# EDGAR Filing Document

**Accession Number:** 0001865200
**File Stem:** 0001865200-26-000034
**Filing Date:** 2026-4
**Character Count:** 26841
**Document Hash:** 731bb35eb8cbbabd8cca83a312426f7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001865200-26-000034.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001865200-26-000034

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260430

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Angel Studios, Inc.
- **CENTRAL INDEX KEY:** 0001865200
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 863483780
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41150
- **FILM NUMBER:** 26925884

**BUSINESS ADDRESS:**
- **STREET 1:** 295 W CENTER STREET
- **CITY:** PROVO
- **STATE:** UT
- **ZIP:** 84601
- **BUSINESS PHONE:** 760-933-8437

**MAIL ADDRESS:**
- **STREET 1:** 295 W CENTER STREET
- **CITY:** PROVO
- **STATE:** UT
- **ZIP:** 84601

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Southport Acquisition Corp
- **DATE OF NAME CHANGE:** 20210601

?xml version='1.0' encoding='ASCII'? Angel Studios, Inc._April 30, 2026

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): April 30, 2026**

**Angel Studios, Inc.**

(Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41150** | **86-3483780** |
| (State or other jurisdiction of<br>incorporation or<br>organization) | (Commission File Number)  | (I.R.S. Employer<br>Identification No.) |

---

**295 W Center St.Provo, UT 84601**

(Address of principal executive offices)

**(760) 933-8437**

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading symbol(s)** | **Name of each exchange on which registered** |
| &nbsp;&nbsp;Class A Common Stock, par value $0.0001 per share  | &nbsp;&nbsp;ANGX | &nbsp;&nbsp;The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |

---

On April 30, 2026, Angel Studios, Inc. (the "Company") issued a press release announcing its financial results and operational highlights for the Company's quarter ended March 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

The information under Item 2.02 of this Report, including Exhibit 99.1, attached hereto, is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or Securities Act of 1933, as amended, expect as expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

---

(d) Exhibits

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit Number** | &nbsp;&nbsp;**Description of Exhibit** |
| &nbsp;&nbsp;[99.1](angx-20260331xex99.htm) | &nbsp;&nbsp;[Press release dated April 30, 2026](angx-20260331xex99.htm) |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

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 hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **ANGEL STUDIOS, INC.** | **ANGEL STUDIOS, INC.** |
| Date: April 30, 2026 | By: | /s/ Scott Klossner |
|  |  | Scott Klossner |
|  |  | Chief Financial Officer |

---

## Ex-99

**Exhibit 99.1**

**Angel Reports First Quarter 2026 Financial Results with 11% Growth in Guild Membership** 

*~ Revenue of $115.1 Million, Representing a 143% Year-Over-Year Increase ~* 

*~ Adjusted EBITDA Improves to $4.0 Million From $(28.7) Million in Q1 2025 ~*

*~ Selling and Marketing expense improved from 107% of total revenue in Q1 2025, to 49% of total revenue in Q1 2026 ~*

PROVO, Utah – Angel (NYSE: ANGX) (the "Company"), a media and technology company successfully pioneering a first-of-its-kind audience-driven studio model, today reported financial results for the first quarter ended March 31, 2026.

**Highlights**

● The Angel Guild grew from 2.0 million to 2.22 million paying members during the quarter, representing 11% quarter-over-quarter growth and 106% growth year-over-year from 1.08 million members.

● 2026 first quarter revenue increased 143% year-over-year to $115.1 million, compared to $47.4 million in the first quarter of 2025.

● The Angel Guild selling and marketing expense improved as a percent of total Guild revenues from 79% in Q4 of 2025 to 43% in Q1 2026.

● The Company's recurring revenue stream, the Angel Guild, rep resents 72% of total revenues for the first quarter 2026, representing year-over-year Angel Guild revenue growth of 140%.

● The Company delivers first quarter positive Adjusted EBITDA <sup>[1](#footnote-2)</sup> , reporting $4.0 million for the quarter ended March 31, 2026, compared to $(28.7) million for the quarter ended March 31, 2025.

● Trailing twelve-month average revenue per member ("ARPM") of $13.69 per month for the three months ended March 31, 2026.

● Net Income (loss) improves to a loss of $13.8 million or ($0.08) per share, compared to a loss of $37.3 million or ($0.26) per share for the quarter ended March 31, 2025 <sup>[2](#footnote-3)</sup> .

**Angel Streaming Platform and Theatrical Projects**

● Our streaming library recently surpassed 1,000 titles, and by the end of 2026, we expect to double our library from 2025 by adding 730 titles to the platform (including films, episodes, and comedy specials), making Angel one of the fastest-growing libraries of values-driven films and television series anywhere in the world.

● Angel is attracting award-winning talent and filmmakers on projects such as *Young Washington* (starring Golden Globe winners Kelsey Grammer and Mary-Louise Parker

<sup>1</sup> Adjusted EBITDA is a non-GAAP (as defined below) financial measure. See "Non-GAAP Measures" below for additional information and for a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure.

<sup>2</sup> Total shares issued and outstanding of 169,850,328 as of March 31, 2026.

------

along with Academy Award winner Ben Kingsley), *The Brink of War* (starring Jeff Daniels and Academy Award winner J.K. Simmons)*, Runner* (starring Owen Wilson and Alan Ritchson)*, Angel And The Badman* (starring Academy Award winner Tommy Lee Jones, Zachary Levi, and Neal McDonough), *Drummer Boy, Hershey,* and *Zero A.D.* (starring Deva Cassel, Sam Worthington, Jim Caviezel, and Ben Mendelsohn).

● *Solo Mio*, starring Kevin James, is one of Rotten Tomatoes' highest audience-ranked romantic comedies of all time <sup>[3](#footnote-4)</sup> and is driving new Guild membership growth to the platform, after surpassing $25 million at the domestic box office.

**Message from our CEO:**

"The Angel Guild continued to expand, growing 11 percent while the company had a more efficient theatrical marketing spend. The scale and momentum of the Guild create a powerful flywheel," said Neal Harmon, co-founder and CEO, Angel. "As premium filmmakers and high-demand genres strengthen the Angel library, the Guild grows faster, expanding the royalty pool and making Angel even more compelling to filmmakers. Each new genre unlocks audience segments, expands our addressable market, lowers customer acquisition costs, and deepens engagement."

**Message from our CFO:**

**First Quarter 2026 Financial Results**

Total revenue was $115.1 million in the first quarter of 2026, compared to $47.4 million in the first quarter of 2025. The increase in revenue was largely due to an increase in Angel Guild revenue, which totaled $83.3 million in Q1 2026. Angel Guild membership grew from 1.08 million in Q1 2025 to 2.22 million members in Q1 2026.

Gross profit was $71.1 million in the first quarter of 2026, compared to $28.0 million in the first quarter of 2025, representing a 154% year-over-year increase. Gross margin expanded to approximately 62% from 59% in the prior-year period, reflecting revenue growth that outpaced the increase in cost of revenues.

Selling and marketing expenses were $56.6 million, representing 49% of revenue, in the first quarter of 2026, compared to $50.5 million, representing 107% of revenue, in the first quarter of 2025.

Net loss was $13.8 million, or ($0.08) per share, in the first quarter of 2026, compared to a net loss of $37.3 million, or $(0.26) per share, in the first quarter of 2025<sup>2</sup>.

Adjusted EBITDA was $4.0 million in the first quarter of 2026, compared to an Adjusted EBITDA loss of $(28.7) million in the first quarter of 2025.

<sup>3</sup> As of March 31, 2026 with a 95% Popcornmeter score as set out on www.rottentomatoes.com.

------

**Liquidity**

As of March 31, 2026, Angel has cash and cash equivalents of $38.9 million, compared to $14.2 million as of March 31, 2025.

Bitcoin holdings remain unchanged at 303.1 BTC, but have declined in value from $26.5 million to $20.7 million from Q4 of 2025 to Q1 of 2026.

In April 2026, the Company priced an underwritten registered offering of 16,445,000 shares of Class A common stock at $2.10 per share, delivering a total of $34.5 million in gross proceeds<sup>[4](#footnote-5)</sup>.

**Outlook**

The Company reiterates its expected narrowed Adjusted EBITDA loss of less than $25 million for the full year 2026.

**Webinar**

The Company will host a webinar on Friday, May 1, 2026, at 11:00 a.m. Eastern Time to discuss the results and answer questions from the sell side community. The webinar can be accessed using the dial-in numbers or registration link below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Date:** | &nbsp;&nbsp;Friday, May 1, 2026 |
| &nbsp;&nbsp;**Time:**  | &nbsp;&nbsp;11:00 a.m. Eastern time |
| &nbsp;&nbsp;**Dial-in:** | &nbsp;&nbsp;1-877-407-0779 |
| &nbsp;&nbsp;**International Dial-in:** | &nbsp;&nbsp;1-201-389-0914 |
| &nbsp;&nbsp;**Webcast:** | &nbsp;&nbsp;Please register <u>here</u> |

---

A replay will be available within 24 hours after the webinar and can be accessed <u>here</u> or on the Company's investor relations website at <u>https://angx.com/</u>.

###

**About Angel**

Angel (NYSE: ANGX) is a media and technology company successfully pioneering a first-of-its-kind audience-driven studio model. Founded by brothers who struggled to find films they could watch with their children, Angel was built on the belief that there was a global audience hungry for values-driven storytelling that amplifies light, celebrates hope, and inspires the moral imagination of viewers. That audience became the Angel Guild, a rapidly growing community of more than 2 million paying members who watch, screen, and vote on which films and television series get produced and distributed in theaters and on the Angel app. With 100 films and more than 30 television series on the platform, Angel has achieved the highest audience satisfaction

<sup>4</sup> Total shares issued and outstanding of 186,412,364 as of April 27, 2026.

------

scores in the industry and the highest average domestic box office per title among all independent studios. It has done so while evolving a new economic model that shares profits more fully with filmmakers. For more information, visit <u>www.angel.com.</u>

**Forward-Looking Statements**

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are often identified by words such as "expects," "believes," "may," "will," "should," "would," or similar expressions. Statements regarding the Company's 2026 theatrical slate, and other expectations regarding future performance are forward-looking statements based on management's current expectations and assumptions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

"Adjusted EBITDA" is a non-GAAP financial measure defined by the Company as earnings before Interest, taxes, depreciation, amortization, stock compensation expense, and the gain/loss on digital assets, as well as exceptional items. Management uses Adjusted EBITDA as a supplemental measure of operating performance to evaluate the performance of the Company's core business operations, to facilitate comparisons of operating results across reporting periods, and to assist in planning and forecasting future periods. Adjusted EBITDA is presented as a supplemental measure of the Company's operating performance and should not be considered in isolation or as a substitute for net loss or any other measure of financial performance calculated in accordance with GAAP.

Actual results may differ materially from those anticipated due to a number of risks and uncertainties, including but not limited to: the Company's ability to grow and retain its Angel Guild membership base; the performance of the Company's theatrical and streaming content releases, including audience reception and box office results; competitive pressures from other streaming platforms, studios, and entertainment alternatives; adverse macroeconomic conditions, including inflation, changes in consumer spending, or capital market disruptions that could affect the Company's access to financing or its operating costs; and other risks described from time to time in the Company's filings with the Securities and Exchange Commission, including the risks and uncertainties described under the heading "Risk Factors" in the Company's most recent Annual Report on Form 10-K and in any subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission.

The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

------

A reconciliation between net income/(loss) and Adjusted EBITDA is presented below:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,**  | **For the three months ended March 31,**  |
|  | **2026**<br><BORDER_TOP> | **2025**<br><BORDER_TOP> |
| Reconciliation of net loss to non-GAAP Adjusted EBITDA |  |  |
| Net loss | $(13756056) | $(37330132) |
| Interest expense, net | 5,324,320 | 439,464 |
| Depreciation and amortization | 3100429 | 2226184 |
| Stock-based compensation | 3471960 | 2632836 |
| Net loss on digital assets | 5845056 | 3299105 |
| Adjusted EBITDA | $3985709 | $(28732543) |

---

**Contacts:**

David Shane

Corporate Communications

<u>press@angel.com</u>

Luk Janssens

Investor Relations

<u>InvestorRelations@angel.com</u>

------

**ANGEL STUDIOS, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | ***As of*** | ***As of*** |
|  | **March 31, 2026** | **December 31, 2025** |
| **Assets** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;**Cash and cash equivalents** | $**38875760** | $**44083233** |
| &nbsp;&nbsp;**Accounts receivable, net** | **30792585** | **51122866** |
| &nbsp;&nbsp;**Current portion of licensing receivables, net** | **9834673** | **9695562** |
| &nbsp;&nbsp;**Physical inventory** | **1383563** | **1264101** |
| &nbsp;&nbsp;**Current portion of notes receivable** | **1375942** | **1368581** |
| &nbsp;&nbsp;**Royalty advance** | **18736980** | **13827626** |
| &nbsp;&nbsp;**Prepaid expenses and other** | **10617381** | **13515986** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **111616884** | **134877955** |
| **Licensing receivables, net** | **80213** | **2579252** |
| **Notes receivable, net of current portion** | **3862655** | **3940918** |
| **Property and equipment, net** | **581186** | **709845** |
| **Content, net** | **5828984** | **6272925** |
| **Intangible assets, net** | **3081723** | **3850035** |
| **Capitalized software, net** | **13705384** | **13308247** |
| **Digital assets** | **20682504** | **26527560** |
| **Investments in affiliates** | **45997700** | **46014881** |
| **Operating lease right-of-use assets** | **2932555** | **3240021** |
| **Other long-term assets** | **4715599** | **89924** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**213085387** | $**241411563** |
| **Liabilities and Stockholders' Equity** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;**Accounts payable** | $**25786792** | $**39960272** |
| &nbsp;&nbsp;**Accrued expenses** | **12122179** | **24487884** |
| &nbsp;&nbsp;**Current portion of accrued licensing royalties** | **33774958** | **31257950** |
| &nbsp;&nbsp;**Current portion of notes payable** | **40470679** | **55473665** |
| &nbsp;&nbsp;**Current portion of operating lease liabilities** | **1318472** | **1284747** |
| &nbsp;&nbsp;**Deferred revenue** | **74691685** | **66534622** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **188164765** | **218999140** |
| **Accrued licensing royalties, long-term** | **2863265** | **4441758** |
| **Notes payable, net of current portion** | **61802915** | **41692404** |
| **Operating lease liabilities, net of current portion** | **1714213** | **2058585** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $**254545158** | $**267191887** |
| **Commitments and contingencies (Note 5)** |  |  |
| **Stockholders' equity:** |  |  |
| &nbsp;&nbsp;**Common stock, $0.0001 par value, 700,000,000 shares authorized; 169,850,328 and 169,095,572 shares issued and outstanding as of March 31, 2026, and December 31, 2025, respectively** | $**16985** | $**16909** |
| &nbsp;&nbsp;**Additional paid-in capital** | **214027327** | **210079998** |
| &nbsp;&nbsp;**Noncontrolling interests** | **(168495)** | **5653837** |
| &nbsp;&nbsp;**Accumulated deficit** | **(255335588)** | **(241531068)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | **(41459771)** | **(25780324)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**213085387** | $**241411563** |

---

------

**ANGEL STUDIOS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | *Three Months Ended March 31,*  | *Three Months Ended March 31,*  |
|  | **2026** | **2025** |
| Revenue: |  |  |
| &nbsp;&nbsp;Licensed content and other revenue | $114950464 | $46206744 |
| &nbsp;&nbsp;Pay it Forward revenue | 154602 | 1233896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 115105066 | 47440640 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;Cost of revenues | 44002346 | 19480204 |
| &nbsp;&nbsp;Selling and marketing | 56596563 | 50525314 |
| &nbsp;&nbsp;General and administrative | 11245458 | 7367254 |
| &nbsp;&nbsp;Research and development | 4083938 | 3244918 |
| &nbsp;&nbsp;Legal expense | 1842932 | 414513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 117771237 | 81032203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating loss | (2666171) | (33591563) |
| Other income (expense): |  |  |
| &nbsp;&nbsp;Net loss on digital assets | (5845056) | (3299105) |
| &nbsp;&nbsp;Interest expense | (6032609) | (1564155) |
| &nbsp;&nbsp;Interest income | 708289 | 1124691 |
| &nbsp;&nbsp;Other income | 79491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (11089885) | (3738569) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss before income tax benefit | (13756056) | (37330132) |
| Income tax benefit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(13756056) | $(37330132) |
| Net income (loss) attributable to noncontrolling interests | 48464 | (26208) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to controlling interests | $(13804520) | $(37303924) |
| Net loss per common share - basic | $(0.082) | $(0.256) |
| Net loss per common share - diluted | $(0.082) | $(0.256) |
| Weighted average common shares outstanding - basic | 169376204 | 145623586 |
| Weighted average common shares outstanding - diluted | 169376204 | 145623586 |

---

------

**ANGEL STUDIOS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | ***Three Months Ended March 31,***  | ***Three Months Ended March 31,***  |
|  | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| **Net loss** | $**(13756056)** | $**(37330132)** |
| **Adjustments to reconcile net loss to net cash and cash equivalents provided by (used in) operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;**Depreciation and amortization** | **3100429** | **2226184** |
| &nbsp;&nbsp;&nbsp;**Amortization of content assets** | **537698** | **58505** |
| &nbsp;&nbsp;&nbsp;**Amortization of right-of-use assets** | **307466** | **171518** |
| &nbsp;&nbsp;&nbsp;**Stock-based compensation expense** | **3471960** | **2632836** |
| &nbsp;&nbsp;&nbsp;**Net loss on digital assets** | **5845056** | **3299105** |
| &nbsp;&nbsp;&nbsp;**Investments in affiliates gain** | **(78199)** | **(40698)** |
| &nbsp;&nbsp;&nbsp;**Non-cash interest expense** | **331440** | **—** |
| &nbsp;&nbsp;&nbsp;**Paid-in-kind interest** | **3947996** | **—** |
| &nbsp;&nbsp;&nbsp;**Bad debt expense (recovery)** | **(90648)** | **—** |
| &nbsp;&nbsp;&nbsp;**Change in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Accounts receivable** | **20420929** | **3098255** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Physical inventory** | **(119462)** | **102340** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Royalty advance** | **(4909354)** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Prepaid expenses and other current assets** | **2898605** | **(4230773)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Licensing receivables** | **2359928** | **1851361** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other long-term assets** | **(4625675)** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Accounts payable and accrued expenses** | **(26539185)** | **2435478** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Accrued licensing royalties** | **938515** | **2286956** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating lease liabilities** | **(310647)** | **(162237)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Deferred revenue** | **8157063** | **13840858** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash and cash equivalents provided by (used in) operating activities** | **1887859** | **(9760444)** |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;**Purchases of property and equipment** | **(24533)** | **(51977)** |
| &nbsp;&nbsp;&nbsp;**Issuance of notes receivable** | **—** | **(837309)** |
| &nbsp;&nbsp;&nbsp;**Collections of notes receivable** | **70902** | **87933** |
| &nbsp;&nbsp;&nbsp;**Sale of digital assets** | **—** | **99118** |
| &nbsp;&nbsp;&nbsp;**Additions to internal-use software** | **(2576062)** | **(2173360)** |
| &nbsp;&nbsp;&nbsp;**Purchase of content** | **(93757)** | **(259304)** |
| &nbsp;&nbsp;&nbsp;**Investments in affiliates** | **—** | **(110999)** |
| &nbsp;&nbsp;&nbsp;**Return on investments in affiliates** | **95380** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash and cash equivalents used in investing activities** | **(2528070)** | **(3245898)** |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;**Repayment of notes payable** | **(18744062)** | **(9691628)** |
| &nbsp;&nbsp;&nbsp;**Repayment of loan guarantee** | **—** | **(2000000)** |
| &nbsp;&nbsp;&nbsp;**Receipt of notes payable** | **20000000** | **22904952** |
| &nbsp;&nbsp;&nbsp;**Repayment of accrued settlement costs** | **—** | **(67486)** |
| &nbsp;&nbsp;&nbsp;**Exercise of stock options** | **1145012** | **80516** |
| &nbsp;&nbsp;&nbsp;**Issuance of common stock** | **—** | **14796704** |
| &nbsp;&nbsp;&nbsp;**Investments in minority owned entities** | **—** | **228594** |
| &nbsp;&nbsp;&nbsp;**Redemption of equity in noncontrolling interests** | **(5870796)** | **(6000000)** |
| &nbsp;&nbsp;&nbsp;**Repurchase of common stock** | **(897416)** | **(65029)** |
| &nbsp;&nbsp;&nbsp;**Debt financing fees** | **(200000)** | **(207076)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash and cash equivalents provided by (used in) financing activities** | **(4567262)** | **19979547** |
| **Net increase (decrease) in cash and cash equivalents** | **(5207473)** | **6973205** |
| **Cash and cash equivalents at beginning of period** | **44083233** | **7211826** |
| **Cash and cash equivalents at end of period** | $**38875760** | $**14185031** |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;**Cash paid for interest** | $**3440001** | $**1573293** |
| **Supplemental schedule of noncash financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;**Adoption of ASU No. 2023-08** | $**—** | $**15962018** |
| &nbsp;&nbsp;&nbsp;**Change from digital assets to digital assets receivable** | **—** | **21748336** |
| &nbsp;&nbsp;&nbsp;**Issuance of warrants** | **227849** | **—** |

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