
Stock-based compensation |
|
1,328,225
|
|
1,328,225
|
Warrants issued in conjunction with debt |
|
1,003,269
|
|
1,003,269
|
Shares issued for consulting fees |
$ 31
|
124,101
|
|
124,132
|
Balance, shares |
311,889
|
|
|
|
Shares issued for debt conversion |
$ 304
|
2,455,437
|
|
2,455,741
|
Balance, shares |
3,037,895
|
|
|
|
Shares issued for capital raise costs |
$ 3
|
22,497
|
|
22,500
|
Balance, shares |
30,405
|
|
|
|
Shares issued upon warrant exercises |
$ 185
|
1,480,514
|
|
1,480,699
|
Balance, shares |
1,850,874
|
|
|
|
Net loss |
|
|
(5,285,402)
|
(5,285,402)
|
Balances, value at Dec. 31, 2023 |
$ 7,085
|
129,876,691
|
(133,570,945)
|
(3,687,169)
|
Balance, shares at Dec. 31, 2023 |
70,851,214
|
|
|
|
Balances, value at Sep. 30, 2023 |
$ 6,562
|
123,462,648
|
(128,285,543)
|
(4,816,333)
|
Balance, shares at Sep. 30, 2023 |
65,620,151
|
|
|
|
Balance, shares |
311,889
|
|
|
|
Net loss |
|
|
|
(18,307,652)
|
Balance, shares |
292,117
|
|
|
|
Balance, shares |
7,875,000
|
|
|
|
Short swing profit recovery |
|
|
|
|
Balance, shares |
|
|
|
|
Balances, value at Jun. 30, 2024 |
$ 7,904
|
134,132,075
|
(146,593,195)
|
$ (12,453,216)
|
Balance, shares at Jun. 30, 2024 |
79,048,736
|
|
|
|
Balances, value at Dec. 31, 2023 |
$ 7,085
|
129,876,691
|
(133,570,945)
|
(3,687,169)
|
Balance, shares at Dec. 31, 2023 |
70,851,214
|
|
|
|
Stock-based compensation |
|
1,112,137
|
|
1,112,137
|
Warrants issued in conjunction with debt |
|
214,978
|
|
214,978
|
Shares issued for capital raise costs |
$ 3
|
22,497
|
|
22,500
|
Balance, shares |
30,405
|
|
|
|
Net loss |
|
|
(7,570,633)
|
(7,570,633)
|
Shares issued for vested RSUs |
$ 29
|
(56,045)
|
|
(56,016)
|
Balance, shares |
292,117
|
|
|
|
Balances, value at Mar. 31, 2024 |
$ 7,117
|
131,170,258
|
(141,141,578)
|
(9,964,203)
|
Balance, shares at Mar. 31, 2024 |
71,173,736
|
|
|
|
Stock-based compensation |
|
931,571
|
|
931,571
|
Net loss |
|
|
(5,451,617)
|
(5,451,617)
|
Pre-funded warrants issued for cash |
|
1,269,877
|
|
1,269,877
|
Shares issued for cash |
$ 787
|
1,180,463
|
|
1,181,250
|
Balance, shares |
7,875,000
|
|
|
|
Shares issuance cost |
|
(420,094)
|
|
(420,094)
|
Balances, value at Jun. 30, 2024 |
$ 7,904
|
$ 134,132,075
|
$ (146,593,195)
|
$ (12,453,216)
|
Balance, shares at Jun. 30, 2024 |
79,048,736
|
|
|
|
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v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net loss |
$ (18,307,652)
|
$ (22,952,087)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Amortization of debt discount |
1,635,218
|
1,842,003
|
Depreciation and amortization expense, PPE |
1,037,319
|
700,097
|
Amortization of deferred costs, ATM |
180,635
|
17,636
|
Amortization of content assets |
2,356,717
|
2,091,876
|
Amortization of right-of-use assets |
26,274
|
76,696
|
Bad debt expense |
284,065
|
|
Loss on extinguishment of debt converted to equity |
25,424
|
|
Stock-based compensation |
3,371,933
|
6,858,983
|
Stock option exercise |
|
38,410
|
Shares issued for consulting fees |
124,135
|
|
Change in operating assets and liabilities: |
|
|
Accounts receivable |
2,386,158
|
7,090,558
|
Inventory |
7,400
|
4,397
|
Prepaid expenses |
537,162
|
78,632
|
Deposit |
2,100
|
(147)
|
Accounts payable |
830,107
|
(2,605,012)
|
Accrued liabilities |
(1,571,597)
|
(2,899,246)
|
Accrued royalties and revenue share |
2,899,563
|
(748,226)
|
License content liability |
(1,135,673)
|
(4,132,894)
|
Operating lease liabilities |
(26,274)
|
(75,529)
|
Equipment financing liability |
361,194
|
|
Deferred income |
26,278
|
(140,764)
|
NET CASH USED IN OPERATING ACTIVITIES |
(4,949,514)
|
(14,754,617)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Purchase of property and equipment |
(754,543)
|
(1,483,498)
|
NET CASH USED IN INVESTING ACTIVITIES |
(754,543)
|
(1,483,498)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from issuance of common stock, registered direct offering |
1,181,250
|
|
Proceeds from issuance of pre-funded warrants |
1,269,877
|
|
Proceeds from issuance of common stock, ATM |
|
8,318,110
|
Proceeds from exercise of warrants |
1,480,699
|
|
Proceeds from lines of credit |
24,294,104
|
37,974,347
|
Repayments on lines of credit |
(23,705,000)
|
(36,262,546)
|
Value of shares withheld for taxes |
(56,016)
|
|
Common stock issuance costs for uplist |
|
(179,380)
|
Deferred costs |
136,629
|
(646,840)
|
Shares issuance costs |
(420,094)
|
|
Payment of acquisition related consideration |
|
(250,125)
|
Debt issuance costs |
|
(402,278)
|
Short swing profit recovery |
|
1,201
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
4,181,449
|
8,552,489
|
Change in cash and cash equivalents |
(1,522,608)
|
(7,685,626)
|
Cash, beginning of period |
3,068,696
|
14,071,914
|
Cash, end of period |
1,546,088
|
6,386,288
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW STATEMENTS |
|
|
Cash paid for interest |
641,227
|
945,939
|
Cash paid for income taxes |
|
1,624
|
SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING AND FINANCING ACTIVITIES |
|
|
Shares issued for debt conversion |
2,455,741
|
|
Deferred costs for warrants issued for debt |
1,003,269
|
136,103
|
Unpaid additions to licensed content and internally-developed content |
174,004
|
|
Unpaid deferred costs |
76,122
|
157,731
|
Unpaid additions to property and equipment |
314,357
|
412,256
|
Leased assets obtained in exchange for new operating lease liabilities |
$ 215,924
|
|
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v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
|
3 Months Ended |
9 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
|
|
|
|
Net Income (Loss) |
$ (5,451,617)
|
$ (7,570,633)
|
$ (5,285,402)
|
$ (7,875,532)
|
$ (9,817,117)
|
$ (5,259,439)
|
$ (18,307,652)
|
$ (22,952,087)
|
X |
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v3.24.2.u1
BUSINESS
|
9 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
BUSINESS |
NOTE
1 – BUSINESS
Loop
Media, Inc., a Nevada corporation, (collectively, “Loop Media,” the “Company,” “we,” “us”
or “our”) is a multichannel digital video platform media company that uses marketing technology, or “MarTech,”
to generate our revenue and offer our services. Our technology and vast library of videos and licensed content enable us to curate and
distribute short-form videos to connected televisions (“CTV”) in out-of-home (“OOH”) dining, hospitality and
retail establishments, convenience stores and other locations and venues to enable them to inform, entertain and engage their customers.
Our technology also provides businesses the ability to promote and advertise their products via digital signage and provides third-party
advertisers with a targeted marketing and promotional tool for their products and services. We also allow our business clients to access
our service without advertisements by paying a monthly subscription fee. In the second and third quarters of fiscal year 2024, we have continued to work toward the expansion of our subscription
offerings, including toward the introduction of a two-tier music video service offering, which will include a “primary tier”
consisting of fewer than ten music video channels provided under a free ad-based service, and a “premium tier” of the full
library of curated music video channels provided under a subscription service. We also recently announced a non-music subscription offering
that includes a number of live channels ranging from live sports events to news and culture offerings.
We
offer hand-curated music video content licensed from major and independent record labels, including Universal Music Group (“Universal”),
Sony Music Entertainment (“Sony”), and Warner Music Group (“Warner” and collectively with Universal and Sony,
the “Music Labels”), as well as non-music video content. Our non-music video content is predominantly licensed or acquired
from third parties, including action sports clips, drone and nature footage, trivia, news headlines, lifestyle channels and kid-friendly
videos, as well as movie, television and video game trailers, amongst other content. We distribute our content and advertising inventory
to digital screens located in OOH locations primarily through (i) our owned and operated platform (the “O&O Platform”)
of Loop Media-designed “small-box” streaming Android media players (“Loop Players”) and legacy ScreenPlay (as
defined below) computers and (ii) through screens (“Partner Screens”) on digital platforms owned and operated by third parties
(each a “Partner Platform” and collectively, the “Partner Platforms,” and together with the O&O Platform,
the “Loop Platform”).
As
of June 30, 2024, we had approximately 81,000 active Loop Players and Partner Screens across the Loop Platform, which include 30,486
quarterly active Loop Players, or QAUs (as defined below) across our O&O Platform, a decrease of 2,172 over the quarter ended March
31, 2024, and approximately 51,000 Partner Screens across our Partner Platforms, an increase of approximately 1,000 Partner Screens over
the quarter ended March 31, 2024.
We
define an “active unit” as (i) an ad-supported Loop Player or digital out-of-home (“DOOH”) location using our
ad- supported service through our “Loop for Business” application or using a DOOH venue-owned computer screening our content,
that is online, used on our O&O Platform, playing content and has checked into the Loop Media analytics system at least once in the
90-day period ending on the date of measurement, or (ii) a DOOH location customer using our subscription service on our O&O Platform
at any time during the 90-day period. We use “QAU” to refer to the number of such active units during such period. We do
not count towards our QAUs any Loop Players or screens used on our Partner Platform.
Liquidity
and management’s plan
As
shown in the accompanying consolidated financial statements, we have incurred recurring losses resulting in an accumulated deficit. We
anticipate further losses in the foreseeable future. We also had negative cash flows used in operations. These factors raise substantial
doubt about our ability to continue as a going concern. Our primary source of operating funds since inception has been cash proceeds
from the sale of our common stock, par value $0.0001 per share (the “Common Stock”) and debt and equity financing transactions. Our ability to continue as a going concern is dependent
upon our ability to generate sufficient revenue and our ability to raise additional funds by way of our debt and equity financing efforts.
The
accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets
and satisfaction of liabilities in the ordinary course of business. These unaudited consolidated financial statements do not include
any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities
that might be necessary if we are unable to continue as a going concern. Our ability to continue as a going concern is dependent on our
ability to supplement our cash from revenues with additional cash raised from equity investment or debt transactions while maintaining
reduced spending levels. As previously disclosed, we have continued to explore potential strategic alternatives to maximize shareholder value
and to evaluate potential financing opportunities.
Shelf
Registration ($50 Million ATM)
On
December 22, 2022, we filed a Shelf Registration Statement on Form S-3 that has been declared effective by the SEC. On May 12, 2023,
we entered into an At-the-Market (“ATM”) Issuance Sales Agreement (the “ATM Sales Agreement”) with B. Riley Securities,
Inc. (the “Agent”) pursuant to which we may offer and sell, from time to time through the Agent, shares of our Common Stock,
for aggregate gross proceeds of up to $50,000,000.
As
previously disclosed, effective May 31, 2024, the Company and the Agent terminated the ATM Sales Agreement. We are not subject to any
termination penalties related to the termination of the ATM Sales Agreement.
During
the nine months ended June 30, 2024, we did not raise any funds through sales under the ATM Sales Agreement.
GemCap
Revolving Line of Credit
Effective
as of July 29, 2022, we entered into a Loan and Security Agreement with Industrial Funding Group, Inc. (the “Initial Lender”)
for a revolving loan credit facility for the initial principal sum of up to $4,000,000, and through the exercise of an accordion feature,
a total sum of up to $10,000,000 (the “GemCap Revolving Line of Credit Agreement”), evidenced by a Revolving Loan Secured
Promissory Note (the “Revolving Loan Note”), also effective as of July 29, 2022 (the “GemCap Revolving Line of Credit”).
In connection with the GemCap Revolving Line of Credit Agreement and the Revolving Loan Note, we also executed and delivered to the Initial
Lender the Loan Agreement Schedule dated as of July 29, 2022 (the “Loan Agreement Schedule”) and other Loan Documents (as
defined in the GemCap Revolving Line of Credit Agreement). Shortly after the effective date of the GemCap Revolving Line of Credit Agreement,
the Initial Lender assigned the GemCap Revolving Line of Credit Agreement, and the Loan Documents, to GemCap Solutions, LLC (“GemCap”
or the “Senior Lender”).
Effective
as of October 27, 2022, we entered into Amendment Number 1 to the Loan and Security Agreement and to the Revolving Loan Agreement Schedule,
and the Amended and Restated Secured Promissory Note (Revolving Loans) with the Senior Lender to increase the principal sum available
under the GemCap Revolving Line of Credit Agreement from $4,000,000 to $6,000,000.
Effective
July 29, 2024, we entered into Amendment Number 2 to the Loan and Security Agreement, the Loan Agreement Schedule, the Revolving Loan
Note and to the other Loan Documents to amend certain material terms, including to (i) extend the maturity date of the GemCap Revolving
Line of Credit Agreement by one (1) year, from July 29, 2024, to July 29, 2025, and (ii) to make Retail Media TV, Inc., our wholly-owned
subsidiary, a co-borrower thereunder.
The
GemCap Revolving Line of Credit had an original maturity date of July 29, 2024, and began accruing interest on the unpaid principal balance
of advances, payable monthly in arrears, on September 7, 2022, at an annual rate equal to the greater of (I) the sum of (i) the “Prime
Rate” as reported in the “Money Rates” column of The Wall Street Journal, adjusted as and when such Prime Rate changes,
plus (ii) zero percent (0.00%), and (II) four percent (4.00%). Availability for borrowing under the GemCap Revolving Line of Credit is
dependent upon our assets in certain eligible accounts and measures of revenue, subject to reduction for reserves that the Senior Lender
may require in its discretion, and the accordion feature is a provision whereby we may request that the Senior Lender increase availability
under the GemCap Revolving Line of Credit, subject to its sole discretion.
Under
the GemCap Revolving Line of Credit Agreement, we have granted to the Senior Lender a first-priority security interest in all of our
present and future property and assets, including products and proceeds thereof. In connection with the loan, our existing secured
lenders, some of whom are the RAT Lenders under our RAT Non-Revolving Line of Credit (each as defined below) (collectively, the
“Subordinated Lenders”) delivered subordination agreements (the “GemCap Subordination Agreements”) to the
Senior Lender. We are permitted to make regularly scheduled payments, including payments upon maturity, to such subordinated lenders
and potentially other payments subject to a measure of cash flow and receiving certain financing activity proceeds, in accordance
with the terms of the GemCap Subordination Agreements. In connection with the delivery of the GemCap Subordination Agreements by the
Subordinated Lenders, on July 29, 2022, we issued warrants to each Subordinated Lender on identical terms for an aggregate of up to 296,329
shares of our Common Stock (each, a “Subordination Agreement Warrant”). Each Subordination Agreement Warrant has an
exercise price of $5.25
per share, expires on July 29, 2025, and is exercisable at any time prior to such date. One
warrant for 191,570
warrant shares was issued to Eagle Investment Group, LLC, an entity managed by Bruce Cassidy, Executive Chairman of our Board of
Directors (“Mr. Cassidy”), as directed by its affiliate, Excel Family Partners, LLLP (“Excel”), an entity
also managed by Mr. Cassidy, one of the Subordinated Lenders. The Subordinated Lenders receiving warrants for the remaining 104,759
warrant shares were also entitled to receive a cash payment of $22,000
six months from the date of the GemCap Subordination Agreements, representing one percent (1.00%)
of the outstanding principal amount of the loan held by such Subordinated Lenders. This cash payment was made to those Subordinated
Lenders on January 25, 2023.
As
of June 30, 2024, the GemCap Revolving Line of Credit had a balance, including accrued interest, amounting to $2,279,596.
See “Note 8 – Debt.”
The
Registered Offering and the Concurrent Private Placement Offering
On
May 31, 2024, we entered into a Securities Purchase Agreement (the “Institutional Purchase Agreement”) with the purchaser
named therein (the “Institutional Investor”) and a Securities Purchase Agreement (the “Private Placement Purchase Agreement,”
and together with the Institutional Purchase Agreement, the “Purchase Agreements”) with Excel (the “Private Placement
Entity,” together with the Institutional Investor, the “Investors”).
Pursuant
to the Institutional Purchase Agreement, we agreed to sell and issue, in a registered direct offering (the “Registered Offering”)
7,875,000 shares (the “Registered Shares”) of our Common Stock at a purchase price per share of $0.15 and pre-funded warrants
(the “Registered Pre-Funded Warrants”) to purchase up to an aggregate of 1,777,174 shares of Common Stock (the “Registered
Pre-Funded Warrant Shares”) at a purchase price per Registered Pre-Funded Warrant of $0.1499, for aggregate gross proceeds to the
Company of approximately $1.45 million, before deducting placement agent fees and offering expenses payable by the Company.
Pursuant
to the Private Placement Purchase Agreement, in a concurrent private placement (the “Concurrent Private Placement Offering,”
together with the Registered Offering, the “Offerings”), we agreed to sell and issue to the Private Placement Entity pre-funded
warrants (the “Private Pre-Funded Warrants”) to purchase up to an aggregate of 4,347,826 shares of Common Stock (the “Private
Pre-Funded Warrant Shares”) at a purchase price of $0.2308 per Private Pre-Funded Warrant, for aggregate gross proceeds to the
Company of approximately $1.0 million, before deducting offering expenses payable by the Company. The Private Pre-Funded Warrants are
immediately exercisable at an exercise price of $0.0001 per share and will expire when the Private Pre-Funded Warrants are fully exercised.
The Concurrent Private Placement Offering closed on June 10, 2024.
The
Purchase Agreements contain customary representations, warranties and agreements of the Company and the Investors and customary
indemnification rights and obligations of the parties. Pursuant to the terms of the Institutional Purchase Agreement, we have agreed
to certain restrictions, subject to certain exceptions, on the issuance and sale of its Common Stock and securities convertible
into shares of Common Stock during the 90-day period following the closing of the Registered Offering. We also agreed not to effect
or enter into an agreement to effect any issuance of Common Stock or any securities convertible into or exercisable or exchangeable for
shares of Common Stock involving a variable rate transaction (as defined in the Institutional Purchase Agreement), subject to certain
exceptions, until the six-month anniversary of the closing of the Registered Offering.
In
addition, until the date that is the eighteen-month anniversary of the closing of the Registered Offering, the Institutional Investor
is entitled to a participation right in any subsequent financing (as defined in the Institutional Purchase Agreement ) effected by the
Company or any of its subsidiaries of Common Stock or Common Stock equivalents for cash consideration, or a combination of units thereof,
up to an amount equal to 35% of such subsequent financing on the same terms, conditions and price provided for in the subsequent financing,
subject to certain carve-outs as set forth in the Institutional Purchase Agreement.
In
connection with the Offerings, on May 31, 2024, we also entered into a placement agency agreement (the “Placement Agency Agreement”)
with Roth Capital Partners, LLC (the “Placement Agent”). Pursuant to the terms of the Placement Agency Agreement, the Placement
Agent agreed to use its reasonable best efforts to arrange for the sale of the Registered Shares, the Registered Pre-Funded Warrants,
the Registered Pre-Funded Warrant Shares, the Private Pre-Funded Warrants and the Private Pre-Funded Warrant Shares (the “Securities”).
We paid the Placement Agent a cash fee equal to 6.5% of the gross proceeds generated from the Offerings and agreed to reimburse the Placement
Agent for certain of its expenses in an amount up to $50,000. The Placement Agent did not receive cash placement agent fees on the sale
of the Private Pre-Funded Warrants and the Private Pre-Funded Warrant Shares. The Placement Agency Agreement contains customary representations,
warranties and agreements of the Company and the Placement Agent and customary indemnification rights and obligations of the parties.
Pursuant
to the terms of the Placement Agency Agreement, we issued to the Placement Agent warrants (“Placement Agent Warrants”) to
purchase up to 700,000 shares of Common Stock, or 5.0% of the aggregate shares of Common Stock (or Common Stock equivalents) issued in
the Offerings, exercisable at a price per share of $0.25399. The Placement Agent Warrants are exercisable commencing six months after
the closing date of the Registered Offering and expire May 31, 2029.
The
Registered Offering closed on June 3, 2024, and on July 1, 2024, the Institutional Investor delivered a Notice of Exercise to us to purchase
the Registered Pre-Funded Warrant Shares.
The
Registered Shares and the Registered Pre-Funded Warrants were offered pursuant to our effective Shelf Registration Statement on Form S-3
(File No. 333-268957), which was previously filed and declared effective by the SEC, the accompanying base prospectus dated January 11,
2023, and a prospectus supplement dated May 31, 2024.
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- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Interim
Financial Statements
The
following (a) condensed consolidated balance sheet as of September 30, 2023, which has been derived from our audited financial statements,
and (b) our unaudited condensed consolidated interim financial statements for the nine months ended June 30, 2024, have been prepared
in accordance with accounting principles generally accepted in the United States (“US GAAP”) for interim financial information
and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X of the Securities Act of 1933. Accordingly, they do not include all
of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the
nine months ended June 30, 2024, are not necessarily indicative of results that may be expected for the year ending September 30, 2024.
These
unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements
and notes thereto for the year ended September 30, 2023, included in our Annual Report on Form 10-K filed with the SEC on December 19,
2023.
Basis
of presentation
The
consolidated financial statements include our accounts and our wholly-owned subsidiaries, EON Media Group Pte. Ltd. and Retail Media
TV, Inc. The unaudited condensed consolidated financial statements are prepared using the
accrual basis of accounting in accordance with US GAAP. All inter-company transactions and balances have been eliminated on consolidation.
Use
of estimates
The
preparation of the unaudited condensed consolidated financial statements in conformity with US GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ
from those estimates. Significant estimates include assumptions used in the revenue recognition of performance obligations, allowance
for doubtful accounts, fair value of stock-based compensation awards, income taxes and going concern.
Segment
reporting
We
report as one reportable segment. Our business activities, revenues and expenses are evaluated by management as one reportable segment.
Cash
Cash
and cash equivalents include all highly liquid monetary instruments with original maturities of three months or less when purchased.
These investments are carried at cost, which approximates fair value. Financial instruments that potentially subject us to concentrations
of credit risk consist primarily of cash deposits. We maintain our cash in institutions insured by the Federal Deposit Insurance Corporation
(“FDIC”). At times, our cash and cash equivalent balances may be uninsured or in amounts that exceed the FDIC insurance limits.
We have not experienced any losses on such accounts. On June 30, 2024, and September 30, 2023, we had no cash equivalents.
As
of June 30, 2024, and September 30, 2023, approximately $628,658 and $2,818,696 of cash exceeded the FDIC insurance limits, respectively.
Accounts
receivable
Accounts
receivable represent amounts due from customers. We assess the collectability of receivables on an ongoing basis. A provision for the
impairment of receivables involves significant management judgment and includes the review of individual receivables based on individual
customers, current economic trends and analysis of historical bad debts. As of June 30, 2024, and September 30, 2023, we had recorded
an allowance for doubtful accounts of $284,065 and $630,629, respectively.
Concentration
of credit risk
During
the nine months ended June 30, 2024, we had two customers that each individually comprised greater than 10% of net revenue, representing 22% and 15% respectively. No other customer accounted for more than 10% of net revenue during the periods presented.
During
the nine months ended June 30, 2023, we had two customers that each individually comprised greater than 10% of net revenue, representing 16% and 14% respectively. No other customer accounted for more than 10% of net revenue during the periods presented.
As
of June 30, 2024, two customers accounted for a total of 20% of our accounts receivable balance or 10% and 10%, respectively. No other
customer accounted for more than 10% of total accounts receivable.
As
of June 30, 2023, one customer accounted for a total of 15% of our accounts receivable balance. No other customer accounted for more
than 10% of total accounts receivable.
We
grant credit in the normal course of business to our customers. Periodically, we review past due accounts and make decisions about future
credit on a customer-by-customer basis. Credit risk is the risk that one party to a financial instrument will cause a loss for the other
party by failing to discharge an obligation.
Prepaid
expenses
Expenditures
paid in one accounting period which will not be consumed until a future period such as insurance premiums and annual subscription fees
are accounted for on the balance sheet as a prepaid expense. When the asset is eventually consumed, it is charged to expense.
Content
Assets
We
capitalize the fixed content fees and corresponding liability when the license period begins, the cost of the content is known, and the
content is accepted and available for streaming. If the licensing fee is not determinable or reasonably estimable, no asset or liability
is recorded, and licensing costs are expensed as incurred. We amortize licensed content assets into cost of revenue, using the straight-line
method over the contractual period of availability. The liability is paid in accordance with the contractual terms of the arrangement.
Internally-developed content costs are capitalized in the same manner as licensed content costs, when the cost of the content is known
and the content is ready and available for streaming. We amortize internally-developed content assets into cost of revenue, using the
straight-line method over the estimated period of streaming.
Long-lived
assets
We
evaluate the recoverability of long-lived assets, including intangible assets, for impairment when events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. Conditions that would necessitate an impairment assessment include
a significant decline in the observable market value of an asset, a significant change in the extent or manner that an asset is used,
or a significant adverse change that would indicate that the carrying amount of an asset or group of assets is not recoverable. For long-lived
assets to be held and used, we recognize an impairment loss only if their carrying amount is not recoverable through the undiscounted
cash flows. The impairment loss is based on the difference between the carrying amount and estimated fair value as determined by discounted
future cash flows. Our finite long-lived intangible assets are amortized on a straight-line basis over their estimated useful lives,
which range from two to nine years.
Property
and equipment, net
Property
and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s
estimated useful life. Our capitalization policy is to capitalize property and equipment purchases greater than $3,000, as well as internally-developed
software enhancements. Expenditures for maintenance and repairs are expensed as incurred. When retired or otherwise disposed, the related
carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized
from disposition is reflected in earnings.
Loop
Players are capitalized as fixed assets and depreciated over the estimated period of use.
See
below for estimated useful lives:
SCHEDULE
OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES
Loop Players | |
3 years |
Equipment | |
3-5 years |
Software | |
3 years |
Operating
leases
We
determine if an arrangement is a lease at inception. Operating lease right-of-use assets (“ROU assets”) and short-term and
long-term lease liabilities are included on the face of the consolidated balance sheet.
ROU
assets represent the right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease
payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present
value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use an incremental borrowing rate
based on the information available at commencement date in determining the present value of lease payments. Our lease terms may include
options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments
is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are accounted
for as a single lease component. For lease agreements with terms less than twelve months, we have elected the short-term lease measurement
and recognition exemption, and we recognize such lease payments on a straight-line basis over the lease term.
Fair
value measurement
We
determine the fair value of our assets and liabilities using a hierarchy established by the accounting guidance that prioritizes the
inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based
upon unobservable inputs that are significant to the valuation (Level 3 measurements). The three levels of valuation hierarchy are defined
as follows:
|
● |
Level
1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. |
|
|
|
|
● |
Level
2 inputs to the valuation methodology included quoted prices for similar assets and liabilities in active markets, quoted prices
for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or
indirectly, for substantially the full term of the financial instrument. |
|
|
|
|
● |
Level
3 inputs to the valuation methodology is one or more unobservable inputs which are significant to the fair value measurement. |
The
carrying amount of our financial instruments, including cash, accounts receivable, deposits, short-term portion of notes receivable and
notes payable, and current liabilities approximate fair value due to their short-term nature. We do not have financial assets or liabilities
that are required under US GAAP to be measured at fair value on a recurring basis. We have not elected to use fair value measurement
option for any assets or liabilities for which fair value measurement is not presently required.
We
record assets and liabilities at fair value on a nonrecurring basis as required by US GAAP. Assets recognized or disclosed at fair value
in the condensed consolidated financial statements on a nonrecurring basis include items
such as property and equipment, operating lease assets, goodwill, and other intangible assets, which are measured at fair value if determined
to be impaired.
On
September 26, 2022, our convertible debentures converted to Common Stock as part of our public offering and uplist to The NYSE
American, LLC (the “NYSE American”), in accordance with the terms of the original debt agreements. As of September 30, 2022, the remaining balance of the
Derivative Liability was written off as part of the conversion to equity. Thus, there is no
fair value measurement of the Derivative Liability balance as of June 30, 2024.
Advertising
costs
We
expense all advertising costs as incurred.
Advertising
and marketing costs for the three months ended June 30, 2024, and 2023, were $957,727 and $2,743,194, respectively.
Advertising
and marketing costs for the nine months ended June 30, 2024, and 2023, were $4,883,946 and $8,647,738, respectively.
Revenue
recognition
We
recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers, when it satisfies a performance obligation
by transferring control over a product to a customer. Revenue is measured based on the consideration we expect to receive in exchange
for those products. In instances where final acceptance of the product is specified by the client, revenue is deferred until all acceptance
criteria have been met. For example, we bill subscription services in advance of when the service is performed and revenue is treated
as deferred revenue until the service is performed and/or the performance obligation is satisfied. Revenues are recognized under Topic
606 in a manner that reasonably reflects the delivery of our products and services to clients in return for expected consideration and
includes the following elements:
|
● |
executed
contracts with our customers that we believe are legally enforceable; |
|
|
|
|
● |
identification
of performance obligations in the respective contract; |
|
|
|
|
● |
determination
of the transaction price for each performance obligation in the respective contract; |
|
|
|
|
● |
allocation
of the transaction price to each performance obligation; and |
|
|
|
|
● |
recognition
of revenue only when we satisfy each performance obligation. |
Our
revenue can be categorized into two revenue streams: Advertising revenue and Legacy and other revenue.
The
following table disaggregates our revenue by major type for each of the periods indicated:
SCHEDULE
OF DISAGGREGATION OF REVENUE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three months ended June 30, | | |
Nine months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Advertising revenue | |
$ | 3,997,054 | | |
$ | 5,079,922 | | |
$ | 16,936,810 | | |
$ | 23,687,817 | |
Legacy and other revenue | |
| 353,516 | | |
| 655,054 | | |
| 1,587,479 | | |
| 2,266,221 | |
Total | |
$ | 4,350,570 | | |
$ | 5,734,976 | | |
$ | 18,524,289 | | |
$ | 25,954,038 | |
Revenue | |
$ | 4,350,570 | | |
$ | 5,734,976 | | |
$ | 18,524,289 | | |
$ | 25,954,038 | |
Performance
obligations and significant judgments
Our
performance obligations and recognition patterns for each revenue stream are as follows:
Advertising
revenue
For
the three months ended June 30, 2024, and 2023, advertising revenue accounted for 92% and 89%, respectively, of our revenue and includes
revenue from direct programmatic and local advertising as well as sponsorships.
For
the nine months ended June 30, 2024, and 2023, advertising revenue accounted for 91% and 91%, respectively, of our revenue and includes
revenue from direct programmatic and local advertising as well as sponsorships.
For
all advertising revenue sources, we evaluate whether we should be considered the principal (i.e., report revenues on a gross basis) or
an agent (i.e., report revenues on a net basis). Our role as principal or agent differs based on our performance obligation for each
revenue share arrangement.
For
both the O&O and Partner Platforms businesses, advertising inventory provided to advertisers through the use of an advertising demand
partner or agency, with whose fees or commission is calculated based on a stated percentage of gross advertising spending, we are considered
the agent and our revenues are reported net of agency fees and commissions. We are considered the agent because the demand partner or
agency controls all aspects of the transaction (pricing risk, inventory risk, obligation for fulfillment) except for the devices used
to show the advertisements, therefore we report this advertising revenue net of agency fees and commissions.
We
are considered the principal in our arrangements with content providers in our O&O Platform business and with our arrangements with
our third-party partners in our Partner Platforms business and thus report revenues on a gross basis (net of agency fees and commissions),
wherein the amounts billed to our advertising demand partners, advertising agencies, and direct advertisers and sponsors are recorded
as revenues, and amounts paid to content providers and third-party partners are recorded as expenses. We are considered the principal
because we control the advertising space, are primarily responsible to our advertising demand partners and other parties filling our
advertising inventory, have discretion in pricing and advertising fill rates and typically have an inventory risk.
For
advertising revenue, we recognize revenue at the time the digital advertising impressions are filled and the advertisements are played
and, for sponsorship revenue, we generally recognize revenue ratably over the term of the sponsorship arrangement as the sponsored advertisements
are played.
Legacy
and other business revenue
For
the three months ended June 30, 2024, and 2023, legacy and other business revenue accounted for the remaining 8% and 11%, respectively,
of total revenue and includes streaming services, subscription content services, and hardware delivery, as described below.
For
the nine months ended June 30, 2024, and 2023, legacy and other business revenue accounted for the remaining 9% and 9%, respectively,
of total revenue and includes streaming services, subscription content services, and hardware delivery, as described below:
|
● |
Delivery
of streaming services including content encoding and hosting. We recognize revenue over the term of the service based on bandwidth
usage. Revenue from streaming services is insignificant. |
|
● |
Delivery
of subscription content services in customized formats. We recognize revenue straight-line over the term of the service. |
|
● |
Delivery
of hardware for ongoing subscription content delivery through software. We recognize revenue at the point of hardware delivery. Revenue
from hardware sales is insignificant. |
Transaction
prices for performance obligations are explicitly outlined in relevant agreements; therefore, we do not believe that significant judgments
are required with respect to the determination of the transaction price, including any variable consideration identified.
Customer
acquisition costs
Customer
acquisition costs consist of marketing costs and affiliate fees associated with the O&O Platform business. They are included in operating
expenses and expensed as incurred.
Cost
of revenue
Cost
of revenue for the O&O Platform and legacy businesses represents the amortized cost of ongoing licensing and hosting fees, which
is recognized over time based on usage patterns. The depreciation expense associated with the Loop Players is not included in cost of
sales.
Cost
of revenue for the Partner Platform business represents hosting fees, amortized costs of internally-developed content, and the revenue
share with third party partners (after deduction of allocated infrastructure costs). The cost of revenue is higher with partners within
the Partner Platform versus those within the O&O Platform because we leverage our Partner Platform partners’ network of customers
and their screens to deliver content and advertising inventory, rather than using our own Loop Players.
Deferred
income
Deferred
income represents our accounting for the timing difference between when fees are received and when the performance obligation is satisfied.
Net
loss per share
We
account for net loss per share in accordance with ASC subtopic 260-10, Earnings Per Share (“ASC 260-10”), which requires
presentation of basic and diluted earnings per share (“EPS”) on the face of the statement of operations for all entities
with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator
and denominator of the diluted EPS.
Basic
net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of Common
Stock outstanding during each period. It excludes the dilutive effects of any potentially issuable common shares.
Diluted
net loss per share is calculated by including any potentially dilutive share issuances in the denominator.
The
following securities are excluded from the calculation of weighted average diluted shares at June 30, 2024, and September 30, 2023, respectively,
because their inclusion would have been anti-dilutive.
SCHEDULE
OF ANTI-DILUTIVE SECURITIES
| |
June 30, 2024 | | |
September 30, 2023 | |
Options to purchase common stock | |
| 7,845,881 | | |
| 8,849,305 | |
Warrants to purchase common stock | |
| 6,866,699 | | |
| 5,592,573 | |
Restricted Stock Units (RSUs) | |
| 4,326,259 | | |
| 1,156,397 | |
Series A preferred stock | |
| — | | |
| — | |
Series B preferred stock | |
| — | | |
| — | |
Convertible debentures | |
| — | | |
| — | |
Total common stock equivalents | |
| 19,038,839 | | |
| 15,598,275 | |
On
December 14, 2023, we entered into Warrant Reprice Letter Agreements with certain holders to amend the exercise price of existing exercisable
warrants to $0.80
per share and to exercise warrants for 1,850,874
shares of our Common Stock for an aggregate exercise
price of $1,480,699.
The impact of the amendment resulted in a deemed dividend in the amount of $419,939,
which was calculated based on the change in fair value.
On
May 31, 2024, we entered into a Securities Purchase Agreement (the “Institutional Purchase Agreement”) with the purchaser
named therein (the “Institutional Investor”) and a Securities Purchase Agreement (the “Private Placement Purchase Agreement,”
and together with the Institutional Purchase Agreement, the “Purchase Agreements”) with Excel (the “Private Placement
Entity,” together with the Institutional Investor, the “Investors”).
Pursuant
to the Institutional Purchase Agreement, we agreed to sell and issue, in a registered direct offering (the “Registered Offering”)
7,875,000 shares (the “Registered Shares”) of our Common Stock at a purchase price per share of $0.15 and pre-funded warrants
(the “Registered Pre-Funded Warrants”) to purchase up to an aggregate of 1,777,174 shares of Common Stock (the “Registered
Pre-Funded Warrant Shares”) at a purchase price per Registered Pre-Funded Warrant of $0.1499, for aggregate gross proceeds to the
Company of approximately $1.45 million, before deducting placement agent fees and offering expenses payable by the Company. Beginning
with their issuance date, these pre-funded warrants were included in the weighted average number of common shares outstanding in the
computation of basic net loss per share as their stated exercise price of $0.0001 was non-substantive and their exercise was virtually
assured.
Pursuant
to the Private Placement Purchase Agreement, in a concurrent private placement (the “Concurrent Private Placement Offering,”
together with the Registered Offering, the “Offerings”), we agreed to sell and issue to the Private Placement Entity pre-funded
warrants (the “Private Pre-Funded Warrants”) to purchase up to an aggregate of 4,347,826 shares of Common Stock (the “Private
Pre-Funded Warrant Shares”) at a purchase price of $0.2308 per Private Pre-Funded Warrant, for aggregate gross proceeds to the
Company of approximately $1.0 million, before deducting offering expenses payable by the Company. The Private Pre-Funded Warrants are
immediately exercisable at an exercise price of $0.0001 per share and will expire when the Private Pre-Funded Warrants are fully exercised.
The Concurrent Private Placement Offering closed on June 10, 2024. Beginning with their issuance date, these pre-funded warrants were
included in the weighted average number of common shares outstanding in the computation of basic net loss per share as their stated exercise
price of $0.0001 was non-substantive and their exercise was virtually assured.
The
Purchase Agreements contain customary representations, warranties and agreements of the Company and the Investors and customary
indemnification rights and obligations of the parties. Pursuant to the terms of the Institutional Purchase Agreement, we have agreed
to certain restrictions, subject to certain exceptions, on the issuance and sale of its Common Stock and securities convertible
into shares of Common Stock during the 90-day period following the closing of the Registered Offering. We also agreed not to effect
or enter into an agreement to effect any issuance of Common Stock or any securities convertible into or exercisable or exchangeable for
shares of Common Stock involving a variable rate transaction (as defined in the Institutional Purchase Agreement), subject to certain
exceptions, until the six-month anniversary of the closing of the Registered Offering.
In
addition, until the date that is the eighteen-month anniversary of the closing of the Registered Offering, the Institutional Investor
is entitled to a participation right in any subsequent financing (as defined in the Institutional Purchase Agreement ) effected by the
Company or any of its subsidiaries of Common Stock or Common Stock equivalents for cash consideration, or a combination of units thereof,
up to an amount equal to 35% of such subsequent financing on the same terms, conditions and price provided for in the subsequent financing,
subject to certain carve-outs as set forth in the Institutional Purchase Agreement.
In
connection with the Offerings, on May 31, 2024, we also entered into a placement agency agreement (the “Placement Agency Agreement”)
with Roth Capital Partners, LLC (the “Placement Agent”). Pursuant to the terms of the Placement Agency Agreement, the Placement
Agent agreed to use its reasonable best efforts to arrange for the sale of the Registered Shares, the Registered Pre-Funded Warrants,
the Registered Pre-Funded Warrant Shares, the Private Pre-Funded Warrants and the Private Pre-Funded Warrant Shares (the “Securities”).
We paid the Placement Agent a cash fee equal to 6.5% of the gross proceeds generated from the Offerings and agreed to reimburse the Placement
Agent for certain of its expenses in an amount up to $50,000. The Placement Agent did not receive cash placement agent fees on the sale
of the Private Pre-Funded Warrants and the Private Pre-Funded Warrant Shares. The Placement Agency Agreement contains customary representations,
warranties and agreements of the Company and the Placement Agent and customary indemnification rights and obligations of the parties.
Pursuant
to the terms of the Placement Agency Agreement, we issued to the Placement Agent warrants (“Placement Agent Warrants”) to
purchase up to 700,000 shares of Common Stock, or 5.0% of the aggregate shares of Common Stock (or Common Stock equivalents) issued in
the Offerings, exercisable at a price per share of $0.25399. The Placement Agent Warrants are exercisable commencing six months after
the closing date of the Registered Offering and expire May 31, 2029.
The
Registered Offering closed on June 3, 2024, and on July 1, 2024, the Institutional Investor delivered a Notice of Exercise to us to purchase
the Registered Pre-Funded Warrant Shares.
The
Registered Shares and the Registered Pre-Funded Warrants were offered pursuant to our effective Shelf Registration Statement on Form S-3
(File No. 333-268957), which was previously filed and declared effective by the SEC, the accompanying base prospectus dated January 11,
2023, and a prospectus supplement dated May 31, 2024.
For
the three and nine months ended June 30, 2024, a reconciliation of the numerator and
denominator used in the calculation of basic and diluted net loss per share of our Common Stock is as follows:
SCHEDULE
OF BASIC AND DILUTED NET LOSS PER SHARE
|
|
Three months ended June 30, |
| |
Nine
months ended June 30, | |
|
|
2024 |
|
|
2023 |
| |
2024 | | |
2023 | |
Numerator: |
|
|
|
|
|
|
|
| |
| | |
| |
Net loss |
|
$ |
(5,451,617 |
) |
|
$ |
(7,875,532 |
) | |
$ | (18,307,652 | ) | |
$ | (22,952,087 | ) |
Plus: Deemed dividend on warrants |
|
|
— |
|
|
|
— |
| |
| (419,939 | ) | |
| — | |
Net loss attributable to common stockholders |
|
$ |
(5,451,617 |
) |
|
$ |
(7,875,532 |
) | |
$ | (18,749,850) | | |
$ | (22,952,087 | ) |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
Denominator: |
|
|
|
|
|
|
|
| |
| | | |
| | |
Weighted average number of common shares outstanding |
|
|
75,146,980 |
|
|
|
56,604,812 |
| |
| 70,966,475 | | |
| 56,455,743 | |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
Basic and diluted net loss per common share |
|
|
(0.07 |
) |
|
|
(0.14 |
) | |
$ | (0.26 | ) | |
$ | (0.41 | ) |
Shipping
and handling costs
Loop
Players are provided free to our customers. Loop Media absorbs any associated costs of shipping and handling and records as an operational
expense at the time of service.
Income
taxes
We
account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”). ASC 740 requires a company to
use the asset and liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary
differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences
between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance
when, in the opinion of management, it is more likely than not that some portion, or all of, the deferred tax assets will not be realized.
Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment.
Under
ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained
in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that
is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test,
no tax benefit is recorded. We have no material uncertain tax positions for any of the reporting periods presented.
We
recognize accrued interest and penalties related to unrecognized tax benefits as part of income tax expense. We have also made a policy
election to treat the income tax with respect to global intangible low-tax income as a period expense when incurred.
In
December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity
in accounting standards. The amendments in the ASU are effective for fiscal years beginning after December 15, 2020, including interim
periods therein. The adoption of this standard in the first quarter of 2022 had no impact on our consolidated financial statements.
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”).
ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09
address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid
information. ASU 2023-09 will be effective for us in the annual period beginning October 1, 2025, though early adoption is permitted.
We are still evaluating the presentational effect that ASU 2023-09 will have on our consolidated financial statements, but we expect
considerable changes to our income tax footnote.
Stock-based
compensation
Stock-based
compensation issued to employees is measured at the grant date, based on the fair value of the award, and is recognized as an expense
over the requisite service period. We measure the fair value of the stock-based compensation issued to non-employees using the stock
price observed in the trading market (for stock transactions) or the fair value of the award (for non-stock transactions), which were
more reliably determinable measures of fair value than the value of the services being rendered.
Deferred
financing costs
Deferred
financing costs represent legal, accounting and other direct costs related to our efforts to raise capital through a public or private
sale of our Common Stock. Costs related to the public sale of our Common Stock are deferred until the completion of the applicable offering,
at which time such costs are reclassified to additional paid-in-capital as a reduction of the proceeds. Costs related to the private
sale of our Common Stock are deferred until the completion of the applicable offering, at which time such costs are amortized over the
term of the applicable purchase agreement.
Employee
retention credits
In
March 2020, the Coronavirus Aid, Relief, and Economic Security Act was signed into law, providing numerous tax provisions and other stimulus
measures, including the Employee Retention Credit (“ERC”): a refundable tax credit against certain employment taxes. The
Taxpayer Certainty and Disaster Tax Relief Act of 2020 and the American Rescue Plan Act of 2021 extended and expanded the availability
of the ERC. We qualified for the ERC in the third and fourth quarters of 2020 and the first, second and third quarters of 2021. During
the nine months ended June 30, 2024, we recorded no aggregate benefit in our condensed combined income statement to reflect the ERC.
Reclassifications
Certain prior year amounts have been reclassified to conform to current
year presentation. These reclassifications have no effect on the previously reported financial position, results of operations, or cash
flows.
Restructuring
costs
As
previously disclosed, we began taking steps in fiscal year 2023 to increase efficiency and cut costs, while still maintaining our focus
on, and dedication to, the continued growth of our business. These cuts and adjustments across several aspects of our business, including
reductions in headcount and organizational restructuring, continued in the first three quarters of fiscal year 2024 and continue as of
the date of this Report.
Recently
adopted accounting pronouncements
In
September 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments. This guidance requires the measurement of all expected credit losses for financial assets held at the reporting date
based on historical experience, current conditions and reasonable and supportable forecasts. This guidance also requires enhanced disclosures
regarding significant estimates and judgments used in estimating credit losses. The new guidance is effective for fiscal years beginning
after December 15, 2022. We are currently evaluating the impact of this standard on our condensed consolidated financial statements and
related disclosures. We adopted this ASU as of October 1, 2023, and there is no material impact to our financial statements as of June
30, 2024.
Recent
accounting pronouncements
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, that would
enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with
ASC 280. ASC 280 requires a public entity to report for each reportable segment a measure of segment profit or loss that its chief operating
decision maker (“CODM”) uses to assess segment performance and to make decisions about resource allocations. The amendments
in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis
for all public entities to enable investors to develop more useful financial analyses. Currently, Topic 280 requires that a public entity
disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit
or loss that the CODM uses to assess segment performance and make decisions about allocating resources. ASC 280 also requires other specified
segment items and amounts such as depreciation, amortization and depletion expense to be disclosed under certain circumstances. The amendments
in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity
identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable
segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within
fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-07
retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of this standard on
our condensed consolidated financial statements and related disclosures.
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”).
ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09
address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid
information. ASU 2023-09 will be effective for us in the annual period beginning October 1, 2025, though early adoption is permitted.
We are still evaluating the presentational effect that ASU 2023-09 will have on our consolidated financial statements, but we expect
considerable changes to our income tax footnote.
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v3.24.2.u1
CONTENT ASSETS
|
9 Months Ended |
Jun. 30, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
CONTENT ASSETS |
NOTE
3 – CONTENT ASSETS
Content
Assets
The
content we stream to our users is generally acquired by securing the intellectual property rights to the content through licenses from,
and paying royalties or other consideration to, rights holders or their agents. The licensing can be for a fixed fee or can be a revenue
sharing arrangement. The licensing arrangements specify the period when the content is available for streaming, the territories, the
platforms, the fee structure and other standard content licensing terms defining the rights and/or restrictions for how the licensed
content can be used by Loop Media. We also develop original content internally, which is capitalized when the content is ready and available
for streaming, and generally amortized over a period of two to three years.
As
of June 30, 2024, content assets were $997,508 recorded as Content asset, net – current and $211,661 recorded as Content asset,
net – noncurrent, of which $86,217 was internally-developed content asset, net.
We
recorded amortization expense in cost of revenue, in the consolidated statements of operations, related to capitalized content assets:
SCHEDULE
OF AMORTIZATION EXPENSE RELATED TO CONTENT ASSETS
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three months ended June 30, | | |
Nine months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Licensed content assets | |
$ | 780,219 | | |
$ | 760,951 | | |
$ | 2,302,072 | | |
$ | 2,045,794 | |
Internally-developed assets | |
| 18,215 | | |
| 18,215 | | |
| 54,645 | | |
| 46,082 | |
Total | |
$ | 798,434 | | |
$ | 779,166 | | |
$ | 2,356,717 | | |
$ | 2,091,876 | |
Our
content license contracts are typically two to three years. The amortization expense for the next three years for capitalized content
assets as of June 30, 2024:
SCHEDULE
OF FUTURE AMORTIZATION EXPENSE
| |
Remaining in
Fiscal Year 2024 | | |
Fiscal Year 2025 | | |
Fiscal Year 2026 | |
Licensed content assets | |
$ | 555,088 | | |
$ | 470,463 | | |
$ | 97,401 | |
Internally-developed assets | |
| 18,215 | | |
| 59,440 | | |
| 8,562 | |
Total | |
$ | 573,303 | | |
$ | 529,903 | | |
$ | 105,963 | |
License
Content Liabilities
As
of June 30, 2024, we had $1,011,571 of obligations comprised of $708,567 in License content liability – current, $129,000 in License
content liability - noncurrent and $174,004 in accounts payable on our consolidated balance sheets. Payments for content liabilities
for the nine months ended June 30, 2024, were $649,307. The expected timing of payments for these content obligations is $389,071 payable
in fiscal year 2024, $345,500 payable in fiscal year 2025 and $110,000 payable in fiscal year 2026.
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v3.24.2.u1
PROPERTY AND EQUIPMENT
|
9 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE
4. PROPERTY AND EQUIPMENT
Our
property and equipment, net consisted of the following as of June 30, 2024, and September 30, 2023:
SCHEDULE
OF PROPERTY PLANT AND EQUIPMENT
| |
June
30, 2024 | | |
September
30, 2023 | |
Loop Players | |
$ | 3,334,030 | | |
$ | 2,536,937 | |
Equipment | |
| 712,536 | | |
| 801,301 | |
Software | |
| 895,846 | | |
| 854,966 | |
Equipment gross | |
| 4,942,413 | | |
| 4,193,204 | |
Less: accumulated depreciation | |
| (2,434,637 | ) | |
| (1,481,646 | ) |
Total, equipment net | |
$ | 2,507,776 | | |
$ | 2,711,558 | |
For
the three months ended June 30, 2024, and 2023, depreciation expense, calculated using straight line method, charged to operations amounted
to $331,191 and $249,256, respectively.
For
the nine months ended June 30, 2024, and 2023, depreciation expense, calculated using straight line method, charged to operations amounted
to $952,986 and $ 615,764, respectively.
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v3.24.2.u1
INTANGIBLE ASSETS
|
9 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS |
NOTE
5. INTANGIBLE ASSETS
Our
intangible assets, each definite lived assets, consisted of the following as of June 30, 2024, and September 30, 2023:
SCHEDULE
OF INTANGIBLE ASSETS
| |
Useful life | |
June
30, 2024 | | |
September
30, 2023 | |
Customer relationships | |
nine years | |
$ | 1,012,000 | | |
$ | 1,012,000 | |
Content library | |
two years | |
| 198,000 | | |
| 198,000 | |
Total intangible assets, gross | |
| |
| 1,210,000 | | |
| 1,210,000 | |
| |
| |
| | | |
| | |
Less: accumulated amortization | |
| |
| (816,444 | ) | |
| (732,111 | ) |
Total | |
| |
| (816,444 | ) | |
| (732,111 | ) |
Total intangible assets, net | |
| |
$ | 393,556 | | |
$ | 477,889 | |
Amortization
expense charged to operations amounted to $28,111 and $28,111, for the three months ended June 30, 2024, and 2023, respectively.
Amortization
expense charged to operations amounted to $84,333 and $84,333, for the nine months ended June 30, 2024, and 2023, respectively.
Annual
amortization expense for the next five years and thereafter is estimated to be $28,111 (remaining in fiscal year 2024), $112,444, $112,444,
$112,444, and $28,113, respectively. The weighted average life of the intangible assets subject to amortization is 3.5 years as of June
30, 2024.
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v3.24.2.u1
OPERATING LEASES
|
9 Months Ended |
Jun. 30, 2024 |
Operating Leases |
|
OPERATING LEASES |
NOTE
6 – OPERATING LEASES
Operating
leases
We
have operating leases for office space and office equipment. Many of our leases include one or more options to renew, some of which included
options to extend the leases for a long-term period, and some leases included options to terminate the leases within 30 days. In certain
of our lease agreements, the rental payments were adjusted periodically to reflect actual charges incurred for capital area maintenance,
utilities, inflation and/or changes in other indexes.
Our
lease liability consisted of the following as of June 30, 2024, and September 30, 2023:
SCHEDULE
OF LEASE LIABILITY
| |
June
30, 2024 | | |
September
30, 2023 | |
Short term portion | |
$ | 67,689 | | |
$ | — | |
Long term portion | |
| 121,961 | | |
| — | |
Total lease liability | |
$ | 189,650 | | |
$ | — | |
Maturity
analysis under these lease agreements are as follows:
SCHEDULE
OF MATURITY OF OPERATING LEASE LIABILITY
| |
| | |
2024 | |
$ | 20,902 | |
2025 | |
| 83,607 | |
2026 | |
| 83,607 | |
2027 | |
| 20,499 | |
Total undiscounted cash flows | |
| 208,615 | |
Less: 10% Present value discount | |
| (18,965 | ) |
Lease liability | |
$ | 189,650 | |
We
recorded lease expense in sales, general and administrative expenses in the consolidated statement of operations:
SCHEDULE
OF LEASE EXPENSE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three months ended June 30, | | |
Nine months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Operating lease expense | |
$ | 20,902 | | |
$ | 17,495 | | |
$ | 34,836 | | |
$ | 79,434 | |
Short-term lease expense | |
| 2,400 | | |
| 34,828 | | |
| 41,643 | | |
| 69,659 | |
Total lease expense | |
$ | 23,302 | | |
$ | 52,323 | | |
$ | 76,479 | | |
$ | 149,093 | |
For
the three months ended June 30, 2024, and 2023, cash payments against lease liabilities totalled $20,902 and $18,792 and accretion on
lease liability of $5,007 and $309.
For
the nine months ended June 30, 2024, and 2023, cash payments against lease liabilities totalled $34,836
and $77,929
and accretion on lease liability of $8,563
and $2,737.
Weighted-average
remaining lease term and discount rate for operating leases are as follows:
SCHEDULE
OF WEIGHTED-AVERAGE REMAINING LEASE TERM AND DISCOUNT RATE
Weighted-average remaining lease term | |
| 2.59 years | |
Weighted-average discount rate | |
| 10 | % |
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v3.24.2.u1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
|
9 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
NOTE
7 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts
payable and accrued expenses consisted of the following as of June 30, 2024, and September 30, 2023:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
June
30, 2024 | | |
September
30, 2023 | |
Accounts payable | |
$ | 5,501,995 | | |
$ | 4,978,920 | |
| |
| | | |
| | |
Performance bonuses | |
| 300,000 | | |
| 1,262,000 | |
Interest payable | |
| 209,057 | | |
| 175,094 | |
Professional fees | |
| 669,186 | | |
| 449,944 | |
Marketing | |
| 357,123 | | |
| 800,165 | |
Insurance liabilities | |
| 12,166 | | |
| 552,000 | |
Other accrued liabilities | |
| 318,629 | | |
| 307,135 | |
Accrued Liabilities | |
| 1,866,161 | | |
| 3,546,338 | |
| |
| | | |
| | |
Accrued royalties and revenue share | |
| 7,829,892 | | |
| 4,930,329 | |
| |
| | | |
| | |
Total accounts payable and accrued expenses | |
$ | 15,198,048 | | |
$ | 13,455,587 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.2.u1
DEBT
|
9 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
DEBT |
NOTE
8 – DEBT
Lines
of Credit as of June 30, 2024:
SCHEDULE
OF CLASSIFICATIONS OF NON-REVOLVING LINE OF CREDIT
| |
Net
Carrying Value | | |
Unpaid
| | |
Contractual
| | |
Contractual | |
| |
Related
party lines of credit: | |
Current | | |
Long Term | | |
Principal
Balance | | |
Interest
Rates | | |
Maturity
Date | |
Warrants
issued | |
$2,500,000
revolving line of credit, December 14, 2023 | |
$ | — | | |
$ | 1,679,226 | | |
$ | 2,500,000 | | |
| 10 | % | |
12 months prior
written notice | |
| 3,125,000 | |
$1,000,000
non-revolving line of credit, March 28, 2024 | |
| 1,000,000 | | |
| — | | |
| 1,000,000 | | |
| 12 | % | |
9/24/2024 | |
| — | |
Total related
party non-revolving lines of credit, net | |
$ | 1,000,000 | | |
$ | 1,679,226 | | |
$ | 3,500,000 | | |
| | | |
| |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| |
| | |
Lines of credit: | |
| | | |
| | | |
| | | |
| | | |
| |
| | |
$2,200,000
non-revolving line of credit, May 13, 2022 | |
$ | 735,740 | | |
$ | — | | |
$ | 770,000 | | |
| 12 | % | |
08/13/24 | |
| 314,286 | |
$6,000,000
revolving line of credit, July 29, 2022 | |
| 2,175,456 | | |
| — | | |
| 2,250,018 | | |
| Greater
of Prime + 0, or 4 | % | |
07/29/24 | |
| — | |
$4,000,000
non-revolving line of credit, May 10, 2023 | |
| 594,010 | | |
| — | | |
| 800,000 | | |
| 12 | % | |
05/10/25 | |
| 83,142 | |
Total lines
of credit, net | |
$ | 3,505,206 | | |
$ | — | | |
$ | 3,820,018 | | |
| | | |
| |
| | |
Lines
of Credit as of September 30, 2023:
| |
Net
Carrying Value | | |
Unpaid | | |
Contractual | | |
Contractual | |
| |
Related
party lines of credit: | |
Current | | |
Long Term | | |
Principal
Balance | | |
Interest
Rates Cash | | |
Maturity
Date | |
Warrants
issued | |
$4,000,000 non-revolving line of credit, May 10, 2023 | |
$ | — | | |
$ | 1,959,693 | | |
$ | 2,266,733 | | |
| 12 | % | |
5/10/2025 | |
| 209,398 | |
Total related party lines of credit, net | |
$ | — | | |
$ | 1,959,693 | | |
$ | 2,266,733 | | |
| | | |
| |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| |
| | |
Lines of credit: | |
| | | |
| | | |
| | | |
| | | |
| |
| | |
$2,200,000 non-revolving line of credit, May 13, 2022 | |
$ | 2,124,720 | | |
$ | — | | |
$ | 2,200,000 | | |
| 12 | % | |
11/13/2023 | |
| 314,286 | |
$6,000,000 revolving line of credit, July 29, 2022 | |
| 2,985,298 | | |
| — | | |
| 3,730,914 | | |
| Greater
of Prime +0, or 4 | % | |
7/29/2024 | |
| — | |
$4,000,000 revolving line of credit, May 10, 2023 | |
| — | | |
| 475,523 | | |
| 900,000 | | |
| 12 | % | |
5/10/2025 | |
| 83,142 | |
Total lines of credit, net | |
$ | 5,110,018 | | |
$ | 475,523 | | |
$ | 6,830,914 | | |
| | | |
| |
| | |
The
following table presents the interest expense related to the contractual interest coupon and the amortization of debt discounts on the
lines of credit:
SCHEDULE OF INTEREST EXPENSE RELATED TO THE CONTRACTUAL INTEREST COUPON AND THE AMORTIZATION OF DEBT DISCOUNTS
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three months ended June 30, | | |
Nine months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Interest expense | |
$ | 225,329 | | |
$ | 364,604 | | |
$ | 738,773 | | |
$ | 1,037,499 | |
Amortization of debt discounts | |
| 435,177 | | |
| 597,674 | | |
| 1,635,218 | | |
| 1,842,003 | |
Total | |
$ | 660,506 | | |
$ | 962,278 | | |
$ | 2,373,991 | | |
$ | 2,879,502 | |
Maturity
analysis under the line of credit agreements for the fiscal years ended September 30,
SCHEDULE OF MATURITY ANALYSIS UNDER LINE OF CREDIT AGREEMENTS
For the fiscal years ended September 30, | |
| | |
2024 | |
$ | 4,020,018 | |
2025 | |
| 3,300,000 | |
2026 | |
| — | |
2027 | |
| — | |
2028 | |
| — | |
2029 | |
| — | |
Lines of credit, related and non-related party | |
| 7,320,018 | |
Less: Debt discount on lines of credit payable | |
| (1,135,586 | ) |
Total Lines of credit payable, related and non-related party, net | |
$ | 6,184,432 | |
Revolving
Lines of Credit
Excel
Revolving Line of Credit
Effective
as of December 14, 2023, we entered into a Revolving Line of Credit Loan Agreement with Excel Family Partners, LLLP, an entity
managed by Bruce Cassidy, Executive Chairman of our Board of Directors, (“Excel” and the “Excel Revolving Line of
Credit Agreement”) for up to a principal sum of $2,500,000,
under which we may pay down and re-borrow up to the maximum amount of the $2,500,000
limit (the “Excel Revolving Line of Credit”). Our drawdown on the Excel Revolving Line of Credit is limited to no more
than twenty-five percent (25%)
of the last three full months’ revenue, not to exceed $1,250,000 in
any quarter, and not to exceed in aggregate the outstanding debt amount of $2,500,000.The
Excel Revolving Line of Credit is a perpetual loan, with a maturity date that is twelve (12)
months from the date of formal notice of termination by Excel, and accrues interest, payable semi-annually in arrears, at a fixed
rate of interest equal to ten percent (10%)
per year. Under the Excel Revolving Line of Credit Agreement, we granted to Excel a security interest in all of our present and
future assets and properties, real or personal, tangible or intangible, wherever located, including products and proceeds thereof,
which security interest is pari passu with the RAT Non-Revolving Line of Credit Agreement and the May 2023 Secured Line of
Credit (each as described below), but is subordinate in rights to GemCap under the GemCap Revolving Line of Credit Agreement (as
defined below).
Under
the terms of the Excel Revolving Line of Credit Agreement, on December 14, 2023, we issued to Excel a warrant to purchase up to an aggregate
of 3,125,000 shares of our Common Stock. The warrant has an exercise price of $0.80 per share, which was the closing price of our Common
Stock on December 14, 2023, expires on December 14, 2026, and is exercisable at any time prior to such date,
to the extent that after giving effect to such exercise, Excel and its affiliates would beneficially own, for purposes of Section 13(d)
of the Exchange Act, no more than 29.99% of the outstanding shares of our Common Stock.
The
Excel Revolving Line of Credit had a balance, including accrued interest, amounting to $2,582,590 and $0 as of June 30, 2024, and September
30, 2023, respectively. We incurred interest expense for the Excel Revolving Line of Credit in the amount of $146,800 and $0 for the
three months ended June 30, 2024, and 2023, and $256,084 and $0 for the nine months ended June 30, 2024, and 2023, respectively.
GemCap
Revolving Line of Credit Agreement
Effective
as of July 29, 2022, we entered into a Loan and Security Agreement with Industrial Funding Group, Inc. (the “Initial Lender”)
for a revolving loan credit facility for the initial principal sum of up to $4,000,000, and through the exercise of an accordion feature,
a total sum of up to $10,000,000 (the “GemCap Revolving Line of Credit Agreement”), evidenced by a Revolving Loan Secured
Promissory Note (the “Revolving Loan Note”), also effective as of July 29, 2022 (the “GemCap Revolving Line of Credit”).
In connection with the GemCap Revolving Line of Credit Agreement and the Revolving
Loan Note, we also executed and delivered to the Initial Lender the Loan Agreement Schedule dated as of July 29, 2022 (the “Loan
Agreement Schedule”) and other Loan Documents (as defined in the GemCap Revolving Line of Credit Agreement). Shortly after the
effective date of the GemCap Revolving Line of Credit, the Initial Lender assigned the GemCap Revolving Line of Credit Agreement, and
the Loan Documents, to GemCap Solutions, LLC (“GemCap” or “Senior Lender”). Effective as of October
27, 2022, we entered into Amendment Number 1 to the Loan and Security Agreement and to the Revolving Loan Agreement Schedule, and the
Amended and Restated Secured Promissory Note (Revolving Loans) with the Senior Lender to increase the principal sum available under the
GemCap Revolving Line of Credit Agreement from $4,000,000 to $6,000,000.
Effective
July 29, 2024, we entered into Amendment Number 2 to the Loan and Security Agreement, the Loan Agreement Schedule, the Revolving Loan
Note and to the other Loan Documents to amend certain material terms, including to (i) extend the maturity date of the GemCap Revolving Line of Credit Agreement
by one (1) year, from July 29, 2024, to July 29, 2025, and (ii) to make Retail Media TV, Inc., our wholly-owned subsidiary, a co-borrower
thereunder.
The
GemCap Revolving Line of Credit had an original maturity date of July 29, 2024, and began accruing interest on the unpaid principal balance
of advances, payable monthly in arrears, on September 7, 2022, at an annual rate equal to the greater of (I) the sum of (i) the “Prime
Rate” as reported in the “Money Rates” column of The Wall Street Journal, adjusted as and when such Prime Rate changes,
plus (ii) zero percent (0.00%), and (II) four percent (4.00%). Availability for borrowing under the GemCap Revolving Line of Credit is
dependent upon our assets in certain eligible accounts and measures of revenue, subject to reduction for reserves that the Senior Lender
may require in its discretion, and the accordion feature is a provision whereby we may request that the Senior Lender increase availability
under the GemCap Revolving Line of Credit, subject to its sole discretion.
Under
the GemCap Revolving Line of Credit Agreement, we have granted to the Senior Lender a first-priority security interest in all of our
present and future property and assets, including products and proceeds thereof. In connection with the loan, our existing secured
lenders, some of whom are the RAT Lenders under our RAT Non-Revolving Line of Credit (each as defined below) (collectively, the
“Subordinated Lenders”) delivered subordination agreements (the “GemCap Subordination Agreements”) to the
Senior Lender. We are permitted to make regularly scheduled payments, including payments upon maturity, to such subordinated lenders
and potentially other payments subject to a measure of cash flow and receiving certain financing activity proceeds, in accordance
with the terms of the GemCap Subordination Agreements. In connection with the delivery of the GemCap Subordination Agreements by the
Subordinated Lenders, on July 29, 2022, we issued warrants to each Subordinated Lender on identical terms for an aggregate of up to 296,329
shares of our Common Stock (each, a “Subordination Agreement Warrant”). Each Subordination Agreement Warrant has an
exercise price of $5.25
per share, expires on July 29, 2025, and is exercisable at any time prior to such date. One
warrant for 191,570
warrant shares was issued to Eagle Investment Group, LLC, an entity managed by Bruce Cassidy, Executive Chairman of our Board of
Directors (“Mr. Cassidy”), as directed by its affiliate, Excel Family Partners, LLLP (“Excel”), an entity
also managed by Mr. Cassidy, one of the Subordinated Lenders. The Subordinated Lenders receiving warrants for the remaining 104,759
warrant shares were also entitled to receive a cash payment of $22,000
six months from the date of the GemCap Subordination Agreements, representing one percent (1.00%)
of the outstanding principal amount of the loan held by such Subordinated Lenders. This cash payment was made to those Subordinated
Lenders on January 25, 2023.
The
GemCap Revolving Line of Credit had a balance, including accrued interest, amounting to $2,279,596 and $3,757,074 as of June 30, 2024,
and September 30, 2023, respectively. We incurred interest expense for the GemCap Revolving Line of Credit in the amount of $304,038
and $353,684 for the three months ended June 30, 2024, and 2023, and $1,012,000 and $1,068,425 for the nine months ended June 30, 2024,
and 2023, respectively.
Non-Revolving
Lines of Credit
RAT
Non-Revolving Line of Credit
Effective
as of May 13, 2022, we entered into a Secured Non-Revolving Line of Credit Loan Agreement (the “RAT Non-Revolving Line of Credit
Agreement”) with several institutions and individuals (each a “RAT Lender” and collectively, the “RAT Lenders”)
and RAT Investment Holdings, LP, as administrator of the loan (the “Loan Administrator”) for an aggregate principal amount
of $2,200,000 (the “RAT Non-Revolving Line of Credit”), evidenced by a Non-Revolving Line of Credit Promissory Note (the
“RAT Note”), also effective as of May 13, 2022. Pursuant to the terms of the RAT Non-Revolving Line of Credit Agreement,
the RAT Non-Revolving Line of Credit matured eighteen (18) months from the effective date of the RAT Non-Revolving Line of Credit (the
“Original RAT Line of Credit Maturity Date”) and accrues interest, payable semi-annually in arrears, at a fixed rate of interest
equal to twelve percent (12%) per year. Under the RAT Non-Revolving Line of Credit Agreement, we granted to the RAT Lenders a security
interest in all of our present and future assets and properties, real or personal, tangible or intangible, wherever located, including
products and proceeds thereof, which security interest is pari passu with the Excel Revolving Line of Credit Agreement (as defined
above) and the May 2023 Secured Line of Credit Agreement (as defined below) and (each of which are subordinated in connection with our
GemCap Revolving Line of Credit Agreement (as defined above)).
In
connection with the RAT Non-Revolving Line of Credit Agreement, on May 13, 2022, we issued a warrant (collectively, the “RAT Loan
Warrants”) to each RAT Lender for an aggregate of up to 209,522 shares of our Common Stock. Each RAT Loan Warrant had an exercise
price of $5.25 per share, expires on May 13, 2025, and is exercisable at any time prior to the expiration date.
Effective
as of November 13, 2023, we entered into a Non-Revolving Line of Credit Loan Agreement Amendment (the “RAT Non-Revolving Line
of Credit Agreement Amendment”) with the RAT Lenders to: (i) extend the Original RAT Line of Credit Maturity Date from
eighteen (18)
months to twenty-seven (27)
months from the date of the RAT Non-Revolving Line of Credit Agreement, or August 13, 2024 (the “First Extended RAT Line of
Credit Maturity Date”); and (ii) amend the payment terms of the RAT Non-Revolving Line of Credit such that payments of
interest or principal under the RAT Non-Revolving Line of Credit Agreement and the RAT Note will be due and payable from November
13, 2023, to the First Extended RAT Line of Credit Maturity Date, as follows (a) one payment of $374,000
(comprised of accrued interest of $132,000
due through November 13, 2023, an initial payment of principal of $220,000
and $22,000
as consideration to extend the Original RAT Line of Credit Maturity Date) due on November 13, 2023; and (b) nine (9)
monthly payments of principal of $220,000
plus accrued interest, commencing December 13, 2023. In consideration for the extension of the Original RAT Line of Credit Maturity
Date, we agreed to amend the terms of the RAT Loan Warrants as well as the Subordination Agreement Warrants issued to the RAT
Lenders in connection with the GemCap Subordination Agreements described above to reduce the warrant exercise price to $1.00. See
“—GemCap Revolving Line of Credit.” We also agreed to apply one-third (1/3) of the net proceeds of any capital
raise that takes place subsequent to the date of the RAT Non-Revolving Line of Credit Agreement Amendment, other than proceeds from
an equity offering under any at-the-market (“ATM” program or from an affiliate or insider, toward paying down the then
outstanding principal amount due under the RAT Non-Revolving Line of Credit. Pursuant to the RAT Non-Revolving Line of Credit
Agreement Amendment #1, each RAT Lender agreed to enter into a lock-up agreement restricting the disposal of any shares of our
Common Stock that are issued in connection with the exercise of the RAT Loan Warrants or the Subordination Agreement Warrants for a
period of twelve (12)
months from the date of the RAT Non-Revolving Line of Credit Agreement Amendment #1. Effective as of November 13, 2023, we issued an
Amended and Restated Non-Revolving Line of Credit Promissory Note Amendment to the Lenders reflecting the extension of the Original
RAT Line of Credit Maturity Date.
On
April 18, 2024, we entered into that certain Non-Revolving Line of Credit Loan Agreement Amendment #2 (the “RAT Non-Revolving
Line of Credit Agreement Amendment #2”) with the RAT Lenders to: (i) extend the Original RAT Line of Credit Maturity Date from
eighteen (18)
months to thirty-two (32) months from the date of the RAT Non-Revolving Line of Credit Agreement, or January 13, 2025 (the
“Second Extended RAT Line of Credit Maturity Date”); and (ii) amend the payment terms of the RAT Non-Revolving Line of
Credit such that payments of interest and principal under the RAT Non-Revolving Line of Credit Agreement and the RAT Note are due
and payable from April 13, 2024, to the Second Extended RAT Line of Credit Maturity Date, as follows: (a) one payment of $121,000,
comprised of accrued interest of $11,000 through
April 13, 2024, and an initial payment of principal of $110,000,
due on April 13, 2024; and (b) nine (9) monthly payments of principal of $110,000,
plus accrued interest, commencing on May 13, 2024. We issued a Second Amended and Restated Non-Revolving Line of Credit Promissory
Note, effective April 13, 2024, to the RAT Lenders reflecting the extension of the Original RAT Line of Credit Maturity
Date.
On
May 31, 2024, we entered into a Non-Revolving Line of Credit Waiver and Consent Agreement (the “Waiver and Consent”), with
the Loan Administrator, effective as of and contingent upon the closing of the Offerings (each as defined and described below), waiving
certain provisions of the RAT Non-Revolving Line of Credit Agreement Amendment #1, pursuant to which the RAT Lenders agreed to irrevocably
waive their rights to receive one-third (1/3) of the net proceeds of any non-affiliate capital raise, including the Offerings, and consent
to us not paying any of such proceeds to the RAT Lenders. In consideration for entering into the Waiver and Consent, we agreed to reduce
the exercise price of the RAT Loan Warrants and the Subordination Agreement Warrants held by the
RAT Lenders to purchase an aggregate of 314,281 shares of Common Stock from $1.00 to $0.24. See “Note 11 – The Registered
Offering and the Concurrent Private Placement Offering” below.
The
RAT Non-Revolving Line of Credit had a balance, including accrued interest, amounting to $774,222 and $2,300,899 as of June 30, 2024,
and September 30, 2023, respectively. We incurred interest expense for the RAT Non-Revolving Line of Credit in the amount of $99,156
and $223,382 for the three months ended June 30, 2024, and 2023, and $409,165 and $670,146 for the nine months ended June 30, 2024, and
2023, respectively.
May
2023 Secured Loan
Effective
as of May 10, 2023, we entered into a Secured Non-Revolving Line of Credit Loan Agreement (the “May 2023 Secured Line of Credit
Agreement”) with several individuals and institutional lenders for aggregate loans of up to $4.0 million (the “May 2023 Secured
Line of Credit”), evidenced by Secured Non-Revolving Line of Credit Promissory Notes (each a “May 2023 Secured Note”
and collectively, the “May 2023 Secured Notes”), also effective as of May 10, 2023. The May 2023 Secured Line of Credit matures
twenty-four (24) months from the date of the May 2023 Secured Line of Credit Agreement and accrues interest, payable semi-annually in
arrears, at a fixed rate of interest equal to twelve percent (12%) per year. We granted to the lenders under the May 2023 Secured Line
of Credit Agreement a security interest in all of our present and future assets and properties, real or personal, tangible or intangible,
wherever located, including products and proceeds thereof, which security interest is pari passu with the RAT Non-Revolving Line
of Credit Agreement and the Excel Revolving Line of Credit Agreement, but is subordinate in rights to GemCap under the GemCap Revolving
Line of Credit Agreement. See “— GemCap Revolving Line of Credit Agreement.”
In
connection with the May 2023 Secured Line of Credit, on May 10, 2023, we agreed to issue to each lender under the May 2023 Secured Line
of Credit Agreement, upon drawdown, a warrant to purchase up to an aggregate of 369,517 shares of our Common Stock. The warrants have
an exercise price of $4.33 per share, expire on May 10, 2026, and is exercisable at any time prior to such date.
As
of May 10, 2023, Excel, an entity managed by Mr. Cassidy, had committed to be a lender under the May 2023 Secured Line of Credit Agreement
for an aggregate loan of $2.65 million, and as of September 11, 2023, Excel had not loaned any funds under the May 2023 Secured Line
of Credit. On May 31, 2023, we entered into a Secured Non-Revolving Line of Credit Loan Agreement (the “Excel $2.2M Secured Line
of Credit Agreement”) with Excel for an aggregate principal amount of up to $2,200,000 (the “Excel $2.2M Line of Credit”),
evidenced by a Non-Revolving Line of Credit Promissory Note (the “Excel $2.2M Note”). Pursuant to the terms of a Pay Off
Letter Agreement with Excel dated September 12, 2023, we refinanced the outstanding principal and interest of the Excel $2.2M Line of
Credit to be included as part of the obligations of the May 2023 Secured Line of Credit Agreement. As a result of such refinancing, as
of September 12, 2023, no principal or interest remained outstanding under the Excel $2.2M Secured Line of Credit, and the Excel $2.2M
Secured Line of Credit Agreement was terminated, and as of September 12, 2023, Excel had loaned $2,266,733 under the May 2023 Secured
Line of Credit Agreement and received a warrant to purchase 209,398 shares of our Common Stock.
As
of December 14, 2023, the outstanding principal and interest on Excel’s portion of the May 2023 Secured Line of Credit was $2,328,617
(the “Excel May 2023 Secured Line of Credit Pay Off-Amount”) of the total aggregate
principal and interest outstanding under the May 2023 Secured Line of Credit of $3,262,817. On December 14, 2023, Excel agreed to convert
the Excel May 2023 Secured Line of Credit Pay-Off Amount owed under the May 2023 Secured Line of Credit Agreement into 2,910,771 shares
of our Common Stock at a conversion price per share of $0.80. In addition, in connection with the Warrant Repricing (as defined below),
on December 14, 2023, Excel agreed to the reprice the per share warrant exercise price of the warrant for 209,398 shares of our Common
Stock to $0.80 per warrant share and immediately exercised the warrant, delivering the net proceeds of $167,518.40 to us. See “—Repricing
and Exercise of Certain Warrants.”
On
December 31, 2023,
one of the remaining lenders under the May 2023 Secured Line of Credit converted $101,699.83 in outstanding principal and interest into
127,124 shares of our Common Stock at a conversion price per share of $0.80. As of June 30, 2024, a total principal amount of $800,000
remained outstanding on the May 2023 Secured Line of Credit and warrants for a total of 83,142 warrant shares had been issued to the
remaining lenders in connection with the May 2023 Secured Line of Credit and remained outstanding.
The
May 2023 Secured Loan had a principal balance, including accrued interest, amounting to $861,333 and $3,214,769 as of June 30, 2024,
and September 30, 2023, respectively. We incurred interest expense for the 2023 Secured Loan in the amount of $80,179 and $40,736 for
the three months ended June 30, 2024, and 2023, and $293,520 and $40,736 for the nine months ended June 30, 2024, and 2023, respectively.
Excel
$1.0M Line of Credit
On
March 28, 2024, we entered into a Secured Non-Revolving Line of Credit Loan Agreement with Excel (“Excel $1.0M Secured Line of
Credit Agreement”) for an aggregate principal amount of up to $1,000,000 (the “Excel $1.0M Line of Credit”), evidenced
by a Secured Non-Revolving Line of Credit Promissory Note (the “Excel $1.0M Note”). The Excel $1.0M Line of Credit matures
one hundred eighty (180) days from the date of the Excel $1.0M Secured Line of Credit Agreement (the “Excel $1.0M Line of Maturity
Date”) and accrues interest, payable in arrears on the Excel $1.0M Line of Credit Maturity Date, at a fixed rate of interest equal
to twelve percent (12%) per year.
Under
the Excel $1.0M Secured Line of Credit Agreement, we granted to Excel a security interest in all of our present and future assets and
properties, real or personal, tangible or intangible, wherever located, including products and proceeds thereof, which security interest
is subordinate in rights to GemCap under the GemCap Revolving Line of Credit Agreement.
On
May 31, 2024, we entered into a Waiver and Consent Letter Agreement with Excel (the “Excel Waiver Agreement”), effective
as of and contingent upon the closing of the Registered Offering (as defined and described below), waiving certain provisions of the
Excel $1.0M Secured Line of Credit Agreement, pursuant to which Excel irrevocably agreed to waive its rights to receive
five hundred thousand dollars ($500,000)
of the net proceeds of any non-affiliate capital raise, including the Registered Offering, and consented to us not paying any of
such proceeds to it, contingent upon the closing of such a non-affiliate capital raise, including the Registered Offering. See
“Note 11 – The Registered Offering and the Concurrent Private Placement Offering” below.
The
Excel $1.0M Line of Credit had a balance, including accrued interest, amounting to $1,031,333 and $0 as of June 30, 2024, and September
30, 2023, respectively. We incurred interest expense for the Excel $1.0M Line of Credit in the amount of $30,333 and $0 for the three
months ended, and $31,333 and $0 for the nine months ended June 30, 2024, and 2023, respectively.
See
Note 12 – Stock Options, Restricted Stock Units (RSUs) and Warrants for discussion on the repricing of certain existing warrants
and the issuance of prefunded warrants.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
9 – COMMITMENTS AND CONTINGENCIES
We
may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. Such matters are subject to
many uncertainties, and outcomes are not predictable with assurance. There are no such loss contingencies that are included in the financial
statements as of June 30, 2024.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.2.u1
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
10 – RELATED PARTY TRANSACTIONS
Related
parties are natural persons or other entities that have the ability, directly or indirectly, to control another party or exercise significant
influence over the party making financial and operating decisions. Related parties include other parties that are subject to common control
or that are subject to common significant influences.
500
Limited
For
the nine months ended June 30, 2024, and 2023, we paid 500 Limited $145,500
and $307,000,
respectively, for programming services provided to Loop Media. 500 Limited is an entity controlled by Liam McCallum, our former Chief
Product and Technology Officer.
Excel
On
May 31, 2024, we entered into a Securities Purchase Agreement (the “Private Placement
Purchase Agreement”) with Excel.
Pursuant
to the Private Placement Purchase Agreement, in a private placement (the “Concurrent Private Placement Offering”), we agreed
to sell and issue to Excel pre-funded warrants (the “Private Pre-Funded Warrants”) to purchase up to an aggregate of 4,347,826
shares of Common Stock (the “Private Pre-Funded
Warrant Shares”) at a purchase price of $0.2308
per Private Pre-Funded Warrant, for aggregate
gross proceeds to the Company of approximately $1.0
million, before deducting offering expenses payable
by the Company. The Private Pre-Funded Warrants are immediately exercisable at an exercise price of $0.0001
per share and will expire when the Private Pre-Funded
Warrants are fully exercised. The Concurrent Private Placement Offering closed on June 10, 2024. See Note 11 – The Registered
Offering and the Concurrent Private Placement Offering.
On
May 31, 2024, we also entered into the Excel Waiver Agreement, effective as of and contingent upon the closing of the Registered Offering,
with Excel, waiving certain provisions of the Excel $1.0M Secured Line of Credit Agreement, pursuant to which Excel irrevocably agreed
to waive its rights to receive five hundred thousand dollars ($500,000) of the net proceeds of any non-affiliate capital raise, including
the Registered Offering, and consented to us not paying any of such proceeds to it, contingent upon the closing of such a non-affiliate
capital raise, including the Registered Offering.
See
Note 8 – Debt for discussion on the following:
|
● |
GemCap
Revolving Line of Credit Agreement and Warrants |
|
● |
Excel
Revolving Line of Credit |
|
● |
Excel
$1.0M Line of Credit |
See
Note 12 – Stock Options, Restricted Stock Units (RSUs) and Warrants for discussion on the repricing of certain existing warrants
and the issuance of prefunded warrants.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
STOCKHOLDERS’ EQUITY (DEFICIT)
|
9 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY (DEFICIT) |
NOTE
11 –STOCKHOLDERS’ EQUITY (DEFICIT)
Change
in Number of Authorized and Outstanding Shares
On
August 15, 2023, the Loop stockholders voted at our 2023 Annual Meeting of Stockholders to approve an amendment to our Restated Articles
of Incorporation to increase the number of shares of common stock, par value of $0.0001 per share (“Common Stock”), authorized
for issuance thereunder from 105,555,556 shares to 150,000,000 shares.
On
September 21, 2022, a 1 for 3 reverse stock split of our Common Stock became effective. All share and per share information in the accompanying
consolidated financial statements and footnotes has been retroactively adjusted for the effects of the reverse split for all periods
presented.
Common
Stock
Our
authorized capital stock consists of 150,000,000 shares of Common Stock, $0.0001 par value per share, and 3,333,334 shares of preferred
stock, $0.0001 par value per share.
As
of June 30, 2024, and 2023, there were 79,048,736 and 59,183,668, respectively, shares of Common Stock issued and outstanding.
The
Registered Offering and the Concurrent Private Placement Offering
On
May 31, 2024, we entered into a Securities Purchase Agreement (the “Institutional Purchase Agreement”) with the purchaser
named therein (the “Institutional Investor”) and a Securities Purchase Agreement (the “Private Placement Purchase Agreement,”
together with the Institutional Purchase Agreement, the “Purchase Agreements”) with Excel (the “Private Placement
Entity,” together with the Institutional Investor, the “Investors”).
Pursuant
to the Institutional Purchase Agreement, we agreed to sell and issue, in a registered direct offering (the “Registered Offering”)
7,875,000
shares (the “Registered Shares”)
of our Common Stock at a purchase price per share of $0.15
and pre-funded warrants (the “Registered
Pre-Funded Warrants”) to purchase up to an aggregate of 1,777,174
shares of Common Stock (the “Registered
Pre-Funded Warrant Shares”) at a purchase price per Registered Pre-Funded Warrant of $0.1499,
for aggregate gross proceeds to the Company of approximately $1.45
million, before deducting placement agent fees
and offering expenses payable by the Company.
Pursuant
to the Private Placement Purchase Agreement, in a concurrent private placement (the “Concurrent Private Placement Offering,”
together with the Registered Offering, the “Offerings”), we agreed to sell and issue to the Private Placement Entity pre-funded
warrants (the “Private Pre-Funded Warrants”) to purchase up to an aggregate of 4,347,826 shares of Common Stock (the “Private
Pre-Funded Warrant Shares”) at a purchase price of $0.2308 per Private Pre-Funded Warrant, for aggregate gross proceeds to the
Company of approximately $1.0 million, before deducting offering expenses payable by the Company. The Private Pre-Funded Warrants are
immediately exercisable at an exercise price of $0.0001 per share and will expire when the Private Pre-Funded Warrants are fully exercised.
The Concurrent Private Placement Offering closed on June 10, 2024.
The
Purchase Agreements contain customary representations, warranties and agreements of the Company and the Investors and customary indemnification
rights and obligations of the parties. Pursuant to the terms of the Institutional Purchase Agreement, we have agreed to certain restrictions,
subject to certain exceptions, on the issuance and sale of its Common Stock and securities convertible into shares of Common Stock during
the 90-day period following the closing of the Registered Offering. We also agreed not to effect or enter into an agreement to effect
any issuance of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock involving a
variable rate transaction (as defined in the Institutional Purchase Agreement), subject to certain exceptions, until the six-month anniversary
of the closing of the Registered Offering.
In
addition, until the date that is the eighteen-month anniversary of the closing of the Registered Offering, the Institutional Investor
is entitled to a participation right in any subsequent financing (as defined in the Institutional Purchase Agreement ) effected by the
Company or any of its subsidiaries of Common Stock or Common Stock equivalents for cash consideration, or a combination of units thereof,
up to an amount equal to 35% of such subsequent financing on the same terms, conditions and price provided for in the subsequent financing,
subject to certain carve-outs as set forth in the Institutional Purchase Agreement.
In connection with the Offerings, on
May 31, 2024, we also entered into a placement agency agreement (the “Placement Agency Agreement”) with Roth Capital Partners,
LLC (the “Placement Agent”). Pursuant to the terms of the Placement Agency Agreement, the Placement
Agent agreed to use its reasonable best efforts to arrange for the sale of the Registered Shares, the Registered Pre-Funded Warrants,
the Registered Pre-Funded Warrant Shares, the Private Pre-Funded Warrants and the Private Pre-Funded Warrant Shares (the “Securities”).
We paid the Placement Agent a cash fee equal to 6.5% of the gross proceeds generated from the Offerings and agreed to reimburse the Placement Agent for certain of its expenses in
an amount up to $50,000. The Placement Agent did not receive cash placement agent fees on the sale of the Private Pre-Funded Warrants
and the Private Pre-Funded Warrant Shares. The Placement Agency Agreement contains customary representations, warranties and agreements
of the Company and the Placement Agent and customary indemnification rights and obligations of the parties.
Pursuant
to the terms of the Placement Agency Agreement, we issued to the Placement Agent warrants (“Placement Agent Warrants”) to
purchase up to 700,000 shares of Common Stock, or 5.0% of the aggregate shares of Common Stock (or Common Stock equivalents) issued in
the Offerings, exercisable at a price per share of $0.25399. The Placement Agent Warrants
are exercisable commencing six months after the closing date of the Registered Offering and expire May 31, 2029.
The Registered
Offering closed on June 3, 2024, and on July 1, 2024, the Institutional Investor delivered a Notice of Exercise to us to purchase the
Registered Pre-Funded Warrant Shares.
The Registered Shares and the Registered Pre-Funded Warrants were offered
pursuant to our effective Shelf Registration Statement on Form S-3 (File No. 333-268957), which was previously filed and declared
effective by the SEC, the accompanying base prospectus dated January 11, 2023, and a prospectus supplement dated May 31, 2024.
Nine
months ended June 30, 2024
During
the nine months ended June 30, 2024, we issued 7,875,000 shares of common stock through a Registered Direct Offering.
During
the nine months ended June 30, 2024, we issued 1,850,874 shares of common stock upon the exercise of warrants.
During
the nine months ended June 30, 2024, we issued 2,910,771
shares of common stock to a board member upon
the conversion of non-revolving line of credit plus accrued interest.
During
the nine months ended June 30, 2024, we issued 127,124
shares of common stock upon the conversion of
non-revolving line of credit plus accrued interest.
During
the nine months ended June 30, 2024, we issued 60,810 shares of common stock for capital raise costs.
During
the nine months ended June 30, 2024, we issued 311,889 shares of common stock for consulting fees.
During
the nine months ended June 30, 2024, we issued 292,117 shares of common stock for vested RSUs.
See
Note 12 – Stock Options and Warrants for stock compensation discussion.
Nine
months ended June 30, 2023
We
filed a Shelf Registration Statement on Form S-3 that has been declared effective by the SEC. On May 12, 2023, we entered into an At
Market (“ATM”) Issuance Sales Agreement (the “ATM Sales Agreement”) with B. Riley Securities, Inc. (the
“Agent”) pursuant to which we may offer and sell, from time to time through the Agent, shares of our Common Stock, for
aggregate gross proceeds of up to $50,000,000.
During the nine months ended June 30, 2023, we issued 2,779,997
shares of Common Stock under the Sales Agreement, resulting in cash proceeds of $8,317,936,
net of placement agent’s commission and related fees of $257,435
but before deducting offering costs.
During
the nine months ended June 30, 2023, we issued 22,462 shares of Common Stock upon the exercise of stock options.
See
Note 12 – Stock Options and Warrants for stock compensation discussion.
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v3.24.2.u1
STOCK OPTIONS, RESTRICTED STOCK UNITS (RSUs) AND WARRANTS
|
9 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK OPTIONS, RESTRICTED STOCK UNITS (RSUs) AND WARRANTS |
NOTE
12 – STOCK OPTIONS, RESTRICTED STOCK UNITS (RSUs) AND WARRANTS
Options
Option
valuation models require the input of highly subjective assumptions. The fair value of stock-based payment awards was estimated using
the Black-Scholes option model with a volatility figure derived from using our historical stock prices. We account for the expected life
of options based on the contractual life of options for non-employees. For employees, we account for the expected life of options in
accordance with the “simplified” method, which is used for “plain-vanilla” options, as defined in the accounting
standards codification. The risk-free interest rate was determined from the implied yields of U.S. Treasury zero-coupon bonds with a
remaining life consistent with the expected term of the options.
The
following table summarizes the stock option activity for the nine months ended June 30, 2024:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
Number of | | |
Weighted Average Exercise | | |
Weighted Average Remaining Contractual | | |
Aggregate Intrinsic | |
| |
Options | | |
Price | | |
Term | | |
Value | |
Outstanding at September 30, 2023 | |
| 8,849,305 | | |
$ | 3.84 | | |
| 6.35 | | |
$ | — | |
Grants | |
| 201,666 | | |
| 0.23 | | |
| | | |
| — | |
Exercised | |
| — | | |
| — | | |
| | | |
| — | |
Expired | |
| (805,854 | ) | |
| 3.50 | | |
| | | |
| — | |
Forfeited | |
| (399,236 | ) | |
| 2.92 | | |
| | | |
| — | |
Outstanding at June 30, 2024 | |
| 7,845,881 | | |
$ | 3.83 | | |
| 5.76 | | |
$ | — | |
Exercisable at June 30, 2024 | |
| 7,067,471 | | |
$ | 3.79 | | |
| 5.45 | | |
$ | — | |
The
aggregate intrinsic value in the preceding tables represents the total pretax intrinsic value, based on options with an exercise price
less than our stock price of $0.10 as of June 30, 2024, and $2.39 as of June 30, 2023, which would have been received by the option holders
had those option holders exercised their options as of that date.
We
recognize compensation expense for all stock options granted using the fair value-based method of accounting. During the nine months
ended June 30, 2024, we issued 201,666 options valued at $0.23 per option. As of June 30, 2024, the total compensation cost related to
nonvested awards not yet recognized is $1,917,278 and the weighted average period over which expense is expected to be recognized is
24.9 months.
We
calculated the fair value of options issued using the Black-Scholes option pricing model, with the following assumptions:
SCHEDULE
OF FAIR VALUE OF OPTIONS FOR VALUATION ASSUMPTIONS
| |
June 30, 2024 | |
| |
| |
Weighted average fair value of options granted | |
$ | 0.23 | |
Expected life | |
| 5.68 years | |
Risk-free interest rate | |
| 4.45 | % |
Expected volatility | |
| 53.63 | % |
Expected dividends yield | |
| — | |
Forfeiture rate | |
| — | |
The
stock-based compensation expense related to option grants was $2,018,579 and $5,319,045, for the nine months ended June 30, 2024, and
2023, respectively.
Restricted
Stock Units
On
September 18, 2022, the Compensation Committee of our Board of Directors approved Restricted Stock Unit (“RSU”) awards to
certain officers and key employees pursuant to the terms of the Loop Media, Inc. Amended and Restated 2020 Equity Incentive Compensation
Plan (the “2020 Plan”).
On
September 22, 2022, we granted an aggregate of 890,000 RSUs, which vest over time subject to continued service. Each RSU was valued at
the public offering price during our initial public offering of $5.00 per share, and twenty-five percent (25%) of the RSUs vest on the
one-year anniversary of the grant date and the remainder in equal quarterly installments over the following three-year period.
On
January 3, 2023, the Compensation Committee of our Board of Directors approved RSU awards as compensation to members of our Board of
Directors pursuant to the 2020 Plan.
On
January 3, 2023, we granted an aggregate of 212,004 RSUs which vest over time subject to continued service. Each RSU was valued at $6.23
per share. Twenty-five percent (25%) of 130,464 RSUs vest on the one-year anniversary of the grant date and the remainder in equal quarterly
installments over the following three-year period. One hundred percent (100%) of 81,540 RSUs vested on the day after the end of the fiscal
year in which the grant was made.
On
July 1, 2023, we granted an aggregate of 54,393 RSUs which vested one hundred percent (100%) on the grant date. Each RSU was valued at
$2.39 per share.
On
January 1, 2024, we granted an aggregate of 140,000 RSUs which will vest in equal semi-annual installments over a two-year term, beginning
on the six (6) month anniversary of the grant date until all RSUs are fully vested. Each RSU was valued at $1.00 per share.
On
March 15, 2024, we granted an aggregate of 3,065,000 RSUs which will vest over a two-year period with fifty percent (50%) vesting on
the one (1) year anniversary of the grant date and the remainder at twelve and a half percent (12.5%) on a quarterly basis thereafter
until all RSUs are fully vested. Each RSU was valued at $0.50 per share.
On
March 15, 2024, we granted 600,000 RSUs, which will vest over a four-year period, with one quarter (1/4) of the shares subject to the
RSUs vesting on the one (1) year anniversary of the grant date and the remaining shares vesting equally on a quarterly basis beginning
three (3) months after the one-year anniversary until all RSUs are fully vested. Each RSU was valued at $0.50 per share.
On
April 1, 2024, we granted 75,000 RSUs, which will vest over a year and four months period, with fifty percent (50%) of the shares subject
to the RSUs vesting on the one (1) year anniversary of the grant date and the remaining shares vesting equally on a quarterly basis beginning
three (3) months after the one-year anniversary until all RSUs are fully vested. Each RSU was valued at $0.32 per share.
The
following table summarizes the RSU activity for the nine months ended June 30, 2024:
SCHEDULE
OF RESTRICTED
STOCK UNITS ACTIVITY
| |
Number of | | |
Weighted Average | | |
Aggregate | |
| |
RSUs | | |
Fair Value | | |
Intrinsic Value | |
Outstanding at September 30, 2023 | |
| 860,754 | | |
$ | 5.30 | | |
$ | 427,795 | |
Granted | |
| 3,880,000 | | |
| | | |
| | |
Vested | |
| (284,495 | ) | |
| | | |
| | |
Expired | |
| — | | |
| | | |
| | |
Forfeited | |
| (130,000 | ) | |
| | | |
| | |
Outstanding at June 30, 2024 | |
| 4,326,259 | | |
$ | 1.14 | | |
$ | 436,952 | |
The
aggregate intrinsic value in the preceding tables represents the total pretax intrinsic value, based on our stock price of $0.10 as of
June 30, 2024, and $2.39 as of June 30, 2023, which would have been received by the RSU holders as of that date.
The
stock-based compensation expense related to RSU grants was $1,239,713 and $1,263,635, for the nine months ended June 30, 2024, and 2023,
respectively.
As
of June 30, 2024, the total compensation cost related to nonvested RSU awards not yet recognized was $4,560,326 and the weighted average
period over which expense is expected to be recognized in months was 26.3.
Warrants
The
following table summarizes the warrant activity for the nine months ended June 30, 2024:
SCHEDULE OF WARRANT ACTIVITY
| |
Number of | | |
Weighted average exercise | |
| |
shares | | |
price per share | |
Outstanding at September 30, 2023 | |
| 5,592,573 | | |
$ | 5.74 | |
Issued* | |
| 3,125,000 | | |
| 0.41 | |
Exercised | |
| (1,850,874 | ) | |
| 0.80 | |
Expired | |
| — | | |
| — | |
Outstanding at June 30, 2024 | |
| 6,866,699 | | |
$ | 2.19 | |
* Excludes pre-funded warrants
We
record all warrants granted using the fair value-based method of accounting.
During
the nine months ended June 30, 2024, we issued 3,125,000 warrants in conjunction with a revolving line of credit. We allocated the fair
value of the warrants at inception as deferred costs.
During
the nine months ended June 30, 2024, we recorded debt discount of $1,003,125 for the warrants issued in conjunction with lines of
credit and recorded the straight-line amortization ratably over the life of the debt as interest expense.
During
the nine months ended June 30, 2024, we recorded consulting expense of $113,640
as a result of current period vesting of previously issued warrants to various companies for consulting services.
We
calculated the fair value of warrants issued using the Black-Scholes option pricing model, with the following assumptions:
SCHEDULE OF FAIR VALUE OF WARRANTS ISSUED
| |
| June 30, 2024 | |
Weighted average fair value of warrants granted | |
$ | 0.80 | |
Expected life | |
| 3.00 years | |
Risk-free interest rate | |
| 4.09 | % |
Expected volatility | |
| 46.56 | % |
Expected dividends yield | |
| — | % |
Forfeiture rate | |
| — | % |
Repricing
and Exercise of Certain Existing Warrants
On
December 14, 2023, we agreed to offer to amend certain existing warrants exercisable for an aggregate of up to 4,055,240 shares of our
Common Stock (each such warrant an “Existing Warrant”) to reduce the respective exercise prices thereof to $0.80 per share
(such new price being referred to as the “Amended Warrant Exercise Price”), which was the closing price per share of our
common stock as quoted on the NYSE American on December 13, 2023, on the condition that the holder of each Existing Warrant would commit
to exercise the Existing Warrant within a certain period of time, paying the aggregate Amended Warrant Exercise Price of each respective
Existing Warrant in cash to us (the “Warrant Repricing”). As of December 14, 2023, Existing Warrants exercisable for an aggregate
of up to 786,482 shares of our common stock were held by Excel and Eagle Investment Group, LLC, entities managed by Bruce Cassidy, Sr.,
Executive Chairman of our Board of Directors, and Existing Warrants exercisable for an aggregate of up to 443,332 shares of our Common
Stock were held by Denise Penz, a member of our Board of Directors. In connection with the Warrant Repricing, each of Mr. Cassidy and
Ms. Penz exercised their Existing Warrants, resulting in net proceeds to us of $983,851.
As
of June 30, 2024, holders of Existing Warrants (including those held by Mr. Cassidy and Ms. Penz) had exercised warrants
for 1,850,874 shares for an aggregate exercise price of $1,480,699.
No other Existing Warrants have been repriced or exercised under the Warrant Repricing.
RAT
Warrant Repricing
On
May 31, 2024, we entered into a Non-Revolving Line of Credit Waiver and Consent Agreement (the “Waiver and Consent”), with
the Loan Administrator, effective as of and contingent upon the closing of the Offerings, waiving
certain provisions of the RAT Non-Revolving Line of Credit Agreement Amendment #1, pursuant to which the RAT Lenders agreed to irrevocably
waive their rights to receive one-third (1/3) of the net proceeds of any non-affiliate capital raise, including the Offerings, and consent
to us not paying any of such proceeds to the RAT Lenders. In consideration for entering into the Waiver and Consent, we agreed to reduce
the exercise price of the RAT Loan Warrants and the Subordination Agreement Warrants held by the
RAT Lenders to purchase an aggregate of 314,281 shares of Common Stock from $1.00 to $0.24. See “Note 11 – The Registered
Offering and the Concurrent Private Placement Offering” above.
Pre-Funded
Warrants
During
the nine months ended June 30, 2024, we issued 1,777,174 pre-funded warrants in conjunction with a registered direct offering
as well as 4,347,826 pre-funded warrants in conjunction with a private placement.
See
Note 11 - The Registered Offering and the Concurrent Private Placement Offering for the discussion on pre-funded warrants.
|
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.2.u1
SUBSEQUENT EVENTS
|
9 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
13 – SUBSEQUENT EVENTS
We
have evaluated all subsequent events through the date of this quarterly report on Form 10-Q with the SEC, to ensure that this filing
includes appropriate disclosure of events both recognized in the financial statements as of June 30, 2024, and events that occurred after
June 30, 2024, but which were not recognized in the financial statements.
Exercise
of Pre-Funded Warrants
On July 1, 2024, the Institutional Investor delivered a Notice of Exercise
to us to purchase the Registered Pre-Funded Warrant Shares. See
Note 11 - The Registered Offering and the Concurrent Private Placement Offering for the discussion on pre-funded warrants.
NYSE
American Listing Requirements
As previously
disclosed, on April 23, 2024, we received a deficiency letter from the NYSE American LLC (the “NYSE American”) indicating
that we were not in compliance with the NYSE American continued listing standards set forth in Sections 1003(a)(i), (ii) and (iii) of
the NYSE American Company Guide (the “Company Guide”), and were given until May 23, 2024 (the “Deadline”), to
submit a plan to regain such compliance with the continued listing standards (a “Plan”).
We submitted
a Plan by the Deadline, and on July 16, 2024, we received notification (the “Acceptance Letter”) from the NYSE American that
our Plan was accepted. In the Acceptance Letter, the NYSE American granted us until October 23, 2025 (the “Plan Period”),
to regain compliance with the continued listing standards.
During the
Plan Period, we will be subject to periodic review by the NYSE American on its progress with the goals and initiatives outlined in the
Plan. We intend to regain compliance with Sections 1003(a)(i), (ii) and (iii) of the Company Guide during the Plan Period; however, if
we do not regain compliance with the NYSE American listing standards by October 25, 2025, or if we do not make sufficient progress consistent
with the Plan during the Plan Period, then NYSE American may initiate delisting proceedings.
The Acceptance
Letter has no immediate impact on the listing of our shares of common stock, par value $0.0001 per share (the “Common Stock”),
which will continue to be listed and traded on the NYSE American during the Plan Period, subject to our compliance with the other listing
requirements of the NYSE American. The Acceptance Letter does not affect our ongoing business operations or our reporting requirements
with the Securities and Exchange Commission (the “SEC”).
We can provide
no assurances that we will be able to make progress with respect to the Plan that the NYSE American will determine to be satisfactory,
that it will regain compliance with Section 1003(a)(i), (ii) and (iii) of the Company Guide on or before the expiration of the Plan Period,
or that developments and events occurring subsequent to our formulation of the Plan or its acceptance by the NYSE American will not adversely
affect our ability to make sufficient progress and/or regain compliance with these continuing listing standards on or before the expiration
of the Plan Period or result in our failure to be in compliance with other NYSE American continued listing standards.
Amendment to Loan Agreement
Effective
as of July 29, 2022, we entered into a Loan and Security Agreement (the “Loan Agreement”) with Industrial Funding Group, Inc.
(the “Initial Lender”), for a revolving loan credit facility for the principal sum of up to four million dollars ($4,000,000.00),
and through the exercise of an accordion feature, a total sum of up to ten million dollars ($10,000,000.00) (the “Loan”),
evidenced by a Revolving Loan Secured Promissory Note (the “Revolving Loan Note”), also effective as of July 29, 2022. In
connection with the Loan Agreement and the Revolving Loan Note, we also executed and delivered to the Initial Lender the Loan Agreement
Schedule dated as of July 29, 2022 (the “Loan Agreement Schedule”) and other Loan Documents, as defined in the Loan Agreement.
Shortly
thereafter, the Initial Lender assigned the Loan Agreement, and the loan documents related thereto, to GemCap Solutions, LLC (“GemCap”
or “Senior Lender”). As previously disclosed, on October 27, 2022, the Loan Agreement was amended by Amendment Number 1 to
the Loan and Security Agreement and to the Loan Agreement Schedule to increase the maximum availability and maximum credit of the loan
from four million dollars ($4,000,000.00) to six million dollars ($6,000,000.00), evidenced by an Amended and Restated Secured Promissory
Note (Revolving Loans), also dated October 27, 2022.
Effective July 29, 2024, we entered into Amendment Number 2 to the Loan
and Security Agreement, the Loan Agreement Schedule, the Revolving Loan Note and to the other Loan Documents (the “Loan Agreement
Amendment No. 2”) to amend certain material terms, including (i) to extend the maturity date of the Loan Agreement by one (1) year,
from July 29, 2024, to July 29, 2025, and (ii) to make Retail Media TV, Inc., the Company’s wholly-owned subsidiary, a co-borrower
thereunder.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Interim Financial Statements |
Interim
Financial Statements
The
following (a) condensed consolidated balance sheet as of September 30, 2023, which has been derived from our audited financial statements,
and (b) our unaudited condensed consolidated interim financial statements for the nine months ended June 30, 2024, have been prepared
in accordance with accounting principles generally accepted in the United States (“US GAAP”) for interim financial information
and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X of the Securities Act of 1933. Accordingly, they do not include all
of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the
nine months ended June 30, 2024, are not necessarily indicative of results that may be expected for the year ending September 30, 2024.
These
unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements
and notes thereto for the year ended September 30, 2023, included in our Annual Report on Form 10-K filed with the SEC on December 19,
2023.
|
Basis of presentation |
Basis
of presentation
The
consolidated financial statements include our accounts and our wholly-owned subsidiaries, EON Media Group Pte. Ltd. and Retail Media
TV, Inc. The unaudited condensed consolidated financial statements are prepared using the
accrual basis of accounting in accordance with US GAAP. All inter-company transactions and balances have been eliminated on consolidation.
|
Use of estimates |
Use
of estimates
The
preparation of the unaudited condensed consolidated financial statements in conformity with US GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ
from those estimates. Significant estimates include assumptions used in the revenue recognition of performance obligations, allowance
for doubtful accounts, fair value of stock-based compensation awards, income taxes and going concern.
|
Segment reporting |
Segment
reporting
We
report as one reportable segment. Our business activities, revenues and expenses are evaluated by management as one reportable segment.
|
Cash |
Cash
Cash
and cash equivalents include all highly liquid monetary instruments with original maturities of three months or less when purchased.
These investments are carried at cost, which approximates fair value. Financial instruments that potentially subject us to concentrations
of credit risk consist primarily of cash deposits. We maintain our cash in institutions insured by the Federal Deposit Insurance Corporation
(“FDIC”). At times, our cash and cash equivalent balances may be uninsured or in amounts that exceed the FDIC insurance limits.
We have not experienced any losses on such accounts. On June 30, 2024, and September 30, 2023, we had no cash equivalents.
As
of June 30, 2024, and September 30, 2023, approximately $628,658 and $2,818,696 of cash exceeded the FDIC insurance limits, respectively.
|
Accounts receivable |
Accounts
receivable
Accounts
receivable represent amounts due from customers. We assess the collectability of receivables on an ongoing basis. A provision for the
impairment of receivables involves significant management judgment and includes the review of individual receivables based on individual
customers, current economic trends and analysis of historical bad debts. As of June 30, 2024, and September 30, 2023, we had recorded
an allowance for doubtful accounts of $284,065 and $630,629, respectively.
|
Concentration of credit risk |
Concentration
of credit risk
During
the nine months ended June 30, 2024, we had two customers that each individually comprised greater than 10% of net revenue, representing 22% and 15% respectively. No other customer accounted for more than 10% of net revenue during the periods presented.
During
the nine months ended June 30, 2023, we had two customers that each individually comprised greater than 10% of net revenue, representing 16% and 14% respectively. No other customer accounted for more than 10% of net revenue during the periods presented.
As
of June 30, 2024, two customers accounted for a total of 20% of our accounts receivable balance or 10% and 10%, respectively. No other
customer accounted for more than 10% of total accounts receivable.
As
of June 30, 2023, one customer accounted for a total of 15% of our accounts receivable balance. No other customer accounted for more
than 10% of total accounts receivable.
We
grant credit in the normal course of business to our customers. Periodically, we review past due accounts and make decisions about future
credit on a customer-by-customer basis. Credit risk is the risk that one party to a financial instrument will cause a loss for the other
party by failing to discharge an obligation.
|
Prepaid expenses |
Prepaid
expenses
Expenditures
paid in one accounting period which will not be consumed until a future period such as insurance premiums and annual subscription fees
are accounted for on the balance sheet as a prepaid expense. When the asset is eventually consumed, it is charged to expense.
|
Content Assets |
Content
Assets
We
capitalize the fixed content fees and corresponding liability when the license period begins, the cost of the content is known, and the
content is accepted and available for streaming. If the licensing fee is not determinable or reasonably estimable, no asset or liability
is recorded, and licensing costs are expensed as incurred. We amortize licensed content assets into cost of revenue, using the straight-line
method over the contractual period of availability. The liability is paid in accordance with the contractual terms of the arrangement.
Internally-developed content costs are capitalized in the same manner as licensed content costs, when the cost of the content is known
and the content is ready and available for streaming. We amortize internally-developed content assets into cost of revenue, using the
straight-line method over the estimated period of streaming.
|
Long-lived assets |
Long-lived
assets
We
evaluate the recoverability of long-lived assets, including intangible assets, for impairment when events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. Conditions that would necessitate an impairment assessment include
a significant decline in the observable market value of an asset, a significant change in the extent or manner that an asset is used,
or a significant adverse change that would indicate that the carrying amount of an asset or group of assets is not recoverable. For long-lived
assets to be held and used, we recognize an impairment loss only if their carrying amount is not recoverable through the undiscounted
cash flows. The impairment loss is based on the difference between the carrying amount and estimated fair value as determined by discounted
future cash flows. Our finite long-lived intangible assets are amortized on a straight-line basis over their estimated useful lives,
which range from two to nine years.
|
Property and equipment, net |
Property
and equipment, net
Property
and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s
estimated useful life. Our capitalization policy is to capitalize property and equipment purchases greater than $3,000, as well as internally-developed
software enhancements. Expenditures for maintenance and repairs are expensed as incurred. When retired or otherwise disposed, the related
carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized
from disposition is reflected in earnings.
Loop
Players are capitalized as fixed assets and depreciated over the estimated period of use.
See
below for estimated useful lives:
SCHEDULE
OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES
Loop Players | |
3 years |
Equipment | |
3-5 years |
Software | |
3 years |
|
Operating leases |
Operating
leases
We
determine if an arrangement is a lease at inception. Operating lease right-of-use assets (“ROU assets”) and short-term and
long-term lease liabilities are included on the face of the consolidated balance sheet.
ROU
assets represent the right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease
payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present
value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use an incremental borrowing rate
based on the information available at commencement date in determining the present value of lease payments. Our lease terms may include
options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments
is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are accounted
for as a single lease component. For lease agreements with terms less than twelve months, we have elected the short-term lease measurement
and recognition exemption, and we recognize such lease payments on a straight-line basis over the lease term.
|
Fair value measurement |
Fair
value measurement
We
determine the fair value of our assets and liabilities using a hierarchy established by the accounting guidance that prioritizes the
inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based
upon unobservable inputs that are significant to the valuation (Level 3 measurements). The three levels of valuation hierarchy are defined
as follows:
|
● |
Level
1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. |
|
|
|
|
● |
Level
2 inputs to the valuation methodology included quoted prices for similar assets and liabilities in active markets, quoted prices
for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or
indirectly, for substantially the full term of the financial instrument. |
|
|
|
|
● |
Level
3 inputs to the valuation methodology is one or more unobservable inputs which are significant to the fair value measurement. |
The
carrying amount of our financial instruments, including cash, accounts receivable, deposits, short-term portion of notes receivable and
notes payable, and current liabilities approximate fair value due to their short-term nature. We do not have financial assets or liabilities
that are required under US GAAP to be measured at fair value on a recurring basis. We have not elected to use fair value measurement
option for any assets or liabilities for which fair value measurement is not presently required.
We
record assets and liabilities at fair value on a nonrecurring basis as required by US GAAP. Assets recognized or disclosed at fair value
in the condensed consolidated financial statements on a nonrecurring basis include items
such as property and equipment, operating lease assets, goodwill, and other intangible assets, which are measured at fair value if determined
to be impaired.
On
September 26, 2022, our convertible debentures converted to Common Stock as part of our public offering and uplist to The NYSE
American, LLC (the “NYSE American”), in accordance with the terms of the original debt agreements. As of September 30, 2022, the remaining balance of the
Derivative Liability was written off as part of the conversion to equity. Thus, there is no
fair value measurement of the Derivative Liability balance as of June 30, 2024.
|
Advertising costs |
Advertising
costs
We
expense all advertising costs as incurred.
Advertising
and marketing costs for the three months ended June 30, 2024, and 2023, were $957,727 and $2,743,194, respectively.
Advertising
and marketing costs for the nine months ended June 30, 2024, and 2023, were $4,883,946 and $8,647,738, respectively.
|
Revenue recognition |
Revenue
recognition
We
recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers, when it satisfies a performance obligation
by transferring control over a product to a customer. Revenue is measured based on the consideration we expect to receive in exchange
for those products. In instances where final acceptance of the product is specified by the client, revenue is deferred until all acceptance
criteria have been met. For example, we bill subscription services in advance of when the service is performed and revenue is treated
as deferred revenue until the service is performed and/or the performance obligation is satisfied. Revenues are recognized under Topic
606 in a manner that reasonably reflects the delivery of our products and services to clients in return for expected consideration and
includes the following elements:
|
● |
executed
contracts with our customers that we believe are legally enforceable; |
|
|
|
|
● |
identification
of performance obligations in the respective contract; |
|
|
|
|
● |
determination
of the transaction price for each performance obligation in the respective contract; |
|
|
|
|
● |
allocation
of the transaction price to each performance obligation; and |
|
|
|
|
● |
recognition
of revenue only when we satisfy each performance obligation. |
Our
revenue can be categorized into two revenue streams: Advertising revenue and Legacy and other revenue.
The
following table disaggregates our revenue by major type for each of the periods indicated:
SCHEDULE
OF DISAGGREGATION OF REVENUE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three months ended June 30, | | |
Nine months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Advertising revenue | |
$ | 3,997,054 | | |
$ | 5,079,922 | | |
$ | 16,936,810 | | |
$ | 23,687,817 | |
Legacy and other revenue | |
| 353,516 | | |
| 655,054 | | |
| 1,587,479 | | |
| 2,266,221 | |
Total | |
$ | 4,350,570 | | |
$ | 5,734,976 | | |
$ | 18,524,289 | | |
$ | 25,954,038 | |
Revenue | |
$ | 4,350,570 | | |
$ | 5,734,976 | | |
$ | 18,524,289 | | |
$ | 25,954,038 | |
Performance
obligations and significant judgments
Our
performance obligations and recognition patterns for each revenue stream are as follows:
Advertising
revenue
For
the three months ended June 30, 2024, and 2023, advertising revenue accounted for 92% and 89%, respectively, of our revenue and includes
revenue from direct programmatic and local advertising as well as sponsorships.
For
the nine months ended June 30, 2024, and 2023, advertising revenue accounted for 91% and 91%, respectively, of our revenue and includes
revenue from direct programmatic and local advertising as well as sponsorships.
For
all advertising revenue sources, we evaluate whether we should be considered the principal (i.e., report revenues on a gross basis) or
an agent (i.e., report revenues on a net basis). Our role as principal or agent differs based on our performance obligation for each
revenue share arrangement.
For
both the O&O and Partner Platforms businesses, advertising inventory provided to advertisers through the use of an advertising demand
partner or agency, with whose fees or commission is calculated based on a stated percentage of gross advertising spending, we are considered
the agent and our revenues are reported net of agency fees and commissions. We are considered the agent because the demand partner or
agency controls all aspects of the transaction (pricing risk, inventory risk, obligation for fulfillment) except for the devices used
to show the advertisements, therefore we report this advertising revenue net of agency fees and commissions.
We
are considered the principal in our arrangements with content providers in our O&O Platform business and with our arrangements with
our third-party partners in our Partner Platforms business and thus report revenues on a gross basis (net of agency fees and commissions),
wherein the amounts billed to our advertising demand partners, advertising agencies, and direct advertisers and sponsors are recorded
as revenues, and amounts paid to content providers and third-party partners are recorded as expenses. We are considered the principal
because we control the advertising space, are primarily responsible to our advertising demand partners and other parties filling our
advertising inventory, have discretion in pricing and advertising fill rates and typically have an inventory risk.
For
advertising revenue, we recognize revenue at the time the digital advertising impressions are filled and the advertisements are played
and, for sponsorship revenue, we generally recognize revenue ratably over the term of the sponsorship arrangement as the sponsored advertisements
are played.
Legacy
and other business revenue
For
the three months ended June 30, 2024, and 2023, legacy and other business revenue accounted for the remaining 8% and 11%, respectively,
of total revenue and includes streaming services, subscription content services, and hardware delivery, as described below.
For
the nine months ended June 30, 2024, and 2023, legacy and other business revenue accounted for the remaining 9% and 9%, respectively,
of total revenue and includes streaming services, subscription content services, and hardware delivery, as described below:
|
● |
Delivery
of streaming services including content encoding and hosting. We recognize revenue over the term of the service based on bandwidth
usage. Revenue from streaming services is insignificant. |
|
● |
Delivery
of subscription content services in customized formats. We recognize revenue straight-line over the term of the service. |
|
● |
Delivery
of hardware for ongoing subscription content delivery through software. We recognize revenue at the point of hardware delivery. Revenue
from hardware sales is insignificant. |
Transaction
prices for performance obligations are explicitly outlined in relevant agreements; therefore, we do not believe that significant judgments
are required with respect to the determination of the transaction price, including any variable consideration identified.
|
Customer acquisition costs |
Customer
acquisition costs
Customer
acquisition costs consist of marketing costs and affiliate fees associated with the O&O Platform business. They are included in operating
expenses and expensed as incurred.
|
Cost of revenue |
Cost
of revenue
Cost
of revenue for the O&O Platform and legacy businesses represents the amortized cost of ongoing licensing and hosting fees, which
is recognized over time based on usage patterns. The depreciation expense associated with the Loop Players is not included in cost of
sales.
Cost
of revenue for the Partner Platform business represents hosting fees, amortized costs of internally-developed content, and the revenue
share with third party partners (after deduction of allocated infrastructure costs). The cost of revenue is higher with partners within
the Partner Platform versus those within the O&O Platform because we leverage our Partner Platform partners’ network of customers
and their screens to deliver content and advertising inventory, rather than using our own Loop Players.
|
Deferred income |
Deferred
income
Deferred
income represents our accounting for the timing difference between when fees are received and when the performance obligation is satisfied.
|
Net loss per share |
Net
loss per share
We
account for net loss per share in accordance with ASC subtopic 260-10, Earnings Per Share (“ASC 260-10”), which requires
presentation of basic and diluted earnings per share (“EPS”) on the face of the statement of operations for all entities
with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator
and denominator of the diluted EPS.
Basic
net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of Common
Stock outstanding during each period. It excludes the dilutive effects of any potentially issuable common shares.
Diluted
net loss per share is calculated by including any potentially dilutive share issuances in the denominator.
The
following securities are excluded from the calculation of weighted average diluted shares at June 30, 2024, and September 30, 2023, respectively,
because their inclusion would have been anti-dilutive.
SCHEDULE
OF ANTI-DILUTIVE SECURITIES
| |
June 30, 2024 | | |
September 30, 2023 | |
Options to purchase common stock | |
| 7,845,881 | | |
| 8,849,305 | |
Warrants to purchase common stock | |
| 6,866,699 | | |
| 5,592,573 | |
Restricted Stock Units (RSUs) | |
| 4,326,259 | | |
| 1,156,397 | |
Series A preferred stock | |
| — | | |
| — | |
Series B preferred stock | |
| — | | |
| — | |
Convertible debentures | |
| — | | |
| — | |
Total common stock equivalents | |
| 19,038,839 | | |
| 15,598,275 | |
On
December 14, 2023, we entered into Warrant Reprice Letter Agreements with certain holders to amend the exercise price of existing exercisable
warrants to $0.80
per share and to exercise warrants for 1,850,874
shares of our Common Stock for an aggregate exercise
price of $1,480,699.
The impact of the amendment resulted in a deemed dividend in the amount of $419,939,
which was calculated based on the change in fair value.
On
May 31, 2024, we entered into a Securities Purchase Agreement (the “Institutional Purchase Agreement”) with the purchaser
named therein (the “Institutional Investor”) and a Securities Purchase Agreement (the “Private Placement Purchase Agreement,”
and together with the Institutional Purchase Agreement, the “Purchase Agreements”) with Excel (the “Private Placement
Entity,” together with the Institutional Investor, the “Investors”).
Pursuant
to the Institutional Purchase Agreement, we agreed to sell and issue, in a registered direct offering (the “Registered Offering”)
7,875,000 shares (the “Registered Shares”) of our Common Stock at a purchase price per share of $0.15 and pre-funded warrants
(the “Registered Pre-Funded Warrants”) to purchase up to an aggregate of 1,777,174 shares of Common Stock (the “Registered
Pre-Funded Warrant Shares”) at a purchase price per Registered Pre-Funded Warrant of $0.1499, for aggregate gross proceeds to the
Company of approximately $1.45 million, before deducting placement agent fees and offering expenses payable by the Company. Beginning
with their issuance date, these pre-funded warrants were included in the weighted average number of common shares outstanding in the
computation of basic net loss per share as their stated exercise price of $0.0001 was non-substantive and their exercise was virtually
assured.
Pursuant
to the Private Placement Purchase Agreement, in a concurrent private placement (the “Concurrent Private Placement Offering,”
together with the Registered Offering, the “Offerings”), we agreed to sell and issue to the Private Placement Entity pre-funded
warrants (the “Private Pre-Funded Warrants”) to purchase up to an aggregate of 4,347,826 shares of Common Stock (the “Private
Pre-Funded Warrant Shares”) at a purchase price of $0.2308 per Private Pre-Funded Warrant, for aggregate gross proceeds to the
Company of approximately $1.0 million, before deducting offering expenses payable by the Company. The Private Pre-Funded Warrants are
immediately exercisable at an exercise price of $0.0001 per share and will expire when the Private Pre-Funded Warrants are fully exercised.
The Concurrent Private Placement Offering closed on June 10, 2024. Beginning with their issuance date, these pre-funded warrants were
included in the weighted average number of common shares outstanding in the computation of basic net loss per share as their stated exercise
price of $0.0001 was non-substantive and their exercise was virtually assured.
The
Purchase Agreements contain customary representations, warranties and agreements of the Company and the Investors and customary
indemnification rights and obligations of the parties. Pursuant to the terms of the Institutional Purchase Agreement, we have agreed
to certain restrictions, subject to certain exceptions, on the issuance and sale of its Common Stock and securities convertible
into shares of Common Stock during the 90-day period following the closing of the Registered Offering. We also agreed not to effect
or enter into an agreement to effect any issuance of Common Stock or any securities convertible into or exercisable or exchangeable for
shares of Common Stock involving a variable rate transaction (as defined in the Institutional Purchase Agreement), subject to certain
exceptions, until the six-month anniversary of the closing of the Registered Offering.
In
addition, until the date that is the eighteen-month anniversary of the closing of the Registered Offering, the Institutional Investor
is entitled to a participation right in any subsequent financing (as defined in the Institutional Purchase Agreement ) effected by the
Company or any of its subsidiaries of Common Stock or Common Stock equivalents for cash consideration, or a combination of units thereof,
up to an amount equal to 35% of such subsequent financing on the same terms, conditions and price provided for in the subsequent financing,
subject to certain carve-outs as set forth in the Institutional Purchase Agreement.
In
connection with the Offerings, on May 31, 2024, we also entered into a placement agency agreement (the “Placement Agency Agreement”)
with Roth Capital Partners, LLC (the “Placement Agent”). Pursuant to the terms of the Placement Agency Agreement, the Placement
Agent agreed to use its reasonable best efforts to arrange for the sale of the Registered Shares, the Registered Pre-Funded Warrants,
the Registered Pre-Funded Warrant Shares, the Private Pre-Funded Warrants and the Private Pre-Funded Warrant Shares (the “Securities”).
We paid the Placement Agent a cash fee equal to 6.5% of the gross proceeds generated from the Offerings and agreed to reimburse the Placement
Agent for certain of its expenses in an amount up to $50,000. The Placement Agent did not receive cash placement agent fees on the sale
of the Private Pre-Funded Warrants and the Private Pre-Funded Warrant Shares. The Placement Agency Agreement contains customary representations,
warranties and agreements of the Company and the Placement Agent and customary indemnification rights and obligations of the parties.
Pursuant
to the terms of the Placement Agency Agreement, we issued to the Placement Agent warrants (“Placement Agent Warrants”) to
purchase up to 700,000 shares of Common Stock, or 5.0% of the aggregate shares of Common Stock (or Common Stock equivalents) issued in
the Offerings, exercisable at a price per share of $0.25399. The Placement Agent Warrants are exercisable commencing six months after
the closing date of the Registered Offering and expire May 31, 2029.
The
Registered Offering closed on June 3, 2024, and on July 1, 2024, the Institutional Investor delivered a Notice of Exercise to us to purchase
the Registered Pre-Funded Warrant Shares.
The
Registered Shares and the Registered Pre-Funded Warrants were offered pursuant to our effective Shelf Registration Statement on Form S-3
(File No. 333-268957), which was previously filed and declared effective by the SEC, the accompanying base prospectus dated January 11,
2023, and a prospectus supplement dated May 31, 2024.
For
the three and nine months ended June 30, 2024, a reconciliation of the numerator and
denominator used in the calculation of basic and diluted net loss per share of our Common Stock is as follows:
SCHEDULE
OF BASIC AND DILUTED NET LOSS PER SHARE
|
|
Three months ended June 30, |
| |
Nine
months ended June 30, | |
|
|
2024 |
|
|
2023 |
| |
2024 | | |
2023 | |
Numerator: |
|
|
|
|
|
|
|
| |
| | |
| |
Net loss |
|
$ |
(5,451,617 |
) |
|
$ |
(7,875,532 |
) | |
$ | (18,307,652 | ) | |
$ | (22,952,087 | ) |
Plus: Deemed dividend on warrants |
|
|
— |
|
|
|
— |
| |
| (419,939 | ) | |
| — | |
Net loss attributable to common stockholders |
|
$ |
(5,451,617 |
) |
|
$ |
(7,875,532 |
) | |
$ | (18,749,850) | | |
$ | (22,952,087 | ) |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
Denominator: |
|
|
|
|
|
|
|
| |
| | | |
| | |
Weighted average number of common shares outstanding |
|
|
75,146,980 |
|
|
|
56,604,812 |
| |
| 70,966,475 | | |
| 56,455,743 | |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
Basic and diluted net loss per common share |
|
|
(0.07 |
) |
|
|
(0.14 |
) | |
$ | (0.26 | ) | |
$ | (0.41 | ) |
|
Shipping and handling costs |
Shipping
and handling costs
Loop
Players are provided free to our customers. Loop Media absorbs any associated costs of shipping and handling and records as an operational
expense at the time of service.
|
Income taxes |
Income
taxes
We
account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”). ASC 740 requires a company to
use the asset and liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary
differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences
between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance
when, in the opinion of management, it is more likely than not that some portion, or all of, the deferred tax assets will not be realized.
Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment.
Under
ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained
in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that
is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test,
no tax benefit is recorded. We have no material uncertain tax positions for any of the reporting periods presented.
We
recognize accrued interest and penalties related to unrecognized tax benefits as part of income tax expense. We have also made a policy
election to treat the income tax with respect to global intangible low-tax income as a period expense when incurred.
In
December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity
in accounting standards. The amendments in the ASU are effective for fiscal years beginning after December 15, 2020, including interim
periods therein. The adoption of this standard in the first quarter of 2022 had no impact on our consolidated financial statements.
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”).
ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09
address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid
information. ASU 2023-09 will be effective for us in the annual period beginning October 1, 2025, though early adoption is permitted.
We are still evaluating the presentational effect that ASU 2023-09 will have on our consolidated financial statements, but we expect
considerable changes to our income tax footnote.
|
Stock-based compensation |
Stock-based
compensation
Stock-based
compensation issued to employees is measured at the grant date, based on the fair value of the award, and is recognized as an expense
over the requisite service period. We measure the fair value of the stock-based compensation issued to non-employees using the stock
price observed in the trading market (for stock transactions) or the fair value of the award (for non-stock transactions), which were
more reliably determinable measures of fair value than the value of the services being rendered.
|
Deferred financing costs |
Deferred
financing costs
Deferred
financing costs represent legal, accounting and other direct costs related to our efforts to raise capital through a public or private
sale of our Common Stock. Costs related to the public sale of our Common Stock are deferred until the completion of the applicable offering,
at which time such costs are reclassified to additional paid-in-capital as a reduction of the proceeds. Costs related to the private
sale of our Common Stock are deferred until the completion of the applicable offering, at which time such costs are amortized over the
term of the applicable purchase agreement.
|
Employee retention credits |
Employee
retention credits
In
March 2020, the Coronavirus Aid, Relief, and Economic Security Act was signed into law, providing numerous tax provisions and other stimulus
measures, including the Employee Retention Credit (“ERC”): a refundable tax credit against certain employment taxes. The
Taxpayer Certainty and Disaster Tax Relief Act of 2020 and the American Rescue Plan Act of 2021 extended and expanded the availability
of the ERC. We qualified for the ERC in the third and fourth quarters of 2020 and the first, second and third quarters of 2021. During
the nine months ended June 30, 2024, we recorded no aggregate benefit in our condensed combined income statement to reflect the ERC.
|
Reclassifications |
Reclassifications
Certain prior year amounts have been reclassified to conform to current
year presentation. These reclassifications have no effect on the previously reported financial position, results of operations, or cash
flows.
|
Restructuring costs |
Restructuring
costs
As
previously disclosed, we began taking steps in fiscal year 2023 to increase efficiency and cut costs, while still maintaining our focus
on, and dedication to, the continued growth of our business. These cuts and adjustments across several aspects of our business, including
reductions in headcount and organizational restructuring, continued in the first three quarters of fiscal year 2024 and continue as of
the date of this Report.
|
Recently adopted accounting pronouncements |
Recently
adopted accounting pronouncements
In
September 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments. This guidance requires the measurement of all expected credit losses for financial assets held at the reporting date
based on historical experience, current conditions and reasonable and supportable forecasts. This guidance also requires enhanced disclosures
regarding significant estimates and judgments used in estimating credit losses. The new guidance is effective for fiscal years beginning
after December 15, 2022. We are currently evaluating the impact of this standard on our condensed consolidated financial statements and
related disclosures. We adopted this ASU as of October 1, 2023, and there is no material impact to our financial statements as of June
30, 2024.
|
Recent accounting pronouncements |
Recent
accounting pronouncements
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, that would
enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with
ASC 280. ASC 280 requires a public entity to report for each reportable segment a measure of segment profit or loss that its chief operating
decision maker (“CODM”) uses to assess segment performance and to make decisions about resource allocations. The amendments
in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis
for all public entities to enable investors to develop more useful financial analyses. Currently, Topic 280 requires that a public entity
disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit
or loss that the CODM uses to assess segment performance and make decisions about allocating resources. ASC 280 also requires other specified
segment items and amounts such as depreciation, amortization and depletion expense to be disclosed under certain circumstances. The amendments
in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity
identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable
segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within
fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-07
retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of this standard on
our condensed consolidated financial statements and related disclosures.
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”).
ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09
address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid
information. ASU 2023-09 will be effective for us in the annual period beginning October 1, 2025, though early adoption is permitted.
We are still evaluating the presentational effect that ASU 2023-09 will have on our consolidated financial statements, but we expect
considerable changes to our income tax footnote.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES |
See
below for estimated useful lives:
SCHEDULE
OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES
Loop Players | |
3 years |
Equipment | |
3-5 years |
Software | |
3 years |
|
SCHEDULE OF DISAGGREGATION OF REVENUE |
The
following table disaggregates our revenue by major type for each of the periods indicated:
SCHEDULE
OF DISAGGREGATION OF REVENUE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three months ended June 30, | | |
Nine months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Advertising revenue | |
$ | 3,997,054 | | |
$ | 5,079,922 | | |
$ | 16,936,810 | | |
$ | 23,687,817 | |
Legacy and other revenue | |
| 353,516 | | |
| 655,054 | | |
| 1,587,479 | | |
| 2,266,221 | |
Total | |
$ | 4,350,570 | | |
$ | 5,734,976 | | |
$ | 18,524,289 | | |
$ | 25,954,038 | |
Revenue | |
$ | 4,350,570 | | |
$ | 5,734,976 | | |
$ | 18,524,289 | | |
$ | 25,954,038 | |
|
SCHEDULE OF ANTI-DILUTIVE SECURITIES |
The
following securities are excluded from the calculation of weighted average diluted shares at June 30, 2024, and September 30, 2023, respectively,
because their inclusion would have been anti-dilutive.
SCHEDULE
OF ANTI-DILUTIVE SECURITIES
| |
June 30, 2024 | | |
September 30, 2023 | |
Options to purchase common stock | |
| 7,845,881 | | |
| 8,849,305 | |
Warrants to purchase common stock | |
| 6,866,699 | | |
| 5,592,573 | |
Restricted Stock Units (RSUs) | |
| 4,326,259 | | |
| 1,156,397 | |
Series A preferred stock | |
| — | | |
| — | |
Series B preferred stock | |
| — | | |
| — | |
Convertible debentures | |
| — | | |
| — | |
Total common stock equivalents | |
| 19,038,839 | | |
| 15,598,275 | |
|
SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE |
For
the three and nine months ended June 30, 2024, a reconciliation of the numerator and
denominator used in the calculation of basic and diluted net loss per share of our Common Stock is as follows:
SCHEDULE
OF BASIC AND DILUTED NET LOSS PER SHARE
|
|
Three months ended June 30, |
| |
Nine
months ended June 30, | |
|
|
2024 |
|
|
2023 |
| |
2024 | | |
2023 | |
Numerator: |
|
|
|
|
|
|
|
| |
| | |
| |
Net loss |
|
$ |
(5,451,617 |
) |
|
$ |
(7,875,532 |
) | |
$ | (18,307,652 | ) | |
$ | (22,952,087 | ) |
Plus: Deemed dividend on warrants |
|
|
— |
|
|
|
— |
| |
| (419,939 | ) | |
| — | |
Net loss attributable to common stockholders |
|
$ |
(5,451,617 |
) |
|
$ |
(7,875,532 |
) | |
$ | (18,749,850) | | |
$ | (22,952,087 | ) |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
Denominator: |
|
|
|
|
|
|
|
| |
| | | |
| | |
Weighted average number of common shares outstanding |
|
|
75,146,980 |
|
|
|
56,604,812 |
| |
| 70,966,475 | | |
| 56,455,743 | |
|
|
|
|
|
|
|
|
| |
| | | |
| | |
Basic and diluted net loss per common share |
|
|
(0.07 |
) |
|
|
(0.14 |
) | |
$ | (0.26 | ) | |
$ | (0.41 | ) |
|
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v3.24.2.u1
CONTENT ASSETS (Tables)
|
9 Months Ended |
Jun. 30, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
SCHEDULE OF AMORTIZATION EXPENSE RELATED TO CONTENT ASSETS |
We
recorded amortization expense in cost of revenue, in the consolidated statements of operations, related to capitalized content assets:
SCHEDULE
OF AMORTIZATION EXPENSE RELATED TO CONTENT ASSETS
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three months ended June 30, | | |
Nine months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Licensed content assets | |
$ | 780,219 | | |
$ | 760,951 | | |
$ | 2,302,072 | | |
$ | 2,045,794 | |
Internally-developed assets | |
| 18,215 | | |
| 18,215 | | |
| 54,645 | | |
| 46,082 | |
Total | |
$ | 798,434 | | |
$ | 779,166 | | |
$ | 2,356,717 | | |
$ | 2,091,876 | |
|
SCHEDULE OF FUTURE AMORTIZATION EXPENSE |
SCHEDULE
OF FUTURE AMORTIZATION EXPENSE
| |
Remaining in
Fiscal Year 2024 | | |
Fiscal Year 2025 | | |
Fiscal Year 2026 | |
Licensed content assets | |
$ | 555,088 | | |
$ | 470,463 | | |
$ | 97,401 | |
Internally-developed assets | |
| 18,215 | | |
| 59,440 | | |
| 8,562 | |
Total | |
$ | 573,303 | | |
$ | 529,903 | | |
$ | 105,963 | |
|
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v3.24.2.u1
PROPERTY AND EQUIPMENT (Tables)
|
9 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT |
Our
property and equipment, net consisted of the following as of June 30, 2024, and September 30, 2023:
SCHEDULE
OF PROPERTY PLANT AND EQUIPMENT
| |
June
30, 2024 | | |
September
30, 2023 | |
Loop Players | |
$ | 3,334,030 | | |
$ | 2,536,937 | |
Equipment | |
| 712,536 | | |
| 801,301 | |
Software | |
| 895,846 | | |
| 854,966 | |
Equipment gross | |
| 4,942,413 | | |
| 4,193,204 | |
Less: accumulated depreciation | |
| (2,434,637 | ) | |
| (1,481,646 | ) |
Total, equipment net | |
$ | 2,507,776 | | |
$ | 2,711,558 | |
|
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v3.24.2.u1
INTANGIBLE ASSETS (Tables)
|
9 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSETS |
Our
intangible assets, each definite lived assets, consisted of the following as of June 30, 2024, and September 30, 2023:
SCHEDULE
OF INTANGIBLE ASSETS
| |
Useful life | |
June
30, 2024 | | |
September
30, 2023 | |
Customer relationships | |
nine years | |
$ | 1,012,000 | | |
$ | 1,012,000 | |
Content library | |
two years | |
| 198,000 | | |
| 198,000 | |
Total intangible assets, gross | |
| |
| 1,210,000 | | |
| 1,210,000 | |
| |
| |
| | | |
| | |
Less: accumulated amortization | |
| |
| (816,444 | ) | |
| (732,111 | ) |
Total | |
| |
| (816,444 | ) | |
| (732,111 | ) |
Total intangible assets, net | |
| |
$ | 393,556 | | |
$ | 477,889 | |
|
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v3.24.2.u1
OPERATING LEASES (Tables)
|
9 Months Ended |
Jun. 30, 2024 |
Operating Leases |
|
SCHEDULE OF LEASE LIABILITY |
Our
lease liability consisted of the following as of June 30, 2024, and September 30, 2023:
SCHEDULE
OF LEASE LIABILITY
| |
June
30, 2024 | | |
September
30, 2023 | |
Short term portion | |
$ | 67,689 | | |
$ | — | |
Long term portion | |
| 121,961 | | |
| — | |
Total lease liability | |
$ | 189,650 | | |
$ | — | |
|
SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITY |
Maturity
analysis under these lease agreements are as follows:
SCHEDULE
OF MATURITY OF OPERATING LEASE LIABILITY
| |
| | |
2024 | |
$ | 20,902 | |
2025 | |
| 83,607 | |
2026 | |
| 83,607 | |
2027 | |
| 20,499 | |
Total undiscounted cash flows | |
| 208,615 | |
Less: 10% Present value discount | |
| (18,965 | ) |
Lease liability | |
$ | 189,650 | |
|
SCHEDULE OF LEASE EXPENSE |
We
recorded lease expense in sales, general and administrative expenses in the consolidated statement of operations:
SCHEDULE
OF LEASE EXPENSE
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three months ended June 30, | | |
Nine months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Operating lease expense | |
$ | 20,902 | | |
$ | 17,495 | | |
$ | 34,836 | | |
$ | 79,434 | |
Short-term lease expense | |
| 2,400 | | |
| 34,828 | | |
| 41,643 | | |
| 69,659 | |
Total lease expense | |
$ | 23,302 | | |
$ | 52,323 | | |
$ | 76,479 | | |
$ | 149,093 | |
|
SCHEDULE OF WEIGHTED-AVERAGE REMAINING LEASE TERM AND DISCOUNT RATE |
Weighted-average
remaining lease term and discount rate for operating leases are as follows:
SCHEDULE
OF WEIGHTED-AVERAGE REMAINING LEASE TERM AND DISCOUNT RATE
Weighted-average remaining lease term | |
| 2.59 years | |
Weighted-average discount rate | |
| 10 | % |
|
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v3.24.2.u1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
|
9 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
Accounts
payable and accrued expenses consisted of the following as of June 30, 2024, and September 30, 2023:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
June
30, 2024 | | |
September
30, 2023 | |
Accounts payable | |
$ | 5,501,995 | | |
$ | 4,978,920 | |
| |
| | | |
| | |
Performance bonuses | |
| 300,000 | | |
| 1,262,000 | |
Interest payable | |
| 209,057 | | |
| 175,094 | |
Professional fees | |
| 669,186 | | |
| 449,944 | |
Marketing | |
| 357,123 | | |
| 800,165 | |
Insurance liabilities | |
| 12,166 | | |
| 552,000 | |
Other accrued liabilities | |
| 318,629 | | |
| 307,135 | |
Accrued Liabilities | |
| 1,866,161 | | |
| 3,546,338 | |
| |
| | | |
| | |
Accrued royalties and revenue share | |
| 7,829,892 | | |
| 4,930,329 | |
| |
| | | |
| | |
Total accounts payable and accrued expenses | |
$ | 15,198,048 | | |
$ | 13,455,587 | |
|
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v3.24.2.u1
DEBT (Tables)
|
9 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF CLASSIFICATIONS OF NON-REVOLVING LINE OF CREDIT |
SCHEDULE
OF CLASSIFICATIONS OF NON-REVOLVING LINE OF CREDIT
| |
Net
Carrying Value | | |
Unpaid
| | |
Contractual
| | |
Contractual | |
| |
Related
party lines of credit: | |
Current | | |
Long Term | | |
Principal
Balance | | |
Interest
Rates | | |
Maturity
Date | |
Warrants
issued | |
$2,500,000
revolving line of credit, December 14, 2023 | |
$ | — | | |
$ | 1,679,226 | | |
$ | 2,500,000 | | |
| 10 | % | |
12 months prior
written notice | |
| 3,125,000 | |
$1,000,000
non-revolving line of credit, March 28, 2024 | |
| 1,000,000 | | |
| — | | |
| 1,000,000 | | |
| 12 | % | |
9/24/2024 | |
| — | |
Total related
party non-revolving lines of credit, net | |
$ | 1,000,000 | | |
$ | 1,679,226 | | |
$ | 3,500,000 | | |
| | | |
| |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| |
| | |
Lines of credit: | |
| | | |
| | | |
| | | |
| | | |
| |
| | |
$2,200,000
non-revolving line of credit, May 13, 2022 | |
$ | 735,740 | | |
$ | — | | |
$ | 770,000 | | |
| 12 | % | |
08/13/24 | |
| 314,286 | |
$6,000,000
revolving line of credit, July 29, 2022 | |
| 2,175,456 | | |
| — | | |
| 2,250,018 | | |
| Greater
of Prime + 0, or 4 | % | |
07/29/24 | |
| — | |
$4,000,000
non-revolving line of credit, May 10, 2023 | |
| 594,010 | | |
| — | | |
| 800,000 | | |
| 12 | % | |
05/10/25 | |
| 83,142 | |
Total lines
of credit, net | |
$ | 3,505,206 | | |
$ | — | | |
$ | 3,820,018 | | |
| | | |
| |
| | |
Lines
of Credit as of September 30, 2023:
| |
Net
Carrying Value | | |
Unpaid | | |
Contractual | | |
Contractual | |
| |
Related
party lines of credit: | |
Current | | |
Long Term | | |
Principal
Balance | | |
Interest
Rates Cash | | |
Maturity
Date | |
Warrants
issued | |
$4,000,000 non-revolving line of credit, May 10, 2023 | |
$ | — | | |
$ | 1,959,693 | | |
$ | 2,266,733 | | |
| 12 | % | |
5/10/2025 | |
| 209,398 | |
Total related party lines of credit, net | |
$ | — | | |
$ | 1,959,693 | | |
$ | 2,266,733 | | |
| | | |
| |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| |
| | |
Lines of credit: | |
| | | |
| | | |
| | | |
| | | |
| |
| | |
$2,200,000 non-revolving line of credit, May 13, 2022 | |
$ | 2,124,720 | | |
$ | — | | |
$ | 2,200,000 | | |
| 12 | % | |
11/13/2023 | |
| 314,286 | |
$6,000,000 revolving line of credit, July 29, 2022 | |
| 2,985,298 | | |
| — | | |
| 3,730,914 | | |
| Greater
of Prime +0, or 4 | % | |
7/29/2024 | |
| — | |
$4,000,000 revolving line of credit, May 10, 2023 | |
| — | | |
| 475,523 | | |
| 900,000 | | |
| 12 | % | |
5/10/2025 | |
| 83,142 | |
Total lines of credit, net | |
$ | 5,110,018 | | |
$ | 475,523 | | |
$ | 6,830,914 | | |
| | | |
| |
| | |
|
SCHEDULE OF INTEREST EXPENSE RELATED TO THE CONTRACTUAL INTEREST COUPON AND THE AMORTIZATION OF DEBT DISCOUNTS |
The
following table presents the interest expense related to the contractual interest coupon and the amortization of debt discounts on the
lines of credit:
SCHEDULE OF INTEREST EXPENSE RELATED TO THE CONTRACTUAL INTEREST COUPON AND THE AMORTIZATION OF DEBT DISCOUNTS
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three months ended June 30, | | |
Nine months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Interest expense | |
$ | 225,329 | | |
$ | 364,604 | | |
$ | 738,773 | | |
$ | 1,037,499 | |
Amortization of debt discounts | |
| 435,177 | | |
| 597,674 | | |
| 1,635,218 | | |
| 1,842,003 | |
Total | |
$ | 660,506 | | |
$ | 962,278 | | |
$ | 2,373,991 | | |
$ | 2,879,502 | |
|
SCHEDULE OF MATURITY ANALYSIS UNDER LINE OF CREDIT AGREEMENTS |
Maturity
analysis under the line of credit agreements for the fiscal years ended September 30,
SCHEDULE OF MATURITY ANALYSIS UNDER LINE OF CREDIT AGREEMENTS
For the fiscal years ended September 30, | |
| | |
2024 | |
$ | 4,020,018 | |
2025 | |
| 3,300,000 | |
2026 | |
| — | |
2027 | |
| — | |
2028 | |
| — | |
2029 | |
| — | |
Lines of credit, related and non-related party | |
| 7,320,018 | |
Less: Debt discount on lines of credit payable | |
| (1,135,586 | ) |
Total Lines of credit payable, related and non-related party, net | |
$ | 6,184,432 | |
|
X |
- DefinitionTabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount.
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- DefinitionTabular disclosure of maturity and sinking fund requirement for long-term debt.
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v3.24.2.u1
STOCK OPTIONS, RESTRICTED STOCK UNITS (RSUs) AND WARRANTS (Tables)
|
9 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
The
following table summarizes the stock option activity for the nine months ended June 30, 2024:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
Number of | | |
Weighted Average Exercise | | |
Weighted Average Remaining Contractual | | |
Aggregate Intrinsic | |
| |
Options | | |
Price | | |
Term | | |
Value | |
Outstanding at September 30, 2023 | |
| 8,849,305 | | |
$ | 3.84 | | |
| 6.35 | | |
$ | — | |
Grants | |
| 201,666 | | |
| 0.23 | | |
| | | |
| — | |
Exercised | |
| — | | |
| — | | |
| | | |
| — | |
Expired | |
| (805,854 | ) | |
| 3.50 | | |
| | | |
| — | |
Forfeited | |
| (399,236 | ) | |
| 2.92 | | |
| | | |
| — | |
Outstanding at June 30, 2024 | |
| 7,845,881 | | |
$ | 3.83 | | |
| 5.76 | | |
$ | — | |
Exercisable at June 30, 2024 | |
| 7,067,471 | | |
$ | 3.79 | | |
| 5.45 | | |
$ | — | |
|
SCHEDULE OF FAIR VALUE OF OPTIONS FOR VALUATION ASSUMPTIONS |
We
calculated the fair value of options issued using the Black-Scholes option pricing model, with the following assumptions:
SCHEDULE
OF FAIR VALUE OF OPTIONS FOR VALUATION ASSUMPTIONS
| |
June 30, 2024 | |
| |
| |
Weighted average fair value of options granted | |
$ | 0.23 | |
Expected life | |
| 5.68 years | |
Risk-free interest rate | |
| 4.45 | % |
Expected volatility | |
| 53.63 | % |
Expected dividends yield | |
| — | |
Forfeiture rate | |
| — | |
|
SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY |
The
following table summarizes the RSU activity for the nine months ended June 30, 2024:
SCHEDULE
OF RESTRICTED
STOCK UNITS ACTIVITY
| |
Number of | | |
Weighted Average | | |
Aggregate | |
| |
RSUs | | |
Fair Value | | |
Intrinsic Value | |
Outstanding at September 30, 2023 | |
| 860,754 | | |
$ | 5.30 | | |
$ | 427,795 | |
Granted | |
| 3,880,000 | | |
| | | |
| | |
Vested | |
| (284,495 | ) | |
| | | |
| | |
Expired | |
| — | | |
| | | |
| | |
Forfeited | |
| (130,000 | ) | |
| | | |
| | |
Outstanding at June 30, 2024 | |
| 4,326,259 | | |
$ | 1.14 | | |
$ | 436,952 | |
|
SCHEDULE OF WARRANT ACTIVITY |
The
following table summarizes the warrant activity for the nine months ended June 30, 2024:
SCHEDULE OF WARRANT ACTIVITY
| |
Number of | | |
Weighted average exercise | |
| |
shares | | |
price per share | |
Outstanding at September 30, 2023 | |
| 5,592,573 | | |
$ | 5.74 | |
Issued* | |
| 3,125,000 | | |
| 0.41 | |
Exercised | |
| (1,850,874 | ) | |
| 0.80 | |
Expired | |
| — | | |
| — | |
Outstanding at June 30, 2024 | |
| 6,866,699 | | |
$ | 2.19 | |
* Excludes pre-funded warrants
|
SCHEDULE OF FAIR VALUE OF WARRANTS ISSUED |
We
calculated the fair value of warrants issued using the Black-Scholes option pricing model, with the following assumptions:
SCHEDULE OF FAIR VALUE OF WARRANTS ISSUED
| |
| June 30, 2024 | |
Weighted average fair value of warrants granted | |
$ | 0.80 | |
Expected life | |
| 3.00 years | |
Risk-free interest rate | |
| 4.09 | % |
Expected volatility | |
| 46.56 | % |
Expected dividends yield | |
| — | % |
Forfeiture rate | |
| — | % |
|
X |
- DefinitionSchedule of Share-based Payment Award Warrants Valuation Assumptions [Table Text Block]
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- DefinitionTabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.
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- DefinitionTabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.
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- DefinitionTabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.
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v3.24.2.u1
BUSINESS (Details Narrative)
|
|
|
|
|
3 Months Ended |
9 Months Ended |
|
|
|
May 31, 2024
USD ($)
$ / shares
shares
|
May 12, 2023
USD ($)
|
Sep. 07, 2022 |
Jul. 29, 2022
USD ($)
$ / shares
shares
|
Jun. 30, 2024
USD ($)
Integer
$ / shares
shares
|
Mar. 31, 2024
Integer
|
Jun. 30, 2024
USD ($)
Integer
$ / shares
shares
|
Jun. 30, 2023
USD ($)
shares
|
Sep. 30, 2023
$ / shares
|
Aug. 15, 2023
$ / shares
|
Oct. 27, 2022
USD ($)
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value | $ / shares |
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
$ 0.0001
|
$ 0.0001
|
|
Proceeds from issuance of common stock |
|
|
|
|
|
|
|
$ 8,318,110
|
|
|
|
Maximum borrowing capacity |
|
|
|
|
$ 1.0
|
|
1.0
|
|
|
|
|
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] |
|
|
Prime Rate [Member]
|
|
|
|
|
|
|
|
|
Gross proceeds from warrants |
|
|
|
|
|
|
$ 1,269,877
|
|
|
|
|
Revolving Lines Of Credit July 29 2022 [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
|
|
|
$ 4,000,000
|
|
|
|
|
|
|
|
Line of credit, accordion feature |
|
|
|
$ 10,000,000
|
|
|
|
|
|
|
|
Warrants to purchase common stock | shares |
|
|
|
296,329
|
|
|
|
|
|
|
|
Purchase price of warrants | $ / shares |
|
|
|
$ 5.25
|
|
|
|
|
|
|
|
Number of Warrants for Each Investor | shares |
|
|
|
1
|
|
|
|
|
|
|
|
Cash payments | shares |
|
|
|
22,000
|
|
|
|
|
|
|
|
Cash payments |
|
|
|
1.00%
|
|
|
|
|
|
|
|
Revolving Lines Of Credit July 29 2022 [Member] | Eagle Investment Group Llc [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock | shares |
|
|
|
191,570
|
|
|
|
|
|
|
|
Revolving Lines Of Credit July 29 2022 [Member] | Subordinated Lenders [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock | shares |
|
|
|
104,759
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock | shares |
|
|
|
|
7,875,000
|
|
7,875,000
|
|
|
|
|
ATM Sales Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock |
|
$ 50,000,000
|
|
|
|
|
|
$ 8,317,936
|
|
|
|
Shares of common stock | shares |
|
|
|
|
|
|
|
2,779,997
|
|
|
|
Institutional Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Purchase price of warrants | $ / shares |
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
Institutional Purchase Agreement [Member] | Registered Offering [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock | shares |
7,875,000
|
|
|
|
|
|
|
|
|
|
|
Share issued price per share | $ / shares |
$ 0.15
|
|
|
|
|
|
|
|
|
|
|
Institutional Purchase Agreement [Member] | Registered Prefunded Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock | shares |
1,777,174
|
|
|
|
|
|
|
|
|
|
|
Purchase price of warrants | $ / shares |
$ 0.1499
|
|
|
|
|
|
|
|
|
|
|
Gross proceeds from warrants |
$ 1,450,000
|
|
|
|
|
|
|
|
|
|
|
Private Placement Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Purchase price of warrants | $ / shares |
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
Private Placement Purchase Agreement [Member] | Private Prefunded Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock | shares |
4,347,826
|
|
|
|
|
|
|
|
|
|
|
Purchase price of warrants | $ / shares |
$ 0.2308
|
|
|
|
|
|
|
|
|
|
|
Gross proceeds from warrants |
$ 1,000,000.0
|
|
|
|
|
|
|
|
|
|
|
Warrants exercisable exercise price | $ / shares |
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
Placement Agency Agreement [Member] | Registered Prefunded Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Cash fee percentage |
6.50%
|
|
|
|
|
|
|
|
|
|
|
Maximum reimbursement expense |
$ 50,000
|
|
|
|
|
|
|
|
|
|
|
Placement Agency Agreement [Member] | Placement Agent Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock | shares |
700,000
|
|
|
|
|
|
|
|
|
|
|
Purchase price of warrants | $ / shares |
$ 0.25399
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock percentage |
5.00%
|
|
|
|
|
|
|
|
|
|
|
Warrants expiration date |
May 31, 2029
|
|
|
|
|
|
|
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Purchase price of warrants | $ / shares |
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
Maximum [Member] | Revolving Lines Of Credit July 29 2022 [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
|
|
|
|
|
|
|
|
|
|
$ 6,000,000
|
Loan interest rate |
|
|
4.00%
|
|
|
|
|
|
|
|
|
Maximum [Member] | ATM Sales Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock |
|
$ 50,000,000
|
|
|
|
|
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Purchase price of warrants | $ / shares |
$ 0.24
|
|
|
|
|
|
|
|
|
|
|
Minimum [Member] | Revolving Lines Of Credit July 29 2022 [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
|
|
|
|
|
|
|
|
|
|
$ 4,000,000
|
Loan interest rate |
|
|
0.00%
|
|
|
|
|
|
|
|
|
Loop Platform [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of active players | Integer |
|
|
|
|
81,000
|
|
81,000
|
|
|
|
|
O&O Platform [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of active players | Integer |
|
|
|
|
30,486
|
|
30,486
|
|
|
|
|
Increase decrease in active players | Integer |
|
|
|
|
|
2,172
|
|
|
|
|
|
Partner Platform [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Increase decrease in active players | Integer |
|
|
|
|
|
1,000
|
|
|
|
|
|
Number of initial partner's screens launched | Integer |
|
|
|
|
|
51,000
|
|
|
|
|
|
GemCap Solutions, LLC [Member] | Revolving Line of Credit Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Line of credit current |
|
|
|
|
$ 2,279,596
|
|
$ 2,279,596
|
|
|
|
|
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v3.24.2.u1
SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenue |
$ 4,350,570
|
$ 5,734,976
|
$ 18,524,289
|
$ 25,954,038
|
Advertising [Member] |
|
|
|
|
Revenue |
3,997,054
|
5,079,922
|
16,936,810
|
23,687,817
|
Legacy and Other Business Revenue [Member] |
|
|
|
|
Revenue |
$ 353,516
|
$ 655,054
|
$ 1,587,479
|
$ 2,266,221
|
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SCHEDULE OF ANTI-DILUTIVE SECURITIES (Details) - shares
|
9 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Sep. 30, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common stock equivalents |
19,038,839
|
15,598,275
|
Options Held [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common stock equivalents |
7,845,881
|
8,849,305
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common stock equivalents |
6,866,699
|
5,592,573
|
Restricted Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common stock equivalents |
4,326,259
|
1,156,397
|
Series A Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common stock equivalents |
|
|
Series B Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common stock equivalents |
|
|
Convertible Debentures [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common stock equivalents |
|
|
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SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
|
|
|
|
|
|
|
Net Income (Loss) |
$ (5,451,617)
|
$ (7,570,633)
|
$ (5,285,402)
|
$ (7,875,532)
|
$ (9,817,117)
|
$ (5,259,439)
|
$ (18,307,652)
|
$ (22,952,087)
|
Net Income (Loss) |
|
|
|
|
|
|
(419,939)
|
|
Net Income (Loss) |
$ (5,451,617)
|
|
|
$ (7,875,532)
|
|
|
$ (18,749,850)
|
$ (22,952,087)
|
Weighted average number of common shares outstanding, basic |
75,146,980
|
|
|
56,604,812
|
|
|
70,966,475
|
56,455,743
|
Weighted average number of common shares outstanding, diluted |
75,146,980
|
|
|
56,604,812
|
|
|
70,966,475
|
56,455,743
|
Basic net loss per common share |
$ (0.07)
|
|
|
$ (0.14)
|
|
|
$ (0.26)
|
$ (0.41)
|
Diluted net loss per common share |
$ (0.07)
|
|
|
$ (0.14)
|
|
|
$ (0.26)
|
$ (0.41)
|
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
9 Months Ended |
|
May 31, 2024 |
Dec. 14, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Product Information [Line Items] |
|
|
|
|
|
|
|
Cash equivalents |
|
|
$ 0
|
|
$ 0
|
|
$ 0
|
FDIC insurance Limit |
|
|
628,658
|
|
628,658
|
|
2,818,696
|
Allowance for doubtful accounts |
|
|
284,065
|
|
284,065
|
|
$ 630,629
|
Threshold amount for capitalization of property and equipment |
|
|
3,000
|
|
3,000
|
|
|
Derivative liabilities |
|
|
0
|
|
0
|
|
|
Advertising costs |
|
|
$ 957,727
|
$ 2,743,194
|
4,883,946
|
$ 8,647,738
|
|
Gross proceeds from warrants |
|
|
|
|
$ 1,269,877
|
|
|
Institutional Purchase Agreement [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Purchase price of warrants |
$ 0.0001
|
|
|
|
|
|
|
Institutional Purchase Agreement [Member] | Registered Offering [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Shares of common stock |
7,875,000
|
|
|
|
|
|
|
Share issued price per share |
$ 0.15
|
|
|
|
|
|
|
Institutional Purchase Agreement [Member] | Registered Prefunded Warrants [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Purchase price of warrants |
$ 0.1499
|
|
|
|
|
|
|
Warrants to purchase common stock |
1,777,174
|
|
|
|
|
|
|
Gross proceeds from warrants |
$ 1,450,000
|
|
|
|
|
|
|
Private Placement Purchase Agreement [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Purchase price of warrants |
$ 0.0001
|
|
|
|
|
|
|
Private Placement Purchase Agreement [Member] | Private Prefunded Warrants [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Purchase price of warrants |
$ 0.2308
|
|
|
|
|
|
|
Warrants to purchase common stock |
4,347,826
|
|
|
|
|
|
|
Gross proceeds from warrants |
$ 1,000,000.0
|
|
|
|
|
|
|
Warrants exercisable exercise price |
$ 0.0001
|
|
|
|
|
|
|
Placement Agency Agreement [Member] | Registered Prefunded Warrants [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Cash fee percentage |
6.50%
|
|
|
|
|
|
|
Maximum reimbursement expense |
$ 50,000
|
|
|
|
|
|
|
Placement Agency Agreement [Member] | Placement Agent Warrants [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Purchase price of warrants |
$ 0.25399
|
|
|
|
|
|
|
Warrants to purchase common stock |
700,000
|
|
|
|
|
|
|
Shares of common stock percentage |
5.00%
|
|
|
|
|
|
|
Warrants expiration date |
May 31, 2029
|
|
|
|
|
|
|
Warrant Reprice Letter Agreements [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Purchase price of warrants |
|
$ 0.80
|
|
|
|
|
|
Number of warrants or rights outstanding |
|
1,850,874
|
|
|
|
|
|
Aggregate exercise price |
|
$ 1,480,699
|
|
|
|
|
|
Aggregate exercise price |
|
$ 419,939
|
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Long lived assets, useful life |
|
|
2 years
|
|
2 years
|
|
|
Purchase price of warrants |
$ 0.24
|
|
|
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Long lived assets, useful life |
|
|
9 years
|
|
9 years
|
|
|
Purchase price of warrants |
$ 1.00
|
|
|
|
|
|
|
Customer One [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
22.00%
|
16.00%
|
|
Customer One [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
10.00%
|
|
|
Customer Two [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
15.00%
|
14.00%
|
|
Customer Two [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
10.00%
|
|
|
Two Customer [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
20.00%
|
|
|
One Customer [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
|
15.00%
|
|
Direct Programmatic and Local Advertising Including Sponsorships [Member] | Revenue Benchmark [Member] | Revenue from Rights Concentration Risk [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
92.00%
|
89.00%
|
91.00%
|
91.00%
|
|
Legacy and Other Business Revenue [Member] | Revenue Benchmark [Member] | Revenue from Rights Concentration Risk [Member] |
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
8.00%
|
11.00%
|
9.00%
|
9.00%
|
|
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v3.24.2.u1
SCHEDULE OF AMORTIZATION EXPENSE RELATED TO CONTENT ASSETS (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Total |
$ 798,434
|
$ 779,166
|
$ 2,356,717
|
$ 2,091,876
|
License Content Asset [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Total |
780,219
|
760,951
|
2,302,072
|
2,045,794
|
Internally Developed Content Assets [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Total |
$ 18,215
|
$ 18,215
|
$ 54,645
|
$ 46,082
|
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v3.24.2.u1
SCHEDULE OF FUTURE AMORTIZATION EXPENSE (Details)
|
Jun. 30, 2024
USD ($)
|
Finite-Lived Intangible Assets [Line Items] |
|
Remaining fiscal year 2024 |
$ 573,303
|
Fiscal year 2025 |
529,903
|
Fiscal year 2026 |
105,963
|
License Content Asset [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Remaining fiscal year 2024 |
555,088
|
Fiscal year 2025 |
470,463
|
Fiscal year 2026 |
97,401
|
Internally Developed Content Assets [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Remaining fiscal year 2024 |
18,215
|
Fiscal year 2025 |
59,440
|
Fiscal year 2026 |
$ 8,562
|
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v3.24.2.u1
CONTENT ASSETS (Details Narrative) - USD ($)
|
9 Months Ended |
|
Jun. 30, 2024 |
Sep. 30, 2023 |
Content assets - current |
$ 997,508
|
$ 2,218,894
|
Content assets - non current |
211,661
|
448,726
|
License content liability |
1,011,571
|
|
License content liabilities - current |
708,567
|
489,157
|
License content liabilities - non current |
129,000
|
$ 208,000
|
License content liability in accounts payable |
174,004
|
|
Payments for license content liability |
649,307
|
|
Payable in 2024 |
389,071
|
|
Payable in 2025 |
345,500
|
|
Payable in 2026 |
110,000
|
|
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|
|
Content assets - non current |
$ 86,217
|
|
Minimum [Member] |
|
|
Content asset, useful life |
2 years
|
|
Minimum [Member] | Intellectual Property [Member] |
|
|
Content asset, useful life |
2 years
|
|
Minimum [Member] | License Content Asset [Member] |
|
|
Content asset, useful life |
2 years
|
|
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|
|
Content asset, useful life |
9 years
|
|
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|
|
Content asset, useful life |
3 years
|
|
Maximum [Member] | License Content Asset [Member] |
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Content asset, useful life |
3 years
|
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v3.24.2.u1
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT (Details) - USD ($)
|
Jun. 30, 2024 |
Sep. 30, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Equipment gross |
$ 4,942,413
|
$ 4,193,204
|
Less: accumulated depreciation |
(2,434,637)
|
(1,481,646)
|
Total, equipment net |
2,507,776
|
2,711,558
|
Loop Players [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Equipment gross |
3,334,030
|
2,536,937
|
Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Equipment gross |
712,536
|
801,301
|
Software Development [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Equipment gross |
$ 895,846
|
$ 854,966
|
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v3.24.2.u1
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)
|
9 Months Ended |
|
Jun. 30, 2024 |
Sep. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Total intangible assets, gross |
$ 1,210,000
|
$ 1,210,000
|
Useful life |
3 years 6 months
|
|
Less: accumulated amortization |
$ (816,444)
|
(732,111)
|
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(816,444)
|
(732,111)
|
Total intangible assets, net |
393,556
|
477,889
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Total intangible assets, gross |
$ 1,012,000
|
1,012,000
|
Useful life |
9 years
|
|
Content Library [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
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$ 198,000
|
$ 198,000
|
Useful life |
2 years
|
|
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v3.24.2.u1
INTANGIBLE ASSETS (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
|
|
Amortization expense |
$ 28,111
|
$ 28,111
|
$ 84,333
|
$ 84,333
|
Finite lived intangible asset, expected amortization, remainder of fiscal year |
28,111
|
|
28,111
|
|
Finite lived intangible asset, expected amortization, remainder of fiscal year two |
112,444
|
|
112,444
|
|
Finite lived intangible asset, expected amortization, remainder of fiscal year three |
112,444
|
|
112,444
|
|
Finite lived intangible asset, expected amortization, remainder of fiscal year four |
112,444
|
|
112,444
|
|
Finite lived intangible asset, expected amortization, remainder of fiscal year five |
$ 28,113
|
|
$ 28,113
|
|
Useful life |
|
|
3 years 6 months
|
|
X |
- DefinitionWeighted average amortization period of finite-lived intangible assets acquired either individually or as part of a group of assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
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v3.24.2.u1
SCHEDULE OF LEASE EXPENSE (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Operating Leases |
|
|
|
|
Operating lease expense |
$ 20,902
|
$ 17,495
|
$ 34,836
|
$ 79,434
|
Short-term lease expense |
2,400
|
34,828
|
41,643
|
69,659
|
Total lease expense |
$ 23,302
|
$ 52,323
|
$ 76,479
|
$ 149,093
|
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v3.24.2.u1
OPERATING LEASES (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Operating Leases |
|
|
|
|
Cash payments against lease liabilities |
$ 20,902
|
$ 18,792
|
$ 34,836
|
$ 77,929
|
Accretion on lease liability |
$ 5,007
|
$ 309
|
$ 8,563
|
$ 2,737
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v3.24.2.u1
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
|
Jun. 30, 2024 |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
|
Accounts payable |
$ 5,501,995
|
$ 4,978,920
|
Performance bonuses |
300,000
|
1,262,000
|
Interest payable |
209,057
|
175,094
|
Professional fees |
669,186
|
449,944
|
Marketing |
357,123
|
800,165
|
Insurance liabilities |
12,166
|
552,000
|
Other accrued liabilities |
318,629
|
307,135
|
Accrued Liabilities |
1,866,161
|
3,546,338
|
Accrued royalties and revenue share |
7,829,892
|
4,930,329
|
Total accounts payable and accrued expenses |
$ 15,198,048
|
$ 13,455,587
|
X |
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v3.24.2.u1
SCHEDULE OF CLASSIFICATIONS OF NON-REVOLVING LINE OF CREDIT (Details) (Parenthetical) - USD ($)
|
Jun. 30, 2024 |
Sep. 30, 2023 |
Revolving Lines Of Credit December 14 2023 [Member] | Related Party [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Debt instrument face amount |
$ 2,500,000
|
|
Non Revolving Lines Of Credit March 28 2024 [Member] | Related Party [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Debt instrument face amount |
1,000,000
|
|
Non Revolving Lines Of Credit May 13 2022 [Member] | Nonrelated Party [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
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2,200,000
|
$ 2,200,000
|
Revolving Lines Of Credit July 29 2022 [Member] | Nonrelated Party [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Debt instrument face amount |
6,000,000
|
6,000,000
|
Non Revolving Lines Of Credit May 10 2023 [Member] | Related Party [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Debt instrument face amount |
|
4,000,000
|
Non Revolving Lines Of Credit May 10 2023 [Member] | Nonrelated Party [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Debt instrument face amount |
$ 4,000,000
|
|
Revolving Lines Of Credit May 102023 [Member] | Nonrelated Party [Member] |
|
|
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|
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|
$ 4,000,000
|
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v3.24.2.u1
SCHEDULE OF CLASSIFICATIONS OF NON-REVOLVING LINE OF CREDIT (Details) - USD ($)
|
9 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Sep. 30, 2023 |
Related Parties [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Line of credit, Long Term |
$ 1,679,226
|
$ 1,959,693
|
Line Of Credit, Related Party, Unpaid Principal Balance |
3,500,000
|
2,266,733
|
Line of credit, current |
1,000,000
|
|
Non Related Parties [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Line of credit, Long Term |
|
475,523
|
Line Of Credit, Related Party, Unpaid Principal Balance |
3,820,018
|
6,830,914
|
Line of credit, current |
3,505,206
|
5,110,018
|
Revolving Lines Of Credit December 14 2023 [Member] | Related Parties [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Line of credit, Long Term |
1,679,226
|
|
Line Of Credit, Related Party, Unpaid Principal Balance |
$ 2,500,000
|
|
Debt Instrument, Interest Rate, Stated Percentage |
10.00%
|
|
Warrants issued |
3,125,000
|
|
Non Revolving Lines Of Credit March 28 2024 [Member] | Related Parties [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Line Of Credit, Related Party, Unpaid Principal Balance |
$ 1,000,000
|
|
Debt Instrument, Interest Rate, Stated Percentage |
12.00%
|
|
Line of credit, current |
$ 1,000,000
|
|
Maturity date |
Sep. 24, 2024
|
|
Non Revolving Lines Of Credit May 13 2022 [Member] | Non Related Parties [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Line Of Credit, Related Party, Unpaid Principal Balance |
$ 770,000
|
$ 2,200,000
|
Debt Instrument, Interest Rate, Stated Percentage |
12.00%
|
12.00%
|
Warrants issued |
314,286
|
314,286
|
Line of credit, current |
$ 735,740
|
$ 2,124,720
|
Maturity date |
Aug. 13, 2024
|
Nov. 13, 2023
|
Revolving Lines Of Credit July 29 2022 [Member] | Non Related Parties [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Line Of Credit, Related Party, Unpaid Principal Balance |
$ 2,250,018
|
$ 3,730,914
|
Debt Instrument, Interest Rate, Stated Percentage |
4.00%
|
4.00%
|
Line of credit, current |
$ 2,175,456
|
$ 2,985,298
|
Maturity date |
Jul. 29, 2024
|
Jul. 29, 2024
|
Non Revolving Lines Of Credit May 10 2023 [Member] | Related Parties [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Line of credit, Long Term |
|
$ 1,959,693
|
Line Of Credit, Related Party, Unpaid Principal Balance |
|
$ 2,266,733
|
Debt Instrument, Interest Rate, Stated Percentage |
|
12.00%
|
Warrants issued |
|
209,398
|
Maturity date |
|
May 10, 2025
|
Non Revolving Lines Of Credit May 10 2023 [Member] | Non Related Parties [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Line Of Credit, Related Party, Unpaid Principal Balance |
$ 800,000
|
|
Debt Instrument, Interest Rate, Stated Percentage |
12.00%
|
|
Warrants issued |
83,142
|
|
Line of credit, current |
$ 594,010
|
|
Maturity date |
May 10, 2025
|
|
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|
|
Line of Credit Facility [Line Items] |
|
|
Line of credit, Long Term |
|
$ 475,523
|
Line Of Credit, Related Party, Unpaid Principal Balance |
|
$ 900,000
|
Debt Instrument, Interest Rate, Stated Percentage |
|
12.00%
|
Warrants issued |
|
83,142
|
Maturity date |
|
May 10, 2025
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v3.24.2.u1
SCHEDULE OF INTEREST EXPENSE RELATED TO THE CONTRACTUAL INTEREST COUPON AND THE AMORTIZATION OF DEBT DISCOUNTS (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
Amortization of debt discounts |
|
|
$ 1,635,218
|
$ 1,842,003
|
Convertible Debt [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Interest expense |
$ 225,329
|
$ 364,604
|
738,773
|
1,037,499
|
Amortization of debt discounts |
435,177
|
597,674
|
1,635,218
|
1,842,003
|
Total |
$ 660,506
|
$ 962,278
|
$ 2,373,991
|
$ 2,879,502
|
X |
- DefinitionAmount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.
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v3.24.2.u1
SCHEDULE OF MATURITY ANALYSIS UNDER LINE OF CREDIT AGREEMENTS (Details)
|
Jun. 30, 2024
USD ($)
|
Debt Disclosure [Abstract] |
|
2024 |
$ 4,020,018
|
2025 |
3,300,000
|
2026 |
|
2027 |
|
2028 |
|
2029 |
|
Lines of credit, related and non-related party |
7,320,018
|
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- DefinitionAmount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1
+ Details
Name: |
us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.24.2.u1
DEBT (Details Narrative) - USD ($)
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3 Months Ended |
9 Months Ended |
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Apr. 18, 2024 |
Mar. 28, 2024 |
Dec. 31, 2023 |
Dec. 14, 2023 |
Dec. 13, 2023 |
Nov. 13, 2023 |
May 10, 2023 |
Sep. 07, 2022 |
Jul. 29, 2022 |
May 13, 2022 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
May 31, 2024 |
Sep. 30, 2023 |
Sep. 12, 2023 |
May 31, 2023 |
Oct. 27, 2022 |
Line of Credit Facility [Line Items] |
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Maximum borrowing capacity |
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$ 1.0
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$ 1.0
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Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] |
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Prime Rate [Member]
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Debt instrument carrying amount |
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7,320,018
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$ 7,320,018
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|
Shares issued for debt conversion |
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|
127,124
|
|
|
|
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127,124
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|
Excel Family Partners Lllp [Member] | Excel Waiver Agreement [Member] |
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Line of Credit Facility [Line Items] |
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Proceeds from capital raise waived |
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$ 500,000
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Maximum [Member] |
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|
|
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|
|
Line of Credit Facility [Line Items] |
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Exercise price |
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$ 1.00
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Minimum [Member] |
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|
Line of Credit Facility [Line Items] |
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Exercise price |
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$ 0.24
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Excel Revolving Line Of Credit [Member] |
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Line of Credit Facility [Line Items] |
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Maximum borrowing capacity |
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$ 2,500,000
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Expiration period |
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12 months
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Line of credit, interest rate |
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10.00%
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|
Exercise price |
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$ 0.80
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|
Ownership interest percentage |
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29.99%
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Line of credit |
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2,582,590
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|
$ 2,582,590
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|
$ 0
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|
Interest expense |
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|
|
|
|
|
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|
146,800
|
$ 0
|
256,084
|
$ 0
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|
Excel Revolving Line Of Credit [Member] | Excel Family Partners Lllp [Member] |
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Line of Credit Facility [Line Items] |
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Maximum borrowing capacity |
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$ 2,200,000
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|
Excel Revolving Line Of Credit [Member] | Maximum [Member] |
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|
Line of Credit Facility [Line Items] |
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|
|
|
|
|
|
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|
Line of credit facility, restriction on draw down as a percentage |
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25.00%
|
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Current borrowing capacity |
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$ 1,250,000
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Number of aggregate warrants |
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3,125,000
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|
Revolving Lines Of Credit July 29 2022 [Member] |
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|
Line of Credit Facility [Line Items] |
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Maximum borrowing capacity |
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|
$ 4,000,000
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|
Number of aggregate warrants |
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|
296,329
|
|
|
|
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Exercise price |
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|
$ 5.25
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Line of credit |
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|
2,279,596
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|
2,279,596
|
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|
3,757,074
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|
Interest expense |
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|
|
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|
304,038
|
353,684
|
1,012,000
|
1,068,425
|
|
|
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|
Line of credit, accordion feature |
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|
$ 10,000,000
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Number of Warrants for Each Investor |
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1
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|
|
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|
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|
Cash payments |
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|
|
|
|
|
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|
22,000
|
|
|
|
|
|
|
|
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Cash payments |
|
|
|
|
|
|
|
|
1.00%
|
|
|
|
|
|
|
|
|
|
|
Revolving Lines Of Credit July 29 2022 [Member] | Eagle Investment Group Llc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Number of aggregate warrants |
|
|
|
|
|
|
|
|
191,570
|
|
|
|
|
|
|
|
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|
Revolving Lines Of Credit July 29 2022 [Member] | Subordinated Lenders [Member] |
|
|
|
|
|
|
|
|
|
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|
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|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
|
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|
Number of aggregate warrants |
|
|
|
|
|
|
|
|
104,759
|
|
|
|
|
|
|
|
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|
Revolving Lines Of Credit July 29 2022 [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Maximum borrowing capacity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6,000,000
|
Loan interest rate |
|
|
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|
|
|
|
4.00%
|
|
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|
|
|
|
|
|
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|
|
Revolving Lines Of Credit July 29 2022 [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Maximum borrowing capacity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,000,000
|
Loan interest rate |
|
|
|
|
|
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
Non Revolving Lines Of Credit May 13 2022 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
|
|
|
|
|
|
|
|
|
$ 2,200,000
|
|
|
|
|
|
|
|
|
|
Line of credit, interest rate |
|
|
|
|
|
|
|
|
|
12.00%
|
|
|
|
|
|
|
|
|
|
Number of aggregate warrants |
|
|
|
|
|
|
|
|
|
209,522
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
|
|
$ 1.00
|
|
|
|
$ 5.25
|
|
|
|
|
|
|
|
|
|
Line of credit |
|
|
|
|
|
$ 374,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days until maturity |
|
|
|
|
|
|
|
|
|
18 months
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
$ 220,000
|
132,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal payment |
|
|
|
|
|
220,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of credit facility, fee |
|
|
|
|
|
$ 22,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of monthly payments |
|
|
|
|
|
9 months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days until maturity |
|
|
|
|
|
12 months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Revolving Lines Of Credit May 13 2022 [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days until maturity |
|
|
|
|
|
18 months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Revolving Lines Of Credit May 13 2022 [Member] | Minimum [Member] | Loan Agreement Amendment 1 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days until maturity |
|
|
|
|
|
27 months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Revolving Line Of Credit Loan May13 2022 Amendment Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days until maturity |
18 months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
$ 11,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal payment |
121,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt principal payment |
$ 110,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Revolving Lines Of Credit May 31 2024 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of aggregate warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
314,281
|
|
|
|
|
Line of credit |
|
|
|
|
|
|
|
|
|
|
774,222
|
|
774,222
|
|
|
2,300,899
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
99,156
|
223,382
|
409,165
|
670,146
|
|
|
|
|
|
Non Revolving Lines Of Credit May 10 2023 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
|
|
|
|
|
|
$ 4,000,000.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of credit, interest rate |
|
|
|
|
|
|
12.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of aggregate warrants |
|
|
|
|
|
|
369,517
|
|
|
|
|
|
|
|
|
|
209,398
|
|
|
Exercise price |
|
|
|
|
|
|
$ 4.33
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of credit |
|
|
$ 800,000
|
$ 3,262,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days until maturity |
|
|
|
|
|
|
24 months
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument carrying amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,266,733
|
|
|
Maximum amount outstanding |
|
|
|
$ 2,328,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
$ 0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Revolving Lines Of Credit May 10 2023 [Member] | Excel Family Partners Lllp [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
|
|
|
|
|
|
$ 2,650,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Revolving Lines Of Credit May 10 2023 [Member] | Excel May 2023 Secured Line Of Credit Note Conversion Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of aggregate warrants |
|
|
|
209,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for debt conversion |
|
|
|
2,910,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
$ 0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Revolving Lines Of Credit May 10 2023 [Member] | Excel Family Partners Lllp [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of credit |
|
|
|
|
|
|
|
|
|
|
861,333
|
|
861,333
|
|
|
3,214,769
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
80,179
|
40,736
|
293,520
|
40,736
|
|
|
|
|
|
Proceeds from board member and related party |
|
|
|
$ 167,518.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Revolving Lines Of Credit May 10 2023 [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Conversion, warrants or options issued |
|
|
83,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value of loan conversion |
|
|
$ 101,699.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Revolving Line Of Credit May 31 2023 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of credit, interest rate |
|
12.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days until maturity |
|
180 days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Revolving Line Of Credit May 31 2023 [Member] | Excel Family Partners Lllp [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
|
$ 1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-revolving Line of Credit May, 31 2023 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of credit |
|
|
|
|
|
|
|
|
|
|
1,031,333
|
|
1,031,333
|
|
|
$ 0
|
|
|
|
Non Revolving Lines of Credit May10, 2023 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
$ 30,333
|
$ 0
|
$ 31,333
|
$ 0
|
|
|
|
|
|
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v3.24.2.u1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
9 Months Ended |
May 31, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Related Party Transaction [Line Items] |
|
|
|
Proceeds from Issuance of Warrants |
|
$ 1,269,877
|
|
Maximum borrowing capacity |
|
1.0
|
|
Private Placement Purchase Agreement [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
$ 0.0001
|
|
|
Private Placement Purchase Agreement [Member] | Private Prefunded Warrants [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Class of Warrant or Right, Number of Securities Called by Warrants or Rights |
4,347,826
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
$ 0.2308
|
|
|
Proceeds from Issuance of Warrants |
$ 1,000,000.0
|
|
|
[custom:ClassOfWarrantOrRighstExercisePriceFromWhichWarrantsOrRightsExercisable-0] |
$ 0.0001
|
|
|
Secured Line Of Credit Agreement [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Maximum borrowing capacity |
$ 1,000,000.0
|
|
|
Net proceeds |
$ 500,000,000,000
|
|
|
Five Hundred Limited [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
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Repayments of Related Party Debt |
|
$ 145,500
|
$ 307,000
|
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v3.24.2.u1
STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($)
|
|
|
|
|
3 Months Ended |
9 Months Ended |
|
|
May 31, 2024 |
Dec. 31, 2023 |
May 12, 2023 |
Sep. 21, 2022 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Aug. 15, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
$ 0.0001
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
|
|
|
|
150,000,000
|
|
|
|
150,000,000
|
|
150,000,000
|
105,555,556
|
Reverse stock split |
|
|
|
1 for 3 reverse stock split of our Common Stock became effective
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
3,333,334
|
|
|
|
3,333,334
|
|
|
|
Preferred stock, par value |
|
|
|
|
$ 0.0001
|
|
|
|
$ 0.0001
|
|
|
|
Common stock, shares issued |
|
|
|
|
79,048,736
|
|
|
59,183,668
|
79,048,736
|
59,183,668
|
65,620,151
|
|
Common stock, shares outstanding |
|
|
|
|
79,048,736
|
|
|
59,183,668
|
79,048,736
|
59,183,668
|
65,620,151
|
|
Gross proceeds from warrants |
|
|
|
|
|
|
|
|
$ 1,269,877
|
|
|
|
Debt Conversion, Converted Instrument, Shares Issued |
|
127,124
|
|
|
|
|
|
|
127,124
|
|
|
|
Common stock for capital raise costs |
|
|
|
|
|
|
|
|
60,810
|
|
|
|
Proceeds from issuance of common stock |
|
|
|
|
|
|
|
|
|
8,318,110
|
|
|
Common stock upon exercise of stock |
|
|
|
|
|
|
|
|
|
|
|
|
ATM Sales Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Agent commission and related fees |
|
|
|
|
|
|
|
|
|
$ 257,435
|
|
|
Director [Member] | Line of Credit [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Conversion, Converted Instrument, Shares Issued |
|
|
|
|
|
|
|
|
2,910,771
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock |
|
|
|
|
7,875,000
|
|
|
|
7,875,000
|
|
|
|
Exercise of warrants |
|
|
|
|
|
|
|
|
1,850,874
|
|
|
|
Common stock for consulting fees |
|
|
|
|
|
|
311,889
|
|
311,889
|
|
|
|
Shares issued for vested RSUs, shares |
|
|
|
|
|
292,117
|
|
|
292,117
|
|
|
|
Common stock upon exercise of stock |
|
|
|
|
|
|
|
22,462
|
|
22,462
|
|
|
Institutional Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price of warrants |
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Purchase Agreement [Member] | Registered Offering [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock |
7,875,000
|
|
|
|
|
|
|
|
|
|
|
|
Shares Issued, Price Per Share |
$ 0.15
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Purchase Agreement [Member] | Registered Prefunded Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
1,777,174
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price of warrants |
$ 0.1499
|
|
|
|
|
|
|
|
|
|
|
|
Gross proceeds from warrants |
$ 1,450,000
|
|
|
|
|
|
|
|
|
|
|
|
Private Placement Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price of warrants |
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
Private Placement Purchase Agreement [Member] | Private Prefunded Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
4,347,826
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price of warrants |
$ 0.2308
|
|
|
|
|
|
|
|
|
|
|
|
Gross proceeds from warrants |
$ 1,000,000.0
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercisable exercise price |
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
Placement Agency Agreement [Member] | Registered Prefunded Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Cash fee percentage |
6.50%
|
|
|
|
|
|
|
|
|
|
|
|
Maximum reimbursement expense |
$ 50,000
|
|
|
|
|
|
|
|
|
|
|
|
Placement Agency Agreement [Member] | Placement Agent Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
700,000
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price of warrants |
$ 0.25399
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock percentage |
5.00%
|
|
|
|
|
|
|
|
|
|
|
|
Warrants expiration date |
May 31, 2029
|
|
|
|
|
|
|
|
|
|
|
|
ATM Sales Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock |
|
|
|
|
|
|
|
|
|
2,779,997
|
|
|
Proceeds from issuance of common stock |
|
|
$ 50,000,000
|
|
|
|
|
|
|
$ 8,317,936
|
|
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v3.24.2.u1
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)
|
9 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
|
Number of Options, Outstanding Beginning |
8,849,305
|
|
Weighted Average Exercise Price, Outstanding Beginning |
$ 3.84
|
|
Weighted Average Remaining Contractual Term, Outstanding |
5 years 9 months 3 days
|
6 years 4 months 6 days
|
Aggregate Intrinsic Value, Outstanding Beginning |
|
|
Number of Options, Grants |
201,666
|
|
Weighted Average Exercise Price, Grants |
$ 0.23
|
|
Aggregate Intrinsic Value, Grants |
|
|
Number of Options, Exercised |
|
|
Weighted Average Exercise Price, Exercised |
|
|
Aggregate Intrinsic Value, Exercised |
|
|
Number of Options, Expired |
(805,854)
|
|
Weighted Average Exercise Price, Expired |
$ 3.50
|
|
Aggregate Intrinsic Value, Expired |
|
|
Number of Options, Forfeited |
(399,236)
|
|
Weighted Average Exercise Price, Forfeited |
$ 2.92
|
|
Aggregate Intrinsic Value, Forfeited |
|
|
Number of Options, Outstanding Ending |
7,845,881
|
8,849,305
|
Weighted Average Exercise, Outstanding Ending |
$ 3.83
|
$ 3.84
|
Aggregate Intrinsic Value, Outstanding Ending |
|
|
Number of Options, Exercisable |
7,067,471
|
|
Weighted Average Exercise Price, Exercisable |
$ 3.79
|
|
Weighted Average Remaining Contractual Term, Exercisable |
5 years 5 months 12 days
|
|
Aggregate Intrinsic Value, Outstanding Exercisable |
|
|
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v3.24.2.u1
SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY (Details) - Restricted Stock Units (RSUs) [Member] - USD ($)
|
|
|
|
|
|
9 Months Ended |
Apr. 01, 2024 |
Jan. 01, 2024 |
Jul. 01, 2023 |
Jan. 03, 2023 |
Sep. 22, 2022 |
Jun. 30, 2024 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Number of RSUs, Outstanding Beginning |
|
|
|
|
|
860,754
|
Weighted Average Fair Value, Outstanding Beginning |
|
|
|
|
|
$ 5.30
|
Aggregate Intrinsic Value, Outstanding Beginning |
|
|
|
|
|
$ 427,795
|
Number of RSUs, Granted |
75,000
|
140,000
|
54,393
|
212,004
|
890,000
|
3,880,000
|
Number of RSUs, Vested |
|
|
|
|
|
(284,495)
|
Number of RSUs, Expired |
|
|
|
|
|
|
Number of RSUs, Forfeited |
|
|
|
|
|
(130,000)
|
Number of RSUs, Outstanding Ending |
|
|
|
|
|
4,326,259
|
Weighted Average Fair Value, Outstanding Ending |
|
|
|
|
|
$ 1.14
|
Aggregate Intrinsic Value, Outstanding Ending |
|
|
|
|
|
$ 436,952
|
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v3.24.2.u1
SCHEDULE OF WARRANT ACTIVITY (Details)
|
9 Months Ended |
Jun. 30, 2024
$ / shares
shares
|
Share-Based Payment Arrangement [Abstract] |
|
Number of shares, Outstanding Beginning | shares |
5,592,573
|
Weighted average exercise price per share, Outstanding Beginning | $ / shares |
$ 5.74
|
Number of shares, Issued | shares |
3,125,000
|
Weighted average exercise price per share, Issued | $ / shares |
$ 0.41
|
Number of shares, Exercised | shares |
(1,850,874)
|
Weighted average exercise price per share, Exercised | $ / shares |
$ 0.80
|
Number of shares, Expired | shares |
|
Weighted average exercise price per share, Expired | $ / shares |
|
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6,866,699
|
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$ 2.19
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v3.24.2.u1
STOCK OPTIONS, RESTRICTED STOCK UNITS (RSUs) AND WARRANTS (Details Narrative) - USD ($)
|
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|
9 Months Ended |
|
Apr. 01, 2024 |
Mar. 15, 2024 |
Jan. 01, 2024 |
Dec. 14, 2023 |
Jul. 01, 2023 |
Jan. 03, 2023 |
Sep. 22, 2022 |
Jun. 30, 2024 |
Jun. 30, 2023 |
May 31, 2024 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Options issued |
|
|
|
|
|
|
|
201,666
|
|
|
Weighted average exercise price, issued |
|
|
|
|
|
|
|
$ 0.23
|
|
|
Stock-based compensation expense |
|
|
|
|
|
|
|
$ 2,018,579
|
$ 5,319,045
|
|
Warrant issued |
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|
|
|
|
|
|
3,125,000
|
|
|
Debt discount |
|
|
|
|
|
|
|
$ 1,635,218
|
1,842,003
|
|
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants |
|
|
|
|
|
|
|
113,640
|
|
|
Proceeds from warrant exercise |
|
|
|
|
|
|
|
$ 1,480,699
|
|
|
Minimum [Member] |
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|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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|
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|
Purchase price of warrants |
|
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|
|
|
|
|
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$ 0.24
|
Maximum [Member] |
|
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|
|
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|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
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|
|
|
|
|
|
|
Purchase price of warrants |
|
|
|
|
|
|
|
|
|
$ 1.00
|
Existing Warrant [Member] |
|
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|
|
|
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Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
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|
|
|
|
|
|
|
|
Number of aggregate warrants |
|
|
|
4,055,240
|
|
|
|
1,850,874
|
|
|
Purchase price of warrants |
|
|
|
$ 0.80
|
|
|
|
|
|
|
Aggregate exercise price, value |
|
|
|
|
|
|
|
$ 1,480,699
|
|
|
Existing Warrant [Member] | Bruce Cassidy [Member] |
|
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|
|
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|
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|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of aggregate warrants |
|
|
|
786,482
|
|
|
|
|
|
|
Existing Warrant [Member] | Denise Penz [Member] |
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|
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Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
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|
|
|
|
|
|
|
|
Number of aggregate warrants |
|
|
|
443,332
|
|
|
|
|
|
|
Existing Warrant [Member] | Bruce Cassidy and Denise Penz [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Proceeds from warrant exercise |
|
|
|
$ 983,851
|
|
|
|
|
|
|
RAT Warrant [Member] |
|
|
|
|
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|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of aggregate warrants |
|
|
|
|
|
|
|
|
|
314,281
|
RAT Warrant [Member] | Minimum [Member] |
|
|
|
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|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Purchase price of warrants |
|
|
|
|
|
|
|
|
|
$ 1.00
|
RAT Warrant [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Purchase price of warrants |
|
|
|
|
|
|
|
|
|
$ 0.24
|
Line of Credit [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Warrant issued |
|
|
|
|
|
|
|
3,125,000
|
|
|
Debt discount |
|
|
|
|
|
|
|
$ 1,003,125
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stock price |
$ 0.32
|
|
$ 1.00
|
|
$ 2.39
|
$ 6.23
|
$ 5.00
|
|
|
|
Total compensation cost |
|
|
|
|
|
|
|
$ 4,560,326
|
|
|
Weighted average period |
|
|
|
|
|
|
|
26 months 9 days
|
|
|
Stock-based compensation expense |
|
|
|
|
|
|
|
$ 1,239,713
|
$ 1,263,635
|
|
Grants |
75,000
|
|
140,000
|
|
54,393
|
212,004
|
890,000
|
3,880,000
|
|
|
Vesting rights, percentage |
50.00%
|
|
|
|
100.00%
|
|
|
|
|
|
Initial vestment of shares |
|
|
1 year
|
|
|
|
|
|
|
|
Vesting rights, percentage |
1 year
|
|
|
|
|
3 years
|
3 years
|
|
|
|
Vested shares |
|
|
|
|
|
|
|
284,495
|
|
|
Aggregate intrinsic value, stock price |
|
|
|
|
|
|
|
$ 0.10
|
$ 2.39
|
|
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One [Member] |
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|
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|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Grants |
|
|
|
|
|
130,464
|
|
|
|
|
Vesting rights, percentage |
|
|
|
|
|
25.00%
|
25.00%
|
|
|
|
Initial vestment of shares |
|
|
|
|
|
1 year
|
1 year
|
|
|
|
Vested shares |
|
|
|
|
|
81,540
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche Two [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
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|
Vesting rights, percentage |
|
|
|
|
|
100.00%
|
|
|
|
|
Restricted Stock Units Rsu One [Member] |
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|
|
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|
|
|
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|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stock price |
|
$ 0.50
|
|
|
|
|
|
|
|
|
Grants |
|
3,065,000
|
|
|
|
|
|
|
|
|
Vesting rights, percentage |
|
12.50%
|
|
|
|
|
|
|
|
|
Vesting rights, percentage |
|
1 year
|
|
|
|
|
|
|
|
|
Restricted Stock Units Rsu One [Member] | Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Vesting rights, percentage |
|
50.00%
|
|
|
|
|
|
|
|
|
Vesting rights, percentage |
|
2 years
|
|
|
|
|
|
|
|
|
Restricted Stock Units Rsu Two [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stock price |
|
$ 0.50
|
|
|
|
|
|
|
|
|
Grants |
|
600,000
|
|
|
|
|
|
|
|
|
Vesting rights, percentage |
|
1 year
|
|
|
|
|
|
|
|
|
Restricted Stock Units Rsu Two [Member] | Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Vesting rights, percentage |
|
4 years
|
|
|
|
|
|
|
|
|
Employee Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stock price |
|
|
|
|
|
|
|
$ 0.10
|
$ 2.39
|
|
Options issued |
|
|
|
|
|
|
|
201,666
|
|
|
Weighted average exercise price, issued |
|
|
|
|
|
|
|
$ 0.23
|
|
|
Total compensation cost |
|
|
|
|
|
|
|
$ 1,917,278
|
|
|
Weighted average period |
|
|
|
|
|
|
|
24 months 27 days
|
|
|
Registered Direct Offering [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of aggregate warrants |
|
|
|
|
|
|
|
1,777,174
|
|
|
Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of aggregate warrants |
|
|
|
|
|
|
|
4,347,826
|
|
|
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v3.24.2.u1
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
Jul. 16, 2024 |
Jun. 30, 2024 |
Sep. 30, 2023 |
Aug. 15, 2023 |
Oct. 27, 2022 |
Jul. 29, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
Common stock, par value |
|
$ 0.0001
|
$ 0.0001
|
$ 0.0001
|
|
|
Maximum borrowing capacity |
|
$ 1.0
|
|
|
|
|
Revolving Lines Of Credit July 29 2022 [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Maximum borrowing capacity |
|
|
|
|
|
$ 4,000,000
|
Line of credit, accordion feature |
|
|
|
|
|
10,000,000
|
Revolving Lines Of Credit July 29 2022 [Member] | Minimum [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Maximum borrowing capacity |
|
|
|
|
$ 4,000,000
|
|
Revolving Lines Of Credit July 29 2022 [Member] | Maximum [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Maximum borrowing capacity |
|
|
|
|
$ 6,000,000
|
|
Revolving Lines Of Credit July 29 2022 [Member] | Loan And Security Agreement [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Maximum borrowing capacity |
|
|
|
|
|
4,000,000.00
|
Line of credit, accordion feature |
|
|
|
|
|
$ 10,000,000.00
|
Common Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Common stock, par value |
$ 0.0001
|
|
|
|
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