NOTE 8 — NOTES RECEIVABLE

Midnight Theatre

On various dates during the year ended December 31, 2024, Midnight Theatre issued five unsecured convertible promissory notes to the Company with an aggregate principal of $1,380,000, each with a ten percent (10%) per annum simple coupon rate, which matured between May 2025 and August 2025.

During the year ended December 31, 2024, Midnight Theatre repaid the Company a $110,000 unsecured convertible promissory note.

During the year ended December 31, 2024, the Company determined that the remaining Midnight Theatre unsecured convertible promissory notes (“Midnight Theatre Notes”) had been impaired, resulting from a review of Midnight Theatre’s operating results and projections. As a result, as of December 31, 2024, the Company wrote off all outstanding Midnight Theatre Notes. The write-off amounted to $1,270,000 of principal, which is recorded within write-off of notes receivable in the consolidated statements of operations. As a result of the impairment, the Company did not record any interest income in connection with the Midnight Theatre Notes during the year ended December 31, 2024.

There were no notes receivable outstanding as of December 31, 2025.