Document:

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                                                                     Exhibit 4.9

THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SHARES ISSUABLE UPON
EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. THE SECURITIES AND THE SHARES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN
ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES OR THE SHARES ISSUABLE
UPON EXERCISE HEREOF, AS APPLICABLE, UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR AN OPINION OF COUNSEL TO THE CORPORATION THAT SUCH REGISTRATION IS
NOT REQUIRED.

                           DWANGO NORTH AMERICA CORP.
            Warrant for the Purchase of _____ Shares of Common Stock,
                            par value $.001 per Share

Warrant No. WE-D-

          THIS CERTIFIES that, for value received, __________ (the "Holder") is
entitled to subscribe for and purchase from DWANGO NORTH AMERICA CORP., a Nevada
corporation (the "Company"), upon the terms and subject to the conditions set
forth herein, at any time or from time to time after the date hereof and up to
and including 5:00 P.M. on ____________, New York time (the "Exercise Period"),
_____________ shares (as adjusted pursuant to the terms hereof, the "Warrant
Shares") of the Company's common stock, par value $.001 per share (the "Common
Stock"). The exercise price (the "Exercise Price") per Warrant Share purchasable
hereunder shall equal $1.20 per share (or such price as adjusted pursuant to
Section 5). As used herein the term "this Warrant" shall mean and include this
Warrant and any Warrant or Warrants hereafter issued as a consequence of the
exercise or transfer of this Warrant in whole or in part.

          The number of shares of Common Stock issuable upon exercise of this
Warrant and the Exercise Price may be adjusted from time to time as hereinafter
set forth.

          1.   This Warrant may be exercised during the Exercise Period, as to
the whole or any lesser number of whole Warrant Shares, by the surrender of this
Warrant (with the form of election attached hereto duly executed) to the Company
at its office at 5847 San Felipe Street, Houston, Texas 77057, or at such other
place as is designated in writing by the Company, together with (i) a certified
or bank cashier's check payable to the order of the Company in an amount equal
to the Exercise Price multiplied by the number of Warrant Shares for which this
Warrant is being exercised (the "Aggregate Exercise Price") and (ii) the
acceptance by the Holder of a number of Warrant Shares equal to the number of
Warrant Shares being purchased upon such exercise.

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          2.   Upon each exercise of the Holder's rights to purchase Warrant
Shares, the Holder shall be deemed to be the holder of record of the Warrant
Shares issuable upon such exercise, notwithstanding that the transfer books of
the Company shall then be closed or certificates representing such Warrant
Shares shall not then have been actually delivered to the Holder. As soon as
practicable after each such exercise of this Warrant, the Company shall issue
and deliver to the Holder a certificate or certificates for the Warrant Shares
issuable upon such exercise, registered in the name of the Holder or its
designee. If this Warrant should be exercised in part only, the Company shall,
upon surrender of this Warrant for cancellation, execute and deliver a new
Warrant evidencing the right of the Holder to purchase the balance of the
Warrant Shares (or portions thereof) subject to purchase hereunder.

          3.   Any Warrants issued upon the transfer or exercise in part of this
Warrant shall be numbered and shall be registered in a warrant register (the
"Warrant Register") as they are issued. The Company shall be entitled to treat
the registered holder of any Warrant on the Warrant Register as the owner in
fact thereof for all purposes and shall not be bound to recognize any equitable
or other claim to or interest in such Warrant on the part of any other person,
and shall not be liable for any registration or transfer of Warrants which are
registered or to be registered in the name of a fiduciary or the nominee of a
fiduciary unless made with the actual knowledge that a fiduciary or nominee is
committing a breach of trust in requesting such registration or transfer, or
with the knowledge of such facts that its participation therein amounts to bad
faith. This Warrant shall be transferable only on the books of the Company upon
delivery thereof duly endorsed by the Holder or by his or its duly authorized
attorney or representative, or accompanied by proper evidence of succession,
assignment, or authority to transfer. In all cases of transfer by an attorney,
executor, administrator, guardian, or other legal representative, duly
authenticated evidence of his or its authority shall be produced. Upon any
registration of transfer, the Company shall deliver a new Warrant or Warrants to
the person entitled thereto. This Warrant may be exchanged, at the option of the
Holder thereof, for another Warrant, or other Warrants of different
denominations, of like tenor and representing in the aggregate the right to
purchase a like number of Warrant Shares (or portions thereof), upon surrender
to the Company or its duly authorized agent.

          4.   The Company shall at all times reserve and keep available out of
its authorized and unissued Common Stock, solely for the purpose of providing
for the exercise of the rights to purchase all Warrant Shares granted pursuant
to the Warrants, such number of shares of Common Stock as shall, from time to
time, be sufficient therefor. The Company covenants that all shares of Common
Stock issuable upon exercise of this Warrant, upon receipt by the Company of the
full Exercise Price therefor, shall be validly issued, fully paid,
nonassessable, and free of preemptive rights of third parties.

          5.   (a)  In case the Company shall at any time after the date this
Warrant was first issued (i) declare a dividend on the outstanding shares of
Common Stock payable in shares of its Common Stock, (ii) subdivide the
outstanding shares of Common Stock, (iii) combine the outstanding shares of
Common Stock into a smaller number of shares, or (iv) issue any shares of its
capital stock by reclassification of the shares of Common Stock (including any
such reclassification in connection with a consolidation or merger in which the
Company is the continuing corporation), then, in each case, the Exercise Price
and the number of Warrant Shares issuable upon exercise of this Warrant, in
effect at the time of the record date for such dividend

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or of the effective date of such subdivision, combination, or reclassification,
shall be proportionately adjusted so that the Holder after such time shall be
entitled to receive the aggregate number and kind of shares which, if such
Warrant had been exercised immediately prior to such time, it would have owned
upon such exercise and been entitled to receive by virtue of such dividend,
subdivision, combination, or reclassification. Such adjustment shall be made
successively whenever any event listed above shall occur.

               (b)  In the event that the Company issues Common Stock or
securities convertible into or exercisable for shares of Common Stock at a per
share price (the "Per Share Price") of less than the then current Exercise
Price, the Exercise Price shall be immediately reset to equal the Per Share
Price; provided, however, that the following issuances shall not cause the
Exercise Price to be reset: (i) the issuance of Common Stock upon the exercise
of options outstanding as of the date hereof, and (ii) up to an additional
100,000 shares per annum (as proportionately adjusted for the events described
in Section 5(a) of this Warrant).

               (c)  Whenever there shall be an adjustment as provided in this
Section 5, the Company shall promptly cause written notice thereof to be sent by
registered mail, postage prepaid, to the Holder, at its address as it shall
appear in the Warrant Register, which notice shall be accompanied by an
officer's certificate setting forth the number of Warrant Shares purchasable
upon the exercise of this Warrant and the Exercise Price after such adjustment
and setting forth a brief statement of the facts requiring such adjustment and
the computation thereof, which officer's certificate shall be conclusive
evidence of the correctness of any such adjustment absent manifest error.

               (d)  The Company shall not be required to issue fractions of
shares of Common Stock or other capital stock of the Company upon the exercise
of this Warrant.

          6.   (a)  In case of any consolidation with or merger of the Company
with or into another corporation (other than a merger or consolidation in which
the Company is the surviving or continuing corporation), or in case of any sale,
lease, or conveyance to another corporation of the property and assets of any
nature of the Company as an entirety or substantially as an entirety, such
successor, leasing, or purchasing corporation, as the case may be, shall, as a
condition to the consummation of any of the foregoing transactions, (i) execute
with the Holder an agreement providing that the Holder shall have the right
thereafter to receive upon exercise of this Warrant solely the kind and amount
of shares of stock and other securities, property, cash, or any combination
thereof receivable upon such consolidation, merger, sale, lease, or conveyance
by a holder of the number of shares of Common Stock for which this Warrant might
have been exercised immediately prior to such consolidation, merger, sale,
lease, or conveyance and (ii) make effective a provision in its certificate of
incorporation or otherwise, if necessary, to effect such agreement. Such
agreement shall provide for adjustments which shall be as nearly equivalent as
practicable to the adjustments in Section 5.

               (b)  In case of any reclassification or change of the shares of
Common Stock issuable upon exercise of this Warrant (other than a change in par
value or from no par value to a specified par value, or as a result of a
subdivision or combination, but including any change in the shares into two or
more classes or series of shares), or in case of any consolidation or merger of
another corporation into the Company in which the Company is the continuing

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corporation and in which there is a reclassification or change (including a
change to the right to receive cash or other property) of the shares of Common
Stock (other than a change in par value, or from no par value to a specified par
value, or as a result of a subdivision or combination, but including any change
in the shares into two or more classes or series of shares), the Holder shall
have the right thereafter to receive upon exercise of this Warrant solely the
kind and amount of shares of stock and other securities, property, cash, or any
combination thereof receivable upon such reclassification, change,
consolidation, or merger by a holder of the number of shares of Common Stock for
which this Warrant might have been exercised immediately prior to such
reclassification, change, consolidation, or merger. Thereafter, an appropriate
provision shall be made for adjustments which shall be as nearly equivalent as
practicable to the adjustments in Section 5.

               (c)  The above provisions of this Section 6 shall similarly apply
to successive reclassifications and changes of shares of Common Stock and to
successive consolidations, mergers, sales, leases, or conveyances.

          7.   In case at any time the Company shall propose:

               (a)  to pay any dividend or make any distribution on shares of
     Common Stock in shares of Common Stock or make any other distribution to
     all holders of Common Stock; or

               (b)  to effect any reclassification or change of outstanding
     shares of Common Stock, or any consolidation, merger, sale, lease, or
     conveyance of property, described in Section 6; or

               (c)  to effect any liquidation, dissolution, or winding-up of the
     Company; or

               (d)  to take any other action which would cause an adjustment to
     the Exercise Price;

then, and in any one or more of such cases, the Company shall give written
notice thereof, by registered mail, postage prepaid, to the Holder at the
Holder's address as it shall appear in the Warrant Register, mailed at least
five business days prior to (i) the date as of which the holders of record of
shares of Common Stock to be entitled to receive any such dividend or
distribution is to be determined, (ii) the date on which any such
reclassification, change of outstanding shares of Common Stock, consolidation,
merger, sale, lease, conveyance of property, liquidation, dissolution, or
winding-up is expected to become effective, and the date as of which it is
expected that holders of record of shares of Common Stock shall be entitled to
exchange their shares for securities or other property, if any, deliverable upon
such reclassification, change of outstanding shares, consolidation, merger,
sale, lease, conveyance of property, liquidation, dissolution, or winding up or,
(iii) the date of such action which would require an adjustment to the Exercise
Price.

          8.   The issuance of any shares of Common Stock or other securities
upon the exercise of this Warrant, and the delivery of certificates or other
instruments representing such

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shares or other securities, shall be made without charge to the Holder for any
tax or other charge in respect of such issuance. The Company shall not, however,
be required to pay any tax which may be payable in respect of any transfer
involved in the issue and delivery of any certificate in a name other than that
of the Holder and the Company shall not be required to issue or deliver any such
certificate unless and until the person or persons requesting the issue thereof
shall have paid to the Company the amount of such tax or shall have established
to the satisfaction of the Company that such tax has been paid.

          9.   The Holder shall have customary "piggyback" registration rights
with respect to the Warrant Shares underlying this Warrant.

          10.  The certificate or certificates evidencing such Warrant Shares
shall bear a legend in substantially the following form:

     "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
     THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED,
     PLEDGED OR HYPOTHECATED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION
     THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS."

          11.  Upon receipt of evidence satisfactory to the Company of the loss,
theft, destruction, or mutilation of any Warrant (and upon surrender of any
Warrant if mutilated), and upon reimbursement of the Company's reasonable
incidental expenses, the Company shall execute and deliver to the Holder thereof
a new Warrant of like date, tenor, and denomination.

          12.  The Holder of any Warrant shall not have, solely on account of
such status, any rights of a stockholder of the Company, either at law or in
equity, or to any notice of meetings of stockholders or of any other proceedings
of the Company, except as provided in this Warrant.

          13.  All notices required or permitted hereunder shall be in writing
and shall be deemed effectively given: (i) upon personal delivery to the party
to be notified; (ii) five business days after having been sent by registered or
certified mail, return receipt requested, postage prepaid; or (iii) one business
day after deposit with a nationally recognized overnight courier, specifying
next day delivery, with written verification of receipt. Notices may also be
given by facsimile and will be effective on the date transmitted if confirmed
within 24 hours thereafter by a signed original sent in the manner provided in
the preceding sentence. All communications shall be sent to the Company at 5847
San Felipe Street, Houston Texas 77057, Attention: Robert E. Huntley, Chief
Executive Officer; Fax: 713-914-9688, with a copy to Moomjian & Waite, LLP, 500
North Broadway, Jericho, New York 11753, Attention: Gary T. Moomjian; Fax: 516-
937-5050 and to the Holder at the address or facsimile number set forth in the
records of the Company, or at such other address as the Company or the Holder
may designate by 10 days' advance written notice to the other parties hereto.

          14.  The rights and obligations of the Company, of the holder of this
Warrant and holder of shares of Common Stock issued upon exercise of this
Warrant, referred to in Section 9, shall survive the exercise of this Warrant.

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          15.  This Warrant shall be binding upon the Company and its successors
and assigns and shall inure to the benefit of the Holder and its successors and
assigns. The Holder may assign the Holder's rights under this Warrant, in whole
or in part, and such rights may be similarly assigned by such assignee.

          16.  This Warrant shall be construed in accordance with the laws of
the State of New York applicable to contracts made and performed within such
State, without regard to principles of conflicts of law.

          IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed on the day and year first written below.

Dated:

                                        DWANGO NORTH AMERICA CORP.

                                        By:
                                             -----------------------------------
                                        Name:
                                        Title:

                          [Signature Page for Warrant]

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                               FORM OF ASSIGNMENT

(To be executed by the registered holder if such holder desires to transfer the
attached Warrant.)

          FOR VALUE RECEIVED,________________________ hereby sells, assigns, and
transfers unto _______________ a Warrant to purchase ________________ shares of
Common Stock, par value $.001 per share, of Dwango North America Corp. (the
"Company"), together with all right, title, and interest therein, and does
hereby irrevocably constitute and appoint ____________ attorney to transfer such
Warrant on the books of the Company, with full power of substitution.

Dated:
       -------------------

                       Signature
                                ------------------------------

                                     NOTICE

          The signature on the foregoing Assignment must correspond to the name
as written upon the face of this Warrant in every particular, without alteration
or enlargement or any change whatsoever.

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To:  Dwango North America Corp.
     5847 San Felipe Street
     Houston, Texas 77057

                              ELECTION TO EXERCISE

The undersigned hereby elects to purchase ___________ /1/ shares of Common Stock
of Dwango North America Corp. pursuant to the terms of the attached Warrant and
tenders herewith payment in full for the purchase price of the shares being
purchased, together with all applicable transfer taxes, if any.

The undersigned requests that certificates for such securities be issued in the
name of, and delivered to:

    ------------------------------------------------------------------------
     (Print Name, Address and Social Security or Tax Identification Number)

and, if such number of Warrant Shares shall not be all the Warrant Shares
covered by the within Warrant, that a new Warrant for the balance of the Warrant
Shares covered by the within Warrant be registered in the name of, and delivered
to, the undersigned at the address stated below.

Dated:                            Name
       -------------------            --------------------
                                         (Print)

Address:
        --------------------------------------------------

                                        ----------------------------------------
                                                           (Signature)

----------

/1/  Insert here the maximum number of shares or, in the case of a partial
     exercise, the portion thereof as to which the Warrant is being exercised.

                                        8<PAGE>

                                                                    Exhibit 4.11

                          REGISTRATION RIGHTS AGREEMENT

     REGISTRATION RIGHTS AGREEMENT, dated as of __________ ___, 2002, by and
between Dwango North America, Inc., a Texas corporation (the "Company"), and
HCFP/Brenner Securities, LLC ("Brenner"), RG Securities LLC ("RG" and together
with Brenner, the "Agents"), and the investors listed on Schedule A hereto (the
"Investors"). The Agents and the Investors shall be collectively referred to
herein as the Rightsholders.

     WHEREAS, this Agreement has been entered into in connection with the
Company's private offering (the "Offering") of shares of common stock, par value
$.001 per share (the "Common Stock"), pursuant to a Confidential Term Sheet
dated September 26, 2002;

     WHEREAS, to induce the Agents to act as the placement agents for the
Offering, and for the Investors to invest in the Offering, the Company has
agreed to provide certain registration rights under the Securities Act of 1933,
as amended, and the rules and regulations thereunder, or any similar successor
statute (collectively, the "Securities Act"), and applicable state securities
laws;

     NOW, THEREFORE, it is agreed as follows:

     1.   Registerable Securities. The term "Registerable Securities" shall mean
(i) any of the shares of Common Stock sold in the Offering, (ii) the shares of
Common Stock underlying the warrants issued to the Agents or their designees as
compensation in connection with the Offering, and (iii) any Common Stock issued
as (or issuable upon the conversion or exercise of any warrant, right or other
security that is issued as) a dividend or other distribution with respect to, or
in exchange for, or in replacement of, the shares referenced in (i) and (ii)
above. For the purposes of this Agreement, securities will cease to be
Registerable Securities when (A) such Registerable Securities are distributed to
the public pursuant to the Securities Act, or pursuant to an exemption from the
registration requirements of the Securities Act, including, but not limited to,
Rules 144 and 144A promulgated under the Securities Act, (B) such Registrable
Securities are eligible for immediate resale pursuant to Rule 144(k) promulgated
under the Securities Act, or (C) such Registerable Securities have been
otherwise transferred and the Company, in accordance with applicable laws and
regulations, has delivered new certificates or other evidences of ownership for
such securities which are not subject to any stop transfer order or other
restriction on transfer and such Registrable Securities may be publicly resold
(without volume or method of sale restrictions) without registration under the
Securities Act.

     2.   Registration Rights.

          (a)  If, at any time commencing after the closing of the Offering (the
"Closing Date") and on or prior to seven years from the Closing Date, the
Company proposes to file a registration statement (a "Registration Statement")
under the Securities Act with respect to an offering by the Company or any
selling stockholders of any of its equity securities (other than a registration
statement on Form S-4 or Form S-8, or any successor form or a registration

<PAGE>

statement filed solely in connection with an exchange offer, a business
combination transaction or an offering of securities solely to the existing
stockholders or employees of the Company), then the Company shall in each case
give written notice (the "Notice") of such proposed filing to the Rightsholders
at least twenty (20) days before the anticipated filing date of such
Registration Statement, which Notice shall offer the Rightsholders the
opportunity to include in such Registration Statement such amount of Registrable
Securities as they may request. Each of the Rightsholders electing to have his
Registrable Securities registered pursuant to this Section 2(a) shall advise the
Company of such election in writing within ten (10) days after the date of
receipt of the Notice, specifying the amount of Registrable Securities for which
registration is requested (the "Election"). The Company shall include in any
such Registration Statement all Registrable Securities so requested to be
included; provided that the Company has received the Election and subject to
limitations set forth in Section 2(b) below; and, provided, further, nothing
herein shall prevent the Company from, at any time before the effectiveness of
such Registration Statement, abandoning or delaying any registration pursuant to
this Section 2(a).

          (b)  Notwithstanding the foregoing, if the underwriter(s) of any such
offering of the Company shall be of the good faith opinion that the total amount
or kind of securities held by the Rightsholders and any other persons or
entities entitled to be included in such offering would adversely affect the
success of such offering, then the amount of securities to be offered for the
accounts of Rightsholders and the other selling securityholders included in the
Registration Statement shall be reduced pro rata to the extent necessary to
reduce the total amount of securities to be included in such offering to the
amount recommended by the underwriter(s) thereof, whereupon the Company shall
only be obligated to register such limited portion (which may be none) of the
Registrable Securities with respect to which such Rightsholders have provided an
Election. In no event shall the Company be required pursuant to this Section
2(b) to reduce the amount of securities proposed to be registered by it for its
own account.

     3.   Registration Expenses.

          (a)  Except as provided in Section 3(b), the Company shall pay all of
the expenses incurred in connection with a registration (whether or not
abandoned or delayed) under this Registration Rights Agreement, including, but
not limited to, (i) all registration and filing fees, (ii) "Blue Sky" fees and
expenses, (iii) all printing, duplicating, and delivery expenses, (iv) fees and
disbursements of counsel for the Company and of independent certified public
accountants of the Company, (v) all fees and expenses incurred in connection
with the listing of the Registrable Securities on any securities exchange, (vi)
internal expenses of the Company (e.g. salaries and expenses of its officers and
employees), and (vii) the expenses of any audit.

          (b)  The Company shall not be required to pay underwriting discounts,
selling commissions or transfer taxes attributable to the sale of the
Registrable Securities.

     4.   Registration Obligations

          (a)  Obligations of the Company. The Company will, in connection with
any registration pursuant to Section 2 hereof:

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          (i)    Prepare and file with the Commission a Registration Statement
with respect to such Registrable Securities in accordance with the method or
methods of distribution thereof as specified by the Rightsholder (except if
otherwise directed by the Rightsholder); provided, however, that not less than
three business days prior to the filing of such Registration Statement or any
related prospectus or any amendment or supplement thereto (including any
document that would be incorporated therein by reference), the Company shall (A)
furnish to the Rightsholder and its legal counsel, copies of all such documents
proposed to be filed, and (B) at the request of the Rightsholder cause its
officers and directors, counsel and independent certified public accountants to
respond to such inquiries as shall be necessary, in the reasonable opinion of
counsel to the Rightsholder, to conduct a reasonable investigation within the
meaning of the Securities Act. The Company shall prepare and file with the
Commission such post-effective amendments and supplements to the Registration
Statement as may be necessary to keep the Registration Statement continuously
effective as to the applicable Registrable Securities for a period of 120 days
following the date of its effectiveness; provided however, this provision shall
not be applicable if the Registrable Securities are eligible for resale under
Rule 144.

          (ii)   Notify the Rightsholder and its legal counsel as promptly as
possible (A) with respect to the Registration Statement or any post-effective
amendment, when the same has become effective; (B) of the issuance by the
Commission of any stop order suspending the effectiveness of the Registration
Statement covering any or all of the Registrable Securities or the initiation of
any action, claim, suit, investigation or proceeding (including, without
limitation, an investigation or partial proceeding, such as a deposition),
whether commenced or threatened (each, a "Proceeding") for that purpose; (C) of
the receipt by the Company of any notification with respect to the suspension of
the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of any
Proceeding for such purpose; and (D) of the occurrence of any event that makes
any statement made in the Registration Statement or prospectus or any document
incorporated or deemed to be incorporated therein by reference untrue in any
material respect or that requires any revisions to the Registration Statement,
prospectus or other documents so that, in the case of the Registration Statement
or the prospectus, as the case may be, it will not contain any untrue statement
of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading. The Company shall also
use good faith efforts to keep the Agents informed as to the status of the
Registration Statement and be responsive to inquiries by the Agents or their
counsel.

          (iii)  Furnish to the Rightsholder and its legal counsel, without
charge, at least one conformed copy of each Registration Statement and each
amendment thereto, including financial statements and schedules, all documents
incorporated or deemed to be incorporated therein by reference, and all exhibits
to the extent requested by such person (including those previously furnished or
incorporated by reference) promptly after the filing of such documents with the
Commission.

          (iv)   Promptly deliver to the Rightsholder and its legal counsel,
without charge, as many copies of the Registration Statement, prospectus or
prospectuses (including each form of prospectus) and each amendment or
supplement thereto as such persons may reasonably request; and the Company
hereby consents to the use of such prospectus and each amendment or supplement
thereto by the Rightsholder in connection with the offering and sale of the

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Registrable Securities covered by such prospectus and any amendment or
supplement thereto.

          (v)    Prior to any public offering of the Registrable Securities, use
reasonable efforts to register or qualify or cooperate with the Rightsholder and
its legal counsel in connection with the registration or qualification (or
exemption from such registration or qualification) of such Registrable
Securities for offer and sale under the securities or blue sky laws of such
jurisdictions within the United States as the Rightsholder requests in writing,
to keep each such registration or qualification (or exemption therefrom)
effective during the period when the Registration Statement is effective and to
do any and all other acts or things necessary or advisable to enable the
disposition in such jurisdictions of the Registrable Securities covered by a
Registration Statement; provided, however, that the Company shall not be
required to qualify generally to do business in any jurisdiction where it is not
then so qualified or to take any action that would subject it to general service
of process in any such jurisdiction where it is not then so subject or subject
the Company to any material tax in any such jurisdiction where it is not then so
subject.

          (vi)   Cooperate with the Rightsholder to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be sold pursuant to a Registration Statement, which certificates shall be free
of all restrictive legends, and to enable such Registrable Securities to be in
such denominations and registered in such names as the Rightsholder may request
at least two business days prior to any sale of Registrable Securities.

          (vii)  Use its best efforts to cause all Registrable Securities
relating to such Registration Statement to be listed on any securities exchange,
quotation system or market (including Nasdaq), if any, on which similar
securities issued by the Company are then listed.

          (viii) Comply in all material respects with all applicable rules and
regulations of the Commission and make generally available to its security
Rightsholders earning statements satisfying the provisions of Section 11(a) of
the Securities Act and Rule 158 not later than 45 days after the end of any
12-month period (or 90 days after the end of any 12-month period if such period
is a fiscal year) commencing on the first day of the first fiscal quarter of the
Company after the effective date of the Registration Statement, which statement
shall conform to the requirements of Rule 158.

          (b)  Obligations of Rightsholders. In connection with any registration
of Registerable Securities of a Rightsholder pursuant to Section 2 hereof:

          (i)    The Company may require that each Rightsholder whose
Registerable Securities are included in such Registration Statement timely
furnish to the Company such information regarding the distribution of such
Registerable Securities and such Rightsholder as the Company may from time to
time reasonably request;

          (ii)   Each Rightsholder, upon receipt of notice from the Company of
the occurrence of any event that makes any statement made in the Registration
Statement or prospectus or any document incorporated or deemed to be
incorporated therein by reference untrue in any material respect or that
requires any revisions to the Registration Statement, prospectus or other
documents so that, in the case of the Registration Statement or the

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prospectus, as the case may be, it will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, shall forthwith discontinue
disposition of Registerable Securities pursuant to the Registration Statement
covering such Registerable Securities until such Rightsholder is advised in
writing by the Company that the use of the applicable prospectus may be resumed
or until the Company delivers copies of supplemented or amended prospectuses.

     5.   Participation in Underwritten Registration. No Rightsholder may
participate in any underwritten registration hereunder unless such Rightsholder
(i) agrees to sell such Rightsholder's securities on the basis provided in any
underwriting arrangements and to comply with Regulation M under the Securities
Exchange Act of 1934, and the rules and regulations thereunder, or any similar
successor statute (collectively, the "Exchange Act") and (ii) completes and
executes all customary questionnaires, appropriate and limited powers of
attorney, escrow agreements, indemnities, underwriting agreements, lock-up
agreements with respect to securities not being sold and such other customary
documents reasonably required under the terms of such underwriting arrangement.

     6.   Indemnification.

          (a)  Indemnification by the Company. The Company agrees to indemnify
and hold harmless, to the full extent permitted by law, each Rightsholder and
their respective officers, directors, advisors and agents and employees and each
Person who controls (within the meaning of the Securities Act or the Exchange
Act) such Persons from and against any and all losses, claims, damages,
liabilities (or actions or proceedings in respect thereof, whether or not such
indemnified party is a party thereto) and expenses (including reasonable costs
of investigation and legal expenses), joint or several (each, a "Loss" and
collectively "Losses"), arising out of or based upon (i) any untrue or alleged
untrue statement of a material fact contained in any Registration Statement
under which such Registrable Securities were registered under the Securities Act
(including any final, preliminary or summary prospectus contained therein or any
amendment thereof or supplement thereto or any documents incorporated by
reference therein) or (ii) any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein (in the case of a prospectus or preliminary prospectus, in light of the
circumstances under which they were made) not misleading; provided, however,
that the Company shall not be liable to any indemnified party in any such case
to the extent that any such Loss arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in
any such Registration Statement in reliance upon and in conformity with written
information furnished to the Company by such Rightsholder expressly for use in
the preparation thereof. This indemnity shall be in addition to any liability
the Company may otherwise have. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of such Rightsholder
or any indemnified party and shall survive the transfer of such securities by
such Rightsholder.

          (b)  Indemnification by the Rightsholder. Each selling Rightsholder
agrees (severally and not jointly) to indemnify and hold harmless, to the full
extent permitted by law, the Company, its directors and officers and each Person
who controls the Company (within the meaning of the Securities Act and the
Exchange Act) from and against any Losses arising out of

                                        5

<PAGE>

or based upon any untrue statement of a material fact or any omission of a
material fact required to be stated in the Registration Statement under which
such Registrable Securities were registered under the Securities Act (including
any final, preliminary or summary prospectus contained therein or any amendment
thereof or supplement thereto or any documents incorporated by reference
therein), or necessary to make the statements therein (in the case of a
prospectus or preliminary prospectus, in light of the circumstances under which
they were made) not misleading, to the extent, but only to the extent, that such
untrue statement or omission has been contained in any information furnished in
writing by such selling Rightsholder to the Company specifically for inclusion
in such Registration Statement. This indemnity shall be in addition to any
liability such Rightsholder may otherwise have. Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of
the Company or any indemnified party. In no event shall the liability of any
selling Rightsholder hereunder be greater in amount than the dollar amount of
the proceeds received by such Rightsholder under the sale of the Registrable
Securities giving rise to such indemnification obligation.

          (c)  Conduct of Indemnification Proceedings. Any Person entitled to
indemnification hereunder will (i) give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification
(provided, that any delay or failure to so notify the indemnifying party shall
relieve the indemnifying party of its obligations hereunder only to the extent,
if at all, that it is actually and materially prejudiced by reason of such delay
or failure) and (ii) permit such indemnifying party to assume the defense of
such claim with counsel reasonably satisfactory to the indemnified party;
provided, however, that any Person entitled to indemnification hereunder shall
have the right to select and employ separate counsel and to participate in the
defense of such claim, but the fees and expenses of such counsel shall be at the
expense of such Person unless (A) the indemnifying party has agreed in writing
to pay such fees or expenses, (B) the indemnifying party shall have failed to
assume the defense of such claim within a reasonable time after having received
notice of such claim from the Person entitled to indemnification hereunder and
to employ counsel reasonably satisfactory to such Person, (C) in the reasonable
judgment of any such Person, based upon advice of its counsel, a conflict of
interest exists between such Person and the indemnifying party with respect to
such claims or (D) the indemnified party has reasonably concluded (based on
advice of counsel) that there may be legal defenses available to it or other
indemnified parties that are different from or in addition to those available to
the indemnifying party (in which case, if the Person notifies the indemnifying
party, the indemnifying party shall not have the right to assume the defense of
such claim on behalf of such Person). If such defense is not assumed by the
indemnifying party, the indemnifying party will not be subject to any liability
for any settlement made without its consent, but such consent may not be
unreasonably withheld; provided, that an indemnifying party shall not be
required to consent to any settlement involving the imposition of any material
obligations on such indemnifying party other than financial obligations for
which such indemnified party will be indemnified hereunder. If the indemnifying
party assumes the defense, the indemnifying party shall have the right to settle
such action without the consent of the indemnified party; provided, that the
indemnifying party shall be required to obtain such consent (which consent shall
not be unreasonably withheld) if the settlement includes any admission of
wrongdoing on the part of the indemnified party or any restriction on the
indemnified party or its officers or directors. No indemnifying party shall
consent to entry of any judgment or enter into any settlement which does not
include as an unconditional term thereof the giving by the

                                        6

<PAGE>

claimant or plaintiff to each indemnified party of an unconditional release from
all liability in respect to such claim or litigation. The indemnifying party or
parties shall not, in connection with any proceeding or related proceedings in
the same jurisdiction, be liable for the reasonable fees, disbursements and
other charges of more than one separate firm at any one time from all such
indemnified party or parties.

     7.   Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been signed by each of
the parties and delivered to the other party, it being understood that all
parties need not sign the same counterpart.

     8.   Entire Agreement. This Agreement and the documents and instruments
and other agreements among the parties hereto as contemplated by or referred to
herein, constitute the entire agreement among the parties with respect to the
subject matter hereof and supersede all prior agreements and understandings,
both written and oral, among the parties with respect to the subject matter
hereof.

     9.   Severability. In the event that any provision of this Agreement or the
application thereof becomes or is declared by a court of competent jurisdiction
to be illegal, void or unenforceable, the remainder of this Agreement will
continue in full force and effect and the application of such provision to other
persons or circumstances will be interpreted so as reasonably to effect the
intent of the parties hereto. The parties further agree to replace such void or
unenforceable provision of this Agreement with a valid and enforceable provision
that will achieve, to the extent possible, the economic, business and other
purposes of such void or unenforceable provision.

     10.  Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Texas, regardless of the laws that
might otherwise govern under applicable principles of conflicts of law thereof.
Each of the parties hereto irrevocably consents to the exclusive jurisdiction of
any state or federal court within the State of Texas, in connection with any
matter based upon or arising out of this Agreement or the matters contemplated
herein, agrees that process may be served upon them in any manner authorized by
the laws of the State of Texas for such persons and waives and covenants not to
assert or plead any objection which they might otherwise have to such
jurisdiction and such process.

     11.  Assignment. The right to include Registerable Securities in a
Registration Statement pursuant to Section 2 may be assigned.

     12.  Amendments and Waivers. Except as otherwise provided herein, the
provisions of this Agreement may not be amended, modified or supplemented
without the written consent of each of the Company and the Agents (on behalf of
themselves and the investors). Any of the Agents (on behalf of themselves and
the investors) or the Company may, by written notice to the others, (i) waive
any of the conditions to its obligations hereunder or extend the time for the
performance of any of the obligations or actions of the other, (ii) waive any
inaccuracies in the representations of the other contained in this Agreement or
in any documents delivered pursuant to this Agreement, (iii) waive compliance
with any of the covenants of the other contained in this Agreement or (iv) waive
or modify performance of any of the obligations of the other. No action

                                        7

<PAGE>

taken pursuant to this Agreement, including, without limitation, any
investigation by or on behalf of any party, shall be deemed to constitute a
waiver by the party taking such action or compliance with any representation,
warranty, condition or agreement contained herein. Waiver of the breach of any
one or more provisions of this Agreement shall not be deemed or construed to be
a waiver of other breaches or subsequent breaches of the same provisions.

     13.  Notices. All notices, requests, demands or other communications
provided for herein shall be in writing and shall be deemed to have been given
when personally delivered or sent by (i) registered or certified mail, return
receipt requested, (ii) nationally recognized overnight courier service or (iii)
facsimile transmission electronically confirmed addressed if to the Company, to
Dwango North America, Inc., 222 Vanderpool Lane, Houston, Texas 77024, Attn:
Robert E. Huntley, Chief Executive Officer, with a copy to Gary T. Moomjian,
Esq., Kaufman & Moomjian, LLC, 50 Charles Lindbergh Blvd., Suite 206, Mitchel
Field, New York 11553; if to Brenner, to HCFP/Brenner Securities, LLC, 888
Seventh Avenue, New York, New York 10019, Attn: Steven D. Shaffer; if to RG, to
RG Securities LLC, One Hollow Lane, Suite 208, Lake Success, New York 11040,
Attn: James Scibelli; if the an Investor, to the address set forth on Schedule A
hereto, or to such other person or address as either party shall designate to
the other from time to time in writing forwarded in like manner.

     14.  Other Remedies. Except as otherwise provided herein, any and all
remedies herein expressly conferred upon a party will be deemed cumulative with
and not exclusive of any other remedy conferred hereby, or by law or equity upon
such party, and the exercise by a party of any one remedy will not preclude the
exercise of any other remedy.

     15.  Further Assurances. Each party hereto covenants and agrees with all
other parties hereto to promptly execute, deliver, file and/or record such
agreements, instruments, certificates and other documents and to do and perform
such other and further acts and things as any other party hereto may reasonably
request or as may otherwise be necessary or proper to consummate and perfect the
transactions contemplated hereby.

                                        8

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
signed by themselves or their duly authorized respective officers, all as of the
date first written above.

                                             DWANGO NORTH AMERICA, INC.

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title:

                                             HCFP/BRENNER SECURITIES, LLC

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title:

                                             RG SECURITIES LLC

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title:

                                             Investor:

                                             -----------------------------------

                                             Investor:

                                             -----------------------------------

                                             Investor:

                                             -----------------------------------

                                             Investor:

                                             -----------------------------------

                                        9

<PAGE>

                                   Schedule A

                                    Investors
                                    ---------

Name and Address
----------------

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