| SCHEDULE OF NOTES PAYABLE AND RELATED PARTY LOAN |
The
Company enters into loan agreements with both related and non-related parties in order to fund their ongoing film production activities.
To that extent, the Company had the following outstanding debt as of December 31, 2024 and June 30, 2024:
SCHEDULE OF NOTES PAYABLE AND RELATED PARTY LOAN
| | |
December
31, 2024 | | |
June
30, 2024 | |
| | |
| | |
| |
| Current notes payable; Issued
December 2023-January 2024; 15% stated interest rate; Due April 1, 2024 - in default | |
$ | 1,590,000 | | |
$ | 4,140,000 | |
| Current notes payable; Issued July 2024-September
2024; 10% stated interest rate; Due March 28, 2025 | |
| 13,493 | | |
| - | |
| Current loan payable; Issued October 2024;
6.5% average interest rate; Due October 2025; net of deferred financing costs | |
| 3,479,017 | | |
| - | |
| Current notes payable; Issued September
2024; 20% stated interest rates; Due upon the earlier of a sale of a film or closing of a senior debt facility - in default | |
| 150,000 | | |
| - | |
| Current notes payable; Issued December 2023;
15% stated interest rates; Due upon the earlier of a sale of a film or closing of a senior debt facility - in default | |
| 100,000 | | |
| - | |
| Non-current notes payable; Issued June 2023-May
2024; 15% stated interest rate; Due February 1, 2026 | |
| 1,255,000 | | |
| 1,330,000 | |
| Non-current notes payable; Issued October
2024-December 2024; 10% stated interest rate; Due January 25, 2026 | |
| 10,082,928 | | |
| - | |
| Non-current notes payable; Issued July 2024-October
2024; 15%-20% stated interest rates; Due upon the earlier of a sale of a film or closing of a senior debt facility | |
| 905,000 | | |
| - | |
| Non-current notes payable; Issued July 2024-September
2024; 15% stated interest rate; Due upon sale of film | |
| 125,000 | | |
| - | |
| Tax credit assignment loans; Issued January
of 2024; Participation in future tax receivable; No stated interest rate or due date | |
| 750,000 | | |
| 750,000 | |
| Related party notes payable to a beneficial
owner; Issued October-November of 2023; 15% stated interest rate; Due February 1, 2026 (refer to Note 8) | |
| 2,880,000 | | |
| 2,880,000 | |
| Related party notes
payable to parent company; Issued at various dates; no stated interest rate or due date (refer to Note 8) | |
| - | | |
| 7,888,316 | |
| Total notes payable | |
| 21,330,438 | | |
| 16,988,316 | |
| Less current maturities | |
| (5,332,510 | ) | |
| (4,890,000 | ) |
| Total notes payable,
non-current portion | |
$ | 15,997,928 | | |
$ | 12,098,316 | |
|