v3.25.3
Acquisition of Vidello (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]    
Schedule of Preliminary Fair Value of the Consideration Transferred

 

   Amount 
Cash paid at closing  $2,745,031 
Common stock issued to Vidello Stockholders   1,661,677 
Fair value of Holdback Amount   1,861,039 
Total consideration paid  $6,267,747 

     
Common stock issued to OpenReel Stockholders  $1,526,115 
Pre-Funded warrants issued to OpenReel Stockholders   19,300,805 
Preferred Stock issued to OpenReel Stockholder   — 
Total consideration paid  $20,826,920 
Schedule of Provisional Purchase Price Allocation Relating to OpenReel Merger

The Company made a provisional allocation of the purchase price of the Vidello Merger to the assets acquired and liabilities assumed as of the acquisition date. The following table summarizes the provisional purchase price allocation relating to the Vidello Merger:

 Summary of Provisional Purchase Price Allocation Relating to Vidello Merger

Assets acquired:    
Cash and cash equivalents  $67,551 
Property and equipment, net   9,375 
Intangible Assets - Vidello - Customer relationships   551,000 
Intangible Assets - Vidello - Trade name   736,000 
Intangible Assets - Vidello - Developed Technology   4,010,000 
Total assets  $5,373,926 
Liabilities assumed:     
Accounts payable   705 
Accrued expenses and other current liabilities   15,377 
Unearned revenue, current   447,966 
Deferred tax liability   1,324,250 
Taxes payable   337,127 
Total liabilities  $2,125,425 
Total identifiable net assets   3,248,501 
Goodwill recorded:     
Goodwill   3,019,246 
Total consideration  $6,267,747 

The Company made a provisional allocation of the purchase price of the OpenReel Merger to the assets acquired and liabilities assumed as of the acquisition date. The following table summarizes the provisional purchase price allocation relating to the OpenReel Merger:

     
Assets acquired:     
Cash and cash equivalents  $82,219 
Accounts receivable, net   865,562 
Prepaid expense and other current assets   103,343 
Property and equipment, net   3,607 
Intangible Assets - OpenReel - Customer relationships   588,710 
Intangible Assets - OpenReel - Trade name   899,600 
Intangible Assets - OpenReel - Technology   2,415,010 
Total assets  $4,958,051 
Liabilities assumed:     
Accounts payable   330,602 
Accrued payroll   120,408 
Unearned revenue, current   2,726,846 
Accrued expenses and other current liabilities   222,581 
Unearned revenue, non-current   107,070 
Due to Parent   150,033 
Total liabilities  $3,657,540 
Total identifiable net assets   1,300,511 
Goodwill recorded:     
Goodwill   19,526,409 
Total consideration  $20,826,920 
Schedule of Intangible Assets Acquired and their Associated Estimated Acquisition Date Fair Values

All intangible assets acquired are subject to amortization and their associated estimated acquisition date fair values are as follows:

 Summary of Intangible Assets Acquired and their Associated Estimated Acquisition Date Fair Values

   Estimated  Acquisition Date 
Intangible Assets  Useful Life  Fair Value 
Vidello - Customer Relationships  6 years  $551,000 
Vidello - Trade name  10 years   736,000 
Vidello - Technology  7 - 8 years   4,010,000 

All intangible assets acquired are subject to amortization and their associated estimated acquisition date fair values are as follows:

   Estimated  Acquisition Date 
Intangible Assets  Useful Life  Fair Value 
OpenReel - Customer Relationships  7 years   588,710 
OpenReel - Trade name  15 years   899,600 
OpenReel - Technology  6 years   2,415,010 
Schedule of Pro Forma Financial Information

The pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed date:

Summary of Pro Forma Financial Information

   2025   2024 
   For the six Months Ended June 30, 
   2025   2024 
Revenue  $6,871,768   $5,954,361 
Cost of revenue   1,350,969    1,148,263 
Operating expenses   15,166,475    10,409,984 
Total other expenses (income), net   1,982,364    1,465,202 
Loss before income taxes attributable to common stockholders  $(11,628,040)  $(7,069,088)

The pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed date:

  

         
   For the Years Ended December 31, 
   2024   2023 
Revenue  $10,604,538   $12,081,328 
Cost of revenue   2,254,010    2,519,147 
Operating expenses   21,778,659    20,544,964 
Total other expenses (income), net   18,061,763    4,662,025 
Loss before income taxes attributable to common stockholders  $(31,489,894)  $(15,644,808)