Company: ILLRW
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001213900-25-006210
Chunk: 255

Company: Triller Group Inc.
Filing Date: 2025-01-24
Form: S-1
Chunk 255
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 contingency loss for the year ended December 31, 2021. In March 2022, parties participated
in a mediation but no settlement reached. A case management summons will be held on February 5, 2024. Legal counsel of the Company will
continue to handle this matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of the matter
or any further potential loss, if any.

Sony Music Entertainment

On August 29, 2022, Sony Music Entertainment,
Sony Music Entertainment U.S. Latin LLC, Arista Records LLC, Records Label, LLC and Zomba Recording LLC, or collectively, the Plaintiffs,
filed a complaint in the United States District Court for the Southern District of New York captioned Sony Music Entertainment, et al.
v. Triller, Inc., Case No. 1:22-cv-07380-PKC. On September 22, 2022, Plaintiffs filed a First Amended Complaint or the Complaint, against
we alleging claims for breach of contract, copyright infringement pursuant to 17 U.S.C. § 1401, contributory copyright infringement,
and vicarious copyright infringement. On May 16, 2023, the court entered partial final judgment in favor of Plaintiffs on Plaintiffs’
breach of contract claim and ordered the Company to pay Plaintiffs $4.6 million. Thereafter, the Company and the Plaintiffs entered into
a Confidential Settlement Agreement dated July 21, 2023 to resolve Plaintiffs’ remaining claims and provide for an agreed plan for
payment of the judgment, pursuant to which we agreed to pay an additional sum of money to Plaintiffs and, upon receipt by Plaintiffs of
certain payments under the Agreement, Plaintiffs agreed to release claims arising under the Content Distribution Agreement, effective
September 1, 2016, between the parties and this action. On May 22, 2024, Plaintiff filed a lawsuit against Triller Platform Co., Triller
Corp., and Triller Hold Co LLC in New York for breach of settlement agreement. Though we have not fulfilled all of our payment obligations
under the Agreement to date, we maintain an ongoing dialogue with Plaintiffs and make periodic progress payments when available. See Note
16, Subsequent Events. Within fifteen days of a direct listing, we will be obligated to pay the Plaintiffs pursuant to the Confidential
Settlement Agreement.

Music Licensing

We have outstanding contractual obligations to
various record