# EDGAR Filing Document

**Accession Number:** 0001807632
**File Stem:** 0001669191-23-000126
**Filing Date:** 2023-2
**Character Count:** 240129
**Document Hash:** 38a3826cfc754c726e13b486a079367d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001669191-23-000126.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001669191-23-000126

**CONFORMED SUBMISSION TYPE**: C/A

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arowana Media Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001807632
- **IRS NUMBER:** 832225383
- **STATE OF INCORPORATION:** WY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** C/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-29326
- **FILM NUMBER:** 23595690

**BUSINESS ADDRESS:**
- **STREET 1:** 20860 N. TATUM BLVD.
- **STREET 2:** SUITE 300
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85050
- **BUSINESS PHONE:** 3109862734

**MAIL ADDRESS:**
- **STREET 1:** 20860 N. TATUM BLVD
- **STREET 2:** SUITE 300
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85050

## Ex-99

html![](offeringpage.jpg)

### Attached PDF Documents

**Attachment 1:** `offeringstatement.pdf`

# Offering Statement for Arowana Media Holdings, Inc.

('Arowana Media Holdings, Inc.,' 'we,' 'our,' or the 'Company')

This document is generated by a website that is operated by Netcapital Systems LLC ('Netcapital'), which is not a registered broker-dealer. Netcapital does not give investment advice, endorsement, analysis or recommendations with respect to any securities. All securities listed here are being offered by, and all information included in this document are the responsibility of, the applicable issuer of such securities. Netcapital has not taken any steps to verify the adequacy, accuracy or completeness of any information. Neither Netcapital nor any of its officers, directors, agents and employees makes any warranty, express or implied, of any kind whatsoever related to the adequacy, accuracy or completeness of any information in this document or the use of information in this document.

All Regulation CF offerings are conducted through Netcapital Funding Portal Inc. ('Portal'), an affiliate of Netcapital, and a FINRA/SEC registered funding-portal. For inquiries related to Regulation CF securities activity, contact Netcapital Funding Portal Inc.:

**Paul Riss:**

paul@netcapital.com

Netcapital and Portal do not make investment recommendations and no communication, through this website or in any other medium, should be construed as a recommendation for any security offered on or off this investment platform. Equity crowdfunding investments in private placements, Regulation A, D and CF offerings, and start-up investments in particular are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups. Companies seeking startup investments through equity crowdfunding tend to be in earlier stages of development and their business model, products and services may not yet be fully developed, operational or tested in the public marketplace. There is no guarantee that the stated valuation and other terms are accurate or in agreement with the market or industry valuations. Additionally, investors may receive illiquid and/or restricted stock that may be subject to holding period requirements and/or liquidity concerns. In the most sensible investment strategy for start-up investing, start-ups should only be part of your overall investment portfolio. Further, the start-up portion of your portfolio may include a balanced portfolio of different start-ups. Investments in startups are highly illiquid and those investors who cannot hold an investment for the long term (at least 5-7 years) should not invest.

The information contained herein includes forward-looking statements. These statements relate to future events or to future financial performance, and involve known and unknown risks, uncertainties, and other factors, that may cause actual results to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the company's control and which could, and likely will, materially affect actual results, levels of activity, performance, or achievements. Any forward-looking statement reflects the current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. No obligation exists to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

## The Company

**1. What is the name of the issuer?**

Arowana Media Holdings, Inc.

20860 N. Tatum Blvd
Suite 300
Phoenix, AZ 85050

## Eligibility

**2. The following are true for Arowana Media Holdings, Inc.:**

- Organized under, and subject to, the laws of a State or territory of the United States or the District of Columbia.
- Not subject to the requirement to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934.
- Not an investment company registered or required to be registered under the Investment Company Act of 1940.
- Not ineligible to rely on this exemption under Section 4(a)(6) of the Securities Act as a result of a disqualification specified in Rule 503(a) of Regulation Crowdfunding. (For more information about these disqualifications, see Question 30 of this Question and Answer format).
- Has filed with the Commission and provided to investors, to the extent required, the ongoing annual reports required by Regulation Crowdfunding during the two years immediately preceding the filing of this offering statement (or for such shorter period that the issuer was required to file such reports).
- Not a development stage company that (a) has no specific business plan or (b) has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies.

**3. Has the issuer or any of its predecessors previously failed to comply with the ongoing reporting requirements of Rule 202 of Regulation Crowdfunding?**

No.

## Directors, Officers and Promoters of the Company

**4. The following individuals (or entities) represent the company as a director, officer or promoter of the offering:**

*Name*

Mark Newbauer

*Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates*

| Start Date | End Date | Company | Position / Title |
| --- | --- | --- | --- |
| 08/01/2010 | Present | Mike the Pike Productions, Inc. | Producer |
| 09/01/2016 | Present | Symmetry Financial Group | Agency Owner/National Hiring Manager |
| 08/01/2010 | Present | OTC PR WIRE | Founder & President |
| 10/16/2018 | Present | Arowana Media Holdings, Inc. | CEO, Producer |

Short Bio: Mark B. Newbauer graduated from Columbia College Chicago and The Second City Chicago Training Center. Newbauer's first film as writer and producer, "Dreamkiller", won Best of the Fest at the New York International Film and Video Festival. Newbauer has been the driving force in acquisitions of the Company's current stable of properties including his work as producer and financier on the feature film, 'Beyond White Space', on behalf of Mike the Pike Productions, Inc., for which he serves as CEO and Chairman. In addition to writing original content, he also procures undervalued and/or legacy intellectual property, and has been involved in or currently involved in top-tier IP such as film/television rights for Dynamite Comics' Vampirella, Roger Zelazny's Lord of Light, and originally planned vampire franchise Children of the Night for development and production, along with a profit participation stake in the feature film "Beyond White Space." Newbauer is a licensed broker, Key Leader, and National Hiring Manager with Symmetry Financial Group. Newbauer's agency has grown from $0 in 2016 to over $600,000 in annual premium sales in 2020. Newbauer is also the founder and president of OTC PR Wire, a premier reseller of press releases for the OTC Markets with revenues in excess of $650,000 annually in 2020. Symmetry Financial Group and OTC PR Wire have no affiliation to the companies mentioned in this Offering. Newbauer's experience in the entertainment industry includes work at literary and talent agencies, work with casting directors, global media finance, on-set production expertise, and identifying and securing rights to undervalued properties. In addition, he has extensive knowledge of the film and television industries. Work Experience: (https://www.linkedin.com/in/markbnewbauer/)

## Principal Security Holders

5. Provide the name and ownership level of each person, as of the most recent practicable date, who is the beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, calculated on the basis of voting power. To calculate total voting power, include all securities for which the person directly or indirectly has or shares the voting power, which includes the power to vote or to direct the voting of such securities. If the person has the right to acquire voting power of such securities within 60 days, including through the exercise of any option, warrant or right, the conversion of a security, or other arrangement, or if securities are held by a member of the family, through corporations or partnerships, or otherwise in a manner that would allow a person to direct or control the voting of the securities (or share in such direction or control - as, for example, a co-trustee) they should be included as being "beneficially owned." You should include an explanation of these circumstances in a footnote to the "Number of and Class of Securities Now Held." To calculate outstanding voting equity securities, assume all outstanding options are exercised and all outstanding convertible securities converted.

### Mike the Pike Productions, Inc.

| Securities: | 10,000,000 |
| --- | --- |
| Class: | Common Stock |
| Voting Power: | 93.5% |

### Mark Newbauer

| Securities: | 1,111,111 |
| --- | --- |
| Class: | Common Stock |
| Voting Power: | 93.5% |

## Business and Anticipated Business Plan

### 6. Describe in detail the business of the issuer and the anticipated business plan of the issuer.

We acquire and develop undervalued and legacy intellectual property in the media and entertainment space, such as rights to books, graphic novels/comics, articles, characters, and/or brands to expand the universe of those materials in the form of feature film, television series, and other market opportunities such as Publishing, Software/Gaming, esports, AR/VR, Artificial Intelligence, and the burgeoning NFT space. This all begins with incubation of our flagship subsidiary, Mike the Pike Entertainment, LLC. Here we option or outright purchase rights to undervalued and/or legacy IP and develop them for screen in partnership with studios and production companies in exchange for upfront and/or backend fees, ongoing royalties, spinoff/sequel participation, and percentage of overall profits. Arowana/Mike the Pike have achieved momentum in our business over the past months, including our recently acquired worldwide rights to the iconic Vampirella universe, in development as a television series; Barbara O'Connor's New York Times Bestselling middle-grade novel 'Wish'; Kenneth Oppel's award-winning fantasy, 'Silverwing', and Aimée and David Thurlo's celebrated Navajo mystery-crime series 'Ella Clah', named for the title character, a former FBI agent struggling with identity and acceptance, riding the line between her current life and her Navajo roots when she's called to help with a case involving her own father's murder. We believe our portfolio approach to property acquisition and development gives us a strategic advantage with multiple opportunities for success. We believe that potential revenues from any one successful project can far exceed the downside of those that may not be picked up initially, or at all. As we grow, we intend to invest and re-invest into additional properties, and, when available, acquisition of film and television libraries giving us exponential position and advantage as a studio with owned value assets and multiple streams of revenue. Along the way, we intend to expand into in-house production and content creation with established finance and studio partners, solidifying the company as a contending mini-major studio.

Arowana Media Holdings, Inc. currently has 1 employees.

## Risk Factors

*A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment.*

*In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document.*

*The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature.*

*These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.*

### 7. Material factors that make an investment in Arowana Media Holdings, Inc. speculative or risky:

1. Our business, results of operations, and financial condition may be impacted by the recent coronavirus (COVID-19) outbreak. With respect to the ongoing and evolving coronavirus (COVID-19) outbreak, which was designated as a pandemic by the World Health Organization on March 11, 2020, the outbreak has caused substantial disruption in international and U.S. economies and markets. The ultimate impact of the COVID-19 pandemic on the Company's operations is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak, new information which may emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments, or the Company, may direct, which may result in an extended period of continued business disruption and reduced operations. Any resulting financial impact cannot be reasonably estimated at this time but may have a material adverse impact on our business, financial condition and results of operations.
2. Your shares are not easily transferable. You should not plan on being able to readily transfer and/or resell your security. Currently there is no market or liquidity for these shares and the company does not have any plans to list these shares on an exchange or other secondary market. At some point the company may choose to do so, but until then you should plan to hold your investment for a significant period of time before a "liquidation event" occurs. A "liquidation event" is when the company either lists their shares on an exchange, is acquired, or goes bankrupt.
3. An investment in the Company involves a high degree of risk. You should carefully consider the risks described above and those below before deciding to purchase any Shares in this Offering. If any of these risks actually occurs, our business, financial condition or results of operations may suffer. As a result, you could lose part or all of your investment.
4. We have a limited operating history upon which you can evaluate our performance, and accordingly, our prospects must be considered in light of the risks that any new company encounters. We were organized as a Wyoming corporation in October 2018. Accordingly, we have a limited history upon which an evaluation of our prospects and future performance can be made. Our proposed operations are subject to all business risks associated with new enterprises. The likelihood of our creation of a viable business must be considered in light of the problems, expenses, difficulties, complications, and delays frequently encountered in connection with the inception of a business, operation in a competitive industry, and the continued development of advertising, promotions, and a corresponding client base. We anticipate that our operating expenses will increase for the near future. There can be no assurances that we will ever operate profitably. You should consider the Company's business, operations and prospects in light of the risks, expenses and challenges faced as an early-stage company.
5. To date we have not generated revenues from our business operations, and we have additional capital requirements to continue operations. If we are unable to secure additional capital on favorable terms or at all, our ability to run our business will be significantly impaired. As of the date of this Offering, we have limited working capital. If we are unsuccessful in securing additional funding, it may be impossible to fulfill our business plan, expand operations or maintain our viability. We currently have no definitive plans, agreements or arrangements to raise capital in the immediate future. There can be no assurance that we will be able to secure necessary future financing, either equity or debt, on favorable terms or at all, which could cause our business to fail. We will require additional financing in the near and long term to fully execute our business plan. Our success depends on our ability to raise such additional financing on reasonable terms and on a timely basis. Conditions in the economy and the financial markets may make it more difficult for us to obtain necessary additional capital or financing on acceptable terms, or at all. If we cannot secure sufficient additional financing, we may be forced to forego strategic opportunities or delay, scale back or eliminate further development of our goals and objectives, operations and investments or employ internal cost savings measures.
6. Our contemplated projects may not be accepted by distributors and/or the marketplace and our business may fail as a direct result of such lack of market acceptance. The ultimate profitability of any project, service or product we offer, depends upon its ultimate audience appeal in relation to the cost of its production and distribution. The audience appeal of a given concept depends, among other things, on unpredictable critical reviews and changing public tastes and such appeal cannot be

anticipated with certainty. If certain segments of the viewing public do not like, are willing to pay for, or otherwise approve of our productions, our business may fail.

7. Our future success depends on our ability to develop services, products and projects and to sell or license them to distribution channels. The inability to establish distribution channels, may severely limit our growth prospects. Our future business success is completely dependent on our ability to successfully develop services, products and projects and secure viable distribution channels. Revenues derived therefrom will represent vital funds necessary for our continued operations. The loss or damage of any of our business relationships and or revenues derived therefrom, will result in the inability to market our services, products and projects.
8. Cost overruns could affect our results of operations and may cause the failure of our business. The costs of completing projects are often underestimated and may be increased by factors beyond our control. Such factors may include weather conditions, illness of technical and artistic personnel, labor disputes, governmental regulations, equipment breakdowns and other production disruptions. While we intend to engage production personnel who have demonstrated abilities to complete projects within assigned budgets, the risk of a project running over budget is always significant and may have a substantial adverse impact on our future profitability
9. Film and entertainment production budgets may and often do increase and film production spending may exceed such budgets. It is common for future film and entertainment budgets to increase as the production process is underway for a variety of factors including, but not limited to: (1) escalation in compensation rates of people required to work on the projects; (2) number of personnel required to work on the projects; (3) equipment needs; (4) the enhancement of existing or the development of new proprietary technology; and (5) the addition of facilities to accommodate the amended or unseen requirements of the project. Due to production exigencies, which are often difficult to predict, it is not uncommon for film production spending to exceed film production budgets, and our projects may not be completed within the budgeted amounts. In addition, when production of each film is completed, we may incur significant carrying costs associated with transitioning personnel on creative and development teams from one project to another. This situation becomes more severe if several projects are being undertaken at the same time or planned to be done contiguously. Our limited resources may not permit us to meet unexpected costs during productions. If such cost excesses occur and we are unable to arrange for the necessary financial needs, our operations may cease.
10. Our content production business is substantially dependent upon the success of a limited number of film releases and digital media productions, if any, in any given year and our inability to release any film or digital media production or the unexpected delay or commercial failure of any one of them could have a material adverse effect on our financial results and cash flows. Our content production business is currently substantially dependent upon the success of a limited number of film releases and digital media productions in any given year. The unexpected delay in release or commercial failure of just one of these films or digital media productions, or our inability to release any productions at all, could have a significant adverse impact on our results of operations and cash flows in both the year of release and in the future. Historically, feature films that are successful in the domestic theatrical market are generally also successful in the international theatrical and ancillary markets, although each film is different and there is no way to guarantee such results. If our films fail to achieve domestic box office success, their success in the international box office and ancillary markets and our business, results of operations and financial condition could be adversely affected. Further, we can make no assurances that the historical correlation between results in the domestic box office and results in the international box office and ancillary markets will continue in the future. If we are unable to release any film or digital media productions in a given year, or if the feature films we release do not perform well in the domestic or international theatrical markets and ancillary markets, or our digital media productions do not perform as anticipated, the failure to release any productions, or the failure of any one of the productions we release, could a material adverse effect on our financial results and cash flows.
11. In order for us to compete and grow, we must attract, recruit, retain and develop the necessary personnel who have the needed experience. Recruiting and retaining highly qualified personnel is critical to our success. These demands may require us to hire additional personnel and will require our

existing management personnel to develop additional expertise. We face intense competition for personnel. The failure to attract and retain personnel or to develop such expertise could delay or halt the sales and licensing of our product. If we experience difficulties in hiring and retaining personnel in key positions, we could suffer from delays in our development, loss of customers and sales and diversion of management resources, which could adversely affect operating results. Our future consultants and advisors may be employed by third parties and may have commitments under consulting or advisory contracts with third parties that may limit their availability to us.

12. Our success depends on the services of our chief executive officer, the loss of whom could significantly disrupt our business. We depend to a large extent on the services of our founder and chief executive officer, Mr. Mark B. Newbauer. Given his knowledge and experience, he is important to our future prospects and development as we rely on his expertise in developing our business strategies and maintaining our operations. Because we are a start-up dependent on the vision of our founder, it will be critical to our prospects and successful development that this person remain with us to help establish, develop and grow our business. The loss of the service of Mr. Newbauer and the failure to find timely replacements with comparable experience and expertise could disrupt and significantly adversely affect our business.

13. Competition in markets in which we operate is extensive and varied and our competitors are mostly larger and more established than we are. Our business and the industry in which we operate are subject to extreme competition. There can be no guarantee that we can develop or sustain a market position or expand our business to successfully compete with other larger and more established companies. We anticipate the intensity of future competition will increase. We compete with all content creators ranging from very large international corporations with multifaceted business models to small independent content creators like ourselves. Many of the larger distribution companies are also content creators and can be both our competitor on one project and our strategic partner on another. Many current and potential competitors are well established, have longer operating histories, significantly greater financial, operational resources and name recognition than we have. As a result, these competitors may have more credibility with both existing and potential customers, be able to offer more services, and more aggressively promote and sell their services. Our competitors may also be able to support more aggressive pricing than us, which could adversely affect sales, cause us to decrease prices to remain competitive, or otherwise reduce the overall gross profit earned on our services.

14. The forecasts of market growth included in this offering circular may prove to be inaccurate, and even if the markets in which we compete achieve the forecasted growth, we cannot assure you our business will grow at similar rates, if at all. Growth forecasts are subject to significant uncertainty and are based on assumptions and estimates that may not prove to be accurate. The forecasts contained in this offering circular may prove to be inaccurate. Even if these markets experience the forecasted growth described in this offering circular, we may not grow our business at similar rates, or at all. Our growth is subject to many factors, including our success in implementing our business strategy, which is subject to many risks and uncertainties. Accordingly, the forecasts of market growth included in this offering circular should not be taken as indicative of our future growth.

15. Failure of third-party distributors upon which we may rely, could adversely affect our business and result in the loss of your investment. We will likely rely on third party distributors for marketing our projects, both nationally and internationally. If we are able to develop a relationship with a distributor or distributors for one or more of our projects and then lose such relationship, it would have a material adverse effect on our business, financial condition and results of operations. Distributors may also provide services to competing business, as well as larger, national or international entities and may be, to varying degrees, influenced by their continued business relationships with these companies. Independent distributors may be influenced by a large competitor if they rely on that competitor for a significant portion of their sales. Furthermore, no assurance can be given that we will successfully attract distributors who desire to work on our projects.

16. We cannot assure you that our original programming content will appeal to potential distributors and viewers or that any of our original programming content will not be cancelled or removed from a distributors' platform when and if distributed through such platform. Our business depends on the

appeal of our content to distributors and viewers, which is difficult to predict. Our business depends in large part upon viewer preferences and audience acceptance of our original programming content. These factors are difficult to predict and are subject to influences beyond our control, such as the quality and appeal of competing programming, general economic conditions and the availability of other entertainment activities. We may not be able to anticipate and react effectively to shifts in tastes and interests in markets. A change in viewer preferences could cause our original programming content to decline in popularity, which could jeopardize renewal potential relationships with distributors or renewal of future agreements with distributors. Low ratings or viewership for programming content produced by us may lead to the cancellation, removal or non-renewal of a program and can negatively affect potential future license fees for such program. If our original programming content does not gain the level of audience acceptance we expect, or if we are unable to maintain the popularity of our original programming, we may have a diminished negotiating position when dealing with distributors, which could reduce our revenue. We cannot assure you that we will be able to maintain the success of any of our current original programming content, or generate sufficient demand and market acceptance for new original programming content in the future. This could materially adversely impact our business, financial condition, operating results, liquidity and prospects.

17. Changes in user preferences and discretionary spending may have a material adverse effect on our revenue, results of operations and financial condition. Our future success depends, in part, upon the popularity of projects and our ability to develop projects in a way that appeals to users. Shifts in user preferences away from our projects could harm our business. Also, our future success depends, to a significant extent, on discretionary user spending, which is influenced by general economic conditions and availability of discretionary income. Accordingly, we may experience an inability to generate revenue during economic downturns or during periods of uncertainty. Any material decline in discretionary spending could have a material adverse effect on our future sales, results of operations, business and financial condition.

18. If we fail to increase brand awareness, it may have an adverse effect on our results of operations. Due to a variety of factors, our opportunity to achieve and maintain a significant market share may be limited. Developing and maintaining awareness of our brand name, among other factors, is critical. Further, the importance of brand recognition will increase as competition in our market increases. Successfully promoting and positioning our brand, products and services will depend largely on the effectiveness of our marketing efforts. Therefore, we may need to increase our financial commitment to creating and maintaining brand awareness. If we fail to successfully promote our brand name or if we incur significant expenses promoting and maintaining our brand name, it would have a material adverse effect on our results of operations.

19. Producing media content relies on various intellectual property rights, including trademarks, copyrights, and licenses. Such intellectual property rights, however, may not be sufficiently broad or otherwise may not provide us a significant competitive advantage. In addition, the steps that we have taken to maintain and protect our intellectual property may not prevent it from being challenged, invalidated, circumvented or designed-around, particularly in countries where intellectual property rights are not highly developed or protected. In some circumstances, enforcement may not be available to us because an infringer has a dominant intellectual property position or for other business reasons, or countries may require compulsory licensing of our intellectual property. Failure to obtain or maintain intellectual property rights that convey competitive advantage, adequately protect our intellectual property or detect or prevent circumvention or unauthorized use of such property, could adversely impact our competitive position and financial results of our projects. Any dispute or litigation regarding intellectual property involving our projects could be costly and time-consuming due to the complexity of the law in this area, the uncertainty of intellectual property litigation, and could divert the Company and key personnel from our business operations. A claim of intellectual property infringement could force us to enter into a costly or restrictive license agreement, which might not be available under acceptable terms or at all, could require us to make changes in the project, which would be costly and time-consuming, and/or could subject us to an injunction against development, marketing and distribution of the projects. We may have to pay substantial damages;

including damages for past infringement if it is ultimately determined that our projects infringe a third party's proprietary rights. Even if these claims are without merit, defending a lawsuit takes significant time, may be expensive and may divert our attention from other business concerns involving the project. Any public announcements related to litigation or interference proceedings initiated or threatened against as could cause projects to be harmed. We also rely on nondisclosure and noncompetition agreements with employees, consultants and other parties to protect, in part, trade secrets and other proprietary rights. There can be no assurance that these agreements will adequately protect our trade secrets and other proprietary rights and will not be breached, that we will have adequate remedies for any breach, that others will not independently develop substantially equivalent proprietary information or that third parties will not otherwise gain access to our trade secrets or other proprietary rights.

20. We are not subject to Sarbanes-Oxley regulations and lack the financial controls and safeguards required of public companies. We do not have the internal infrastructure necessary, and are not required, to complete an attestation about our financial controls that would be required under Section 404 of the Sarbanes-Oxley Act of 2002. There can be no assurances that there are no significant deficiencies or material weaknesses in the quality of our financial controls. We expect to incur additional expenses and diversion of management's time when it becomes necessary to perform the system and process evaluation, testing and remediation required to comply with the management certification and auditor attestation requirements.

21. We are a holding company and our only asset is the direct ownership of Mike The Pike Entertainment, LLC, our wholly-owned subsidiary. We are a holding company and currently have no material non-financial assets other than direct ownership of Mike The Pike Entertainment, LLC, which we refer to as our subsidiary. We have no independent means of generating revenue. To the extent that we will need funds beyond our own financial resources to pay liabilities or to fund operations, and our subsidiary is restricted from making distributions to us under applicable laws or regulations or agreements, or not have sufficient earnings to make these distributions, we may have to borrow or otherwise raise funds sufficient to meet these obligations and operate our business and, thus, our liquidity and financial condition could be materially adversely affected.

22. A failure of a key information technology system could adversely impact our ability to conduct business. We rely extensively on information technology systems in order to conduct its business. These systems include, but are not limited to, programs and processes relating to communicating within our Company and with other parties, ordering and managing materials from suppliers, shipping products to customers and distributors, processing transactions, summarizing and reporting results of operations, complying with regulatory legal or tax requirements and other processes involved in managing the business. The systems may be vulnerable to computer viruses, security breaches and other similar disruptions from unauthorized users. If the systems are damaged or cease to function properly due to any number of causes, including the poor performance or failure of third-party service providers, catastrophic events, power outages, security breaches, network outages, failed upgrades or other similar events, and if the business continuity plans do not effectively resolve such issues on a timely basis, we may suffer interruptions in the ability to manage or conduct business which may adversely impact our business.

23. Our revenues and results of operations may fluctuate from period to period. Cash flow and projections for any entertainment company producing original content can be expected to fluctuate until the content and ancillary consumer products are in the market and could fluctuate thereafter even when the content and products are in the marketplace. There is significant lead time in developing and producing content before that content is in the marketplace. Unanticipated delays in entertainment production can delay the release of the content into the marketplace. Structured retail windows that dictate when new products can be introduced at retail are also out of our control. Any delays in the production and release of our content and products or any changes in the preferences of our customers could result in lower than anticipated cash flows. As with our cash flows, our revenues and results of operations depend significantly upon the appeal of our content to our customers, the timing of releases of our products and the commercial success of our products, none of which can be predicted with certainty. Accordingly, our revenues and results of operations may fluctuate from period to period. The

results of one period may not be indicative of the results of any future period. Any quarterly fluctuations that we report in the future may not match the expectations of market analysts and investors. This could cause the price of our common stock to fluctuate.

24. We may not be able to manage future growth effectively, which could adversely affect our operations and financial performance. The ability to manage and operate our business as we execute our business plan will require effective planning. If we should experience significant rapid growth in the future, it could strain management and internal resources that would adversely affect financial performance. We anticipate that future growth could place a serious strain on personnel, management systems, infrastructure and other resources. Our ability to manage future growth effectively will require attracting, training, motivating, retaining and managing new employees and continuing to update and improve operational, financial and management controls and procedures. If we do not manage growth effectively, our operations could be adversely affected resulting in slower growth and a failure to achieve or sustain profitability.

25. Piracy of any original motion pictures that we plan to produce or distribute may reduce our revenues and potential earnings. Based on our best knowledge, we believe that piracy losses in the motion picture industry have increased substantially over the past decade. In certain regions of the world, motion picture piracy has been a major issue for some time. With the proliferation of the DVD format around the globe, along with other digital recording and playback devices, losses from piracy have spread more rapidly in North America and Europe. Piracy of original motion pictures that we produce and/or distribute may adversely impact the gross receipts realized from these films, which could have a material adverse effect on our future business, results of operations or financial condition.

26. Our sole member of the Board of Directors, Mr. Newbauer, will make all decisions concerning compensation of our executive officers for the foreseeable future. These decisions may not be in the best interests of other investors. Mr. Newbauer will make all decisions determining the amount and timing of compensation, including his own compensation, for the foreseeable future until, if ever, we establish a compensation committee of the board of directors. Their decisions about compensation may not be in the best interests of other shareholders.

27. Success in the entertainment industry is highly unpredictable and there is no guarantee our content will be successful in the market. Our success will depend on the popularity of our entertainment projects. Viewer tastes, trends and preferences frequently change and are notoriously difficult to predict. If we fail to anticipate future viewer preferences in the entertainment business, our business and financial performance will likely suffer. The entertainment industry is fiercely competitive. We may not be able to develop projects that will become profitable. We may also invest in projects that end up losing money. Even if one of our projects is successful, we may lose money in others.

28. If we are unable to adapt to changing client demands, social and cultural trends or emerging technologies, we may not remain competitive and our business, revenues and operating results could suffer. We operate in an industry characterized by rapidly changing client expectations, marketing technologies, and social media and cultural trends that impact our target audiences. The entertainment industry continues to undergo significant developments as advances in technologies and new methods of message delivery and consumption emerge. These developments drive changes in our target audiences' behavior to which we must adapt in order to reach our target audiences. In addition, our success depends on our ability to anticipate and respond to changing social and cultural trends that impact the entertainment industry and our target audiences. We must adapt our business to these trends, as well as shifting patterns of content consumption and changing behaviors and preferences of our target audiences, through the adoption and exploitation of new technologies. If we cannot successfully exploit emerging technologies or if the marketing strategies we choose misinterpret cultural or social trends and prove to be incorrect or ineffective, any of these could have a material adverse effect on our business, financial condition, operating results, liquidity and prospects.

29. We rely on third party distributors to distribute our projects, whether a TV Series, feature film or other project, and their failure to perform or promote our projects could negatively impact our ability to generate revenues and have a material adverse effect on our future operating results. Our projects will be primarily distributed and marketed by third party distributors. If any of these third-party distributors fails to perform under their respective arrangements, such failure could negatively impact the success

of our projects and have a material adverse effect on our business, reputation and ability to generate revenues. We generally do not control the timing and manner in which our distributors distribute our films, TV series or other media projects; their decisions regarding the timing of release and promotional support are important in determining success. Any decision by those distributors not to distribute or promote one of our films or to promote our competitors' films or related products to a greater extent than they promote ours could have a material adverse effect on our business, cash flows and operating results. Additionally, because third parties are the principal distributors of our media projects, the amount of revenue that is recognized from films in any given period is dependent on the timing, accuracy and sufficiency of the information received from our distributors. As is typical in the film industry, our distributors may make adjustments in future periods to information previously provided to us that could have a material impact on our operating results in later periods.

30. The popularity and commercial success of our future digital media productions and feature films are subject to numerous factors, over which we may have limited or no control. The popularity and commercial success of our future digital media productions and films depends on many factors including, but not limited to, the key talent involved, the timing of release, the promotion and marketing of the digital media production or film, the quality and acceptance of other competing productions released into the marketplace at or near the same time, the availability of alternative forms of entertainment, general economic conditions, the genre and specific subject matter of the future digital media production or film, its critical acclaim and the breadth, timing and format of its initial release. We cannot predict the impact of such factors on any digital media production or film, and many are factors that are beyond our control. As a result of these factors and many others, our future digital media productions and films may not be as successful as we anticipate, and as a result, our results of operations may suffer

31. Affiliates of our Company, including officers, directors and existing stockholder of our Company, may invest in this Offering and their funds will be counted toward our achieving the Minimum Amount. There is no restriction on our affiliates, including officers, directors and existing stockholders, investing in the Offering. As a result, it is possible that if we have raised some funds, but not reached the Minimum Amount, affiliates can contribute the balance so that there will be a closing. The Minimum Amount is typically intended to be a protection for investors and gives investors the confidence that other investors, along with them, are sufficiently interested in the Offering and our Company and its prospects to make an investment of at least the Minimum Amount. By permitting affiliates to invest in the Offering and make up any shortfall between what non-affiliate investors have invested and the Minimum Amount, this protection is largely eliminated. Investors should be aware that no funds other than their own and those of affiliates investing along with them, may be invested in this Offering.

32. We are subject to income taxes as well as non-income-based taxes, such as payroll, sales, use, value-added, net worth, property and goods and services taxes, in both the U.S. and foreign jurisdictions. Significant judgment is required in determining our provision for income taxes and other tax liabilities. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is uncertain. Although we believe that our tax estimates are reasonable: (i) there is no assurance that the final determination of tax audits or tax disputes will not be different from what is reflected in our income tax provisions, expense amounts for non-income based taxes and accruals; and (ii) any material differences could have an adverse effect on our financial position and results of operations in the period or periods for which determination is made.

33. We have the right to extend the Offering deadline. We may extend the Offering deadline beyond what is currently stated herein. This means that your investment may continue to be held in escrow while we attempt to raise the Minimum Amount even after the Offering deadline stated herein is reached. Your investment will not be accruing interest during this time and will simply be held until such time as the new Offering deadline is reached without our Company receiving the Minimum Amount, at which time it will be returned to you without interest or deduction, or until we receive the Minimum Amount, at which time it will be released to us to be used as set forth herein. Upon or shortly after release of such funds to us, the Shares will be issued and distributed to you.

34. The offering price in this Offering may not represent the value of our Shares. The price of the Shares being sold in this Offering has been determined based on a number of factors and does not necessarily bear any relationship to our book value, assets, operating results or any other established criteria of value. Prices for our Shares may not be indicative of the fair market value of our Shares now or in the future.
35. We do not anticipate paying any cash dividends for the foreseeable future. We currently intend to retain future earnings, if any, for the foreseeable future, to repay indebtedness and to support our business and planned growth strategies. We do not intend in the foreseeable future to pay any dividends to holders of our Shares.
36. In addition to the risks listed above, businesses are often subject to risks not foreseen or fully appreciated by management. It is not possible to foresee all risks that may affect us. Moreover, we cannot predict whether we will successfully effectuate our current business plan. Each prospective Purchaser is encouraged to carefully analyze the risks and merits of an investment in the Shares and should take into consideration when making such analysis, among other, the Risk Factors discussed above.
37. *The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature.*

You should not rely on the fact that our Form C, and if applicable Form D is accessible through the U.S. Securities and Exchange Commission's EDGAR filing system as an approval, endorsement or guarantee of compliance as it relates to this Offering.

38. *Neither the Offering nor the Securities have been registered under federal or state securities laws, leading to an absence of certain regulation applicable to the Company.*

The securities being offered have not been registered under the Securities Act of 1933 (the "Securities Act"), in reliance on exemptive provisions of the Securities Act. Similar reliance has been placed on apparently available exemptions from securities registration or qualification requirements under applicable state securities laws. No assurance can be given that any offering currently qualifies or will continue to qualify under one or more of such exemptive provisions due to, among other things, the adequacy of disclosure and the manner of distribution, the existence of similar offerings in the past or in the future, or a change of any securities law or regulation that has retroactive effect. If, and to the extent that, claims or suits for rescission are brought and successfully concluded for failure to register any offering or other offerings or for acts or omissions constituting offenses under the Securities Act, the Securities Exchange Act of 1934, or applicable state securities laws, the Company could be materially adversely affected, jeopardizing the Company's ability to operate successfully. Furthermore, the human and capital resources of the Company could be adversely affected by the need to defend actions under these laws, even if the Company is ultimately successful in its defense.

39. *The Company has the right to extend the Offering Deadline, conduct multiple closings, or end the Offering early.*

The Company may extend the Offering Deadline beyond what is currently stated herein. This means that your investment may continue to be held in escrow while the Company attempts to raise the Minimum Amount even after the Offering Deadline stated herein is reached. While you have the right to cancel your investment up to 48 hours before an Offering Deadline, if you choose to not cancel your investment, your investment will not be accruing interest during this time and will simply be held until such time as the new Offering Deadline is reached without the Company receiving the Minimum Amount, at which time it will be returned to you without interest or deduction, or the Company receives the Minimum Amount, at which time it will be released to the Company to be used as set forth herein. Upon or shortly after release of such funds to the Company, the Securities will be issued and distributed to you. If the Company reaches the target offering amount prior to the Offering Deadline, they may conduct the first of multiple closings of the Offering prior to the Offering

Deadline, provided that the Company gives notice to the investors of the closing at least five business days prior to the closing (absent a material change that would require an extension of the Offering and reconfirmation of the investment commitment). Thereafter, the Company may conduct additional closings until the Offering Deadline. The Company may also end the Offering early; if the Offering reaches its target offering amount after 21-calendar days but before the deadline, the Company can end the Offering with 5 business days' notice. This means your failure to participate in the Offering in a timely manner, may prevent you from being able to participate - it also means the Company may limit the amount of capital it can raise during the Offering by ending it early.

40. *The Company's management may have broad discretion in how the Company uses the net proceeds of the Offering.*

Despite that the Company has agreed to a specific use of the proceeds from the Offering, the Company's management will have considerable discretion over the allocation of proceeds from the Offering. You may not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately.

41. *The Securities issued by the Company will not be freely tradable until one year from the initial purchase date. Although the Securities may be tradable under federal securities law, state securities regulations may apply, and each Investor should consult with his or her attorney.*

You should be aware of the long-term nature of this investment. There is not now and likely will not be a public market for the Securities. Because the Securities offered in this Offering have not been registered under the Securities Act or under the securities laws of any state or non-United States jurisdiction, the Securities have transfer restrictions and cannot be resold in the United States except pursuant to Rule 501 of Regulation CF. It is not currently contemplated that registration under the Securities Act or other securities laws will be affected. Limitations on the transfer of the shares of Securities may also adversely affect the price that you might be able to obtain for the shares of Securities in a private sale. Investors should be aware of the long-term nature of their investment in the Company. Investors in this Offering will be required to represent that they are purchasing the Securities for their own account, for investment purposes and not with a view to resale or distribution thereof.

42. *Investors will not be entitled to any inspection or information rights other than those required by Regulation CF.*

Investors will not have the right to inspect the books and records of the Company or to receive financial or other information from the Company, other than as required by Regulation CF. Other security holders of the Company may have such rights. Regulation CF requires only the provision of an annual report on Form C and no additional information - there are numerous methods by which the Company can terminate annual report obligations, resulting in no information rights, contractual, statutory or otherwise, owed to Investors. This lack of information could put Investors at a disadvantage in general and with respect to other security holders.

43. *The shares of Securities acquired upon the Offering may be significantly diluted as a consequence of subsequent financings.*

Company equity securities will be subject to dilution. Company intends to issue additional equity to future employees and third-party financing sources in amounts that are uncertain at this time, and as a consequence, holders of Securities will be subject to dilution in an unpredictable amount. Such dilution may reduce the purchaser's economic interests in the Company.

44. The amount of additional financing needed by Company will depend upon several contingencies not foreseen at the time of this Offering. Each such round of financing (whether from the Company or

other investors) is typically intended to provide the Company with enough capital to reach the next major corporate milestone. If the funds are not sufficient, Company may have to raise additional capital at a price unfavorable to the existing investors. The availability of capital is at least partially a function of capital market conditions that are beyond the control of the Company. There can be no assurance that the Company will be able to predict accurately the future capital requirements necessary for success or that additional funds will be available from any source. Failure to obtain such financing on favorable terms could dilute or otherwise severely impair the value of the investor's Company securities.

45. *There is no present public market for these Securities and we have arbitrarily set the price.*

The offering price was not established in a competitive market. We have arbitrarily set the price of the Securities with reference to the general status of the securities market and other relevant factors. The Offering price for the Securities should not be considered an indication of the actual value of the Securities and is not based on our net worth or prior earnings. We cannot assure you that the Securities could be resold by you at the Offering price or at any other price.

46. In addition to the risks listed above, businesses are often subject to risks not foreseen or fully appreciated by the management. It is not possible to foresee all risks that may affect us. Moreover, the Company cannot predict whether the Company will successfully effectuate the Company's current business plan. Each prospective Investor is encouraged to carefully analyze the risks and merits of an investment in the Securities and should take into consideration when making such analysis, among other, the Risk Factors discussed above.

47. THE SECURITIES OFFERED INVOLVE A HIGH DEGREE OF RISK AND MAY RESULT IN THE LOSS OF YOUR ENTIRE INVESTMENT. ANY PERSON CONSIDERING THE PURCHASE OF THESE SECURITIES SHOULD BE AWARE OF THESE AND OTHER FACTORS SET FORTH IN THIS OFFERING STATEMENT AND SHOULD CONSULT WITH HIS OR HER LEGAL, TAX AND FINANCIAL ADVISORS PRIOR TO MAKING AN INVESTMENT IN THE SECURITIES. THE SECURITIES SHOULD ONLY BE PURCHASED BY PERSONS WHO CAN AFFORD TO LOSE ALL OF THEIR INVESTMENT.

## The Offering

Arowana Media Holdings, Inc. ("Company") is offering securities under Regulation CF, through Netcapital Funding Portal Inc. ("Portal"). Portal is a FINRA/SEC registered funding portal and will receive cash compensation equal to 4.9% of the value of the securities sold through Regulation CF. Investments made under Regulation CF involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest.

The Company plans to raise between $10,000 and $1,070,000 through an offering under Regulation CF. Specifically, if we reach the target offering amount of $10,000, we may conduct the first of multiple or rolling closings of the offering early if we provide notice about the new offering deadline at least five business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment). Oversubscriptions will be allocated on a first come, first served basis. Changes to the offering, material or otherwise, occurring after a closing, will only impact investments which have yet to be closed.

In the event The Company fails to reach the offering target of $10,000, any investments made under the offering will be cancelled and the investment funds will be returned to the investor.

### 8. What is the purpose of this offering?

The purpose of the Offering is to raise capital for general marketing, acquisition and development of intellectual property, and administrative and corporate expenses. In addition, the proceeds from this Offering are planned to be used to engage consultants, advertising and marketing, legal, and accounting advisors.

### 9. How does the issuer intend to use the proceeds of this offering?

| Uses | If Target Offering Amount Sold | If Maximum Amount Sold |
| --- | --- | --- |
| Intermediary Fees | $490 | $52,430 |
| Compensation for Managers | $0 | $40,000 |
| Legal expenses- this includes legal fees for the REG CF, as well as an 'allow' for anticipated entertainment/IP acquisition legal/transaction fees. | $7,000 | $50,000 |
| Accounting expenses - this includes hiring a CPA familiar with entertainment accounting, and any accompanying filing fees. | $2,510 | $15,170 |
| Marketing expenses- Includes traditional and social media marketing of the Reg CF as money is raised toward maximizing capital raise. | $0 | $78,000 |
| Acquisition of Intellectual Property- Funds will be banked for the Company to use at its discretion to leverage our abilities in the market when identifying and vying for rights to IP. | $0 | $500,000 |
| Development of Existing Intellectual Property- this may include hiring talent such as writers for pitches, creating pitch materials such as lookbooks, sizzle reels, and other medium-based collateral to create compelling/visceral pitches to talent and studios. | $0 | $250,000 |
| Administrative and Corporate Expenses- Includes SOS fees, filing fees, and legal fees associated with a planned 15c-211 for Arowana or its parent company, Mike The Pike Productions, Inc.; as well as professional travel expenses for execs to attend important film/tv markets or in-person pitches. | $0 | $64,400 |
| Professional Fees and Compensation- 'Allow' for admin support | $0 | $20,000 |
| Total Use of Proceeds | $10,000 | $1,070,000 |

### 10. How will the issuer complete the transaction and deliver securities to the investors?

In entering into an agreement on the Netcapital Funding Portal to purchase securities, both investors and Arowana Media Holdings, Inc. must agree that a transfer agent, which keeps records of our outstanding Common Stock (the 'Securities'), will issue digital Securities in the investor's name (a paper certificate will not be printed). Similar to other online investment accounts, the transfer agent will give investors access to a web site to see the number of Securities that they own in our company. These Securities will be issued to investors after the deadline date for investing has passed, as long as the targeted offering amount has been reached. The transfer agent will record the issuance when we have received the purchase proceeds from the escrow agent who is holding your investment commitment.

### 11. How can an investor cancel an investment commitment?

You may cancel an investment commitment for any reason until 48 hours prior to the deadline identified in the offering by logging in to your account with Netcapital, browsing to the Investments screen, and clicking to cancel your investment commitment. Netcapital will notify investors when the target offering amount has been met. If the issuer reaches the target offering amount prior to the deadline identified in the offering materials, it may close the offering early if it provides notice about the new offering deadline at least five business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment). If an investor does not cancel an investment commitment before the 48-hour period prior to the offering deadline, the funds will be released to the issuer upon closing of the offering and the investor will receive securities in exchange for his or her investment. If an investor does not reconfirm his or her investment commitment after a material change is made to the offering, the investor's investment commitment will be cancelled and the committed funds will be returned.

#### **12. Can the Company perform multiple closings or rolling closings for the offering?**

If we reach the target offering amount prior to the offering deadline, we may conduct the first of multiple closings of the offering early, if we provide notice about the new offering deadline at least five business days prior (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment). Thereafter, we may conduct additional closings until the offering deadline. We will issue Securities in connection with each closing. Oversubscriptions will be allocated on a first come, first served basis. Changes to the offering, material or otherwise, occurring after a closing, will only impact investments which have yet to be closed.

## Ownership and Capital Structure

### The Offering

#### **13. Describe the terms of the securities being offered.**

We are issuing Securities at an offering price of $0.26 per share.

#### **14. Do the securities offered have voting rights?**

The Securities are being issued with voting rights. However, so that the crowdfunding community has the opportunity to act together and cast a vote as a group when a voting matter arises, a record owner will cast your vote for you. Please refer to the record owner agreement that you sign before your purchase is complete.

#### **15. Are there any limitations on any voting or other rights identified above?**

You are giving your voting rights to the record owner, who will vote the Securities on behalf of all investors who purchased Securities on the Netcapital crowdfunding portal.

#### **16. How may the terms of the securities being offered be modified?**

Any provision of the terms of the Securities being offered may be amended, waived or modified by written consent of the majority owner(s) of the Company. We may choose to modify the terms of the Securities before the offering is completed. However, if the terms are modified, and we deem it to be a material change, we need to contact you and you will be given the opportunity to reconfirm your investment. Your reconfirmation must be completed within five business days of receipt of the notice of a material change, and if you do not reconfirm, your investment will be canceled and your money will be returned to you.

## Restrictions on Transfer of the Securities Offered

The securities being offered may not be transferred by any purchaser of such securities during the one-year period beginning when the securities were issued, unless such securities are transferred:

- to the issuer;
- to an accredited investor;
- as part of an offering registered with the U.S. Securities and Exchange Commission; or
- to a member of the family of the purchaser or the equivalent, to a trust controlled by the purchaser, to a trust created for the benefit of a member of the family of the purchaser or the equivalent, or in connection with the death or divorce of the purchaser or other similar circumstance.

The term “accredited investor” means any person who comes within any of the categories set forth in Rule 501(a) of Regulation D, or who the seller reasonably believes comes within any of such categories, at the time of the sale of the securities to that person.

The term “member of the family of the purchaser or the equivalent” includes a child, stepchild, grandchild, parent, stepparent, grandparent, spouse or spousal equivalent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of the purchaser, and includes adoptive relationships. The term “spousal equivalent” means a cohabitant occupying a relationship generally equivalent to that of a spouse.

## Description of Issuer’s Securities

17. What other securities or classes of securities of the issuer are outstanding? Describe the material terms of any other outstanding securities or classes of securities of the issuer.

### Securities

| Class of Security | Amount Authorized | Amount Outstanding | Voting Rights | Other Rights |
| --- | --- | --- | --- | --- |
| Common Stock | 500,000,000 | 11,890,371 | Yes | Each share of Common Stock carries 1 vote. Please see the "Articles of Incorporation of Arowana Media Holdings, Inc." for further disclosure. |
| Series A Preferred Stock | 5,000,000 | 0 | Yes | Each share of Series A Preferred Stock carries 100 votes. Please see the "Articles of Incorporation of Arowana Media Holdings, Inc." for further disclosure. |
| Series B Preferred Stock | 50,000,000 | 0 | Yes | Each share of Series B Preferred Stock carries 100 votes. Please see the "Articles of Incorporation of Arowana Media Holdings, Inc." for further disclosure. |

### Options, Warrants and Other Rights

None.

18. How may the rights of the securities being offered be materially limited, diluted or qualified by the rights of any other class of securities?

The existing convertible debt is subject to conversion into equity under certain circumstances, and if they convert the Netcapital shareholders will be diluted by that conversion.

**19. Are there any differences not reflected above between the securities being offered and each other class of security of the issuer?**

The Company has granted a perpetual waiver of the transfer restrictions listed in the BYLAWS OF AROWANA MEDIA HOLDINGS, INC. for all Securities sold in this Offering.

**20. How could the exercise of rights held by the principal owners identified in Question 5 above affect the purchasers of Securities being offered?**

The Company's bylaws can be amended by the shareholders of the Company, and Directors can be added or removed by Shareholder vote. As minority owners, the Netcapital investors are subject to the decisions made by the majority owners. The issued and outstanding common stock gives management voting control of the company. As a minority owner, you may be outvoted on issues that impact your investment, such as the issuance of additional shares, or the sale of debt, convertible debt or assets of the company.

**21. How are the securities being offered being valued? Include examples of methods for how such securities may be valued by the issuer in the future, including during subsequent corporate actions.**

At issuer's discretion.

**22. What are the risks to purchasers of the securities relating to minority ownership in the issuer?**

As the holder of a majority of the voting rights in the company, our majority shareholders may make decisions with which you disagree, or that negatively affect the value of your investment in the company, and you will have no recourse to change those decisions. Your interests may conflict with the interests of other investors, and there is no guarantee that the company will develop in a way that is advantageous to you. For example, the majority shareholders may decide to issue additional shares to new investors, sell convertible debt instruments with beneficial conversion features, or make decisions that affect the tax treatment of the company in ways that may be unfavorable to you. Based on the risks described above, you may lose all or part of your investment in the securities that you purchase, and you may never see positive returns.

**23. What are the risks to purchasers associated with corporate actions including:**

- additional issuances of securities,
- issuer repurchases of securities,
- a sale of the issuer or of assets of the issuer or
- transactions with related parties?

The issuance of additional shares of our common stock will dilute the ownership of the Netcapital investors. As a result, if we achieve profitable operations in the future, our net income per share will be reduced because of dilution, and the market price of our common stock, if there is a market price, could decline as a result of the additional issuances of securities. If we repurchase securities, so that the above risk is mitigated, and there are fewer shares of common stock outstanding, we may not have enough cash available for marketing expenses, growth, or operating expenses to reach our goals. If we do not have enough cash to operate and grow, we anticipate the market price of our stock would decline. A sale of our company or of the assets of our company may result in an entire loss of your investment. We cannot predict the market value of our company or our assets, and the proceeds of a sale may not be cash, but instead, unmarketable securities, or an assumption of liabilities. In addition to the payment of wages and expense reimbursements, we may need to engage in transactions with officers, directors, or affiliates. By acquiring an interest in the Company, you will be deemed to have acknowledged the existence of any such actual or potential related party transactions and waived any claim with respect to any liability arising from a perceived or actual conflict of interest. In some instances, we may deem it necessary to seek a loan from

related parties. Such financing may not be available when needed. Even if such financing is available, it may be on terms that are materially averse to your interests with respect to dilution of book value, dividend preferences, liquidation preferences, or other terms. No assurance can be given that such funds will be available or, if available, will be on commercially reasonable terms satisfactory to us. If we are unable to obtain financing on reasonable terms, we could be forced to discontinue our operations. We anticipate that any transactions with related parties will be vetted and approved by executives(s) unaffiliated with the related parties.

**24. Describe the material terms of any indebtedness of the issuer:**

| Creditor(s): | SAFE Note |
| --- | --- |
| Amount Outstanding: | $10,000 |
| Interest Rate: | 0.0% |
| Maturity Date: | No Maturity Date |
| Other Material Terms: | Upon the event of an equity financing in which the Company issues and sells shares of its preferred stock, the SAFE will automatically convert into shares of preferred stock having the same rights, privileges, preferences and restrictions as the preferred stock issued in such equity financing. The number of such shares of preferred stock to be issued upon conversion of the SAFE shall be equal to: $10,000 divided by either (i) the quotient of $3,250,000 divided by the Company's capitalization immediately prior to the equity financing, or (ii) the price per share of preferred stock issued in such equity financing, multiplied by 80%, whichever calculation results in the greater number of shares of preferred stock. Upon a liquidation event or a dissolution event, the SAFE will be automatically entitled to receive a portion of such proceeds. The Company anticipates entering into another Simple Agreement for Future Equity before the termination of this offering, on the same terms as the SAFE, for an investment of $100,000. |

**25. What other exempt offerings has Arowana Media Holdings, Inc. conducted within the past three years?**

None.

**26. Was or is the issuer or any entities controlled by or under common control with the issuer a party to any transaction since the beginning of the issuer's last fiscal year, or any currently proposed transaction, where the amount involved exceeds five percent of the aggregate amount of capital raised by the issuer in reliance on Section 4(a)(6) of the Securities Act during the preceding 12-month period, including the amount the issuer seeks to raise in the current offering, in which any of the following persons had or is to have a direct or indirect material interest:**

1. any director or officer of the issuer;
2. any person who is, as of the most recent practicable date, the beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, calculated on the basis of voting power;
3. if the issuer was incorporated or organized within the past three years, any promoter of the issuer; or
4. any immediate family member of any of the foregoing persons.

Yes.

If yes, for each such transaction, disclose the following:

| Specified Person | Relationship to Issuer | Nature of Interest in Transaction | Amount of Interest |
| --- | --- | --- | --- |
| Mike the Pike Productions, Inc. | Parent company that owns 84.1% of the outstanding common stock of the Company. | Mike the Pike Productions, Inc. acquired its ownership interest in exchange for the payment of par value per share plus the contribution of certain intellectual property. | $167,500 |

## Financial Condition of the Issuer

### 27. Does the issuer have an operating history?

No.

### 28. Describe the financial condition of the issuer, including, to the extent material, liquidity, capital resources and historical results of operations.

Arowana Media Holdings, Inc. (the “Company”) is a corporation formed in Wyoming on October 16, 2018. On October 16, 2018, the Company acquired all of the assets of Mike The Pike Productions, Inc. of Wyoming in exchange for 10,000,000 restricted shares of common stock. Concurrently with the Acquisition, the management of the Wyoming Corporation took control of the Board of Directors of the Company. On August 21, 2019 Mark B Newbauer contributed intellectual property in exchange for 1,111,111 restricted shares of common. The Company acquires and develops undervalued and legacy intellectual property in the media and entertainment space, such as rights to books, graphic novels/comics, articles, characters, and/or brands to expand the universe of those materials in the form of feature film, television series, and other market opportunities such as publishing, software and gaming, esports, virtual reality, artificial intelligence, and the burgeoning NFT space. The Company does not expect to achieve profitability for approximately the next 12 months and intends to focus on the following: Acquisition of high profile or legacy rights to targeted intellectual property; Development and packaging of certain properties toward increased value before going to market; Cultivating high value industry relationships toward best execution in adapting properties for market; Income Statement: The Company is currently in its pre-revenue stage. During 2021, the Company had $648 in operating expenses, which consisted of professional fees for $500, administrative expenses for $144, and stock issued for services of $4. Overall, the Company had a net loss of $648. During 2020, the Company had $160 in operating expenses, which consisted of administrative expenses of $116 and professional fees of $44. Overall, the Company had a net loss of $160. Liquidity and Capital Resources: The Offering proceeds are essential to the Company’s operations. The Company plans to use the proceeds to acquire, develop, and sometimes produce projects based on acquired intellectual property. The Offering proceeds will have a beneficial effect on our liquidity, as we currently have $6 in cash on hand, which will be augmented by the Offering proceeds and used to execute our business strategy. Throughout 2021, the Company issued 296,296 shares of Common Stock in exchange for deferment of debt and 38,520 shares of Common Stock in exchange for services. As of December 31, 2021, 11,890,371 shares of Common Stock were issued and outstanding. The Company does not have any additional sources of capital other than the proceeds from the Offering. The financial statements are an important part of this Form C and should be reviewed in their entirety. The financial statements of the Company are attached to this Form C filing.

## Financial Information

29. Include the financial information specified by regulation, covering the two most recently completed fiscal years or the period(s) since inception if shorter.

See attachments:

CPA Review Report: reviewletter.pdf

30. With respect to the issuer, any predecessor of the issuer, any affiliated issuer, any director, officer, general partner or managing member of the issuer, any beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, calculated in the same form as described in Question 6 of this Question and Answer format, any promoter connected with the issuer in any capacity at the time of such sale, any person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with such sale of securities, or any general partner, director, officer or managing member of any such solicitor, prior to May 16, 2016:

1. Has any such person been convicted, within 10 years (or five years, in the case of issuers, their predecessors and affiliated issuers) before the filing of this offering statement, of any felony or misdemeanor:
1. in connection with the purchase or sale of any security?
2. involving the making of any false filing with the Commission?
3. arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, funding portal or paid solicitor of purchasers of securities?

2. Is any such person subject to any order, judgment or decree of any court of competent jurisdiction, entered within five years before the filing of the information required by Section 4A(b) of the Securities Act that, at the time of filing of this offering statement, restrains or enjoins such person from engaging or continuing to engage in any conduct or practice:
1. in connection with the purchase or sale of any security?;
2. involving the making of any false filing with the Commission?
3. arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, funding portal or paid solicitor of purchasers of securities?

3. Is any such person subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that:
1. at the time of the filing of this offering statement bars the person from:
1. association with an entity regulated by such commission, authority, agency or officer?
2. engaging in the business of securities, insurance or banking?
3. engaging in savings association or credit union activities?

2. constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative or deceptive conduct and for which the order was entered within the 10-year period ending on the date of the filing of this offering statement?

4. Is any such person subject to an order of the Commission entered pursuant to Section 15(b) or 15B(c) of the Exchange Act or Section 203(e) or (f) of the Investment Advisers Act of 1940 that, at the time of the filing of this offering statement:
1. suspends or revokes such person's registration as a broker, dealer, municipal securities dealer, investment adviser or funding portal?
2. places limitations on the activities, functions or operations of such person?
3. bars such person from being associated with any entity or from participating in the offering of any penny stock?

If Yes to any of the above, explain:

5. Is any such person subject to any order of the Commission entered within five years before the filing of this offering statement that, at the time of the filing of this offering statement, orders the person to cease and desist from committing or causing a violation or future violation of:

1. any scienter-based anti-fraud provision of the federal securities laws, including without limitation Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act, Section 15(c)(1) of the Exchange Act and Section 206(1) of the Investment Advisers Act of 1940 or any other rule or regulation thereunder?
2. Section 5 of the Securities Act?
6. Is any such person suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade?
7. Has any such person filed (as a registrant or issuer), or was any such person or was any such person named as an underwriter in, any registration statement or Regulation A offering statement filed with the Commission that, within five years before the filing of this offering statement, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is any such person, at the time of such filing, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued?
8. Is any such person subject to a United States Postal Service false representation order entered within five years before the filing of the information required by Section 4A(b) of the Securities Act, or is any such person, at the time of filing of this offering statement, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations?

Arowana Media Holdings, Inc. answers 'NO' to all of the above questions.

## Other Material Information

31. In addition to the information expressly required to be included in this Form, include: any other material information presented to investors; and such further material information, if any, as may be necessary to make the required statements, in the light of the circumstances under which they are made, not misleading.

The following documents are being submitted as part of this offering:

Governance:

| Certificate of Incorporation: | certificateofincorporation.pdf |
| --- | --- |
| Corporate Bylaws: | corporatebylaws.pdf |

Opportunity:

| Offering Page JPG: | offeringpage.jpg |
| --- | --- |
| Pitch Deck: | pitchdeck.pdf |

Financials:

| Additional Information: | otherfinancial.pdf |
| --- | --- |

## Ongoing Reporting

**32. The issuer will file a report electronically with the Securities & Exchange Commission annually and post the report on its web site, no later than 120 days after the end of each fiscal year covered by the report:**

Once posted, the annual report may be found on the issuer's web site at: https://www.arowanamedia.com/

The issuer must continue to comply with the ongoing reporting requirements until:

- the issuer is required to file reports under Section 13(a) or Section 15(d) of the Exchange Act;
- the issuer has filed at least one annual report pursuant to Regulation Crowdfunding and has fewer than 300 holders of record and has total assets that do not exceed $10,000,000;
- the issuer has filed at least three annual reports pursuant to Regulation Crowdfunding;
- the issuer or another party repurchases all of the securities issued in reliance on Section 4(a)(6) of the Securities Act, including any payment in full of debt securities or any complete redemption of redeemable securities; or
- the issuer liquidates or dissolves its business in accordance with state law.

**Attachment 2:** `reviewletter.pdf`

Michael B. George, CPA

April 27, 2022

To the Board of Directors and Shareholders  
Arowana Media Holdings  
20860 N. Tatum Blvd #300  
Phoenix, AZ 85050

I have reviewed the accompanying balance sheet of Arowana Media Holdings, LLC (“Arowana”) as of December 31, 2020 and 2021, and the related statements of income, change in stockholders’ equity, and cash flows for the years then ended, and the related notes to the financial statements. A review includes primarily applying analytical procedures to management’s financial data and making inquiries of company management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly I do not express such an opinion.

#### ***Management’s Responsibility for the Financial Statements***

All information included in these financial statements is the representation of the management. Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement whether due to fraud or error.

#### ***Accountant’s Responsibility***

My responsibility is to conduct the reviews in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. Those standards require me to perform procedures to obtain limited assurance as a basis for reporting whether I am aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America. I believe that the results of my procedures provide a reasonable basis for my conclusion.

#### ***Accountant’s Conclusion***

Based on my review, I am not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America.

Michael B. George

Michael B. George  
Westlake, Ohio 44145  
April 27, 2022

Mike George, CPA ♦ 159 Crocker Park Blvd, Suite 400 ♦ Westlake, OH 44145 ♦ 440.847.8001

# **AROWANA MEDIA HOLDINGS, INC.**

FINANCIAL STATEMENTS
DECEMBER 31, 2021 & 2020

# **AROWANA MEDIA HOLDINGS, INC.**
**CONSOLIDATED FINANCIAL STATEMENTS**
**DECEMBER 31, 2021 and DECEMBER 31, 2020**
(Unaudited)

|  | Pages |
| --- | --- |
| 1. Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020. | F-1 |
| 2. Consolidated Income Statements for the Twelve Months ended December 31, 2021 and December 31, 2020. | F-2 |
| 3. Consolidated Statements of Stockholders' Deficit for the Twelve Months ended December 31, 2021. | F-3 |
| 4. Consolidated Statements Cash Flows for the Twelve Months ended December 31, 2021 and December 31, 2020. | F-4 |
| 5. Notes to Consolidated Financial Statements. | F-5 thru F-7 |

# **AROWANA MEDIA HOLDINGS, INC.**  
 **CONSOLIDATED BALANCE SHEETS**  
 **AT DECEMBER 31, 2021 & 2020**  
 **(UNAUDITED)**

|  | 2021 | 2020 |
| --- | --- | --- |
| ASSETS |  |  |
| CURRENT ASSETS |  |  |
| Cash | 6 | 6 |
| TOTAL CURRENT ASSETS | 6 | 6 |
| OTHER ASSETS |  |  |
| Intangible Assets net of amortization ( Note 3) | 198,550 | 198,550 |
| TOTAL ASSETS | 198,556 | 198,556 |
| LIABILITIES |  |  |
| Accounts Payable | - | - |
| Note Payable (Note 7) | 10,000 | 10,000 |
| Due to Stockholder (Note 6) | 16,530 | 15,886 |
| TOTAL CURRENT LIABILITIES | 26,530 | 25,886 |
| TOTAL LIABILITIES | 26,530 | 25,886 |
| STOCKHOLDERS’ EQUITY (DEFICIT) |  |  |
| Preferred Stock $.0001 par value 50,000,000 Authorized 0 issued, and outstanding at December 31, 2021 and December 31, 2020 respectively | 0 | 0 |
| Common Stock, $.0001 par value 500,000,000 Authorized 11,890,371 issued and outstanding at December 31, 2021 and 11,555,555 at December 31, 2020 respectively | 1,189 | 1,155 |
| Additional paid-in-capital | 177,359 | 177,389 |
| Retained earnings | (6,518) | (5,874) |
| TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | 172,026 | 172,670 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | 198,556 | 198,556 |

The accompanying notes are an integral part of the financial statements.

F-1

# **AROWANA MEDIA HOLDINGS, INC.**  
 **CONSOLIDATED STATEMENT OF OPERATIONS**  
 **FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2021 & 2020**  
 **(UNAUDITED)**

|  | 2021 | 2020 |
| --- | --- | --- |
| REVENUES: |  |  |
| Sales | $ | $ |
| TOTAL REVENUE |  |  |
| COST OF SALES |  |  |
| GROSS MARGIN |  |  |
| OPERATING EXPENSES: |  |  |
| Administrative expenses | 144 | 116 |
| Salaries | - | - |
| Professional Fees | 500 | 44 |
| Stock issued for services | 4 | - |
| Transfer Agent Fees | - | - |
| Total Operating expenses | 648 | 160 |
| NET OPERATING INCOME/ LOSS | (648) | (160) |
| OTHER INCOME/EXPENSES |  |  |
| Finance and interest fees | - | - |
| NET INCOME (LOSS) | $(648) | $(160) |
| Basic and Diluted Loss per Common Share | $(0.000014) | (0.000014) |
| Weighted Average Number of Common Shares Outstanding | 11,890,371 | 11,555,555 |

The accompanying notes are an integral part of the financial statements.

F-2

# **AROWANA MEDIA HOLDINGS, INC.**  
 **CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT**  
 **FOR THE TWELVE MONTHS ENDED DECEMBER 31 2021**  
 **(UNAUDITED)**

|  | PREFERRED |  | COMMON STOCK |  | ADDITIONAL PAID | ACCUMULATED EQUITY / | TOTAL SHAREHOLDERS EQUITY/ (DEFICIT) |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | SHARES | VALUE | SHARES | VALUE | IN CAPITAL | (DEFICIT) |  |
| BALANCE DECEMBER 31,2017 |  |  |  |  |  | 0 | 0 |
| COMMON STOCK ISSUED FOR ASSETS |  |  | 10,000,000 | $1,000 | 167,500 |  | 168,500 |
| NET LOSS DECEMBER 31, 2018 |  |  |  |  |  | $(15) | (15) |
| BALANCE DECEMBER 31, 2018 | 0 | $0 | 10,000,000 | $1,000 | $167,500 | $(15) | $168,485 |
| COMMON STOCK ISSUED FOR ASSETS |  |  | 1,111,111 | $111 | 9,889 |  | 10,000 |
| NET LOSS DECEMBER 31,2019 |  |  |  |  |  | (5,699) | (5,699) |
| BALANCE DECEMBER 31,2019 | 0 | $0 | 11,111,111 | $1,111 | $177,389 | $(5,714) | $172,786 |
| COMMON STOCK ISSUED FOR SERVICES |  |  | 444,444 | 44 |  |  | 44 |
| NET LOSS DECEMBER 31, 2020 |  |  |  |  |  | (160) | (160) |
| BALANCE DECEMBER 31, 2020 | 0 | $0 | 11,555,555 | $1,155 | $177,389 | $(5,874) | $172,670 |
| COMMON STOCK ISSUED FOR DEFERMENT OF DEBT |  |  | 296,296 | 30 | (30) |  |  |
| COMMON STOCK ISSUED FOR SERVICES |  |  | 38,520 | 4 |  |  | 4 |
| NET LOSS DECEMBER 31, 2021 |  |  |  |  |  | (648) | (648) |
| BALANCE DECEMBER 31, 2021 | 0 | $0 | 11,890,371 | $1,189 | $177,359 | $(6,522) | $172,026 |

The accompanying notes are an integral part of the financial statements.

F-3

# **AROWANA MEDIA HOLDINGS, INC.**  
 **CONSOLIDATED STATEMENTS OF CASH FLOWS**  
 **FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2021 & 2020**  
 **(UNAUDITED)**

|  | 2021 | 2020 |
| --- | --- | --- |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| Net Income / (Loss) | $(648) | $(160) |
| Adjustments to reconcile net income (loss) to net cash provided (used) |  |  |
| By operating activities: |  |  |
| Stock issued for services | 4 | - |
| Changes in operating assets and liabilities: |  |  |
| Amortization & Depreciation | - | - |
| (Increase)/decrease in accounts receivable | - | - |
| Increase/ (decrease) in accounts payable | - | - |
| Increase/ (decrease) in accrued salaries | - | - |
| Increase/ (decrease) in accrued interest payable | - | - |
| NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | (644) | (160) |
| CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
| Investment in Intellectual Property | - | 20,000 |
| Acquisition of fixed assets | - | - |
| NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | - | (20,000) |
| CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
| (Decrease)/Increase in notes payable | - | 10,000 |
| (Decrease)/Increase in Due from Stockholder | 644 | 10,160 |
| NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | 644 | 20,160 |
| NET INCREASE (DECREASE) IN CASH | 0 | 0 |
| CASH AND EQUIVALENTS, BEGINNING OF PERIOD | 6 | 0 |
| CASH AND EQUIVALENTS, END OF PERIOD | $6 | 6 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |
| Common Stock Deferment of debt | 296,296 | - |
| Common Stock Issued for services | 38,620 | 444,444 |

The accompanying notes are an integral part of the financial statements.

F-4

# **AROWANA MEDIA HOLDINGS, INC.**  
**NOTES TO THE FINANCIAL STATEMENTS**  
**DECEMBER 31, 2021 & 2020**  
**(UNAUDITED)**

# **NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES**

# **A. ORGANIZATION AND OPERATIONS**

Arowana Media Holdings, Inc. (the “Company”) is a corporation formed in Wyoming on October 16, 2018. On October 16, 2018, the Company acquired all of the assets of Mike The Pike Productions, Inc. of Wyoming in exchange for 10,000,000 restricted shares of common stock. Concurrently with the Acquisition, the management of the Wyoming Corporation took control of the Board of Directors of the Company. On August 21, 2019 Mark B Newbauer contributed intellectual property in exchange for 1,111,111 restricted shares of common.

# **B. PRINCIPALS OF CONSOLIDATION**

These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Mike the Pike Entertainment LLC incorporated in the state of Wyoming. All material inter-company balances and transactions were eliminated upon consolidation.

# **C. BASIS OF ACCOUNTING**

The Company utilizes the accrual method of accounting, whereby revenue is recognized when earned and expenses when incurred. The financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. As such, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and these adjustments are of a normal recurring nature.

# **D. USE OF ESTIMATES**

The preparation of 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 disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

# **E. CASH AND CASH EQUIVALENTS**

Cash and cash equivalents include cash on hand; cash in banks and any highly liquid investments with maturity of three months or less at the time of purchase. The Company maintains cash and cash equivalent balances at several financial institutions, which are insured by the Federal Deposit Insurance Corporation up to $250,000.

# **F. COMPUTATION OF EARNINGS PER SHARE**

Net income per share is computed by dividing the net income by the weighted average number of common shares outstanding during the period. Due to the net loss, the options and stock conversion of debt are not used in the calculation of earnings per share because the stock conversions and options are considered to be antidilutive.

# **G. INCOME TAXES**

The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are

expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company’s management has reviewed the Company’s tax positions and determined there were no outstanding, or retroactive tax positions with less than a 50% likelihood of being sustained upon examination by the taxing authorities, therefore the implementation of this standard has not had a material effect on the Company.

## H. REVENUE RECOGNITION

Revenue for license fees is recognized upon the execution and closing of the contract for the amount of the contract. Contract fees are generally due based upon various progress milestones. Revenue from contract payments are estimated and accrued as earned. Any adjustments between actual contract payments and estimates are made to current operations in the period they are determined.

## I. FAIR VALUE MEASUREMENT

The Company determines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. The carrying amounts reported in the balance sheet for cash, accounts receivable, inventory, accounts payable and accrued expenses, and loans payable approximate their fair market value based on the short-term maturity of these instruments.

Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. US GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The established fair value hierarchy prioritizes the use of inputs used in valuation methodologies into the following three levels:

- Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and must be used to measure fair value whenever available.

- Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

- Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. For example, level 3 inputs would relate to forecasts of future earnings and cash flows used in a discounted future cash flows method.

## J. STOCK-BASED COMPENSATION

The Company measures and recognizes compensation expense for all share-based payment awards made to employees, consultants and directors including employee stock options based on estimated fair values. Stock-based compensation expense recognized for the years ended December 31, 2021 and 2020 was $0 and $0 respectively. Stock-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that vest during the period.

## K. SALES AND ADVERTISING

The costs of sales and advertising are expensed as incurred. Sales and advertising expense was $0 and $0 for the years ended December 31, 2021 and 2020, respectively.

## L. NEW ACCOUNTING PRONOUNCEMENTS

The Company reviews new accounting standards as issued. No new standards had any material effect on these financial statements. The accounting pronouncements issued subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential effect on these consolidated financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these consolidated financial statements as

presented and does not anticipate the need for any future restatement of these consolidated financial statements because of the retro-active application of any accounting pronouncements issued subsequent to December 31, 2020 through the date these financial statements were issued.

#### M. FURNITURE AND EQUIPMENT

Furniture and equipment are recorded at costs and consists of furniture and fixtures, computers and office equipment. We compute depreciation using the straight-line method over the estimated useful lives of the assets. Expenditures for major betterments and additions are charged to the property accounts, while replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets are charged to expense.

#### N. INTELLECTUAL PROPERTY

Intangible assets (intellectual property) are recorded at cost and are amortized over the estimated useful life of the asset. Management evaluates the fair market value to determine if the asset should be impaired at the end of each year.

#### O. IMPAIRMENT OF LONG-LIVED ASSETS

The Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life.

Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances.

An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.

The Company depends upon capital to be derived from future financing activities such as subsequent offerings of its common stock or debt financing in order to operate and grow the business. There can be no assurance that the Company will be successful in raising such capital. The key factors that are not within the Company's control and that may have a direct bearing on operating results include, but are not limited to, acceptance of the Company's business plan, the ability to raise capital in the future, the ability to expand its customer base, and the ability to hire key employees to provide services. There may be other risks and circumstances that management may be unable to predict.

The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

#### NOTE 2 - PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2021 and December 31, 2020 consists of the following:

|  | DECEMBER 31, 2021 | DECEMBER 31, 2020 |
| --- | --- | --- |
| Furniture and Fixtures | $0 | $0 |
| Less: Accumulated Depreciation | 0 | 0 |
| Net Property and Equipment | $0 | $0 |

Property and equipment are recorded at cost. Depreciation is computed on the straight-line method, based on the estimated useful lives of the assets of 5 years.

### NOTE 3 - INTANGIBLE ASSETS

Intangible Assets at December 31, 2021 and December 31, 2020 consists of the following:

|  | DECEMBER 31, 2021 | DECEMBER 31, 2020 |
| --- | --- | --- |
| Intangible Assets | $198,550 | $198,550 |
| Less: Accumulated Amortization |  |  |
| Net Intangible Assets | $198,550 | $198,550 |

The Company invests in various intellectual properties such as short stories and novels to be developed into future movie projects. By definition these intangible assets are amortized over a 15 year period. Amortization expense for the Twelve months ended December 31, 2021 and 2020 was $0 respectively. At December 31, 2021, the Company has determined that the intangible asset should not be impaired.

### NOTE 4 - STOCKHOLDERS’ EQUITY/ (DEFICIT)

#### AUTHORIZED SHARES & TYPES

The Company has authorized 50,000,000 shares of Preferred stock at a par value of $0.0001 at December 31, 2021.

The Company has authorized 500,000,000 shares of common stock at a par value of $0.0001 at December 31, 2021.

The Company relies on capital raised through loans, private placement memorandums to assist in the funding of operations.

### NOTE 5 - INCOME TAXES

Deferred tax assets arising as a result of net operation loss carry forwards have been offset completely by a valuation allowance due to the uncertainty of their utilization in future periods.

Based on its evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. The Company’s evaluation was performed for the tax years ended December 31, 2021 and 2020 for U.S. Federal Income Tax and for the State of Wyoming.

The Company has a net operating loss carry forwards of $6,522, at December 31, 2021.

The Company follows the provisions of uncertain tax positions. The Company recognized approximately no increase in the liability for unrecognized tax benefits.

The Company has no tax position at December 31, 2021 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.

### NOTE 6 - RELATED PARTY TRANSACTIONS

During the twelve months end December 31, 2021 and 2020, the Company’s CEO had advanced $644 and $10,620, respectively of personal funds.

## NOTE 7 - NOTE PAYABLE COMMITMENT

The Company has entered into a Simple Agreement for Future Equity, dated September 18, 2020 (the “SAFE”), pursuant to which, in exchange for $10,000, we issued to the investor the right to certain shares of the Company’s capital stock subject to the terms therein. Upon the event of an equity financing in which the Company issues and sells shares of its preferred stock, the SAFE will automatically convert into shares of preferred stock having the same rights, privileges, preferences and restrictions as the preferred stock issued in such equity financing. The number of such shares of preferred stock to be issued upon conversion of the SAFE shall be equal to: $10,000 divided by either (i) the quotient of $3,250,000 divided by the Company’s capitalization immediately prior to the equity financing, or (ii) the price per share of preferred stock issued in such equity financing, multiplied by 80%, whichever calculation results in the greater number of shares of preferred stock. Upon a liquidation event or a dissolution event, the SAFE will be automatically entitled to receive a portion of such proceeds. The Company anticipates entering into another Simple Agreement for Future Equity before the termination of this offering, on the same terms as the SAFE, for an investment of $100,000.

## NOTE 8 - CONTINGENCIES

Certain literary rights were purchased on behalf of the Company on December 3rd, 2014 and the rights were assigned to the third party responsible for said purchase in exchange for passive participation in exploitation of the rights. The third party entity controls the rights of which the Company will receive 25% of net proceeds, if any, from exploitation of rights, if any, by the third party entity. The Company has a passive stake in the proceeds, if any, and is not required to fulfill any further objectives or conditions otherwise to secure its position. The Company will request Quarterly statements from the third party entity to ensure accountability throughout the relationship.

## NOTE 9 - SUBSEQUENT EVENTS

Subsequent events were evaluated through March 19, 2022 which is the date the financial statements were available to be issued. On January 15th, 2020 the Company successfully negotiated terms for an Option for Purchase of the film, television, new media and video game rights to the iconic character and universe of *Vampirella*, in association with Dynamite Entertainment. Now that the Company has acquired the option or rights in the intellectual property, it will begin to develop the intellectual property. Company efforts in the development of the intellectual property are designed to increase the value of that intellectual property in the marketplace.

In January of 2021, 296,296 shares of restricted common stock were issued to Bevilacqua PLLC in consideration for the deferment of payment due for services. In January of 2021, 19,260 shares of restricted common stock were issued to each of Catalyst Loanout Inc. and Sustainable Imagination, pursuant to Advisor Agreements in consideration for advisory services for total of 38,520 shares issued for services. There were no additional events that would require additional disclosure at the time of financial statement presentation.

**Attachment 3:** `certificateofincorporation.pdf`

# ARTICLES OF INCORPORATION
OF
AROWANA MEDIA HOLDINGS, INC.

WY Secretary of State
FILED: 10/16/2018 02:11 PM
ID: 2018-000824846

In compliance with the requirements of the Wyoming Business Corporation Act, and for the purposes of forming a for-profit business corporation in Wyoming, the undersigned desire to form a corporation according to the following Articles of Incorporation.

# ARTICLE 1 - NAME OF THE CORPORATION

The name of the Corporation is “Arowana Media Holdings, Inc.”, (hereinafter, the “Corporation”).

# ARTICLE 2 - TERM OF EXISTENCE

The Corporation shall have perpetual existence.

# ARTICLE 3 - PRINCIPAL OFFICES & REGISTERED AGENT

The street address of the initial registered office is 30 North Gould Street, Suite N, Sheridan, WY 82801. The name of the initial Registered Agent at this Registered Office is Northwest Registered Agent Service, Inc.

# ARTICLE 4 - ADDRESS OF EXECUTIVE OFFICES

The mailing address where correspondence and annual report forms may be sent is 20860 North Tatum Boulevard, Suite 328, Phoenix, Arizona 85050.

# ARTICLE 5 - PURPOSE OF COPRORATION

The nature of the business or purposes to be conducted or promoted by the Corporation is to engage in any lawful act or activity for which corporations may be organized under the Wyoming Business Corporation Act.

# ARTICLE 6 - TERM OF EXISTENCE

The Corporation shall have perpetual existence.

# ARTICLE 7 - INCORPORATOR

The name of the sole incorporator is Mark B. Newbauer, 20860 North Tatum Boulevard, Suite 328, Phoenix, Arizona 85050. The power of the sole incorporator as such shall terminate upon the filing of the Articles of Incorporation.

# ARTICLE 8 - CORPORATE CAPITALIZATION

SECTION 1. Authorized Shares. This Corporation is authorized to issue five hundred, million (500,000,000) shares of Common Stock, par value $0.001 per share (the “Common Stock”), five million (5,000,000) shares of Series A Preferred Stock, par value $0.001 per share (the “Preferred Class A Stock”), and fifty million (50,000,000) shares of Series B Preferred Stock (the

"Preferred Class B Stock"). The number of authorized shares of any class or classes of stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of at least a majority of the voting power of the issued and outstanding shares of Common Stock, the Series A Preferred Stock, and the Series B Preferred Stock of the Corporation, voting together as a single class.

SECTION 2. Common Stock. A statement of the designations of Common Stock, powers, preferences, rights and qualifications, limitations or restrictions thereof are as follows:

(A) Voting Rights.

i. Except as otherwise provided herein or by applicable law, the holders of shares of Common Stock, Series A Preferred Stock, and Series B Preferred Stock shall at all times vote together as one class on all matters (including the election of directors) submitted to a vote or for the consent of the stockholders of the Corporation.

ii. Each holder of shares of Common Stock shall be entitled to one (1) vote for each share of Common Stock held as of the applicable date on any matter that is submitted to a vote or for the consent of the stockholders of the Corporation.

(B) Dividends. Subject to the preferences applicable to any series of Series A Preferred Stock and/or Series B Preferred Stock, if any, outstanding at any time, the holders of Common Stock, shall be entitled to receive, on a per share basis, the same form and amount of dividends and other distributions of cash, property or shares of stock of the Corporation as may be declared by the Board of Directors from time to time with respect to shares of the Common Stock out of assets or funds of the Corporation legally available.

(C) Liquidation. Subject to the preferences applicable to any series of Series A Preferred Stock, if any outstanding at any time, in the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, the holders of Common Stock shall be entitled to share equally, on a per share basis, all assets of the Corporation of whatever kind available for distribution to the holders of Common Stock.

(D) Preemptive Rights. No holder of Common Stock of the Corporation shall have any preemptive right to subscribe to or purchase any additional shares of any class, bonds, convertible securities of any nature; provided however, that the Board of Directors may, in authorizing the issuance of shares of stock of any class, confer any preemptive right that the Board of Directors may deem advisable in connection with such issuance.

(E) Dilution & Issuances. The Board of Directors of the Corporation may authorize the issuance of shares of Common Stock from time to time, whether now or hereafter authorized, for such consideration as the Board of Directors may deem advisable, subject to restrictions or limitations (if any) as may be set forth in the Bylaws of the Corporation.

(F) Restructurings. If the Corporation in any manner subdivides or combines the outstanding shares of Common Stock, the Corporation shall not subdivide or combine the outstanding shares of any other class unless a subdivision or combination is the intent of the Corporation.

(G) Reclassifications. The Board of Directors of the Corporation may, by Restated Articles of Incorporation, classify or re-classify any unissued Common Stock from time to time by setting or changing the preferences, conversions, or other rights, voting powers, restrictions, limitations as to dividends, qualifications, or term or conditions of redemption of the Common Stock.

SECTION 3. Series A Preferred Stock. A statement of the designations of Series A Preferred Stock, powers, preferences, rights and qualifications, limitations or restrictions thereof are as follows:

(A) Voting Rights. Each holder of shares of Series A Preferred Stock shall be entitled to one hundred (100) votes for each share of Series A Preferred Stock held as of the applicable date on any matter that is submitted to a vote or for the consent of the stockholders of the Corporation.

(B) Dividends. All accrued and accumulated dividends shall be paid prior and in preference to any dividend on issued and outstanding Common Stock and shall be fully declared and paid before any dividends are declared and paid, or any other distributions or redemptions are made, on any other class of stock, as may be declared by the Board of Directors from time to time with respect to shares of the Series A Preferred Stock out of assets or funds of the Corporation legally available.

(C) Liquidation. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the holders of Series A Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, before any payment shall be made to the holders of any other class by reason of their ownership thereof, an amount in cash equal to $5.00 per share of Common Stock which the Series A Preferred Stock is convertible into pursuant to this Section (§8.3[H]) hereunder, together with all unpaid accrued and accumulated dividends on all such Shares (whether or not declared)..

(D) Preemptive Rights. No holder of Series A Preferred Stock of the Corporation shall have any preemptive right to subscribe to or purchase any additional shares of any class, bonds, convertible securities of any nature; provided however, that the Board of Directors may, in authorizing the issuance of shares of stock of any class, confer any preemptive right that the Board of Directors may deem advisable in connection with such issuance.

(E) Dilution & Issuances. The Board of Directors of the Corporation may authorize the issuance of shares of Series A Preferred Stock from time to time, whether now or hereafter authorized, for such consideration as the Board of Directors may deem advisable, subject to restrictions or limitations (if any) as may be set forth in the Bylaws of the Corporation.

(F) Restructurings. If the Corporation in any manner subdivides or combines the outstanding shares of Series A Preferred Stock, the Corporation shall not subdivide or combine the outstanding shares of any other class unless a subdivision or combination is the intent of the Corporation.

(G) Reclassifications. Without the prior written consent of holders of not less than two-thirds (2/3) of the then total outstanding Series A Preferred Stock (a "Supermajority Interest"), voting separately as a single class with one vote per share of Series A Preferred Stock, in person or by proxy, either in writing without a meeting or at an annual or a special meeting of such holders, and any other applicable stockholder approval requirements required by law, the Corporation shall not reclassify, modify or amend Section 3., including but, not limited to Voting Rights, Right to Convert, or any other subsection herein.

(H) Right to Convert. At any time and from time to time on or after the issuance, any holder of Series A Preferred Stock shall have the right by written election to the Corporation to convert all or any portion of the outstanding Series A Preferred Stock (including any fraction of a Share) held by such holder along with the aggregate accrued or accumulated and unpaid dividends thereon into an aggregate number of shares of Common Stock (including any fraction of a share) as is determined by (i) multiplying the number of Shares (including any fraction of a Share) by one hundred (100).

SECTION 4. Series B Preferred Stock. A statement of the designations of Series B Preferred Stock, powers, preferences, rights and qualifications, limitations or restrictions thereof are as follows:

(A) Voting Rights. Each holder of shares of Series B Preferred Stock shall be entitled to ten (10) votes for each share of Series B Preferred Stock held as of the applicable date on any matter that is submitted to a vote or for the consent of the stockholders of the Corporation.
(B) Dividends. All accrued and accumulated dividends shall be paid prior and in preference to any dividend on issued and outstanding Common Stock and shall be fully declared and paid before any dividends are declared and paid, or any other distributions or redemptions are made, on any other class of stock, as may be declared by the Board of Directors from time to time with respect to shares of the Series B Preferred Stock out of assets or funds of the Corporation legally available.
(C) Liquidation. Subject to the preferences applicable to any series of Series A Preferred Stock, if any outstanding at any time, in the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, the holders of Preferred Class B shall be entitled to share equally, on a per share basis, all assets of the Corporation of whatever kind available for distribution to the holders of Preferred Class B.
(D) Preemptive Rights. No holder of Series B Preferred Stock of the Corporation shall have any preemptive right to subscribe to or purchase any additional shares of any

class, bonds, convertible securities of any nature; provided however, that the Board of Directors may, in authorizing the issuance of shares of stock of any class, confer any preemptive right that the Board of Directors may deem advisable in connection with such issuance.

(E) Dilution & Issuances. The Board of Directors of the Corporation may authorize the issuance of shares of Series B Preferred Stock from time to time, whether now or hereafter authorized, for such consideration as the Board of Directors may deem advisable, subject to restrictions or limitations (if any) as may be set forth in the Bylaws of the Corporation.

(F) Restructurings. If the Corporation in any manner subdivides or combines the outstanding shares of Series B Preferred Stock, the Corporation shall not subdivide or combine the outstanding shares of any other class unless a subdivision or combination is the intent of the Corporation.

(H) Reclassifications. The Board of Directors of the Corporation may, by Restated Articles of Incorporation, classify or re-classify any unissued Preferred Series B Stock from time to time by setting or changing the preferences, conversions, or other rights, voting powers, restrictions, limitations as to dividends, qualifications, or term or conditions of redemption of the Preferred Class B Stock.

(G) Right to Convert. At any time and from time to time on or after the issuance, any holder of Series B Preferred Stock shall have the right by written election to the Corporation to convert all or any portion of the outstanding Series B Preferred Stock (including any fraction of a Share) held by such holder along with the aggregate accrued or accumulated and unpaid dividends thereon into an aggregate number of shares of Common Stock (including any fraction of a share) as is determined by (i) multiplying the number of Shares (including any fraction of a Share) by ten (10).

# ARTICLE 9 - OFFICERS

SECTION 1. An officer of the Corporation shall not be personally liable to this Company or its stockholders for damages for breach of fiduciary duty as an officer, but this Article shall not eliminate or limit the liability of an Officer for (i) acts of omissions which involve international misconduct, fraud or knowing violation of the law, or (ii) the unlawful payment of dividends. Any repeal or modification of the Article of stockholders of the Company shall be prospective only, and shall not adversely affect any limitation on the personal liability of a Director of Officer of the Company for acts of omissions prior to such repeal of modification.

SECTION 2. The initial officer of the Corporation shall be:

Mark B. Newbauer, CEO & President

whose mailing address is 20860 North Tatum Boulevard, Suite 328, Phoenix, Arizona 85050.

# ARTICLE 8 - BOARD OF DIRECTORS

SECTION 1. The initial directors of the Corporation shall be:

Mark B. Newbauer, Sole Director

whose mailing address is 20860 North Tatum Boulevard, Suite 328, Phoenix, Arizona 85050, these individuals are to serve until their successors has been appointed or elected and qualified pursuant to the Corporation's Bylaws. The number of directors that constitute the whole Board of Directors shall be fixed exclusively in the manner designated in the Bylaws of the Corporation. The number of directors may be increased or decreased by a duly adopted amendment to the By-Laws of the Company.

SECTION 2. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors. In addition to the powers and authority expressly conferred upon them by statute or by these Articles of Incorporation or the Bylaws of the Corporation, the directors are hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Corporation.

SECTION 4. Elections of directors need not be by written ballot unless the Bylaws of the Corporation shall so provide.

SECTION 5. In furtherance and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized to adopt, alter, amend or repeal the Bylaws of the Corporation. The affirmative vote of at least a majority of the Board of Directors then in office shall be required in order for the Board of Directors to adopt, amend, alter or repeal the Corporation's Bylaws. The Corporation's Bylaws may also be adopted, amended, altered or repealed by the stockholders of the Corporation. No Bylaw hereafter legally adopted, amended, altered or repealed shall invalidate any prior act of the directors or officers of the Corporation that would have been valid if such Bylaw had not been adopted, amended, altered or repealed.

# ARTICLE 9 - MEETINGS

SECTION 1. Unless otherwise required by law, special meetings of the stockholders of the Corporation, for any purpose or purposes, may be called only by (i) the Board of Directors of the Corporation, (ii) the Chairman of the Board of Directors of the Corporation, (iii) the Chief Executive Officer of the Corporation, or (iv) a holder, or group of holders, of Series A Preferred Stock holding more than twenty percent (20%) of the total voting power of the outstanding shares of capital stock of the Corporation then entitled to vote.

SECTION 2. Any action required or permitted to be taken by the stockholders of the Corporation must be effected at a duly called annual or special meeting of stockholders of the Corporation and may not be effected by any consent in writing by such stockholders.

# ARTICLE 10 - INDEMNITY

Every person who was or is a party to, or is threatened to be made a party to, or is involved in any such action, suit, or proceeding, whether civil, criminal, administrative, or investigative, by the reason of the fact that he or she or a person with whom he or she is a legal representative, is or was

a director of the Corporation, or who is serving at the request of the Corporation as a director or officer of another corporation, or is a representative in a partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless to the fullest extent legally permissible under the laws of the State of Florida from time to time against all expenses, liability and loss (including attorneys' fees, judgments, fines, and amounts paid or to be paid in a settlement) reasonably incurred or suffered by him or her in connection therewith. Such right of indemnification shall be contract right which may which may be enforced in any manner desired by such person. The expenses of directors' and officers' incurred in defending a civil suit or proceeding must be paid by the Corporation as incurred and in advance of the final disposition of the action, suit, or proceeding, under receipt of an undertaking by or on behalf of the director of officer, to repay the amount if it is ultimately determined by a court of competent jurisdiction that he or she is not entitled to be indemnified by the Corporation. Such right of indemnification shall not be exclusive of any other right of such directors, officers, or other representatives may have or hereafter acquire, and without limiting the generality of such statement they shall be entitled to their respective rights of indemnification under any bylaw, agreement, vote of shareholders, provision of law, or otherwise, as well as their rights under this Article.

Without limiting the application of the foregoing, the Board of directors may adopt Bylaws from time to time without respect to the indemnification, to provide all times the fullest indemnification permitted by the laws of the State of Florida, and may cause the Corporation to purchase or maintain insurance on behalf of any person who is or was a director or officer.

IN WITNESS WHEREOF, I hereunto set my hand and seal, acknowledged and filed the foregoing Articles of Incorporation with the purpose of forming a corporation under the Wyoming Business Corporation Act, do make, file and record this document, and do certify that the facts stated in this document are true.

Mark B. Newbauer, Incorporator

**CONTACT:**

MARK B. NEWBAUER
DAYTIME PHONE: 310-986-2734 + 260-249-7906
HEY@AROWANAMEDIA.COM

![img-0.jpeg](img-0.jpeg)

Wyoming Secretary of State

2020 Carey Avenue, Suite 700

Cheyenne, WY 82002-0020

Ph. 307.777.7311

Fax 307.777.5339

Email: Business@wyo.gov

# Consent to Appointment by Registered Agent

Northwest Registered Agent Service, Inc.
I, (name of registered agent), registered office located at
30 N Gould St Ste N
Sheridan, WY 82801
voluntarily consent to serve
* (registered office physical address, city, state & zip)
Arowana Media Holdings, Inc.
as the registered agent for (name of business entity)

I hereby certify that I am in compliance with the requirements of W.S. 17-28-101 through W.S. 17-28-111.

Signature: Tom Glover
Date: 09/14/2018
(Shall be executed by the registered agent.)
Print Name: Tom Glover
Daytime Phone: (509) 768-2249
Title: Assistant Secretary
Email: compliance@northwestregisteredagent.com
Registered Agent Mailing Address
(if different than above):

* If this is a current registered agent changing their registered address on file, complete the following:

Previous Registered Office(s):

I hereby certify that:

After the changes are made, the street address of my registered office and business office will be identical.
This change affects every entity served by me and I have notified each entity of the registered office change.
I certify that the above information is correct and I am in compliance with the requirements of W.S. 17-28-101 through W.S. 17-28-111.

Signature:

(Shall be executed by the registered agent.)

Date:

(mm/dd/yyyy)

RAConsent - Revised October 2015

# **STATE OF WYOMING**
**Office of the Secretary of State**

I, EDWARD A. BUCHANAN, SECRETARY OF STATE of the STATE OF WYOMING, do hereby certify that the filing requirements for the issuance of this certificate have been fulfilled.

# **CERTIFICATE OF INCORPORATION**

# **Arowana Media Holdings, Inc.**

Accordingly, the undersigned, by virtue of the authority vested in me by the law, hereby issues this Certificate.

I have affixed hereto the Great Seal of the State of Wyoming and duly executed this official certificate at Cheyenne, Wyoming on this **16th** day of **October, 2018**.

![img-1.jpeg](img-1.jpeg)

Filed Date: 10/16/2018

Secretary of State

By: Bailey Johnson

**Attachment 4:** `corporatebylaws.pdf`

DocuSign Envelope ID: 8428CF68-6694-4DE0-AAC5-F813ED49620C

# **BYLAWS  
OF  
AROWANA MEDIA HOLDINGS, INC.  
(the 'Corporation')**

Adopted on October 16, 2018

## ARTICLE I

1.1 **Registered Office.** The registered office of the Corporation in the State of Wyoming shall be as from time to time set forth in the Corporation’s Articles of Incorporation, as amended (as so amended and supplemented from time to time, the “Articles of Incorporation”).

1.2 **Other Offices.** The Corporation shall also have and maintain an office or principal place of business at such place as may be fixed by the Board of Directors, and may also have offices at such other places, both within and without the State of Wyoming, as the Board of Directors may from time to time determine or the business of the Corporation may require.

## MEETINGS OF SHAREHOLDERS

2.1 **Place of Meetings.** Meetings (whether annual, special or adjourned) of the shareholders of the Corporation shall be held at the principal executive office of the Corporation, or at any place within or without the State of Wyoming which may be designated by the Board of Directors and set forth in the notice of the meeting. The Board of Directors may, in its sole discretion, determine that the meeting shall not be held at any place, but may instead be held by means of remote communication. The Board shall take into consideration shareholders’ ability to participate by remote communication and provide an alternative means of participation for those shareholders unable to participate by remote communication. If authorized by the Board of Directors in its sole discretion, and subject to guidelines and procedures the Board of Directors may adopt, shareholders and proxies not physically present at a meeting of shareholders may, by means of remote communication: (i) participate in a meeting of shareholders; and (ii) be deemed present in person and vote at a meeting of shareholders, whether the meeting is held at a designated place or solely by means of remote communication, provided that the Corporation shall implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a shareholder or proxy. The Corporation shall implement reasonable measures to provide the shareholders and proxies a reasonable opportunity to participate in the meeting and to vote on matters submitted to the shareholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with the proceeding. If any shareholder or proxy votes or takes other action at the meeting by means of remote communication, a record of the vote or other action shall be maintained by the Corporation.

2.2 **Annual Meeting.** An annual meeting of shareholders shall be held each year on a date and at a time designated by the Board of Directors. The annual meeting shall be held for the purpose of electing directors and for making reports of the affairs of the Corporation. Any other business properly brought before the meeting may be transacted at the annual meeting of shareholders.

2.3 **Special Meeting.** Special meetings of the shareholders for any purpose or purposes whatsoever may be called at any time by the Board of Directors, the Chairman of the Board of Directors (if any), the Chief Executive Officer, the President or by one or more holders of shares entitled to cast not less than ten percent (10%) of the votes on the record date upon written request delivered to the Corporation’s Secretary. Only

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business within the purpose or purposes described in the special meeting notice may be conducted at a special shareholders' meeting. If not otherwise fixed, the record date for determining shareholders entitled to demand a special meeting is the date the first shareholder signs the demand.

2.4 Notice of Meeting. The Corporation shall notify shareholders of the date, time, place and means of communication of each annual and special shareholders' meeting no fewer than ten (10) nor more than sixty (60) days before the meeting date. Unless the Wyoming Business Corporation Act (the "Act") or the Articles of Incorporation require otherwise, the Corporation is required to give notice only to shareholders entitled to vote at the meeting. Unless the Act or the Articles of Incorporation require otherwise, notice of an annual meeting need not include a description of the purpose or purposes for which the meeting is called. Notice of a special meeting shall include a description of the purpose or purposes for which the meeting is called. If an annual or special shareholders' meeting is adjourned to a different date, time, place or means of communication, notice need not be given of the new date, time, place or means of communication if the new date, time place or means of communication is announced at the meeting before adjournment. If a new record date for the adjourned meeting is or shall be fixed, however, notice of the adjourned meeting shall be given to persons who are shareholders as of the new record date.

2.5 Waiver of Notice. A shareholder may waive any notice required by the Act, the Articles of Incorporation, or these Bylaws before or after the date and time stated in the notice. The waiver shall be in writing, be signed or shall be sent by electronic transmission by the shareholder entitled to the notice, and be delivered to the Corporation for inclusion in the minutes or filing with the corporate records. A shareholder's attendance at a meeting: (i) waives objection to lack of notice or defective notice of the meeting, unless the shareholder at the beginning of the meeting objects to holding the meeting or transacting business at the meeting; and (ii) waives objection to consideration of a particular matter at the meeting that is not within the purpose or purposes described in the meeting notice, unless the shareholder objects to considering the matter when it is presented.

2.6 Record Date. In order that the Corporation may determine the shareholders entitled to notice of any meeting or to vote, the Board of Directors may fix, in advance, a record date, which shall not be more than seventy (70) days nor less than ten (10) days prior to the date of such meeting nor more than seventy (70) days before any other action. Only shareholders of record at the close of business on the record date are entitled to notice of, and to vote at, a meeting of shareholders, notwithstanding any transfer of any shares on the books of the Corporation after the record date, except as otherwise provided in the Articles of Incorporation or the Act. A determination of the shareholders of record entitled to notice of, and to vote at, a meeting of shareholders shall apply to any adjournment of the meeting unless the Board of Directors fixes a new record date for the adjourned meeting, but the Board of Directors shall fix a new record date if the meeting is adjourned for more than 120 days from the date set for the original meeting. If the Board of Directors does not so fix a record date: (a) the record date for determining the shareholders entitled to notice of, or to vote at, a meeting of shareholders shall be at the close of business on the business day before the first notice is delivered to shareholders; and (b) the record date for determining the shareholders entitled to give consent to a corporate action in writing without a meeting (i) when no prior action by the Board of Directors has been taken, shall be the day on which the first written consent is given, or (ii) when prior action by the Board of Directors has been taken, shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

2.7 Shareholders' List. After fixing a record date for a meeting, the Corporation shall prepare an alphabetical or numerical list of the identities of all its shareholders who are entitled to notice of a shareholders' meeting. The list shall be arranged by voting group, and within each voting group by class or series of shares, and show the number of shares held by each shareholder. The list shall also show each shareholder's physical mailing address, if the identity of a shareholder on the list consists of the shareholder's name, and each shareholder's authorized means of receipt for electronic transmissions, if the identity of a shareholder on the

-2-

DocuSign Envelope ID: 8428CF68-6694-4DE0-AAC5-F813ED49620C

list consists of the shareholder's data address. The shareholders' list shall be available for inspection by any shareholder, beginning two (2) business days after notice of the meeting is given for which the list was prepared and continuing through the meeting, at the Corporation's principal office or at a place identified in the meeting notice in the city where the meeting will be held. A shareholder, his agent, or attorney is entitled on written demand to inspect and, subject to the requirements of Section 17-16-1602(c) of the Act, to copy the list, during regular business hours and at the shareholder's expense, during the period it is available for inspection. The Corporation shall make the shareholders' list available at the meeting, and any shareholder, his agent, or attorney is entitled to inspect the list at any time during the meeting or any adjournment.

2.8 Voting Entitlement of Shares. Except as provided in this Section 2.8 or unless the Articles of Incorporation provide otherwise, each outstanding share, regardless of class, is entitled to one (1) vote on each matter voted on at a shareholders' meeting. Unless authorized by a district court, the shares of the Corporation are not entitled to vote if they are owned, directly or indirectly, by a second corporation, domestic or foreign, and the Corporation owns, directly or indirectly, a majority of the shares entitled to vote for directors of the second corporation; provided that the foregoing does not limit the power of the Corporation to vote any shares, including its own shares, held by it in a fiduciary capacity. Redeemable shares are not entitled to vote after notice of redemption is mailed to the holders and a sum sufficient to redeem the shares has been deposited with a bank, trust company, or other financial institution under an irrevocable obligation to pay the holders the redemption price on surrender of the shares.

2.9 Proxies. A shareholder may vote his shares in person or by proxy. A shareholder or his agent or attorney-in-fact may appoint a proxy to vote or otherwise act for the shareholder by signing an appointment form or by an electronic transmission. An electronic transmission shall contain or be accompanied by information from which one can determine that the shareholder, the shareholder's agent, or the shareholder's attorney-in-fact authorized the electronic transmission. An appointment of a proxy is effective when a signed appointment form or an electronic transmission of the appointment is received by the inspector of election or the officer or agent of the Corporation authorized to tabulate votes. An appointment is valid for eleven (11) months unless a longer period is expressly provided in the appointment form. An appointment of a proxy is revocable unless the appointment form or electronic transmission states that it is irrevocable and the appointment is coupled with an interest. Appointments coupled with an interest include the appointment of: (i) a pledgee; (ii) a person who purchased or agreed to purchase the shares; (iii) a creditor of the Corporation who extended it credit under terms requiring the appointment; (iv) an employee of the Corporation whose employment contract requires the appointment; or (v) a party to a voting agreement created under Section 17-16-731 of the Act. An appointment made irrevocable is revoked when the interest with which it is coupled is extinguished. The death or incapacity of the shareholder appointing a proxy does not affect the right of the Corporation to accept the proxy's authority unless notice of the death or incapacity is received by the Secretary or other officer or agent authorized to tabulate votes before the proxy exercises his authority under the appointment. Subject to any express limitation on the proxy's authority stated in the appointment form or electronic transmission, the Corporation is entitled to accept the proxy's vote or other action as that of the shareholder making the appointment.

2.10 Corporation's Acceptance of Votes. If the name or network signature signed on a vote, consent, waiver, or proxy appointment corresponds to the name or data address of a shareholder, the Corporation if acting in good faith is entitled to accept the vote, consent, waiver, or proxy appointment and give it effect as the act of the shareholder. If the name or network signature signed on a vote, consent, waiver, or proxy appointment does not correspond to the name or data address of its shareholder, the Corporation if acting in good faith is nevertheless entitled to accept the vote, consent, waiver, or proxy appointment and give it effect as the act of the shareholder if: (i) the shareholder is an entity and the name or network signature signed purports to be that of an officer or agent of the entity; (ii) the name or network signature signed purports to be that of an administrator, executor, guardian, or conservator representing the shareholder and, if the Corporation requests, evidence of fiduciary status acceptable to the Corporation has been presented with respect to the vote,

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consent, waiver, or proxy appointment; (iii) the name or network signature signed purports to be that of a receiver or trustee in bankruptcy of the shareholder and, if the Corporation requests, evidence of this status acceptable to the Corporation has been presented with respect to the vote, consent, waiver, or proxy appointment; (iv) the name or network signature signed purports to be that of a pledgee, beneficial owner, or attorney-in-fact of the shareholder and, if the Corporation requests, evidence acceptable to the Corporation of the signatory's authority to sign for the shareholder has been presented with respect to the vote, consent, waiver, or proxy appointment; or (v) two (2) or more persons are the shareholder as cotenants or fiduciaries and the name or network signature signed purports to be the name or data address of at least one (1) of the co-owners and the person signing appears to be acting on behalf of all the co-owners. The Corporation is entitled to reject a vote, consent, waiver, or proxy appointment if the secretary or other officer or agent authorized to tabulate votes, acting in good faith, has reasonable basis for doubt about the validity of the signature on it or about the signatory's authority to sign for the shareholder.

2.11 Quorum and Voting Requirements. Unless the Articles of Incorporation or the Act otherwise provide, a majority of the votes entitled to be cast on the matter constitutes a quorum for action on that matter. Shares entitled to vote as a separate voting group may take action on a matter at a meeting only if a quorum of those shares exists with respect to that matter. Once a share is represented for any purpose at a meeting, it is deemed present for quorum purposes for the remainder of the meeting and for any adjournment of that meeting unless a new record date is or must be set for that adjourned meeting. If a quorum exists, action on a matter (other than the election of directors which is governed by Section 3.3) is approved if the votes cast within favoring the action exceed the votes cast opposing the action, unless the Articles of Incorporation or the Act require a greater number of affirmative votes.

2.12 Action Without a Meeting. Any action required or permitted by the Act to be taken at a shareholders' meeting may be taken without a meeting, and without prior notice, if consents in writing setting forth the action so taken are signed by the holders of outstanding shares having not less than the minimum number of votes that would be required to authorize or take the action at a meeting at which all shares entitled to vote on the action were present and voted. The written consent shall bear the date of signature of the shareholder who signs the consent and be delivered to the Corporation for inclusion in the minutes or filing with the corporate records. No written consent shall be effective to take the corporate action referred to therein unless, within sixty (60) days of the earliest date on which a consent delivered to the Corporation as required by this section was signed, written consents signed by sufficient shareholders to take the action have been delivered to the Corporation. A written consent may be revoked by a writing to that effect delivered to the Corporation before unrevoked written consents sufficient in number to take corporate action are delivered to the Corporation. Unless a resolution of the Board of Directors provides for a reasonable delay to permit tabulation of written consents, the action taken by written consent shall be effective when written consents signed by sufficient shareholders to take the action are delivered to the Corporation. If the Act requires that notice of proposed action be given to nonvoting shareholders and the action is to be taken by written consent of the voting shareholders, the Corporation shall give its nonvoting shareholders written notice of the action not more than ten (10) days after written consents sufficient to take the action have been delivered to the Corporation or the later date that tabulation of consents is completed. The notice shall reasonably describe the action taken and contain or be accompanied by the same material that, under any provision of the Act, would have been required to be sent to nonvoting shareholders in a notice of meeting at which the proposed action would have been submitted to the shareholders for action. If action is taken by less than unanimous written consent of the voting shareholders, the Corporation shall give its nonconsenting voting shareholders written notice of the action not more than ten (10) days after written consents sufficient to take the action have been delivered to the Corporation, or the later date that tabulation of consents is completed. The notice shall reasonably describe the action taken and contain or be accompanied by the same material that, under any provision of the Act, would have been required to be sent to voting shareholders in a notice of a meeting at which the action would have been submitted to the shareholders for action. An electronic transmission may be used to consent to an action, if the electronic transmission contains or is accompanied by information from

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which the Corporation can determine the date on which the electronic transmission was signed and that the electronic transmission was authorized by the shareholder, the shareholder's agent or the shareholder's attorney-in-fact.

### ARTICLE III
### BOARD OF DIRECTORS

3.1 Powers. Subject to the provisions of the Act, any limitations in the Articles of Incorporation and these Bylaws relating to action required to be approved by the shareholders or by the outstanding shares, the business and affairs of the Corporation shall be managed and all corporate powers shall be exercised under the direction of the Board of Directors.

3.2 Number. The initial number of directors which shall constitute the whole Board of Directors of the Corporation shall be one (1). Thereafter, the number of directors may be fixed from time to time by the Board of Directors, at any regular or special meeting.

3.3 Election and Term of Office. The directors shall be elected at the annual meeting of shareholders, except as provided in Section 3.6 or in the Articles of Incorporation. Directors are elected by a plurality of the votes cast by the shares entitled to vote in the election at a meeting at which a quorum is present. Shareholders do not have a right to cumulate their votes for directors unless the Articles of Incorporation so provide. Each director shall be elected to serve until the annual meeting of shareholders held in the following fiscal year and until his or her successor shall have been duly elected and qualified. The term of a director elected to fill a vacancy expires at the next shareholders' meeting at which directors are elected. Despite the expiration of a director's term, the director continues to serve until his or her successor is elected and qualifies or until there is a decrease in the number of directors.

3.4 Resignation. A director may resign at any time by delivering written notice or by electronic transmission to the Board of Directors or its chair or to the Corporation. A resignation is effective when the notice is delivered unless the notice specifies a later effective date or an effective date determined upon the subsequent happening of an event. A resignation that specifies a later effective date or that is conditioned upon the subsequent happening of an event may provide that the resignation is irrevocable.

3.5 Removal. The shareholders may remove on or more directors with or without cause unless the Articles of Incorporation provide that directors may be removed only for cause. If a director is elected by a voting group of shareholders, only the shareholders of that voting group may participate in the vote to remove that director. A director may be removed only if the number of votes cast to remove the director exceeds the number of votes cast not to remove the director. A director may be removed by the shareholders only at a meeting called for the purpose of removing the director and the meeting notice shall state that the purpose of the meeting is removal of the director.

3.6 Vacancies. If a vacancy occurs on the Board of Directors, including a vacancy resulting from an increase in the number of directors: (i) the shareholders may fill the vacancy; (ii) the Board of Directors may fill the vacancy; or (iii) if the directors remaining in office constitute fewer than a quorum of the Board, they may fill the vacancy by the affirmative vote of a majority of all the directors remaining in office. If the vacant office was held by a director elected by a voting group of shareholders, only the holders of shares of that voting group are entitled to vote to fill the vacancy if it is filled by the shareholders, and only the directors elected by that voting group are entitled to fill the vacancy if it is filled by the directors. A vacancy that will occur at a later date, by reason of a resignation effective at a later date or otherwise, may be filled before the vacancy occurs but the new director may not take office until the vacancy occurs.

3.7 Compensation. Directors shall receive such compensation for their services, and reimbursement for their expenses as the Board of Directors, by resolution, shall establish; provided that

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nothing herein contained shall be construed to preclude any director from serving the Corporation in any other capacity and receiving compensation therefor.

3.8 Place of Meetings. The Board of Directors may hold regular or special meetings within or outside of the State of Wyoming. The board of directors may permit any or all directors to participate in a regular or special meeting by, or conduct the meeting through the use of, any means of communication, including electronic transmission by which all directors participating may communicate with each other during the meeting. A director participating in a meeting by this means is deemed to be present in person at the meeting.

3.9 Regular Meetings. Regular meetings of the Board of Directors may be held at such times as the Board may from time to time determine, and if so determined notice thereof need not be given.

3.10 Special Meetings. A special meeting of the Board of Directors may be called by the Chairman of the Board or by the Chief Executive Officer or President of the Corporation and shall be called by the President or Secretary on the written request of a majority of the directors. The Chairman or Chief Executive Officer or President so calling, or the directors so requesting, any such meeting shall fix the time and any place as the place for holding such meeting. Written notice of special meetings of the Board of Directors shall be given to each director at least 48 hours prior to the time of such meeting either personally, by telephone, by e-mail, by facsimile transmission or by any other means of electronic transmission. Except as required by law, neither the business to be transacted at, nor the purpose of, any special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting.

3.11 Waiver of Notice. A director may waive any notice before or after the date and time stated in the notice. The waiver shall be in writing, signed by the director entitled to the notice, and filed with the minutes or corporate records. A director's attendance at or participation in a meeting waives any required notice to the director of the meeting unless the director at the beginning of the meeting or promptly upon his arrival objects to holding the meeting or transacting business at the meeting and does not thereafter vote for or assent to action taken at the meeting.

3.12 Quorum and Vote Required for Action. A quorum of the Board of Directors consists of a majority of the fixed number of directors. If a quorum is present when a vote is taken, the affirmative vote of a majority of directors present is the act of the Board of Directors. The right to dissent or abstention is not available to a director who votes in favor of the action taken. A director who is present at a meeting of the Board of Directors or a committee of the Board of Directors when corporate action is taken is deemed to have assented to the action taken unless: (i) the director objects at the beginning of the meeting or promptly upon his arrival to holding the meeting or transacting business at the meeting; (ii) the director's dissent or abstention from the action taken is entered in the minutes of the meeting; or (iii) the director delivers written notice of his dissent or abstention to the presiding officer of the meeting before its adjournment or to the corporation immediately after adjournment of the meeting.

3.13 Action Without a Meeting. Any action required or permitted by the Act to be taken at a Board of Directors' meeting may be taken without a meeting if the action is taken by the requisite number of members of the Board. The action shall be evidenced by one or more written consents describing the action taken, signed by the requisite number of directors, or shall be sent by electronic transmission by the requisite number of directors, and shall be included in the minutes or filed with the corporate records reflecting the action taken. Action taken under this Section is the act of the Board of Directors when one or more consents signed by the requisite number of directors are delivered to the Corporation. The consent may specify the time at which the action taken thereunder is to be effective. A director's consent may be withdrawn by a revocation signed by the director and delivered to the Corporation prior to delivery to the Corporation of unrevoked written consents signed by the requisite number of directors. If action is taken by less than unanimous written consent of the directors, the Corporation shall give the nonconsenting or nonvoting directors written notice of the action not

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more than ten (10) days after written consents sufficient to take the action have been delivered to the Corporation. The notice shall reasonably describe the action taken. The requirement to give the notice shall not delay the effectiveness of actions taken by the written consent, and a failure to comply with the notice requirements shall not invalidate actions taken by written consent. A consent signed under this Section has the effect of action taken at a meeting of the Board of Directors and may be described as such in any document.

3.14 Committees. The Board of Directors may create one or more committees and appoint one or more members of the Board of Directors to serve on any committee. The creation of a committee and appointment of members to it shall be approved by a majority of all the directors in office when the action is taken. To the extent specified by the Board of Directors, each committee may exercise the authority of the Board of Directors, except that a committee may not (i) authorize or approve distributions except according to a formula or method, or within limits, prescribed by the Board of Directors; (ii) approve or propose to shareholders action that the Act requires to be approved by shareholders; (iii) fill vacancies on the Board of Directors or, except for alternate members, on any of its committees; or (iv) adopt, amend or repeal bylaws. The Board of Directors may appoint one or more directors as alternate members of any committee to replace any absent or disqualified member during the member's absence or disqualification. A majority of members of such committee shall constitute a quorum for the transaction of business, the vote of a majority of such members present at a meeting shall be the act of such committee, and in other respects each committee shall conduct its business pursuant to Article III of these Bylaws.

## ARTICLE IV
## OFFICERS

4.1 Officers; Election. As soon as practicable after the annual meeting of shareholders in each year, the Board of Directors shall elect a President and a Secretary. The Board may also elect a Chairman of the Board, a Chief Executive Officer, a Chief Financial Officer, one or more Vice Presidents, one or more Assistant Vice Presidents, one or more Assistant Secretaries, a Treasurer or one or more Assistant Treasurers, and such other officers as the Board shall determine. Any number of offices may be held by the same person.

4.2 Term of Office. Except as otherwise provided in the resolution of the Board of Directors electing any officer, each officer shall hold office until the first meeting of the Board after the annual meeting of shareholders next succeeding his election, and until his successor is elected and qualified or until his earlier resignation or removal.

4.3 Resignation. Any officer may resign at any time by giving notice in writing or by electronic transmission notice to the Board of Directors, the Chief Executive Officer, the President or the Secretary. Any such resignation shall be effective when received by the person or persons to whom such notice is given, unless a later time is specified therein, in which event the resignation shall become effective at such later time. Unless otherwise specified in such notice, the acceptance of any such resignation shall not be necessary to make it effective. Any resignation shall be without prejudice to the rights, if any, of the Corporation under any contract with the resigning officer.

4.4 Removal. The Board of Directors may remove any officer with or without cause at any time. Any such removal shall be without prejudice to the contractual rights of such officer, if any, with the Corporation, but the election of an officer shall not of itself create contractual rights.

### 4.5 Duties of Officers.

(a) Chairman of the Board of Directors. The Chairman of the Board of Directors, when present, shall preside at all meetings of the shareholders and the Board of Directors. The Chairman

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of the Board of Directors shall perform other duties commonly incident to the office and shall also perform such other duties and have such other powers as the Board of Directors shall designate from time to time.

(b) Chief Executive Officer. The powers and duties of the Chief Executive Officer are: (i) to act as the general manager and chief executive officer of the Corporation and, subject to the direction of the Board of Directors, to have general supervision, direction and control of the business and affairs of the Corporation; (ii) to preside at all meetings of the shareholders and, in the absence of the Chairman of the Board of Directors or if there is no Chairman of the Board of Directors, at all meetings of the Board of Directors; (iii) to call meetings of the shareholders and meetings of the Board of Directors to be held at such times and, subject to the limitations prescribed by law or by these Bylaws, at such places as he or she shall deem proper; and (iv) to affix the signature of the Corporation to all deeds, conveyances, mortgages, leases, obligations, bonds, certificates and other papers and instruments in writing which have been authorized by the Board of Directors or which, in the judgment of the Chief Executive Officer, should be executed on behalf of the Corporation, to sign certificates for shares of stock of the Corporation, and, subject to the direction of the Board of Directors, to have general charge of the property of the Corporation and to supervise and control all officers, agents and employees of the Corporation.

(c) President. The powers and duties of the President are: (i) subject to the authority granted to the Chief Executive Officer, if any, to act as the general manager of the Corporation and, subject to the control of the Board of Directors, to have general supervision, direction and control of the business and affairs of the Corporation; (ii) to preside at all meetings of the shareholders and Board of Directors in the absence of the Chairman of the Board of Directors and the Chief Executive Officer or if there be no Chairman of the Board of Directors or Chief Executive Officer; (iii) to call meetings of the shareholders and meetings of the Board of Directors to be held at such times and, subject to the limitations prescribed by law or by these Bylaws, at such places as he or she shall deem proper; and (iv) to affix the signature of the Corporation to all deeds, conveyances, mortgages, leases, obligations, bonds, certificates and other papers and instruments in writing which have been authorized by the Board of Directors or which, in the judgment of the President, should be executed on behalf of the Corporation, to sign certificates for shares of stock of the Corporation, and, subject to the direction of the Board of Directors, to have general charge of the property of the Corporation and to supervise and control all officers, agents and employees of the Corporation. The President shall perform other duties commonly incident to the office and shall also perform such other duties and have such other powers as the Board of Directors shall designate from time to time.

(d) Vice Presidents. The Vice Presidents may assume and perform the duties of the President in the absence or disability of the President or whenever the office of President is vacant. The Vice Presidents shall perform other duties commonly incident to their office and shall also perform such other duties and have such other powers as the Board of Directors or the President shall designate from time to time.

(e) Chief Financial Officer. The Chief Financial Officer shall be subject to the direction of the Chief Executive Officer, the President and the Board of Directors and shall have day-to-day managerial responsibility for the finances of the Corporation.

(f) Treasurer. The powers and duties of the Treasurer are: (i) to supervise and control the keeping and maintaining of adequate and correct accounts of the Corporation's properties and business transactions, including accounts of its assets, liabilities, receipts, disbursements, gains, losses, capital, surplus and shares; (ii) to have the custody of all funds, securities, evidences of indebtedness and other valuable documents of the Corporation and, at his or her discretion, to cause any or all thereof to be deposited for the account of the Corporation with such depository as may be designated from time to time by the Board of Directors; (iii) to receive or cause to be received, and to give or cause to be given, receipts and acquittances for moneys paid in for the account of the Corporation; (iv) to disburse, or cause to be disbursed, all funds of the

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Corporation as may be directed by the Chief Executive Officer, the President, the Chief Financial Officer or the Board of Directors, taking proper vouchers for such disbursements; (v) to render to the Chief Executive Officer, the President, the Chief Financial Officer or to the Board of Directors, whenever either may require, accounts of all transactions as Treasurer and of the financial condition of the Corporation; and (vi) generally to do and perform all such duties as pertain to such office and as may be required by the Board of Directors or these Bylaws. The Chief Executive Officer, the President, the Chief Financial Officer or the Treasurer may direct any Assistant Treasurer, or the Controller or any Assistant Controller to assume and perform the duties of the Treasurer in the absence or disability of the Treasurer, and each Assistant Treasurer and each Controller and Assistant Controller shall perform other duties commonly incident to the office and shall also perform such other duties and have such other powers as the Board of Directors, the Chief Executive Officer, the President or the Chief Financial Officer shall designate from time to time.

(g) Secretary. The powers and duties of the Secretary are: (i) to keep a book of minutes at the principal executive office of the Corporation, or such other place as the Board of Directors may order, of all meetings of its directors and shareholders, whether regular or special, the notice thereof given, the names of those present at directors' meetings, the number of shares present or represented at shareholders' meetings and the proceedings thereof; (ii) to keep the seal of the Corporation and to affix the same to all instruments which may require it; (iii) to keep or cause to be kept at the principal executive office of the Corporation, or at the office of the transfer agent or agents, a record of the shareholders of the Corporation; (iv) to keep a supply of certificates for shares of the Corporation, to fill in and sign all certificates issued or prepare the initial transaction statement or written statements for uncertificated shares, and to make a proper record of each such issuance, provided that so long as the Corporation shall have one or more duly appointed and acting transfer agents of the shares, or any class or series of shares, of the Corporation, such duties with respect to such shares shall be performed by such transfer agent or transfer agents; (v) to transfer upon the share books of the Corporation any and all shares of the Corporation, provided that so long as the Corporation shall have one or more duly appointed and acting transfer agents of the shares, or any class or series of shares, of the Corporation, such duties with respect to such shares shall be performed by such transfer agent or transfer agents; and (vi) to make service and publication of all notices that may be necessary or proper and without command or direction from anyone. The Secretary shall perform all other duties provided for in these Bylaws and other duties commonly incident to the office and shall also perform such other duties and have such other powers as the Board of Directors shall designate from time to time. The Chief Executive Officer or President may direct any Assistant Secretary to assume and perform the duties of the Secretary in the absence or disability of the Secretary, and each Assistant Secretary shall perform other duties commonly incident to the office and shall also perform such other duties and have such other powers as the Board of Directors, the Chief Executive Officer or the President shall designate from time to time.

4.6 Salaries. The salaries of all officers and agents of the Corporation shall be fixed by the Board of Directors or any committee of the Board, if so authorized by the Board.

4.7 Employment and Other Contracts. The Board of Directors may authorize any officer or officers or agent or agents to enter into any contract or execute and deliver any instrument in the name or on behalf of the Corporation, and such authority may be general or confined to specific instances. The Board of Directors may, when it believes the interest of the Corporation will best be served thereby, authorize executive employment contracts which will contain such terms and conditions as the Board of Directors deems appropriate.

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## ARTICLE V
## SHARES

5.1 Share Certificates. Shares may but need not be represented by certificates. Unless the Act or another statute expressly provides otherwise, the rights and obligations of shareholders are identical whether or not their shares are represented by certificates. Each share certificate shall state on its face: (i) the name of the Corporation and that it is organized under the law of the State of Wyoming; (ii) the name of the person to whom issued; and (iii) the number and class of shares and the designation of the series, if any, the certificate represents. If the Corporation is authorized to issue different classes of shares or different series within a class, the designations, relative rights, preferences, and limitations applicable to each class and the variations in rights, preferences, and limitations determined for each series, and the authority of the Board of Directors to determine variations for future series, shall be summarized on the front or back of each certificate. Alternatively, each certificate may state conspicuously on its front or back that the Corporation will furnish the shareholder this information on request in writing and without charge. Each share certificate shall be signed, either manually or in facsimile, by the Chairman of the Board, the Chief Executive Officer, the President or a Vice President, and by the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary. If the person who signed, either manually or in facsimile, a share certificate no longer holds office when the certificate is issued, the certificate is nevertheless valid.

5.2 Shares Without Certificates. The Board of Directors may authorize the issue of some or all of the shares of any or all of a class or series of stock without certificates. The authorization does not affect shares already represented by certificates until they are surrendered to the Corporation. Within a reasonable time after the issue or transfer of shares without certificates, the Corporation shall send the shareholder a written statement of the information required on Certificates by Section 5.1, and, if applicable any restrictions on transfer of shares.

5.3 Registered Shareholders. The Corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by law.

5.4 Transfer of Shares. Shares shall be transferable only on the books of the Corporation or its transfer agent by the holder thereof in person or by his duly authorized attorney. The Corporation shall have power to enter into and perform any agreement with any number of shareholders of any one or more classes of shares of the Corporation to restrict the sale, transfer, assignment, pledge, or other disposal of the shares of the Corporation.

## ARTICLE VI
## INDEMNIFICATION

6.1 Directors and Executive Officers. The Corporation shall indemnify its directors and executive officers (for the purposes of this Article, "executive officers" shall have the meaning defined in Rule 3b-7 promulgated under the Securities Exchange Act of 1934, as amended) to the fullest extent not prohibited by the Act or any other applicable law; provided, however, that the Corporation may modify the extent of such indemnification by individual contracts with its directors and executive officers; and, provided, further, that the Corporation shall not be required to indemnify any director or executive officer in connection with any proceeding (or part thereof) initiated by such person unless (a) such indemnification is expressly required to be made by law, (b) the proceeding was authorized by the Board of Directors, (c) such indemnification is provided by the Corporation, in its sole discretion, pursuant to the powers vested in the Corporation under the Act or any other applicable law or (d) such indemnification is required to be made under Section 6.4.

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6.2 Other Officers, Employees and Other Agents. The Corporation shall have power to indemnify its other officers, employees and other agents as set forth in the Act or any other applicable law. The Board of Directors shall have the power to delegate the determination of whether indemnification shall be given to any such person except executive officers to such officers or other persons as the Board of Directors shall determine.

6.3 Expenses. The Corporation shall advance to any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was a director or executive officer of the Corporation, or is or was serving at the request of the Corporation as a director or executive officer of another corporation, partnership, joint venture, trust or other enterprise, prior to the final disposition of the proceeding, promptly following request therefor, all expenses incurred by any director or executive officer in connection with such proceeding, provided, however, that, if the Act requires, an advancement of expenses incurred by a director or officer in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such indemnitee, including, without limitation, service to an employee benefit plan) shall be made only upon delivery to the Corporation of an undertaking, by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that such indemnitee is not entitled to be indemnified for such expenses under this Article or otherwise. Notwithstanding the foregoing, unless otherwise determined pursuant to Section 6.5, no advance shall be made by the Corporation to an executive officer of the Corporation (except by reason of the fact that such executive officer is or was a director of the Corporation, in which event this paragraph shall not apply) in any action, suit or proceeding, whether civil, criminal, administrative or investigative, if a determination is reasonably and promptly made (a) by a majority vote of a quorum consisting of directors who were not parties to the proceeding, even if not a quorum, or (b) by a committee of such directors designated by a majority of such directors, even though less than a quorum, or (c) if there are no such directors, or such directors so direct, by independent legal counsel in a written opinion, that the facts known to the decision-making party at the time such determination is made demonstrate clearly and convincingly that such person acted in bad faith or in a manner that such person did not believe to be in or not opposed to the best interests of the Corporation.

6.4 Enforcement. Without the necessity of entering into an express contract, all rights to indemnification and advances to directors and executive officers under this Article shall be deemed to be contractual rights and be effective to the same extent and as if provided for in a contract between the Corporation and the director or executive officer. Any right to indemnification or advances granted by this Article to a director or executive officer or officer shall be enforceable by or on behalf of the person holding such right in any court of competent jurisdiction if (a) the claim for indemnification or advances is denied, in whole or in part, or (b) no disposition of such claim is made within ninety (90) days of request therefor. The claimant in such enforcement action, if successful in whole or in part, shall be entitled to be paid also the expense of prosecuting the claim. In connection with any claim for indemnification, the Corporation shall be entitled to raise as a defense to any such action that the claimant has not met the standards of conduct that make it permissible under the Act or any other applicable law for the Corporation to indemnify the claimant for the amount claimed. In connection with any claim by an executive officer of the Corporation (except in any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such executive officer is or was a director of the Corporation) for advances, the Corporation shall be entitled to raise as a defense as to any such action clear and convincing evidence that such person acted in bad faith or in a manner that such person did not believe to be in or not opposed to the best interests of the Corporation, or with respect to any criminal action or proceeding that such person acted without reasonable cause to believe that his conduct was lawful. Neither the failure of the Corporation (including its Board of Directors, independent legal counsel or its shareholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he has met the applicable standard of conduct set forth in the Act or any other applicable law, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel or its shareholders) that the claimant has not met

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such applicable standard of conduct, shall be a defense to the action or create a presumption that claimant has not met the applicable standard of conduct.

6.5 Non-Exclusivity of Rights. The rights conferred on any person by this Section shall not be exclusive of any other right which such person may have or hereafter acquire under any applicable statute, provision of the Articles of Incorporation, these Bylaws, agreement, vote of shareholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding office. The Corporation is specifically authorized to enter into individual contracts with any or all of its directors, officers, employees or agents respecting indemnification and advances, to the fullest extent not prohibited by the Act or any other applicable law.
6.6 Survival of Rights. The rights conferred on any person by this Article shall continue as to a person who has ceased to be a director or executive officer and shall inure to the benefit of the heirs, executors and administrators of such a person.
6.7 Insurance. To the fullest extent permitted by the Act, or any other applicable law, the Corporation, upon approval by the Board of Directors, may purchase insurance on behalf of any person required or permitted to be indemnified pursuant to this Article.
6.8 Amendments. Any repeal or modification of this Article shall only be prospective and shall not affect the rights under this bylaw in effect at the time of the alleged occurrence of any action or omission to act that is the cause of any proceeding against any agent of the Corporation.
6.9 Saving Clause. If this Article or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall nevertheless indemnify each director and executive officer to the full extent not prohibited by any applicable portion of this bylaw that shall not have been invalidated, or by any other applicable law. If this Article shall be invalid due to the application of the indemnification provisions of another jurisdiction, then the Corporation shall indemnify each director and executive officer to the full extent under applicable law.
6.10 Certain Definitions. For the purposes of this Article, the following definitions shall apply:

(a) The term “proceeding” shall be broadly construed and shall include, without limitation, the investigation, preparation, prosecution, defense, settlement, arbitration and appeal of, and the giving of testimony in, any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative.
(b) The term “expenses” shall be broadly construed and shall include, without limitation, court costs, attorneys’ fees, witness fees, fines, amounts paid in settlement or judgment and any other costs and expenses of any nature or kind incurred in connection with any proceeding.
(c) The term the “Corporation” shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Article with respect to the resulting or surviving corporation as he would have with respect to such constituent corporation if its separate existence had continued.

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(d) References to a “director,” “executive officer,” “officer,” “employee,” or “agent” of the Corporation shall include, without limitation, situations where such person is serving at the request of the Corporation as, respectively, a director, executive officer, officer, employee, trustee or agent of another corporation, partnership, joint venture, trust or other enterprise.

(e) References to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to “serving at the request of the Corporation” shall include any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants, or beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Corporation” as referred to in this Article.

## ARTICLE VII
GENERAL

7.1 Method of Notice. All notices shall be in writing unless oral notice is reasonable under the circumstances. Notice by electronic transmission is written notice. Unless otherwise provided in the Bylaws, notice may be communicated in person; by telephone, telegraph, teletype, or other form of wire or wireless communication; or by mail or private carrier. Written notice to shareholders, if in a comprehensible form, is effective: (i) upon deposit in the United States mail, if mailed postpaid and correctly addressed to the shareholder’s address shown in the Corporation’s current record of shareholders; (ii) when an electronic transmission has been made to a data address provided by the shareholder; or (iii) when electronically transmitted to the shareholder in a manner otherwise authorized by the shareholder. Except as provided above, written notice, if in a comprehensible form, is effective at the earliest of the following: (i) when received; (ii) five (5) days after its deposit in the United States mail, as evidenced by the postmark, if mailed postpaid and correctly addressed; or (iii) on the date shown on the return receipt, if sent by registered or certified mail, or comparable private carrier, return receipt requested, and the receipt is signed, either manually or in facsimile, by or on behalf of the addressee. Oral notice is effective when communicated if communicated in a comprehensible manner. If these Bylaws or the Act prescribe notice requirements for particular circumstances, those requirements govern. As used in these Bylaws, “electronic transmission” or “transmitted electronically” shall have the meaning set forth in Section 17-16-140 of Act.

7.2 Execution of Securities. All bonds, debentures and other corporate securities of the Corporation, other than stock certificates, may be signed by the Chairman of the Board of Directors, the Chief Executive Officer, the President or any Vice President, or such other person as may be authorized by the Board of Directors, and the corporate seal impressed thereon or a facsimile of such seal imprinted thereon and attested by the signature of the Secretary or an Assistant Secretary, or Treasurer or an Assistant Treasurer; provided, however, that where any such bond, debenture or other corporate security shall be authenticated by the manual signature, or where permissible facsimile signature, of a trustee under an indenture pursuant to which such bond, debenture or other corporate security shall be issued, the signatures of the persons signing and attesting the corporate seal on such bond, debenture or other corporate security may be the imprinted facsimile of the signatures of such persons. Interest coupons appertaining to any such bond, debenture or other corporate security, authenticated by a trustee as aforesaid, shall be signed by the Chief Executive Officer, Chief Financial Officer, Treasurer or an Assistant Treasurer of the Corporation or such other person as may be authorized by the Board of Directors, or bear imprinted thereon the facsimile signature of such person. In case any officer who shall have signed or attested any bond, debenture or other corporate security, or whose facsimile signature shall appear thereon or on any such interest coupon, shall have ceased to be such officer before the bond, debenture or other corporate security so signed or attested shall have been delivered, such bond, debenture or other corporate security nevertheless may be adopted

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by the Corporation and issued and delivered as though the person who signed the same or whose facsimile signature shall have been used thereon had not ceased to be such officer of the Corporation.

7.3 Other Instruments in Writing. The Board of Directors may, in its discretion, determine the method and designate the signatory officer or officers, or other person or persons, to execute on behalf of the Corporation any corporate instrument or document, or to sign on behalf of the Corporation the corporate name without limitation, or to enter into contracts on behalf of the Corporation, except where otherwise provided by law or these Bylaws, and such execution or signature shall be binding upon the Corporation. All checks and drafts drawn on banks or other depositaries on funds to the credit of the Corporation or in special accounts of the Corporation shall be signed by such person or persons as the Board of Directors shall authorize so to do. Unless authorized or ratified by the Board of Directors or within the agency power of an officer, no officer, agent or employee shall have any power or authority to bind the Corporation by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount.
7.4 Voting of Shares Held by the Corporation. All stock and other securities of other corporations owned or held by the Corporation for itself, or for other parties in any capacity, shall be voted, and all proxies with respect thereto shall be executed, by the person authorized so to do by resolution of the Board of Directors, or, in the absence of such authorization, by the Chairman of the Board of Directors, the Chief Executive Officer, the President, or any Vice President.
7.5 Declaration of Dividends. Dividends upon the capital stock of the Corporation, subject to the provisions of the Articles of Incorporation and applicable law, if any, may be declared by the Board of Directors pursuant to law at any regular or special meeting. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the Articles of Incorporation and applicable law.
7.6 Dividend Reserve. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for such other purpose as the Board of Directors shall think conducive to the interests of the Corporation, and the Board of Directors may modify or abolish any such reserve in the manner in which it was created.
7.7 Fiscal Year. The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.
7.8 Interpretation and Construction. Reference in these Bylaws to any provision of the Act shall be deemed to include all amendments thereof. Unless the context requires otherwise, the general provisions, rules of construction and definitions in the Act shall govern the construction of these Bylaws. Without limiting the generality of the provision, the singular number includes the plural, the plural number includes the singular, and the term "person" includes both a corporation and a natural person. All restrictions, limitations, requirements and other provisions of these Bylaws shall be construed, insofar as possible, as supplemental and additional to all provisions of law applicable to the subject matter thereof and shall be fully complied with in addition to the said provisions of law unless such compliance shall be illegal. Any article, section, subsection, subdivision, sentence, clause or phrase of these Bylaws which, upon being construed in the manner provided in this Section 7.8, shall be contrary to or inconsistent with any applicable provision of law, shall not apply so long as said provisions of law shall remain in effect, but such result shall not affect the validity or applicability of any other portions of these Bylaws, it being hereby declared that these Bylaws, and each article, section, subsection, subdivision, sentence, clause, or phrase thereof, would have been adopted irrespective of the fact that any one or more articles, sections, subsections, subdivisions, sentences, clauses or phrases is or are illegal.

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## ARTICLE VIII
### ADOPTION, AMENDMENT OR REPEAL OF BYLAWS

8.1 By Shareholders. The shareholders shall have power to adopt, amend or repeal bylaws of the Corporation.

8.2 By Board of Directors. The Board of Directors shall have power to adopt, amend or repeal bylaws of the Corporation unless: (i) the Articles of Incorporation reserve this power exclusively to the shareholders in whole or part or (ii) the shareholders in amending, repealing or adopting a bylaw provide expressly that the Board of Directors may not amend, repeal or reinstate that bylaw. In addition, a bylaw originally adopted by the shareholders that increases a quorum or voting requirement for the Board of Directors may be amended or repealed only by the shareholders, unless the bylaw otherwise provides.

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# CERTIFICATE OF ADOPTION OF BYLAWS

OF

AROWANA MEDIA HOLDINGS, INC.

The undersigned hereby certifies that she is the duly elected, qualified and acting Secretary of Arowana Media Holdings, Inc., a Wyoming corporation (the “Corporation”), and that the foregoing bylaws were adopted as the Corporation’s bylaws as of the date hereof by the Corporation’s Board of Directors.

The undersigned has executed this Certificate as of October 16, 2018.

DocuSigned by:
Mark B. Newbauer
Secretary

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**Attachment 5:** `pitchdeck.pdf`

![img-0.jpeg](img-0.jpeg)

# AROWANA MEDIA HOLDINGS

Pitch deck

![img-1.jpeg](img-1.jpeg)

# What we do

![img-2.jpeg](img-2.jpeg)

![img-3.jpeg](img-3.jpeg)

Arowana Media Holdings is an entertainment company with a passion for transcendent storytelling across film, television, digital media, and other entertainment mediums.

![img-4.jpeg](img-4.jpeg)

We do this in our flagship subsidiary, Mike the Pike Entertainment, where we secure rights to undervalued and/or legacy IP and develop, package and produce these materials for feature film, television series and more, in partnership with studios and production companies.

![img-5.jpeg](img-5.jpeg)

We anticipate this will lead to further M&E opportunities such as merchandising, NFT/blockchain opportunities, publishing, virtual reality, augmented reality, artificial intelligence, video games and esports.

# Opportunity

![img-6.jpeg](img-6.jpeg)

In the height of the 'streaming wars', networks and studios are sacrificing short term profitability in order to drive long-term subscriber growth with a massive thirst for Intellectual Property.

Those with weaker balance sheets will need alternatives such as co-production partnerships or joint ventures in order to access Intellectual Property or financing to produce the content.

The shift to digital platforms for media consumption implies that demand for content and data will continue to grow.

![img-7.jpeg](img-7.jpeg)

# Solution

![img-8.jpeg](img-8.jpeg)

![img-9.jpeg](img-9.jpeg)

by larowana mather in bratwood center

That's where we come in. We research, identify, acquire, and package properties with mass appeal or viable niche resonance allowing our investors to participate in the exciting world of entertainment without taking on the bulk risk of production costs which we offset to the studios/financiers with which we partner.

# Achievement & Traction

![img-10.jpeg](img-10.jpeg)

Our team has proven experience in development, packaging, finance, production and distribution. Our team has enjoyed notable achievements in the industry using a proprietary process to identify, option and/or purchase established, and many times undervalued, Intellectual Property (books, graphic novels, screenplays, articles).

We then work and partner to develop, package, finance and/or license the material as a high quality, screen adaptation (film, television, etc.) with opportunities to enjoy credits, fees, royalties, bonuses and ancillary revenue participation (merchandising, spinoffs, etc.) in a number of verticals

![img-11.jpeg](img-11.jpeg)

We have laid the foundation for a highly scalable business model with achievements that have aligned us with top-tier talent and execs that recognize our ability to identify great, sometimes iconic, material with excellent prospects for high impact market resonance.

# Traction

AROWANA MEDIA HOLDINGS

1

Dec 2018

- Sold Global rights for sci-fi/horror feature film, Beyond White Space, starring Holt McCallany (Wrath of Man, Mindhunter). The film has enjoyed theatrical distribution and available on major premium cable and streaming outlets.
- Parent company Mike The Pike Productions was an investor in the project and Mark B. Newbauer a Producer
- Distributor: Vertical Entertainment

2

October 2020

Obtained rights to Horror/Comedy screenplay Children of the Night, currently in development.

3

Sept 2020

- Producer, Manager and former CAA Superagent Jon Levin joins the team as a Strategic Alliance.
- Atty and Entertainment Exec Joseph Lanius (distribution, finance, legal and business strategies) joins the team as a Strategic Alliance.

4

January 2021-present

- Negotiated Option to purchase television/film/new media rights to iconic character and comics series Vampirella from Dynamite Entertainment.
- Partnered with Copperheart Productions in Toronto Canada for development & production on Vampirella for television.
- Optioned rights to NYT Bestseller 'Wish', by Barbara O'Connor
- Obtained Shopping Agreement for Kenneth Oppel's 'Silverwing'
- Negotiating rights to extensive Navajo mystery/action series, and critically acclaimed werewolf trilogy, among other key properties.

# It all starts with the story...

There is something truly magical about storytelling that has been with us since humans first populated the planet.

Written form dates back tens of thousands of years ago, with works like Aesop’s Fables and The Epic of Gilgamesh, carved on stone pillars; and works of literature have been adapted for film since the dawn of the industry, like the work of Georges Méliès in 1899, who released two adaptations of established IP -Cinderella, based on the Brothers Grimm and King John, the first known film to be based on the works of Shakespeare.

Today, IP is in higher demand than ever before with streamers and studios willing to pay top dollar for compelling source material & other on which to base content with built-in audience potential.

![img-12.jpeg](img-12.jpeg)

![img-13.jpeg](img-13.jpeg)

# Market Analysis

![img-14.jpeg](img-14.jpeg)

As digital streaming steadily eclipses all other forms of in-home entertainment delivery, an entertainment war has erupted among leading subscription video on demand (SVoD) providers.

These streaming wars have opened the gate for newer production companies to step up and cash in by funneling fresh content to hungry SVoDs.

As IP Guru Peter Csathy stated recently in Forbes magazine:

“Content is king like never before, and content creators and ownership have never been in higher demand because of it. Ownership means control, after all. Ownership drives new monetization opportunities.”

# Market Analysis

![img-15.jpeg](img-15.jpeg)

![img-16.jpeg](img-16.jpeg)

Today's 'streaming wars' amongst many of the biggest and most deep-pocketed companies on the planet (Apple, Amazon, Disney, AT&T, Comcast, Google) drive this content-first reality.

While their individual motivations may differ (as examples, Apple uses content to drive iPhone sales, while Comcast uses it to drive ever faster broadband), the result is the same.

Demand for compelling, differentiating content (and lots of it) has never been higher.

Media and entertainment's digitally driven, tech transformed version 2020 world shifts the power away from the studios and back to the storytellers.

'The entertainment industry did not get less popular because of the pandemic; it simply shifted its focus to streaming. Where audiences were not able to go to theaters, they doubled down to their streaming services. *Disney+* ballooned to over 60 million subscribers as of July, reaching their 2024 milestone in 2020. HBO Max reported having reached 36 million in the same month, growing quickly as well. As streaming surges, so does spending on huge IP projects.'

**- Sheraz Farooqi, Forbes contributor**

# Market Analysis

![img-17.jpeg](img-17.jpeg)

![img-18.jpeg](img-18.jpeg)

According to PwC Global Entertainment & Media Outlook 2020-2024: With people staying at home, Streaming/ OTT video has seen global revenue surge by 26.0% in 2020. And it will keep rising strongly in the coming years, almost doubling in size from US$46.4bn in 2019 to US$86.8bn in 2024.

The launch of the Disney+ streaming service in late 2019 could hardly have been better timed: having projected between 60mn and 90mn paying subscribers by 2024, Disney+ reached 60.5mn in early August 2020.

Not surprisingly given the rise of streaming, global data consumption is another beneficiary of the digital acceleration powered by COVID-19. It will more than double from 1.9 quadrillion megabytes (MB) in 2019 to 4.9 quadrillion MB in 2024.

“Netflix is coming off an unexpectedly robust quarter in which it added nearly 16 million new subscribers while seeing record site traffic. Disney+ recently announced that it had surpassed 54 million paid subscribers, nearly doubling its customer base from February. Even Apple CEO Tim Cook has said that the COVID-19 outbreak has increased Apple TV+ usage.” - **Brandon Katz, The Observer**

# Market Analysis

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

PwC projections show that in 2021, E&M spending will grow by 6.4%. Looking across the five-year forecast period, from 2019 to 2024, we're forecasting overall revenue growth running at a 2.8% compound annual growth rate (CAGR). - **PwC's Global E&M Outlook 2020-2024**

According to PwC Global Entertainment & Media Outlook 2020-2024, Over-the-top (OTT) will thrive in 2020, though at the expense of cinema and traditional TV. Subscription video-on-demand (SVOD) revenue is expected to overtake box office in 2020 and is projected to surge away in the coming five years, reaching more than twice the size of box office in 2024. The pandemic will also accelerate cord-cutting trends, particularly in major traditional TV markets like North America.

We believe that despite the inevitable downturn, there is a tremendous opportunity for content creators, producers and owners of media intellectual property rights. Overall, the industry is large and varied, constantly under pressure to innovate and explore emerging technologies for the potential impact on development.

# Market Opportunity

![img-2.jpeg](img-2.jpeg)

“It’s a seller’s market and buyers abound - all willing to pay top dollar. Expect Netflix, Apple, and even potentially Amazon to be near-term Silicon Valley buyers of Hollywood born IP to deepen their content pools and sharpen their content franchises. And, the acquisition target need not be a full library.

Any single iconic film, show, franchise, even individual characters - not to mention the producers who create them - are fair game. The thirst for top IP and the top talent that produces it is insatiable...Today’s new hyper-competitive streaming-lead world of M&E is definitely the ‘good old days’ for creators, artists, producers and owners of content...This M&E content and IP acquisition game is no longer only available to deep-pocketed buyers.

Due to recent major SEC rule changes, consumers like me and you can now take an ownership stake in a movie, show, artist or song of our liking.”

**-Peter Csathy, Forbes**

# Competition

![img-3.jpeg](img-3.jpeg)

![img-4.jpeg](img-4.jpeg)

Our competition includes other producers or studios acquiring, aggregating or cultivating original content or intellectual property for exploitation.

The entertainment industry is unique in that it is conducive to an abundance of risk-sharing opportunities; therefore, our competition can often become potential partners and collaborators. (e.g. we may be in competition with another producer procuring IP, but that same producer may be an ideal partner for a piece of IP we’ve acquired).

# Business Model

AROWANA MEDIA HOLDINGS

## FINANCIAL

- Ownership Stake in Legacy IP
- Portfolio Style Opportunity with Potential Long -Term Payout
- Significant Upside Potential with Mitigated Risk
- Scalability of Model

## INDUSTRY

- High Demand for IP/Content
- Industry Wide Validation & Acceptance of Model
- Diverse Market Sector with Strong Consumer Engagement

AROWANA MEDIA HOLDINGS

# Revenue Sources - Television

on a property adapted for **Television Series** typically include one or more of the following:

- Option Fee
- Acquisition/Purchase
- Pilot Services Fee
- Series Services Fee
- Consulting Services
- Contingent Participation (revenues derived from ancillary sources- spinoffs, merchandising, licensing, etc.)

![img-5.jpeg](img-5.jpeg)

AROWANA MEDIA HOLDINGS

# Revenue Sources- Feature Film

on a property adapted for **Feature Film** typically include:

![img-6.jpeg](img-6.jpeg)

- Option Fee
- Acquisition/Purchase
- Negotiated Backend, Royalties and Box Office/Streaming bonuses
- Merchandising and Ancillary rights (spinoffs, sequels, reboots & more)

# Arowana IP/Rights (highlights)

![img-7.jpeg](img-7.jpeg)

## Vampirella Multiple Writers & Artists In Development as TV Series

![img-8.jpeg](img-8.jpeg)

Vampirella originally came to Earth as a vengeful angel of death. Human astronauts crash landed on her planet and murdered the love of her life. Vampirella killed them and used their spaceship to come here hellbent to exact a terrible revenge. However, she soon observed that not all humans were evil and that there was much worth protecting. Despite literally thirsting for blood, she changed her way of thinking, vowing never to take a life without good reason.

Vampirella has become (and as of 2021 remains) the longest-running English-language vampire comic book of all time, its latest run, helmed by Christopher Priest (Black Panther), is its most successful yet, with more issues sold in its 50th anniversary than any previous year and it continues to gain momentum in popularity as new readers discover Vampirella’s timely storyline.

# Arowana IP/Rights (highlights)

![img-9.jpeg](img-9.jpeg)

![img-10.jpeg](img-10.jpeg)

## Wish

In Development as Feature Film

A New York Times Bestseller/ Top 10 Middle Grade Paperback

Eleven-year-old Charlie Reese has been making the same secret wish every day since fourth grade. She even has a list of all the ways there are to make the wish, such as cutting off the pointed end of a slice of pie and wishing on it as she takes the last bite. But when she is sent to the Blue Ridge Mountains of North Carolina to live with family she barely knows, it seems unlikely that her wish will ever come true.

That is until she meets Wishbone, a skinny stray dog who captures her heart, and Howard, a neighbor boy who proves surprising in lots of ways. Suddenly Charlie is in serious danger of discovering that what she thought she wanted may not be what she needs at all.

From award-winning author Barbara O'Connor comes a middle-grade novel about a girl who, with the help of a true-blue friend, a big-hearted aunt and uncle, and the dog of her dreams, unexpectedly learns the true meaning of family in the least likely of places.

# Arowana IP/Rights (highlights)

![img-11.jpeg](img-11.jpeg)

## Ella Clah

In Development as TV Series

![img-12.jpeg](img-12.jpeg)

Ella Clah is the central character in a series of mystery/police procedural novels by American authors Aimee Thurlo and David Thurlo.

*Ella Clah*, a Navajo Police special investigator, is one of the most enduring and popular characters in detective fiction today. Ella’s dedicated fans have long dreamed of the bestselling, critically acclaimed series coming to television.

*Blackening Song* is the debut of Navajo FBI agent Ella Clah, who returns to the reservation to investigate the murder of her father, a minister. The ritual nature of the killing makes Ella’s brother, a medicine man, the prime suspect. Without cooperation from the tribe, the FBI, or the local police, Ella must plumb the depths of the struggle between traditionalist and modernist forces among the Navajo to find her father’s murderer.

# Arowana IP/Rights (highlights)

![img-13.jpeg](img-13.jpeg)

![img-14.jpeg](img-14.jpeg)

## Silverwing

By Kenneth Oppel

In Development as Feature Film

In Partnership with Jane MacGregor and Delna Bhesania, co-founder of Bardel Entertainment (Rick and Morty, Dawn of the Croods, The Dragon Prince).

**Silverwing** is a best-selling children's novel, written by Kenneth Oppel, first published in 1997 by HarperCollins.

Shade is a young Silverwing bat, the runt of his colony. But he's determined to prove himself on the long, dangerous winter migration to Hibernaculum, millions of wingbeats to the south. During a fierce storm, he loses the others and soon faces the most incredible journey of his young life.

Desperately searching for a way to rejoin his flock, Shade meets a remarkable cast of characters: Marina, a Brightwing bat with a strange metal band on her leg; Zephyr, a mystical albino bat with a strange gift; and Goth, a gigantic carnivorous vampire bat. But which ones are friends and which ones are enemies? In this epic story of adventure and suspense, Shade is going to need all the help he can find -- if he hopes to ever see his family again.

# Team

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

**MARK B. NEWBAUER**

**CEO, Producer**

![img-2.jpeg](img-2.jpeg)

**RICH ANGELL**

**Producer**

Mark graduated from Columbia College Chicago where he studied filmmaking, screenwriting and producing, as well as improvisational acting, writing, and directing at Chicago's famous The Second City. His first short film (writer, producer) Dreamkiller won 'Best of the Fest' for historical fiction at the New York International Film and Video Festival concurrent to his work servicing talent and literary clients at BRS/The Gage Group. In 2009 Newbauer formed Arowana's parent company, Mike the Pike Productions, where he demonstrated his ability to identify, negotiate and acquire rights to prominent Intellectual Property which became the company's business model, a perfect fit for the team's network of studio/streamer execs, production companies, talent/creatives, and other key players in the entertainment industry.

Rich is an independent producer based in Cleveland, OH. He has produced or consulted on numerous feature films over his 10- year career including Sophomore, starring Patrick Warburton, and After, starring Kathleen Quinlan, Diane Neal and Pablo Schreiber. Angell founded a state-of-the-art production studio in a 4 million square foot former Kodak facility. He is a former board member of the renowned George Eastman Museum and has a Masters degree from the University of Rochester. Angell has been instrumental in strategy development, as well as securing prominent pieces of Intellectual Property.

# Strategic Alliances

![img-3.jpeg](img-3.jpeg)

![img-4.jpeg](img-4.jpeg)

**JON LEVIN**

**Producer**

Over the past four decades, Jon Levin has forged one of the most respected careers in the Hollywood community. After graduating with honors from USC Law School, Jon Levin was a business affairs executive and motion picture and television literary agent with Creative Artists Agency for 38 years.

In 2017, he became FOURWARD's head of motion picture and television development and production divisions. Known for his specialized representation of iconic and compelling intellectual property from novels, graphic novels, comic books, foreign films to life rights and his work in the animation, science fiction and fantasy and historical and biographical worlds, Jon has packaged such diverse films and tentpole franchises as *Midnight Run*, *Hook*, *Contact*, *Bram Stoker's Dracula*, *Unbroken*, *Murder On The Orient Express*, *Hostiles*, *Karate Kid*, *Mars Attacks!*, *On The Basis Of Sex*, *Mrs. Doubtfire*, *Little Miss Sunshine*, *Glengarry Glen Ross*, *Shrek*, *Coraline*, *Ice Age And Where The Wild Things Are* and such acclaimed television series as *Hannibal*, *The Leftovers* and *American Gods*.

'Jon has worked with some of the best in the industry, including Brad Pitt, Natalie Portman, Steven Spielberg, Will Smith, George Clooney, Tom Hanks, John Hughes, Robert Zemeckis and Robert Downey, Jr. among many others. The films in which Jon has been involved have garnered over 100 Academy Award nominations and 25 Oscar wins.' - **Fourward founder, Will Ward**

'Jon's contributions to so many clients and companies reach back 38 years. His ability to pick great stories and entertainment is only surpassed by his character and integrity. He's going to be one of the great producers in our business; in many ways, he already is.' - **CAA partner, Bryan Lourd**

# Strategic Alliances

![img-5.jpeg](img-5.jpeg)

![img-6.jpeg](img-6.jpeg)

**JOSEPH S. LANIUS**

**Entertainment Counsel**

Joseph is an entertainment attorney who specializes in distribution, finance and production legal affairs. He also provides executive producing services to motion picture producers and production companies, offering consulting on financial structuring and investment, and direct distribution sources in the United States, China and the Middle East.

Before entering private practice, Joseph served as Lead Counsel - Business & Legal Affairs for After Dark Films, where he was responsible for overseeing distribution and financial structuring for the After Dark Originals and After Dark Action slates as well as individual titles consisting of over 20 feature films. Prior to that, he was Director of Business & Legal Affairs for IM Global, where he focused on distribution for the various films IM Global represented including the PARANORMAL ACTIVITY and INSIDIOUS franchises as well as COMPANY MEN (Kevin Costner, Tommy Lee Jones), BULLET TO THE HEAD (Sylvester Stallone) and SAFE (Jason Statham).

Since entering private practice, some of Joseph’s current and former clients include Fanying Shanghai, Sparkhouse Media, Benaroya Pictures, Mulberry Pictures, International Film Trust, QED International and Highland Film Group. A few of the pictures Joseph has helped bring to worldwide audiences include CELL (John Cusack, Samuel L. Jackson), 478 (Arnold Schwarzenegger) QUEEN OF THE DESERT (Nicole Kidman, James Franco, Robert Pattinson), FURY (Brad Pitt, David Ayers), DIRTY GRANDPA (Zac Efron, Robert DeNiro), TO THE BONE (Lilly Collins, Keanu Reeves), and the upcoming films HOUR OF LEAD (Thomas Jane, Anne Heche), INHERITANCE (Lilly Collins, Simon Pegg) and SEMPER FI (Jai Courtney, Finn Wittrock, Leighton Meester).

Joseph earned his B.A. from the University of North Texas and his J.D. from Southwestern Law School.

![img-7.jpeg](img-7.jpeg)

# AROWANA

# MEDIA HOLDINGS

Thank you for your interest

Inquiries:

Arowana Media Holdings

www.ArowanaMedia.com

hey@arowanamedia.com

**Attachment 6:** `otherfinancial.pdf`

# Record Ownership and Voting Agreement

This Record Ownership and Voting Agreement (this “Agreement”) is entered into as of the date of electronic consent by the parties using the website www.netcapital.com (the “Portal”), by and among NetCapital Funding Portal Inc., a Delaware corporation (“NetCapital”), MG Teixeira Inc, a Connecticut corporation (the “Record Owner”), and the undersigned investor (“Investor”).

The Record Owner has agreed to open and maintain the Account (as defined below) for Investor and to provide other services to Investor in connection with the Account. This Agreement sets out, among other things, the terms under which the Record Owner will provide those services to Investor and the arrangements that will apply in connection with those services.

In consideration of the mutual promises herein made and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

## 1. Interpretation

### 1.1 Definitions

In this Agreement:

- • “Account” means the account opened by the Record Owner and consisting of the beneficial interests in any Shares that were offered for sale by the Issuer on the Portal and purchased by Investor.
- • “Account Balance” means, in relation to the Account, the number of Shares of each Issuer beneficially owned by Investor, including all of Investor’s rights to and interest in the balance from time to time on that Account.
- • “Business Day” means a weekday that is not a federal holiday.
- • “Escrow Agent” means Boston Private Bank and Trust Company.
- • “Fees” means the fees and charges referred to in clause 5.1 of this Agreement.
- • “Issuer” means each issuer of the Shares.
- • “Shares” means the beneficial interests in the uncertificated shares of common stock or preferred stock or the units of convertible debt, limited liability company membership interests or limited partnership interests that were beneficially purchased by Investor on the Portal.
- • “Termination Date” means the date on which this Agreement is terminated by the Record Owner or by Investor as permitted hereunder.
- • “Transfer Agent” means Equity Stock Transfer LLC, or a successor transfer agent.
- • “Withdrawal Date” means the date referred to in clause 2.2 of this Agreement.

### 1.2. Headings

The headings in this Agreement do not affect its interpretation.

### 1.3. Singular and plural

References to the singular include the plural and vice versa.

## 2. Account

### 2.1. Opening Account

The Record Owner shall open and maintain the Account for the beneficial interests in the Shares beneficially held by Investor.

### 2.2. Deposits and withdrawals

The balance of Investor's Account shall reflect the Shares beneficially held by Investor. A deposit of Shares is made into Investor's Account when the Escrow Agent sends payment funds to the Issuer or a seller of Shares, as the case may be, and the Record Owner receives a record from the Transfer Agent of the number of Shares that Investor beneficially holds. A withdrawal occurs when the Record Owner receives notice from the Transfer Agent that the Shares have been beneficially sold or transferred.

### 2.3. Reports

Reports relating to deposits into and withdrawals from the Account and the Account Balance will be available to Investor daily by means of a section on the Portal to which Investor may log in.

## 3. Services of the Record Owner

### 3.1. General

Investor and the Record Owner understand and agree that the Record Owner will be the legal but not the beneficial owner of the Shares.

### 3.2. Ownership of Securities

The Record Owner will be the sole holder of legal title to the Shares while Investor will hold beneficial ownership of the Shares. The Record Owner will be the sole record holder of the Shares on the books and records of the Issuer. The sole dispositive record of Investor's beneficial ownership of the Shares will be in the books and records of the Transfer Agent. Investor shall be entitled to all proceeds of the sale of Shares, net of fees and commissions.

### 3.3. Voting of Securities

Prior to the Withdrawal Date, at every meeting of the equity or interest holders of the Issuer called with respect to any matter, and at every adjournment or postponement thereof, and on every action or approval by written consent or resolution of the equity or interest holders of the Issuer, Investor agrees that the Record Owner shall vote Investor's Shares, in the event Investor's Shares contain voting rights, in a manner reasonably determined to be in the best interest of Investor.

### 3.4. Insurance

The Record Owner and Investor understand and agree that the Record Owner may maintain insurance in support of the Record Owner's obligations under this Agreement, including covering any loss of the Shares. In the event that the Record Owner elects to reduce, cancel or not to renew such insurance, the Record Owner may give Investor prior written notice as follows: in the case of a reduction, the Record Owner may endeavor to provide such notice at least 30 days prior to the effective date of the reduction; and in the event of a cancellation or expiration of the insurance without renewal, the Record Owner may provide such notice at least 30 days prior to the last day of insurance coverage. Investor acknowledges that any such insurance is held for the Record Owner's benefit and not for the benefit of Investor, and that Investor may not submit any claim under the terms of such insurance.

### 3.5. Notice of Changes

The Record Owner may notify Investor promptly in writing of the following: (i) the Record Owner receives notice of any claim against the Account other than a claim for payment of safe custody or administration permitted by this Agreement; (ii) the Record Owner otherwise fails to comply with any of the provisions of this Agreement; or (iii) any of the Record Owner's representations and warranties in clause 4 shall cease to be true and correct.

## 4. Obligations of the Portal

NetCapital shall notify or cause to be notified each Issuer of Shares of the identity of the Record Owner of the Shares of such Issuer.

## 5. Representations and Warranties

### 5.1 Investor's representations

Investor represents and warrants that:

- Investor is the beneficial owner of the Shares;
- Investor has all necessary authority, powers, consents, licenses and authorizations and has taken all necessary action to enable Investor lawfully to enter into and perform Investor's duties and obligations under this Agreement; and
- This Agreement and the obligations created under it are binding upon Investor and enforceable against Investor in accordance with its terms (subject to applicable principles of equity) and do not and will not violate the terms of the

rules or any order, charge or agreement by which Investor is bound.

## 5.2 The Record Owner's representations and warranties

The Record Owner represents and warrants to Investor that:

- this Agreement has been duly authorized, executed and delivered on the Record Owner's behalf and constitutes the Record Owner's legal, valid and binding obligation; and
- the execution, delivery and performance of this Agreement by the Record Owner does not and will not violate any agreement by which the Record Owner is bound.

## 6. Fees and Expenses

### 6.1 Fees

The Record Owner's fees will be paid in accordance with the fee agreement that has been executed by the Portal and the Record Owner. There are no fees payable by the Investor.

## 7. Scope of Responsibility

### 7.1 Exclusion of liability

The Record Owner may use reasonable care in the performance of its duties under this Agreement and will only be responsible for any loss or damage suffered by Investor as a direct result of any gross negligence, fraud or willful misconduct on the Record Owner's part in the performance of the Record Owner's duties, and in which case the Record Owner's liability will not exceed the aggregate market value of the Shares at the time of such gross negligence, fraud or willful misconduct.

### 7.2 Force majeure

Neither the Record Owner nor any of the Record Owner's directors, employees, agents or affiliates shall incur any liability to Investor if, by reason of any provision of any present or future law or regulation of any governmental or regulatory authority or stock exchange, or by reason of any act of God or war or terrorism, pandemic or other circumstances beyond the Record Owner's control, the Record Owner is prevented or forbidden from, or would be subject to any civil or criminal penalty on account of, or are delayed in, doing or performing any act or thing which by the terms of this Agreement it is provided shall be done or performed and accordingly the Record Owner does not do that thing or does that thing at a later time than would otherwise be required.

### 7.3 Exculpation in respect of offering documents

The Record Owner and its officers, directors, employees, agents and sub-record owners, if any, shall not be responsible or liable in any manner for any recitals, statements, representations or warranties made by any person other than the Record Owner including, but not limited to, statements contained in any material relating to

the offering and sale of Shares.

## 8. Termination

### 8.1 Method

The Record Owner may terminate this Agreement by giving not less than 60 Business Days' prior written notice to Investor and the Portal, provided that the Record Owner may terminate this Agreement immediately on written notice in the event that any of the statements set out in clause 4.1(a)-(c) become untrue. Clauses 6, 7.2 and 9 shall survive termination of this Agreement.

Investor may terminate this Agreement by giving not less than 60 Business Days' prior written notice to the Record Owner and the Portal in the event that the Record Owner is found, in a final determination not subject to appeal, to have committed an act of gross negligence or willful misconduct in respect of its duties as Record Owner hereunder.

### 8.2 Existing rights

Termination shall not affect rights and obligations then outstanding under this Agreement, which shall continue to be governed by this Agreement until all obligations have been fully performed.

### 8.3 Website

Effective upon the Termination Date, Investor's use of the Website will automatically be terminated and Investor will be permitted no further access to the Website until Investor has purchased other Shares.

## 9. Notices and Recordkeeping

### 9.1 Form

A notice or other communication given to Investor under or in connection with this Agreement may be given using the contact information Investor provided to the Portal.

### 9.2 Method of transmission

Any notice or other communication required to be in writing may be delivered by email, receipt confirmed, to the Portal or the Record Owner at the following email addresses:

If to the Record Owner:

MG Teixeira Inc
mannyteixeria@gmail.com

If to the Portal:

Netcapital Funding Portal Inc

## 10. General

### 10.1 No advice

The Record Owner’s duties and obligations under this Agreement do not include providing Investor with investment advice. In asking the Record Owner to open and maintain the Account, Investor does so in reliance upon Investor’s own judgment and the Record Owner shall not owe to Investor any duty to exercise any judgment on Investor’s behalf as to the merits or suitability of any deposits into, or withdrawals from, an Account.

### 10.2 Assignment

This Agreement is for the benefit of and binding upon the parties and their respective heirs, successors and assigns. Investor may not assign, transfer or encumber, or purport to assign, transfer or encumber, Investor’s right, title or interest in relation to any Account or any right or obligation under this Agreement or any part of any of the foregoing unless the Record Owner otherwise agrees in writing.

### 10.3 Amendments

Any amendment to this Agreement must be agreed in writing and be signed by all parties hereto. Unless otherwise agreed, an amendment will not affect any legal rights or obligations that may already have arisen.

### 10.4 Partial invalidity

If any of the clauses (or part of a clause) of this Agreement becomes invalid or unenforceable in any way, the validity of the remaining clauses (or part of a clause) will not in any way be affected or impaired.

### 10.5 Entire agreement

This document represents the entire agreement of the parties, and supersedes any previous agreements and understandings among the parties relating to the subject matter of this Agreement.

### 10.6 Joint and several liability

Investor’s responsibilities under this Agreement are joint and several if applicable.

### 10.7 Counterparts

This Agreement may be executed in any number of counterparts each of which when

executed and delivered is an original, but all the counterparts together constitute the same agreement.

### 10.8 Governing Law and Jurisdiction

This Agreement is governed by and construed in accordance with the laws of the State of Delaware without regard to its conflicts of laws principles. The parties agree that the United States District Court for the Delaware shall have sole and exclusive jurisdiction to determine any issues arising under this Agreement, and all Parties to this Agreement agree to submit to personal jurisdiction in Wilmington, Delaware, for the purpose of resolving any issue arising under or related to this Agreement.

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** Arowana Media Holdings, Inc.

**Legal Status:** Corporation

**Jurisdiction of Incorporation/Organization:** WY

**Date of Organization:** 10-16-2018

**Physical Address:** 20860 N. Tatum Blvd, Phoenix, AZ, 85050

**Issuer Website:** https://www.arowanamedia.com/

**Is there a Co-Issuer?:** No

**Intermediary Name:** NetCapital Funding Portal Inc.

**Intermediary CIK:** 0001669191

**Intermediary File Number:** 007-00035

**Intermediary CRD Number:** 283596

### Offering Information

**Compensation to Intermediary:** Up to 4.9% of amount raised for a successful offering and a listing fee of up to $10,000

**Financial Interest in Issuer:** None.

**Type of Security Offered:** Common Stock

**Number of Securities Offered:** 38462

**Price per Security:** $0.26

**Method for Determining Price:** At issuer's discretion.

**Target Offering Amount:** $10,000.12

**Oversubscription Accepted:** Yes

**Oversubscription Allocation Type:** First-come, first-served basis

**Maximum Offering Amount:** $1,069,999.84

**Deadline to Reach Target Amount:** 03-31-2023

### Annual Report Disclosure Requirements

**Current Number of Employees:** 1

**Total Assets (Most Recent Fiscal Year):** $198,556.00

**Total Assets (Prior Fiscal Year):** $198,556.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $6.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $6.00

**Accounts Receivable (Most Recent Fiscal Year):** $0.00

**Accounts Receivable (Prior Fiscal Year):** $0.00

**Short-Term Debt (Most Recent Fiscal Year):** $10,000.00

**Short-Term Debt (Prior Fiscal Year):** $10,000.00

**Long-Term Debt (Most Recent Fiscal Year):** $0.00

**Long-Term Debt (Prior Fiscal Year):** $0.00

**Revenues/Sales (Most Recent Fiscal Year):** $0.00

**Revenues/Sales (Prior Fiscal Year):** $0.00

**Cost of Goods Sold (Most Recent Fiscal Year):** $0.00

**Cost of Goods Sold (Prior Fiscal Year):** $0.00

**Taxes Paid (Most Recent Fiscal Year):** $0.00

**Taxes Paid (Prior Fiscal Year):** $0.00

**Net Income (Most Recent Fiscal Year):** $-648.00

**Net Income (Prior Fiscal Year):** $-160.00

**Jurisdictions Offered:**

ALABAMA, ALASKA, ARIZONA, ARKANSAS, CALIFORNIA, COLORADO, CONNECTICUT, DELAWARE, DISTRICT OF COLUMBIA, FLORIDA, GEORGIA, HAWAII, IDAHO, ILLINOIS, INDIANA, IOWA, KANSAS, KENTUCKY, LOUISIANA, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN, MINNESOTA, MISSISSIPPI, MISSOURI, MONTANA, NEBRASKA, NEVADA, NEW HAMPSHIRE, NEW JERSEY, NEW MEXICO, NEW YORK, NORTH CAROLINA, NORTH DAKOTA, OHIO, OKLAHOMA, OREGON, PENNSYLVANIA, RHODE ISLAND, SOUTH CAROLINA, SOUTH DAKOTA, TENNESSEE, TEXAS, UTAH, VERMONT, VIRGINIA, WASHINGTON, WEST VIRGINIA, WISCONSIN, WYOMING, B5, GU, 1V, PR, VI

### Signatures

**Issuer:** Arowana Media Holdings, Inc.

**Signature:** Mark  Newbauer

**Title:** Principal Executive Officer

---

**Signature:** Mark  Newbauer

**Title:** Principal Executive Officer

**Date:** 02-07-2023

---

**Signature:** Mark  Newbauer

**Title:** Principal Financial Officer

**Date:** 02-07-2023

---

**Signature:** Mark  Newbauer

**Title:** Principal Accounting Officer

**Date:** 02-07-2023

---

**Signature:** Mark  Newbauer

**Title:** Board Member

**Date:** 02-07-2023