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Filed
Pursuant to Rule 424(b)(3)
Registration No. 333-278871
Prospectus
Supplement No. 1
(To
Prospectus dated May 22, 2024)
5,227,780 Shares of Class
A Common Stock
Common Warrants to Purchase
up to 13,888,890 shares of Class A Common Stock
Pre-Funded Warrants to
Purchase up to 8,661,110 shares of Class A Common Stock
Up to 13,888,890 shares
of Class A Common Stock underlying the Common Warrants
Up to 8,661,110 shares
of Class A Common Stock underlying the Pre-Funded Warrants
This
prospectus supplement updates, amends and supplements the prospectus dated May 22, 2024 (the “Prospectus”), which
forms a part of our Registration Statement on Form S-1 (Registration No. 333-278871). Capitalized terms used in this prospectus supplement
and not otherwise defined herein have the meanings specified in the Prospectus.
This
prospectus supplement is being filed to update, amend and supplement the information contained in the Prospectus with the information
from our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, which was filed with the Securities and Exchange Commission
(the “SEC”) on August 14, 2024 (the “Q2 10-Q”). Accordingly, we have attached the Q2 10-Q to this
prospectus supplement.
This
prospectus supplement is not complete without the Prospectus. This prospectus supplement should be read in conjunction with the Prospectus,
which is to be delivered with this prospectus supplement, and is qualified by reference thereto, except to the extent that the information
in this prospectus supplement updates or supersedes the information contained in the Prospectus. Please keep this prospectus supplement
with your Prospectus for future reference.
We
are an “emerging growth company” and “smaller reporting company” for purposes of federal securities laws and
are subject to reduced public company reporting requirements. Investing in our securities involves risks. See the section entitled “Risk
Factors” beginning on page 19 of the Prospectus to read about factors you should consider before buying our securities.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.
The
date of this prospectus supplement is August 19, 2024.
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended June 30, 2024
or
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from _________ to _________
Commission
File Number: 001-39826
Banzai
International, Inc.
(Exact
name of Registrant as specified in its Charter)
Delaware |
85-3118980 |
(State
or other jurisdiction of
incorporation
or organization) |
(I.R.S.
Employer
Identification
No.) |
|
|
435
Ericksen Ave, Suite 250
Bainbridge
Island, Washington |
98110 |
(Address
of principal executive offices) |
(Zip
Code) |
(206)
414-1777
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading Symbol(s) |
|
Name
of each exchange on which registered |
Class
A common stock, par value $0.0001 per share |
|
BNZI |
|
The
Nasdaq Global Market |
Redeemable
Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 |
|
BNZIW |
|
The
Nasdaq Capital Market |
Indicate
by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No
☐
Indicate
by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant
was required to submit such files). Yes ☒ No
☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
|
Accelerated
filer |
☐ |
|
|
|
|
|
Non-accelerated
filer |
☒ |
|
Smaller
reporting company |
☒ |
|
|
|
|
|
|
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
☐ No ☒
The
number of shares outstanding of each of the registrant’s classes of common stock, $0.0001 par value per share, as of August 14,
2024:
Class
A Common Stock - 35,222,036 shares
Class
B Common Stock - 2,3111,134 shares
Table
of Contents
PART
I—FINANCIAL INFORMATION
BANZAI
INTERNATIONAL, INC.
Condensed
Consolidated Balance Sheets
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 471,747 | | |
$ | 2,093,718 | |
Accounts receivable, net of allowance for credit losses of $6,713 and $5,748,
respectively | |
| 26,161 | | |
| 105,049 | |
Prepaid expenses and other current assets | |
| 1,080,936 | | |
| 741,155 | |
Total current assets | |
| 1,578,844 | | |
| 2,939,922 | |
| |
| | | |
| | |
Property and equipment, net | |
| 1,819 | | |
| 4,644 | |
Goodwill | |
| 2,171,526 | | |
| 2,171,526 | |
Operating lease right-of-use assets | |
| 46,434 | | |
| 134,013 | |
Other assets | |
| 38,381 | | |
| 38,381 | |
Total assets | |
| 3,837,004 | | |
| 5,288,486 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
| 9,429,803 | | |
| 6,439,863 | |
Accrued expenses and other current liabilities | |
| 4,264,028 | | |
| 5,194,240 | |
Convertible notes (Yorkville) | |
| 2,013,000 | | |
| 1,766,000 | |
Convertible notes - related party | |
| — | | |
| 2,540,091 | |
Convertible notes | |
| 3,530,571 | | |
| 2,693,841 | |
Notes payable | |
| 7,088,209 | | |
| 6,659,787 | |
Notes payable - related party | |
| 3,468,124 | | |
| 2,505,137 | |
Deferred underwriting fees | |
| 4,000,000 | | |
| 4,000,000 | |
Deferred fee | |
| — | | |
| 500,000 | |
Warrant liability | |
| 79,000 | | |
| 641,000 | |
Warrant liability - related party | |
| 230,000 | | |
| 575,000 | |
Earnout liability | |
| 37,125 | | |
| 59,399 | |
Due to related party | |
| 67,118 | | |
| 67,118 | |
GEM commitment fee liability | |
| — | | |
| 2,000,000 | |
Deferred revenue | |
| 1,322,238 | | |
| 1,214,096 | |
Operating lease liabilities, current | |
| 81,708 | | |
| 234,043 | |
Total current liabilities | |
| 35,610,924 | | |
| 37,089,615 | |
| |
| | | |
| | |
Other long-term liabilities | |
| 75,000 | | |
| 75,000 | |
Total liabilities | |
| 35,685,924 | | |
| 37,164,615 | |
| |
| | | |
| | |
Commitments and contingencies (Note 14) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’ deficit: | |
| | | |
| | |
Common stock, $0.0001 par value, 275,000,000 shares authorized and 36,944,935 and 16,019,256 issued
and outstanding at June 30, 2024 and December 31, 2023, respectively | |
| 3,695 | | |
| 1,602 | |
Preferred stock, $0.0001 par value, 75,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2024 and December
31, 2023 | |
| — | | |
| — | |
Additional paid-in capital | |
| 23,579,089 | | |
| 14,888,593 | |
Accumulated deficit | |
| (55,431,704 | ) | |
| (46,766,324 | ) |
Total stockholders’ deficit | |
| (31,848,920 | ) | |
| (31,876,129 | ) |
Total liabilities and stockholders’ deficit | |
$ | 3,837,004 | | |
$ | 5,288,486 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BANZAI
INTERNATIONAL, INC.
Unaudited
Condensed Consolidated Statements of Operations
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For
the Three Months Ended
June 30, | | |
For
the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Operating income: | |
| | | |
| | | |
| | | |
| | |
Revenue | |
$ | 1,068,197 | | |
$ | 1,193,321 | | |
$ | 2,147,669 | | |
$ | 2,370,382 | |
Cost of revenue | |
| 330,008 | | |
| 379,294 | | |
| 711,388 | | |
| 791,520 | |
Gross profit | |
| 738,189 | | |
| 814,027 | | |
| 1,436,281 | | |
| 1,578,862 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| 4,319,014 | | |
| 2,929,150 | | |
| 8,627,943 | | |
| 6,099,213 | |
Depreciation expense | |
| 1,261 | | |
| 1,621 | | |
| 2,825 | | |
| 4,025 | |
Total operating expenses | |
| 4,320,275 | | |
| 2,930,771 | | |
| 8,630,768 | | |
| 6,103,238 | |
| |
| | | |
| | | |
| | | |
| | |
Operating loss | |
| (3,582,086 | ) | |
| (2,116,744 | ) | |
| (7,194,487 | ) | |
| (4,524,376 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other expenses (income): | |
| | | |
| | | |
| | | |
| | |
GEM settlement fee expense | |
| — | | |
| — | | |
| 200,000 | | |
| — | |
Other expense (income), net | |
| 64,145 | | |
| (22,145 | ) | |
| 60,027 | | |
| (84,683 | ) |
Interest income | |
| — | | |
| — | | |
| (10 | ) | |
| (111 | ) |
Interest expense | |
| 396,019 | | |
| 521,420 | | |
| 847,418 | | |
| 1,059,298 | |
Interest expense - related party | |
| 385,474 | | |
| 552,403 | | |
| 962,987 | | |
| 935,687 | |
Gain on extinguishment of liability | |
| — | | |
| — | | |
| (527,980 | ) | |
| — | |
Loss on debt issuance | |
| — | | |
| — | | |
| 171,000 | | |
| — | |
Change in fair value of warrant liability | |
| (154,000 | ) | |
| — | | |
| (562,000 | ) | |
| — | |
Change in fair value of warrant liability - related party | |
| (230,000 | ) | |
| — | | |
| (345,000 | ) | |
| — | |
Change in fair value of simple agreement for future equity | |
| — | | |
| 68,582 | | |
| — | | |
| 91,443 | |
Change in fair value of simple agreement for future equity - related party | |
| — | | |
| 909,418 | | |
| — | | |
| 1,212,557 | |
Change in fair value of bifurcated embedded derivative liabilities | |
| — | | |
| (194,643 | ) | |
| — | | |
| (162,228 | ) |
Change in fair value of bifurcated embedded derivative liabilities - related
party | |
| — | | |
| (478,198 | ) | |
| — | | |
| (340,913 | ) |
Change in fair value of convertible notes | |
| 34,000 | | |
| — | | |
| 578,000 | | |
| — | |
Yorkville prepayment premium expense | |
| 80,760 | | |
| — | | |
| 80,760 | | |
| — | |
Total other expenses, net | |
| 576,398 | | |
| 1,356,837 | | |
| 1,465,202 | | |
| 2,711,050 | |
Income tax expense | |
| 6,624 | | |
| 12,472 | | |
| 5,691 | | |
| 15,749 | |
Net loss | |
$ | (4,165,108 | ) | |
$ | (3,486,053 | ) | |
$ | (8,665,380 | ) | |
$ | (7,251,175 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
$ | (0.15 | ) | |
$ | (0.54 | ) | |
$ | (0.39 | ) | |
$ | (1.12 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 27,091,830 | | |
| 6,459,626 | | |
| 22,223,722 | | |
| 6,456,378 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BANZAI
INTERNATIONAL, INC.
Unaudited
Condensed Consolidated Statements of Stockholders’ Deficit
for
the Six Months Ended June 30, 2024 and 2023
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
Series A Preferred Stock | | |
Common Stock | | |
Additional Paid-in- | | |
Accumulated | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance December 31, 2023 | |
| — | | |
$ | — | | |
| 16,019,256 | | |
$ | 1,602 | | |
$ | 14,888,593 | | |
$ | (46,766,324 | ) | |
$ | (31,876,129 | ) |
Conversion of convertible notes - related party | |
| — | | |
| — | | |
| 890,611 | | |
| 89 | | |
| 2,540,002 | | |
| — | | |
| 2,540,091 | |
Shares issued to Yorkville for convertible notes | |
| — | | |
| — | | |
| 2,233,735 | | |
| 223 | | |
| 1,666,777 | | |
| — | | |
| 1,667,000 | |
Shares issued to Yorkville for commitment fee | |
| — | | |
| — | | |
| 710,025 | | |
| 71 | | |
| 499,929 | | |
| — | | |
| 500,000 | |
Shares issued to Roth for advisory fee | |
| — | | |
| — | | |
| 175,000 | | |
| 18 | | |
| 278,815 | | |
| — | | |
| 278,833 | |
Shares issued to GEM | |
| — | | |
| — | | |
| 139,470 | | |
| 14 | | |
| 99,986 | | |
| — | | |
| 100,000 | |
Shares issued for marketing expense | |
| — | | |
| — | | |
| 153,492 | | |
| 15 | | |
| 194,920 | | |
| — | | |
| 194,935 | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 252,967 | | |
| — | | |
| 252,967 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (4,500,272 | ) | |
| (4,500,272 | ) |
Balance March 31, 2024 | |
| — | | |
| — | | |
| 20,221,589 | | |
| 2,022 | | |
| 20,421,999 | | |
| (51,266,596 | ) | |
| (30,842,575 | ) |
Issuance of common stock and warrants, net of issuance costs | |
| — | | |
| — | | |
| 5,227,780 | | |
| 523 | | |
| 1,854,295 | | |
| — | | |
| 1,854,818 | |
Shares issued for exercise of Pre-Funded warrants | |
| — | | |
| — | | |
| 8,661,110 | | |
| 866 | | |
| — | | |
| — | | |
| 866 | |
Shares issued to Yorkville for convertible notes | |
| — | | |
| — | | |
| 1,008,808 | | |
| 101 | | |
| 334,899 | | |
| — | | |
| 335,000 | |
Shares issued to Yorkville for redemption premium | |
| — | | |
| — | | |
| 600,000 | | |
| 60 | | |
| 115,740 | | |
| — | | |
| 115,800 | |
Shares issued to GEM | |
| — | | |
| — | | |
| 905,648 | | |
| 91 | | |
| 299,909 | | |
| — | | |
| 300,000 | |
Shares issued for marketing expenses | |
| — | | |
| — | | |
| 320,000 | | |
| 32 | | |
| 139,805 | | |
| — | | |
| 139,837 | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 412,442 | | |
| — | | |
| 412,442 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (4,165,108 | ) | |
| (4,165,108 | ) |
Balance June 30, 2024 | |
| — | | |
$ | — | | |
| 36,944,935 | | |
$ | 3,695 | | |
$ | 23,579,089 | | |
$ | (55,431,704 | ) | |
$ | (31,848,920 | ) |
| |
Series A Preferred Stock | | |
Common Stock | | |
Additional Paid-in- | | |
Accumulated | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance December 31, 2022 | |
| — | | |
$ | — | | |
| 6,445,599 | | |
$ | 645 | | |
$ | 8,245,359 | | |
$ | (32,360,062 | ) | |
$ | (24,114,058 | ) |
Exercise of stock options | |
| — | | |
| — | | |
| 8,538 | | |
| 1 | | |
| 5,542 | | |
| — | | |
| 5,543 | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 402,448 | | |
| — | | |
| 402,448 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (3,765,122 | ) | |
| (3,765,122 | ) |
Balance March 31, 2023 | |
| — | | |
| — | | |
| 6,454,137 | | |
| 646 | | |
| 8,653,349 | | |
| (36,125,184 | ) | |
| (27,471,189 | ) |
Balance | |
| — | | |
| — | | |
| 6,454,137 | | |
| 646 | | |
| 8,653,349 | | |
| (36,125,184 | ) | |
| (27,471,189 | ) |
Exercise of stock options | |
| — | | |
| — | | |
| 6,323 | | |
| 1 | | |
| 7,819 | | |
| — | | |
| 7,820 | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 218,539 | | |
| — | | |
| 218,539 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (3,486,053 | ) | |
| (3,486,053 | ) |
Balance June 30, 2023 | |
| — | | |
$ | — | | |
| 6,460,460 | | |
$ | 647 | | |
$ | 8,879,707 | | |
$ | (39,611,237 | ) | |
$ | (30,730,883 | ) |
Balance | |
| — | | |
$ | — | | |
| 6,460,460 | | |
$ | 647 | | |
$ | 8,879,707 | | |
$ | (39,611,237 | ) | |
$ | (30,730,883 | ) |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BANZAI
INTERNATIONAL, INC.
Unaudited
Condensed Consolidated Statements of Cash Flow
| |
2024 | | |
2023 | |
| |
For the Six Months Ended June
30, | |
| |
2024 | | |
2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (8,665,380 | ) | |
$ | (7,251,175 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation expense | |
| 2,825 | | |
| 4,025 | |
Provision for credit losses on accounts receivable | |
| (2,191 | ) | |
| (68,285 | ) |
Non-cash share issuance for marketing expenses | |
| 175,334 | | |
| — | |
Non-cash settlement of GEM commitment fee | |
| 200,000 | | |
| — | |
Non-cash share issuance for Yorkville redemption premium | |
| 80,760 | | |
| — | |
Non-cash interest expense | |
| 596,693 | | |
| 471,076 | |
Non-cash interest expense - related party | |
| 175,517 | | |
| 214,830 | |
Amortization of debt discount and issuance costs | |
| 68,459 | | |
| 272,670 | |
Amortization of debt discount and issuance costs - related party | |
| 787,470 | | |
| 719,913 | |
Amortization of operating lease right-of-use assets | |
| 87,579 | | |
| 86,320 | |
Stock based compensation expense | |
| 665,409 | | |
| 620,987 | |
Gain on extinguishment of liability | |
| (527,980 | ) | |
| — | |
Loss on debt issuance | |
| 171,000 | | |
| — | |
Change in fair value of warrant liability | |
| (562,000 | ) | |
| — | |
Change in fair value of warrant liability - related party | |
| (345,000 | ) | |
| — | |
Change in fair value of simple agreement for future equity | |
| — | | |
| 91,443 | |
Change in fair value of simple agreement for future equity - related party | |
| — | | |
| 1,212,557 | |
Change in fair value of bifurcated embedded derivative liabilities | |
| — | | |
| (162,228 | ) |
Change in fair value of bifurcated embedded derivative liabilities - related
party | |
| — | | |
| (340,913 | ) |
Change in fair value of convertible promissory notes | |
| 578,000 | | |
| — | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 81,079 | | |
| 27,168 | |
Prepaid expenses and other current assets | |
| (180,343 | ) | |
| (93,137 | ) |
Deferred offering costs | |
| — | | |
| (427,664 | ) |
Accounts payable | |
| 2,989,940 | | |
| 1,218,775 | |
Deferred revenue | |
| 108,142 | | |
| 32,124 | |
Accrued expenses | |
| (123,399 | ) | |
| (336,332 | ) |
Operating lease liabilities | |
| (152,335 | ) | |
| (138,804 | ) |
Earnout liability | |
| (22,274 | ) | |
| (200,000 | ) |
Net cash used in operating activities | |
| (3,812,695 | ) | |
| (4,046,650 | ) |
Cash flows from financing activities: | |
| | | |
| | |
Payment of GEM commitment fee | |
| (1,200,000 | ) | |
| — | |
Repayment of convertible notes (Yorkville) | |
| (750,000 | ) | |
| — | |
Proceeds from Yorkville redemption premium | |
| 35,040 | | |
| — | |
Proceeds from issuance of convertible notes, net of issuance costs | |
| 2,250,000 | | |
| 850,000 | |
Proceeds from issuance of convertible notes, net of issuance costs - related
party | |
| — | | |
| 2,583,000 | |
Proceeds received for exercise of Pre-Funded warrants | |
| 866 | | |
| — | |
Proceeds from issuance of common stock | |
| 1,854,818 | | |
| 13,362 | |
Net cash provided by financing activities | |
| 2,190,724 | | |
| 3,446,362 | |
Net decrease in cash | |
| (1,621,971 | ) | |
| (600,288 | ) |
Cash at beginning of period | |
| 2,093,718 | | |
| 1,023,499 | |
Cash at end of period | |
$ | 471,747 | | |
$ | 423,211 | |
Supplemental disclosure of cash flow information: | |
| | | |
| | |
Cash paid for interest | |
| 158,518 | | |
| 313,813 | |
Cash paid for taxes | |
| 5,075 | | |
| 8,825 | |
Non-cash investing and financing activities | |
| | | |
| | |
Shares issued to Roth for advisory fee | |
| 278,833 | | |
| — | |
Shares issued to GEM | |
| 400,000 | | |
| — | |
Shares issued for marketing expenses | |
| 334,772 | | |
| — | |
Settlement of GEM commitment fee | |
| 200,000 | | |
| — | |
Shares issued to Yorkville for commitment fee | |
| 500,000 | | |
| — | |
Shares issued to Yorkville for redemption premium | |
| 115,800 | | |
| | |
Shares issued for exercise of Pre-Funded warrants | |
| 866 | | |
| | |
Issuance of convertible promissory note - GEM | |
| 1,000,000 | | |
| — | |
Conversion of convertible notes - Yorkville | |
| 2,002,000 | | |
| — | |
Conversion of convertible notes - related party | |
| 2,540,091 | | |
| — | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BANZAI
INTERNATIONAL, INC.
Unaudited
Notes to Condensed Consolidated Financial Statements
1.
Organization
The
Business
Banzai
International, Inc. (the “Company” or “Banzai”) was incorporated in Delaware on September 30, 2015. Banzai is
a leading enterprise SaaS Video Engagement platform used by marketers to power webinars, trainings, virtual events, and on-demand video
content.
Close
of the Merger
On
December 14, 2023 (the “Closing Date”), 7GC & Co. Holdings Inc. (“7GC”), our predecessor company, consummated
the business combination pursuant to the Agreement and Plan of Merger and Reorganization, dated as of December 8, 2022 (the “Original
Merger Agreement”), by and among 7GC, Banzai International, Inc. (“Legacy Banzai”), 7GC Merger Sub I, Inc., an indirect
wholly owned subsidiary of 7GC (“First Merger Sub”), and 7GC Merger Sub II, LLC, a direct wholly owned subsidiary of 7GC
(“Second Merger Sub”), as amended by the Amendment to Agreement and Plan of Merger, dated as of August 4, 2023 (the “Merger
Agreement Amendment” and, together with the Original Merger Agreement, the “Merger Agreement”), by and between 7GC
and Legacy Banzai.
Pursuant
to the terms of the Merger Agreement, a business combination between 7GC and Legacy Banzai was effected through (a) the merger of First
Merger Sub with and into Legacy Banzai, with Legacy Banzai surviving as a wholly-owned subsidiary of 7GC (Legacy Banzai, in its capacity
as the surviving corporation of the merger, the “Surviving Corporation”) (the “First Merger”) and (b) the subsequent
merger of the Surviving Corporation with and into Second Merger Sub, with Second Merger Sub being the surviving entity of the Second
Merger, which ultimately resulted in Legacy Banzai becoming a wholly-owned direct subsidiary of 7GC (the “Second Merger”
and, together with the First Merger, the “Mergers” and, collectively with the other transactions described in the Merger
Agreement, the “Merger”). On the Closing Date, and in connection with the closing of the Merger (the “Closing”),
7GC changed its name to Banzai International, Inc.
Although
7GC was the legal acquirer of Legacy Banzai in the merger, Legacy Banzai is deemed to be the accounting acquirer, and the historical
financial statements of Legacy Banzai became the basis for the historical financial statements of the Company upon the closing of the
merger.
As
a result, the financial statements included here reflect (i) the historical operating results of Legacy Banzai prior to the merger; (ii)
the combined results of 7GC and Legacy Banzai following the close of the merger; (iii) the assets and liabilities of Legacy Banzai at
their historical cost and (iv) the Legacy Banzai’s equity structure for all periods presented, as affected by the recapitalization
presentation after completion of the merger.
The
aggregate consideration payable to securityholders of Legacy Banzai at the Closing consisted of a number of shares of Class A Common
Stock or shares of Class B Common Stock, and cash in lieu of any fractional shares of Class A Common Stock or shares of Class B Common
Stock that would otherwise have been payable to any Legacy Banzai securityholders, equal to $100,000,000. See Note 4 - Reverse Merger
Capitalization with 7GC & Co. Holdings Inc. for further details of the merger.
Emerging
Growth Company
Upon
closure of the Merger, the Company became an “emerging growth company,” as defined in Section 2(a) of the Securities Act
of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS
Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to public companies
that are not emerging growth companies.
Section
102(b) (1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards
until private companies are required to comply. Private companies are those companies that have not had a Securities Act registration
statement declared effective or do not have a class of securities registered under the Exchange Act of 1934, as amended (the “Exchange
Act”). The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies. Any such election to opt out is irrevocable. The Company has elected not to opt out of such
extended transition period, which means that when a standard is issued or revised, it adopts the new or revised standard at the time
private companies adopt the new or revised standard. Therefore, the Company’s financial statements may not be comparable to certain
public companies.
2.
Going Concern
As
of June 30, 2024 the Company had cash of approximately $0.5 million. For the six months ended June 30, 2024, the Company used approximately
$3.8 million in cash for operating activities. The Company has incurred recurring net losses from operations and negative cash flows
from operating activities since inception. As of June 30, 2024, the Company had an accumulated deficit of approximately $55.4 million.
These factors raise substantial doubt regarding the Company’s ability to continue as a going concern within one year of the date
these financial statements were issued.
The
continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders and debt holders.
Specifically, continuation is contingent on the Company’s ability to obtain necessary equity or debt financing to continue operations,
and ultimately the Company’s ability to generate profit from sales and positive operating cash flows, which is not assured.
The
Company’s plans include obtaining future debt and equity financings associated with the close of the Merger described in Note
4 - Reverse Merger Capitalization with 7GC & Co. Holdings Inc.. If the Company is unsuccessful in completing these planned transactions,
it may be required to reduce its spending rate to align with expected revenue levels and cash reserves, although there can be no guarantee
that it will be successful in doing so. Accordingly, the Company may be required to raise additional cash through debt or equity transactions.
It may not be able to secure financing in a timely manner or on favorable terms, if at all. As a result, management’s plans cannot
be considered probable and thus do not alleviate substantial doubt about the Company’s ability to continue as a going concern.
These
accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going
concern and do not include any adjustments that might result from the outcome of this uncertainty.
3.
Summary of Significant Accounting Policies
Basis
of Presentation
The
Company’s unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally
accepted in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”)
for interim financial information and with the instructions to Form 10-Q of Regulation S-X. Certain information and note disclosures
normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations
of the SEC relating to interim financial statements. The December 31, 2023 balance sheet information was derived from the audited financial
statements as of that date. Except as disclosed herein, there has been no material change in the information disclosed in the notes to
the consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K,
as filed with the Securities and Exchange Commission on April 1, 2024. The interim unaudited condensed consolidated financial statements
should be read in conjunction with those consolidated financial statements included in the Form 10-K. In the opinion of management, all
adjustments considered necessary for a fair statement of the financial statements, consisting solely of normal recurring adjustments,
have been made. Operating results for the periods ended June 30, 2024 are not necessarily indicative of the results that may be expected
for the year ending December 31, 2024.
Warrant
Liabilities
The
Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates
all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain
features that qualify as embedded derivatives. The classification of derivative instruments, including whether such instruments should
be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.
Warrant
Liability - related party
The
warrants originally issued in 7GC’s initial public offering (the “Public Warrants”) are recognized as derivative liabilities
in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the
instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercise
or expiration, and any change in fair value is recognized in the Company’s consolidated statements of operations.
The
Public Warrants were initially measured at fair value using a Monte Carlo simulation model and have subsequently been measured based
on the listed market price of such warrants. Warrant liabilities are classified as current liabilities on the Company’s consolidated
balance sheets.
Warrant
Liability
The
GEM Warrants were not considered indexed to the issuer’s stock pursuant to ASC 815, as the holder’s ability to receive in
lieu of the Warrant one percent of the total consideration received by the Company’s stockholders in connection with a Change of
Control, where the surviving corporation is not publicly traded, adjusts the settlement value based on items outside the Company’s
control in violation of the fixed-for-fixed option pricing model. As such, the Company recorded the Warrants as liabilities initially
measured at fair value with subsequent changes in fair value recognized in earnings each reporting period.
The
measurement of fair value was determined utilizing a Monte Carlo simulation considering all relevant assumptions current at the date
of issuance (i.e., share price, exercise price, term, volatility, risk-free rate, probability of dilutive term of three years, and expected
time to conversion).
Loss
Per Share
Basic
loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of
shares of common stock outstanding during the period. Diluted net loss per share excludes, when applicable, the potential impact of stock
options and convertible preferred stock because their effect would be anti-dilutive due to the net loss. Since the Company had a net
loss in each of the periods presented, basic and diluted net loss per common share are the same.
The
calculation of basic and diluted net loss per share attributable to common stock was as follows:
Schedule
of Basic and Diluted Net Loss Per Share
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For
the Three Months Ended
June 30, | | |
For
the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net loss attributable to common stock—basic and diluted | |
$ | (4,165,108 | ) | |
$ | (3,486,053 | ) | |
$ | (8,665,380 | ) | |
$ | (7,251,175 | ) |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares—basic and diluted | |
| 27,091,830 | | |
| 6,459,626 | | |
| 22,223,722 | | |
| 6,456,378 | |
Net loss per share attributable to common stock—basic and diluted | |
$ | (0.15 | ) | |
$ | (0.54 | ) | |
$ | (0.39 | ) | |
$ | (1.12 | ) |
Securities
that were excluded from loss per share as their effect would be anti-dilutive due to the net loss position that could potentially be
dilutive in future periods are as follows:
Schedule
of Antidilutive Securities Excluded from Computation of Earnings Per Share
| |
2024 | | |
2023 | |
| |
As of June 30, | |
| |
2024 | | |
2023 | |
Options | |
| 1,682,456 | | |
| 670,247 | |
RSUs | |
| 877,903 | | |
| — | |
Public warrants | |
| 11,500,000 | | |
| — | |
GEM warrants | |
| 828,533 | | |
| — | |
Common warrants | |
| 13,888,890 | | |
| — | |
Placement agent warrants | |
| 833,333 | | |
| — | |
Total | |
| 29,611,115 | | |
| 670,247 | |
Antidilutive Securities | |
| 29,611,115 | | |
| 670,247 | |
Derivative
Financial Instruments
The
Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives.
Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment
of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded
derivatives are recognized at fair value, with changes in fair value recognized in the statement of operations each period. Bifurcated
embedded derivatives are classified with the related host contract in the Company’s balance sheet. Refer to Note 7 - Fair Value
Measurements and Note 11 - Debt for further detail.
Fair
Value of Financial Instruments
In
accordance with FASB ASC 820 Fair Value Measurements and Disclosures, the Company uses a three-level hierarchy for fair value
measurements of certain assets and liabilities for financial reporting purposes that distinguishes between market participant assumptions
developed from market data obtained from outside sources (observable inputs) and the Company’s own assumptions about market participant
assumptions developed from the best information available to us in the circumstances (unobservable inputs). The fair value hierarchy
is divided into three levels based on the source of inputs as follows:
Level
1: Quoted prices in active markets for identical assets or liabilities.
Level
2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace.
Level
3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash
flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment
or estimation.
The
fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management
during the three and six months ended June 30, 2024 and 2023. The carrying amount of cash, accounts receivable, prepaid expenses and
other current assets, accounts payable, accrued expenses, deferred revenue, and other current liabilities approximated their fair values
as of June 30, 2024 and December 31, 2023.
Recent
Accounting Pronouncements
Recent
accounting pronouncements not yet effective
In
December 2023, the FASB issued ASU 2023-09 (Topic 740), Improvements to income tax disclosures, which enhances the disclosure requirements
for the income tax rate reconciliation, domestic and foreign income taxes paid, requiring disclosure of disaggregated income taxes paid
by jurisdiction, unrecognized tax benefits, and modifies other income tax-related disclosures. The amendments are effective for annual
periods beginning after December 15, 2024. Early adoption is permitted and should be applied prospectively. The Company is currently
evaluating the effect of adopting this guidance on its consolidated financial statements.
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments
in this update intend to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant
segment expenses. This ASU requires disclosure of significant segment expenses that are regularly provided to the chief operating decision
maker, the addition of a category for other segment items by reportable segment, that all annual segment disclosures be disclosed in
interim periods, and other related segment disclosures. The ASU is effective for fiscal years beginning after December 15, 2023, and
interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the effect of adopting this
guidance on its consolidated financial statements.
4.
Reverse Merger Capitalization with 7GC & Co. Holdings Inc.
On
December 14, 2023 (the “Closing Date”), Banzai consummated the previously announced Merger with 7GC, as a result of which
Banzai became a wholly-owned subsidiary of 7GC. While 7GC was the legal acquirer of Banzai in the merger, for accounting purposes, Legacy
Banzai was deemed to be the accounting acquirer in the merger. The determination was primarily based on Legacy Banzai’s stockholders
having a majority of the voting power in the combined Company, Legacy Banzai having the ability to appoint a majority of the Board of
Directors of the Company, Legacy Banzai’s existing management team comprising the senior management of the combined Company, Legacy
Banzai comprising the ongoing operations of the combined Company and the combined Company assumed the name “Banzai International,
Inc.”. Accordingly, for accounting purposes, the merger was treated as the equivalent of Legacy Banzai issuing stock for the net
assets of 7GC, accompanied by a recapitalization. The net assets of 7GC are stated at historical cost, with no goodwill or other intangible
assets recorded.
Retroactive
Restatement for Conversion of Common Stock and Series A Preferred Stock by Applying Exchange Ratio
Upon
the closing of the merger, holders of Legacy Banzai common stock and Series A preferred stock received shares of common stock in an amount
determined by application of the Exchange Ratio. In accordance with guidance applicable to these circumstances, the equity structure
has been restated in all comparable periods, prior to the merger, up to December 14, 2023, to reflect the number of shares of the Company’s
common stock, $0.0001 par value per share, issued to Legacy Banzai’s stockholders in connection with the merger. As such, the shares
and corresponding capital amounts and earnings per share related to Legacy Banzai’s outstanding Series A preferred stock and Legacy
Banzai’s common stock prior to the merger have been retroactively restated as shares reflecting the exchange ratio of approximately
0.6147 established in the merger. Legacy Banzai’s Series A preferred stock previously classified as temporary equity was retroactively
adjusted, converted into common stock and reclassified to permanent equity as a result of the reverse recapitalization. The consolidated
assets, liabilities, and results of operations prior to the merger are those of Legacy Banzai.
The
aggregate consideration payable to securityholders of Banzai at the Closing Date was equal to $100,000,000. Holders of 3,207,428 shares
of 7GC’s Class A common stock, par value $0.0001 per share (“7GC Class A Common Stock”), exercised their right to redeem
their shares for cash at a redemption price of approximately $10.76 per share, for an aggregate redemption amount of $34,524,065. Immediately
prior to the Closing Date, each share of Banzai’s Preferred Stock that was issued and outstanding was automatically converted into
one share of Banzai’s Class A Common Stock, par value $0.0001 per share. Each share of Banzai’s Class B Common Stock that
was not held by the Chief Executive Officer of the Company converted to one share of Banzai’s Class A Common Stock, while the Chief
Executive Officer received Class B Common Stock.
On
the terms and subject to the conditions set forth in the Merger Agreement, at the Second Effective Time, each share of common stock of
the Surviving Corporation issued and outstanding immediately prior to the Second Effective Time was cancelled and no consideration was
delivered therefore.
Upon
the closing of the merger, the Company’s certificate of incorporation was amended and restated to, among other things, increase
the total number of authorized shares of all classes of capital stock to 350,000,000 shares, consisting of 250,000,000 shares of Class
A Common Stock, 25,000,000 shares of Class B Common Stock, and 75,000,000 shares of Preferred Stock, all having a par value of $0.0001
per share. As of June 30, 2024, there were 36,944,935 shares of Common Stock and no shares of Preferred Stock outstanding.
Effect
of Merger on Class A and Class B Common Stock
Upon
the Close of the Merger, holders of Legacy Banzai common stock and Series A preferred stock were converted into shares of common stock
in an amount determined by application of the Exchange Ratio. As noted above, the equity structure has been restated in all comparable
periods, prior to the Merger, up to December 14, 2023, to reflect the number of shares of the Company’s common stock, $0.0001 par
value per share, issued to Legacy Banzai’s stockholders in connection with the Merger.
5.
Related Party Transactions
7GC
Related Party Promissory Notes
On
December 21, 2022, 7GC issued an unsecured promissory note (the “December 2022 7GC Note”) to the Sponsor, 7GC & Co. Holdings
LLC, which provides for borrowings from time to time of up to an aggregate of $2,300,000. The December 2022 7GC Note does not bear interest.
Upon the consummation of a Business Combination, the Sponsor shall have the option, but not the obligation, to convert the principal
balance of the December 2022 7GC Note, in whole or in part, into that number of shares of Class A common stock, $0.0001 par value per
share, of 7GC (the “Converted Shares”) equal to the principal amount of the December 2022 7GC Note so converted divided by
$10.00.
On
October 3, 2023, 7GC issued an additional unsecured promissory note (the “October 2023 7GC Note”, together with the December
2022 7GC Note, the “ 7GC Promissory Notes”) to the Sponsor, which provides for borrowings from time to time of up to an aggregate
of $500,000 for working capital purposes. The October 2023 7GC Note does not bear interest. Upon the consummation of a Business Combination,
the Sponsor shall have the option, but not the obligation, to convert the principal balance of the October 2023 7GC Note, in whole or
in part, into that number of the Converted Shares, equal to the principal amount of the October 2023 7GC Note so converted divided by
$10.00.
Upon
Closing of the Merger, Banzai assumed the 7GC Promissory Notes which subsequently converted on February 2, 2024. At the date of conversion,
the total balance of the Notes converted was $2,540,092.
Due
to Related Party of 7GC
During
the year ended December 31, 2023, the Sponsor paid certain expenses on behalf of 7GC. Upon Closing of the Merger, Banzai assumed the
$ liability. As of June 30, 2024, the entire balance remained outstanding and is included within due to related party under current
liabilities on the accompanying unaudited condensed consolidated balance sheet.
Legacy
Banzai Related Party Transactions
During
2023, Legacy Banzai issued Promissory Notes and Convertible Notes to related parties. See Note 11 - Debt for further details related
to these transactions and associated balances.
6.
Revenue
Under
ASC 606, revenue is recognized throughout the life of the executed agreement. The Company measures revenue based on considerations specified
in terms and conditions agreed to by a customer. Furthermore, the Company recognizes revenue when a performance obligation is satisfied
by transferring control of the service to the customer, which occurs over time.
The
Company’s services include providing end-to-end video engagement solutions that provide a fast, intuitive and powerful platform
of marketing tools that create more intent-driven videos, webinars, virtual events and other digital and in-person marketing campaigns.
As
noted within the SOW’s and invoices, agreements range from monthly to annual and Banzai generally provides for net 30-day payment
terms with the payment made directly through check or electronic means.
Banzai’s
Management believes its exposure to credit risk is sufficiently mitigated by collection through credit card sales or direct payment from
established clients.
Nature
of Products and Services
The
following is a description of the Company’s products and services from which the Company generates revenue, as well as the nature,
timing of satisfaction of performance obligations, and significant payment terms for each, as applicable:
Demio
The
Demio product is a full-stack technology that marketers can leverage live and automated for video marketing content such as webinars
and virtual events. Software products are provided to Demio customers for a range of attendees and hosts within a specified time frame
at a specified established price. The performance obligations identified include access to the suite and platform, within the parameters
established, and within the standards established in the agreement. Contracts include a standalone selling price for the number of webinars
and hosts as a performance obligation. There are no financing components and payments are typically net 30 of date or receipt of invoice.
It is nearly 100% certain that a significant revenue reversal will not occur. The Company recognizes revenue for its sale of Demio services
over time which corresponds with the period of time that access to the service is provided.
Reach
While
the Reach product is in the process of being phased out, the Company continues to generate revenues from the product. The Reach product
provides a multi-channel targeted audience acquisition (via Reach) to bolster engagement and Return on Investment (ROI). Banzai enables
marketing teams to create winning webinars and virtual and in-person events that increase marketing efficiency and drive additional revenue.
Software products are provided to Reach customers for a range of simultaneous events and registrations within a specified time frame
at a specified established price. The performance obligations identified include access to the suite and platform, within the parameters
established, and within the standards established in the agreement. Contracts include a standalone selling price for the number of simultaneous
published events as a performance obligation. There are no financing components and payments are typically net 30 of date or receipt
of invoice. It is nearly 100% certain that a significant revenue reversal will not occur. The Company recognizes revenue for its sale
of Reach services over time which corresponds with the timing the service is rendered.
Disaggregation
of Revenue
The
following table summarizes revenue by region based on the billing address of customers for the three months ended June 30, 2024 and 2023:
Summary
of Revenue by Region
| |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
Amount | | |
Percentage of Revenue | | |
Amount | | |
Percentage of Revenue | |
Americas | |
$ | 587,712 | | |
| 55 | % | |
$ | 704,626 | | |
| 59 | % |
Europe, Middle East and Africa (EMEA) | |
| 360,666 | | |
| 34 | % | |
| 389,318 | | |
| 33 | % |
Asia Pacific | |
| 119,819 | | |
| 11 | % | |
| 99,377 | | |
| 8 | % |
Total | |
$ | 1,068,197 | | |
| 100 | % | |
$ | 1,193,321 | | |
| 100 | % |
The
following table summarizes revenue by region based on the billing address of customers for the six months ended June 30, 2024 and 2023:
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
Amount | | |
Percentage of Revenue | | |
Amount | | |
Percentage of Revenue | |
Americas | |
$ | 1,170,539 | | |
| 55 | % | |
$ | 1,374,401 | | |
| 62 | % |
Europe, Middle East and Africa (EMEA) | |
| 746,916 | | |
| 34 | % | |
| 797,228 | | |
| 30 | % |
Asia Pacific | |
| 230,214 | | |
| 11 | % | |
| 198,753 | | |
| 8 | % |
Total | |
$ | 2,147,669 | | |
| 100 | % | |
$ | 2,370,382 | | |
| 100 | % |
Contract
Balances
Accounts
Receivable, Net
A
receivable is recorded when an unconditional right to invoice and receive payment exists, such that only the passage of time is required
before payment of consideration is due. The Company receives payments from customers based upon agreed-upon contractual terms, typically
within 30 days of invoicing the customer. The timing of revenue recognition may differ from the timing of invoicing to customers.
Summary
of Accounts Receivable, Net
| |
Opening Balance | | |
Closing Balance | | |
Opening Balance | | |
Closing Balance | |
| |
1/1/2024 | | |
6/30/2024 | | |
1/1/2023 | | |
6/30/2023 | |
Accounts receivable, net | |
$ | 105,049 | | |
$ | 26,161 | | |
$ | 68,416 | | |
$ | 109,533 | |
Costs
to Obtain a Contract
Sales
commissions, the principal costs incurred to obtain a contract, are earned when the contract is executed. Management has capitalized
these costs and amortized the commission expense over time in accordance with the related contract’s term. For the three and six
months ended June 30, 2024, commission expenses were $61,146 and $143,288, respectively. For the three and six months ended June 30,
2023, commission expenses were $91,243 and $190,619, respectively.
Capitalized
commissions at June 30, 2024 and December 31, 2023 were $39,144 and $51,472, respectively, and are included within prepaid expenses and
other current assets on the condensed consolidated balance sheets.
The
following summarizes the Costs to obtain a contract activity during the three and six months ended June 30, 2024:
Summary
of Costs to Obtain Contract Activity
| |
| | |
Balance - December 31, 2023 | |
$ | 51,472 | |
Commissions Incurred | |
| 31,610 | |
Deferred Commissions Recognized | |
| (44,620 | ) |
Balance - March 31, 2024 | |
| 38,462 | |
Commissions Incurred | |
| 48,316 | |
Deferred Commissions Recognized | |
| (47,634 | ) |
Balance - June 30, 2024 | |
$ | 39,144 | |
The
following summarizes the Costs to obtain a contract activity during the three and six months ended June 30, 2023:
| |
| | |
Balance - December 31, 2022 | |
$ | 69,737 | |
Commissions Incurred | |
| 88,928 | |
Deferred Commissions Recognized | |
| (104,289 | ) |
Balance - March 31, 2023 | |
| 54,376 | |
Commissions Incurred | |
| 60,777 | |
Deferred Commissions Recognized | |
| (75,001 | ) |
Balance - June 30, 2023 | |
$ | 40,152 | |
7.
Fair Value Measurements
The
fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management
as of and during the periods ended June 30, 2024 and the year ended December 31, 2023. The carrying amount of accounts payable approximated
fair value as they are short term in nature.
Fair
Value on a Non-recurring Basis
The
fair value of non-financial assets measured at fair value on a non-recurring basis, classified as Level 3 in the fair value hierarchy,
is determined based on using market-based approaches, or estimates of discounted expected future cash flows.
Fair
Value on a Recurring Basis
The
Company follows the guidance in ASC 820 Fair Value Measurements and Disclosures for its financial assets and liabilities that
are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and
reported at fair value at least annually. The estimated fair value of the Public Warrants liabilities represent Level 1 measurements.
The estimated fair value of the convertible notes bifurcated embedded derivative liabilities, GEM warrant liabilities, Yorkville convertible
note, and SAFE represent Level 3 measurements.
The
following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis
at June 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine
such fair value:
Schedule
of Fair Value on Recurring Basis
Description | |
Level | | |
June 30, 2024 | | |
December 31, 2023 | |
Liabilities: | |
| | | |
| | | |
| | |
Warrant liabilities - public | |
| 1 | | |
$ | 230,000 | | |
$ | 575,000 | |
GEM warrant liabilities | |
| 3 | | |
$ | 79,000 | | |
$ | 641,000 | |
Yorkville convertible note | |
| 3 | | |
$ | 2,013,000 | | |
$ | 1,766,000 | |
Warrant
Liability - Public Warrants
The
Company assumed 11,500,000 Public Warrants in the Merger which were outstanding as of June 30, 2024 and December 31, 2023. The fair values
of the Public Warrants are measured based on the listed market price of such warrants through June 30, 2024. See Note 12 - Warrant
Liabilities for further details.
As
of June 30, 2024, the Company recognized a benefit of approximately $345,000 resulting from changes in the fair value of the derivative
warrant liabilities, presented as change in fair value of warrant liabilities - related party in the accompanying condensed consolidated
statements of operations.
The
following tables set forth a summary of the changes in the fair value of the Public Warrants liability which are Level 1 financial liabilities
that are measured at fair value on a recurring basis:
Summary
of Changes in the Fair Value of the Warrants Liability
| |
Fair Value | |
Balance at December 31, 2023 | |
$ | 575,000 | |
Change in fair value | |
| (115,000 | ) |
Balance at March 31, 2024 | |
| 460,000 | |
Change in fair value | |
| (230,000 | ) |
Balance at June 30, 2024 | |
$ | 230,000 | |
Warrant
Liability - GEM Warrants
The
measurement of fair value of the GEM Warrants were determined utilizing a Monte Carlo simulation considering all relevant assumptions
current at the date of issuance (i.e., share price, exercise price, term, volatility, risk-free rate, probability of dilutive term of
three years, and expected time to conversion). Refer to Note 12 - Warrant Liabilities for further details.
As
of June 30, 2024, the Company recognized a benefit of approximately $562,000, resulting from changes in the fair value of the derivative
warrant liabilities, presented as change in fair value of warrant liabilities in the accompanying condensed consolidated statements of
operations.
The
following tables set forth a summary of the changes in the fair value of the GEM Warrants liability which are Level 3 financial liabilities
that are measured at fair value on a recurring basis:
Summary
of Changes in the Fair Value of the Warrants Liability
| |
Fair Value | |
Balance at December 31, 2023 | |
$ | 641,000 | |
Change in fair value | |
| (408,000 | ) |
Balance at March 31, 2024 | |
| 233,000 | |
Change in fair value | |
| (154,000 | ) |
Balance at June 30, 2024 | |
$ | 79,000 | |
Yorkville
Convertible Notes
The
measurement of fair value of the Yorkville convertible notes were determined utilizing a Monte Carlo simulation considering all relevant
assumptions current at the date of issuance (i.e., share price, term, volatility, risk-free rate, and probability of optional redemption).
Refer to Note 11 - Debt for further details.
As
of June 30, 2024, the Company recognized a loss of approximately $578,000 resulting from changes in the fair value of the Yorkville convertible
notes, presented as change in fair value of convertible promissory notes in the accompanying condensed consolidated statements of operations.
The
following tables set forth a summary of the changes in the fair value of the Yorkville convertible notes which is a Level 3 financial
liability measured at fair value on a recurring basis:
Summary
of Changes in Fair Value of Yorkville Convertible Note
| |
Fair Value | |
Balance at December 31, 2023 | |
$ | 1,766,000 | |
Issuance of Yorkville convertible note | |
| 2,250,000 | |
Loss on debt issuance | |
| 171,000 | |
Payment in shares to settle Yorkville convertible notes | |
| (1,667,000 | ) |
Change in fair value | |
| 544,000 | |
Balance at March 31, 2024 | |
| 3,064,000 | |
Payment in shares to settle Yorkville convertible notes | |
| (335,000 | ) |
Repayment in cash of Yorkville convertible notes | |
| (750,000 | ) |
Change in fair value | |
| 34,000 | |
Balance at June 30, 2024 | |
$ | 2,013,000 | |
Bifurcated
Embedded Derivative Liabilities
The
fair value of the embedded put options, relating to the Convertible Notes - Related Party, Convertible Notes, and Term and Convertible
Notes (CP BF), was determined using a Black Scholes option pricing model. Estimating fair values of embedded conversion features
requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument
with related changes in internal and external market factors. Because the embedded conversion features are initially and subsequently
carried at fair values, the Company’s consolidated statements of operations will reflect the volatility in these estimate and assumption
changes. On December 14, 2023, all outstanding principal and accrued interest, including the carrying value of any related embedded derivative,
related to the Related Party Convertible Notes and Third Party Convertible Notes converted into the Company’s Class A Common Stock
pursuant to the close of the Merger Agreement. Upon the conversion described above, the bifurcated embedded derivative liabilities were
$0 as of June 30, 2024 and December 31, 2023, respectively. Refer to Note 11 - Debt for further details.
The
following table sets forth a summary of the changes in the fair value of the bifurcated embedded derivative liabilities for the six months
ended June 30, 2023, related to the Related Party and Third Party Convertible Debt, respectively, which are Level 3 financial liabilities
that are measured at fair value on a recurring basis:
Schedule
of Derivative Liabilities
| |
Related Party | | |
Third Party | |
| |
Fair Value | |
| |
Related Party | | |
Third Party | |
Balance at December 31, 2022 | |
$ | 1,936,827 | | |
$ | 845,473 | |
Issuance of convertible notes with bifurcated embedded derivative | |
| 707,000 | | |
| — | |
Change in fair value | |
| 137,285 | | |
| 32,415 | |
Balance at March 31, 2023 | |
| 2,781,112 | | |
| 877,888 | |
Issuance of convertible notes with bifurcated embedded derivative | |
| 419,451 | | |
| 330,390 | |
Change in fair value | |
| (478,198 | ) | |
| (194,643 | ) |
Balance at June 30, 2023 | |
$ | 2,722,365 | | |
$ | 1,013,635 | |
Simple
Agreements for Future Equity (SAFE)
During
2021, the Company entered into Simple Agreements for Future Equity (SAFE) arrangements (the “SAFEs”). In the event of an
Equity Financing (as defined in the SAFEs agreements), the SAFEs will automatically convert into shares of the Company’s common
or preferred stock at a discount of 15% of the per share price of the shares offered in the Equity Financing (the “Discount Price”).
In the event of a Liquidity Event, SPAC Transaction or Dissolution Event (all terms as defined in the SAFEs agreements), the holders
of the SAFEs will be entitled to receive cash or shares of the Company’s common or preferred stock. The number of shares required
to be issued to settle the SAFEs at the equity financing is variable, because that number will be determined by the discounted fair value
of the Company’s equity shares on the date of settlement (i.e., Discount Price). Regardless of the fair value of the shares on
the date of settlement, the holder will receive a fixed monetary value based on the Purchase Amount of the SAFE. If there is a Liquidity
Event or SPAC Transaction before the settlement or termination of the SAFEs, the SAFEs will automatically be entitled to receive a portion
of Proceeds, due and payable immediately prior to, or concurrent with, the consummation of such Liquidity Event or SPAC Transaction,
equal to the greater of (i) two times (2x) the Purchase Amount (the “Cash-Out Amount”) or (ii) the amount payable on the
number of shares of Common Stock equal to the Purchase Amount divided by the Liquidity Price (as defined in the SAFEs agreements). Refer
to Note 13 - Simple Agreements for Future Equity for additional information related to the Company’s SAFEs.
The
fair value of the SAFEs was determined using a scenario-based method for the pre-modification SAFE’s and a Monte Carlo simulation
method for the post-modification SAFEs. The value of the SAFE liability as of December 31, 2023 is based on significant inputs not observable
in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the SAFEs on the date of issuance
was determined to be $3,836,000. On December 14, 2023, all outstanding principal related to the Third Party SAFEs and Related Party SAFEs
converted into the Company’s Class A Common Stock pursuant to the close of the Merger Agreement. Upon the conversion described
above, the SAFEs were $0 as of June 30, 2024 and December 31, 2023, respectively. Refer to Note 13 - Simple Agreements for Future
Equity for further details.
The
following tables set forth a summary of the activity of the Related Party and Third Party SAFE liabilities, respectively (See Note
13 - Simple Agreements for Future Equity for further detail), which represents a recurring fair value measurement at the end of the
relevant reporting period:
Schedule
of Fair Value Measurements
| |
Related Party | | |
Third Party | |
| |
Fair Value | |
| |
Related Party | | |
Third Party | |
Balance at December 31, 2022 | |
$ | 8,802,196 | | |
$ | 663,804 | |
Change in fair value | |
| 303,139 | | |
| 22,861 | |
Balance at March 31, 2023 | |
| 9,105,335 | | |
| 686,665 | |
Change in fair value | |
| 909,418 | | |
| 68,582 | |
Balance at June 30, 2023 | |
$ | 10,014,753 | | |
$ | 755,247 | |
8.
Prepaid Expenses and Other Current Assets
Prepaid
expenses and other current assets consisted of the following at the dates indicated:
Summary
of Prepaid Expenses and Other Current Assets
| |
June 30, 2024 | | |
December 31, 2023 | |
Prepaid expenses and other current assets: | |
| | | |
| | |
Service Trade | |
$ | 302,055 | | |
$ | 364,384 | |
Prepaid insurance costs | |
| 282,265 | | |
| 17,661 | |
Prepaid advertising and marketing costs | |
| 259,438 | | |
| 11,074 | |
Prepaid software costs | |
| 97,912 | | |
| 29,887 | |
Prepaid commissions | |
| 39,144 | | |
| 51,472 | |
Prepaid data license and subscription costs | |
| 34,375 | | |
| 53,124 | |
Prepaid merchant fees | |
| 28,488 | | |
| 26,224 | |
Prepaid consulting costs | |
| 26,539 | | |
| 120,332 | |
Other current assets | |
| 10,720 | | |
| 66,997 | |
Total prepaid expenses and other current assets | |
$ | 1,080,936 | | |
$ | 741,155 | |
9.
Accrued Expenses and Other Current Liabilities
Accrued
expenses and other current liabilities consisted of the following at the dates indicated:
Summary
of Accrued Expenses and Other Current Liabilities
| |
June 30, 2024 | | |
December 31, 2023 | |
Accrued expenses and other current liabilities: | |
| | | |
| | |
Accrued accounting and professional services costs | |
$ | 2,458,192 | | |
$ | 1,511,889 | |
Accrued subscription costs | |
| 510,549 | | |
| 22,110 | |
Sales tax payable | |
| 363,883 | | |
| 314,873 | |
Excise tax payable | |
| 223,717 | | |
| 223,717 | |
Accrued legal costs | |
| 159,417 | | |
| 2,694,439 | |
Accrued payroll and benefit costs | |
| 123,335 | | |
| 185,504 | |
Deposits | |
| 52,000 | | |
| 54,102 | |
Accrued streaming service costs | |
| 48,218 | | |
| 37,765 | |
Other current liabilities | |
| 324,717 | | |
| 149,841 | |
Total accrued expenses and other current liabilities | |
$ | 4,264,028 | | |
$ | 5,194,240 | |
10.
Deferred Revenue
Deferred
revenue represents amounts that have been collected in advance of revenue recognition and is recognized as revenue when transfer of control
to customers has occurred or services have been provided. The deferred revenue balance does not represent the total contract value of
annual or multi-year, non-cancelable revenue agreements. Differences between the revenue recognized per the below schedule, and the revenue
recognized per the consolidated statement of operations, reflect amounts not recognized through the deferred revenue process, and which
have been determined to be insignificant. For the six months ended June 30, 2024 and 2023, the Company recognized $861,496 and $887,219
in revenue that was included in the prior year deferred revenue balance, respectively.
The
change in deferred revenue was as follows for the periods indicated:
Summary of Changes in Deferred Revenue
| |
Six Months Ended | | |
Year Ended | |
| |
June 30, 2024 | | |
December 31, 2023 | |
Deferred revenue, beginning of period | |
$ | 1,214,096 | | |
$ | 930,436 | |
Billings | |
| 2,255,811 | | |
| 4,781,924 | |
Revenue recognized (prior year deferred revenue) | |
| (861,496 | ) | |
| (930,436 | ) |
Revenue recognized (current year deferred revenue) | |
| (1,286,173 | ) | |
| (3,567,828 | ) |
Deferred revenue, end of period | |
$ | 1,322,238 | | |
$ | 1,214,096 | |
The
deferred revenue balance is short-term and included under current liabilities on the accompanying unaudited condensed consolidated balance
sheet.
11.
Debt
Convertible
Notes
Convertible
Notes - Related Party
During
2022 and 2023, the Company issued subordinated convertible promissory notes to related parties Alco Investment Company (“Alco”),
Mason Ward, DNX, and William Bryant. Alco held approximately 5% of the issued equity of the Company, through its ownership of Series
A preferred stock. DNX held in excess of 5% of the issued equity of the Company, through its ownership of Series A preferred stock. William
Bryant became a member of the Board of Directors upon completion of the Merger. The Related Party Convertible Notes bear interest at
a rate of 8% per annum, and are convertible into the same series of capital stock of the Company to be issued to other investors upon
a Qualified Financing (as defined in the agreement).
For
the three and six months ended June 30, 2023, the Company recorded a $707,000 and $1,126,451, respectively, debt discount upon issuance
of additional Related Party Convertible Notes. For the three months ended June 30, 2023, interest expense on the Related Party Convertible
Notes totaled $552,403, comprised of $125,352 of contractual interest and $427,051 for the amortization of the discount. For the six
months ended June 30, 2023, interest expense on the Related Party Convertible Notes totaled $935,687, comprised of $215,774 of contractual
interest and $719,913 for the amortization of the discount.
March
2023 Amendment
In
March 2023, the Related Party Convertible Notes were amended to extend the maturity to December 31, 2023. The Company evaluated the terms
of the First Amendment in accordance with ASC 470-60, Troubled Debt Restructurings, and ASC 470-50, Debt Modifications and Extinguishments.
The Company determined that the Company was granted a concession by the lender based on the decrease of the effective borrowing rate
on the First Amendment. Accordingly, the Company accounted for the First Amendment as a troubled debt restructuring. As a result, the
Company accounted for the troubled debt restructuring by calculating a new effective interest rate for the First Amendment based on the
carrying amount of the debt and the present value of the revised future cash flow payment stream. The troubled debt restructuring did
not result in recognition of a gain or loss in the consolidated statement of operations but does impact interest expense recognized in
the future.
Convertible
Notes - Third Party
During
2022 and 2023, the Company issued additional subordinated convertible notes (the “Third Party Convertible Notes”). The Third
Party Convertible Notes bear interest at a rate of 8% per annum, and are convertible into the same series of capital stock of the Company
to be issued to other investors upon a Qualified Financing (as defined in the agreement).
For
the three and six months ended June 30, 2023, the Company recorded a $0 and $330,390, respectively, debt discount upon issuance of additional
Third Party Convertible Notes. For the three months ended June 30, 2023, interest expense on the Third Party Convertible Notes totaled
$142,353, comprised of $37,845 of contractual interest and $104,508 for the amortization of the discount. For the six months ended June
30, 2023, interest expense on the Third Party Convertible Notes totaled $293,977, comprised of $72,562 of contractual interest and $221,415
for the amortization of the discount.
March
2023 Amendment
In
March 2023, the Third Party Convertible Notes were amended to extend the maturity to December 31, 2023. The Company evaluated the terms
of the First Amendment in accordance with ASC 470-60, Troubled Debt Restructurings, and ASC 470-50, Debt Modifications and Extinguishments.
The Company determined that the Company was granted a concession by the lender based on the decrease of the effective borrowing rate
on the First Amendment. Accordingly, the Company accounted for the First Amendment as a troubled debt restructuring. As a result, the
Company accounted for the troubled debt restructuring by calculating a new effective interest rate for the First Amendment based on the
carrying amount of the debt and the present value of the revised future cash flow payment stream. The troubled debt restructuring did
not result in recognition of a gain or loss in the consolidated statement of operations but does impact interest expense recognized in
the future.
The
following table presents the Related Party and Third Party Convertible Notes, respectively, as of December 31, 2023:
Summary
of Related Party and Third Party Convertible Notes
| |
Related Party | | |
Third Party | |
Face value of the convertible notes | |
$ | 6,783,538 | | |
$ | 3,196,206 | |
Debt discount, net | |
| (131,867 | ) | |
| (83,688 | ) |
Carrying value of the convertible notes | |
| 6,651,671 | | |
| 3,112,518 | |
Accrued interest | |
| 619,697 | | |
| 233,714 | |
Conversion of convertible notes | |
| (7,271,368 | ) | |
| (3,346,232 | ) |
Total convertible notes and accrued interest | |
$ | — | | |
$ | — | |
Promissory
Notes
Promissory
Notes - Related Party
On
August 30, 2023, the Company issued a subordinate promissory note (“Alco August Promissory Note”) in the aggregate principal
amount of $150,000 to Alco Investment Company, a related party. Alco held its ownership of over 10% of the issued equity of the Company,
through its ownership of Series A preferred stock. The Alco August Promissory Note bears interest at a rate of 8% per annum. The outstanding
principal and accrued interest are due and payable on April 29, 2024. The Company recorded a $3,711 debt discount upon issuance of the
Alco August Promissory Note. For the three months ended June 30, 2024, interest expense on the Alco August Promissory Note totaled $2,908,
comprised of $2,992 of contractual accrued interest and ($84) for the amortization of the discount. For the six months ended June 30,
2024, interest expense on the Alco August Promissory Note totaled $8,357, comprised of $5,983 of contractual accrued interest and $2,374
for the amortization of the discount. As of June 30, 2024 and December 31, 2023, $150,000 of principal and $10,027 and $4,044, respectively,
of accrued interest is outstanding under the Alco August Promissory Note recorded in note payable - related party on the balance sheets.
On
September 13, 2023, the Company issued a subordinate promissory note (“Alco September Promissory Note”) in the aggregate
principal amount of up to $1,500,000 to Alco Investment Company, a related party. The Alco September Promissory Note bears interest at
a rate of 8% per annum. The outstanding principal and accrued interest are due and payable on September 30, 2024. The Company recorded
$8,588 of debt issuance costs and a $638,808 debt discount upon issuance of the Alco September Promissory Note, relating to the share
transfer agreements, see below. For the three months ended June 30, 2024, interest expense on the Alco September Promissory Note totaled
$95,935, comprised of $29,918 of contractual accrued interest and $66,017 for the amortization of the discount. For the six months ended
June 30, 2024, interest expense on the Alco September Promissory Note totaled $187,498, comprised of $59,836 of contractual accrued interest
and $127,662 for the amortization of the discount. As of June 30, 2024 and December 31, 2023, $1,500,000 of principal and $90,411 and
$30,575, respectively, of accrued interest is outstanding under the Alco September Promissory Note recorded in note payable - related
party on the balance sheets.
On
November 16, 2023, the Company issued a subordinate promissory note (“Alco November Promissory Note”) in the aggregate principal
amount of up to $750,000 to Alco Investment Company, a related party. The Alco November Promissory Note bears interest at a rate of 8%
per annum. The outstanding principal and accrued interest are due and payable on April 13, 2024. The Company recorded a $363,905 debt
discount upon issuance of the Alco November Promissory Note relating to the share transfer agreements, see below. For the three months
ended June 30, 2024, interest expense on the Alco November Promissory Note totaled ($31,036), comprised of $14,959 of contractual accrued
interest and ($45,995) for the amortization of the discount. For the six months ended June 30, 2024, interest expense on the Alco November
Promissory Note totaled $217,249, comprised of $29,918 of contractual accrued interest and $187,331 for the amortization of the discount.
As of June 30, 2024 and December 31, 2023, $750,000 of principal and $37,315 and $7,397, respectively, of accrued interest is outstanding
under the Alco November Promissory Note recorded in note payable - related party on the consolidated balance sheets.
On
December 13, 2023, the Company issued a subordinate promissory note (“Alco December Promissory Note”) in the aggregate principal
amount of up to $2,000,000 to Alco Investment Company, a related party. The Alco December Promissory Note bears interest at a rate of
8% per annum. The outstanding principal and accrued interest are due and payable on December 31, 2024. The Company recorded a $1,496,252
debt discount upon issuance of the Alco December Promissory Note, relating to the share transfer agreements, see below. For the three
months ended June 30, 2024, interest expense on the Alco December Promissory Note totaled $317,667, comprised of $39,890 of contractual
accrued interest and $277,777 for the amortization of the discount. For the six months ended June 30, 2024, interest expense on the Alco
December Promissory Note totaled $549,883, comprised of $79,780 of contractual accrued interest and $470,103 for the amortization of
the discount. As of June 30, 2024 and December 31, 2023, $2,000,000 of principal and $87,670 and $7,890, respectively, of accrued interest
is outstanding under the Alco December Promissory Note recorded in note payable – related party on the consolidated balance sheets.
In
connection with the issuances of the Alco September, November, and December Promissory Notes, the Company, 7GC and the Sponsor entered
into share transfer agreements (the “Alco Share Transfer Agreements”) with Alco Investment Company. Pursuant to which for
each $10.00 in principal borrowed under the Alco September and November Promissory Notes, the Sponsor agreed to forfeit one share of
7GC Class B Common Stock held by the Sponsor, in exchange for the right of Alco to receive one New Banzai Class A Share. For each $10.00
in principal borrowed under the December Note, the Sponsor agreed to forfeit three shares of 7GC Class B Common Stock held by the Sponsor,
in exchange for the right of Alco to receive three New Banzai Class A Shares. Such forfeited and issued shares under the Alco September,
November, and December Promissory Notes are capped at an amount equal to 150,000, 75,000, and 600,000, respectively. Pursuant to the
Alco Share Transfer Agreements, the shares are subject to an 180-day lock-up period upon issuance of the shares.
For
the Alco Share Transfer Agreements, the Company considered the guidance under ASC 815, Derivatives and Hedging, and determined that the
Investor Shares underlying each of the Share Transfer Agreements described above, met the definition of a freestanding financial instrument
and are not precluded from being considered indexed to the Company’s common stock. The Company determined that these shares represent
a freestanding equity contract issued to the lender, resulting in a discount recorded on the notes when they are issued.
Equity-classified
contracts are initially measured at fair value (or allocated value). Subsequent changes in fair value are not recognized if the contracts
continue to be classified in equity. The measurement of fair value was determined utilizing various put option models in estimating the
discount lack of marketability (the “DLOM”) applied to the public share price as the shares underlying each of the Share
Transfer Agreements are subject to a lock-up period pursuant to each agreement, to estimate the fair value of the shares transferred.
Option pricing models assume that the cost to purchase a stock option relates directly to the measurement of the DLOM. The logic behind
these models is that investors may be able to quantify this price risk, due to lack of marketability, over a particular holding period
where price volatility is usually estimated as a proxy for risk. The inputs and assumptions utilized in the fair value estimation included
the Company’s stock price on the measurement date, a DLOM as described above, the number of shares pursuant to each Share Transfer
Agreement, and a probability weighted factor for the Company’s expected percentage of completing its Business Combination, at each
Share Transfer Agreement date.
For
the Alco September Promissory Note, of which $1,000,000 was drawn on September 13, 2023, the DLOM was estimated using the put option
models described above and the following assumptions: a holding period for the shares of 272 days (approximately 0.77 years) measured
from the date of issuance of the $1,000,000 of proceeds under the September Note through the issuance of the shares under the Alco October
Share Transfer Agreement on December 14, 2023 at which time the 180-day lock-up period commenced; a re-levered equity volatility estimated
using guideline public companies of 54.0%; and a risk-free rate commensurate with the term of 5.3%. The put option models provided a
DLOM range of 10.7% to 16.0% and the concluded DLOM was estimated to be 12.5%. The Company’s expected percentage of completing
the Merger on this date was 80%.
For
the remaining $500,000 drawn on the Alco September Promissory Note on October 3, 2023, the DLOM was estimated using the put option models
described above and the following assumptions: a holding period for the shares of 252 days (approximately 0.72 years) measured from the
date of issuance of the remaining $500,000 of proceeds under the September Note through the issuance of the shares under the Alco October
Share Transfer Agreement on December 14, 2023 at which time the 180-day lock-up period commenced; a re-levered equity volatility estimated
using guideline public companies of 52.0%; and a risk-free rate commensurate with the term of 5.4%. The put option models provided a
DLOM range of 10.0% to 15.0% and the concluded DLOM was estimated to be 11.5%. The Company’s expected percentage of completing
the Merger on this date was 80%.
For
the Alco November Promissory Note, the DLOM was estimated using the put option models described above and the following assumptions:
a holding period for the shares of 208 days (approximately 0.60 years) measured from the issuance date of the November Note through the
issuance of the shares under the November 2023 Share Transfer Agreement on December 14, 2023 at which time the 180-day lock-up period
commenced; a re-levered equity volatility estimated using guideline public companies of 54.0%; and a risk-free rate commensurate with
the term of 5.2%. The put option models provided a DLOM range of 9.5% to 15.0% and the concluded DLOM was estimated to be 11.5%. The
Company’s expected percentage of completing the Merger on this date was 100%.
For
the Alco December Promissory Note, the DLOM was estimated using the put option models described above and the following assumptions:
a holding period for the shares of 180 days (approximately 0.49 years) measured from the issuance date of the December Note through the
issuance of the shares under the December 2023 Share Transfer Agreement on December 14, 2023 at which time the 180-day lock-up period
commenced; a re-levered equity volatility estimated using guideline public companies of 47.0%; and a risk-free rate commensurate with
the term of 5.2%. The put option models provided a DLOM range of 7.5% to 12.0% and the concluded DLOM was estimated to be 9.0%. The Company’s
expected percentage of completing its Business Combination on this date was 100%.
April
2024 and May 2024 Amendment
On
April 18, 2024, the Company amended the Alco August Promissory Note and Alco November Promissory Note to extend the maturity dates of
each note to May 31, 2024 (the “Alco April 2024 Amendment”). On May 30, 2024, both parties agreed to again amend the Alco
August Promissory Note and Alco November Promissory Note to further amend the maturity date to the earlier of (a) August 29, 2024 or
(b) the closing of the next transaction (an “Offering”) in which the Company sells any of its Common Stock for cash with
net proceeds of $4,000,000 or greater or if the holder acquires Common Stock in an amount not less than the then outstanding balance
of the Alco August Promissory Note and Alco November Promissory Note (the “Alco May 2024 Amendment”). The Company evaluated
the terms of both the Alco April 2024 Amendment and Alco May 2024 Amendment (the “Alco 2024 Amendments”) in accordance with
ASC 470-60, Troubled Debt Restructurings, and ASC 470-50, Debt Modifications and Extinguishments. The Company determined that the Company
was granted a concession by the lender based on the decrease of the effective borrowing rate on the Alco 2024 Amendments. Accordingly,
the Company accounted for the Alco 2024 Amendments as troubled debt restructurings. As a result, the Company accounted for the troubled
debt restructurings by calculating a new effective interest rate for the Alco 2024 Amendments based on the carrying amount of the debt
and the present value of the revised future cash flows payment streams. The troubled debt restructurings did not result in recognition
of a gain or loss in the consolidated statement of operations but does impact interest expense recognized in the future.
Promissory
Notes - 7GC
The
Company assumed two promissory notes in connection with the Merger which remained outstanding as of December 31, 2023. On February 9,
2024, the $2,540,091 balance was converted into shares the Company’s Class A Common Stock pursuant to the terms in the
7GC Promissory Notes.
Promissory
Note - GEM
On
December 14, 2023, the Company and GEM Global Yield LLC SCS and GEM Yield Bahamas Limited (collectively, “GEM”) agreed to
terminate in its entirety the GEM Agreement, pursuant to which GEM was to purchase from the Company shares of common stock having an
aggregate value up to $100,000,000 and the Company was required to make and execute a warrant (“GEM Warrant”). The Company’s
obligation to issue the GEM Warrant remained, granting GEM the right to purchase Class A Common Stock in an amount equal to 3% of the
total number of equity interests outstanding as of the Closing, calculated on a fully diluted basis, at an exercise price on the terms
and conditions set forth therein, in exchange for issuance of a $2.0 million convertible debenture with a five-year maturity and 0% coupon.
Due to the determination of the final terms of the planned $2.0 million convertible debenture having not been finalized, nor the final
agreement related to the convertible debenture having been executed, as of December 31, 2023, the Company recognized, concurrent with
the close of the merger, a liability for the GEM commitment fee, along with a corresponding GEM commitment fee expense, in the amount
of $2.0 million.
On
February 5, 2024, the Company and GEM entered into a settlement agreement (the “GEM Settlement Agreement”), pursuant to which
(a) the Company and GEM agreed to (i) settle the Company’s obligations under and terminate the binding term sheet entered into
between Legacy Banzai and GEM, dated December 13, 2023, and (ii) terminate the share repurchase agreement, dated May 27, 2022, by and
among the Company and GEM, and (b) the Company (i) agreed to pay GEM $1.2 million in cash within three business days of the GEM Settlement
Agreement and (ii) issued to GEM, on February 5, 2024, an unsecured promissory zero coupon note in the amount of $1.0 million, payable
in monthly installments of $100,000 beginning on March 1, 2024, with the final payment to be made on December 1, 2024 (the “GEM
Promissory Note”). The Company paid GEM the $1.2 million in cash in February 2024.
The
GEM Promissory Note provides that, in the event the Company fails to make a required monthly payment when due, the Company shall issue
to GEM a number of shares of Class A Common Stock equal to the monthly payment amount divided by the VWAP of the Class A Common Stock
for the trading day immediately preceding the applicable payment due date. In addition, the Company agreed to register on a registration
statement 2,000,000 shares of Class A Common Stock that may be issuable under the terms of the GEM Promissory Note. The GEM Promissory
Note contains customary events of default. If an event of default occurs, GEM may, at its option, demand from the Company immediate payment
of any outstanding balance under the GEM Promissory Note.
As
of June 30, 2024, the Company has issued an aggregate of 1,045,118 shares of Class A Common Stock to GEM in lieu of monthly payment obligations
and the remaining balance of the GEM Promissory Note as of June 30, 2024 is $600,000 recorded in the convertible notes line on the unaudited
consolidated balance sheet.
Convertible
Promissory Notes (Yorkville)
On
December 14, 2023, in connection with and pursuant to the terms of its Standby Equity Purchase Agreement (“SEPA”) with YA
II PN, LTD, a Cayman Islands exempt limited partnership managed by Yorkville Advisors Global, LP (“Yorkville”), (refer to
Note 15 - Equity for further details), Yorkville agreed to advance to the Company, in exchange for convertible promissory notes,
an aggregate principal amount of up to $3,500,000, $2,000,000 of which was funded at the Closing in exchange for the issuance by the
Company of a Convertible Promissory Note (the “December Yorkville Convertible Note”). The Company received net proceeds of
$1,800,000 after a non-cash original issue discount of $200,000.
On
February 5, 2024, the Company and Yorkville entered into a supplemental agreement (the “SEPA Supplemental Agreement”) to
increase the amount of convertible promissory notes allowed to be issued under SEPA by $1,000,000 (the “Additional Pre-Paid Advance
Amount”), for an aggregate principal amount of $4,500,000 to be advanced by Yorkville to the Company in the form of convertible
promissory notes. On February 5, 2024 in exchange for a promissory note in the principal amount of $1,000,000 (the “February Yorkville
Promissory Note”), with the same terms as the December Yorkville Convertible Note, the Company received net proceeds of $900,000
after a non-cash original issue discount of $100,000.
On
March 26, 2024, the Company, in exchange for a convertible promissory note with a principal amount of $1,500,000 (the “March Yorkville
Promissory Note” and, together with the December Yorkville Convertible Note and February Yorkville Promissory Note the” Yorkville
Promissory Notes”), received net proceeds of $1,250,000 after a non-cash original issue discount of $250,000 from Yorkville.
On
May 3, 2024, the Company and Yorkville entered into a Debt Repayment Agreement (the “Original Debt Repayment Agreement”)
with respect to the Yorkville Promissory Notes. Under the Original Debt Repayment Agreement, Yorkville agreed that, upon completion of
a Company registered offering and repayment of an aggregate $2,000,000 outstanding under the Yorkville Promissory Notes (the “Original
Repayment Amount”), Yorkville would not deliver to the Company any Investor Notice (as defined in the SEPA) and would not exercise
its right to convert the remainder of the amount outstanding under the Promissory Notes for a period commencing on the date of the closing
of the offering and ending on the date that is 90 days thereafter. Under the Original Debt Repayment Agreement, the Company and Yorkville
also agreed to extend the maturity date of the Promissory Notes to the date that is 120 days after the closing of the offering and to
satisfy the $200,000 payment premium due in connection with an early redemption through the issuance of an Advance Notice (as defined
in the SEPA) for shares of the Company’s Class A common stock, par value $0.0001 per share. The Debt Repayment Agreement was conditioned
on the completion of the offering by June 2, 2024.
On
May 22, 2024, the Company and Yorkville entered into an Amended and Restated Debt Repayment Agreement (the “Amended Debt Repayment
Agreement”) with respect to the Yorkville Promissory Notes, which amends and restates the Original Debt Repayment Agreement. Under
the Amended Debt Repayment Agreement, Yorkville has agreed that, upon completion of a registered offering and repayment of an aggregate
$750,000 outstanding under the Yorkville Promissory Notes (the “Amended Repayment Amount”), Yorkville will not deliver to
the Company any Investor Notice (as defined in the SEPA) and will not exercise its right to convert the remainder of the amount outstanding
under the Promissory Notes for a period commencing on the date of the closing of the offering and ending on the date that is 90 days
thereafter (the “Stand-still Period”); provided that the Company will seek any consents necessary to allow Yorkville to issue
Investor Notices or exercise its right to convert the remainder of the amount outstanding under the Promissory Notes after a period of
60 days following the closing of the offering. Under the Amended Debt Repayment Agreement, the Company and Yorkville also agreed to extend
the maturity date of the Promissory Notes to the date that is 120 days after the closing of the offering and to satisfy the $75,000 payment
premium due in connection with an early redemption through the issuance of an Advance Notice for shares of Class A Common Stock (the
“Q2 Prepayment Premium”). The Amended Debt Repayment Agreement was conditioned on the completion of the offering by May 29,
2024, which condition was satisfied upon the closing of the offering on May 28, 2024 (the “May 2024 Offering”).
Pursuant
to the terms of the Amended Repayment Agreement, the Company made a cash principal payment of $750,000 on May 31, 2024 (the “Repayment
Date”), and issued an Advance Notice for the purchase of 600,000 shares of Class A Common Stock (the “Premium Advance Shares”)
(representing the number of shares the Company reasonably believed would be sufficient to result in net proceeds of $75,000 as of the
Repayment Date) (the “Premium Advance”). The total purchase price for the Premium Advance was $110,040, of which $75,000
was applied in satisfaction of the Payment Premium, and the remaining $35,040 was paid by Yorkville to the Company in cash (the “Cash
Surplus”). The Premium Advance Shares were recorded at fair value totaling $115,800 on the Repayment Date, and the excess of fair
value over the Cash Surplus was recorded to the consolidated statement of operations in line Yorkville prepayment premium expense.
The
Yorkville Promissory Notes have a maturity date (as modified by the Amended Debt Repayment Agreement) of September 25, 2024, and accrue
interest at 0% per annum, subject to an increase to 18% per annum upon events of default as defined in the agreement. As of June 30,
2024, no events of default have occurred.
Yorkville
has the right to convert any portion of the outstanding principal into shares of Class A common stock at any time subsequent to the Stand-still
Period through maturity. The number of shares issuable upon conversion is equal to the amount of principal to be converted (as specified
by Yorkville) divided by the Conversion Price (as defined in the Standby Equity Purchase Agreement disclosure in Note 15). Yorkville
will not have the right to convert any portion of the principal to the extent that after giving effect to such conversion, Yorkville
would beneficially own in excess of 9.99% of the total number of shares of Class A common stock outstanding after giving effect to such
conversion.
Additionally,
the Company, at its option, shall have the right, but not the obligation, to redeem early a portion or all amounts outstanding under
the Promissory Notes at a redemption amount equal to the outstanding principal balance being repaid or redeemed, plus a 10% prepayment
premium, plus all accrued and unpaid interest; provided that (i) the Company provides Yorkville with no less than ten trading days’
prior written notice thereof and (ii) on the date such notice is issued, the VWAP of the Class A common stock is less than the Fixed
Price.
Upon
the occurrence of certain triggering events, as defined in the Yorkville Promissory Notes agreement (each an “Amortization Event”),
the Company may be required to make monthly repayments of amounts outstanding under the Yorkville Promissory Notes, with each monthly
repayment to be in an amount equal to the sum of (x) $1,000,000, plus (y) 10% in respect of such amount, and (z) all outstanding accrued
and unpaid interest as of each payment date.
During
January 2024, the Company’s stock price per share fell below the then in effect Floor Price (as defined in the Standby Equity Purchase
Agreement disclosure in Note 15) of $2.00 for five trading days during a period of seven consecutive trading days (an Amortization Event
under the terms of the December Yorkville Convertible Note agreement), thus triggering amortization payments under the terms of the December
Yorkville Convertible Note. On January 24, 2024, Yorkville agreed to waive the Amortization Event trigger, prior to the date upon which
any amortization payment would have been required. As discussed in the definitions below, the Floor Price was reset on February 14, 2024,
in conjunction with the effective date of the Company’s Registration Statement, at a price of $0.294 per share of Common Stock,
thus curing the Amortization Event condition.
During
the three and six months ended June 30, 2024, $300,000 and $800,000 of principal under the December Yorkville Convertible Note, respectively,
was converted into 1,008,808 and 1,797,019 shares of Class A Common stock of the Company, respectively. During the six months ended June
30, 2024, the full principal amount of $1,000,000 under the February Yorkville Promissory Note was converted into 1,445,524 Class A Common
stock of the Company.
As
of June 30, 2024 and December 31, 2023, the principal amount outstanding under the Yorkville Promissory Notes was $1,950,000 and $2,000,000,
respectively. During the three and six months ended June 30, 2024, the Company recorded interest expense of $80,760 in connection with
the Yorkville Promissory Notes, all of which was related to the Premium Advance.
The
Yorkville Promissory Notes are required to be measured at fair value pursuant to ASC 480 Distinguishing Liabilities from Equity
(“ASC 480”) at the date of issuances and in subsequent reporting periods, due to the variable share-settled feature described
above in which, if converted, the value to be received by Yorkville fluctuates based on something other than the fair value of the Company’s
common stock. The fair value of the Yorkville Promissory Notes as of June 30, 2024 and December 31, 2023 was $2,013,000 and $1,766,000,
respectively. The Company used a Monte Carlo simulation model in order to determine the Yorkville Promissory Note’s fair value
at December 31, 2023, with the following inputs: the fair value of the Company’s common stock of $1.88 on December 31, 2023, estimated
equity volatility of 71%, the time to maturity of 0.46 years, a discounted market interest rate of 14%, a risk free rate of 5.28%, and
probability of optional redemption 10.0%.
During
the three and six months ended June 30, 2024, the Company recorded a loss of $34,000 and $578,000, respectively, related to the change
in fair value of the Yorkville Promissory Notes liability, respectively. The Company used Monte Carlo simulation models in order to determine
the Yorkville Promissory Note’s fair value at June 30, 2024, with the following inputs: the fair value of the Company’s common
stock of $0.17 on June 30, 2024, estimated equity volatility of 125%, the time to maturity of 0.24 years, a discounted market interest
rate of 20.6%, a risk free rate of 5.48%, and probability of optional redemption 75.0%.
Term
and Convertible Notes (CP BF)
During
2021, the Company entered into a loan agreement with CP BF Lending, LLC (“CP BF”) comprised of a Term Note and a Convertible
Note. The Term Note bears cash interest at a rate of 14% per annum paid monthly and accrued interest payable-in-kind (“PIK”)
cumulatively at 1.5% per annum. The outstanding principal balance of the Term Note together with accrued and unpaid interest thereon,
unpaid fees and expenses and any other Obligations then due, shall be paid on February 19, 2025 (“Loan Maturity Date”). The
Convertible Note accrues PIK interest cumulatively at a rate of 15.5% per annum, and is convertible into Class A Common Stock upon Qualified
Financing (as defined in the agreement), upon a Change of Control (as defined in the agreement), upon Prepayment, or at Maturity at a
fixed conversion price. If not sooner converted or prepaid, the Convertible Note principal together with accrued and unpaid interest
thereon, unpaid fees and expenses and any other Obligations then due, shall be paid on the Loan Maturity Date.
For
all respective periods presented, the Company was not in compliance with the Minimum Gross Profit Margin covenant in section 7.14.1 of
the Loan Agreement, the Minimum ARR Growth covenant in section 7.14.2 of the Loan Agreement, and the Fixed Charge Coverage Ratio covenant
in section 7.14.3 of the Loan Agreement. As a result of the Company’s noncompliance with the financial covenants, the entire principal
amount and all unpaid and accrued interest will be classified as current on the Company’s consolidated balance sheets.
The
effective interest rate for the Term Note was 16% for three and six months ended June 30, 2024 and 2023. For the three and six months
ended June 30, 2024, interest expense on the Term Note totaled $294,613 and $586,940, respectively, comprised of $267,359 and $533,707,
respectively, of contractual interest and $27,254 and $53,233, respectively, for the amortization of the discount. For the three and
six months ended June 30, 2023, interest expense on the Term Note totaled $284,097 and $562,261, respectively, comprised of $264,320
and $523,763, respectively, of contractual interest and $19,777 and $38,498 respectively, for the amortization of the discount.
The
effective interest rate for the CP BF Convertible Note and First Amendment Convertible Note was 16% for the three and six months ended
June 30, 2024 and 2023. For the three and six months ended June 30, 2024, interest expense on the Convertible Notes totaled $121,448
and $237,859, respectively, comprised of $112,908 and $221,504, respectively, of contractual interest and $8,540 and $16,355, respectively,
for the amortization of the discount. For the three and six months ended June 30, 2023, interest expense on the Convertible Notes totaled
$101,719 and $200,151, respectively, comprised of $95,534 and $187,394, respectively, of contractual interest and $6,185 and $12,757,
respectively, for the amortization of the discount.
The
Company utilizes a combination of scenario-based methods and Black-Scholes option pricing models to determine the average share count
outstanding at conversion and the simulated price per share for the Company as of the valuation date. Key inputs into these models included
the timing and probability of the identified scenarios, and for Black-Scholes option pricing models used for notes that included a valuation
cap, equity values, risk-free rate and volatility.
The
following table presents the CP BF convertible notes as of June 30, 2024:
Summary
of Convertible Notes
| |
| | |
Face value of the CB BF convertible notes | |
$ | 1,821,345 | |
Debt discount, net | |
| (26,757 | ) |
Carrying value of the CB BF convertible notes | |
| 1,794,588 | |
Accrued interest | |
| 1,135,983 | |
Total CB BF convertible notes and accrued interest | |
$ | 2,930,571 | |
The
following table presents the CP BF convertible notes as of December 31, 2023:
| |
| | |
Face value of the CB BF convertible notes | |
$ | 1,821,345 | |
Debt discount, net | |
| (41,983 | ) |
Carrying value of the CB BF convertible notes | |
| 1,779,362 | |
Accrued interest | |
| 914,479 | |
Total CB BF convertible notes and accrued interest | |
$ | 2,693,841 | |
The
following table presents the CP BF term note as of June 30, 2024:
| |
| | |
Face value of the CB BF term note | |
$ | 6,500,000 | |
Debt discount, net | |
| (76,353 | ) |
Carrying value of the CB BF term note | |
| 6,423,647 | |
Accrued interest | |
| 664,562 | |
Total CB BF term note and accrued interest | |
$ | 7,088,209 | |
The
following table presents the CP BF term note as of December 31, 2023:
| |
| | |
Face value of the CB BF term note | |
$ | 6,500,000 | |
Debt discount, net | |
| (129,586 | ) |
Carrying value of the CB BF term note | |
| 6,370,414 | |
Accrued interest | |
| 289,373 | |
Total CB BF term note and accrued interest | |
$ | 6,659,787 | |
12.
Warrant Liabilities
Public
Warrants
The
Company assumed 11,500,000 Public Warrants in the Merger which remained outstanding as of June 30, 2024. The Public Warrants have an
exercise price of $11.50 per share, subject to adjustments, and will expire five years from the Merger Closing Date. The exercise price
and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including
in the event of a share dividend, or recapitalization, reorganization, merger or consolidation.
The
Company will not be obligated to deliver any shares of Class A Common Stock pursuant to the exercise of a Public Warrant and will have
no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act with respect to the shares
of Class A Common Stock underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the
Company’s satisfying its obligations described below with respect to registration, or a valid exemption from registration is available.
No Public Warrant will be exercisable and the Company will not be obligated to issue a share of Class A Common Stock upon exercise of
a Public Warrant unless the shares of Class A Common Stock issuable upon such Public Warrant exercise has been registered, qualified,
or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants. In the event
that the conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder of such
Public Warrant will not be entitled to exercise such Public Warrant and such Public Warrant may have no value and expire worthless. In
no event will the Company be required to net cash settle any Public Warrant. The Resale Registration statement went effective on February
14, 2024. As the Resale Registration Statement was declared effective within the contractual 60-day term upon closing of the Merger,
no “cashless basis” exercises were triggered during the period ended June 30, 2024.
Redemption
of Public Warrants When the price per Share of Class A Common Stock Equals or Exceeds $18.00
Once
the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants:
| ● | in
whole and not in part; |
| ● | at
a price of $0.01 per Warrant; |
| ● | upon
a minimum of 30 days’ prior written notice of redemption (the “30-day redemption
period”); and |
| ● | if,
and only if, the closing price per share of Class A Common Stock equals or exceeds $18.00
per share (as adjusted for adjustments to the number of shares issuable upon exercise or
the exercise price of a Public Warrant as described under the heading “- Warrants—Public
Stockholder Warrants—Anti-dilution Adjustments”) for any 20 trading days within
a 30-trading day period ending three trading days before the Company sends the notice of
redemption to the warrant holders. |
The
Company will not redeem the Public Warrants as described above unless a registration statement under the Securities Act covering the
issuance of shares of Class A Common Stock issuable upon exercise of the Public Warrants is then effective and a current prospectus relating
to those shares of Class A Common Stock is available throughout the 30-day redemption period. If and when the Public Warrants become
redeemable by the Company, the Company may not exercise its redemption right if the Company is unable to register or qualify the underlying
securities for sale under all applicable state securities laws.
The
Company has established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time
of the call a significant premium to the Public Warrant exercise price. If the foregoing conditions are satisfied and the Company issues
a notice of redemption of the Public Warrants, each warrant holder will be entitled to exercise his, her or its Public Warrant prior
to the scheduled redemption date. However, the price per share of Class A Common Stock may fall below the $18.00 redemption trigger price
(as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a Public Warrant as described under
the heading “-Warrants—Public Stockholder Warrants—Anti-dilution Adjustments”) as well as the $11.50 (for whole
shares) Public Warrant exercise price after the redemption notice is issued.
No
fractional shares of Class A Common Stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional
interest in a share, the Company will round down to the nearest whole number of the number of shares of Class A Common Stock to be issued
to the holder.
GEM
Financing Arrangement
In
association with the GEM Letter, see Note 11 - Debt for further details, at Closing, the GEM Warrant automatically became an obligation
of the Company, and on December 15, 2023, the Company issued the GEM Warrant granting GEM the right to purchase 828,533 shares at an
exercise price of $6.49 per share. The exercise price will be adjusted to 105% of the then-current exercise price if on the one-year
anniversary date of the Effective Time, the GEM Warrant has not been exercised in full and the average closing price per share of Class
A Common Stock for the 10 days preceding the anniversary date is less than 90% of the initial exercise price. GEM may exercise the GEM
Warrant at any time and from time to time until December 14, 2026. The terms of the GEM Warrant provide that the exercise price of the
GEM Warrant, and the number of shares of Class A Common Stock for which the GEM Warrant may be exercised, are subject to adjustment to
account for increases or decreases in the number of outstanding shares of New Banzai Common Stock resulting from stock splits, reverse
stock splits, consolidations, combinations and reclassifications. Additionally, the GEM Warrant contains weighted average anti-dilution
provisions that provide that if the Company issues shares of common stock, or securities convertible into or exercisable or exchange
for, shares of common stock at a price per share that is less than 90% of the exercise price then in effect or without consideration,
then the exercise price of the GEM Warrant upon each such issuance will be adjusted to the price equal to 105% of the consideration per
share paid for such common stock or other securities. In the event of a Change of Control, if the Surviving Corporation does not have
registered class of equity securities and common shares listed on a U.S. national securities exchange, then the Holder is entitled to
receive one percent of the total consideration received by the Company’s stockholders and the GEM Warrants will expire upon payment.
The
Warrants were not considered indexed to the issuer’s stock pursuant to ASC 815, as the holder’s ability to receive in lieu
of the Warrant one percent of the total consideration received by the Company’s stockholders in connection with a Change of Control,
where the surviving corporation is not publicly traded, adjusts the settlement value based on items outside the Company’s control
in violation of the fixed-for-fixed option pricing model. As such, the Company recorded the Warrants as liabilities initially measured
at fair value with subsequent changes in fair value recognized in earnings each reporting period.
The
measurement of fair value was determined utilizing a Monte Carlo simulation considering all relevant assumptions current at the date
of issuance (i.e., share price, exercise price, term, volatility, risk-free rate, probability of dilutive term of three years, and expected
time to conversion). As of June 30, 2024 and December 31, 2023, the fair value of the Warrants, as determined by the Monte Carlo simulation
option pricing model, were $79,000 and $641,000, respectively.
If
the per share market value of one share of Class A Common Stock is greater than the then-current exercise price, then GEM will have the
option to exercise the GEM Warrant on a cashless basis and receive a number of shares of Class A Common Stock equal to (x) the number
of shares of Class A Common Stock purchasable upon exercise of all of the GEM Warrant or, if only a portion of the GEM Warrant is being
exercised, the portion of the GEM Warrant being exercised, less (y) the product of the then-current exercise price and the number of
shares of Class A Common Stock purchasable upon exercise of all of the GEM Warrant or, if only a portion of the GEM Warrant is being
exercised, the portion of the GEM Warrant being exercised, divided by the per share market value of one share of Class A Common Stock.
The
GEM Warrant may not be exercised if such exercise would result in the beneficial ownership of the holder and its affiliates in excess
of 9.99% of the then-issued and outstanding shares of Common Stock.
13.
Simple Agreements for Future Equity
Simple
Agreements for Future Equity - Related Party
During
2021, the Company entered into Simple Agreements for Future Equity (SAFE) arrangements with related parties Alco, DNX and William Bryant
(See Note 11 - Debt, for a description of the related party relationship with these entities) (the “Related Party SAFEs”)
pursuant to which the Company received gross proceeds in the amount of $3,567,000. In the event of an Equity Financing (as defined in
the SAFEs agreements), the Related Party SAFEs will automatically convert into shares of the Company’s common or preferred stock
at a discount of 15% of the per share price of the shares offered in the Equity Financing (the “Discount Price”). In the
event of a Liquidity Event, SPAC Transaction or Dissolution Event (all terms as defined in the SAFEs agreements), the holders of the
Related Party SAFEs will be entitled to receive cash or shares of the Company’s common or preferred stock. The Related Party SAFEs
were recorded as a liability in accordance with the applicable accounting guidance as they are redeemable for cash upon contingent events
that are outside of the Company’s control. The initial fair value of the Related Party SAFE liability was $3,567,000. Subsequent
changes in fair value at each reporting period are recognized in the consolidated statement of operations. For the three and six months
ended June 30, 2023, the Company recognized a loss of $909,418 and $1,212,557 for the change in fair value of the Related Party SAFE
liability, respectively.
The
Company utilizes a combination of scenario-based methods and Monte Carlo simulation to determine the fair value of the Related Party
SAFE liability as of the valuation dates. Key inputs into these models included the timing and probability of the identified scenarios,
and for Black-Scholes option pricing models used for notes that included a valuation cap, equity values, risk-free rate and volatility.
On
December 14, 2023, all outstanding principal related to the Related Party SAFEs at a carrying value of $6,049,766 converted into 551,949
shares the Company’s Class A Common Stock pursuant to the close of the Merger Agreement and application of the exchange ratio.
Simple
Agreements for Future Equity - Third Party
During
2021, the Company entered into Simple Agreements for Future Equity (SAFE) arrangements with third party investors (the “Third Party
SAFEs”) pursuant to which the Company received gross proceeds in the amount of $269,000. In the event of an Equity Financing (as
defined in the SAFEs agreements), the Third Party SAFEs will automatically convert into shares of the Company’s common or preferred
stock at a discount of 15% of the per share price of the shares offered in the Equity Financing (the “Discount Price”). In
the event of a Liquidity Event, SPAC Transaction or Dissolution Event (all terms as defined in the SAFEs agreements), the holders of
the Third Party SAFEs will be entitled to receive cash or shares of the Company’s common or preferred stock. The Third Party SAFEs
were recorded as a liability in accordance with the applicable accounting guidance as they are redeemable for cash upon contingent events
that are outside of the Company’s control. The initial fair value of the Third Party SAFE liability was $269,000. Subsequent changes
in fair value at each reporting period are recognized in the Consolidated Statement of Operations. For the three and six months ended
June 30, 2023, the Company recognized a loss of $68,582 and $91,443 for the change in fair value of the Third Party SAFE liability.
The
Company utilizes a combination of scenario-based methods and Monte Carlo simulation to determine the fair value of the Third Party SAFE
liability as of the valuation dates. Key inputs into these models included the timing and probability of the identified scenarios, and
for Black-Scholes option pricing models used for notes that included a valuation cap, equity values, risk-free rate and volatility.
On
December 14, 2023, all outstanding principal related to the Third Party SAFEs at a carrying value of $456,234 converted into 41,626 shares
the Company’s Class A Common Stock pursuant to the close of the Merger Agreement and application of the exchange ratio.
14.
Commitments and Contingencies
Leases
The
Company has operating leases for its real estate across multiple states. The operating leases have remaining lease terms of approximately
0.26 years as of June 30, 2024 and consist primarily of office space.
The
lease agreements generally do not provide an implicit borrowing rate. Therefore, the Company used a benchmark approach to derive an appropriate
incremental borrowing rate to discount remaining lease payments.
Leases
with an initial term of twelve months or less are not recorded on the balance sheet. There are no material residual guarantees associated
with any of the Company’s leases, and there are no significant restrictions or covenants included in the Company’s lease
agreements. Certain leases include variable payments related to common area maintenance and property taxes, which are billed by the landlord,
as is customary with these types of charges for office space. The Company has not entered into any lease arrangements with related parties.
The
Company’s existing leases contain escalation clauses and renewal options. The Company is not reasonably certain that renewal options
will be exercised upon expiration of the initial terms of its existing leases.
The
Company entered into a sublease which it has identified as an operating lease prior to the adoption of ASC 842 Leases. The Company
remains the primary obligor to the head lease lessor, making rental payments directly to the lessor and separately billing the sublessee.
The sublease is subordinate to the master lease, and the sublessee must comply with all applicable terms of the master lease. The Company
subleased the real estate to a third-party at a monthly rental payment amount that was less than the monthly cost that it pays on the
headlease with the lessor.
The
components of lease expense for the three months ended June 30, 2024 and 2023, are as follows:
Schedule of Components of Lease Expense
Components of lease expense: | |
2024 | | |
2023 | |
| |
For the Three Months Ended June
30, | |
Components of lease expense: | |
2024 | | |
2023 | |
Operating lease cost | |
$ | 46,140 | | |
$ | 50,440 | |
Lease impairment cost | |
| - | | |
| - | |
Sublease income | |
| (52,542 | ) | |
| (51,082 | ) |
Total lease (income) cost | |
$ | (6,402 | ) | |
$ | (642 | ) |
The
components of lease expense for the six months ended June 30, 2024 and 2023, are as follows:
Components of lease expense: | |
2024 | | |
2023 | |
| |
For the Six Months Ended June
30, | |
Components of lease expense: | |
2024 | | |
2023 | |
Operating lease cost | |
$ | 93,384 | | |
$ | 101,888 | |
Lease impairment cost | |
| - | | |
| - | |
Sublease income | |
| (105,084 | ) | |
| (102,165 | ) |
Total lease (income) cost | |
$ | (11,700 | ) | |
$ | (277 | ) |
Supplemental
cash flow information related to leases are as follows:
Schedule of Supplemental Cash Flow Information Related to Leases
Supplemental cash flow information: | |
2024 | | |
2023 | |
| |
For the Six Months Ended June
30, | |
Supplemental cash flow information: | |
2024 | | |
2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | |
Non-cash lease expense (operating cash flow) | |
$ | 87,579 | | |
$ | 86,320 | |
Change in lease liabilities (operating cash flow) | |
| (152,335 | ) | |
| (138,804 | ) |
Supplemental
balance sheet information related to leases was as follows:
Schedule of Supplemental Balance Sheet Information Related to Leases
Operating leases: | |
June 30, 2024 | | |
December 31, 2023 | |
Operating lease right-of-use assets | |
$ | 46,434 | | |
$ | 134,013 | |
Operating lease liability, current | |
| 81,708 | | |
| 234,043 | |
Operating lease liability, non-current | |
| | | |
| - | |
Total operating lease liabilities | |
$ | 81,708 | | |
$ | 234,043 | |
Weighted-average remaining lease term: | |
June 30, 2024 | | |
December 31, 2023 | |
Operating leases (in years) | |
| 0.26 | | |
| 0.76 | |
Weighted-average discount rate: | |
June 30, 2024 | | |
December 31, 2023 | |
Operating leases | |
| 6.83 | % | |
| 6.76 | % |
Future
minimum lease payments under non-cancellable lease as of June 30, 2024, are as follows:
Schedule of Future Minimum Lease Payments Under Non-Cancellable Lease
Maturities of lease liabilities: | |
| |
Year Ending December 31, | |
| | |
Remainder of 2024 | |
$ | 82,679 | |
Year Ending December 31, 2024 | |
$ | - | |
Total undiscounted cash flows | |
| 82,679 | |
Less discounting | |
| (971 | ) |
Present value of lease liabilities | |
$ | 81,708 | |
Cantor
Fee Agreement
In
connection with the Merger, 7GC previously agreed to pay Cantor Fitzgerald & Co. (“Cantor” or “CF&CO”)
an Original Deferred Fee of $8,050,000 as deferred underwriting commissions. On November 8, 2023, Cantor and 7GC entered into a Fee Reduction
Agreement, pursuant to which Cantor agreed to forfeit $4,050,000 of the $8,050,000 Original Deferred Fee, with the remaining $4,000,000
Reduced Deferred Fee payable by Banzai to Cantor following the Closing of the Merger.
Pursuant
to the Fee Reduction Agreement, the Company agreed to use its reasonable best efforts to have the registration statement declared effective
by the SEC by the 120th calendar day after December 29, 2023, the date of the initial filing thereof, and to maintain the effectiveness
of such registration statement until the earliest to occur of (i) the second anniversary of the date of the effectiveness thereof, (ii)
the Cantor Fee Shares shall have been sold, transferred, disposed of or exchanged by Cantor, and (iii) the Cantor Fee Shares issued to
Cantor may be sold without registration pursuant to Rule 144 under the Securities Act (such obligations, the “Cantor Registration
Rights Obligations”).
Although
the Company issued the Cantor Fee Shares, as of June 30, 2024, the Company has not satisfied its Cantor Registration Rights Obligations.
As such, the Company cannot conclude that it has settled its outstanding obligations to Cantor. Therefore, neither criteria under ASC
405 for extinguishment and derecognition of the liability were satisfied and the $4,000,000 Reduced Deferred Fee remained outstanding
as a current liability on the Company’s June 30, 2024 condensed consolidated balance sheet.
At
each interim and annual period after December 31, 2023, the Company will monitor its compliance with the Cantor Registration Rights Obligations
to determine whether the entire amount of the Reduced Deferred Fee has become due and payable in cash, or the Company’s obligations
have been satisfied and the remaining liability should be derecognized. At such time as the Company’s obligations under the Fee
Reduction Agreement have been satisfied the relief of the liability will be recorded through equity.
Roth
Addendum to Letter Agreements
On
October 13, 2022, Roth Capital Partners, LLC (“Roth”) and Legacy Banzai entered into the Roth Engagement Letter, pursuant
to which Legacy Banzai engaged Roth as a financial advisor in connection with the Merger and, on October 14, 2022, MKM and 7GC entered
into the MKM Engagement Letter, pursuant to which 7GC engaged MKM as a financial advisor in connection with the Merger. In February 2023,
Roth acquired MKM. On December 8, 2023, the Company received an invoice from Roth for an advisory fee in the amount of $1,100,000 as
well as transaction expenses reimbursable to Roth amounting to $6,813. As of December 31, 2023, the Company recorded a liability for
the total advisory fee of $1,106,813 to accrued expenses.
On
February 2, 2024, the Company and Roth entered into an addendum to (i) the engagement letter, dated October 13, 2022, by and between
Roth and Legacy Banzai, and (ii) the engagement letter, dated October 14, 2022, by and between Roth (as successor to MKM Partners, LLC)
and 7GC (such engagement agreements, collectively, the “Roth Engagement Agreements,” and such addendum, the “Roth Addendum”).
Pursuant to the Roth Addendum, in lieu of payment in cash of the full amount of any advisory fees or other fees or expenses, incurred
in 2024, and owed under the Roth Engagement Agreements (collectively, the “Roth Fee”), the Company (i) issued to Roth 175,000
shares (the “Roth Shares”) of the Company’s Class A Common Stock on February 2, 2024, and (ii) on or before June 30,
2024, will pay to Roth an amount in cash equal to $300,000 or, if the Company determines that such payment should not be made in cash
due to the Company’s cash position at such time, issue to Roth a number of shares of Class A Common Stock equal to $300,000 divided
by the daily VWAP for the trading day immediately preceding June 30, 2024 (any such shares, the “Additional Roth Shares”).
The Company registered the Roth Shares and 600,000 shares of Class A Common Stock (in addition to the Roth Shares) on a registration
statement to cover any issuances of Additional Roth Shares (which may be more or less than 600,000) that may occur pursuant to the Roth
Addendum. This registration statement became effective on February 14, 2024. The $300,000 cash payment has not yet been made as of the
date of filing of these condensed consolidated financial statements.
On
February 2, 2024, the Company issued the 175,000 Roth Shares with a fair value of $278,833 on the date of issuance. As neither the remaining
$300,000 cash payment, nor any Additional Roth Shares had been paid or issued to Roth, as of June 30, 2024, $300,000 will remain as an
accrued expense on the Company’s condensed consolidated balance sheet, payable to Roth on or before June 30, 2024. Therefore, the
175,000 shares are determined to settle $806,813 of the obligation recognized as of December 31, 2023, resulting in gain of $577,513
that has been recognized as a gain on extinguishment of liability on the Company’s condensed consolidated statement of operations.
Legal
Matters
In
the regular course of business affairs and operations, the Company is subject to possible loss contingencies arising from third-party
litigation and federal, state, and local environmental, labor, health and safety laws and regulations. The Company assesses the probability
that they may incur a liability in connection with certain of these lawsuits. The Company’s assessments are made in accordance
with generally accepted accounting principles, as codified in ASC 450-20, and is not an admission of any liability on the part of the
Company or any of its subsidiaries. In certain cases that are in the early stages and in light of the uncertainties surrounding them,
the Company does not currently possess sufficient information to determine a range of reasonably possible liability.
15.
Equity
Class
A and B Common Stock
The
Company is authorized to issue up to 275,000,000 shares, consisting of 250,000,000 Class A Common Stock, and 25,000,000 shares of Class
B Common Stock par value $0.0001 per share.
As
discussed in Note 4 - Reverse Merger Capitalization with 7GC & Co. Holdings Inc., the Company has retroactively adjusted the
shares issued and outstanding prior to December 14, 2023 to give effect to the Exchange Ratio to determine the number of shares of Company
Common Stock into which they were converted.
The
Class A Common Stock and Class B Common Stock entitle their holders to one vote per share and ten votes per share, respectively, on each
matter properly submitted to the stockholders entitled to vote thereon. The holders of shares of Common Stock shall be entitled to receive
dividends declared by the Board of Directors, on a pro rata basis based on the number of shares of Common Stock held by each such holder,
assuming conversion of all Class B Common Stock into Class A Common Stock at a one to one conversion ratio.
There
were 36,944,935 shares (34,633,801 Class A common stock and 2,311,134 Class B common stock) issued and outstanding at June 30, 2024 and
16,019,256 shares (13,708,122 Class A common stock and 2,311,134 Class B common stock) issued and outstanding at December 31, 2023.
May
22, 2024 Equity Financing
On
May 22, 2024, Banzai entered into a securities purchase agreement with accredited investors, providing for the issuance and sale of 5,227,780
shares of the Company’s Class A common stock (“Common Stock”) 8,661,110 pre-funded warrants (the “Pre-Funded
Warrants”), and 13,888,890 common warrants (the “Common Warrants”) in a registered direct offering priced at-the-market
under Nasdaq rules for a purchase price of $0.18 per share (the “ May 2024 Offering”). The Common Warrants have an exercise
price of $0.18 per share and the Pre-Funded Warrants have an exercise price of $0.0001 per share, are initially exercisable immediately
on the date of issuance (the “Initial Exercise Date”). The Common Warrants expire five years from the Initial Exercise Date
while the Pre-Funded Warrants do not expire. The aggregate gross proceeds to the Company from the May 2024 Offering were approximately
$2.5 million. The Company used the net proceeds from the May 2024 Offering for working capital and general corporate purposes. The closing
of the sale of these securities occurred on May 28, 2024. The securities were issued pursuant to the Company’s registration statement
on Form S-1/A filed with the SEC on May 16, 2024 (File No. 333-278871) and became effective on May 21, 2024. As of June 30, 2024 all
Pre-Funded warrants were exercised.
A.G.P./Alliance
Global Partners (“AGP”) acted as placement agent for the May 2024 Offering, pursuant to a placement agency agreement, dated
May 22, 2024, between the Company and AGP (the “Placement Agency Agreement”). Under the Placement Agency Agreement, AGP received
a fee in the form of (a) a cash fee equal to 7.0% of the aggregate purchase price paid by each purchaser of securities that were sold
in the May 2024 Offering (the “Cash Fee”); provided, however, that the Cash Fee was reduced by an amount equal to $25,000
to be paid to the Company’s financial advisor, and (b) warrants (the “Placement Agent Warrants”) to purchase Class
A Common Stock equal to 6% of the aggregate number of shares of Class A Common Stock sold in the May 2024 Offering at an exercise price
per share equal to 110% of the price per share of Class A Common Stock sold in the May 2024 Offering. The Company recognized the Placement
Agent Warrants as a stock issuance cost as they are issued for services in connection with an offering.
The
Company additionally incurred approximately $409,000 of legal fees associated with the May 2024 Offering which is recognized as a stock
issuance cost and reflected as a reduction within additional paid-in capital.
May
22, 2024 Common Warrants
As
discussed above, on May 22, 2024, in conjunction with the issuance and sale of 5,227,780 shares of the Company’s Class A common
stock, the Company issued 13,888,890 Common Warrants which did not meet the definition of a liability pursuant to ASC 480 and met all
of the requirements for equity classification under ASC 815 as such were classified in stockholder’s equity. The measurement of
fair value of the Common Warrants were determined utilizing a Black-Scholes model considering all relevant assumptions current at the
date of issuance (i.e., share price of $0.18, exercise price of $0.18, term of five years, volatility of 87%, risk-free rate of 4.6%,
and expected dividend rate of 0%). The relative fair value of these Common Warrants, net of issuance costs, on date of issuance was estimated
to be approximately $722,000 and is reflected within additional paid-in capital.
May
22, 2024 Pre-Funded Warrants
As
discussed above, on May 22, 2024, in conjunction with the issuance and sale of 5,227,780 shares of the Company’s Class A common
stock, the Company issued 8,661,110 Pre-Funded Warrants which did not meet the definition of a liability pursuant to ASC 480 and met
all of the requirements for equity classification under ASC 815 as such were classified in stockholder’s equity. were classified
in stockholder’s equity. The measurement of fair value of the Pre-Funded Warrants were determined as the intrinsic value calculated
as the common stock price on the issuance date minus the exercise price. The relative fair value of these Pre-Funded Warrants, net of
issuance costs, on date of issuance was estimated to be approximately $660,000 and is reflected within additional paid-in capital. On
May 28, 2024 the Pre-Funded warrants were exercised.
May
22, 2024 Placement Agent Warrants
As
discussed above, on May 22, 2024, in conjunction with the issuance and sale of 5,227,780 shares of the Company’s Class A common
stock and Pre-Funded Warrants, the Company issued 833,333 Placement Agent Warrants. As the Placement Agent Warrants were issued for services
provided in facilitating the May 2024 Offering, the Company recorded the fair value of such Placement Agent Warrants of approximately
$100,000 as a cost of capital on the issuance date. The measurement of fair value was determined utilizing a Black-Scholes model considering
all relevant assumptions current at the date of issuance (i.e., share price of $0.18, exercise price of $0.18, term of five years, volatility
of 87%, risk-free rate of 4.6%, and expected dividend rate of 0%).
Preferred
Stock
The
Company is authorized to issue 75,000,000 shares of preferred stock with a par value of $0.0001 per share. The board of directors of
the Company (the “Board”) has the authority to issue preferred stock and to determine the rights, privileges, preferences,
restrictions, and voting rights of those shares. As of June 30, 2024 and December 31, 2023, no shares of preferred stock were outstanding.
Yorkville
Standby Equity Purchase Agreement (“SEPA”)
On
December 14, 2023, the Company entered into the SEPA with YA II PN, LTD, a Cayman Islands exempt limited partnership managed by
Yorkville Advisors Global, LP (“Yorkville”) in connection with the Merger. Pursuant to the SEPA, subject to certain conditions,
the Company shall have the option, but not the obligation, to sell to Yorkville, and Yorkville shall subscribe for, an aggregate amount
of up to up to $100,000,000 of the Company’s shares of Class A common stock, par value $0.0001 per share, at the Company’s
request any time during the commitment period commencing on December 14, 2023 and terminating on the 36-month anniversary of the SEPA
(the “SEPA Option”).
Each
advance (each, an “Advance”) the Company requests under the SEPA (notice of such request, an “Advance Notice”)
may be for a number of shares of Class A common stock up to the greater of (i) 500,000 shares or (ii) such amount as is equal to 100%
of the average daily volume traded of the Class A common stock during the five trading days immediately prior to the date the Company
requests each Advance; provided, in no event shall the number of shares of Class A common stock issued cause the aggregate shares of
Class A common stock held by Yorkville and its affiliates as of any such date to exceed 9.99% of the total number of shares of Class
A common stock outstanding as of the date of the Advance Notice (less any such shares held by Yorkville and its affiliates as of such
date) (the “Exchange Cap”). The shares would be purchased, at the Company’s election, at a purchase price equal to
either:
| (i) | 95%
of the average daily Volume Weighted Average Price (“VWAP”) of the Class A Common
Stock on the Nasdaq Stock Market (“Nasdaq”), subject to certain conditions per
the SEPA (the “Option 1 Pricing Period; or |
| (ii) | 96%
of the lowest daily VWAP of the Class A Common Stock during the three trading days commencing
on the Advance Notice date, subject to certain conditions per the SEPA (the “Option
2 Pricing Period”). |
Any
purchase under an Advance would be subject to certain limitations, including that Yorkville shall not purchase or acquire any shares
that would result in it and its affiliates beneficially owning more than 9.99% of the then outstanding voting power or number of shares
of Class A common stock or any shares that, aggregated with shares issued under all other earlier Advances, would exceed 19.99% of all
shares of Class A common stock and Class B common stock of the Company, par value $0.0001 per share, outstanding on the date of the SEPA,
unless Company shareholder approval was obtained allowing for issuances in excess of such amount.
The
SEPA Option was determined to be a freestanding financial instrument which did not meet the criteria to be accounted for as a derivative
instrument or to be recognized within equity. Pursuant to ASC 815 Derivatives and Hedging (“ASC 815”), the Company
will therefore recognize the SEPA Option as an asset or liability, measured at fair value at the date of issuance, December 14, 2023,
and in subsequent reporting periods, with changes in fair value recognized in earnings. The SEPA Option was determined to have a fair
value of $0 on the date of issuance as well as at December 31, 2023 and June 30, 2024.
In
connection with the execution of the SEPA, the Company agreed to pay a commitment fee of $500,000 to Yorkville at the earlier of (i)
March 14, 2024 or (ii) the termination of the SEPA, which will be payable, at the option of the Company, in cash or shares of Class A
common stock through an Advance (the “Deferred Fee”). In March 2024 the Company issued 710,025 Class A common stock as payment
for the Deferred Fee.
Pursuant
to the terms of the SEPA, at any time that there is a balance outstanding under the Yorkville Promissory Notes, Yorkville has the right
to receive shares to pay down the principal balance, and may select the timing and delivery of such shares (via an “Investor Notice”),
in an amount up to the outstanding principal balance on the Yorkville Promissory Notes at a purchase price equal to the lower of (i)
$10.00 per share of Class A common stock (the “Fixed Price”), or (ii) 90% of the lowest daily Volume Weighted Average Price
(“VWAP”) of the Class A common stock on Nasdaq during the 10 consecutive Trading Days immediately preceding the Investor
Notice date or other date of determination (the “Variable Price”). The Variable Price shall not be lower than $2.00 per share
(the “Floor Price”). The Floor Price shall be adjusted (downwards only) to equal 20% of the average VWAP for the five trading
days immediately prior to the date of effectiveness of the initial Registration Statement. Notwithstanding the foregoing, the Company
may reduce the Floor Price to any amount via written notice to Yorkville, provided that such amount is no more than 75% of the closing
price on the Trading Day immediately prior to the time of such reduction and no greater than $2.00 per share of Class A common stock
(the “Conversion Price”). At any time that there is a balance outstanding under the Yorkville Promissory Notes, the Company
is not permitted to issue Advance Notices under the SEPA unless an Amortization Event has occurred under the terms of the Yorkville Promissory
Notes agreement.
There
were no Advance Notices issued pursuant to the SEPA during the period ended June 30, 2024 or as of the date that these financial statements
were issued, apart from the Premium Advance which was issued pursuant to the terms of the Amended Debt Agreement (see Note 11 - Debt)
16.
Stock-Based Compensation
During
2023, the Company adopted the 2023 Employee Stock Purchase Plan (the “Purchase Plan”). The Purchase Plan permits eligible
employees of the Company and certain designated companies as determined by the Board of Directors, to purchase shares of the Company’s
Common Stock. The aggregate number of shares of common stock that may be purchased pursuant to the Purchase Plan is equal to 2% of the
fully diluted common stock determined at the Close of the Merger Agreement, determined to be 572,172. In addition, the aggregate number
of shares of common stock that remain available to be awarded under the Purchase Plan, will automatically increase on January 1 of each
year for a period of 10 years commencing on January 1, 2024 and ending on January 1, 2033, in an amount equal to the lesser of one percent
(1%) of the total number of shares of the fully diluted common stock determined as of December 31 of the preceding year, or a number
of shares of common stock equal to two hundred percent (200%) of the initial share reserve of 572,172. As of June 30, 2024 and December
31, 2023, 572,172 shares of common stock remain available to be purchased under the Purchase Plan, respectively.
During
2023, the Company adopted the 2023 Equity Incentive Plan (the “Plan”). The Plan permits the granting of incentive stock options,
nonstatutory stock options, SARs, restricted stock awards, RSU awards, performance awards, and other awards. to employees, directors,
and consultants. The aggregate number of shares of common stock that may be issued will not exceed approximately 12.5% of the fully diluted
common stock determined at the Close of the Merger, determined to be 3,576,076. In addition, the aggregate number of shares of common
stock that remain available to be awarded under the Plan, will automatically increase on January 1 of each year for a period of ten years
commencing on January 1, 2024 and ending on January 1, 2033, in an amount equal to 5% of the total number of shares of the fully diluted
common stock determined as of the day prior to such increase. The aggregate maximum number of shares of common stock that may be issued
pursuant to the exercise of incentive stock options is approximately three times the total number of shares of common stock initially
reserved for issuance, which were 3,576,076. As of June 30, 2024 and December 31, 2023, 1,763,803 and 3,576,076 stock options remain
available to be awarded under the Plan, respectively.
The
Company accounts for stock-based payments pursuant to ASC 718 Stock Compensation and, accordingly, the Company records compensation
expense for stock-based awards based upon an assessment of the grant date fair value for options using the Black-Scholes option pricing
model. The Company has concluded that its historical share option exercise experience does not provide a reasonable basis upon which
to estimate expected term. Therefore, the expected term was determined according to the simplified method, which is the average of the
vesting tranche dates and the contractual term. Due to the lack of company specific historical and implied volatility data, the estimate
of expected volatility is primarily based on the historical volatility of a group of similar companies that are publicly traded. For
these analyses, companies with comparable characteristics were selected, including enterprise value and position within the industry,
and with historical share price information sufficient to meet the expected life of the share-based awards. The Company computes the
historical volatility data using the daily closing prices for the selected companies’ shares during the equivalent periods of the
calculated expected term of its share-based awards. The risk-free interest rate is determined by reference to the U.S. Treasury zero-coupon
issues with remaining maturities similar to the expected term of the options. Expected dividend yield is zero based on the fact that
the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.
The
following table summarizes assumptions used to compute the fair value of options granted:
Summary
of Assumptions Used to Compute Fair Value
| |
June 30, 2024 | | |
June 30, 2023 | |
Stock price | |
| $0.29
- 0.61 | | |
| $8.22
- 9.56 | |
Exercise price | |
| $0.29
- 5.00 | | |
$ | 11.98 | |
Expected volatility | |
| 75.00
- 85.00 | % | |
| 80.00
- 99.03 | % |
Expected term (in years) | |
| 5.75
- 10.00 | | |
| 5.25
- 6.08 | |
Risk-free interest rate | |
| 4.20
- 4.50 | % | |
| 3.46
- 4.31 | % |
A
summary of stock option activity under the Plan is as follows:
Summary
of Stock Option Activity
| |
Shares
Underlying
Options | | |
Weighted
Average
Exercise
Price | | |
Weighted
Average
Remaining
Contractual
Term
(in years) | | |
Intrinsic
Value | |
Outstanding at December 31, 2023 | |
| 748,086 | | |
$ | 5.87 | | |
| 8.43 | | |
$ | 103,662 | |
Granted | |
| 1,398,500 | | |
| 2.91 | | |
| 9.87 | | |
| | |
Exercised | |
| — | | |
| — | | |
| | | |
| | |
Expired | |
| — | | |
| — | | |
| | | |
| | |
Forfeited | |
| (464,130 | ) | |
| 4.78 | | |
| | | |
| | |
Outstanding at June 30, 2024 | |
| 1,682,456 | | |
$ | 3.71 | | |
| 9.17 | | |
$ | 1,807 | |
Exercisable at June 30, 2024 | |
| 433,767 | | |
$ | 4.96 | | |
| 8.34 | | |
$ | 1,807 | |
In
connection with issuances under the Plan, the Company recorded stock-based compensation expense of $457,231 and $620,987, which is included
in general and administrative expense for the six months ended June 30, 2024 and 2023, respectively. The weighted-average grant-date
fair value per option granted during the six months ended June 30, 2024 and 2023 was $0.17 and $8.53, respectively. As of June 30, 2024
and 2023, $1,262,655 and $2,575,808 of unrecognized compensation expense related to non-vested awards is expected to be recognized over
the weighted average period of 3.80 and 2.97 years, respectively. The aggregate intrinsic value is calculated as the difference between
the fair value of the Company’s stock price and the exercise price of the options.
RSUs
During
the three and six months ended June 30, 2024, the Company began issuing RSUs to employees and to non-employee directors. Each RSU entitles
the recipient to one share of Class A Common Stock upon vesting. We measure the fair value of RSUs using the stock price on the date
of grant. Stock-based compensation expense for employee-granted RSUs is recorded ratably over their vesting period of four years. 25%
of the RSUs will vest on each anniversary of the vesting commencement date until the RSU is fully vested. Stock-based compensation expense
for non-employee director-granted RSUs is recorded ratably over their vesting period which is the earlier to occur of the one (1) year
anniversary of the respective grant date, or the next annual meeting of stockholders following the respective grant date.
A
summary of the activity with respect to, and status of, RSUs during the six months ended June 30, 2024 is presented below:
Summary
of Activity with Respect Status of, RSUs
| |
Units | | |
Weighted Average
Grant Date
Fair Value | |
Outstanding at December 31, 2023 | |
| — | | |
$ | — | |
Granted | |
| 892,543 | | |
| 0.53 | |
Vested | |
| — | | |
| — | |
Forfeited | |
| (14,640 | ) | |
| 0.29 | |
Outstanding at June 30, 2024 | |
| 877,903 | | |
$ | 0.54 | |
For
the six months ended June 30, 2024, the Company recorded stock-based compensation expense of $208,178 which is included in general and
administrative expense for the six months ended June 30, 2024. As of June 30, 2024, unrecognized compensation cost related to the grant
of RSUs was $263,144. Unvested outstanding RSUs as of June 30, 2024 had a weighted average remaining vesting period of 1.3 years.
17.
Income Taxes
The
Company estimates an annual effective tax rate of 0% for the year ended December 31, 2024 as the Company incurred losses for the three
and six month period ended June 30, 2024 and is forecasting an estimated net loss for both financial statement and tax purposes for the
year ended December 31, 2024. Therefore, no federal or state income taxes are expected and none have been recorded at this time. Income
taxes have been accounted for using the liability method in accordance with FASB ASC 740.
Due
to the Company’s history of losses since inception, there is not enough evidence at this time to support that the Company will
generate future income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets. Accordingly, the deferred
tax assets have been reduced by a full valuation allowance, since the Company cannot currently support that realization of its deferred
tax assets is more likely than not.
At
June 30, 2024, the Company had no unrecognized tax benefits that would reduce the Company’s effective tax rate if recognized.
18.
Subsequent Events
On
July 5, 2024, the Company issued 588,235 shares of the Company’s Class A common stock to GEM pursuant to the Unsecured Promissory
Note, dated February 5, 2024, between the Company and GEM.
On
July 22, 2024, the Company entered into a subordinated business loan and security agreement (the “Subordinated Business Loan and
Security Agreement”) with Agile Lending, LLC and Agile Capital Funding, LLC as the collateral agent. On July 22, 2024 the Company
issued a subordinated secured promissory note for an aggregate principal amount of $787,500 and received $750,000 of proceeds, net of
administrative agent fees $37,500 to the collateral agent, with a maturity date of February 5, 2025 under the subordinated business loan
and security agreement. The loan under the agreement bears interest at a rate of 42%, and will be calculated on a three hundred and sixty
(360) day year based on the actual number of days lapsed, and interest shall accrue on the loan commencing on and including the effective
date pursuant to the Agreement’s weekly repayment and amortization schedule. The collateral under the subordinated business loan
and security agreement consists of all of the Company’s goods, accounts, equipment, inventory, contract rights or rights to payment
of money, leases, license agreements, franchise agreements, general intangibles (including intellectual property), commercial tort claims,
documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts and other
collateral accounts, all certificates of deposit, fixtures, letters of credit rights, securities, and all other investment property,
supporting obligations, and financial assets.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited
condensed consolidated financial statements and related notes that are included elsewhere in this Form 10-Q. In addition to historical
condensed consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates
and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause
or contribute to these differences include those discussed below and elsewhere particularly in the section titled “Risk Factors”
and elsewhere in this Form 10-Q.
Certain
figures, such as interest rates and other percentages, included in this section have been rounded for ease of presentation. Percentage
figures included in this section have not in all cases been calculated on the basis of such rounded figures but on the basis of such
amounts prior to rounding. For this reason, percentage amounts in this section may vary slightly from those obtained by performing the
same calculations using the figures in our condensed consolidated financial statements or in the associated text. Certain other amounts
that appear in this section may similarly not sum due to rounding.
Overview
Banzai
is a Marketing Technology (MarTech) company that produces data-driven marketing and sales solutions for businesses of all sizes. Our
mission is to help our customers accomplish their mission - by enabling better marketing, sales, and customer engagement outcomes. Banzai
endeavors to acquire companies strategically positioned to enhance our product and service offerings, increasing the value provided to
current and prospective customers.
Banzai
was founded in 2015. The first product Banzai launched was Reach, a SaaS and managed services offering designed to increase registration
and attendance of marketing events, followed by the acquisition of Demio, a SaaS solution for webinars designed for marketing, sales,
and customer success teams, in 2021 and the launch of Boost, a SaaS solution for social sharing designed to increase attendance for Demio-hosted
events by enabling easy social sharing by event registrants, in 2023. Our customer base included over 3,600 customers as of June 30,
2024 and comes from a variety of industries, including (among others) healthcare, financial services, e-commerce, technology and media,
in over 86 countries. Our customers range in size from solo entrepreneurs and small businesses to Fortune 500 companies. No single customer
represents more than 10% of our revenue. Since 2021, we have focused on increasing mid-market and enterprise customers for Demio. Progress
towards this is reflected in our increase in multi-host Demio customers from 14 on January 1, 2021 to 115 on June 30, 2024.
We
sell our products using a recurring subscription license model typical in SaaS businesses. Pricing tiers for our main product, Demio,
are based on the number of host-capable users, desired feature sets, and maximum audience size. Boost pricing tiers are based on the
Demio plan to which the customer subscribes. Reach pricing is based on the number of event campaigns a customer has access to run simultaneously
or the maximum number of registrations a customer is allowed to generate per subscription period. Banzai’s customer contracts vary
in term length from single months to multiple years.
Banzai
generated revenue of approximately $1.1 million and $1.2 million during the three months ended June 30, 2024 and 2023 and approximately
$2.1 million and $2.4 million during the six months ended June 30, 2024 and 2023, respectively. Banzai has incurred significant net losses
since inception, including net losses of approximately $4.2 million and $3.5 million for the three months ended June 30, 2024 and 2023
and approximately $8.7 million and $7.3 million for the six months ended June 30, 2024 and 2023, respectively. Banzai had an accumulated
deficit of $55.4 million and of $46.8 million as of June 30, 2024 and December 31, 2023, respectively.
Summary
of our Merger
On
December 14, 2023, we consummated the Business Combination with Legacy Banzai. Pursuant to the terms of the Merger Agreement, the Business
Combination was effected through (a) the merger of First Merger Sub with and into Legacy Banzai, with Legacy Banzai surviving as a wholly-owned
subsidiary of 7GC and (b) the subsequent merger of Legacy Banzai with and into Second Merger Sub, with the Second Merger Sub being the
surviving entity of the Second Merger, which ultimately resulted in Legacy Banzai becoming a wholly-owned direct subsidiary of 7GC. Upon
closing the Business Combination, we changed our name from 7GC & Co. Holdings Inc. to Banzai International, Inc.
A
description of the Business Combination and the material terms of the Merger Agreement are included in the Proxy Statement/Prospectus,
filed by the Company with the SEC in the section entitled “Stockholder Proposal No. 1 - The Business Combination Proposal”
beginning on page 92 of the Proxy Statement/Prospectus.
Operating
Metrics
In
the management of our businesses, we identify, measure, and evaluate a variety of operating metrics, as described below. These key performance
measures and operating metrics are not prepared in accordance with GAAP and may not be comparable to or calculated in the same way as
other similarly titled measures and metrics used by other companies. Measurements are specific to the group being measured, i.e. total
customers, new customers, or other cohorts. We currently use these operating metrics with our Demio product. We do not track and use
these operating metrics with prior products.
The
following table presents the percentage of Banzai’s revenue generated from Demio for the three and six months ended June 30, 2024
and 2023 as compared to our other SaaS products.
| |
Three Months Ended June 30, | | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | | |
Six Months Ended June 30, | |
Revenue % | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Reach | |
| 3.4 | % | |
| 4.5 | % | |
| 2.0 | % | |
| 5.6 | % |
Demio | |
| 96.1 | % | |
| 94.9 | % | |
| 97.4 | % | |
| 94.1 | % |
Other | |
| 0.5 | % | |
| 0.6 | % | |
| 0.6 | % | |
| 0.3 | % |
Total | |
| 100.0 | % | |
| 100.0 | % | |
| 100.0 | % | |
| 100.0 | % |
Net
Revenue Retention (“NRR”)
NRR
is a metric Banzai uses to measure the revenue retention of its existing customer base. NRR calculates the change in revenue from existing
customers by cohort over a period of time, after taking into account revenue lost due to customer churn and downgrades, and revenue gained
due to upgrades and reactivations.
The
formula for calculating NRR is: NRR = (Revenue at the beginning of a period - Revenue lost from churn, and downgrades + Revenue gained
from expansion and reactivation) / Revenue at the beginning of the period.
The
following table presents average monthly NRR for Demio for the three and six months ended June 30, 2024 and 2023.
| |
Three Months Ended June 30, | | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | | |
Six Months Ended June 30, | |
Product: Demio | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Average Monthly NRR | |
| 95.6 | % | |
| 94.8 | % | |
| 96.1 | % | |
| 95.5 | % |
Average
Customer Value (“ACV”)
ACV
is a metric Banzai uses to calculate the total revenue that it can expect to generate from a customer in a year. ACV is commonly used
in the SaaS industry to measure the value of a customer to a subscription-based company over a 12-month period. Banzai uses ACV to segment
its customers and to determine whether the value of new customers is growing or shrinking relative to the existing customer base. Banzai
uses this information to make strategic decisions about pricing, marketing, and customer retention.
The
formula for calculating ACV is: ACV = Total Annual Recurring Revenue (ARR) / Total Number Customers, where ARR is defined as annual run-rate
revenue of subscription agreements from all customers measured at a point in time.
The
following table presents new customer ACV and total average ACV for Demio for the three and six months ended June 30, 2024 and 2023.
| |
Three Months Ended June 30, | | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | | |
Six Months Ended June 30, | |
Product: Demio | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
New Customer ACV | |
$ | 1,417 | | |
$ | 1,256 | | |
$ | 1,510 | | |
$ | 1,351 | |
Total Average ACV | |
$ | 1,575 | | |
$ | 1,411 | | |
$ | 1,569 | | |
$ | 1,348 | |
Customer
Acquisition Cost (“CAC”)
CAC
is a financial metric Banzai uses to evaluate the average cost of acquiring a new customer. It includes marketing, sales, and other related
expenses incurred while attracting and converting prospects into paying customers. CAC is a critical metric for Banzai to understand
the efficiency and effectiveness of its marketing and sales efforts, as well as to ensure sustainable growth.
The
formula for calculating CAC is: CAC = Total Sales & Marketing Cost / Number of Customers Acquired.
The
following table presents CAC for Demio for the three and six months ended June 30, 2024 and 2023.
| |
Three Months Ended June 30, | | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | | |
Six Months Ended June 30, | |
Product: Demio | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Customer Acquisition Cost (CAC) | |
$ | 1,936 | | |
$ | 876 | | |
$ | 1,480 | | |
$ | 880 | |
Customer
Churn %
Customer
Churn % is the rate of customers who deactivate in a given period relative to the number of active customers at the beginning of such
period or end of the prior period. Understanding drivers of churn allows Banzai to take measures to reduce the number of customers who
deactivate and increase the overall rate of customer retention. There are two types of Churn % measured: Revenue churn and Customer (or
logo) churn.
The
formula for calculating Churn % is: Churn % = [# or $ value of] Deactivations / [# or $ value of] Active Customers (Beginning of period).
The
following table presents revenue Churn and new customer (or logo) Churn for Demio for the three and six months ended June 30, 2024 and
2023.
| |
Three Months Ended June 30, | | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | | |
Six Months Ended June 30, | |
Product: Demio | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Average Monthly Churn - Revenue | |
| 6.3 | % | |
| 6.9 | % | |
| 6.3 | % | |
| 7.5 | % |
Average Monthly Churn - Customer (Logo) | |
| 7.0 | % | |
| 8.3 | % | |
| 7.3 | % | |
| 8.6 | % |
Churn
- Customer (Logo) represents the number of customers, whereas the non-Logo Churn is based on sales dollars.
Customer
Lifetime Value (“LTV”)
LTV
is a financial metric Banzai uses to estimate the total revenue it can expect to generate from a customer throughout their entire
relationship. LTV helps Banzai understand the long-term value of each customer, enabling it to make informed decisions about marketing,
sales, customer support, and product development strategies. It also helps Banzai allocate resources more efficiently by identifying
high-value customer segments to focus on growth and retention.
The
formula for calculating LTV is comprised of two metrics: Monthly Recurring Revenue (MRR) and Customer Life represented in # of months.
Calculations for these metrics on a per-customer basis, as follows:
MRR
= ACV / 12
Customer
Life (# of months) = 1 / Churn %
LTV
= MRR * Customer Life (# of months)
MRR
is calculated by aggregating, for all customers from customer base or the group being measured during that month, monthly revenue from
committed contractual amounts. For customers on annual contracts, this represents their ACV divided by 12.
The
following table presents MRR, Customer Life, and LTV for Demio for the three and six months ended June 30, 2024 and 2023.
| |
Three Months Ended June 30, | | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | | |
Six Months Ended June 30, | |
Product: Demio | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
MRR (New Customers) | |
$ | 131 | | |
$ | 118 | | |
$ | 131 | | |
$ | 112 | |
Customer Life (months) | |
| 15.9 | | |
| 14.5 | | |
| 16.2 | | |
| 13.4 | |
LTV (New Customers) | |
$ | 1,875 | | |
$ | 1,514 | | |
$ | 2,040 | | |
$ | 1,468 | |
LTV
/ CAC Ratio
LTV
/ CAC ratio is a culminating metric measuring the efficiency of Sales and Marketing activities in terms of the dollar value of new business
generated versus the amount invested in order to generate that new business. This provides a measurement of ROI for Sales and Marketing
activities. A segmented view of LTV / CAC ratio gives additional insight into the profitability of various business development activities.
The
formula for calculating LTV / CAC ratio is: LTV / CAC for the segment or activity being measured.
The
following table presents the LTV / CAC ratio for Demio for the three and six months ended June 30, 2024 and 2023.
| |
Three Months Ended June 30, | | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | | |
Six Months Ended June 30, | |
Product: Demio | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
LTV / CAC Ratio | |
| 1.1 | | |
| 1.9 | | |
| 1.4 | | |
| 1.7 | |
Analysis
of the Impact of Key Business Drivers on Financial Performance
Banzai
strives to maximize revenue growth within a reasonable cost structure through optimizing and continuous monitoring of the key business
metrics described above relative to SaaS industry benchmarks, Banzai’s direct competition, and historical company performance.
This is accomplished through a combination of increased revenue per customer (higher ACVs and NRR) on an increasing customer base, generated
through efficient customer acquisition (LTV / CAC ratio) and improved customer retention (lower churn, higher customer life). Other business
activities contribute to improved performance and metrics, including but not limited to the following:
|
● |
Customer Success and Onboarding, leading to maximum customer
satisfaction and retention. |
|
|
|
|
● |
Product Development and Support, maximizing customer value,
supporting usage and expansion revenue. |
|
|
|
|
● |
Company Initiatives, designed to improve trial experience and
conversion rates, on-demand adoption, and emphasis on data to position our products as a system of automation and a system of record
for our customers, supporting growth and retention. |
Identification
of Operational Risk Factors
There
are a number of key internal and external operational risks to the successful execution of Banzai’s strategy.
Internal
risks include, among others:
|
● |
Management and leadership issues: ineffective leadership, poor
decision-making, or lack of direction. |
|
|
|
|
● |
Operational inefficiencies: inadequate processes and poor resource
allocation may lead to decreased productivity or insufficient ROI. |
|
|
|
|
● |
Financial mismanagement: inadequate financial planning, improper
accounting practices, or excessive debt can lead to financial instability. |
|
|
|
|
● |
Employee-related challenges: high turnover, lack of skilled
staff, or internal conflicts can impact morale and productivity. |
|
|
|
|
● |
Technological obsolescence: failing to develop (or adapt) to
new technologies in anticipation or response to changes in market trends can lead to competitive disadvantages. |
External risks include, among others:
|
● |
Economic factors: including economic downturns, inflation,
or currency fluctuations impacting business spending and overall market conditions. |
|
|
|
|
● |
Competition: from established industry players to new entrants,
eroding market share and profitability. |
|
|
|
|
● |
Legal and regulatory: changes in laws or regulations that impact
operations or increase compliance costs. |
|
|
|
|
● |
Technological disruptions: from advancements in technology
leading to obsolescence of existing products. |
|
|
|
|
● |
Unforeseen events: including natural disasters, geo-political
instability, and pandemics, potentially impacting market demand, operational or supply chain disruption. |
Analysis
of the Impact of Operational Risks on Financial Performance
The
risk factors described above could have significant impacts on Banzai’s financial performance. These or other factors, including
those risk factors summarized in the section titled “Risk Factors” could impact Banzai’s ability to generate and grow
revenue, contain costs, or inhibit profitability, cash flow, and overall financial performance:
|
● |
Revenue and Sales: Internal risks from operating inefficiency
or external factors, including economic downturns or increased competition, could lead to lower sales, impaired unit economics, and reduced
revenue. |
|
|
|
|
● |
Costs and Expenses: Internal operating mismanagement or external
factors, including supplier issues, may cause increased cost relative to revenue generation, resulting in insufficient return on investment
or profit margins. |
By
continuing to conduct comprehensive risk monitoring and analysis on financial performance, Banzai can optimize its ability to make informed
decisions and improve its ability to navigate internal and external challenges. Such activities include: identification and categorization
of risks, quantification and analysis of potential severity, and development of risk mitigation strategies. It is also important for
Banzai to ensure financial reports and disclosures accurately reflect the potential impact of risks on financial performance, essential
for transparent communication with investors and stakeholders.
The
Business Combination and Public Company Costs
The
Business Combination was accounted for as a reverse recapitalization. Under this method of accounting, 7GC was treated as the
acquired company for financial statement reporting purposes. Accordingly, for accounting purposes, the financial statements of
Banzai represent a continuation of the financial statements of Legacy Banzai with the Business Combination treated as the equivalent
of Legacy Banzai issuing stock for the net assets of 7GC, accompanied by a recapitalization. The net assets of 7GC were stated at
historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination are those of
Legacy Banzai in this and future reports of Banzai.
Due
to the Business Combination, we became the successor to an SEC-registered and Nasdaq-listed company, which required Banzai to hire additional
personnel and implement procedures and processes to address public company regulatory requirements and customary practices. We incurred
and expect to incur additional annual expenses as a public company for, among other things, directors’ and officers’ liability
insurance, director fees and additional internal and external accounting, legal and administrative resources, including increased audit
and legal fees. We are qualified as an “emerging growth company.” As a result, we have been provided certain disclosure and
regulatory relief. Our future results of operations and financial position may not be comparable to Legacy Banzai’s historical
results of operations and financial position as a result of the Business Combination.
Results
of operations for the six months ended June 30, 2024 and 2023
| |
Six Months Ended June 30, | | |
Six Months Ended June 30, | | |
Period-over- | | |
Period-over- | |
($ in Thousands) | |
2024 | | |
2023 | | |
Period $ | | |
Period % | |
Operating income: | |
| | | |
| | | |
| | | |
| | |
Revenue | |
$ | 2,148 | | |
$ | 2,370 | | |
$ | (222 | ) | |
| -9.4 | % |
Cost of revenue | |
| 711 | | |
| 792 | | |
| (81 | ) | |
| -10.2 | % |
Gross profit | |
| 1,437 | | |
| 1,578 | | |
| (141 | ) | |
| -8.9 | % |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| 8,628 | | |
| 6,099 | | |
| 2,529 | | |
| 41.5 | % |
Depreciation expense | |
| 3 | | |
| 4 | | |
| (1 | ) | |
| -25.0 | % |
Total operating expenses | |
| 8,631 | | |
| 6,103 | | |
| 2,528 | | |
| 41.4 | % |
Operating loss | |
| (7,194 | ) | |
| (4,525 | ) | |
| (2,669 | ) | |
| 59.0 | % |
Other expenses (income): | |
| | | |
| | | |
| | | |
| | |
GEM settlement fee expense | |
| 200 | | |
| — | | |
| 200 | | |
| nm | |
Other expense (income), net | |
| 60 | | |
| (85 | ) | |
| 145 | | |
| -170.6 | % |
Interest income | |
| — | | |
| — | | |
| — | | |
| nm | |
Interest expense | |
| 847 | | |
| 1,059 | | |
| (212 | ) | |
| -20.0 | % |
Interest expense - related party | |
| 963 | | |
| 936 | | |
| 27 | | |
| 2.9 | % |
Gain on extinguishment of liability | |
| (528 | ) | |
| — | | |
| (528 | ) | |
| nm | |
Loss on debt issuance | |
| 171 | | |
| — | | |
| 171 | | |
| nm | |
Change in fair value of warrant liability | |
| (562 | ) | |
| — | | |
| (562 | ) | |
| nm | |
Change in fair value of warrant liability - related party | |
| (345 | ) | |
| — | | |
| (345 | ) | |
| nm | |
Change in fair value of simple agreement for future equity | |
| — | | |
| 91 | | |
| (91 | ) | |
| -100.0 | % |
Change in fair value of simple agreement for future equity - related party | |
| — | | |
| 1,212 | | |
| (1,212 | ) | |
| -100.0 | % |
Change in fair value of bifurcated embedded derivative liabilities | |
| — | | |
| (162 | ) | |
| 162 | | |
| -100.0 | % |
Change in fair value of bifurcated embedded derivative liabilities - related party | |
| — | | |
| (341 | ) | |
| 341 | | |
| -100.0 | % |
Change in fair value of convertible notes | |
| 578 | | |
| — | | |
| 578 | | |
| nm | |
Yorkville prepayment premium expense | |
| 81 | | |
| — | | |
| 81 | | |
| nm | |
Total other expenses (income) | |
| 1,465 | | |
| 2,710 | | |
| (1,245 | ) | |
| -45.9 | % |
Loss before income taxes | |
| (8,659 | ) | |
| (7,235 | ) | |
| (1,424 | ) | |
| 19.7 | % |
Income tax expense | |
| 6 | | |
| 16 | | |
| (10 | ) | |
| -62.5 | % |
Net loss | |
$ | (8,665 | ) | |
$ | (7,251 | ) | |
$ | (1,414 | ) | |
| 19.5 | % |
The
percentage changes included in the tables herein that are not considered meaningful are presented as “nm”.
Components
of results of operations for the six months ended June 30, 2024 and 2023
Revenue
Analysis
| |
Six Months Ended June 30, | | |
Six Months Ended June 30, | | |
Period-over- | | |
Period-over- | |
($ in Thousands) | |
2024 | | |
2023 | | |
Period $ | | |
Period % | |
Revenue | |
$ | 2,148 | | |
$ | 2,370 | | |
$ | (222 | ) | |
| -9.4 | % |
For
the six months ended June 30, 2024, Banzai reported total revenue of approximately $2,148 thousand, representing a decrease of approximately
$222 thousand, or approximately 9.4%, compared to the three months for the same period ended June 30, 2023. This decrease is primarily
attributable to lower Reach revenue which declined by approximately $84 thousand due to a shift in Banzai’s focus to its Demio
product and decision, which decision was reversed in the later part of Q1 2024, to begin phasing out the Reach product. In 2024 Banzai
is revitalizing its focus on the Reach product through re-engineering and expanded sales efforts. Demio revenue was lower by approximately
$133 thousand for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 due to churn and lower new sales
period-over-period.
Cost
of Revenue Analysis
| |
Six Months Ended June 30, | | |
Six Months Ended June 30, | | |
Period-over- | | |
Period-over- | |
($ in Thousands) | |
2024 | | |
2023 | | |
Period $ | | |
Period % | |
Cost of revenue | |
$ | 711 | | |
$ | 792 | | |
$ | (81 | ) | |
| -10.2 | % |
For
the six months ended June 30, 2024 and 2023, Banzai’s cost of revenue totaled approximately $711 thousand and approximately $792
thousand, respectively. This represents a decrease of approximately $81 thousand, or approximately 10.2%, for the six months ended June
30, 2024 as compared to the six months ended June 30, 2023, is due primarily to lower customer base and an approximately 13% lower average
cost per customer, driven by lower infrastructure costs / data licenses of approximately $113 thousand, contracted services of approximately
$46 thousand, subscription payroll of approximately $28 thousand, and merchant fee costs of approximately $7 thousand. The lower contracted
services and data licenses cost described above were offset by the increase of the streaming services costs of approximately $113 thousand.
Gross
Profit Analysis
| |
Six Months Ended June 30, | | |
Six Months Ended June 30, | | |
Period-over- | | |
Period-over- | |
($ in Thousands) | |
2024 | | |
2023 | | |
Period $ | | |
Period % | |
Gross profit | |
$ | 1,437 | | |
$ | 1,578 | | |
$ | (141 | ) | |
| -8.9 | % |
For
the six months ended June 30, 2024 and 2023, Banzai’s gross profit was approximately $1,437 thousand and approximately $1,578 thousand,
respectively. This represents a decrease of approximately $141 thousand, or approximately 8.9% due to the decreases in revenue of approximately
$222 thousand and decreases in cost of revenue of approximately $81 thousand described above.
Operating
Expense Analysis
| |
Six Months Ended June 30, | | |
Six Months Ended June 30, | | |
Period-over- | | |
Period-over- | |
($ in Thousands) | |
2024 | | |
2023 | | |
Period $ | | |
Period % | |
Total operating expenses | |
$ | 8,631 | | |
$ | 6,103 | | |
$ | 2,528 | | |
| 41.4 | % |
Total
operating expenses for the six months ended June 30, 2024 and 2023, were approximately $8.6 million and approximately $6.1 million, respectively,
an increase of approximately $2.5 million, or 41.4%. This increase was due primarily to an overall increase in salaries and related expenses
by approximately $0.5 million, marketing expenses by approximately $0.4 million, costs associated with audit, technical accounting, and
legal and other professional services of approximately $1.3 million.
Other
Expense Analysis
| |
Six Months Ended June 30, | | |
Six Months Ended June 30, | | |
Period-over- | | |
Period-over- | |
($ in Thousands) | |
2024 | | |
2023 | | |
Period $ | | |
Period % | |
Total other expenses (income) | |
$ | 1,465 | | |
$ | 2,710 | | |
$ | (1,245 | ) | |
| -45.9 | % |
For
the six months ended June 30, 2024, Banzai reported total other expenses of approximately $1.5 million. This represents a decrease of
approximately $1.2 million from the six months ended June 30, 2023, when the Company reported total other expenses of approximately $2.7
million. The change in other expenses, net was primarily driven by the following:
|
● |
GEM settlement commitment fee expense of approximately $0.2
million. |
|
|
|
|
● |
Gain on extinguishment of debt of approximately $0.5 million. |
|
|
|
|
● |
There were no changes in fair value of the simple agreement
for future equity (“SAFEs”) during the six months ended June 30, 2024 relative to a loss of approximately $1.3 million, approximately
$1.2 million of which related to related party SAFEs. All SAFEs notes were converted at the close of the Merger in December 2023. |
|
|
|
|
● |
Loss on issuance of debt of approximately $0.2 million. |
|
|
|
|
● |
Change in fair value of warrant liability recorded as a gain
(third party & related party) of approximately $0.9 million. |
|
|
|
|
● |
Interest expense (third party and related party) decreased by approximately $0.2 million. |
|
|
|
|
● |
There were no changes in fair value of bifurcated embedded
derivative liabilities during the six months ended June 30, 2024 relative to a gain of approximately $0.5 million during the six months
ended June 30, 2023. |
|
|
|
|
● |
Change in fair value of convertible promissory notes recorded
as a loss of approximately $0.6 million. |
Provision
for Income Taxes
| |
Six Months Ended June 30, | | |
Six Months Ended June 30, | | |
Period-over- | | |
Period-over- | |
($ in Thousands) | |
2024 | | |
2023 | | |
Period $ | | |
Period % | |
Income tax expense | |
$ | 6 | | |
$ | 16 | | |
$ | (10 | ) | |
| -62.5 | % |
For
the six months ended June 30, 2024 and 2023, Banzai’s reported provision for income tax expense was $6 thousand and $16 thousand,
respectively.
Due
to Banzai’s history of losses since inception, there is not enough evidence at this time to support that Banzai will generate future
income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets. Accordingly, the deferred tax assets
have been reduced by a full valuation allowance, since Banzai cannot currently support that realization of its deferred tax assets is
more likely than not.
At
June 30, 2024, Banzai had no unrecognized tax benefits that would reduce Banzai’s effective tax rate if recognized.
Net
Loss Analysis
| |
Six Months Ended June 30, | | |
Six Months Ended June 30, | | |
Period-over- | | |
Period-over- | |
($ in Thousands) | |
2024 | | |
2023 | | |
Period $ | | |
Period % | |
Net loss | |
$ | (8,665 | ) | |
$ | (7,251 | ) | |
$ | (1,414 | ) | |
| 19.5 | % |
For
the six months ended June 30, 2024 and 2023, Banzai reported net losses of approximately $8.7 million and approximately $7.3 million,
respectively. The greater net loss is primarily due to a reduction in total other expenses of approximately $1.2 million during the six
months ended June 30, 2024 compared to the six months ended June 30, 2023, offset by an increase in operating expenses of approximately
$2.5 million and a decrease in gross profit of approximately $0.1 million.
Critical
Accounting Estimates
Our
condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United
States. The preparation of these condensed consolidated financial statements requires us to make judgments and estimates that affect
the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities in our financial
statements. We base our estimates on historical experience, known trends and events and various other factors that we believe are reasonable
under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities
that are not readily apparent from other sources. Our actual results may differ from these estimates under different assumptions or conditions.
On a recurring basis, we evaluate our judgments and estimates in light of changes in circumstances, facts, and experience. The effects
of material revisions in an estimate, if any, will be reflected in the condensed consolidated financial statements prospectively from
the date of the change in the estimate.
We
believe that the following accounting policies are those most critical to the judgments and estimates used in the preparation of our
financial statements.
Impairment
of goodwill
Goodwill
represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. Goodwill
is reviewed for impairment at least annually, in December, or more frequently if a triggering event occurs between impairment testing
dates. As of June 30, 2024, the Company had one operating segment, which was deemed to be its reporting unit, for the purpose of evaluating
goodwill impairment to be evaluated at the year end.
The
Company’s impairment assessment begins with a qualitative assessment to determine whether it is more likely than not that the fair
value of the reporting unit is less than its carrying value. Qualitative factors may include, macroeconomic conditions, industry and
market considerations, cost factors, and other relevant entity and Company specific events. If, based on the qualitative test, the Company
determines that it is “more likely than not” that the fair value of a reporting unit is less than its carrying value, then
we evaluate goodwill for impairment by comparing the fair value of our reporting unit to its respective carrying value, including its
goodwill. If it is determined that it is not likely that the fair value of the reporting unit is less than its carrying value, then no
further testing is required.
The
selection and assessment of qualitative factors used to determine whether it is more likely than not that the fair value of a reporting
unit exceeds the carrying value involves significant judgment and estimates. Fair values may be determined using a combination of both
income and market-based approaches.
Recognition
and measurement of convertible and Simple Agreement for Future Equity (SAFE) notes, including the associated embedded derivatives
The
Company accounts for Simple Agreements for Future Equity (“SAFE”) at fair value in accordance with ASC 480 Distinguishing
Liabilities from Equity. The SAFEs are subject to revaluation at the end of each reporting period, with changes in fair value recognized
in the accompanying Consolidated Statement of Operations.
The
Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives.
Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment
of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded
derivatives are recognized at fair value, with changes in fair value recognized in the statement of operations each period. Bifurcated
embedded derivatives are classified with the related host contract in the Company’s balance sheet.
Determination
of the fair value of the warrant liabilities
The
Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates
all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain
features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC
815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as
equity, is reassessed at the end of each reporting period.
Public
Warrants
The
Public Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant
instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject
to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s consolidated
statements of operations.
The
Public Warrants were initially measured at fair value using a Monte Carlo simulation model and have subsequently been measured based
on the listed market price of such warrants. The determination of the fair value of the warrant liabilities may be subject to change
as more current information becomes available and accordingly the actual results could differ significantly. Warrant liabilities are
classified as current liabilities on the Company’s consolidated balance sheets.
GEM
Warrants
The
GEM Warrants were not considered indexed to the issuer’s stock as the holder’s ability to receive one percent of the total
consideration received by the Company’s stockholders in connection with a Change of Control in lieu of the Warrant, where the surviving
corporation is not publicly traded, adjusts the settlement value based on items outside the Company’s control in violation of the
fixed-for-fixed option pricing model. As such, the Company recorded the Warrants as liabilities initially measured at fair value with
subsequent changes in fair value recognized in earnings each reporting period.
The
measurement of fair value was determined utilizing a Monte Carlo simulation considering all relevant assumptions current at the date
of issuance (i.e., share price, exercise price, term, volatility, risk-free rate, probability of dilutive term of three years, and expected
time to conversion). The Company determined the Warrants were share issuance costs associated with an aborted offering. Aborted offering
costs may not be deferred and charged against proceeds of a subsequent offering. As such, the Company recorded an expense for the corresponding
fair value.
Recognition
and measurement of stock compensation
The
Company expenses stock-based compensation to employees and non-employees over the requisite service period based on the estimated grant-date
fair value of the awards in accordance with ASC 718, Stock Compensation. The Company accounts for forfeitures as they occur. The Company
estimates the fair value of stock option grants using the Black-Scholes option pricing model, and the assumptions used in calculating
the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application
of management’s judgment.
Non-GAAP
Financial Measures
Adjusted
EBITDA
In
addition to our results determined in accordance with U.S. GAAP, we believe that Adjusted EBITDA, a non-GAAP measure as defined below,
is useful in evaluating our operational performance distinct and apart from certain irregular, non-cash, and non-operational expenses.
We use this information for ongoing evaluation of operations and for internal planning purposes. We believe that non- GAAP financial
information, when taken collectively with results under GAAP, may be helpful to investors in assessing our operating performance and
comparing our performance with competitors and other comparable companies.
Non-GAAP
measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We endeavor to
compensate for the limitation of Adjusted EBITDA, by also providing the most directly comparable GAAP measure, which is net loss, and
a description of the reconciling items and adjustments to derive the non-GAAP measure. Some of these limitations are:
|
● |
Adjusted EBITDA does not consider the potentially dilutive impact of stock-based compensation. |
|
|
|
|
● |
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the
future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditures
or contractual commitments. |
|
|
|
|
● |
Adjusted EBITDA does not reflect impairment and restructuring
costs. |
|
|
|
|
● |
Adjusted EBITDA does not reflect interest expense or other
income. |
|
|
|
|
● |
Adjusted EBITDA does not reflect income taxes. |
|
● |
Adjusted EBITDA does not reflect audit, legal, incremental
accounting and other expenses tied to M&A or the Business Combination. |
|
|
|
|
● |
Other companies, including companies in our own industry, may
calculate Adjusted EBITDA differently from the way we do, limiting its usefulness as a comparative measure. |
Because
of these limitations, Adjusted EBITDA should only be considered alongside results prepared in accordance with GAAP, including various
cash-flow metrics, net income (loss) and our other GAAP results and financial performance measures.
Adjusted
EBITDA Analysis for the six months ended June 30, 2024 and 2023
| |
Six Months Ended June 30, | | |
Six Months Ended June 30, | | |
Period-over- | | |
Period-over- | |
($ in Thousands) | |
2024 | | |
2023 | | |
Period $ | | |
Period % | |
Adjusted EBITDA (Loss) | |
$ | (3,351 | ) | |
$ | (1,563 | ) | |
$ | (1,788 | ) | |
| 114.4 | % |
For
the six months ended June 30, 2024, Banzai’s Adjusted EBITDA was approximately $3,351 thousand, reflecting a decrease in the earnings
of approximately $1,788 thousand compared to a loss of approximately $1,563 thousand for the six months ended June 30, 2023. This period-over-period
decrease in earnings is primarily attributable to increased general and administrative expenses.
Net
Income/(Loss) to Adjusted EBITDA Reconciliation for the six months ended June 30, 2024 and 2023
| |
Six Months Ended June 30, | | |
Six Months Ended June 30, | | |
Period-over- | | |
Period-over- | |
($ in Thousands) | |
2024 | | |
2023 | | |
Period $ | | |
Period % | |
Net loss | |
$ | (8,665 | ) | |
$ | (7,251 | ) | |
$ | (1,414 | ) | |
| 19.5 | % |
Other expense (income), net | |
| 60 | | |
| (85 | ) | |
| 145 | | |
| -170.6 | % |
Depreciation expense | |
| 3 | | |
| 4 | | |
| (1 | ) | |
| -25.0 | % |
Stock based compensation | |
| 665 | | |
| 621 | | |
| 44 | | |
| 7.2 | % |
Interest expense | |
| 847 | | |
| 1,059 | | |
| (212 | ) | |
| -20.0 | % |
Interest expense - related party | |
| 963 | | |
| 936 | | |
| 27 | | |
| 2.9 | % |
Income tax expense | |
| 6 | | |
| 16 | | |
| (10 | ) | |
| -62.5 | % |
GEM settlement fee expense | |
| 200 | | |
| — | | |
| 200 | | |
| nm | |
Gain on extinguishment of liability | |
| (528 | ) | |
| — | | |
| (528 | ) | |
| nm | |
Loss on debt issuance | |
| 171 | | |
| — | | |
| 171 | | |
| nm | |
Change in fair value of warrant liability | |
| (562 | ) | |
| — | | |
| (562 | ) | |
| nm | |
Change in fair value of warrant liability - related party | |
| (345 | ) | |
| — | | |
| (345 | ) | |
| nm | |
Change in fair value of simple agreement for future equity | |
| — | | |
| 91 | | |
| (91 | ) | |
| -100.0 | % |
Change in fair value of simple agreement for future equity - related party | |
| — | | |
| 1,212 | | |
| (1,212 | ) | |
| -100.0 | % |
Change in fair value of bifurcated embedded derivative liabilities | |
| — | | |
| (162 | ) | |
| 162 | | |
| -100.0 | % |
Change in fair value of bifurcated embedded derivative liabilities - related party | |
| — | | |
| (341 | ) | |
| 341 | | |
| -100.0 | % |
Change in fair value of convertible notes | |
| 578 | | |
| — | | |
| 578 | | |
| nm | |
Yorkville prepayment premium expense | |
| 81 | | |
| — | | |
| 81 | | |
| nm | |
Transaction related expenses* | |
| 3,175 | | |
| 2,337 | | |
| 838 | | |
| 35.9 | % |
Adjusted EBITDA (Loss) | |
$ | (3,351 | ) | |
$ | (1,563 | ) | |
$ | (1,788 | ) | |
| 114.4 | % |
*
Transaction related expenses include
| |
Six Months Ended June 30, | | |
Six Months Ended June 30, | | |
Period-over- | | |
Period-over- | |
($ in Thousands) | |
2024 | | |
2023 | | |
Period $ | | |
Period % | |
Professional fees - audit | |
$ | 370 | | |
$ | 427 | | |
$ | (57 | ) | |
| -13.3 | % |
Professional fees - legal | |
| 1,362 | | |
| 107 | | |
| 1,255 | | |
| 1172.9 | % |
Incremental accounting | |
| 959 | | |
| 1,495 | | |
| (536 | ) | |
| -35.9 | % |
Market study, M&A support | |
| 484 | | |
| 308 | | |
| 176 | | |
| 57.1 | % |
Transaction related expenses | |
$ | 3,175 | | |
$ | 2,337 | | |
$ | 838 | | |
| 35.9 | % |
Liquidity
and Capital Resources
Going
Concern
Since
inception, Banzai has financed its operations primarily from the sales of redeemable convertible preferred stock and convertible promissory
notes, and proceeds from senior secured loans. As of June 30, 2024, Banzai had cash of approximately $0.5 million.
Banzai
has incurred losses since its inception, had a working capital deficit of approximately $34.0 million as of June 30, 2024, and had an
accumulated deficit at June 30, 2024 totaling approximately $55.4 million. As of June 30, 2024, Banzai had approximately $10.6 million
and approximately $5.5 million aggregate principal amount outstanding on term/promissory notes and convertible notes, respectively. During
the six months ended June 30, 2024, Banzai raised additional capital under the SEPA through the issuance of additional convertible notes
for a total of approximately $2.5 million to fund the Company’s operations. Additionally, during the six months ended June 30,
2024, the Company issued non-cash share payments of approximately $1.8 million in partial settlement of the Yorkville Promissory Note
financing, and made an approximately $0.5 million non-cash share payment to settle the deferred fee liability payable to Yorkville in
terms of the SEPA. In May 2024 the Company entered into the Amended Repayment Agreement which extended the maturity date on the convertible
notes to September 25, 2024, and pursuant to which the Company made a cash payment of $0.8 million in partial settlement of the Yorkville
Promissory Notes. These stock issuances described herein do not represent sources of new capital, rather the issuances were made to settle
existing liabilities in lieu of cash payments, as described above. Banzai has historically used debt financing proceeds principally to
fund operations. On May 22, 2024, Banzai entered into a securities purchase agreement with accredited investors, providing for the issuance
and sale of Common Stock, Pre-Funded Warrants, and Common Warrants in a registered direct offering. The aggregate gross proceeds to the
Company from the May 2024 Offering were approximately $2.5 million.
Banzai’s
intends to seek additional funding through the SEPA arrangement and other equity financings in 2024. If Banzai is unable to raise such
funding, Banzai will have to pursue an alternative course of action to seek additional capital through other debt and equity financing.
If
Banzai is unable to raise sufficient additional capital, through future debt or equity financings or through strategic and collaborative
ventures with third parties, Banzai will not have sufficient cash flows and liquidity to fund its planned business for 12 months from
the issuance of these financial statements. There can be no assurances that Banzai will be able to secure alternate forms of financing
at terms that are acceptable to management. In that event, Banzai might be forced to limit many of its business plans and consider other
means of creating value for its stockholders. Based on the factors described above, and after considering management’s plans, there
is substantial doubt about Banzai’s ability to continue as a going concern within one year from the date the financial statements
were available to be issued. The accompanying condensed consolidated financial statements have been prepared assuming Banzai will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course
of business.
Cash
flows for the six months ended June 30, 2024 and 2023
The
following table sets forth Banzai’s cash flows for the six months ended June 30, 2024 and 2023:
| |
Six Months Ended June 30, | | |
Six Months Ended June 30, | | |
Period-over- | | |
Period-over- | |
($ in Thousands) | |
2024 | | |
2023 | | |
Period $ | | |
Period % | |
Net loss | |
$ | (8,665 | ) | |
$ | (7,251 | ) | |
$ | (1,414 | ) | |
| 19.5 | % |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| 4,853 | | |
| 3,205 | | |
| 1,648 | | |
| 51.4 | % |
Net cash used in operating activities | |
| (3,813 | ) | |
| (4,047 | ) | |
| 234 | | |
| -5.8 | % |
Net cash provided by financing activities | |
| 2,191 | | |
| 3,446 | | |
| (1,255 | ) | |
| -36.4 | % |
Net increase / (decrease) in cash | |
$ | (1,622 | ) | |
$ | (600 | ) | |
$ | (1,022 | ) | |
| 170.3 | % |
Cash
Flows for the six months ended June 30, 2024
Net
cash used in operating activities was approximately $3.8 million for the six months ended June 30, 2024. Net cash used in operating activities
consists of net loss of approximately $8.7 million, offset by total adjustments of approximately $4.9 million for non-cash items and
the effect of changes in working capital. Non-cash adjustments included non-cash settlement of the GEM commitment fee of approximately
$0.2 million, non-cash share issuance for marketing expenses of approximately $0.2 million, non-cash share issuance for Yorkville redemption
premium of approximately $0.1 million, stock-based compensation expense of approximately $0.7 million, gain on extinguishment of liability
of approximately $0.5 million, non-cash interest expense of approximately $0.8 million (approximately $0.18 million for related party),
amortization of debt discount and issuance costs of approximately $0.9 million (approximately $0.8 million for related party), amortization
of operating lease ROU assets of approximately $0.09 million, fair value adjustment for warrant liabilities gain of approximately $0.9
million (gain of approximately $0.3 million for related party), fair value adjustment of convertible promissory notes of approximately
$0.6 million, and net of change in operating assets and liabilities of approximately $2.7 million.
There
were no net cash investing activities for the six months ended June 30, 2024.
Net
cash provided by financing activities was approximately $2.2 million for the six months ended June 30, 2024, and was primarily related
to proceeds from convertible debt financing of approximately $2.3 million, net proceeds from issuance of common stock of approximately
$1.9 million, repayment of Yorkville convertible notes of approximately $0.8 million, and payment of the GEM commitment fee of approximately
$1.2 million.
Cash
Flows for the six months ended June 30, 2023
Net
cash used in operating activities was approximately $4.0 million for the six months ended June 30, 2023. Net cash used in operating activities
consists of net loss of approximately $7.3 million, total adjustments of approximately $3.2 million for non-cash items and the effect
of changes in working capital. Non-cash adjustments include stock-based compensation expense of approximately $0.6 million, non-cash
interest expense of approximately $0.7 million (approximately $0.21 million for related party), amortization of debt discount and issuance
costs of approximately $1.0 million (approximately $0.7 million for related party), amortization of operating lease ROU assets of approximately
$0.09 million, fair value adjustments to simple agreement for future equity of approximately $1.3 million (approximately $1.2 million
for related party), fair value adjustments to bifurcated embedded derivative liabilities of approximately $0.5 million (approximately
$0.3 million for related party), and net of change in operating assets and liabilities of approximately $0.1 million.
There
were no net cash investing activities for the six months ended June 30, 2023.
Net
cash provided by financing activities was approximately $3.4 million for the six months ended June 30, 2023, and was primarily related
to proceeds from the issuance of convertible note, net of issuance costs of approximately $3.4 million (approximately $2.6 million for
related party).
Capital
Expenditure Commitments and Financing Requirements
($ in Thousands) | |
Total | | |
Less than 1 year | | |
1 - 3 Years | |
Debt principal - 14% CB PF convertible notes | |
$ | 1,821 | | |
$ | 1,821 | | |
$ | — | |
Debt principal - 14% CB PF term notes | |
| 6,500 | | |
| 6,500 | | |
| — | |
Debt principal - 8% Alco promissory notes | |
| 4,400 | | |
| 4,400 | | |
| — | |
Debt principal - Yorkville Convertible promissory note | |
| 1,950 | | |
| 1,950 | | |
| — | |
Debt principal - GEM promissory note | |
| 600 | | |
| 600 | | |
| — | |
Interest on debt | |
| 3,233 | | |
| 3,233 | | |
| — | |
Operating leases | |
| 83 | | |
| 83 | | |
| — | |
Total capital expenditure commitments and financing requirements at June 30, 2024 | |
$ | 18,587 | | |
$ | 18,587 | | |
$ | — | |
Debt
principal - 14% CB PF convertible and term notes
On
February 19, 2021, the Company entered into a loan agreement with CP BF Lending, LLC (“CP BF”) for $8,000,000 (the “Loan
Agreement”). The Loan Agreement was comprised of a Term Note for $6,500,000 and a Convertible Note for $1,500,000, with the option
upon the request of the Company for Additional Loan (“Additional Loan”) principal amount of up to $7,000,000, evidenced by
additional notes with 81.25% of the principal amount of such Additional Loan being evidenced by a Term Note, and 18.75% of the principal
amount of such an Additional Loan being evidenced by a Convertible Note. The Term Note bears cash interest at a rate of 14% per annum
paid monthly and accrued interest payable-in-kind (“PIK”) cumulatively at 1.5% per annum. The outstanding principal balance
of the Term Note together with accrued and unpaid interest thereon, unpaid fees and expenses and any other Obligations then due, shall
be paid on February 19, 2025 (“Loan Maturity Date”). The Convertible Note accrues PIK interest cumulatively at a rate of
15.5% per annum, and is convertible into Class A Common Stock upon Qualified Financing (as defined in the agreement), upon a Change of
Control (as defined in the agreement), upon Prepayment, or at Maturity at a fixed conversion price. If not sooner converted or prepaid,
the Convertible Note principal together with accrued and unpaid interest thereon, unpaid fees and expenses and any other Obligations
then due, shall be paid on the Loan Maturity Date. Upon the occurrence, and during the continuance, of an Event of Default (as defined
in the agreement), interest on the Term Note will bear cash interest at a per annum rate of 20% (“Default Rate”) and no PIK
interest shall accrue at any time during an Event of Default and the Convertible Note will bear PIK Interest at a per annum at the Default
Rate.
Additionally,
the Company may voluntarily prepay the Principal of the Loans, in accordance with their terms, in whole or in part at any time. On the
date of any such prepayment, the Company will owe to Lender: (i) all accrued and unpaid Cash Interest with respect to the principal amount
so prepaid through the date the prepayment is made; (ii) if such prepayment is prior to the twelve-month anniversary of the Closing Date,
all unpaid interest (including for the avoidance of doubt, PIK Interest and Cash Interest) with respect to the principal amount so prepaid
that would have been due and payable on or prior to the twelve-month anniversary of the Closing Date had the Loans remained outstanding
until such twelve-month anniversary date (the “Yield Maintenance Premium”); (iii) the Exit Fee with respect to the principal
amount so prepaid, calculated as 1.0% of the outstanding principal balance of the Loans, with only the portion of the principal balance
so converted counted for purposes of determining the applicable Exit Fee; and provided further, that, in the event of a partial prepayment
of the Loans, the Exit Fee shall be calculated on the principal amount so repaid and not on the entire outstanding principal balance
thereof, and (iv) all other Obligations, if any, that shall have become due and payable hereunder with respect to the principal amount
so prepaid.
The
Loan Agreement contains customary covenants, including restrictions on the Company’s ability to incur indebtedness, grant liens
or security interest on assets, make acquisitions, loans, advances or investments, or sell or otherwise transfer assets, among others.
The Loan Agreement also contains other financial covenants related to minimum gross profit margin, minimum ARR (Annual Recurring Revenue)
growth rate, and fixed charge ratio, among other financial covenants per the terms of the Loan Agreement. The Loan Agreement is secured
by a first-priority Lien (subject to Permitted Liens) on and security interest in the Collateral pursuant to the terms of the Collateral
Documents. The Loan Agreement named Joseph Davy, CEO, as Guarantor, and per the term of the Loan Agreement, he is willing to guarantee
the full payment, performance and collection of all of the Credit Parties’ obligations thereunder and under the Loan Agreement,
all as further set forth therein.
For
all respective periods presented, the Company was not in compliance with the Minimum Gross Profit Margin covenant in section 7.14.1 of
the Loan Agreement, the Minimum ARR Growth covenant in section 7.14.2 of the Loan Agreement, and the Fixed Charge Coverage Ratio covenant
in section 7.14.3 of the Loan Agreement. As a result of the Company’s noncompliance with the financial covenants, the entire principal
amount and all unpaid and accrued interest will be classified as current on the Company’s consolidated balance sheets.
Upon
the occurrence of an Event of Default, and at any time thereafter unless and until such Event of Default has been waived by CP BF or
cured to the satisfaction of Lender, subject to the exercise of customary commercial underwriting standards in determining such satisfaction,
Lender may, without notice or demand to the Credit Parties declare the unpaid principal of and any accrued interest shall be immediately
due and payable. While the Company and the Lender are engaged in good faith discussions to resolve these matters, no agreement to resolve
such matters has been reached and all of the Loans remain in default for the reasons stated above, and the Lender is not presently exercising
remedies, which the Lender reserves the right to so do at any time.
On
October 10, 2022 the Loan Agreement was amended, where CP BF waived payment by the Company of four months of cash interest with respect
to the Term Note in replacement for a Convertible Note (“First Amendment Convertible Note”) in the principal amount of $321,345,
which is not considered an Additional Loan as defined above. The First Amendment Convertible Note has the same features as the Convertible
Note described above.
Modification
of Term and Convertible Notes (CP BF)
On
August 24, 2023, the Company entered into a forbearance agreement (the “Forbearance Agreement”) with CP BF Lending. Under
the terms of this Forbearance Agreement, and as a result of the Company’s non-compliance with certain covenants of its Loan Agreement
with CP BF, CP BF agreed to (i) amend certain provisions of the Loan Agreement to clarify the treatment of the Merger with 7GC under
the Loan Agreement, (ii) consent to the consummation of the Merger Agreement with 7GC and (iii) forbear from exercising any of its rights
and remedies under the Loan Agreement with the Company from the effective date of the Forbearance Agreement until the earlier of (a)
the four-month anniversary of the closing of the Merger if the Merger is closed on or prior to December 29, 2023, (b) December 29, 2023
if the Merger is not consummated on or prior to December 29, 2023 or (c) the date on which any Termination Event (as defined within the
Forbearance Agreement) shall have occurred. In connection with the Forbearance Agreement, CP BF and the Company also agreed to amend
and restate CP BF’s existing convertible promissory notes (the “A&R CP BF Notes”) so that they may remain outstanding
following the closing of the Merger and, at CP BF’s option, be convertible into Class A shares of the combined company.
On
December 14, 2023, the Company entered into the First Amendment to the Forbearance Agreement with the Lender. In particular, the Company
agreed to pay the Lender an amount in cash equal to $23,748 (the “Amendment Fee”) on the execution date to extend the forbearance
period from the four-month anniversary of the closing of the Merger to the six-month anniversary of the closing of the Merger. This amendment
was deemed to be a debt modification in accordance with ASC 470, Debt, which will be accounted for prospectively. Modification does not
result in recognition of a gain or loss in the consolidated statement of operations but does impact interest expense recognized in the
future.
Debt
principal - 8% Alco promissory notes
On
August 30, 2023, the Company issued a subordinate promissory note (“Alco August Promissory Note”) in the aggregate principal
amount of $150,000 to Alco Investment Company, a related party. Alco held its ownership of over 10% of the issued equity of the Company,
through its ownership of Series A preferred stock. The Alco August Promissory Note bears interest at a rate of 8% per annum. The outstanding
principal and accrued interest are due and payable on August 29, 2024, as extended. The Company recorded a $3,711 debt discount upon
issuance of the Alco August Promissory Note. For the six months ended June 30, 2024, interest expense on the Alco August Promissory Note
totaled $8,357, comprised of $5,983 of contractual accrued interest and $2,374 for the amortization of the discount. As of June 30, 2024
and December 31, 2023, $150,000 of principal and $10,027 and $4,044, respectively, of accrued interest is outstanding under the Alco
August Promissory Note.
On
September 13, 2023, the Company issued a subordinate promissory note (“Alco September Promissory Note”) in the aggregate
principal amount of up to $1,500,000 to Alco Investment Company, a related party. The Alco September Promissory Note bears interest at
a rate of 8% per annum. The outstanding principal and accrued interest are due and payable on September 30, 2024. The Company recorded
$8,588 of debt issuance costs and a $638,808 debt discount upon issuance of the Alco September Promissory Note, relating to the share
transfer agreements, see below. For the six months ended June 30, 2024, interest expense on the Alco September Promissory Note totaled
$187,498, comprised of $59,836 of contractual accrued interest and $127,662 for the amortization of the discount. As of June 30, 2024
and December 31, 2023, $1,500,000 of principal and $90,411 and $30,575, respectively, of accrued interest is outstanding under the Alco
September Promissory Note.
On
November 16, 2023, the Company issued a subordinate promissory note (“Alco November Promissory Note”) in the aggregate principal
amount of up to $750,000 to Alco Investment Company, a related party. The Alco November Promissory Note bears interest at a rate of 8%
per annum. The outstanding principal and accrued interest are due and payable on August 29, 2024, as extended. The Company recorded a
$363,905 debt discount upon issuance of the Alco November Promissory Note relating to the share transfer agreements, see below. For the
six months ended June 30, 2024, interest expense on the Alco November Promissory Note totaled $217,249, comprised of $29,918 of contractual
accrued interest and $187,331 for the amortization of the discount. As of June 30, 2024 and December 31, 2023, $750,000 of principal
and $37,315 and $7,397, respectively, of accrued interest is outstanding under the Alco November Promissory Note.
On
December 13, 2023, the Company issued a subordinate promissory note (“Alco December Promissory Note”) in the aggregate principal
amount of up to $2,000,000 to Alco Investment Company, a related party. The Alco December Promissory Note bears interest at a rate of
8% per annum. The outstanding principal and accrued interest are due and payable on December 31, 2024. The Company recorded a $1,496,252
debt discount upon issuance of the Alco December Promissory Note, relating to the share transfer agreements, see below. For the six months
ended June 30, 2024, interest expense on the Alco December Promissory Note totaled $549,883, comprised of $79,780 of contractual accrued
interest and $470,103 for the amortization of the discount. As of June 30, 2024 and December 31, 2023, $2,000,000 of principal and $87,670
and $7,890, respectively, of accrued interest is outstanding under the Alco December Promissory Note.
In
connection with the issuances of the Alco September, November, and December Promissory Notes, the Company, 7GC and the Sponsor entered
into share transfer agreements (the “Alco Share Transfer Agreements”) with Alco Investment Company. Pursuant to which for
each $10.00 in principal borrowed under the Alco September and November Promissory Notes, the Sponsor agreed to forfeit one share of
7GC Class B Common Stock held by the Sponsor, in exchange for the right of Alco to receive one New Banzai Class A Share. For each $10.00
in principal borrowed under the December Note, the Sponsor agreed to forfeit three shares of 7GC Class B Common Stock held by the Sponsor,
in exchange for the right of Alco to receive three New Banzai Class A Shares. Such forfeited and issued shares under the Alco September,
November, and December Promissory Notes are capped at an amount equal to 150,000, 75,000, and 600,000, respectively. Pursuant to the
Alco Share Transfer Agreements, the shares are subject to an 180-day lock-up period upon issuance of the shares.
Debt
principal - 7GC Convertible promissory note
The
Company assumed two promissory notes in connection with the Merger which remained outstanding as of June 30, 2024. The promissory notes
were issued on December 21, 2022 for a principal amount of $2,300,000 (“December 2022 7GC Note”) and on October 3, 2023 for
a principal amount of $250,000 (“October 2023 7G Note, together with the December 2022 7GC Note, the “7GC Promissory Notes”).
The 7GC Promissory Notes were issued to the Sponsor, 7GC & Co. Holdings LLC. The 7GC Promissory Notes do not bear interest and were
repayable in full upon the earlier of the consummation of a business combination or the date the Company liquidates the trust account
(the “Trust Account”) established in connection with the Company’s initial public offering (the “IPO”)
upon the failure of the Company to consummate a business combination within the requisite time period. Under the original terms of the
7GC Promissory Notes, the Sponsor has the option, but not the obligation, to convert the principal balance of the Note, in whole or in
part, into that number of shares of Class A common stock, $0.0001 par value per share, of the Company equal to the principal
amount of the Note so converted divided by $10.00.
Modification
of Promissory Notes - 7GC
On
December 12, 2023, in connection with the Merger, the Sponsor came to a non-binding agreement (“First Amendment”) with the
Company to amend the optional conversion provision of the 7GC Promissory Notes. The First Amendment provided that the holder has the
right to elect to convert up to the full amount of the principal balance of the 7GC Promissory Notes, in whole or in part, 30 days after
the closing of the Merger (the “Closing”) at a conversion price equal to the average daily VWAP of the Class A Common Stock
for the 30 trading days following the Closing. This amendment was deemed to be a debt modification in accordance with ASC 470, Debt,
which will be accounted for prospectively. Modification does not result in recognition of a gain or loss in the consolidated statement
of operations but does impact interest expense recognized in the future. Pursuant to ASC 470, if the modification or exchange of a convertible
debt instrument is not accounted for as an extinguishment, the accounting for the change in the fair value of the embedded conversion
option which increases the value of the embedded conversion option (calculated as the difference between the fair value of the embedded
conversion option immediately before and after the modification or exchange) is recorded as a reduction to the carrying amount of the
7GC Promissory Notes with a corresponding increase to additional paid in capital. The 7GC Promissory Notes were converted in full and
subsequently cancelled on March 6, 2024.
Debt
principal - Yorkville Convertible promissory note
On
December 14, 2023, in connection with and pursuant to the terms of its Standby Equity Purchase Agreement (“SEPA”) with YA
II PN, LTD, a Cayman Islands exempt limited partnership managed by Yorkville Advisors Global, LP (“Yorkville”), (refer to
Note 15 - Equity for further details), Yorkville agreed to advance to the Company, in exchange for convertible promissory notes,
an aggregate principal amount of up to $3,500,000, $2,000,000 of which was funded at the Closing in exchange for the issuance by the
Company of a Convertible Promissory Note (the “December Yorkville Convertible Note”). The Company received net proceeds of
$1,800,000 after a non-cash original issue discount of $200,000.
On
February 5, 2024, the Company and Yorkville entered into a supplemental agreement (the “SEPA Supplemental Agreement”) to
increase the amount of convertible promissory notes allowed to be issued under SEPA by $1,000,000 (the “Additional Pre-Paid Advance
Amount”), for an aggregate principal amount of $4,500,000 to be advanced by Yorkville to the Company in the form of convertible
promissory notes. On February 5, 2024 in exchange for a promissory note in the principal amount of $1,000,000 (the “February Yorkville
Promissory Note”), with the same terms as the December Yorkville Convertible Note, the Company received net proceeds of $900,000
after a non-cash original issue discount of $100,000.
On
March 26, 2024, the Company, in exchange for a convertible promissory note with a principal amount of $1,500,000 (the “March Yorkville
Promissory Note”, together with the December Yorkville Convertible Note and February Yorkville Promissory Note (the” Yorkville
Promissory Notes”), received net proceeds of $1,250,000 after a non-cash original issue discount of $250,000 from Yorkville.
On
May 3, 2024, the Company and Yorkville entered into a Debt Repayment Agreement (the “Original Debt Repayment Agreement”)
with respect to the Yorkville Promissory Notes. Under the Original Debt Repayment Agreement, Yorkville agreed that, upon completion of
a Company registered offering and repayment of an aggregate $2,000,000 outstanding under the Yorkville Promissory Notes (the “Original
Repayment Amount”), Yorkville would not deliver to the Company any Investor Notice (as defined in the SEPA) and would not exercise
its right to convert the remainder of the amount outstanding under the Promissory Notes for a period commencing on the date of the closing
of the offering and ending on the date that is 90 days thereafter. Under the Original Debt Repayment Agreement, the Company and Yorkville
also agreed to extend the maturity date of the Promissory Notes to the date that is 120 days after the closing of the offering and to
satisfy the $200,000 payment premium due in connection with an early redemption through the issuance of an Advance Notice (as defined
in the SEPA) for shares of the Company’s Class A common stock, par value $0.0001 per share. The Debt Repayment Agreement was conditioned
on the completion of the offering by June 2, 2024.
On
May 22, 2024, the Company and Yorkville entered into an Amended and Restated Debt Repayment Agreement (the “Amended Debt Repayment
Agreement”) with respect to the Yorkville Promissory Notes, which amends and restates the Original Debt Repayment Agreement. Under
the Amended Debt Repayment Agreement, Yorkville has agreed that, upon completion of a registered offering and repayment of an aggregate
$750,000 outstanding under the Yorkville Promissory Notes (the “Amended Repayment Amount”), Yorkville will not deliver to
the Company any Investor Notice (as defined in the SEPA) and will not exercise its right to convert the remainder of the amount outstanding
under the Promissory Notes for a period commencing on the date of the closing of the offering and ending on the date that is 90 days
thereafter (the “Stand-still Period”); provided that the Company will seek any consents necessary to allow Yorkville to issue
Investor Notices or exercise its right to convert the remainder of the amount outstanding under the Promissory Notes after a period of
60 days following the closing of the offering. Under the Amended Debt Repayment Agreement, the Company and Yorkville also agreed to extend
the maturity date of the Promissory Notes to the date that is 120 days after the closing of the offering and to satisfy the $75,000 payment
premium due in connection with an early redemption through the issuance of an Advance Notice for shares of Class A Common Stock (the
“Q2 Prepayment Premium”). The Amended Debt Repayment Agreement was conditioned on the completion of the offering by May 29,
2024, which condition was satisfied upon the closing of the offering on May 28, 2024 (the “May 2024 Offering”).
Pursuant
to the terms of the Amended Repayment Agreement, the Company made a cash principal payment of $750,000 on May 31, 2024 (the “Repayment
Date”), and issued an Advance Notice for the purchase of 600,000 shares of Class A Common Stock (the “Premium Advance Shares”)
(representing the number of shares the Company reasonably believed would be sufficient to result in net proceeds of $75,000 as of the
Repayment Date) (the “Premium Advance”). The total purchase price for the Premium Advance was $110,040, of which $75,000
was applied in satisfaction of the Payment Premium, and the remaining $35,040 was paid by Yorkville to the Company in cash (the “Cash
Surplus”). The Premium Advance Shares were recorded at fair value totaling $115,800 on the Repayment Date, and the excess of fair
value over the Cash Surplus was recorded to the consolidated statement of operations in line Yorkville prepayment premium expense.
..
The
Yorkville Convertible Notes have a maturity date of June 14, 2024, and accrue interest at 0% per annum, subject to an increase to 18%
per annum upon events of default as defined in the agreement. As of June 30, 2024, no events of default have occurred.
Yorkville
has the right to convert any portion of the outstanding principal into shares of Class A common stock at any time. The number of shares
issuable upon conversion is equal to the amount of principal to be converted (as specified by Yorkville) divided by the Conversion Price
(as defined in the Standby Equity Purchase Agreement disclosure in Note 15). Yorkville will not have the right to convert any portion
of the principal to the extent that after giving effect to such conversion, Yorkville would beneficially own in excess of 9.99% of the
total number of shares of Class A common stock outstanding after giving effect to such conversion.
Additionally,
the Company, at its option, shall have the right, but not the obligation, to redeem early a portion or all amounts outstanding under
the Promissory Notes at a redemption amount equal to the outstanding principal balance being repaid or redeemed, plus a 10% prepayment
premium, plus all accrued and unpaid interest; provided that (i) the Company provides Yorkville with no less than ten trading days’
prior written notice thereof and (ii) on the date such notice is issued, the VWAP of the Class A common stock is less than the Fixed
Price.
Upon
the occurrence of certain triggering events, as defined in the Yorkville Convertible Notes agreement (each an “Amortization Event”),
the Company may be required to make monthly repayments of amounts outstanding under the Yorkville Convertible Notes, with each monthly
repayment to be in an amount equal to the sum of (x) $1,000,000, plus (y) 10% in respect of such amount, and (z) all outstanding accrued
and unpaid interest as of each payment date.
During
the six months ended June 30, 2024, $800,000 of principal under the December Yorkville Convertible Note was converted into 1,797,019
shares of Class A Common stock of the Company and the full principal amount of $1,000,000 under the February Yorkville Convertible Note
was converted into 1,445,524 Class A Common stock of the Company.
As
of June 30, 2024 and December 31, 2023, the principal amount outstanding under the Yorkville Convertible Notes was $1,950,000 and $2,000,000,
respectively. During the six months ended June 30, 2024, the Company recorded interest expense of $80,760 in connection with the Yorkville
Convertible Notes.
Debt
principal - GEM Promissory Note
On
February 5, 2024, the Company and GEM entered into a settlement agreement (the “GEM Settlement Agreement”), pursuant to which
(a) the Company and GEM agreed to (i) settle the Company’s obligations under and terminate the binding term sheet entered into
between Legacy Banzai and GEM, dated December 13, 2023, and (ii) terminate the share repurchase agreement, dated May 27, 2022, by and
among the Company and GEM, and (b) the Company (i) agreed to pay GEM $1.2 million in cash within three business days of the GEM Settlement
Agreement and (ii) issued to GEM, on February 5, 2024, an unsecured promissory zero coupon note in the amount of $1.0 million, payable
in monthly installments of $100,000 beginning on March 1, 2024, with the final payment to be made on December 1, 2024 (the “GEM
Promissory Note”). The Company paid GEM the $1.2 million in cash in February 2024.
The
GEM Promissory Note provides that, in the event the Company fails to make a required monthly payment when due, the Company shall issue
to GEM a number of shares of Class A Common Stock equal to the monthly payment amount divided by the VWAP of the Class A Common Stock
for the trading day immediately preceding the applicable payment due date. In addition, the Company agreed to register on a registration
statement 2,000,000 shares of Class A Common Stock that may be issuable under the terms of the GEM Promissory Note. The GEM Promissory
Note contains customary events of default. If an event of default occurs, GEM may, at its option, demand from the Company immediate payment
of any outstanding balance under the GEM Promissory Note.
As
of June 30, 2024, the Company has issued an aggregate of 1,045,118 shares of Class A Common Stock to GEM in lieu of monthly payment obligations
and the remaining balance of the GEM Promissory Note as of June 30, 2024 is $600,000.
Interest
on Debt
Interest
on debt totals $3.2 million for the six months ended June 30, 2024, representing the aggregate interest expenses / payments obligation
to be paid and to be recognized during the rest of the terms of the Loan Agreements and Senior Convertible Notes, described above.
Operating
Leases
Banzai
has an operating lease for its real estate for office use. The lease term expires in October 2024. Banzai adopted ASC 842 Leases by applying
the guidance at adoption date, January 1, 2022. The $81,708 balance recognized as of June 30, 2024 represents the future minimum lease
payments under non-cancellable leases as liabilities.
Debt
Structure and Maturity Profile
($ in Thousands) | |
Principal | | |
Debt Discount / Issuance Cost | | |
Carrying Value | | |
Accrued Interest | | |
Carrying Value and Accrued Interest | |
As of June 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | |
Debt principal - 14% CB PF term notes | |
$ | 6,500 | | |
$ | (76 | ) | |
$ | 6,424 | | |
$ | 665 | | |
$ | 7,089 | |
Debt principal - 8% Alco promissory notes | |
| 4,400 | | |
| (1,157 | ) | |
| 3,243 | | |
| 225 | | |
| 3,468 | |
Debt principal - Yorkville Convertible promissory note | |
| 1,950 | | |
| 13 | | |
| 1,963 | | |
| — | | |
| 1,963 | |
Debt principal - 14% CB PF convertible notes | |
| 1,821 | | |
| (27 | ) | |
| 1,794 | | |
| 1,136 | | |
| 2,930 | |
Debt principal - GEM promissory note | |
| 600 | | |
| — | | |
| 600 | | |
| — | | |
| 600 | |
Total debt carrying values at June 30, 2024 | |
$ | 15,271 | | |
$ | (1,247 | ) | |
$ | 14,024 | | |
$ | 2,026 | | |
$ | 16,050 | |
The
Yorkville Convertible promissory note is presented at its fair value on the condensed consolidated balance sheets.
Contractual
Obligations and Commitments
Revenue
Under
ASC 606, revenue is recognized throughout the life of the executed agreement. Banzai measures revenue based on considerations specified
in terms and conditions agreed to by a customer. Furthermore, Banzai recognizes revenue in an amount that reflects the consideration
we expect to be entitled to in exchange for those services. The performance obligation is satisfied by transferring control of the service
to the customer, which occurs over time.
Leases
Banzai’s
existing leases contain escalation clauses and renewal options. Banzai is not reasonably certain that renewal options will be exercised
upon expiration of the initial terms of its existing leases. Prior to adoption of ASU 2016-02 effective January 1, 2022, Banzai accounted
for operating lease transactions by recording lease expense on a straight-line basis over the expected term of the lease.
Banzai
entered into a sublease which it had identified as an operating lease prior to the adoption of ASC 842 Leases. Banzai remains the primary
obligor to the head lease lessor, making rental payments directly to the lessor and separately billing the sublessee. The sublease is
subordinated to the master lease, and the sublessee must comply with all applicable terms of the master lease. Banzai subleased the real
estate to a third-party at a monthly rental payment amount that was less than the monthly cost that it pays on the headlease with the
lessor.
Deferred
underwriting fees
On
December 28, 2023, the Company and Cantor amended the Fee Reduction Agreement to provide that the Reduced Deferred Fee was payable in
the form of 1,113,927 shares of Class A Common Stock and to provide that Cantor is subject to a 12-month lock-up with respect to the
Cantor Fee Shares. On December 28, 2023, the Company issued the Cantor Fee Shares to Cantor, covering the Reduced Deferred Fee in accordance
with the Fee Reduction Agreement. The fair value of the 1,113,927 shares of Class A Common Stock was determined to be $2,450,639 on December
28, 2023 based on the Company’s opening stock price of $2.20. Although the Company issued the Cantor Fee Shares, as of June 30,
2024, the Company has not satisfied its Cantor Registration Rights Obligations. As such, the Company cannot conclude that it has settled
its outstanding obligations to Cantor. Therefore, neither criteria under ASC 405 for extinguishment and derecognition of the liability
were satisfied and the $4,000,000 Reduced Deferred Fee remained outstanding as a current liability on the Company’s June 30, 2024
balance sheet.
GEM
commitment fee liability
In
May 2022, the Company entered into a Share Purchase Agreement with GEM Global Yield LLC SCS and GEM Yield Bahamas Limited (collectively,
“GEM”) (the “GEM Agreement”) pursuant to which, among other things, upon the terms and subject to the conditions
of the GEM Agreement, GEM is to purchase from the Company (or its successor following a Reverse Merger Transaction (as defined in the
GEM Agreement)) up to the number of duly authorized, validly issued, fully paid and non-assessable shares of common stock having an aggregate
value of $100,000,000 (the “GEM Financing”). Further, in terms of the GEM Agreement, on the Public Listing Date, the Company
was required to make and execute a warrant (“GEM Warrant”) granting GEM the right to purchase up to the number of common
shares of the Company that would be equal to 3% of the total equity interests, calculated on a fully diluted basis, and at an exercise
price per share equal to the lesser of (i) the public offering price or closing bid price on the date of public listing or (ii) the quotient
obtained by dividing $650 million by the total number of equity interests.
On
December 13, 2023, the Company and GEM entered into a binding term sheet (the “GEM Term Sheet”) and, on December 14, 2023,
a letter agreement (the “GEM Letter”), agreeing to terminate in its entirety the GEM Agreement by and between the Company
and GEM, other than with respect to the Company’s obligation (as the post-combination company in the Merger) to issue the GEM Warrant
granting the right to purchase Class A Common Stock in an amount equal to 3% of the total number of equity interests outstanding as of
the Closing, calculated on a fully diluted basis, at an exercise price on the terms and conditions set forth therein, in exchange for
issuance of a $2.0 million convertible debenture with a five-year maturity and 0% coupon. Due to the determination of the final terms
of the planned $2.0 million convertible debenture having not been finalized, nor the final agreement related to the convertible debenture
having been executed, as of June 30, 2024, the Company recognized, concurrent with the close of the merger, a liability for the GEM commitment
fee, along with a corresponding GEM commitment fee expense, in the amount of $2.0 million.
On
February 5, 2024, the Company and GEM entered into a settlement agreement (the “GEM Settlement Agreement”), pursuant to which
(a) the Company and GEM agreed to (i) settle the Company’s obligations under and terminate the binding term sheet entered into
between Legacy Banzai and GEM, dated December 13, 2023, and (ii) terminate the share repurchase agreement, dated May 27, 2022, by and
among the Company and GEM, and (b) the Company (i) agreed to pay GEM $1.2 million in cash within three business days of the GEM Settlement
Agreement and (ii) issued to GEM, on February 5, 2024, an unsecured promissory note in the amount of $1.0 million, payable in monthly
installments of $100,000 beginning on March 1, 2024, with the final payment to be made on December 1, 2024 (the “GEM Promissory
Note”).
The
GEM Promissory Note provides that, in the event the Company fails to make a required monthly payment when due, the Company shall issue
to GEM a number of shares of Class A Common Stock equal to the monthly payment amount divided by the VWAP of the Class A Common Stock
for the trading day immediately preceding the applicable payment due date. In addition, the Company agreed to register on a registration
statement 2,000,000 shares of Class A Common Stock that may be issuable under the terms of the GEM Promissory Note. The GEM Promissory
Note contains customary events of default. If an event of default occurs, GEM may, at its option, demand from the Company immediate payment
of any outstanding balance under the GEM Promissory Note. As of the date of these unaudited condensed consolidated interim financial
statements, we have issued an aggregate of 5,529,457 shares of Class A Common Stock to GEM in lieu of monthly payment obligations.
Off-Balance
Sheet Arrangements
Banzai
had no off-balance sheet arrangements as of June 30, 2024.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
This
item is not applicable as we are a smaller reporting company.
Item
4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures
Under
the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have
evaluated the effectiveness of the design and operation of our “disclosure controls and procedures,” as such term is defined
in Rule 13a-15(e) or Rule 15d-15(e) promulgated under the Exchange Act as of the end of the period covered by this report. Based upon
that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were
not effective as of June 30, 2024 to provide reasonable assurance that material information required to be disclosed by us in reports
that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC
rules and forms due to the material weaknesses in our IT General Controls, adherence to the COSO Integrated Framework, and period end
financial close and reporting process as described in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with
the SEC on April 1, 2024 (the “2023 10-K”).
We
are committed to the remediation of the material weaknesses as well as the continued improvement of our internal control over financial
reporting. We are in the process of taking steps to remediate the identified material weaknesses and continue to evaluate our internal
controls over financial reporting, as disclosed in the 2023 10-K.
As
we continue our evaluation and improve our internal control over financial reporting, management may identify and take additional measures
to address control deficiencies. We cannot assure you that we will be successful in remediating the material weaknesses in a timely manner.
Changes
in Internal Control over Financial Reporting
Other
than the changes noted above regarding our steps to remediate our material weaknesses, there were no changes in our internal control
over financial reporting (as the term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the six months ended
June 30, 2024 that have materially affected, or is reasonably likely to materially affect, the Company’s internal control over
financial reporting.
PART
II—OTHER INFORMATION
Item
1. Legal Proceedings.
From
time to time, we may be party to litigation and subject to claims incident to the ordinary course of our business. As our growth continues,
we may become party to an increasing number of litigation matters and claims. The outcome of litigation and claims cannot be predicted
with certainty, and the resolution of these matters could materially affect our future results of operations, cash flows or financial
position. To the best of our knowledge, we are not presently party to any legal proceedings that, in the opinion of management, if determined
adversely to us, would individually or taken together have a material adverse effect on our business, operating results, financial condition
or cash flows.
Item
1A. Risk Factors.
We
are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide
the information under this item. A description of risk factors can be found in our Annual Report on Form 10-K for the year ended December
31, 2023.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
Yorkville
Promissory Notes
On
February 5, 2024, and March 26, 2024, the Company issued convertible promissory notes in the principal amount of $1.0 million and $1.5
million, respectively, to Yorkville pursuant to the SEPA. In February and March 2024, the Company issued 2,233,735 shares of Class A
common stock to Yorkville upon conversion of $1.5 million of the Yorkville Promissory Notes. In addition, on March 18, 2024, the Company
issued 710,025 shares of Class A common stock to Yorkville in satisfaction of a deferred fee payment in the amount of $500,000.
In
April and May 2024, the Company issued 1,008,808 shares of Class A common stock to Yorkville upon conversion of $0.3 million of the Yorkville
Promissory Notes. In addition, on May 31, 2024, the Company issued 600,000 shares of Class A common stock to Yorkville in satisfaction
of a prepayment premium related to an approximately $0.8 million cash principal payment made pursuant to an Amended and Restated Debt
Repayment Agreement.
The
issuance by the Company of the Yorkville Promissory Notes and the shares of Class A common stock issued to Yorkville have not been registered
under the Securities Act in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act.
GEM
Promissory Note
On
February 5, 2024, the Company issued the GEM Promissory Note in the principal amount of $1.0 million to GEM pursuant to the GEM Settlement
Agreement. On March 5, 2024, the Company issued 139,470 shares of Class A common stock to GEM as repayment of $100,000 aggregate principal
amount outstanding under the GEM Promissory Note.
On
April 1, 2024, the Company issued 162,690 shares of the Company’s Class A common stock to GEM pursuant to the Unsecured Promissory
Note, dated February 5, 2024, between the Company and GEM.
On
May 1, 2024, the Company issued 260,643 shares of the Company’s Class A common stock to GEM pursuant to the Unsecured Promissory
Note, dated February 5, 2024, between the Company and GEM.
On
June 1, 2024, the Company issued 482,315 shares of the Company’s Class A common stock to GEM pursuant to the Unsecured Promissory
Note, dated February 5, 2024, between the Company and GEM.
The
issuance by the Company of the GEM Promissory Note and the shares of Class A common stock issued to GEM have not been registered under
the Securities Act in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act.
Roth
Shares
On
February 2, 2024, the Company issued 175,000 shares of Class A common stock to Roth pursuant to the Roth Addendum as consideration for
advisory services provided by Roth in connection with the Business Combination. Such shares were issued in a transaction exempt from
registration in reliance on Section 4(a)(2) of the Securities Act.
Marketing
Agreement Shares
Effective
March 20, 2024, the Company issued to a consultant (the “Marketing Consultant”) 153,492 shares of its Class A common stock,
which shares represented $200,000 of compensation for the Marketing Consultant’s services under a marketing services agreement.
The shares were issued to the Marketing Consultant in a transaction exempt from registration in reliance on Section 4(a)(2) of the Securities
Act.
On
May 6, 2024, the Company issued 320,000 shares of the Company’s Class A common stock as compensation pursuant to a business development
and general consulting services agreement entered into in April 2024. The shares were issued to the Marketing Consultant in a transaction
exempt from registration in reliance on Section 4(a)(2) of the Securities Act.
Item
3. Defaults Upon Senior Securities.
None.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
During
the six months ended June 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement”
or “non-Rule 10b5-1 trading arrangement,” as these terms are defined in Item 408(a) of Regulation S-K.
Item
6. Exhibits.
The
following documents are included as exhibits to this Quarterly Report on Form 10-Q:
Exhibit
Number |
|
Description |
4.1 |
|
Unsecured Promissory Note, dated February 5, 2024, issued by Banzai International, Inc. to GEM Global Yield LLC SCS (incorporated by reference to Exhibit 10.4 of the Current Report on Form 8-K filed on February 8, 2024). |
4.2 |
|
Promissory Note, dated as of February 5, 2024, issued by Banzai International, Inc. to YA II PN, LTD (incorporated by reference to Exhibit 4.11 of Amendment No. 1 to the Registration Statement on Form S-1 filed on February 5, 2024). |
4.3 |
|
Promissory Note, dated as of March 26, 2024, issued by Banzai International, Inc. to YA II PN, LTD (incorporated by reference to Exhibit 4.10 to the Annual Report on Form 10-K filed on April 1, 2024). |
10.1 |
|
Supplemental Agreement, dated February 5, 2024, by and between Banzai International, Inc. and YA II PN, LTD (incorporated by reference to Exhibit 10.29 of Amendment No. 1 to the Registration Statement on Form S-1 filed on February 5, 2024). |
10.2 |
|
Settlement Agreement, dated February 5, 2024, by and between Banzai International, Inc., GEM Global Yield LLC SCS and GEM Yield Bahamas Limited (incorporated by reference to Exhibit 10.27 of Amendment No. 1 to the Registration Statement on Form S-1 filed on February 5, 2024). |
10.3 |
|
Addendum to Letter Agreements, dated February 5, 2024, by and between Banzai International, Inc. and Roth Capital Partners, LLC (incorporated by reference to Exhibit 10.30 of Amendment No. 1 to the Registration Statement on Form S-1 filed on February 5, 2024). |
10.4# |
|
Banzai International, Inc. 2023 Equity Incentive Plan (incorporated by reference to Exhibit 99.1 to the Registration Statement on Form S-8 filed on March 25, 2024). |
10.5# |
|
Banzai International, Inc. 2023 Employee Stock Purchase Plan (incorporated by reference to Exhibit 99.2 to the Registration Statement on Form S-8 filed on March 25, 2024). |
10.6 |
|
Debt Repayment Agreement, dated as of May 3, 2024, by and among the Company and Yorkville (incorporated by reference to Exhibit 99.2 of the Current Report on Form 8-K filed on May 16, 2024) |
10.7 |
|
Form of Purchase Agreement, dated May 22, 2024 (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on May 28, 2024) |
10.8 |
|
Form of Common Warrant, dated May 22, 2024 (incorporated by reference to Exhibit 10.3 of the Current Report on Form 8-K filed on May 28, 2024) |
10.9 |
|
Form of Pre-Funded Warrant, dated May 22, 2024 (incorporated by reference to Exhibit 10.4 of the Current Report on Form 8-K filed on May 28, 2024) |
10.10 |
|
Placement Agent Warrant, dated May 22, 2024 (incorporated by reference to Exhibit 10.5 of the Current Report on Form 8-K filed on May 28, 2024) |
10.11 |
|
Amended and Restated Debt Repayment Agreement, dated as of May 22, 2024, by and between the Company and Yorkville (incorporated by reference to Exhibit 99.1 of the Current Report on Form 8-K filed on May 28, 2024) |
31.1* |
|
Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2* |
|
Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1*+ |
|
Certifications of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2*+ |
|
Certifications of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS
*** |
|
Inline
XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded
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101.SCH
**** |
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*** |
|
Cover
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* |
|
Filed
herewith. |
# |
|
Indicates
management contract or compensatory plan or arrangement. |
+ |
|
In
accordance with SEC Release 33-8238, Exhibits 32.1 and 32.2 are being furnished and not filed. |
*** |
|
The
XBRL Instance Document and Cover Page Interactive Data File do not appear in the Interactive Data File because their XBRL tags are
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|
Submitted
electronically herewith. |
SIGNATURES
Pursuant
to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized, on August 14, 2024.
|
BANZAI
INTERNATIONAL, INC. |
|
|
|
Date:
August 14, 2024 |
By: |
/s/
Joseph Davy |
|
|
Joseph
Davy |
|
|
Chief
Executive Officer |
|
|
|
Date:
August 14, 2024 |
By: |
/s/
Alvin Yip |
|
|
Alvin
Yip |
|
|
Interim
Chief Financial Officer |
Exhibit
31.1
CERTIFICATION
PURSUANT TO
RULES
13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Joseph Davy, certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q for the
quarter ended June 30, 2024 of Banzai International, Inc.; |
2. |
Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrant’s other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared; |
|
(b) |
Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles; |
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and |
|
(d) |
Disclosed in this report any change in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have
disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the
audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
(a) |
All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize and report financial information; and |
|
(b) |
Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date:
August 14, 2024 |
By: |
/s/
Joseph Davy |
|
|
Joseph
Davy |
|
|
Chief
Executive Officer
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATION
PURSUANT TO
RULES
13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Alvin Yip, certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q for the
quarter ended June 30, 2024 of Banzai International, Inc.; |
2. |
Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrant’s other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared; |
|
(b) |
Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles; |
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and |
|
(d) |
Disclosed in this report any change in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have
disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the
audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
(a) |
All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize and report financial information; and |
|
(b) |
Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date:
August 14, 2024 |
By: |
/s/
Alvin Yip |
|
|
Alvin
Yip |
|
|
Interim
Chief Financial Officer
(Principal
Financial Officer
and
Principal Accounting Officer) |
Exhibit
32.1
CERTIFICATIONS
PURSUANT TO
18
U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Banzai International, Inc. (the “Company”) for the quarter ended June 30, 2024, as
filed with the Securities and Exchange Commission on or about the date hereof (the “Report”), I, Joseph Davy, Chief Executive
Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that:
|
(1) |
The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
(2) |
The information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the Company. |
Date:
August 14, 2024 |
By: |
/s/
Joseph Davy |
|
|
Joseph
Davy |
|
|
Chief
Executive Officer
(Principal
Executive Officer) |
Exhibit
32.2
CERTIFICATIONS
PURSUANT TO
18
U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Banzai International, Inc. (the “Company”) for the quarter ended June 30, 2024, as
filed with the Securities and Exchange Commission on or about the date hereof (the “Report”), I, Alvin Yip, Chief Financial
Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that:
|
(1) |
The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
(2) |
The information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the Company. |
Date:
August 14, 2024 |
By: |
/s/
Alvin Yip |
|
|
Alvin
Yip |
|
|
Interim
Chief Financial Officer
(Principal
Financial Officer
and
Principal Accounting Officer) |
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v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash |
$ 471,747
|
$ 2,093,718
|
Accounts receivable, net of allowance for credit losses of $6,713 and $5,748, respectively |
26,161
|
105,049
|
Prepaid expenses and other current assets |
1,080,936
|
741,155
|
Total current assets |
1,578,844
|
2,939,922
|
Property and equipment, net |
1,819
|
4,644
|
Goodwill |
2,171,526
|
2,171,526
|
Operating lease right-of-use assets |
46,434
|
134,013
|
Other assets |
38,381
|
38,381
|
Total assets |
3,837,004
|
5,288,486
|
Current liabilities: |
|
|
Accounts payable |
9,429,803
|
6,439,863
|
Accrued expenses and other current liabilities |
4,264,028
|
5,194,240
|
Deferred underwriting fees |
4,000,000
|
4,000,000
|
Deferred fee |
|
500,000
|
Earnout liability |
37,125
|
59,399
|
Due to related party |
67,118
|
67,118
|
GEM commitment fee liability |
|
2,000,000
|
Deferred revenue |
1,322,238
|
1,214,096
|
Operating lease liabilities, current |
81,708
|
234,043
|
Total current liabilities |
35,610,924
|
37,089,615
|
Other long-term liabilities |
75,000
|
75,000
|
Total liabilities |
35,685,924
|
37,164,615
|
Commitments and contingencies (Note 14) |
|
|
Stockholders’ deficit: |
|
|
Common stock, $0.0001 par value, 275,000,000 shares authorized and 36,944,935 and 16,019,256 issued and outstanding at June 30, 2024 and December 31, 2023, respectively |
3,695
|
1,602
|
Preferred stock, $0.0001 par value, 75,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2024 and December 31, 2023 |
|
|
Additional paid-in capital |
23,579,089
|
14,888,593
|
Accumulated deficit |
(55,431,704)
|
(46,766,324)
|
Total stockholders’ deficit |
(31,848,920)
|
(31,876,129)
|
Total liabilities and stockholders’ deficit |
3,837,004
|
5,288,486
|
Yorkville [Member] |
|
|
Current liabilities: |
|
|
Convertible notes |
2,013,000
|
1,766,000
|
Related Party [Member] |
|
|
Current liabilities: |
|
|
Convertible notes |
|
2,540,091
|
Notes payable - related party |
3,468,124
|
2,505,137
|
Warrant liability - related party |
230,000
|
575,000
|
Nonrelated Party [Member] |
|
|
Current liabilities: |
|
|
Convertible notes |
3,530,571
|
2,693,841
|
Notes payable - related party |
7,088,209
|
6,659,787
|
Warrant liability - related party |
$ 79,000
|
$ 641,000
|
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v3.24.2.u1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Allowance for credit losses |
$ 6,713
|
$ 5,748
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
275,000,000
|
275,000,000
|
Common stock, shares issued |
36,944,935
|
16,019,256
|
Common stock, shares outstanding |
36,944,935
|
16,019,256
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, par authorized |
75,000,000
|
75,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
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v3.24.2.u1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Operating income: |
|
|
|
|
Revenue |
$ 1,068,197
|
$ 1,193,321
|
$ 2,147,669
|
$ 2,370,382
|
Cost of revenue |
330,008
|
379,294
|
711,388
|
791,520
|
Gross profit |
738,189
|
814,027
|
1,436,281
|
1,578,862
|
Operating expenses: |
|
|
|
|
General and administrative expenses |
4,319,014
|
2,929,150
|
8,627,943
|
6,099,213
|
Depreciation expense |
1,261
|
1,621
|
2,825
|
4,025
|
Total operating expenses |
4,320,275
|
2,930,771
|
8,630,768
|
6,103,238
|
Operating loss |
(3,582,086)
|
(2,116,744)
|
(7,194,487)
|
(4,524,376)
|
Other expenses (income): |
|
|
|
|
GEM settlement fee expense |
|
|
200,000
|
|
Other expense (income), net |
64,145
|
(22,145)
|
60,027
|
(84,683)
|
Interest income |
|
|
(10)
|
(111)
|
Gain on extinguishment of liability |
|
|
(527,980)
|
|
Loss on debt issuance |
|
|
171,000
|
|
Change in fair value of convertible notes |
34,000
|
|
578,000
|
|
Yorkville prepayment premium expense |
80,760
|
|
80,760
|
|
Total other expenses, net |
576,398
|
1,356,837
|
1,465,202
|
2,711,050
|
Loss before income taxes |
(4,158,484)
|
(3,473,581)
|
(8,659,689)
|
(7,235,426)
|
Income tax expense |
6,624
|
12,472
|
5,691
|
15,749
|
Net loss |
$ (4,165,108)
|
$ (3,486,053)
|
$ (8,665,380)
|
$ (7,251,175)
|
Net loss per share Basic |
$ (0.15)
|
$ (0.54)
|
$ (0.39)
|
$ (1.12)
|
Net loss per share Diluted |
$ (0.15)
|
$ (0.54)
|
$ (0.39)
|
$ (1.12)
|
Weighted average common shares outstanding Basic |
27,091,830
|
6,459,626
|
22,223,722
|
6,456,378
|
Weighted average common shares outstanding Diluted |
27,091,830
|
6,459,626
|
22,223,722
|
6,456,378
|
Nonrelated Party [Member] |
|
|
|
|
Other expenses (income): |
|
|
|
|
Interest expense - related party |
$ 396,019
|
$ 521,420
|
$ 847,418
|
$ 1,059,298
|
Change in fair value of warrant liability - related party |
(154,000)
|
|
(562,000)
|
|
Change in fair value of simple agreement for future equity - related party |
|
68,582
|
|
91,443
|
Change in fair value of bifurcated embedded derivative liabilities - related party |
|
(194,643)
|
|
(162,228)
|
Related Party [Member] |
|
|
|
|
Other expenses (income): |
|
|
|
|
Interest expense - related party |
385,474
|
552,403
|
962,987
|
935,687
|
Change in fair value of warrant liability - related party |
(230,000)
|
|
(345,000)
|
|
Change in fair value of simple agreement for future equity - related party |
|
909,418
|
|
1,212,557
|
Change in fair value of bifurcated embedded derivative liabilities - related party |
|
$ (478,198)
|
|
$ (340,913)
|
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482689/260-10-45-10
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v3.24.2.u1
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)
|
Preferred Stock [Member]
Series A Preferred Stock [Member]
|
Preferred Stock [Member]
Series A Preferred Stock [Member]
Related Party [Member]
|
Preferred Stock [Member]
Series A Preferred Stock [Member]
Yorkville [Member]
|
Preferred Stock [Member]
Series A Preferred Stock [Member]
Gem [Member]
|
Common Stock [Member] |
Common Stock [Member]
Related Party [Member]
|
Common Stock [Member]
Yorkville [Member]
|
Common Stock [Member]
Gem [Member]
|
Additional Paid-in Capital [Member] |
Additional Paid-in Capital [Member]
Related Party [Member]
|
Additional Paid-in Capital [Member]
Yorkville [Member]
|
Additional Paid-in Capital [Member]
Gem [Member]
|
Retained Earnings [Member] |
Retained Earnings [Member]
Related Party [Member]
|
Retained Earnings [Member]
Yorkville [Member]
|
Retained Earnings [Member]
Gem [Member]
|
Total |
Related Party [Member] |
Yorkville [Member] |
Gem [Member] |
Balance at Dec. 31, 2022 |
|
|
|
|
$ 645
|
|
|
|
$ 8,245,359
|
|
|
|
$ (32,360,062)
|
|
|
|
$ (24,114,058)
|
|
|
|
Balance, shares at Dec. 31, 2022 |
|
|
|
|
6,445,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
402,448
|
|
|
|
|
|
|
|
402,448
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
(3,765,122)
|
|
|
|
(3,765,122)
|
|
|
|
Exercise of stock options |
|
|
|
|
$ 1
|
|
|
|
5,542
|
|
|
|
|
|
|
|
5,543
|
|
|
|
Exercise of stock options, shares |
|
|
|
|
8,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
|
|
|
|
$ 646
|
|
|
|
8,653,349
|
|
|
|
(36,125,184)
|
|
|
|
(27,471,189)
|
|
|
|
Balance, shares at Mar. 31, 2023 |
|
|
|
|
6,454,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
|
|
|
$ 645
|
|
|
|
8,245,359
|
|
|
|
(32,360,062)
|
|
|
|
(24,114,058)
|
|
|
|
Balance, shares at Dec. 31, 2022 |
|
|
|
|
6,445,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,251,175)
|
|
|
|
Balance at Jun. 30, 2023 |
|
|
|
|
$ 647
|
|
|
|
8,879,707
|
|
|
|
(39,611,237)
|
|
|
|
(30,730,883)
|
|
|
|
Balance, shares at Jun. 30, 2023 |
|
|
|
|
6,460,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
|
|
|
|
$ 646
|
|
|
|
8,653,349
|
|
|
|
(36,125,184)
|
|
|
|
(27,471,189)
|
|
|
|
Balance, shares at Mar. 31, 2023 |
|
|
|
|
6,454,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
218,539
|
|
|
|
|
|
|
|
218,539
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
(3,486,053)
|
|
|
|
(3,486,053)
|
|
|
|
Exercise of stock options |
|
|
|
|
$ 1
|
|
|
|
7,819
|
|
|
|
|
|
|
|
7,820
|
|
|
|
Exercise of stock options, shares |
|
|
|
|
6,323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
|
|
|
|
$ 647
|
|
|
|
8,879,707
|
|
|
|
(39,611,237)
|
|
|
|
(30,730,883)
|
|
|
|
Balance, shares at Jun. 30, 2023 |
|
|
|
|
6,460,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
|
|
|
|
$ 1,602
|
|
|
|
14,888,593
|
|
|
|
(46,766,324)
|
|
|
|
(31,876,129)
|
|
|
|
Balance, shares at Dec. 31, 2023 |
|
|
|
|
16,019,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued to Yorkville for convertible notes |
|
|
|
|
|
$ 89
|
$ 223
|
|
|
$ 2,540,002
|
$ 1,666,777
|
|
|
|
|
|
|
$ 2,540,091
|
$ 1,667,000
|
|
Shares issued to Yorkville for convertible notes, shares |
|
|
|
|
|
890,611
|
2,233,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued to Yorkville for commitment fee |
|
|
|
|
|
|
$ 71
|
|
|
|
499,929
|
|
|
|
|
|
|
|
500,000
|
|
Shares issued to Yorkville for commitment fee, shares |
|
|
|
|
|
|
710,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued to Roth for advisory fee |
|
|
|
|
$ 18
|
|
|
|
278,815
|
|
|
|
|
|
|
|
278,833
|
|
|
|
Shares issued to Roth for advisory fee, shares |
|
|
|
|
175,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued to GEM |
|
|
|
|
|
|
|
$ 14
|
|
|
|
$ 99,986
|
|
|
|
|
|
|
|
$ 100,000
|
Shares issued to GEM, shares |
|
|
|
|
|
|
|
139,470
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for marketing expenses |
|
|
|
|
$ 15
|
|
|
|
194,920
|
|
|
|
|
|
|
|
194,935
|
|
|
|
Shares issued for marketing expense, shares |
|
|
|
|
153,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forfeiture of sponsor shares |
|
|
|
|
$ (10)
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
Forfeiture of sponsor shares, shares |
|
|
|
|
(100,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
252,967
|
|
|
|
|
|
|
|
252,967
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
(4,500,272)
|
|
|
|
(4,500,272)
|
|
|
|
Balance at Mar. 31, 2024 |
|
|
|
|
$ 2,022
|
|
|
|
20,421,999
|
|
|
|
(51,266,596)
|
|
|
|
(30,842,575)
|
|
|
|
Balance, shares at Mar. 31, 2024 |
|
|
|
|
20,221,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
|
|
|
|
$ 1,602
|
|
|
|
14,888,593
|
|
|
|
(46,766,324)
|
|
|
|
(31,876,129)
|
|
|
|
Balance, shares at Dec. 31, 2023 |
|
|
|
|
16,019,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ (8,665,380)
|
|
|
|
Exercise of stock options, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at Jun. 30, 2024 |
|
|
|
|
$ 3,695
|
|
|
|
23,579,089
|
|
|
|
(55,431,704)
|
|
|
|
$ (31,848,920)
|
|
|
|
Balance, shares at Jun. 30, 2024 |
|
|
|
|
36,944,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at Mar. 31, 2024 |
|
|
|
|
$ 2,022
|
|
|
|
20,421,999
|
|
|
|
(51,266,596)
|
|
|
|
(30,842,575)
|
|
|
|
Balance, shares at Mar. 31, 2024 |
|
|
|
|
20,221,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued to Yorkville for convertible notes |
|
|
|
|
|
|
$ 101
|
|
|
|
334,899
|
|
|
|
|
|
|
|
335,000
|
|
Shares issued to Yorkville for convertible notes, shares |
|
|
|
|
|
|
1,008,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued to GEM |
|
|
|
|
|
|
|
$ 91
|
|
|
|
$ 299,909
|
|
|
|
|
|
|
|
$ 300,000
|
Shares issued to GEM, shares |
|
|
|
|
|
|
|
905,648
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for marketing expenses |
|
|
|
|
$ 32
|
|
|
|
139,805
|
|
|
|
|
|
|
|
139,837
|
|
|
|
Shares issued for marketing expense, shares |
|
|
|
|
320,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
412,442
|
|
|
|
|
|
|
|
412,442
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
(4,165,108)
|
|
|
|
(4,165,108)
|
|
|
|
Issuance of common stock and warrants, net of issuance costs |
|
|
|
|
$ 523
|
|
|
|
1,854,295
|
|
|
|
|
|
|
|
1,854,818
|
|
|
|
Issuance of common stock and warrants, net of issuance costs, shares |
|
|
|
|
5,227,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for exercise of Pre-Funded warrants |
|
|
|
|
$ 866
|
|
|
|
|
|
|
|
|
|
|
|
866
|
|
|
|
Shares issued for exercise of Pre-Funded warrants, shares |
|
|
|
|
8,661,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued to Yorkville for redemption premium |
|
|
|
|
|
|
$ 60
|
|
|
|
$ 115,740
|
|
|
|
|
|
|
|
$ 115,800
|
|
Shares issued to Yorkville for redemption premium, shares |
|
|
|
|
|
|
600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at Jun. 30, 2024 |
|
|
|
|
$ 3,695
|
|
|
|
$ 23,579,089
|
|
|
|
$ (55,431,704)
|
|
|
|
$ (31,848,920)
|
|
|
|
Balance, shares at Jun. 30, 2024 |
|
|
|
|
36,944,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 35 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480483/718-10-35-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 20 -Section 55 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481089/718-20-55-13
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 20 -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481089/718-20-55-12
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+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 60 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
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v3.24.2.u1
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net loss |
$ (8,665,380)
|
$ (7,251,175)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation expense |
2,825
|
4,025
|
Provision for credit losses on accounts receivable |
(2,191)
|
(68,285)
|
Non-cash share issuance for marketing expenses |
175,334
|
|
Non-cash settlement of GEM commitment fee |
200,000
|
|
Amortization of operating lease right-of-use assets |
87,579
|
86,320
|
Stock based compensation expense |
665,409
|
620,987
|
Gain on extinguishment of liability |
(527,980)
|
|
Loss on debt issuance |
171,000
|
|
Change in fair value of convertible promissory notes |
578,000
|
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
81,079
|
27,168
|
Prepaid expenses and other current assets |
(180,343)
|
(93,137)
|
Deferred offering costs |
|
(427,664)
|
Accounts payable |
2,989,940
|
1,218,775
|
Deferred revenue |
108,142
|
32,124
|
Accrued expenses |
(123,399)
|
(336,332)
|
Operating lease liabilities |
(152,335)
|
(138,804)
|
Earnout liability |
(22,274)
|
(200,000)
|
Net cash used in operating activities |
(3,812,695)
|
(4,046,650)
|
Cash flows from financing activities: |
|
|
Payment of GEM commitment fee |
(1,200,000)
|
|
Repayment of convertible notes (Yorkville) |
(750,000)
|
|
Proceeds received for exercise of Pre-Funded warrants |
866
|
|
Proceeds from issuance of common stock |
1,854,818
|
13,362
|
Net cash provided by financing activities |
2,190,724
|
3,446,362
|
Net decrease in cash |
(1,621,971)
|
(600,288)
|
Cash at beginning of period |
2,093,718
|
1,023,499
|
Cash at end of period |
471,747
|
423,211
|
Supplemental disclosure of cash flow information: |
|
|
Cash paid for interest |
158,518
|
313,813
|
Cash paid for taxes |
5,075
|
8,825
|
Non-cash investing and financing activities |
|
|
Shares issued to Roth for advisory fee |
278,833
|
|
Shares issued to GEM |
400,000
|
|
Shares issued for marketing expenses |
334,772
|
|
Settlement of GEM commitment fee |
200,000
|
|
Shares issued to Yorkville for commitment fee |
500,000
|
|
Shares issued to Yorkville for redemption premium |
115,800
|
|
Shares issued for exercise of Pre-Funded warrants |
866
|
|
Issuance of convertible promissory note - GEM |
1,000,000
|
|
Nonrelated Party [Member] |
|
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Non-cash share issuance for Yorkville redemption premium |
80,760
|
|
Non-cash interest expense - related party |
596,693
|
471,076
|
Amortization of debt discount and issuance costs - related party |
68,459
|
272,670
|
Change in fair value of warrant liability - related party |
(562,000)
|
|
Change in fair value of simple agreement for future equity - related party |
|
91,443
|
Change in fair value of bifurcated embedded derivative liabilities - related party |
|
(162,228)
|
Cash flows from financing activities: |
|
|
Proceeds from Yorkville redemption premium |
35,040
|
|
Proceeds from issuance of convertible notes, net of issuance costs - related party |
2,250,000
|
850,000
|
Related Party [Member] |
|
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Non-cash interest expense - related party |
175,517
|
214,830
|
Amortization of debt discount and issuance costs - related party |
787,470
|
719,913
|
Change in fair value of warrant liability - related party |
(345,000)
|
|
Change in fair value of simple agreement for future equity - related party |
|
1,212,557
|
Change in fair value of bifurcated embedded derivative liabilities |
|
(162,228)
|
Change in fair value of bifurcated embedded derivative liabilities - related party |
|
(340,913)
|
Cash flows from financing activities: |
|
|
Proceeds from issuance of convertible notes, net of issuance costs - related party |
|
2,583,000
|
Non-cash investing and financing activities |
|
|
Conversion of convertible notes - related party |
2,540,091
|
|
Yorkville [Member] |
|
|
Non-cash investing and financing activities |
|
|
Conversion of convertible notes - related party |
$ 2,002,000
|
|
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v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
|
|
Net Income (Loss) |
$ (4,165,108)
|
$ (4,500,272)
|
$ (3,486,053)
|
$ (3,765,122)
|
$ (8,665,380)
|
$ (7,251,175)
|
X |
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v3.24.2.u1
Organization
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization |
1.
Organization
The
Business
Banzai
International, Inc. (the “Company” or “Banzai”) was incorporated in Delaware on September 30, 2015. Banzai is
a leading enterprise SaaS Video Engagement platform used by marketers to power webinars, trainings, virtual events, and on-demand video
content.
Close
of the Merger
On
December 14, 2023 (the “Closing Date”), 7GC & Co. Holdings Inc. (“7GC”), our predecessor company, consummated
the business combination pursuant to the Agreement and Plan of Merger and Reorganization, dated as of December 8, 2022 (the “Original
Merger Agreement”), by and among 7GC, Banzai International, Inc. (“Legacy Banzai”), 7GC Merger Sub I, Inc., an indirect
wholly owned subsidiary of 7GC (“First Merger Sub”), and 7GC Merger Sub II, LLC, a direct wholly owned subsidiary of 7GC
(“Second Merger Sub”), as amended by the Amendment to Agreement and Plan of Merger, dated as of August 4, 2023 (the “Merger
Agreement Amendment” and, together with the Original Merger Agreement, the “Merger Agreement”), by and between 7GC
and Legacy Banzai.
Pursuant
to the terms of the Merger Agreement, a business combination between 7GC and Legacy Banzai was effected through (a) the merger of First
Merger Sub with and into Legacy Banzai, with Legacy Banzai surviving as a wholly-owned subsidiary of 7GC (Legacy Banzai, in its capacity
as the surviving corporation of the merger, the “Surviving Corporation”) (the “First Merger”) and (b) the subsequent
merger of the Surviving Corporation with and into Second Merger Sub, with Second Merger Sub being the surviving entity of the Second
Merger, which ultimately resulted in Legacy Banzai becoming a wholly-owned direct subsidiary of 7GC (the “Second Merger”
and, together with the First Merger, the “Mergers” and, collectively with the other transactions described in the Merger
Agreement, the “Merger”). On the Closing Date, and in connection with the closing of the Merger (the “Closing”),
7GC changed its name to Banzai International, Inc.
Although
7GC was the legal acquirer of Legacy Banzai in the merger, Legacy Banzai is deemed to be the accounting acquirer, and the historical
financial statements of Legacy Banzai became the basis for the historical financial statements of the Company upon the closing of the
merger.
As
a result, the financial statements included here reflect (i) the historical operating results of Legacy Banzai prior to the merger; (ii)
the combined results of 7GC and Legacy Banzai following the close of the merger; (iii) the assets and liabilities of Legacy Banzai at
their historical cost and (iv) the Legacy Banzai’s equity structure for all periods presented, as affected by the recapitalization
presentation after completion of the merger.
The
aggregate consideration payable to securityholders of Legacy Banzai at the Closing consisted of a number of shares of Class A Common
Stock or shares of Class B Common Stock, and cash in lieu of any fractional shares of Class A Common Stock or shares of Class B Common
Stock that would otherwise have been payable to any Legacy Banzai securityholders, equal to $100,000,000. See Note 4 - Reverse Merger
Capitalization with 7GC & Co. Holdings Inc. for further details of the merger.
Emerging
Growth Company
Upon
closure of the Merger, the Company became an “emerging growth company,” as defined in Section 2(a) of the Securities Act
of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS
Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to public companies
that are not emerging growth companies.
Section
102(b) (1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards
until private companies are required to comply. Private companies are those companies that have not had a Securities Act registration
statement declared effective or do not have a class of securities registered under the Exchange Act of 1934, as amended (the “Exchange
Act”). The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies. Any such election to opt out is irrevocable. The Company has elected not to opt out of such
extended transition period, which means that when a standard is issued or revised, it adopts the new or revised standard at the time
private companies adopt the new or revised standard. Therefore, the Company’s financial statements may not be comparable to certain
public companies.
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- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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v3.24.2.u1
Going Concern
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Going Concern |
2.
Going Concern
As
of June 30, 2024 the Company had cash of approximately $0.5 million. For the six months ended June 30, 2024, the Company used approximately
$3.8 million in cash for operating activities. The Company has incurred recurring net losses from operations and negative cash flows
from operating activities since inception. As of June 30, 2024, the Company had an accumulated deficit of approximately $55.4 million.
These factors raise substantial doubt regarding the Company’s ability to continue as a going concern within one year of the date
these financial statements were issued.
The
continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders and debt holders.
Specifically, continuation is contingent on the Company’s ability to obtain necessary equity or debt financing to continue operations,
and ultimately the Company’s ability to generate profit from sales and positive operating cash flows, which is not assured.
The
Company’s plans include obtaining future debt and equity financings associated with the close of the Merger described in Note
4 - Reverse Merger Capitalization with 7GC & Co. Holdings Inc.. If the Company is unsuccessful in completing these planned transactions,
it may be required to reduce its spending rate to align with expected revenue levels and cash reserves, although there can be no guarantee
that it will be successful in doing so. Accordingly, the Company may be required to raise additional cash through debt or equity transactions.
It may not be able to secure financing in a timely manner or on favorable terms, if at all. As a result, management’s plans cannot
be considered probable and thus do not alleviate substantial doubt about the Company’s ability to continue as a going concern.
These
accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going
concern and do not include any adjustments that might result from the outcome of this uncertainty.
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v3.24.2.u1
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
3.
Summary of Significant Accounting Policies
Basis
of Presentation
The
Company’s unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally
accepted in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”)
for interim financial information and with the instructions to Form 10-Q of Regulation S-X. Certain information and note disclosures
normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations
of the SEC relating to interim financial statements. The December 31, 2023 balance sheet information was derived from the audited financial
statements as of that date. Except as disclosed herein, there has been no material change in the information disclosed in the notes to
the consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K,
as filed with the Securities and Exchange Commission on April 1, 2024. The interim unaudited condensed consolidated financial statements
should be read in conjunction with those consolidated financial statements included in the Form 10-K. In the opinion of management, all
adjustments considered necessary for a fair statement of the financial statements, consisting solely of normal recurring adjustments,
have been made. Operating results for the periods ended June 30, 2024 are not necessarily indicative of the results that may be expected
for the year ending December 31, 2024.
Warrant
Liabilities
The
Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates
all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain
features that qualify as embedded derivatives. The classification of derivative instruments, including whether such instruments should
be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.
Warrant
Liability - related party
The
warrants originally issued in 7GC’s initial public offering (the “Public Warrants”) are recognized as derivative liabilities
in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the
instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercise
or expiration, and any change in fair value is recognized in the Company’s consolidated statements of operations.
The
Public Warrants were initially measured at fair value using a Monte Carlo simulation model and have subsequently been measured based
on the listed market price of such warrants. Warrant liabilities are classified as current liabilities on the Company’s consolidated
balance sheets.
Warrant
Liability
The
GEM Warrants were not considered indexed to the issuer’s stock pursuant to ASC 815, as the holder’s ability to receive in
lieu of the Warrant one percent of the total consideration received by the Company’s stockholders in connection with a Change of
Control, where the surviving corporation is not publicly traded, adjusts the settlement value based on items outside the Company’s
control in violation of the fixed-for-fixed option pricing model. As such, the Company recorded the Warrants as liabilities initially
measured at fair value with subsequent changes in fair value recognized in earnings each reporting period.
The
measurement of fair value was determined utilizing a Monte Carlo simulation considering all relevant assumptions current at the date
of issuance (i.e., share price, exercise price, term, volatility, risk-free rate, probability of dilutive term of three years, and expected
time to conversion).
Loss
Per Share
Basic
loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of
shares of common stock outstanding during the period. Diluted net loss per share excludes, when applicable, the potential impact of stock
options and convertible preferred stock because their effect would be anti-dilutive due to the net loss. Since the Company had a net
loss in each of the periods presented, basic and diluted net loss per common share are the same.
The
calculation of basic and diluted net loss per share attributable to common stock was as follows:
Schedule
of Basic and Diluted Net Loss Per Share
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For
the Three Months Ended
June 30, | | |
For
the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net loss attributable to common stock—basic and diluted | |
$ | (4,165,108 | ) | |
$ | (3,486,053 | ) | |
$ | (8,665,380 | ) | |
$ | (7,251,175 | ) |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares—basic and diluted | |
| 27,091,830 | | |
| 6,459,626 | | |
| 22,223,722 | | |
| 6,456,378 | |
Net loss per share attributable to common stock—basic and diluted | |
$ | (0.15 | ) | |
$ | (0.54 | ) | |
$ | (0.39 | ) | |
$ | (1.12 | ) |
Securities
that were excluded from loss per share as their effect would be anti-dilutive due to the net loss position that could potentially be
dilutive in future periods are as follows:
Schedule
of Antidilutive Securities Excluded from Computation of Earnings Per Share
| |
2024 | | |
2023 | |
| |
As of June 30, | |
| |
2024 | | |
2023 | |
Options | |
| 1,682,456 | | |
| 670,247 | |
RSUs | |
| 877,903 | | |
| — | |
Public warrants | |
| 11,500,000 | | |
| — | |
GEM warrants | |
| 828,533 | | |
| — | |
Common warrants | |
| 13,888,890 | | |
| — | |
Placement agent warrants | |
| 833,333 | | |
| — | |
Total | |
| 29,611,115 | | |
| 670,247 | |
Antidilutive Securities | |
| 29,611,115 | | |
| 670,247 | |
Derivative
Financial Instruments
The
Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives.
Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment
of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded
derivatives are recognized at fair value, with changes in fair value recognized in the statement of operations each period. Bifurcated
embedded derivatives are classified with the related host contract in the Company’s balance sheet. Refer to Note 7 - Fair Value
Measurements and Note 11 - Debt for further detail.
Fair
Value of Financial Instruments
In
accordance with FASB ASC 820 Fair Value Measurements and Disclosures, the Company uses a three-level hierarchy for fair value
measurements of certain assets and liabilities for financial reporting purposes that distinguishes between market participant assumptions
developed from market data obtained from outside sources (observable inputs) and the Company’s own assumptions about market participant
assumptions developed from the best information available to us in the circumstances (unobservable inputs). The fair value hierarchy
is divided into three levels based on the source of inputs as follows:
Level
1: Quoted prices in active markets for identical assets or liabilities.
Level
2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace.
Level
3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash
flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment
or estimation.
The
fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management
during the three and six months ended June 30, 2024 and 2023. The carrying amount of cash, accounts receivable, prepaid expenses and
other current assets, accounts payable, accrued expenses, deferred revenue, and other current liabilities approximated their fair values
as of June 30, 2024 and December 31, 2023.
Recent
Accounting Pronouncements
Recent
accounting pronouncements not yet effective
In
December 2023, the FASB issued ASU 2023-09 (Topic 740), Improvements to income tax disclosures, which enhances the disclosure requirements
for the income tax rate reconciliation, domestic and foreign income taxes paid, requiring disclosure of disaggregated income taxes paid
by jurisdiction, unrecognized tax benefits, and modifies other income tax-related disclosures. The amendments are effective for annual
periods beginning after December 15, 2024. Early adoption is permitted and should be applied prospectively. The Company is currently
evaluating the effect of adopting this guidance on its consolidated financial statements.
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments
in this update intend to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant
segment expenses. This ASU requires disclosure of significant segment expenses that are regularly provided to the chief operating decision
maker, the addition of a category for other segment items by reportable segment, that all annual segment disclosures be disclosed in
interim periods, and other related segment disclosures. The ASU is effective for fiscal years beginning after December 15, 2023, and
interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the effect of adopting this
guidance on its consolidated financial statements.
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v3.24.2.u1
Reverse Merger Capitalization with 7GC & Co. Holdings Inc.
|
6 Months Ended |
Jun. 30, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
Reverse Merger Capitalization with 7GC & Co. Holdings Inc. |
4.
Reverse Merger Capitalization with 7GC & Co. Holdings Inc.
On
December 14, 2023 (the “Closing Date”), Banzai consummated the previously announced Merger with 7GC, as a result of which
Banzai became a wholly-owned subsidiary of 7GC. While 7GC was the legal acquirer of Banzai in the merger, for accounting purposes, Legacy
Banzai was deemed to be the accounting acquirer in the merger. The determination was primarily based on Legacy Banzai’s stockholders
having a majority of the voting power in the combined Company, Legacy Banzai having the ability to appoint a majority of the Board of
Directors of the Company, Legacy Banzai’s existing management team comprising the senior management of the combined Company, Legacy
Banzai comprising the ongoing operations of the combined Company and the combined Company assumed the name “Banzai International,
Inc.”. Accordingly, for accounting purposes, the merger was treated as the equivalent of Legacy Banzai issuing stock for the net
assets of 7GC, accompanied by a recapitalization. The net assets of 7GC are stated at historical cost, with no goodwill or other intangible
assets recorded.
Retroactive
Restatement for Conversion of Common Stock and Series A Preferred Stock by Applying Exchange Ratio
Upon
the closing of the merger, holders of Legacy Banzai common stock and Series A preferred stock received shares of common stock in an amount
determined by application of the Exchange Ratio. In accordance with guidance applicable to these circumstances, the equity structure
has been restated in all comparable periods, prior to the merger, up to December 14, 2023, to reflect the number of shares of the Company’s
common stock, $0.0001 par value per share, issued to Legacy Banzai’s stockholders in connection with the merger. As such, the shares
and corresponding capital amounts and earnings per share related to Legacy Banzai’s outstanding Series A preferred stock and Legacy
Banzai’s common stock prior to the merger have been retroactively restated as shares reflecting the exchange ratio of approximately
0.6147 established in the merger. Legacy Banzai’s Series A preferred stock previously classified as temporary equity was retroactively
adjusted, converted into common stock and reclassified to permanent equity as a result of the reverse recapitalization. The consolidated
assets, liabilities, and results of operations prior to the merger are those of Legacy Banzai.
The
aggregate consideration payable to securityholders of Banzai at the Closing Date was equal to $100,000,000. Holders of 3,207,428 shares
of 7GC’s Class A common stock, par value $0.0001 per share (“7GC Class A Common Stock”), exercised their right to redeem
their shares for cash at a redemption price of approximately $10.76 per share, for an aggregate redemption amount of $34,524,065. Immediately
prior to the Closing Date, each share of Banzai’s Preferred Stock that was issued and outstanding was automatically converted into
one share of Banzai’s Class A Common Stock, par value $0.0001 per share. Each share of Banzai’s Class B Common Stock that
was not held by the Chief Executive Officer of the Company converted to one share of Banzai’s Class A Common Stock, while the Chief
Executive Officer received Class B Common Stock.
On
the terms and subject to the conditions set forth in the Merger Agreement, at the Second Effective Time, each share of common stock of
the Surviving Corporation issued and outstanding immediately prior to the Second Effective Time was cancelled and no consideration was
delivered therefore.
Upon
the closing of the merger, the Company’s certificate of incorporation was amended and restated to, among other things, increase
the total number of authorized shares of all classes of capital stock to 350,000,000 shares, consisting of 250,000,000 shares of Class
A Common Stock, 25,000,000 shares of Class B Common Stock, and 75,000,000 shares of Preferred Stock, all having a par value of $0.0001
per share. As of June 30, 2024, there were 36,944,935 shares of Common Stock and no shares of Preferred Stock outstanding.
Effect
of Merger on Class A and Class B Common Stock
Upon
the Close of the Merger, holders of Legacy Banzai common stock and Series A preferred stock were converted into shares of common stock
in an amount determined by application of the Exchange Ratio. As noted above, the equity structure has been restated in all comparable
periods, prior to the Merger, up to December 14, 2023, to reflect the number of shares of the Company’s common stock, $0.0001 par
value per share, issued to Legacy Banzai’s stockholders in connection with the Merger.
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- DefinitionThe entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings.
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v3.24.2.u1
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
5.
Related Party Transactions
7GC
Related Party Promissory Notes
On
December 21, 2022, 7GC issued an unsecured promissory note (the “December 2022 7GC Note”) to the Sponsor, 7GC & Co. Holdings
LLC, which provides for borrowings from time to time of up to an aggregate of $2,300,000. The December 2022 7GC Note does not bear interest.
Upon the consummation of a Business Combination, the Sponsor shall have the option, but not the obligation, to convert the principal
balance of the December 2022 7GC Note, in whole or in part, into that number of shares of Class A common stock, $0.0001 par value per
share, of 7GC (the “Converted Shares”) equal to the principal amount of the December 2022 7GC Note so converted divided by
$10.00.
On
October 3, 2023, 7GC issued an additional unsecured promissory note (the “October 2023 7GC Note”, together with the December
2022 7GC Note, the “ 7GC Promissory Notes”) to the Sponsor, which provides for borrowings from time to time of up to an aggregate
of $500,000 for working capital purposes. The October 2023 7GC Note does not bear interest. Upon the consummation of a Business Combination,
the Sponsor shall have the option, but not the obligation, to convert the principal balance of the October 2023 7GC Note, in whole or
in part, into that number of the Converted Shares, equal to the principal amount of the October 2023 7GC Note so converted divided by
$10.00.
Upon
Closing of the Merger, Banzai assumed the 7GC Promissory Notes which subsequently converted on February 2, 2024. At the date of conversion,
the total balance of the Notes converted was $2,540,092.
Due
to Related Party of 7GC
During
the year ended December 31, 2023, the Sponsor paid certain expenses on behalf of 7GC. Upon Closing of the Merger, Banzai assumed the
$ liability. As of June 30, 2024, the entire balance remained outstanding and is included within due to related party under current
liabilities on the accompanying unaudited condensed consolidated balance sheet.
Legacy
Banzai Related Party Transactions
During
2023, Legacy Banzai issued Promissory Notes and Convertible Notes to related parties. See Note 11 - Debt for further details related
to these transactions and associated balances.
|
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v3.24.2.u1
Revenue
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenue |
6.
Revenue
Under
ASC 606, revenue is recognized throughout the life of the executed agreement. The Company measures revenue based on considerations specified
in terms and conditions agreed to by a customer. Furthermore, the Company recognizes revenue when a performance obligation is satisfied
by transferring control of the service to the customer, which occurs over time.
The
Company’s services include providing end-to-end video engagement solutions that provide a fast, intuitive and powerful platform
of marketing tools that create more intent-driven videos, webinars, virtual events and other digital and in-person marketing campaigns.
As
noted within the SOW’s and invoices, agreements range from monthly to annual and Banzai generally provides for net 30-day payment
terms with the payment made directly through check or electronic means.
Banzai’s
Management believes its exposure to credit risk is sufficiently mitigated by collection through credit card sales or direct payment from
established clients.
Nature
of Products and Services
The
following is a description of the Company’s products and services from which the Company generates revenue, as well as the nature,
timing of satisfaction of performance obligations, and significant payment terms for each, as applicable:
Demio
The
Demio product is a full-stack technology that marketers can leverage live and automated for video marketing content such as webinars
and virtual events. Software products are provided to Demio customers for a range of attendees and hosts within a specified time frame
at a specified established price. The performance obligations identified include access to the suite and platform, within the parameters
established, and within the standards established in the agreement. Contracts include a standalone selling price for the number of webinars
and hosts as a performance obligation. There are no financing components and payments are typically net 30 of date or receipt of invoice.
It is nearly 100% certain that a significant revenue reversal will not occur. The Company recognizes revenue for its sale of Demio services
over time which corresponds with the period of time that access to the service is provided.
Reach
While
the Reach product is in the process of being phased out, the Company continues to generate revenues from the product. The Reach product
provides a multi-channel targeted audience acquisition (via Reach) to bolster engagement and Return on Investment (ROI). Banzai enables
marketing teams to create winning webinars and virtual and in-person events that increase marketing efficiency and drive additional revenue.
Software products are provided to Reach customers for a range of simultaneous events and registrations within a specified time frame
at a specified established price. The performance obligations identified include access to the suite and platform, within the parameters
established, and within the standards established in the agreement. Contracts include a standalone selling price for the number of simultaneous
published events as a performance obligation. There are no financing components and payments are typically net 30 of date or receipt
of invoice. It is nearly 100% certain that a significant revenue reversal will not occur. The Company recognizes revenue for its sale
of Reach services over time which corresponds with the timing the service is rendered.
Disaggregation
of Revenue
The
following table summarizes revenue by region based on the billing address of customers for the three months ended June 30, 2024 and 2023:
Summary
of Revenue by Region
| |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
Amount | | |
Percentage of Revenue | | |
Amount | | |
Percentage of Revenue | |
Americas | |
$ | 587,712 | | |
| 55 | % | |
$ | 704,626 | | |
| 59 | % |
Europe, Middle East and Africa (EMEA) | |
| 360,666 | | |
| 34 | % | |
| 389,318 | | |
| 33 | % |
Asia Pacific | |
| 119,819 | | |
| 11 | % | |
| 99,377 | | |
| 8 | % |
Total | |
$ | 1,068,197 | | |
| 100 | % | |
$ | 1,193,321 | | |
| 100 | % |
The
following table summarizes revenue by region based on the billing address of customers for the six months ended June 30, 2024 and 2023:
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
Amount | | |
Percentage of Revenue | | |
Amount | | |
Percentage of Revenue | |
Americas | |
$ | 1,170,539 | | |
| 55 | % | |
$ | 1,374,401 | | |
| 62 | % |
Europe, Middle East and Africa (EMEA) | |
| 746,916 | | |
| 34 | % | |
| 797,228 | | |
| 30 | % |
Asia Pacific | |
| 230,214 | | |
| 11 | % | |
| 198,753 | | |
| 8 | % |
Total | |
$ | 2,147,669 | | |
| 100 | % | |
$ | 2,370,382 | | |
| 100 | % |
Contract
Balances
Accounts
Receivable, Net
A
receivable is recorded when an unconditional right to invoice and receive payment exists, such that only the passage of time is required
before payment of consideration is due. The Company receives payments from customers based upon agreed-upon contractual terms, typically
within 30 days of invoicing the customer. The timing of revenue recognition may differ from the timing of invoicing to customers.
Summary
of Accounts Receivable, Net
| |
Opening Balance | | |
Closing Balance | | |
Opening Balance | | |
Closing Balance | |
| |
1/1/2024 | | |
6/30/2024 | | |
1/1/2023 | | |
6/30/2023 | |
Accounts receivable, net | |
$ | 105,049 | | |
$ | 26,161 | | |
$ | 68,416 | | |
$ | 109,533 | |
Costs
to Obtain a Contract
Sales
commissions, the principal costs incurred to obtain a contract, are earned when the contract is executed. Management has capitalized
these costs and amortized the commission expense over time in accordance with the related contract’s term. For the three and six
months ended June 30, 2024, commission expenses were $61,146 and $143,288, respectively. For the three and six months ended June 30,
2023, commission expenses were $91,243 and $190,619, respectively.
Capitalized
commissions at June 30, 2024 and December 31, 2023 were $39,144 and $51,472, respectively, and are included within prepaid expenses and
other current assets on the condensed consolidated balance sheets.
The
following summarizes the Costs to obtain a contract activity during the three and six months ended June 30, 2024:
Summary
of Costs to Obtain Contract Activity
| |
| | |
Balance - December 31, 2023 | |
$ | 51,472 | |
Commissions Incurred | |
| 31,610 | |
Deferred Commissions Recognized | |
| (44,620 | ) |
Balance - March 31, 2024 | |
| 38,462 | |
Commissions Incurred | |
| 48,316 | |
Deferred Commissions Recognized | |
| (47,634 | ) |
Balance - June 30, 2024 | |
$ | 39,144 | |
The
following summarizes the Costs to obtain a contract activity during the three and six months ended June 30, 2023:
| |
| | |
Balance - December 31, 2022 | |
$ | 69,737 | |
Commissions Incurred | |
| 88,928 | |
Deferred Commissions Recognized | |
| (104,289 | ) |
Balance - March 31, 2023 | |
| 54,376 | |
Commissions Incurred | |
| 60,777 | |
Deferred Commissions Recognized | |
| (75,001 | ) |
Balance - June 30, 2023 | |
$ | 40,152 | |
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v3.24.2.u1
Fair Value Measurements
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
7.
Fair Value Measurements
The
fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management
as of and during the periods ended June 30, 2024 and the year ended December 31, 2023. The carrying amount of accounts payable approximated
fair value as they are short term in nature.
Fair
Value on a Non-recurring Basis
The
fair value of non-financial assets measured at fair value on a non-recurring basis, classified as Level 3 in the fair value hierarchy,
is determined based on using market-based approaches, or estimates of discounted expected future cash flows.
Fair
Value on a Recurring Basis
The
Company follows the guidance in ASC 820 Fair Value Measurements and Disclosures for its financial assets and liabilities that
are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and
reported at fair value at least annually. The estimated fair value of the Public Warrants liabilities represent Level 1 measurements.
The estimated fair value of the convertible notes bifurcated embedded derivative liabilities, GEM warrant liabilities, Yorkville convertible
note, and SAFE represent Level 3 measurements.
The
following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis
at June 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine
such fair value:
Schedule
of Fair Value on Recurring Basis
Description | |
Level | | |
June 30, 2024 | | |
December 31, 2023 | |
Liabilities: | |
| | | |
| | | |
| | |
Warrant liabilities - public | |
| 1 | | |
$ | 230,000 | | |
$ | 575,000 | |
GEM warrant liabilities | |
| 3 | | |
$ | 79,000 | | |
$ | 641,000 | |
Yorkville convertible note | |
| 3 | | |
$ | 2,013,000 | | |
$ | 1,766,000 | |
Warrant
Liability - Public Warrants
The
Company assumed 11,500,000 Public Warrants in the Merger which were outstanding as of June 30, 2024 and December 31, 2023. The fair values
of the Public Warrants are measured based on the listed market price of such warrants through June 30, 2024. See Note 12 - Warrant
Liabilities for further details.
As
of June 30, 2024, the Company recognized a benefit of approximately $345,000 resulting from changes in the fair value of the derivative
warrant liabilities, presented as change in fair value of warrant liabilities - related party in the accompanying condensed consolidated
statements of operations.
The
following tables set forth a summary of the changes in the fair value of the Public Warrants liability which are Level 1 financial liabilities
that are measured at fair value on a recurring basis:
Summary
of Changes in the Fair Value of the Warrants Liability
| |
Fair Value | |
Balance at December 31, 2023 | |
$ | 575,000 | |
Change in fair value | |
| (115,000 | ) |
Balance at March 31, 2024 | |
| 460,000 | |
Change in fair value | |
| (230,000 | ) |
Balance at June 30, 2024 | |
$ | 230,000 | |
Warrant
Liability - GEM Warrants
The
measurement of fair value of the GEM Warrants were determined utilizing a Monte Carlo simulation considering all relevant assumptions
current at the date of issuance (i.e., share price, exercise price, term, volatility, risk-free rate, probability of dilutive term of
three years, and expected time to conversion). Refer to Note 12 - Warrant Liabilities for further details.
As
of June 30, 2024, the Company recognized a benefit of approximately $562,000, resulting from changes in the fair value of the derivative
warrant liabilities, presented as change in fair value of warrant liabilities in the accompanying condensed consolidated statements of
operations.
The
following tables set forth a summary of the changes in the fair value of the GEM Warrants liability which are Level 3 financial liabilities
that are measured at fair value on a recurring basis:
Summary
of Changes in the Fair Value of the Warrants Liability
| |
Fair Value | |
Balance at December 31, 2023 | |
$ | 641,000 | |
Change in fair value | |
| (408,000 | ) |
Balance at March 31, 2024 | |
| 233,000 | |
Change in fair value | |
| (154,000 | ) |
Balance at June 30, 2024 | |
$ | 79,000 | |
Yorkville
Convertible Notes
The
measurement of fair value of the Yorkville convertible notes were determined utilizing a Monte Carlo simulation considering all relevant
assumptions current at the date of issuance (i.e., share price, term, volatility, risk-free rate, and probability of optional redemption).
Refer to Note 11 - Debt for further details.
As
of June 30, 2024, the Company recognized a loss of approximately $578,000 resulting from changes in the fair value of the Yorkville convertible
notes, presented as change in fair value of convertible promissory notes in the accompanying condensed consolidated statements of operations.
The
following tables set forth a summary of the changes in the fair value of the Yorkville convertible notes which is a Level 3 financial
liability measured at fair value on a recurring basis:
Summary
of Changes in Fair Value of Yorkville Convertible Note
| |
Fair Value | |
Balance at December 31, 2023 | |
$ | 1,766,000 | |
Issuance of Yorkville convertible note | |
| 2,250,000 | |
Loss on debt issuance | |
| 171,000 | |
Payment in shares to settle Yorkville convertible notes | |
| (1,667,000 | ) |
Change in fair value | |
| 544,000 | |
Balance at March 31, 2024 | |
| 3,064,000 | |
Payment in shares to settle Yorkville convertible notes | |
| (335,000 | ) |
Repayment in cash of Yorkville convertible notes | |
| (750,000 | ) |
Change in fair value | |
| 34,000 | |
Balance at June 30, 2024 | |
$ | 2,013,000 | |
Bifurcated
Embedded Derivative Liabilities
The
fair value of the embedded put options, relating to the Convertible Notes - Related Party, Convertible Notes, and Term and Convertible
Notes (CP BF), was determined using a Black Scholes option pricing model. Estimating fair values of embedded conversion features
requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument
with related changes in internal and external market factors. Because the embedded conversion features are initially and subsequently
carried at fair values, the Company’s consolidated statements of operations will reflect the volatility in these estimate and assumption
changes. On December 14, 2023, all outstanding principal and accrued interest, including the carrying value of any related embedded derivative,
related to the Related Party Convertible Notes and Third Party Convertible Notes converted into the Company’s Class A Common Stock
pursuant to the close of the Merger Agreement. Upon the conversion described above, the bifurcated embedded derivative liabilities were
$0 as of June 30, 2024 and December 31, 2023, respectively. Refer to Note 11 - Debt for further details.
The
following table sets forth a summary of the changes in the fair value of the bifurcated embedded derivative liabilities for the six months
ended June 30, 2023, related to the Related Party and Third Party Convertible Debt, respectively, which are Level 3 financial liabilities
that are measured at fair value on a recurring basis:
Schedule
of Derivative Liabilities
| |
Related Party | | |
Third Party | |
| |
Fair Value | |
| |
Related Party | | |
Third Party | |
Balance at December 31, 2022 | |
$ | 1,936,827 | | |
$ | 845,473 | |
Issuance of convertible notes with bifurcated embedded derivative | |
| 707,000 | | |
| — | |
Change in fair value | |
| 137,285 | | |
| 32,415 | |
Balance at March 31, 2023 | |
| 2,781,112 | | |
| 877,888 | |
Issuance of convertible notes with bifurcated embedded derivative | |
| 419,451 | | |
| 330,390 | |
Change in fair value | |
| (478,198 | ) | |
| (194,643 | ) |
Balance at June 30, 2023 | |
$ | 2,722,365 | | |
$ | 1,013,635 | |
Simple
Agreements for Future Equity (SAFE)
During
2021, the Company entered into Simple Agreements for Future Equity (SAFE) arrangements (the “SAFEs”). In the event of an
Equity Financing (as defined in the SAFEs agreements), the SAFEs will automatically convert into shares of the Company’s common
or preferred stock at a discount of 15% of the per share price of the shares offered in the Equity Financing (the “Discount Price”).
In the event of a Liquidity Event, SPAC Transaction or Dissolution Event (all terms as defined in the SAFEs agreements), the holders
of the SAFEs will be entitled to receive cash or shares of the Company’s common or preferred stock. The number of shares required
to be issued to settle the SAFEs at the equity financing is variable, because that number will be determined by the discounted fair value
of the Company’s equity shares on the date of settlement (i.e., Discount Price). Regardless of the fair value of the shares on
the date of settlement, the holder will receive a fixed monetary value based on the Purchase Amount of the SAFE. If there is a Liquidity
Event or SPAC Transaction before the settlement or termination of the SAFEs, the SAFEs will automatically be entitled to receive a portion
of Proceeds, due and payable immediately prior to, or concurrent with, the consummation of such Liquidity Event or SPAC Transaction,
equal to the greater of (i) two times (2x) the Purchase Amount (the “Cash-Out Amount”) or (ii) the amount payable on the
number of shares of Common Stock equal to the Purchase Amount divided by the Liquidity Price (as defined in the SAFEs agreements). Refer
to Note 13 - Simple Agreements for Future Equity for additional information related to the Company’s SAFEs.
The
fair value of the SAFEs was determined using a scenario-based method for the pre-modification SAFE’s and a Monte Carlo simulation
method for the post-modification SAFEs. The value of the SAFE liability as of December 31, 2023 is based on significant inputs not observable
in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the SAFEs on the date of issuance
was determined to be $3,836,000. On December 14, 2023, all outstanding principal related to the Third Party SAFEs and Related Party SAFEs
converted into the Company’s Class A Common Stock pursuant to the close of the Merger Agreement. Upon the conversion described
above, the SAFEs were $0 as of June 30, 2024 and December 31, 2023, respectively. Refer to Note 13 - Simple Agreements for Future
Equity for further details.
The
following tables set forth a summary of the activity of the Related Party and Third Party SAFE liabilities, respectively (See Note
13 - Simple Agreements for Future Equity for further detail), which represents a recurring fair value measurement at the end of the
relevant reporting period:
Schedule
of Fair Value Measurements
| |
Related Party | | |
Third Party | |
| |
Fair Value | |
| |
Related Party | | |
Third Party | |
Balance at December 31, 2022 | |
$ | 8,802,196 | | |
$ | 663,804 | |
Change in fair value | |
| 303,139 | | |
| 22,861 | |
Balance at March 31, 2023 | |
| 9,105,335 | | |
| 686,665 | |
Change in fair value | |
| 909,418 | | |
| 68,582 | |
Balance at June 30, 2023 | |
$ | 10,014,753 | | |
$ | 755,247 | |
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.2.u1
Prepaid Expenses and Other Current Assets
|
6 Months Ended |
Jun. 30, 2024 |
Prepaid Expenses And Other Current Assets |
|
Prepaid Expenses and Other Current Assets |
8.
Prepaid Expenses and Other Current Assets
Prepaid
expenses and other current assets consisted of the following at the dates indicated:
Summary
of Prepaid Expenses and Other Current Assets
| |
June 30, 2024 | | |
December 31, 2023 | |
Prepaid expenses and other current assets: | |
| | | |
| | |
Service Trade | |
$ | 302,055 | | |
$ | 364,384 | |
Prepaid insurance costs | |
| 282,265 | | |
| 17,661 | |
Prepaid advertising and marketing costs | |
| 259,438 | | |
| 11,074 | |
Prepaid software costs | |
| 97,912 | | |
| 29,887 | |
Prepaid commissions | |
| 39,144 | | |
| 51,472 | |
Prepaid data license and subscription costs | |
| 34,375 | | |
| 53,124 | |
Prepaid merchant fees | |
| 28,488 | | |
| 26,224 | |
Prepaid consulting costs | |
| 26,539 | | |
| 120,332 | |
Other current assets | |
| 10,720 | | |
| 66,997 | |
Total prepaid expenses and other current assets | |
$ | 1,080,936 | | |
$ | 741,155 | |
|
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v3.24.2.u1
Accrued Expenses and Other Current Liabilities
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
Accrued Expenses and Other Current Liabilities |
9.
Accrued Expenses and Other Current Liabilities
Accrued
expenses and other current liabilities consisted of the following at the dates indicated:
Summary
of Accrued Expenses and Other Current Liabilities
| |
June 30, 2024 | | |
December 31, 2023 | |
Accrued expenses and other current liabilities: | |
| | | |
| | |
Accrued accounting and professional services costs | |
$ | 2,458,192 | | |
$ | 1,511,889 | |
Accrued subscription costs | |
| 510,549 | | |
| 22,110 | |
Sales tax payable | |
| 363,883 | | |
| 314,873 | |
Excise tax payable | |
| 223,717 | | |
| 223,717 | |
Accrued legal costs | |
| 159,417 | | |
| 2,694,439 | |
Accrued payroll and benefit costs | |
| 123,335 | | |
| 185,504 | |
Deposits | |
| 52,000 | | |
| 54,102 | |
Accrued streaming service costs | |
| 48,218 | | |
| 37,765 | |
Other current liabilities | |
| 324,717 | | |
| 149,841 | |
Total accrued expenses and other current liabilities | |
$ | 4,264,028 | | |
$ | 5,194,240 | |
|
X |
- DefinitionThe entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period.
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Deferred Revenue
|
6 Months Ended |
Jun. 30, 2024 |
Deferred Revenue |
|
Deferred Revenue |
10.
Deferred Revenue
Deferred
revenue represents amounts that have been collected in advance of revenue recognition and is recognized as revenue when transfer of control
to customers has occurred or services have been provided. The deferred revenue balance does not represent the total contract value of
annual or multi-year, non-cancelable revenue agreements. Differences between the revenue recognized per the below schedule, and the revenue
recognized per the consolidated statement of operations, reflect amounts not recognized through the deferred revenue process, and which
have been determined to be insignificant. For the six months ended June 30, 2024 and 2023, the Company recognized $861,496 and $887,219
in revenue that was included in the prior year deferred revenue balance, respectively.
The
change in deferred revenue was as follows for the periods indicated:
Summary of Changes in Deferred Revenue
| |
Six Months Ended | | |
Year Ended | |
| |
June 30, 2024 | | |
December 31, 2023 | |
Deferred revenue, beginning of period | |
$ | 1,214,096 | | |
$ | 930,436 | |
Billings | |
| 2,255,811 | | |
| 4,781,924 | |
Revenue recognized (prior year deferred revenue) | |
| (861,496 | ) | |
| (930,436 | ) |
Revenue recognized (current year deferred revenue) | |
| (1,286,173 | ) | |
| (3,567,828 | ) |
Deferred revenue, end of period | |
$ | 1,322,238 | | |
$ | 1,214,096 | |
The
deferred revenue balance is short-term and included under current liabilities on the accompanying unaudited condensed consolidated balance
sheet.
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v3.24.2.u1
Debt
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Debt |
11.
Debt
Convertible
Notes
Convertible
Notes - Related Party
During
2022 and 2023, the Company issued subordinated convertible promissory notes to related parties Alco Investment Company (“Alco”),
Mason Ward, DNX, and William Bryant. Alco held approximately 5% of the issued equity of the Company, through its ownership of Series
A preferred stock. DNX held in excess of 5% of the issued equity of the Company, through its ownership of Series A preferred stock. William
Bryant became a member of the Board of Directors upon completion of the Merger. The Related Party Convertible Notes bear interest at
a rate of 8% per annum, and are convertible into the same series of capital stock of the Company to be issued to other investors upon
a Qualified Financing (as defined in the agreement).
For
the three and six months ended June 30, 2023, the Company recorded a $707,000 and $1,126,451, respectively, debt discount upon issuance
of additional Related Party Convertible Notes. For the three months ended June 30, 2023, interest expense on the Related Party Convertible
Notes totaled $552,403, comprised of $125,352 of contractual interest and $427,051 for the amortization of the discount. For the six
months ended June 30, 2023, interest expense on the Related Party Convertible Notes totaled $935,687, comprised of $215,774 of contractual
interest and $719,913 for the amortization of the discount.
March
2023 Amendment
In
March 2023, the Related Party Convertible Notes were amended to extend the maturity to December 31, 2023. The Company evaluated the terms
of the First Amendment in accordance with ASC 470-60, Troubled Debt Restructurings, and ASC 470-50, Debt Modifications and Extinguishments.
The Company determined that the Company was granted a concession by the lender based on the decrease of the effective borrowing rate
on the First Amendment. Accordingly, the Company accounted for the First Amendment as a troubled debt restructuring. As a result, the
Company accounted for the troubled debt restructuring by calculating a new effective interest rate for the First Amendment based on the
carrying amount of the debt and the present value of the revised future cash flow payment stream. The troubled debt restructuring did
not result in recognition of a gain or loss in the consolidated statement of operations but does impact interest expense recognized in
the future.
Convertible
Notes - Third Party
During
2022 and 2023, the Company issued additional subordinated convertible notes (the “Third Party Convertible Notes”). The Third
Party Convertible Notes bear interest at a rate of 8% per annum, and are convertible into the same series of capital stock of the Company
to be issued to other investors upon a Qualified Financing (as defined in the agreement).
For
the three and six months ended June 30, 2023, the Company recorded a $0 and $330,390, respectively, debt discount upon issuance of additional
Third Party Convertible Notes. For the three months ended June 30, 2023, interest expense on the Third Party Convertible Notes totaled
$142,353, comprised of $37,845 of contractual interest and $104,508 for the amortization of the discount. For the six months ended June
30, 2023, interest expense on the Third Party Convertible Notes totaled $293,977, comprised of $72,562 of contractual interest and $221,415
for the amortization of the discount.
March
2023 Amendment
In
March 2023, the Third Party Convertible Notes were amended to extend the maturity to December 31, 2023. The Company evaluated the terms
of the First Amendment in accordance with ASC 470-60, Troubled Debt Restructurings, and ASC 470-50, Debt Modifications and Extinguishments.
The Company determined that the Company was granted a concession by the lender based on the decrease of the effective borrowing rate
on the First Amendment. Accordingly, the Company accounted for the First Amendment as a troubled debt restructuring. As a result, the
Company accounted for the troubled debt restructuring by calculating a new effective interest rate for the First Amendment based on the
carrying amount of the debt and the present value of the revised future cash flow payment stream. The troubled debt restructuring did
not result in recognition of a gain or loss in the consolidated statement of operations but does impact interest expense recognized in
the future.
The
following table presents the Related Party and Third Party Convertible Notes, respectively, as of December 31, 2023:
Summary
of Related Party and Third Party Convertible Notes
| |
Related Party | | |
Third Party | |
Face value of the convertible notes | |
$ | 6,783,538 | | |
$ | 3,196,206 | |
Debt discount, net | |
| (131,867 | ) | |
| (83,688 | ) |
Carrying value of the convertible notes | |
| 6,651,671 | | |
| 3,112,518 | |
Accrued interest | |
| 619,697 | | |
| 233,714 | |
Conversion of convertible notes | |
| (7,271,368 | ) | |
| (3,346,232 | ) |
Total convertible notes and accrued interest | |
$ | — | | |
$ | — | |
Promissory
Notes
Promissory
Notes - Related Party
On
August 30, 2023, the Company issued a subordinate promissory note (“Alco August Promissory Note”) in the aggregate principal
amount of $150,000 to Alco Investment Company, a related party. Alco held its ownership of over 10% of the issued equity of the Company,
through its ownership of Series A preferred stock. The Alco August Promissory Note bears interest at a rate of 8% per annum. The outstanding
principal and accrued interest are due and payable on April 29, 2024. The Company recorded a $3,711 debt discount upon issuance of the
Alco August Promissory Note. For the three months ended June 30, 2024, interest expense on the Alco August Promissory Note totaled $2,908,
comprised of $2,992 of contractual accrued interest and ($84) for the amortization of the discount. For the six months ended June 30,
2024, interest expense on the Alco August Promissory Note totaled $8,357, comprised of $5,983 of contractual accrued interest and $2,374
for the amortization of the discount. As of June 30, 2024 and December 31, 2023, $150,000 of principal and $10,027 and $4,044, respectively,
of accrued interest is outstanding under the Alco August Promissory Note recorded in note payable - related party on the balance sheets.
On
September 13, 2023, the Company issued a subordinate promissory note (“Alco September Promissory Note”) in the aggregate
principal amount of up to $1,500,000 to Alco Investment Company, a related party. The Alco September Promissory Note bears interest at
a rate of 8% per annum. The outstanding principal and accrued interest are due and payable on September 30, 2024. The Company recorded
$8,588 of debt issuance costs and a $638,808 debt discount upon issuance of the Alco September Promissory Note, relating to the share
transfer agreements, see below. For the three months ended June 30, 2024, interest expense on the Alco September Promissory Note totaled
$95,935, comprised of $29,918 of contractual accrued interest and $66,017 for the amortization of the discount. For the six months ended
June 30, 2024, interest expense on the Alco September Promissory Note totaled $187,498, comprised of $59,836 of contractual accrued interest
and $127,662 for the amortization of the discount. As of June 30, 2024 and December 31, 2023, $1,500,000 of principal and $90,411 and
$30,575, respectively, of accrued interest is outstanding under the Alco September Promissory Note recorded in note payable - related
party on the balance sheets.
On
November 16, 2023, the Company issued a subordinate promissory note (“Alco November Promissory Note”) in the aggregate principal
amount of up to $750,000 to Alco Investment Company, a related party. The Alco November Promissory Note bears interest at a rate of 8%
per annum. The outstanding principal and accrued interest are due and payable on April 13, 2024. The Company recorded a $363,905 debt
discount upon issuance of the Alco November Promissory Note relating to the share transfer agreements, see below. For the three months
ended June 30, 2024, interest expense on the Alco November Promissory Note totaled ($31,036), comprised of $14,959 of contractual accrued
interest and ($45,995) for the amortization of the discount. For the six months ended June 30, 2024, interest expense on the Alco November
Promissory Note totaled $217,249, comprised of $29,918 of contractual accrued interest and $187,331 for the amortization of the discount.
As of June 30, 2024 and December 31, 2023, $750,000 of principal and $37,315 and $7,397, respectively, of accrued interest is outstanding
under the Alco November Promissory Note recorded in note payable - related party on the consolidated balance sheets.
On
December 13, 2023, the Company issued a subordinate promissory note (“Alco December Promissory Note”) in the aggregate principal
amount of up to $2,000,000 to Alco Investment Company, a related party. The Alco December Promissory Note bears interest at a rate of
8% per annum. The outstanding principal and accrued interest are due and payable on December 31, 2024. The Company recorded a $1,496,252
debt discount upon issuance of the Alco December Promissory Note, relating to the share transfer agreements, see below. For the three
months ended June 30, 2024, interest expense on the Alco December Promissory Note totaled $317,667, comprised of $39,890 of contractual
accrued interest and $277,777 for the amortization of the discount. For the six months ended June 30, 2024, interest expense on the Alco
December Promissory Note totaled $549,883, comprised of $79,780 of contractual accrued interest and $470,103 for the amortization of
the discount. As of June 30, 2024 and December 31, 2023, $2,000,000 of principal and $87,670 and $7,890, respectively, of accrued interest
is outstanding under the Alco December Promissory Note recorded in note payable – related party on the consolidated balance sheets.
In
connection with the issuances of the Alco September, November, and December Promissory Notes, the Company, 7GC and the Sponsor entered
into share transfer agreements (the “Alco Share Transfer Agreements”) with Alco Investment Company. Pursuant to which for
each $10.00 in principal borrowed under the Alco September and November Promissory Notes, the Sponsor agreed to forfeit one share of
7GC Class B Common Stock held by the Sponsor, in exchange for the right of Alco to receive one New Banzai Class A Share. For each $10.00
in principal borrowed under the December Note, the Sponsor agreed to forfeit three shares of 7GC Class B Common Stock held by the Sponsor,
in exchange for the right of Alco to receive three New Banzai Class A Shares. Such forfeited and issued shares under the Alco September,
November, and December Promissory Notes are capped at an amount equal to 150,000, 75,000, and 600,000, respectively. Pursuant to the
Alco Share Transfer Agreements, the shares are subject to an 180-day lock-up period upon issuance of the shares.
For
the Alco Share Transfer Agreements, the Company considered the guidance under ASC 815, Derivatives and Hedging, and determined that the
Investor Shares underlying each of the Share Transfer Agreements described above, met the definition of a freestanding financial instrument
and are not precluded from being considered indexed to the Company’s common stock. The Company determined that these shares represent
a freestanding equity contract issued to the lender, resulting in a discount recorded on the notes when they are issued.
Equity-classified
contracts are initially measured at fair value (or allocated value). Subsequent changes in fair value are not recognized if the contracts
continue to be classified in equity. The measurement of fair value was determined utilizing various put option models in estimating the
discount lack of marketability (the “DLOM”) applied to the public share price as the shares underlying each of the Share
Transfer Agreements are subject to a lock-up period pursuant to each agreement, to estimate the fair value of the shares transferred.
Option pricing models assume that the cost to purchase a stock option relates directly to the measurement of the DLOM. The logic behind
these models is that investors may be able to quantify this price risk, due to lack of marketability, over a particular holding period
where price volatility is usually estimated as a proxy for risk. The inputs and assumptions utilized in the fair value estimation included
the Company’s stock price on the measurement date, a DLOM as described above, the number of shares pursuant to each Share Transfer
Agreement, and a probability weighted factor for the Company’s expected percentage of completing its Business Combination, at each
Share Transfer Agreement date.
For
the Alco September Promissory Note, of which $1,000,000 was drawn on September 13, 2023, the DLOM was estimated using the put option
models described above and the following assumptions: a holding period for the shares of 272 days (approximately 0.77 years) measured
from the date of issuance of the $1,000,000 of proceeds under the September Note through the issuance of the shares under the Alco October
Share Transfer Agreement on December 14, 2023 at which time the 180-day lock-up period commenced; a re-levered equity volatility estimated
using guideline public companies of 54.0%; and a risk-free rate commensurate with the term of 5.3%. The put option models provided a
DLOM range of 10.7% to 16.0% and the concluded DLOM was estimated to be 12.5%. The Company’s expected percentage of completing
the Merger on this date was 80%.
For
the remaining $500,000 drawn on the Alco September Promissory Note on October 3, 2023, the DLOM was estimated using the put option models
described above and the following assumptions: a holding period for the shares of 252 days (approximately 0.72 years) measured from the
date of issuance of the remaining $500,000 of proceeds under the September Note through the issuance of the shares under the Alco October
Share Transfer Agreement on December 14, 2023 at which time the 180-day lock-up period commenced; a re-levered equity volatility estimated
using guideline public companies of 52.0%; and a risk-free rate commensurate with the term of 5.4%. The put option models provided a
DLOM range of 10.0% to 15.0% and the concluded DLOM was estimated to be 11.5%. The Company’s expected percentage of completing
the Merger on this date was 80%.
For
the Alco November Promissory Note, the DLOM was estimated using the put option models described above and the following assumptions:
a holding period for the shares of 208 days (approximately 0.60 years) measured from the issuance date of the November Note through the
issuance of the shares under the November 2023 Share Transfer Agreement on December 14, 2023 at which time the 180-day lock-up period
commenced; a re-levered equity volatility estimated using guideline public companies of 54.0%; and a risk-free rate commensurate with
the term of 5.2%. The put option models provided a DLOM range of 9.5% to 15.0% and the concluded DLOM was estimated to be 11.5%. The
Company’s expected percentage of completing the Merger on this date was 100%.
For
the Alco December Promissory Note, the DLOM was estimated using the put option models described above and the following assumptions:
a holding period for the shares of 180 days (approximately 0.49 years) measured from the issuance date of the December Note through the
issuance of the shares under the December 2023 Share Transfer Agreement on December 14, 2023 at which time the 180-day lock-up period
commenced; a re-levered equity volatility estimated using guideline public companies of 47.0%; and a risk-free rate commensurate with
the term of 5.2%. The put option models provided a DLOM range of 7.5% to 12.0% and the concluded DLOM was estimated to be 9.0%. The Company’s
expected percentage of completing its Business Combination on this date was 100%.
April
2024 and May 2024 Amendment
On
April 18, 2024, the Company amended the Alco August Promissory Note and Alco November Promissory Note to extend the maturity dates of
each note to May 31, 2024 (the “Alco April 2024 Amendment”). On May 30, 2024, both parties agreed to again amend the Alco
August Promissory Note and Alco November Promissory Note to further amend the maturity date to the earlier of (a) August 29, 2024 or
(b) the closing of the next transaction (an “Offering”) in which the Company sells any of its Common Stock for cash with
net proceeds of $4,000,000 or greater or if the holder acquires Common Stock in an amount not less than the then outstanding balance
of the Alco August Promissory Note and Alco November Promissory Note (the “Alco May 2024 Amendment”). The Company evaluated
the terms of both the Alco April 2024 Amendment and Alco May 2024 Amendment (the “Alco 2024 Amendments”) in accordance with
ASC 470-60, Troubled Debt Restructurings, and ASC 470-50, Debt Modifications and Extinguishments. The Company determined that the Company
was granted a concession by the lender based on the decrease of the effective borrowing rate on the Alco 2024 Amendments. Accordingly,
the Company accounted for the Alco 2024 Amendments as troubled debt restructurings. As a result, the Company accounted for the troubled
debt restructurings by calculating a new effective interest rate for the Alco 2024 Amendments based on the carrying amount of the debt
and the present value of the revised future cash flows payment streams. The troubled debt restructurings did not result in recognition
of a gain or loss in the consolidated statement of operations but does impact interest expense recognized in the future.
Promissory
Notes - 7GC
The
Company assumed two promissory notes in connection with the Merger which remained outstanding as of December 31, 2023. On February 9,
2024, the $2,540,091 balance was converted into shares the Company’s Class A Common Stock pursuant to the terms in the
7GC Promissory Notes.
Promissory
Note - GEM
On
December 14, 2023, the Company and GEM Global Yield LLC SCS and GEM Yield Bahamas Limited (collectively, “GEM”) agreed to
terminate in its entirety the GEM Agreement, pursuant to which GEM was to purchase from the Company shares of common stock having an
aggregate value up to $100,000,000 and the Company was required to make and execute a warrant (“GEM Warrant”). The Company’s
obligation to issue the GEM Warrant remained, granting GEM the right to purchase Class A Common Stock in an amount equal to 3% of the
total number of equity interests outstanding as of the Closing, calculated on a fully diluted basis, at an exercise price on the terms
and conditions set forth therein, in exchange for issuance of a $2.0 million convertible debenture with a five-year maturity and 0% coupon.
Due to the determination of the final terms of the planned $2.0 million convertible debenture having not been finalized, nor the final
agreement related to the convertible debenture having been executed, as of December 31, 2023, the Company recognized, concurrent with
the close of the merger, a liability for the GEM commitment fee, along with a corresponding GEM commitment fee expense, in the amount
of $2.0 million.
On
February 5, 2024, the Company and GEM entered into a settlement agreement (the “GEM Settlement Agreement”), pursuant to which
(a) the Company and GEM agreed to (i) settle the Company’s obligations under and terminate the binding term sheet entered into
between Legacy Banzai and GEM, dated December 13, 2023, and (ii) terminate the share repurchase agreement, dated May 27, 2022, by and
among the Company and GEM, and (b) the Company (i) agreed to pay GEM $1.2 million in cash within three business days of the GEM Settlement
Agreement and (ii) issued to GEM, on February 5, 2024, an unsecured promissory zero coupon note in the amount of $1.0 million, payable
in monthly installments of $100,000 beginning on March 1, 2024, with the final payment to be made on December 1, 2024 (the “GEM
Promissory Note”). The Company paid GEM the $1.2 million in cash in February 2024.
The
GEM Promissory Note provides that, in the event the Company fails to make a required monthly payment when due, the Company shall issue
to GEM a number of shares of Class A Common Stock equal to the monthly payment amount divided by the VWAP of the Class A Common Stock
for the trading day immediately preceding the applicable payment due date. In addition, the Company agreed to register on a registration
statement 2,000,000 shares of Class A Common Stock that may be issuable under the terms of the GEM Promissory Note. The GEM Promissory
Note contains customary events of default. If an event of default occurs, GEM may, at its option, demand from the Company immediate payment
of any outstanding balance under the GEM Promissory Note.
As
of June 30, 2024, the Company has issued an aggregate of 1,045,118 shares of Class A Common Stock to GEM in lieu of monthly payment obligations
and the remaining balance of the GEM Promissory Note as of June 30, 2024 is $600,000 recorded in the convertible notes line on the unaudited
consolidated balance sheet.
Convertible
Promissory Notes (Yorkville)
On
December 14, 2023, in connection with and pursuant to the terms of its Standby Equity Purchase Agreement (“SEPA”) with YA
II PN, LTD, a Cayman Islands exempt limited partnership managed by Yorkville Advisors Global, LP (“Yorkville”), (refer to
Note 15 - Equity for further details), Yorkville agreed to advance to the Company, in exchange for convertible promissory notes,
an aggregate principal amount of up to $3,500,000, $2,000,000 of which was funded at the Closing in exchange for the issuance by the
Company of a Convertible Promissory Note (the “December Yorkville Convertible Note”). The Company received net proceeds of
$1,800,000 after a non-cash original issue discount of $200,000.
On
February 5, 2024, the Company and Yorkville entered into a supplemental agreement (the “SEPA Supplemental Agreement”) to
increase the amount of convertible promissory notes allowed to be issued under SEPA by $1,000,000 (the “Additional Pre-Paid Advance
Amount”), for an aggregate principal amount of $4,500,000 to be advanced by Yorkville to the Company in the form of convertible
promissory notes. On February 5, 2024 in exchange for a promissory note in the principal amount of $1,000,000 (the “February Yorkville
Promissory Note”), with the same terms as the December Yorkville Convertible Note, the Company received net proceeds of $900,000
after a non-cash original issue discount of $100,000.
On
March 26, 2024, the Company, in exchange for a convertible promissory note with a principal amount of $1,500,000 (the “March Yorkville
Promissory Note” and, together with the December Yorkville Convertible Note and February Yorkville Promissory Note the” Yorkville
Promissory Notes”), received net proceeds of $1,250,000 after a non-cash original issue discount of $250,000 from Yorkville.
On
May 3, 2024, the Company and Yorkville entered into a Debt Repayment Agreement (the “Original Debt Repayment Agreement”)
with respect to the Yorkville Promissory Notes. Under the Original Debt Repayment Agreement, Yorkville agreed that, upon completion of
a Company registered offering and repayment of an aggregate $2,000,000 outstanding under the Yorkville Promissory Notes (the “Original
Repayment Amount”), Yorkville would not deliver to the Company any Investor Notice (as defined in the SEPA) and would not exercise
its right to convert the remainder of the amount outstanding under the Promissory Notes for a period commencing on the date of the closing
of the offering and ending on the date that is 90 days thereafter. Under the Original Debt Repayment Agreement, the Company and Yorkville
also agreed to extend the maturity date of the Promissory Notes to the date that is 120 days after the closing of the offering and to
satisfy the $200,000 payment premium due in connection with an early redemption through the issuance of an Advance Notice (as defined
in the SEPA) for shares of the Company’s Class A common stock, par value $0.0001 per share. The Debt Repayment Agreement was conditioned
on the completion of the offering by June 2, 2024.
On
May 22, 2024, the Company and Yorkville entered into an Amended and Restated Debt Repayment Agreement (the “Amended Debt Repayment
Agreement”) with respect to the Yorkville Promissory Notes, which amends and restates the Original Debt Repayment Agreement. Under
the Amended Debt Repayment Agreement, Yorkville has agreed that, upon completion of a registered offering and repayment of an aggregate
$750,000 outstanding under the Yorkville Promissory Notes (the “Amended Repayment Amount”), Yorkville will not deliver to
the Company any Investor Notice (as defined in the SEPA) and will not exercise its right to convert the remainder of the amount outstanding
under the Promissory Notes for a period commencing on the date of the closing of the offering and ending on the date that is 90 days
thereafter (the “Stand-still Period”); provided that the Company will seek any consents necessary to allow Yorkville to issue
Investor Notices or exercise its right to convert the remainder of the amount outstanding under the Promissory Notes after a period of
60 days following the closing of the offering. Under the Amended Debt Repayment Agreement, the Company and Yorkville also agreed to extend
the maturity date of the Promissory Notes to the date that is 120 days after the closing of the offering and to satisfy the $75,000 payment
premium due in connection with an early redemption through the issuance of an Advance Notice for shares of Class A Common Stock (the
“Q2 Prepayment Premium”). The Amended Debt Repayment Agreement was conditioned on the completion of the offering by May 29,
2024, which condition was satisfied upon the closing of the offering on May 28, 2024 (the “May 2024 Offering”).
Pursuant
to the terms of the Amended Repayment Agreement, the Company made a cash principal payment of $750,000 on May 31, 2024 (the “Repayment
Date”), and issued an Advance Notice for the purchase of 600,000 shares of Class A Common Stock (the “Premium Advance Shares”)
(representing the number of shares the Company reasonably believed would be sufficient to result in net proceeds of $75,000 as of the
Repayment Date) (the “Premium Advance”). The total purchase price for the Premium Advance was $110,040, of which $75,000
was applied in satisfaction of the Payment Premium, and the remaining $35,040 was paid by Yorkville to the Company in cash (the “Cash
Surplus”). The Premium Advance Shares were recorded at fair value totaling $115,800 on the Repayment Date, and the excess of fair
value over the Cash Surplus was recorded to the consolidated statement of operations in line Yorkville prepayment premium expense.
The
Yorkville Promissory Notes have a maturity date (as modified by the Amended Debt Repayment Agreement) of September 25, 2024, and accrue
interest at 0% per annum, subject to an increase to 18% per annum upon events of default as defined in the agreement. As of June 30,
2024, no events of default have occurred.
Yorkville
has the right to convert any portion of the outstanding principal into shares of Class A common stock at any time subsequent to the Stand-still
Period through maturity. The number of shares issuable upon conversion is equal to the amount of principal to be converted (as specified
by Yorkville) divided by the Conversion Price (as defined in the Standby Equity Purchase Agreement disclosure in Note 15). Yorkville
will not have the right to convert any portion of the principal to the extent that after giving effect to such conversion, Yorkville
would beneficially own in excess of 9.99% of the total number of shares of Class A common stock outstanding after giving effect to such
conversion.
Additionally,
the Company, at its option, shall have the right, but not the obligation, to redeem early a portion or all amounts outstanding under
the Promissory Notes at a redemption amount equal to the outstanding principal balance being repaid or redeemed, plus a 10% prepayment
premium, plus all accrued and unpaid interest; provided that (i) the Company provides Yorkville with no less than ten trading days’
prior written notice thereof and (ii) on the date such notice is issued, the VWAP of the Class A common stock is less than the Fixed
Price.
Upon
the occurrence of certain triggering events, as defined in the Yorkville Promissory Notes agreement (each an “Amortization Event”),
the Company may be required to make monthly repayments of amounts outstanding under the Yorkville Promissory Notes, with each monthly
repayment to be in an amount equal to the sum of (x) $1,000,000, plus (y) 10% in respect of such amount, and (z) all outstanding accrued
and unpaid interest as of each payment date.
During
January 2024, the Company’s stock price per share fell below the then in effect Floor Price (as defined in the Standby Equity Purchase
Agreement disclosure in Note 15) of $2.00 for five trading days during a period of seven consecutive trading days (an Amortization Event
under the terms of the December Yorkville Convertible Note agreement), thus triggering amortization payments under the terms of the December
Yorkville Convertible Note. On January 24, 2024, Yorkville agreed to waive the Amortization Event trigger, prior to the date upon which
any amortization payment would have been required. As discussed in the definitions below, the Floor Price was reset on February 14, 2024,
in conjunction with the effective date of the Company’s Registration Statement, at a price of $0.294 per share of Common Stock,
thus curing the Amortization Event condition.
During
the three and six months ended June 30, 2024, $300,000 and $800,000 of principal under the December Yorkville Convertible Note, respectively,
was converted into 1,008,808 and 1,797,019 shares of Class A Common stock of the Company, respectively. During the six months ended June
30, 2024, the full principal amount of $1,000,000 under the February Yorkville Promissory Note was converted into 1,445,524 Class A Common
stock of the Company.
As
of June 30, 2024 and December 31, 2023, the principal amount outstanding under the Yorkville Promissory Notes was $1,950,000 and $2,000,000,
respectively. During the three and six months ended June 30, 2024, the Company recorded interest expense of $80,760 in connection with
the Yorkville Promissory Notes, all of which was related to the Premium Advance.
The
Yorkville Promissory Notes are required to be measured at fair value pursuant to ASC 480 Distinguishing Liabilities from Equity
(“ASC 480”) at the date of issuances and in subsequent reporting periods, due to the variable share-settled feature described
above in which, if converted, the value to be received by Yorkville fluctuates based on something other than the fair value of the Company’s
common stock. The fair value of the Yorkville Promissory Notes as of June 30, 2024 and December 31, 2023 was $2,013,000 and $1,766,000,
respectively. The Company used a Monte Carlo simulation model in order to determine the Yorkville Promissory Note’s fair value
at December 31, 2023, with the following inputs: the fair value of the Company’s common stock of $1.88 on December 31, 2023, estimated
equity volatility of 71%, the time to maturity of 0.46 years, a discounted market interest rate of 14%, a risk free rate of 5.28%, and
probability of optional redemption 10.0%.
During
the three and six months ended June 30, 2024, the Company recorded a loss of $34,000 and $578,000, respectively, related to the change
in fair value of the Yorkville Promissory Notes liability, respectively. The Company used Monte Carlo simulation models in order to determine
the Yorkville Promissory Note’s fair value at June 30, 2024, with the following inputs: the fair value of the Company’s common
stock of $0.17 on June 30, 2024, estimated equity volatility of 125%, the time to maturity of 0.24 years, a discounted market interest
rate of 20.6%, a risk free rate of 5.48%, and probability of optional redemption 75.0%.
Term
and Convertible Notes (CP BF)
During
2021, the Company entered into a loan agreement with CP BF Lending, LLC (“CP BF”) comprised of a Term Note and a Convertible
Note. The Term Note bears cash interest at a rate of 14% per annum paid monthly and accrued interest payable-in-kind (“PIK”)
cumulatively at 1.5% per annum. The outstanding principal balance of the Term Note together with accrued and unpaid interest thereon,
unpaid fees and expenses and any other Obligations then due, shall be paid on February 19, 2025 (“Loan Maturity Date”). The
Convertible Note accrues PIK interest cumulatively at a rate of 15.5% per annum, and is convertible into Class A Common Stock upon Qualified
Financing (as defined in the agreement), upon a Change of Control (as defined in the agreement), upon Prepayment, or at Maturity at a
fixed conversion price. If not sooner converted or prepaid, the Convertible Note principal together with accrued and unpaid interest
thereon, unpaid fees and expenses and any other Obligations then due, shall be paid on the Loan Maturity Date.
For
all respective periods presented, the Company was not in compliance with the Minimum Gross Profit Margin covenant in section 7.14.1 of
the Loan Agreement, the Minimum ARR Growth covenant in section 7.14.2 of the Loan Agreement, and the Fixed Charge Coverage Ratio covenant
in section 7.14.3 of the Loan Agreement. As a result of the Company’s noncompliance with the financial covenants, the entire principal
amount and all unpaid and accrued interest will be classified as current on the Company’s consolidated balance sheets.
The
effective interest rate for the Term Note was 16% for three and six months ended June 30, 2024 and 2023. For the three and six months
ended June 30, 2024, interest expense on the Term Note totaled $294,613 and $586,940, respectively, comprised of $267,359 and $533,707,
respectively, of contractual interest and $27,254 and $53,233, respectively, for the amortization of the discount. For the three and
six months ended June 30, 2023, interest expense on the Term Note totaled $284,097 and $562,261, respectively, comprised of $264,320
and $523,763, respectively, of contractual interest and $19,777 and $38,498 respectively, for the amortization of the discount.
The
effective interest rate for the CP BF Convertible Note and First Amendment Convertible Note was 16% for the three and six months ended
June 30, 2024 and 2023. For the three and six months ended June 30, 2024, interest expense on the Convertible Notes totaled $121,448
and $237,859, respectively, comprised of $112,908 and $221,504, respectively, of contractual interest and $8,540 and $16,355, respectively,
for the amortization of the discount. For the three and six months ended June 30, 2023, interest expense on the Convertible Notes totaled
$101,719 and $200,151, respectively, comprised of $95,534 and $187,394, respectively, of contractual interest and $6,185 and $12,757,
respectively, for the amortization of the discount.
The
Company utilizes a combination of scenario-based methods and Black-Scholes option pricing models to determine the average share count
outstanding at conversion and the simulated price per share for the Company as of the valuation date. Key inputs into these models included
the timing and probability of the identified scenarios, and for Black-Scholes option pricing models used for notes that included a valuation
cap, equity values, risk-free rate and volatility.
The
following table presents the CP BF convertible notes as of June 30, 2024:
Summary
of Convertible Notes
| |
| | |
Face value of the CB BF convertible notes | |
$ | 1,821,345 | |
Debt discount, net | |
| (26,757 | ) |
Carrying value of the CB BF convertible notes | |
| 1,794,588 | |
Accrued interest | |
| 1,135,983 | |
Total CB BF convertible notes and accrued interest | |
$ | 2,930,571 | |
The
following table presents the CP BF convertible notes as of December 31, 2023:
| |
| | |
Face value of the CB BF convertible notes | |
$ | 1,821,345 | |
Debt discount, net | |
| (41,983 | ) |
Carrying value of the CB BF convertible notes | |
| 1,779,362 | |
Accrued interest | |
| 914,479 | |
Total CB BF convertible notes and accrued interest | |
$ | 2,693,841 | |
The
following table presents the CP BF term note as of June 30, 2024:
| |
| | |
Face value of the CB BF term note | |
$ | 6,500,000 | |
Debt discount, net | |
| (76,353 | ) |
Carrying value of the CB BF term note | |
| 6,423,647 | |
Accrued interest | |
| 664,562 | |
Total CB BF term note and accrued interest | |
$ | 7,088,209 | |
The
following table presents the CP BF term note as of December 31, 2023:
| |
| | |
Face value of the CB BF term note | |
$ | 6,500,000 | |
Debt discount, net | |
| (129,586 | ) |
Carrying value of the CB BF term note | |
| 6,370,414 | |
Accrued interest | |
| 289,373 | |
Total CB BF term note and accrued interest | |
$ | 6,659,787 | |
|
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.2.u1
Warrant Liabilities
|
6 Months Ended |
Jun. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Warrant Liabilities |
12.
Warrant Liabilities
Public
Warrants
The
Company assumed 11,500,000 Public Warrants in the Merger which remained outstanding as of June 30, 2024. The Public Warrants have an
exercise price of $11.50 per share, subject to adjustments, and will expire five years from the Merger Closing Date. The exercise price
and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including
in the event of a share dividend, or recapitalization, reorganization, merger or consolidation.
The
Company will not be obligated to deliver any shares of Class A Common Stock pursuant to the exercise of a Public Warrant and will have
no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act with respect to the shares
of Class A Common Stock underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the
Company’s satisfying its obligations described below with respect to registration, or a valid exemption from registration is available.
No Public Warrant will be exercisable and the Company will not be obligated to issue a share of Class A Common Stock upon exercise of
a Public Warrant unless the shares of Class A Common Stock issuable upon such Public Warrant exercise has been registered, qualified,
or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants. In the event
that the conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder of such
Public Warrant will not be entitled to exercise such Public Warrant and such Public Warrant may have no value and expire worthless. In
no event will the Company be required to net cash settle any Public Warrant. The Resale Registration statement went effective on February
14, 2024. As the Resale Registration Statement was declared effective within the contractual 60-day term upon closing of the Merger,
no “cashless basis” exercises were triggered during the period ended June 30, 2024.
Redemption
of Public Warrants When the price per Share of Class A Common Stock Equals or Exceeds $18.00
Once
the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants:
| ● | in
whole and not in part; |
| ● | at
a price of $0.01 per Warrant; |
| ● | upon
a minimum of 30 days’ prior written notice of redemption (the “30-day redemption
period”); and |
| ● | if,
and only if, the closing price per share of Class A Common Stock equals or exceeds $18.00
per share (as adjusted for adjustments to the number of shares issuable upon exercise or
the exercise price of a Public Warrant as described under the heading “- Warrants—Public
Stockholder Warrants—Anti-dilution Adjustments”) for any 20 trading days within
a 30-trading day period ending three trading days before the Company sends the notice of
redemption to the warrant holders. |
The
Company will not redeem the Public Warrants as described above unless a registration statement under the Securities Act covering the
issuance of shares of Class A Common Stock issuable upon exercise of the Public Warrants is then effective and a current prospectus relating
to those shares of Class A Common Stock is available throughout the 30-day redemption period. If and when the Public Warrants become
redeemable by the Company, the Company may not exercise its redemption right if the Company is unable to register or qualify the underlying
securities for sale under all applicable state securities laws.
The
Company has established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time
of the call a significant premium to the Public Warrant exercise price. If the foregoing conditions are satisfied and the Company issues
a notice of redemption of the Public Warrants, each warrant holder will be entitled to exercise his, her or its Public Warrant prior
to the scheduled redemption date. However, the price per share of Class A Common Stock may fall below the $18.00 redemption trigger price
(as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a Public Warrant as described under
the heading “-Warrants—Public Stockholder Warrants—Anti-dilution Adjustments”) as well as the $11.50 (for whole
shares) Public Warrant exercise price after the redemption notice is issued.
No
fractional shares of Class A Common Stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional
interest in a share, the Company will round down to the nearest whole number of the number of shares of Class A Common Stock to be issued
to the holder.
GEM
Financing Arrangement
In
association with the GEM Letter, see Note 11 - Debt for further details, at Closing, the GEM Warrant automatically became an obligation
of the Company, and on December 15, 2023, the Company issued the GEM Warrant granting GEM the right to purchase 828,533 shares at an
exercise price of $6.49 per share. The exercise price will be adjusted to 105% of the then-current exercise price if on the one-year
anniversary date of the Effective Time, the GEM Warrant has not been exercised in full and the average closing price per share of Class
A Common Stock for the 10 days preceding the anniversary date is less than 90% of the initial exercise price. GEM may exercise the GEM
Warrant at any time and from time to time until December 14, 2026. The terms of the GEM Warrant provide that the exercise price of the
GEM Warrant, and the number of shares of Class A Common Stock for which the GEM Warrant may be exercised, are subject to adjustment to
account for increases or decreases in the number of outstanding shares of New Banzai Common Stock resulting from stock splits, reverse
stock splits, consolidations, combinations and reclassifications. Additionally, the GEM Warrant contains weighted average anti-dilution
provisions that provide that if the Company issues shares of common stock, or securities convertible into or exercisable or exchange
for, shares of common stock at a price per share that is less than 90% of the exercise price then in effect or without consideration,
then the exercise price of the GEM Warrant upon each such issuance will be adjusted to the price equal to 105% of the consideration per
share paid for such common stock or other securities. In the event of a Change of Control, if the Surviving Corporation does not have
registered class of equity securities and common shares listed on a U.S. national securities exchange, then the Holder is entitled to
receive one percent of the total consideration received by the Company’s stockholders and the GEM Warrants will expire upon payment.
The
Warrants were not considered indexed to the issuer’s stock pursuant to ASC 815, as the holder’s ability to receive in lieu
of the Warrant one percent of the total consideration received by the Company’s stockholders in connection with a Change of Control,
where the surviving corporation is not publicly traded, adjusts the settlement value based on items outside the Company’s control
in violation of the fixed-for-fixed option pricing model. As such, the Company recorded the Warrants as liabilities initially measured
at fair value with subsequent changes in fair value recognized in earnings each reporting period.
The
measurement of fair value was determined utilizing a Monte Carlo simulation considering all relevant assumptions current at the date
of issuance (i.e., share price, exercise price, term, volatility, risk-free rate, probability of dilutive term of three years, and expected
time to conversion). As of June 30, 2024 and December 31, 2023, the fair value of the Warrants, as determined by the Monte Carlo simulation
option pricing model, were $79,000 and $641,000, respectively.
If
the per share market value of one share of Class A Common Stock is greater than the then-current exercise price, then GEM will have the
option to exercise the GEM Warrant on a cashless basis and receive a number of shares of Class A Common Stock equal to (x) the number
of shares of Class A Common Stock purchasable upon exercise of all of the GEM Warrant or, if only a portion of the GEM Warrant is being
exercised, the portion of the GEM Warrant being exercised, less (y) the product of the then-current exercise price and the number of
shares of Class A Common Stock purchasable upon exercise of all of the GEM Warrant or, if only a portion of the GEM Warrant is being
exercised, the portion of the GEM Warrant being exercised, divided by the per share market value of one share of Class A Common Stock.
The
GEM Warrant may not be exercised if such exercise would result in the beneficial ownership of the holder and its affiliates in excess
of 9.99% of the then-issued and outstanding shares of Common Stock.
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v3.24.2.u1
Simple Agreements for Future Equity
|
6 Months Ended |
Jun. 30, 2024 |
Simple Agreements For Future Equity |
|
Simple Agreements for Future Equity |
13.
Simple Agreements for Future Equity
Simple
Agreements for Future Equity - Related Party
During
2021, the Company entered into Simple Agreements for Future Equity (SAFE) arrangements with related parties Alco, DNX and William Bryant
(See Note 11 - Debt, for a description of the related party relationship with these entities) (the “Related Party SAFEs”)
pursuant to which the Company received gross proceeds in the amount of $3,567,000. In the event of an Equity Financing (as defined in
the SAFEs agreements), the Related Party SAFEs will automatically convert into shares of the Company’s common or preferred stock
at a discount of 15% of the per share price of the shares offered in the Equity Financing (the “Discount Price”). In the
event of a Liquidity Event, SPAC Transaction or Dissolution Event (all terms as defined in the SAFEs agreements), the holders of the
Related Party SAFEs will be entitled to receive cash or shares of the Company’s common or preferred stock. The Related Party SAFEs
were recorded as a liability in accordance with the applicable accounting guidance as they are redeemable for cash upon contingent events
that are outside of the Company’s control. The initial fair value of the Related Party SAFE liability was $3,567,000. Subsequent
changes in fair value at each reporting period are recognized in the consolidated statement of operations. For the three and six months
ended June 30, 2023, the Company recognized a loss of $909,418 and $1,212,557 for the change in fair value of the Related Party SAFE
liability, respectively.
The
Company utilizes a combination of scenario-based methods and Monte Carlo simulation to determine the fair value of the Related Party
SAFE liability as of the valuation dates. Key inputs into these models included the timing and probability of the identified scenarios,
and for Black-Scholes option pricing models used for notes that included a valuation cap, equity values, risk-free rate and volatility.
On
December 14, 2023, all outstanding principal related to the Related Party SAFEs at a carrying value of $6,049,766 converted into 551,949
shares the Company’s Class A Common Stock pursuant to the close of the Merger Agreement and application of the exchange ratio.
Simple
Agreements for Future Equity - Third Party
During
2021, the Company entered into Simple Agreements for Future Equity (SAFE) arrangements with third party investors (the “Third Party
SAFEs”) pursuant to which the Company received gross proceeds in the amount of $269,000. In the event of an Equity Financing (as
defined in the SAFEs agreements), the Third Party SAFEs will automatically convert into shares of the Company’s common or preferred
stock at a discount of 15% of the per share price of the shares offered in the Equity Financing (the “Discount Price”). In
the event of a Liquidity Event, SPAC Transaction or Dissolution Event (all terms as defined in the SAFEs agreements), the holders of
the Third Party SAFEs will be entitled to receive cash or shares of the Company’s common or preferred stock. The Third Party SAFEs
were recorded as a liability in accordance with the applicable accounting guidance as they are redeemable for cash upon contingent events
that are outside of the Company’s control. The initial fair value of the Third Party SAFE liability was $269,000. Subsequent changes
in fair value at each reporting period are recognized in the Consolidated Statement of Operations. For the three and six months ended
June 30, 2023, the Company recognized a loss of $68,582 and $91,443 for the change in fair value of the Third Party SAFE liability.
The
Company utilizes a combination of scenario-based methods and Monte Carlo simulation to determine the fair value of the Third Party SAFE
liability as of the valuation dates. Key inputs into these models included the timing and probability of the identified scenarios, and
for Black-Scholes option pricing models used for notes that included a valuation cap, equity values, risk-free rate and volatility.
On
December 14, 2023, all outstanding principal related to the Third Party SAFEs at a carrying value of $456,234 converted into 41,626 shares
the Company’s Class A Common Stock pursuant to the close of the Merger Agreement and application of the exchange ratio.
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v3.24.2.u1
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
14.
Commitments and Contingencies
Leases
The
Company has operating leases for its real estate across multiple states. The operating leases have remaining lease terms of approximately
0.26 years as of June 30, 2024 and consist primarily of office space.
The
lease agreements generally do not provide an implicit borrowing rate. Therefore, the Company used a benchmark approach to derive an appropriate
incremental borrowing rate to discount remaining lease payments.
Leases
with an initial term of twelve months or less are not recorded on the balance sheet. There are no material residual guarantees associated
with any of the Company’s leases, and there are no significant restrictions or covenants included in the Company’s lease
agreements. Certain leases include variable payments related to common area maintenance and property taxes, which are billed by the landlord,
as is customary with these types of charges for office space. The Company has not entered into any lease arrangements with related parties.
The
Company’s existing leases contain escalation clauses and renewal options. The Company is not reasonably certain that renewal options
will be exercised upon expiration of the initial terms of its existing leases.
The
Company entered into a sublease which it has identified as an operating lease prior to the adoption of ASC 842 Leases. The Company
remains the primary obligor to the head lease lessor, making rental payments directly to the lessor and separately billing the sublessee.
The sublease is subordinate to the master lease, and the sublessee must comply with all applicable terms of the master lease. The Company
subleased the real estate to a third-party at a monthly rental payment amount that was less than the monthly cost that it pays on the
headlease with the lessor.
The
components of lease expense for the three months ended June 30, 2024 and 2023, are as follows:
Schedule of Components of Lease Expense
Components of lease expense: | |
2024 | | |
2023 | |
| |
For the Three Months Ended June
30, | |
Components of lease expense: | |
2024 | | |
2023 | |
Operating lease cost | |
$ | 46,140 | | |
$ | 50,440 | |
Lease impairment cost | |
| - | | |
| - | |
Sublease income | |
| (52,542 | ) | |
| (51,082 | ) |
Total lease (income) cost | |
$ | (6,402 | ) | |
$ | (642 | ) |
The
components of lease expense for the six months ended June 30, 2024 and 2023, are as follows:
Components of lease expense: | |
2024 | | |
2023 | |
| |
For the Six Months Ended June
30, | |
Components of lease expense: | |
2024 | | |
2023 | |
Operating lease cost | |
$ | 93,384 | | |
$ | 101,888 | |
Lease impairment cost | |
| - | | |
| - | |
Sublease income | |
| (105,084 | ) | |
| (102,165 | ) |
Total lease (income) cost | |
$ | (11,700 | ) | |
$ | (277 | ) |
Supplemental
cash flow information related to leases are as follows:
Schedule of Supplemental Cash Flow Information Related to Leases
Supplemental cash flow information: | |
2024 | | |
2023 | |
| |
For the Six Months Ended June
30, | |
Supplemental cash flow information: | |
2024 | | |
2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | |
Non-cash lease expense (operating cash flow) | |
$ | 87,579 | | |
$ | 86,320 | |
Change in lease liabilities (operating cash flow) | |
| (152,335 | ) | |
| (138,804 | ) |
Supplemental
balance sheet information related to leases was as follows:
Schedule of Supplemental Balance Sheet Information Related to Leases
Operating leases: | |
June 30, 2024 | | |
December 31, 2023 | |
Operating lease right-of-use assets | |
$ | 46,434 | | |
$ | 134,013 | |
Operating lease liability, current | |
| 81,708 | | |
| 234,043 | |
Operating lease liability, non-current | |
| | | |
| - | |
Total operating lease liabilities | |
$ | 81,708 | | |
$ | 234,043 | |
Weighted-average remaining lease term: | |
June 30, 2024 | | |
December 31, 2023 | |
Operating leases (in years) | |
| 0.26 | | |
| 0.76 | |
Weighted-average discount rate: | |
June 30, 2024 | | |
December 31, 2023 | |
Operating leases | |
| 6.83 | % | |
| 6.76 | % |
Future
minimum lease payments under non-cancellable lease as of June 30, 2024, are as follows:
Schedule of Future Minimum Lease Payments Under Non-Cancellable Lease
Maturities of lease liabilities: | |
| |
Year Ending December 31, | |
| | |
Remainder of 2024 | |
$ | 82,679 | |
Year Ending December 31, 2024 | |
$ | - | |
Total undiscounted cash flows | |
| 82,679 | |
Less discounting | |
| (971 | ) |
Present value of lease liabilities | |
$ | 81,708 | |
Cantor
Fee Agreement
In
connection with the Merger, 7GC previously agreed to pay Cantor Fitzgerald & Co. (“Cantor” or “CF&CO”)
an Original Deferred Fee of $8,050,000 as deferred underwriting commissions. On November 8, 2023, Cantor and 7GC entered into a Fee Reduction
Agreement, pursuant to which Cantor agreed to forfeit $4,050,000 of the $8,050,000 Original Deferred Fee, with the remaining $4,000,000
Reduced Deferred Fee payable by Banzai to Cantor following the Closing of the Merger.
Pursuant
to the Fee Reduction Agreement, the Company agreed to use its reasonable best efforts to have the registration statement declared effective
by the SEC by the 120th calendar day after December 29, 2023, the date of the initial filing thereof, and to maintain the effectiveness
of such registration statement until the earliest to occur of (i) the second anniversary of the date of the effectiveness thereof, (ii)
the Cantor Fee Shares shall have been sold, transferred, disposed of or exchanged by Cantor, and (iii) the Cantor Fee Shares issued to
Cantor may be sold without registration pursuant to Rule 144 under the Securities Act (such obligations, the “Cantor Registration
Rights Obligations”).
Although
the Company issued the Cantor Fee Shares, as of June 30, 2024, the Company has not satisfied its Cantor Registration Rights Obligations.
As such, the Company cannot conclude that it has settled its outstanding obligations to Cantor. Therefore, neither criteria under ASC
405 for extinguishment and derecognition of the liability were satisfied and the $4,000,000 Reduced Deferred Fee remained outstanding
as a current liability on the Company’s June 30, 2024 condensed consolidated balance sheet.
At
each interim and annual period after December 31, 2023, the Company will monitor its compliance with the Cantor Registration Rights Obligations
to determine whether the entire amount of the Reduced Deferred Fee has become due and payable in cash, or the Company’s obligations
have been satisfied and the remaining liability should be derecognized. At such time as the Company’s obligations under the Fee
Reduction Agreement have been satisfied the relief of the liability will be recorded through equity.
Roth
Addendum to Letter Agreements
On
October 13, 2022, Roth Capital Partners, LLC (“Roth”) and Legacy Banzai entered into the Roth Engagement Letter, pursuant
to which Legacy Banzai engaged Roth as a financial advisor in connection with the Merger and, on October 14, 2022, MKM and 7GC entered
into the MKM Engagement Letter, pursuant to which 7GC engaged MKM as a financial advisor in connection with the Merger. In February 2023,
Roth acquired MKM. On December 8, 2023, the Company received an invoice from Roth for an advisory fee in the amount of $1,100,000 as
well as transaction expenses reimbursable to Roth amounting to $6,813. As of December 31, 2023, the Company recorded a liability for
the total advisory fee of $1,106,813 to accrued expenses.
On
February 2, 2024, the Company and Roth entered into an addendum to (i) the engagement letter, dated October 13, 2022, by and between
Roth and Legacy Banzai, and (ii) the engagement letter, dated October 14, 2022, by and between Roth (as successor to MKM Partners, LLC)
and 7GC (such engagement agreements, collectively, the “Roth Engagement Agreements,” and such addendum, the “Roth Addendum”).
Pursuant to the Roth Addendum, in lieu of payment in cash of the full amount of any advisory fees or other fees or expenses, incurred
in 2024, and owed under the Roth Engagement Agreements (collectively, the “Roth Fee”), the Company (i) issued to Roth 175,000
shares (the “Roth Shares”) of the Company’s Class A Common Stock on February 2, 2024, and (ii) on or before June 30,
2024, will pay to Roth an amount in cash equal to $300,000 or, if the Company determines that such payment should not be made in cash
due to the Company’s cash position at such time, issue to Roth a number of shares of Class A Common Stock equal to $300,000 divided
by the daily VWAP for the trading day immediately preceding June 30, 2024 (any such shares, the “Additional Roth Shares”).
The Company registered the Roth Shares and 600,000 shares of Class A Common Stock (in addition to the Roth Shares) on a registration
statement to cover any issuances of Additional Roth Shares (which may be more or less than 600,000) that may occur pursuant to the Roth
Addendum. This registration statement became effective on February 14, 2024. The $300,000 cash payment has not yet been made as of the
date of filing of these condensed consolidated financial statements.
On
February 2, 2024, the Company issued the 175,000 Roth Shares with a fair value of $278,833 on the date of issuance. As neither the remaining
$300,000 cash payment, nor any Additional Roth Shares had been paid or issued to Roth, as of June 30, 2024, $300,000 will remain as an
accrued expense on the Company’s condensed consolidated balance sheet, payable to Roth on or before June 30, 2024. Therefore, the
175,000 shares are determined to settle $806,813 of the obligation recognized as of December 31, 2023, resulting in gain of $577,513
that has been recognized as a gain on extinguishment of liability on the Company’s condensed consolidated statement of operations.
Legal
Matters
In
the regular course of business affairs and operations, the Company is subject to possible loss contingencies arising from third-party
litigation and federal, state, and local environmental, labor, health and safety laws and regulations. The Company assesses the probability
that they may incur a liability in connection with certain of these lawsuits. The Company’s assessments are made in accordance
with generally accepted accounting principles, as codified in ASC 450-20, and is not an admission of any liability on the part of the
Company or any of its subsidiaries. In certain cases that are in the early stages and in light of the uncertainties surrounding them,
the Company does not currently possess sufficient information to determine a range of reasonably possible liability.
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Equity
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Equity |
15.
Equity
Class
A and B Common Stock
The
Company is authorized to issue up to 275,000,000 shares, consisting of 250,000,000 Class A Common Stock, and 25,000,000 shares of Class
B Common Stock par value $0.0001 per share.
As
discussed in Note 4 - Reverse Merger Capitalization with 7GC & Co. Holdings Inc., the Company has retroactively adjusted the
shares issued and outstanding prior to December 14, 2023 to give effect to the Exchange Ratio to determine the number of shares of Company
Common Stock into which they were converted.
The
Class A Common Stock and Class B Common Stock entitle their holders to one vote per share and ten votes per share, respectively, on each
matter properly submitted to the stockholders entitled to vote thereon. The holders of shares of Common Stock shall be entitled to receive
dividends declared by the Board of Directors, on a pro rata basis based on the number of shares of Common Stock held by each such holder,
assuming conversion of all Class B Common Stock into Class A Common Stock at a one to one conversion ratio.
There
were 36,944,935 shares (34,633,801 Class A common stock and 2,311,134 Class B common stock) issued and outstanding at June 30, 2024 and
16,019,256 shares (13,708,122 Class A common stock and 2,311,134 Class B common stock) issued and outstanding at December 31, 2023.
May
22, 2024 Equity Financing
On
May 22, 2024, Banzai entered into a securities purchase agreement with accredited investors, providing for the issuance and sale of 5,227,780
shares of the Company’s Class A common stock (“Common Stock”) 8,661,110 pre-funded warrants (the “Pre-Funded
Warrants”), and 13,888,890 common warrants (the “Common Warrants”) in a registered direct offering priced at-the-market
under Nasdaq rules for a purchase price of $0.18 per share (the “ May 2024 Offering”). The Common Warrants have an exercise
price of $0.18 per share and the Pre-Funded Warrants have an exercise price of $0.0001 per share, are initially exercisable immediately
on the date of issuance (the “Initial Exercise Date”). The Common Warrants expire five years from the Initial Exercise Date
while the Pre-Funded Warrants do not expire. The aggregate gross proceeds to the Company from the May 2024 Offering were approximately
$2.5 million. The Company used the net proceeds from the May 2024 Offering for working capital and general corporate purposes. The closing
of the sale of these securities occurred on May 28, 2024. The securities were issued pursuant to the Company’s registration statement
on Form S-1/A filed with the SEC on May 16, 2024 (File No. 333-278871) and became effective on May 21, 2024. As of June 30, 2024 all
Pre-Funded warrants were exercised.
A.G.P./Alliance
Global Partners (“AGP”) acted as placement agent for the May 2024 Offering, pursuant to a placement agency agreement, dated
May 22, 2024, between the Company and AGP (the “Placement Agency Agreement”). Under the Placement Agency Agreement, AGP received
a fee in the form of (a) a cash fee equal to 7.0% of the aggregate purchase price paid by each purchaser of securities that were sold
in the May 2024 Offering (the “Cash Fee”); provided, however, that the Cash Fee was reduced by an amount equal to $25,000
to be paid to the Company’s financial advisor, and (b) warrants (the “Placement Agent Warrants”) to purchase Class
A Common Stock equal to 6% of the aggregate number of shares of Class A Common Stock sold in the May 2024 Offering at an exercise price
per share equal to 110% of the price per share of Class A Common Stock sold in the May 2024 Offering. The Company recognized the Placement
Agent Warrants as a stock issuance cost as they are issued for services in connection with an offering.
The
Company additionally incurred approximately $409,000 of legal fees associated with the May 2024 Offering which is recognized as a stock
issuance cost and reflected as a reduction within additional paid-in capital.
May
22, 2024 Common Warrants
As
discussed above, on May 22, 2024, in conjunction with the issuance and sale of 5,227,780 shares of the Company’s Class A common
stock, the Company issued 13,888,890 Common Warrants which did not meet the definition of a liability pursuant to ASC 480 and met all
of the requirements for equity classification under ASC 815 as such were classified in stockholder’s equity. The measurement of
fair value of the Common Warrants were determined utilizing a Black-Scholes model considering all relevant assumptions current at the
date of issuance (i.e., share price of $0.18, exercise price of $0.18, term of five years, volatility of 87%, risk-free rate of 4.6%,
and expected dividend rate of 0%). The relative fair value of these Common Warrants, net of issuance costs, on date of issuance was estimated
to be approximately $722,000 and is reflected within additional paid-in capital.
May
22, 2024 Pre-Funded Warrants
As
discussed above, on May 22, 2024, in conjunction with the issuance and sale of 5,227,780 shares of the Company’s Class A common
stock, the Company issued 8,661,110 Pre-Funded Warrants which did not meet the definition of a liability pursuant to ASC 480 and met
all of the requirements for equity classification under ASC 815 as such were classified in stockholder’s equity. were classified
in stockholder’s equity. The measurement of fair value of the Pre-Funded Warrants were determined as the intrinsic value calculated
as the common stock price on the issuance date minus the exercise price. The relative fair value of these Pre-Funded Warrants, net of
issuance costs, on date of issuance was estimated to be approximately $660,000 and is reflected within additional paid-in capital. On
May 28, 2024 the Pre-Funded warrants were exercised.
May
22, 2024 Placement Agent Warrants
As
discussed above, on May 22, 2024, in conjunction with the issuance and sale of 5,227,780 shares of the Company’s Class A common
stock and Pre-Funded Warrants, the Company issued 833,333 Placement Agent Warrants. As the Placement Agent Warrants were issued for services
provided in facilitating the May 2024 Offering, the Company recorded the fair value of such Placement Agent Warrants of approximately
$100,000 as a cost of capital on the issuance date. The measurement of fair value was determined utilizing a Black-Scholes model considering
all relevant assumptions current at the date of issuance (i.e., share price of $0.18, exercise price of $0.18, term of five years, volatility
of 87%, risk-free rate of 4.6%, and expected dividend rate of 0%).
Preferred
Stock
The
Company is authorized to issue 75,000,000 shares of preferred stock with a par value of $0.0001 per share. The board of directors of
the Company (the “Board”) has the authority to issue preferred stock and to determine the rights, privileges, preferences,
restrictions, and voting rights of those shares. As of June 30, 2024 and December 31, 2023, no shares of preferred stock were outstanding.
Yorkville
Standby Equity Purchase Agreement (“SEPA”)
On
December 14, 2023, the Company entered into the SEPA with YA II PN, LTD, a Cayman Islands exempt limited partnership managed by
Yorkville Advisors Global, LP (“Yorkville”) in connection with the Merger. Pursuant to the SEPA, subject to certain conditions,
the Company shall have the option, but not the obligation, to sell to Yorkville, and Yorkville shall subscribe for, an aggregate amount
of up to up to $100,000,000 of the Company’s shares of Class A common stock, par value $0.0001 per share, at the Company’s
request any time during the commitment period commencing on December 14, 2023 and terminating on the 36-month anniversary of the SEPA
(the “SEPA Option”).
Each
advance (each, an “Advance”) the Company requests under the SEPA (notice of such request, an “Advance Notice”)
may be for a number of shares of Class A common stock up to the greater of (i) 500,000 shares or (ii) such amount as is equal to 100%
of the average daily volume traded of the Class A common stock during the five trading days immediately prior to the date the Company
requests each Advance; provided, in no event shall the number of shares of Class A common stock issued cause the aggregate shares of
Class A common stock held by Yorkville and its affiliates as of any such date to exceed 9.99% of the total number of shares of Class
A common stock outstanding as of the date of the Advance Notice (less any such shares held by Yorkville and its affiliates as of such
date) (the “Exchange Cap”). The shares would be purchased, at the Company’s election, at a purchase price equal to
either:
| (i) | 95%
of the average daily Volume Weighted Average Price (“VWAP”) of the Class A Common
Stock on the Nasdaq Stock Market (“Nasdaq”), subject to certain conditions per
the SEPA (the “Option 1 Pricing Period; or |
| (ii) | 96%
of the lowest daily VWAP of the Class A Common Stock during the three trading days commencing
on the Advance Notice date, subject to certain conditions per the SEPA (the “Option
2 Pricing Period”). |
Any
purchase under an Advance would be subject to certain limitations, including that Yorkville shall not purchase or acquire any shares
that would result in it and its affiliates beneficially owning more than 9.99% of the then outstanding voting power or number of shares
of Class A common stock or any shares that, aggregated with shares issued under all other earlier Advances, would exceed 19.99% of all
shares of Class A common stock and Class B common stock of the Company, par value $0.0001 per share, outstanding on the date of the SEPA,
unless Company shareholder approval was obtained allowing for issuances in excess of such amount.
The
SEPA Option was determined to be a freestanding financial instrument which did not meet the criteria to be accounted for as a derivative
instrument or to be recognized within equity. Pursuant to ASC 815 Derivatives and Hedging (“ASC 815”), the Company
will therefore recognize the SEPA Option as an asset or liability, measured at fair value at the date of issuance, December 14, 2023,
and in subsequent reporting periods, with changes in fair value recognized in earnings. The SEPA Option was determined to have a fair
value of $0 on the date of issuance as well as at December 31, 2023 and June 30, 2024.
In
connection with the execution of the SEPA, the Company agreed to pay a commitment fee of $500,000 to Yorkville at the earlier of (i)
March 14, 2024 or (ii) the termination of the SEPA, which will be payable, at the option of the Company, in cash or shares of Class A
common stock through an Advance (the “Deferred Fee”). In March 2024 the Company issued 710,025 Class A common stock as payment
for the Deferred Fee.
Pursuant
to the terms of the SEPA, at any time that there is a balance outstanding under the Yorkville Promissory Notes, Yorkville has the right
to receive shares to pay down the principal balance, and may select the timing and delivery of such shares (via an “Investor Notice”),
in an amount up to the outstanding principal balance on the Yorkville Promissory Notes at a purchase price equal to the lower of (i)
$10.00 per share of Class A common stock (the “Fixed Price”), or (ii) 90% of the lowest daily Volume Weighted Average Price
(“VWAP”) of the Class A common stock on Nasdaq during the 10 consecutive Trading Days immediately preceding the Investor
Notice date or other date of determination (the “Variable Price”). The Variable Price shall not be lower than $2.00 per share
(the “Floor Price”). The Floor Price shall be adjusted (downwards only) to equal 20% of the average VWAP for the five trading
days immediately prior to the date of effectiveness of the initial Registration Statement. Notwithstanding the foregoing, the Company
may reduce the Floor Price to any amount via written notice to Yorkville, provided that such amount is no more than 75% of the closing
price on the Trading Day immediately prior to the time of such reduction and no greater than $2.00 per share of Class A common stock
(the “Conversion Price”). At any time that there is a balance outstanding under the Yorkville Promissory Notes, the Company
is not permitted to issue Advance Notices under the SEPA unless an Amortization Event has occurred under the terms of the Yorkville Promissory
Notes agreement.
There
were no Advance Notices issued pursuant to the SEPA during the period ended June 30, 2024 or as of the date that these financial statements
were issued, apart from the Premium Advance which was issued pursuant to the terms of the Amended Debt Agreement (see Note 11 - Debt)
|
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- DefinitionThe entire disclosure for equity.
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v3.24.2.u1
Stock-Based Compensation
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-Based Compensation |
16.
Stock-Based Compensation
During
2023, the Company adopted the 2023 Employee Stock Purchase Plan (the “Purchase Plan”). The Purchase Plan permits eligible
employees of the Company and certain designated companies as determined by the Board of Directors, to purchase shares of the Company’s
Common Stock. The aggregate number of shares of common stock that may be purchased pursuant to the Purchase Plan is equal to 2% of the
fully diluted common stock determined at the Close of the Merger Agreement, determined to be 572,172. In addition, the aggregate number
of shares of common stock that remain available to be awarded under the Purchase Plan, will automatically increase on January 1 of each
year for a period of 10 years commencing on January 1, 2024 and ending on January 1, 2033, in an amount equal to the lesser of one percent
(1%) of the total number of shares of the fully diluted common stock determined as of December 31 of the preceding year, or a number
of shares of common stock equal to two hundred percent (200%) of the initial share reserve of 572,172. As of June 30, 2024 and December
31, 2023, 572,172 shares of common stock remain available to be purchased under the Purchase Plan, respectively.
During
2023, the Company adopted the 2023 Equity Incentive Plan (the “Plan”). The Plan permits the granting of incentive stock options,
nonstatutory stock options, SARs, restricted stock awards, RSU awards, performance awards, and other awards. to employees, directors,
and consultants. The aggregate number of shares of common stock that may be issued will not exceed approximately 12.5% of the fully diluted
common stock determined at the Close of the Merger, determined to be 3,576,076. In addition, the aggregate number of shares of common
stock that remain available to be awarded under the Plan, will automatically increase on January 1 of each year for a period of ten years
commencing on January 1, 2024 and ending on January 1, 2033, in an amount equal to 5% of the total number of shares of the fully diluted
common stock determined as of the day prior to such increase. The aggregate maximum number of shares of common stock that may be issued
pursuant to the exercise of incentive stock options is approximately three times the total number of shares of common stock initially
reserved for issuance, which were 3,576,076. As of June 30, 2024 and December 31, 2023, 1,763,803 and 3,576,076 stock options remain
available to be awarded under the Plan, respectively.
The
Company accounts for stock-based payments pursuant to ASC 718 Stock Compensation and, accordingly, the Company records compensation
expense for stock-based awards based upon an assessment of the grant date fair value for options using the Black-Scholes option pricing
model. The Company has concluded that its historical share option exercise experience does not provide a reasonable basis upon which
to estimate expected term. Therefore, the expected term was determined according to the simplified method, which is the average of the
vesting tranche dates and the contractual term. Due to the lack of company specific historical and implied volatility data, the estimate
of expected volatility is primarily based on the historical volatility of a group of similar companies that are publicly traded. For
these analyses, companies with comparable characteristics were selected, including enterprise value and position within the industry,
and with historical share price information sufficient to meet the expected life of the share-based awards. The Company computes the
historical volatility data using the daily closing prices for the selected companies’ shares during the equivalent periods of the
calculated expected term of its share-based awards. The risk-free interest rate is determined by reference to the U.S. Treasury zero-coupon
issues with remaining maturities similar to the expected term of the options. Expected dividend yield is zero based on the fact that
the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.
The
following table summarizes assumptions used to compute the fair value of options granted:
Summary
of Assumptions Used to Compute Fair Value
| |
June 30, 2024 | | |
June 30, 2023 | |
Stock price | |
| $0.29
- 0.61 | | |
| $8.22
- 9.56 | |
Exercise price | |
| $0.29
- 5.00 | | |
$ | 11.98 | |
Expected volatility | |
| 75.00
- 85.00 | % | |
| 80.00
- 99.03 | % |
Expected term (in years) | |
| 5.75
- 10.00 | | |
| 5.25
- 6.08 | |
Risk-free interest rate | |
| 4.20
- 4.50 | % | |
| 3.46
- 4.31 | % |
A
summary of stock option activity under the Plan is as follows:
Summary
of Stock Option Activity
| |
Shares
Underlying
Options | | |
Weighted
Average
Exercise
Price | | |
Weighted
Average
Remaining
Contractual
Term
(in years) | | |
Intrinsic
Value | |
Outstanding at December 31, 2023 | |
| 748,086 | | |
$ | 5.87 | | |
| 8.43 | | |
$ | 103,662 | |
Granted | |
| 1,398,500 | | |
| 2.91 | | |
| 9.87 | | |
| | |
Exercised | |
| — | | |
| — | | |
| | | |
| | |
Expired | |
| — | | |
| — | | |
| | | |
| | |
Forfeited | |
| (464,130 | ) | |
| 4.78 | | |
| | | |
| | |
Outstanding at June 30, 2024 | |
| 1,682,456 | | |
$ | 3.71 | | |
| 9.17 | | |
$ | 1,807 | |
Exercisable at June 30, 2024 | |
| 433,767 | | |
$ | 4.96 | | |
| 8.34 | | |
$ | 1,807 | |
In
connection with issuances under the Plan, the Company recorded stock-based compensation expense of $457,231 and $620,987, which is included
in general and administrative expense for the six months ended June 30, 2024 and 2023, respectively. The weighted-average grant-date
fair value per option granted during the six months ended June 30, 2024 and 2023 was $0.17 and $8.53, respectively. As of June 30, 2024
and 2023, $1,262,655 and $2,575,808 of unrecognized compensation expense related to non-vested awards is expected to be recognized over
the weighted average period of 3.80 and 2.97 years, respectively. The aggregate intrinsic value is calculated as the difference between
the fair value of the Company’s stock price and the exercise price of the options.
RSUs
During
the three and six months ended June 30, 2024, the Company began issuing RSUs to employees and to non-employee directors. Each RSU entitles
the recipient to one share of Class A Common Stock upon vesting. We measure the fair value of RSUs using the stock price on the date
of grant. Stock-based compensation expense for employee-granted RSUs is recorded ratably over their vesting period of four years. 25%
of the RSUs will vest on each anniversary of the vesting commencement date until the RSU is fully vested. Stock-based compensation expense
for non-employee director-granted RSUs is recorded ratably over their vesting period which is the earlier to occur of the one (1) year
anniversary of the respective grant date, or the next annual meeting of stockholders following the respective grant date.
A
summary of the activity with respect to, and status of, RSUs during the six months ended June 30, 2024 is presented below:
Summary
of Activity with Respect Status of, RSUs
| |
Units | | |
Weighted Average
Grant Date
Fair Value | |
Outstanding at December 31, 2023 | |
| — | | |
$ | — | |
Granted | |
| 892,543 | | |
| 0.53 | |
Vested | |
| — | | |
| — | |
Forfeited | |
| (14,640 | ) | |
| 0.29 | |
Outstanding at June 30, 2024 | |
| 877,903 | | |
$ | 0.54 | |
For
the six months ended June 30, 2024, the Company recorded stock-based compensation expense of $208,178 which is included in general and
administrative expense for the six months ended June 30, 2024. As of June 30, 2024, unrecognized compensation cost related to the grant
of RSUs was $263,144. Unvested outstanding RSUs as of June 30, 2024 had a weighted average remaining vesting period of 1.3 years.
|
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.2.u1
Income Taxes
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
17.
Income Taxes
The
Company estimates an annual effective tax rate of 0% for the year ended December 31, 2024 as the Company incurred losses for the three
and six month period ended June 30, 2024 and is forecasting an estimated net loss for both financial statement and tax purposes for the
year ended December 31, 2024. Therefore, no federal or state income taxes are expected and none have been recorded at this time. Income
taxes have been accounted for using the liability method in accordance with FASB ASC 740.
Due
to the Company’s history of losses since inception, there is not enough evidence at this time to support that the Company will
generate future income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets. Accordingly, the deferred
tax assets have been reduced by a full valuation allowance, since the Company cannot currently support that realization of its deferred
tax assets is more likely than not.
At
June 30, 2024, the Company had no unrecognized tax benefits that would reduce the Company’s effective tax rate if recognized.
|
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- DefinitionThe entire disclosure for income tax.
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v3.24.2.u1
Subsequent Events
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
18.
Subsequent Events
On
July 5, 2024, the Company issued 588,235 shares of the Company’s Class A common stock to GEM pursuant to the Unsecured Promissory
Note, dated February 5, 2024, between the Company and GEM.
On
July 22, 2024, the Company entered into a subordinated business loan and security agreement (the “Subordinated Business Loan and
Security Agreement”) with Agile Lending, LLC and Agile Capital Funding, LLC as the collateral agent. On July 22, 2024 the Company
issued a subordinated secured promissory note for an aggregate principal amount of $787,500 and received $750,000 of proceeds, net of
administrative agent fees $37,500 to the collateral agent, with a maturity date of February 5, 2025 under the subordinated business loan
and security agreement. The loan under the agreement bears interest at a rate of 42%, and will be calculated on a three hundred and sixty
(360) day year based on the actual number of days lapsed, and interest shall accrue on the loan commencing on and including the effective
date pursuant to the Agreement’s weekly repayment and amortization schedule. The collateral under the subordinated business loan
and security agreement consists of all of the Company’s goods, accounts, equipment, inventory, contract rights or rights to payment
of money, leases, license agreements, franchise agreements, general intangibles (including intellectual property), commercial tort claims,
documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts and other
collateral accounts, all certificates of deposit, fixtures, letters of credit rights, securities, and all other investment property,
supporting obligations, and financial assets.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
Company’s unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally
accepted in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”)
for interim financial information and with the instructions to Form 10-Q of Regulation S-X. Certain information and note disclosures
normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations
of the SEC relating to interim financial statements. The December 31, 2023 balance sheet information was derived from the audited financial
statements as of that date. Except as disclosed herein, there has been no material change in the information disclosed in the notes to
the consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K,
as filed with the Securities and Exchange Commission on April 1, 2024. The interim unaudited condensed consolidated financial statements
should be read in conjunction with those consolidated financial statements included in the Form 10-K. In the opinion of management, all
adjustments considered necessary for a fair statement of the financial statements, consisting solely of normal recurring adjustments,
have been made. Operating results for the periods ended June 30, 2024 are not necessarily indicative of the results that may be expected
for the year ending December 31, 2024.
|
Warrant Liabilities |
Warrant
Liabilities
The
Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates
all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain
features that qualify as embedded derivatives. The classification of derivative instruments, including whether such instruments should
be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.
Warrant
Liability - related party
The
warrants originally issued in 7GC’s initial public offering (the “Public Warrants”) are recognized as derivative liabilities
in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the
instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercise
or expiration, and any change in fair value is recognized in the Company’s consolidated statements of operations.
The
Public Warrants were initially measured at fair value using a Monte Carlo simulation model and have subsequently been measured based
on the listed market price of such warrants. Warrant liabilities are classified as current liabilities on the Company’s consolidated
balance sheets.
Warrant
Liability
The
GEM Warrants were not considered indexed to the issuer’s stock pursuant to ASC 815, as the holder’s ability to receive in
lieu of the Warrant one percent of the total consideration received by the Company’s stockholders in connection with a Change of
Control, where the surviving corporation is not publicly traded, adjusts the settlement value based on items outside the Company’s
control in violation of the fixed-for-fixed option pricing model. As such, the Company recorded the Warrants as liabilities initially
measured at fair value with subsequent changes in fair value recognized in earnings each reporting period.
The
measurement of fair value was determined utilizing a Monte Carlo simulation considering all relevant assumptions current at the date
of issuance (i.e., share price, exercise price, term, volatility, risk-free rate, probability of dilutive term of three years, and expected
time to conversion).
|
Loss Per Share |
Loss
Per Share
Basic
loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of
shares of common stock outstanding during the period. Diluted net loss per share excludes, when applicable, the potential impact of stock
options and convertible preferred stock because their effect would be anti-dilutive due to the net loss. Since the Company had a net
loss in each of the periods presented, basic and diluted net loss per common share are the same.
The
calculation of basic and diluted net loss per share attributable to common stock was as follows:
Schedule
of Basic and Diluted Net Loss Per Share
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For
the Three Months Ended
June 30, | | |
For
the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net loss attributable to common stock—basic and diluted | |
$ | (4,165,108 | ) | |
$ | (3,486,053 | ) | |
$ | (8,665,380 | ) | |
$ | (7,251,175 | ) |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares—basic and diluted | |
| 27,091,830 | | |
| 6,459,626 | | |
| 22,223,722 | | |
| 6,456,378 | |
Net loss per share attributable to common stock—basic and diluted | |
$ | (0.15 | ) | |
$ | (0.54 | ) | |
$ | (0.39 | ) | |
$ | (1.12 | ) |
Securities
that were excluded from loss per share as their effect would be anti-dilutive due to the net loss position that could potentially be
dilutive in future periods are as follows:
Schedule
of Antidilutive Securities Excluded from Computation of Earnings Per Share
| |
2024 | | |
2023 | |
| |
As of June 30, | |
| |
2024 | | |
2023 | |
Options | |
| 1,682,456 | | |
| 670,247 | |
RSUs | |
| 877,903 | | |
| — | |
Public warrants | |
| 11,500,000 | | |
| — | |
GEM warrants | |
| 828,533 | | |
| — | |
Common warrants | |
| 13,888,890 | | |
| — | |
Placement agent warrants | |
| 833,333 | | |
| — | |
Total | |
| 29,611,115 | | |
| 670,247 | |
Antidilutive Securities | |
| 29,611,115 | | |
| 670,247 | |
|
Derivative Financial Instruments |
Derivative
Financial Instruments
The
Company evaluates all its financial instruments to determine if such instruments contain features that qualify as embedded derivatives.
Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment
of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded
derivatives are recognized at fair value, with changes in fair value recognized in the statement of operations each period. Bifurcated
embedded derivatives are classified with the related host contract in the Company’s balance sheet. Refer to Note 7 - Fair Value
Measurements and Note 11 - Debt for further detail.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
In
accordance with FASB ASC 820 Fair Value Measurements and Disclosures, the Company uses a three-level hierarchy for fair value
measurements of certain assets and liabilities for financial reporting purposes that distinguishes between market participant assumptions
developed from market data obtained from outside sources (observable inputs) and the Company’s own assumptions about market participant
assumptions developed from the best information available to us in the circumstances (unobservable inputs). The fair value hierarchy
is divided into three levels based on the source of inputs as follows:
Level
1: Quoted prices in active markets for identical assets or liabilities.
Level
2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace.
Level
3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash
flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment
or estimation.
The
fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management
during the three and six months ended June 30, 2024 and 2023. The carrying amount of cash, accounts receivable, prepaid expenses and
other current assets, accounts payable, accrued expenses, deferred revenue, and other current liabilities approximated their fair values
as of June 30, 2024 and December 31, 2023.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
Recent
accounting pronouncements not yet effective
In
December 2023, the FASB issued ASU 2023-09 (Topic 740), Improvements to income tax disclosures, which enhances the disclosure requirements
for the income tax rate reconciliation, domestic and foreign income taxes paid, requiring disclosure of disaggregated income taxes paid
by jurisdiction, unrecognized tax benefits, and modifies other income tax-related disclosures. The amendments are effective for annual
periods beginning after December 15, 2024. Early adoption is permitted and should be applied prospectively. The Company is currently
evaluating the effect of adopting this guidance on its consolidated financial statements.
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments
in this update intend to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant
segment expenses. This ASU requires disclosure of significant segment expenses that are regularly provided to the chief operating decision
maker, the addition of a category for other segment items by reportable segment, that all annual segment disclosures be disclosed in
interim periods, and other related segment disclosures. The ASU is effective for fiscal years beginning after December 15, 2023, and
interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the effect of adopting this
guidance on its consolidated financial statements.
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v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Basic and Diluted Net Loss Per Share |
The
calculation of basic and diluted net loss per share attributable to common stock was as follows:
Schedule
of Basic and Diluted Net Loss Per Share
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For
the Three Months Ended
June 30, | | |
For
the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net loss attributable to common stock—basic and diluted | |
$ | (4,165,108 | ) | |
$ | (3,486,053 | ) | |
$ | (8,665,380 | ) | |
$ | (7,251,175 | ) |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares—basic and diluted | |
| 27,091,830 | | |
| 6,459,626 | | |
| 22,223,722 | | |
| 6,456,378 | |
Net loss per share attributable to common stock—basic and diluted | |
$ | (0.15 | ) | |
$ | (0.54 | ) | |
$ | (0.39 | ) | |
$ | (1.12 | ) |
|
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
Securities
that were excluded from loss per share as their effect would be anti-dilutive due to the net loss position that could potentially be
dilutive in future periods are as follows:
Schedule
of Antidilutive Securities Excluded from Computation of Earnings Per Share
| |
2024 | | |
2023 | |
| |
As of June 30, | |
| |
2024 | | |
2023 | |
Options | |
| 1,682,456 | | |
| 670,247 | |
RSUs | |
| 877,903 | | |
| — | |
Public warrants | |
| 11,500,000 | | |
| — | |
GEM warrants | |
| 828,533 | | |
| — | |
Common warrants | |
| 13,888,890 | | |
| — | |
Placement agent warrants | |
| 833,333 | | |
| — | |
Total | |
| 29,611,115 | | |
| 670,247 | |
Antidilutive Securities | |
| 29,611,115 | | |
| 670,247 | |
|
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v3.24.2.u1
Revenue (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Summary of Revenue by Region |
The
following table summarizes revenue by region based on the billing address of customers for the three months ended June 30, 2024 and 2023:
Summary
of Revenue by Region
| |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
Amount | | |
Percentage of Revenue | | |
Amount | | |
Percentage of Revenue | |
Americas | |
$ | 587,712 | | |
| 55 | % | |
$ | 704,626 | | |
| 59 | % |
Europe, Middle East and Africa (EMEA) | |
| 360,666 | | |
| 34 | % | |
| 389,318 | | |
| 33 | % |
Asia Pacific | |
| 119,819 | | |
| 11 | % | |
| 99,377 | | |
| 8 | % |
Total | |
$ | 1,068,197 | | |
| 100 | % | |
$ | 1,193,321 | | |
| 100 | % |
The
following table summarizes revenue by region based on the billing address of customers for the six months ended June 30, 2024 and 2023:
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
Amount | | |
Percentage of Revenue | | |
Amount | | |
Percentage of Revenue | |
Americas | |
$ | 1,170,539 | | |
| 55 | % | |
$ | 1,374,401 | | |
| 62 | % |
Europe, Middle East and Africa (EMEA) | |
| 746,916 | | |
| 34 | % | |
| 797,228 | | |
| 30 | % |
Asia Pacific | |
| 230,214 | | |
| 11 | % | |
| 198,753 | | |
| 8 | % |
Total | |
$ | 2,147,669 | | |
| 100 | % | |
$ | 2,370,382 | | |
| 100 | % |
|
Summary of Accounts Receivable, Net |
Summary
of Accounts Receivable, Net
| |
Opening Balance | | |
Closing Balance | | |
Opening Balance | | |
Closing Balance | |
| |
1/1/2024 | | |
6/30/2024 | | |
1/1/2023 | | |
6/30/2023 | |
Accounts receivable, net | |
$ | 105,049 | | |
$ | 26,161 | | |
$ | 68,416 | | |
$ | 109,533 | |
|
Summary of Costs to Obtain Contract Activity |
The
following summarizes the Costs to obtain a contract activity during the three and six months ended June 30, 2024:
Summary
of Costs to Obtain Contract Activity
| |
| | |
Balance - December 31, 2023 | |
$ | 51,472 | |
Commissions Incurred | |
| 31,610 | |
Deferred Commissions Recognized | |
| (44,620 | ) |
Balance - March 31, 2024 | |
| 38,462 | |
Commissions Incurred | |
| 48,316 | |
Deferred Commissions Recognized | |
| (47,634 | ) |
Balance - June 30, 2024 | |
$ | 39,144 | |
The
following summarizes the Costs to obtain a contract activity during the three and six months ended June 30, 2023:
| |
| | |
Balance - December 31, 2022 | |
$ | 69,737 | |
Commissions Incurred | |
| 88,928 | |
Deferred Commissions Recognized | |
| (104,289 | ) |
Balance - March 31, 2023 | |
| 54,376 | |
Commissions Incurred | |
| 60,777 | |
Deferred Commissions Recognized | |
| (75,001 | ) |
Balance - June 30, 2023 | |
$ | 40,152 | |
|
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v3.24.2.u1
Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Class of Warrant or Right [Line Items] |
|
Schedule of Fair Value on Recurring Basis |
The
following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis
at June 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine
such fair value:
Schedule
of Fair Value on Recurring Basis
Description | |
Level | | |
June 30, 2024 | | |
December 31, 2023 | |
Liabilities: | |
| | | |
| | | |
| | |
Warrant liabilities - public | |
| 1 | | |
$ | 230,000 | | |
$ | 575,000 | |
GEM warrant liabilities | |
| 3 | | |
$ | 79,000 | | |
$ | 641,000 | |
Yorkville convertible note | |
| 3 | | |
$ | 2,013,000 | | |
$ | 1,766,000 | |
|
Summary of Changes in Fair Value of Yorkville Convertible Note |
The
following tables set forth a summary of the changes in the fair value of the Yorkville convertible notes which is a Level 3 financial
liability measured at fair value on a recurring basis:
Summary
of Changes in Fair Value of Yorkville Convertible Note
| |
Fair Value | |
Balance at December 31, 2023 | |
$ | 1,766,000 | |
Issuance of Yorkville convertible note | |
| 2,250,000 | |
Loss on debt issuance | |
| 171,000 | |
Payment in shares to settle Yorkville convertible notes | |
| (1,667,000 | ) |
Change in fair value | |
| 544,000 | |
Balance at March 31, 2024 | |
| 3,064,000 | |
Payment in shares to settle Yorkville convertible notes | |
| (335,000 | ) |
Repayment in cash of Yorkville convertible notes | |
| (750,000 | ) |
Change in fair value | |
| 34,000 | |
Balance at June 30, 2024 | |
$ | 2,013,000 | |
|
Schedule of Derivative Liabilities |
The
following table sets forth a summary of the changes in the fair value of the bifurcated embedded derivative liabilities for the six months
ended June 30, 2023, related to the Related Party and Third Party Convertible Debt, respectively, which are Level 3 financial liabilities
that are measured at fair value on a recurring basis:
Schedule
of Derivative Liabilities
| |
Related Party | | |
Third Party | |
| |
Fair Value | |
| |
Related Party | | |
Third Party | |
Balance at December 31, 2022 | |
$ | 1,936,827 | | |
$ | 845,473 | |
Issuance of convertible notes with bifurcated embedded derivative | |
| 707,000 | | |
| — | |
Change in fair value | |
| 137,285 | | |
| 32,415 | |
Balance at March 31, 2023 | |
| 2,781,112 | | |
| 877,888 | |
Issuance of convertible notes with bifurcated embedded derivative | |
| 419,451 | | |
| 330,390 | |
Change in fair value | |
| (478,198 | ) | |
| (194,643 | ) |
Balance at June 30, 2023 | |
$ | 2,722,365 | | |
$ | 1,013,635 | |
|
Schedule of Fair Value Measurements |
The
following tables set forth a summary of the activity of the Related Party and Third Party SAFE liabilities, respectively (See Note
13 - Simple Agreements for Future Equity for further detail), which represents a recurring fair value measurement at the end of the
relevant reporting period:
Schedule
of Fair Value Measurements
| |
Related Party | | |
Third Party | |
| |
Fair Value | |
| |
Related Party | | |
Third Party | |
Balance at December 31, 2022 | |
$ | 8,802,196 | | |
$ | 663,804 | |
Change in fair value | |
| 303,139 | | |
| 22,861 | |
Balance at March 31, 2023 | |
| 9,105,335 | | |
| 686,665 | |
Change in fair value | |
| 909,418 | | |
| 68,582 | |
Balance at June 30, 2023 | |
$ | 10,014,753 | | |
$ | 755,247 | |
|
Public Warrants Liability [Member] |
|
Class of Warrant or Right [Line Items] |
|
Summary of Changes in the Fair Value of the Warrants Liability |
The
following tables set forth a summary of the changes in the fair value of the Public Warrants liability which are Level 1 financial liabilities
that are measured at fair value on a recurring basis:
Summary
of Changes in the Fair Value of the Warrants Liability
| |
Fair Value | |
Balance at December 31, 2023 | |
$ | 575,000 | |
Change in fair value | |
| (115,000 | ) |
Balance at March 31, 2024 | |
| 460,000 | |
Change in fair value | |
| (230,000 | ) |
Balance at June 30, 2024 | |
$ | 230,000 | |
|
Gem Warrants Liability [Member] |
|
Class of Warrant or Right [Line Items] |
|
Summary of Changes in the Fair Value of the Warrants Liability |
The
following tables set forth a summary of the changes in the fair value of the GEM Warrants liability which are Level 3 financial liabilities
that are measured at fair value on a recurring basis:
Summary
of Changes in the Fair Value of the Warrants Liability
| |
Fair Value | |
Balance at December 31, 2023 | |
$ | 641,000 | |
Change in fair value | |
| (408,000 | ) |
Balance at March 31, 2024 | |
| 233,000 | |
Change in fair value | |
| (154,000 | ) |
Balance at June 30, 2024 | |
$ | 79,000 | |
|
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v3.24.2.u1
Prepaid Expenses and Other Current Assets (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Prepaid Expenses And Other Current Assets |
|
Summary of Prepaid Expenses and Other Current Assets |
Prepaid
expenses and other current assets consisted of the following at the dates indicated:
Summary
of Prepaid Expenses and Other Current Assets
| |
June 30, 2024 | | |
December 31, 2023 | |
Prepaid expenses and other current assets: | |
| | | |
| | |
Service Trade | |
$ | 302,055 | | |
$ | 364,384 | |
Prepaid insurance costs | |
| 282,265 | | |
| 17,661 | |
Prepaid advertising and marketing costs | |
| 259,438 | | |
| 11,074 | |
Prepaid software costs | |
| 97,912 | | |
| 29,887 | |
Prepaid commissions | |
| 39,144 | | |
| 51,472 | |
Prepaid data license and subscription costs | |
| 34,375 | | |
| 53,124 | |
Prepaid merchant fees | |
| 28,488 | | |
| 26,224 | |
Prepaid consulting costs | |
| 26,539 | | |
| 120,332 | |
Other current assets | |
| 10,720 | | |
| 66,997 | |
Total prepaid expenses and other current assets | |
$ | 1,080,936 | | |
$ | 741,155 | |
|
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v3.24.2.u1
Accrued Expenses and Other Current Liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
Summary of Accrued Expenses and Other Current Liabilities |
Accrued
expenses and other current liabilities consisted of the following at the dates indicated:
Summary
of Accrued Expenses and Other Current Liabilities
| |
June 30, 2024 | | |
December 31, 2023 | |
Accrued expenses and other current liabilities: | |
| | | |
| | |
Accrued accounting and professional services costs | |
$ | 2,458,192 | | |
$ | 1,511,889 | |
Accrued subscription costs | |
| 510,549 | | |
| 22,110 | |
Sales tax payable | |
| 363,883 | | |
| 314,873 | |
Excise tax payable | |
| 223,717 | | |
| 223,717 | |
Accrued legal costs | |
| 159,417 | | |
| 2,694,439 | |
Accrued payroll and benefit costs | |
| 123,335 | | |
| 185,504 | |
Deposits | |
| 52,000 | | |
| 54,102 | |
Accrued streaming service costs | |
| 48,218 | | |
| 37,765 | |
Other current liabilities | |
| 324,717 | | |
| 149,841 | |
Total accrued expenses and other current liabilities | |
$ | 4,264,028 | | |
$ | 5,194,240 | |
|
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v3.24.2.u1
Deferred Revenue (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Deferred Revenue |
|
Summary of Changes in Deferred Revenue |
The
change in deferred revenue was as follows for the periods indicated:
Summary of Changes in Deferred Revenue
| |
Six Months Ended | | |
Year Ended | |
| |
June 30, 2024 | | |
December 31, 2023 | |
Deferred revenue, beginning of period | |
$ | 1,214,096 | | |
$ | 930,436 | |
Billings | |
| 2,255,811 | | |
| 4,781,924 | |
Revenue recognized (prior year deferred revenue) | |
| (861,496 | ) | |
| (930,436 | ) |
Revenue recognized (current year deferred revenue) | |
| (1,286,173 | ) | |
| (3,567,828 | ) |
Deferred revenue, end of period | |
$ | 1,322,238 | | |
$ | 1,214,096 | |
|
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v3.24.2.u1
Debt (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Defined Benefit Plan Disclosure [Line Items] |
|
Summary of Convertible Notes |
The
following table presents the CP BF convertible notes as of June 30, 2024:
Summary
of Convertible Notes
| |
| | |
Face value of the CB BF convertible notes | |
$ | 1,821,345 | |
Debt discount, net | |
| (26,757 | ) |
Carrying value of the CB BF convertible notes | |
| 1,794,588 | |
Accrued interest | |
| 1,135,983 | |
Total CB BF convertible notes and accrued interest | |
$ | 2,930,571 | |
The
following table presents the CP BF convertible notes as of December 31, 2023:
| |
| | |
Face value of the CB BF convertible notes | |
$ | 1,821,345 | |
Debt discount, net | |
| (41,983 | ) |
Carrying value of the CB BF convertible notes | |
| 1,779,362 | |
Accrued interest | |
| 914,479 | |
Total CB BF convertible notes and accrued interest | |
$ | 2,693,841 | |
The
following table presents the CP BF term note as of June 30, 2024:
| |
| | |
Face value of the CB BF term note | |
$ | 6,500,000 | |
Debt discount, net | |
| (76,353 | ) |
Carrying value of the CB BF term note | |
| 6,423,647 | |
Accrued interest | |
| 664,562 | |
Total CB BF term note and accrued interest | |
$ | 7,088,209 | |
The
following table presents the CP BF term note as of December 31, 2023:
| |
| | |
Face value of the CB BF term note | |
$ | 6,500,000 | |
Debt discount, net | |
| (129,586 | ) |
Carrying value of the CB BF term note | |
| 6,370,414 | |
Accrued interest | |
| 289,373 | |
Total CB BF term note and accrued interest | |
$ | 6,659,787 | |
|
Related Party And Third Party [Member] |
|
Defined Benefit Plan Disclosure [Line Items] |
|
Summary of Convertible Notes |
The
following table presents the Related Party and Third Party Convertible Notes, respectively, as of December 31, 2023:
Summary
of Related Party and Third Party Convertible Notes
| |
Related Party | | |
Third Party | |
Face value of the convertible notes | |
$ | 6,783,538 | | |
$ | 3,196,206 | |
Debt discount, net | |
| (131,867 | ) | |
| (83,688 | ) |
Carrying value of the convertible notes | |
| 6,651,671 | | |
| 3,112,518 | |
Accrued interest | |
| 619,697 | | |
| 233,714 | |
Conversion of convertible notes | |
| (7,271,368 | ) | |
| (3,346,232 | ) |
Total convertible notes and accrued interest | |
$ | — | | |
$ | — | |
|
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v3.24.2.u1
Commitments and Contingencies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Schedule of Components of Lease Expense |
The
components of lease expense for the three months ended June 30, 2024 and 2023, are as follows:
Schedule of Components of Lease Expense
Components of lease expense: | |
2024 | | |
2023 | |
| |
For the Three Months Ended June
30, | |
Components of lease expense: | |
2024 | | |
2023 | |
Operating lease cost | |
$ | 46,140 | | |
$ | 50,440 | |
Lease impairment cost | |
| - | | |
| - | |
Sublease income | |
| (52,542 | ) | |
| (51,082 | ) |
Total lease (income) cost | |
$ | (6,402 | ) | |
$ | (642 | ) |
The
components of lease expense for the six months ended June 30, 2024 and 2023, are as follows:
Components of lease expense: | |
2024 | | |
2023 | |
| |
For the Six Months Ended June
30, | |
Components of lease expense: | |
2024 | | |
2023 | |
Operating lease cost | |
$ | 93,384 | | |
$ | 101,888 | |
Lease impairment cost | |
| - | | |
| - | |
Sublease income | |
| (105,084 | ) | |
| (102,165 | ) |
Total lease (income) cost | |
$ | (11,700 | ) | |
$ | (277 | ) |
|
Schedule of Supplemental Cash Flow Information Related to Leases |
Supplemental
cash flow information related to leases are as follows:
Schedule of Supplemental Cash Flow Information Related to Leases
Supplemental cash flow information: | |
2024 | | |
2023 | |
| |
For the Six Months Ended June
30, | |
Supplemental cash flow information: | |
2024 | | |
2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | |
Non-cash lease expense (operating cash flow) | |
$ | 87,579 | | |
$ | 86,320 | |
Change in lease liabilities (operating cash flow) | |
| (152,335 | ) | |
| (138,804 | ) |
|
Schedule of Supplemental Balance Sheet Information Related to Leases |
Supplemental
balance sheet information related to leases was as follows:
Schedule of Supplemental Balance Sheet Information Related to Leases
Operating leases: | |
June 30, 2024 | | |
December 31, 2023 | |
Operating lease right-of-use assets | |
$ | 46,434 | | |
$ | 134,013 | |
Operating lease liability, current | |
| 81,708 | | |
| 234,043 | |
Operating lease liability, non-current | |
| | | |
| - | |
Total operating lease liabilities | |
$ | 81,708 | | |
$ | 234,043 | |
Weighted-average remaining lease term: | |
June 30, 2024 | | |
December 31, 2023 | |
Operating leases (in years) | |
| 0.26 | | |
| 0.76 | |
Weighted-average discount rate: | |
June 30, 2024 | | |
December 31, 2023 | |
Operating leases | |
| 6.83 | % | |
| 6.76 | % |
|
Schedule of Future Minimum Lease Payments Under Non-Cancellable Lease |
Future
minimum lease payments under non-cancellable lease as of June 30, 2024, are as follows:
Schedule of Future Minimum Lease Payments Under Non-Cancellable Lease
Maturities of lease liabilities: | |
| |
Year Ending December 31, | |
| | |
Remainder of 2024 | |
$ | 82,679 | |
Year Ending December 31, 2024 | |
$ | - | |
Total undiscounted cash flows | |
| 82,679 | |
Less discounting | |
| (971 | ) |
Present value of lease liabilities | |
$ | 81,708 | |
|
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v3.24.2.u1
Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Summary of Assumptions Used to Compute Fair Value |
The
following table summarizes assumptions used to compute the fair value of options granted:
Summary
of Assumptions Used to Compute Fair Value
| |
June 30, 2024 | | |
June 30, 2023 | |
Stock price | |
| $0.29
- 0.61 | | |
| $8.22
- 9.56 | |
Exercise price | |
| $0.29
- 5.00 | | |
$ | 11.98 | |
Expected volatility | |
| 75.00
- 85.00 | % | |
| 80.00
- 99.03 | % |
Expected term (in years) | |
| 5.75
- 10.00 | | |
| 5.25
- 6.08 | |
Risk-free interest rate | |
| 4.20
- 4.50 | % | |
| 3.46
- 4.31 | % |
|
Summary of Stock Option Activity |
A
summary of stock option activity under the Plan is as follows:
Summary
of Stock Option Activity
| |
Shares
Underlying
Options | | |
Weighted
Average
Exercise
Price | | |
Weighted
Average
Remaining
Contractual
Term
(in years) | | |
Intrinsic
Value | |
Outstanding at December 31, 2023 | |
| 748,086 | | |
$ | 5.87 | | |
| 8.43 | | |
$ | 103,662 | |
Granted | |
| 1,398,500 | | |
| 2.91 | | |
| 9.87 | | |
| | |
Exercised | |
| — | | |
| — | | |
| | | |
| | |
Expired | |
| — | | |
| — | | |
| | | |
| | |
Forfeited | |
| (464,130 | ) | |
| 4.78 | | |
| | | |
| | |
Outstanding at June 30, 2024 | |
| 1,682,456 | | |
$ | 3.71 | | |
| 9.17 | | |
$ | 1,807 | |
Exercisable at June 30, 2024 | |
| 433,767 | | |
$ | 4.96 | | |
| 8.34 | | |
$ | 1,807 | |
|
Summary of Activity with Respect Status of, RSUs |
A
summary of the activity with respect to, and status of, RSUs during the six months ended June 30, 2024 is presented below:
Summary
of Activity with Respect Status of, RSUs
| |
Units | | |
Weighted Average
Grant Date
Fair Value | |
Outstanding at December 31, 2023 | |
| — | | |
$ | — | |
Granted | |
| 892,543 | | |
| 0.53 | |
Vested | |
| — | | |
| — | |
Forfeited | |
| (14,640 | ) | |
| 0.29 | |
Outstanding at June 30, 2024 | |
| 877,903 | | |
$ | 0.54 | |
|
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v3.24.2.u1
Going Concern (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
Cash |
$ 500,000
|
|
|
Net cash used in operating activities |
3,812,695
|
$ 4,046,650
|
|
Accumulated deficit |
$ 55,431,704
|
|
$ 46,766,324
|
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- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.
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v3.24.2.u1
Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
|
|
|
Net loss attributable to common stock—basic and diluted |
$ (4,165,108)
|
$ (3,486,053)
|
$ (8,665,380)
|
$ (7,251,175)
|
Weighted average shares-basic |
27,091,830
|
6,459,626
|
22,223,722
|
6,456,378
|
Weighted average shares-diluted |
27,091,830
|
6,459,626
|
22,223,722
|
6,456,378
|
Net loss per share attributable to common stock-basic |
$ (0.15)
|
$ (0.54)
|
$ (0.39)
|
$ (1.12)
|
Net loss per share attributable to common stock-diluted |
$ (0.15)
|
$ (0.54)
|
$ (0.39)
|
$ (1.12)
|
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v3.24.2.u1
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities |
29,611,115
|
670,247
|
Share-Based Payment Arrangement, Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities |
1,682,456
|
670,247
|
Restricted Stock Units (RSUs) [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities |
877,903
|
|
Public Warrants [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities |
11,500,000
|
|
Gem Warrants [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities |
828,533
|
|
Common Warrants [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities |
13,888,890
|
|
Placement Agent Warrants [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities |
833,333
|
|
X |
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v3.24.2.u1
Reverse Merger Capitalization with 7GC & Co. Holdings Inc. (Details Narrative)
|
Dec. 14, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2024
$ / shares
shares
|
Dec. 31, 2023
$ / shares
shares
|
Business Acquisition [Line Items] |
|
|
|
Common stock, par value | $ / shares |
|
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
350,000,000
|
275,000,000
|
275,000,000
|
Preferred stock, shares authorized |
75,000,000
|
75,000,000
|
75,000,000
|
Preferred stock, par value | $ / shares |
$ 0.0001
|
$ 0.0001
|
$ 0.0001
|
Common stock, shares outstanding |
|
36,944,935
|
16,019,256
|
Preferred stock, shares outstanding |
|
0
|
0
|
Common Stock [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Common stock, shares outstanding |
|
36,944,935
|
16,019,256
|
Seven G C Class A Common Stock [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Common stock, par value | $ / shares |
$ 0.0001
|
|
|
Number of shares held by security holders |
3,207,428
|
|
|
Redemption price per share | $ / shares |
$ 10.76
|
|
|
Aggregate redemption amount | $ |
$ 34,524,065
|
|
|
Common Class A [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Common stock, shares authorized |
250,000,000
|
250,000,000
|
|
Common stock, shares outstanding |
|
34,633,801
|
13,708,122
|
Common Class B [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Common stock, shares authorized |
25,000,000
|
25,000,000
|
|
Common stock, shares outstanding |
|
2,311,134
|
2,311,134
|
Banzai International Inc [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Exchange ratio |
0.6147
|
|
|
Aggregate consideration payable to security holders | $ |
$ 100,000,000
|
|
|
Banzai International Inc [Member] | Common Stock [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Common stock, par value | $ / shares |
$ 0.0001
|
|
|
Banzai International Inc [Member] | Common Class A [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Common stock, par value | $ / shares |
$ 0.0001
|
|
|
Banzai International Inc [Member] | Common Class B [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Common stock, convertible, conversion ratio |
1
|
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v3.24.2.u1
Related Party Transactions (Details Narrative) - USD ($)
|
Jun. 30, 2024 |
Feb. 02, 2024 |
Dec. 31, 2023 |
Dec. 14, 2023 |
Oct. 03, 2023 |
Dec. 21, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Common stock par value |
$ 0.0001
|
|
$ 0.0001
|
|
|
|
Aggregate principal amount |
|
|
|
$ 3,500,000
|
|
|
Other current liabilities |
$ 324,717
|
|
$ 149,841
|
|
|
|
7GC & Co. Holdings LLC [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Debt instrument conversion price per share |
|
|
|
|
|
$ 10.00
|
Convertible notes |
|
$ 2,540,092
|
|
|
|
|
7GC & Co. Holdings LLC [Member] | Working Capital Loans [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Debt instrument conversion price per share |
|
|
|
|
$ 10.00
|
|
Aggregate principal amount |
|
|
|
|
$ 500,000
|
|
Debt instrument, interest rate |
|
|
|
|
0.00%
|
|
Sponsor [Member] | 7GC & Co. Holdings LLC [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Other current liabilities |
|
|
$ 67,118
|
|
|
|
Sponsor [Member] | 7GC & Co. Holdings LLC [Member] | Working Capital Drawdowns And Extension Drawdowns Member |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Aggregate redemption amount |
|
|
|
|
|
$ 2,300,000
|
Common stock par value |
|
|
|
|
|
$ 0.0001
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
Summary of Revenue by Region (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Amount |
$ 1,068,197
|
$ 1,193,321
|
$ 2,147,669
|
$ 2,370,382
|
Geographic Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Percentage of Revenue |
100.00%
|
100.00%
|
100.00%
|
100.00%
|
Americas [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Amount |
$ 587,712
|
$ 704,626
|
$ 1,170,539
|
$ 1,374,401
|
Americas [Member] | Geographic Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Percentage of Revenue |
55.00%
|
59.00%
|
55.00%
|
62.00%
|
EMEA [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Amount |
$ 360,666
|
$ 389,318
|
$ 746,916
|
$ 797,228
|
EMEA [Member] | Geographic Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Percentage of Revenue |
34.00%
|
33.00%
|
34.00%
|
30.00%
|
Asia Pacific [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Amount |
$ 119,819
|
$ 99,377
|
$ 230,214
|
$ 198,753
|
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|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Percentage of Revenue |
11.00%
|
8.00%
|
11.00%
|
8.00%
|
X |
- DefinitionFor an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.
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Summary of Accounts Receivable, Net (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
|
|
Opening Balance |
$ 105,049
|
$ 109,533
|
$ 68,416
|
Closing Balance |
$ 26,161
|
$ 105,049
|
$ 109,533
|
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Summary of Costs to Obtain Contract Activity (Details) - USD ($)
|
3 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
|
|
|
Balance - March 31, 2023 |
$ 38,462
|
$ 51,472
|
$ 54,376
|
$ 69,737
|
Commissions Incurred |
48,316
|
31,610
|
60,777
|
88,928
|
Deferred Commissions Recognized |
(47,634)
|
(44,620)
|
(75,001)
|
(104,289)
|
Balance - June 30, 2023 |
$ 39,144
|
$ 38,462
|
$ 40,152
|
$ 54,376
|
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v3.24.2.u1
Revenue (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
|
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
|
|
Payment Term |
|
|
30 days
|
|
|
|
|
|
Accounts receivable contractual term |
|
|
The Company receives payments from customers based upon agreed-upon contractual terms, typically
within 30 days of invoicing the customer.
|
|
|
|
|
|
Commission expenses |
$ 61,146
|
$ 91,243
|
$ 143,288
|
$ 190,619
|
|
|
|
|
Capitalized commissions |
$ 39,144
|
$ 40,152
|
$ 39,144
|
$ 40,152
|
$ 38,462
|
$ 51,472
|
$ 54,376
|
$ 69,737
|
Demio [Member] |
|
|
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
|
|
Performance obligations, timing |
|
|
The performance obligations identified include access to the suite and platform, within the parameters
established, and within the standards established in the agreement. Contracts include a standalone selling price for the number of webinars
and hosts as a performance obligation. There are no financing components and payments are typically net 30 of date or receipt of invoice.
It is nearly 100% certain that a significant revenue reversal will not occur. The Company recognizes revenue for its sale of Demio services
over time which corresponds with the period of time that access to the service is provided.
|
|
|
|
|
|
Reach [Member] |
|
|
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
|
|
Performance obligations, timing |
|
|
The performance obligations identified include access to the suite and platform, within the parameters
established, and within the standards established in the agreement. Contracts include a standalone selling price for the number of simultaneous
published events as a performance obligation. There are no financing components and payments are typically net 30 of date or receipt
of invoice. It is nearly 100% certain that a significant revenue reversal will not occur. The Company recognizes revenue for its sale
of Reach services over time which corresponds with the timing the service is rendered.
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v3.24.2.u1
Schedule of Fair Value on Recurring Basis (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Fair Value, Inputs, Level 2 [Member] |
|
|
Liabilities: |
|
|
Warrant liabilities - public |
$ 230,000
|
$ 575,000
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Liabilities: |
|
|
GEM warrant liabilities |
79,000
|
641,000
|
Yorkville convertible note |
$ 2,013,000
|
$ 1,766,000
|
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Summary of Changes in the Fair Value of the Warrants Liability (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2024 |
Public Warrants Liability [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Balance at March 31, 2024 |
$ 460,000
|
$ 575,000
|
Balance at June 30, 2024 |
230,000
|
230,000
|
Public Warrants Liability [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Change in fair value |
(230,000)
|
(115,000)
|
Gem Warrants Liability [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Balance at March 31, 2024 |
233,000
|
641,000
|
Balance at June 30, 2024 |
79,000
|
79,000
|
Gem Warrants Liability [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Change in fair value |
$ (154,000)
|
$ (408,000)
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v3.24.2.u1
Summary of Changes in Fair Value of Yorkville Convertible Note (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Loss on debt issuance |
|
|
$ 171,000
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Balance at March 31, 2024 |
|
|
1,766,000
|
|
Balance at June 30, 2024 |
2,013,000
|
|
2,013,000
|
|
Fair Value, Inputs, Level 3 [Member] | Convertible Debt [Member] |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Balance at March 31, 2024 |
3,064,000
|
|
1,766,000
|
|
Issuance of Yorkville convertible note |
|
|
2,250,000
|
|
Loss on debt issuance |
|
|
171,000
|
|
Payment in shares to settle Yorkville convertible notes |
(335,000)
|
|
(1,667,000)
|
|
Change in fair value |
34,000
|
|
544,000
|
|
Repayment in cash of Yorkville convertible notes |
(750,000)
|
|
|
|
Balance at June 30, 2024 |
$ 2,013,000
|
|
$ 2,013,000
|
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v3.24.2.u1
Schedule of Derivative Liabilities (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Related Party [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Balance at March 31, 2023 |
|
$ 2,781,112
|
$ 1,936,827
|
|
$ 1,936,827
|
Issuance of convertible notes with bifurcated embedded derivative |
|
419,451
|
707,000
|
|
|
Change in fair value |
|
(478,198)
|
137,285
|
|
(340,913)
|
Balance at June 30, 2023 |
|
2,722,365
|
2,781,112
|
|
2,722,365
|
Third Party Convertible Debt [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Balance at March 31, 2023 |
|
877,888
|
845,473
|
|
845,473
|
Issuance of convertible notes with bifurcated embedded derivative |
|
330,390
|
|
|
|
Change in fair value |
|
(194,643)
|
32,415
|
|
|
Balance at June 30, 2023 |
|
$ 1,013,635
|
$ 877,888
|
|
$ 1,013,635
|
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|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Related Party [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
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|
$ 9,105,335
|
$ 8,802,196
|
|
$ 8,802,196
|
Change in fair value |
|
909,418
|
303,139
|
|
1,212,557
|
Balance at June 30, 2023 |
|
10,014,753
|
9,105,335
|
|
10,014,753
|
Third Party Convertible Debt [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Balance at March 31, 2023 |
|
686,665
|
663,804
|
|
663,804
|
Change in fair value |
|
68,582
|
22,861
|
|
|
Balance at June 30, 2023 |
|
$ 755,247
|
$ 686,665
|
|
$ 755,247
|
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|
6 Months Ended |
12 Months Ended |
|
|
Jun. 30, 2024 |
Dec. 31, 2021 |
Dec. 31, 2023 |
Dec. 14, 2023 |
Class of Warrant or Right [Line Items] |
|
|
|
|
Bifurcated embedded derivative liabilities |
$ 0
|
|
$ 0
|
|
Face value of the convertible notes |
|
|
|
$ 3,500,000
|
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0
|
|
$ 0
|
|
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|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
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Discount price |
|
15.00%
|
|
|
Face value of the convertible notes |
|
$ 3,836,000
|
|
|
Convertible Debt [Member] |
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
Benefit (loss) of changes in the fair value of the Yorkville convertible note |
$ 578,000
|
|
|
|
Public Warrants [Member] |
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
Warrants outstanding |
11,500,000
|
|
11,500,000
|
|
Benefit (loss) resulting from a decrease/(increase) in fair value of derivative warrant liabilities |
$ 345,000
|
|
|
|
Gem Warrants Liability [Member] |
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
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$ 562,000
|
|
|
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v3.24.2.u1
Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Prepaid Expenses And Other Current Assets |
|
|
Service Trade |
$ 302,055
|
$ 364,384
|
Prepaid insurance costs |
282,265
|
17,661
|
Prepaid advertising and marketing costs |
259,438
|
11,074
|
Prepaid software costs |
97,912
|
29,887
|
Prepaid commissions |
39,144
|
51,472
|
Prepaid data license and subscription costs |
34,375
|
53,124
|
Prepaid merchant fees |
28,488
|
26,224
|
Prepaid consulting costs |
26,539
|
120,332
|
Other current assets |
10,720
|
66,997
|
Total prepaid expenses and other current assets |
$ 1,080,936
|
$ 741,155
|
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v3.24.2.u1
Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Payables and Accruals [Abstract] |
|
|
Accrued accounting and professional services costs |
$ 2,458,192
|
$ 1,511,889
|
Accrued subscription costs |
510,549
|
22,110
|
Sales tax payable |
363,883
|
314,873
|
Excise tax payable |
223,717
|
223,717
|
Accrued legal costs |
159,417
|
2,694,439
|
Accrued payroll and benefit costs |
123,335
|
185,504
|
Deposits |
52,000
|
54,102
|
Accrued streaming service costs |
48,218
|
37,765
|
Other current liabilities |
324,717
|
149,841
|
Total accrued expenses and other current liabilities |
$ 4,264,028
|
$ 5,194,240
|
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v3.24.2.u1
Summary of Changes in Deferred Revenue (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Deferred Revenue |
|
|
Deferred revenue, beginning of period |
$ 1,214,096
|
$ 930,436
|
Billings |
2,255,811
|
4,781,924
|
Revenue recognized (prior year deferred revenue) |
(861,496)
|
(930,436)
|
Revenue recognized (current year deferred revenue) |
(1,286,173)
|
(3,567,828)
|
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$ 1,322,238
|
$ 1,214,096
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v3.24.2.u1
Summary of Related Party and Third Party Convertible Notes (Details)
|
Dec. 31, 2023
USD ($)
|
Related Party [Member] |
|
Defined Benefit Plan Disclosure [Line Items] |
|
Face value of the convertible notes |
$ 6,783,538
|
Debt discount, net |
(131,867)
|
Carrying value of the convertible notes |
6,651,671
|
Accrued interest |
619,697
|
Conversion of convertible notes |
(7,271,368)
|
Total convertible notes and accrued interest |
|
Nonrelated Party [Member] |
|
Defined Benefit Plan Disclosure [Line Items] |
|
Face value of the convertible notes |
3,196,206
|
Debt discount, net |
(83,688)
|
Carrying value of the convertible notes |
3,112,518
|
Accrued interest |
233,714
|
Conversion of convertible notes |
(3,346,232)
|
Total convertible notes and accrued interest |
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v3.24.2.u1
Summary of Convertible Notes (Details) - Loan agreement with cpbf Lending Llc [Member] - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Convertible Notes [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Face value of the CB BF convertible notes |
$ 1,821,345
|
$ 1,821,345
|
Debt discount, net |
(26,757)
|
(41,983)
|
Carrying value of the CB BF convertible notes |
1,794,588
|
1,779,362
|
Accrued interest |
1,135,983
|
914,479
|
Total CB BF convertible notes and accrued interest |
2,930,571
|
2,693,841
|
Term Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Face value of the CB BF term note |
6,500,000
|
6,500,000
|
Debt discount, net |
(76,353)
|
(129,586)
|
Carrying value of the CB BF term note |
6,423,647
|
6,370,414
|
Accrued interest |
664,562
|
289,373
|
Total CB BF term note and accrued interest |
$ 7,088,209
|
$ 6,659,787
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v3.24.2.u1
Debt (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
|
|
May 30, 2024 |
May 22, 2024 |
May 03, 2024 |
Mar. 26, 2024 |
Feb. 09, 2024 |
Feb. 05, 2024 |
Dec. 14, 2023 |
Dec. 13, 2023 |
Nov. 16, 2023 |
Oct. 03, 2023 |
Sep. 13, 2023 |
Aug. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
May 31, 2024 |
Feb. 14, 2024 |
Jan. 31, 2024 |
Dec. 31, 2021 |
Debt instrument, face amount |
|
|
|
|
|
|
$ 3,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,854,818
|
$ 13,362
|
|
|
|
|
|
|
Number of promissory notes In connection with merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
Common stock, value issued |
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,695
|
|
$ 3,695
|
|
$ 1,602
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
$ 0.0001
|
|
|
|
|
|
Prepayment premium |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 750,000
|
|
|
|
|
|
|
|
CPBF Lending LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, covenant compliance description |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
all respective periods presented, the Company was not in compliance with the Minimum Gross Profit Margin covenant in section 7.14.1 of
the Loan Agreement, the Minimum ARR Growth covenant in section 7.14.2 of the Loan Agreement, and the Fixed Charge Coverage Ratio covenant
in section 7.14.3 of the Loan Agreement. As a result of the Company’s noncompliance with the financial covenants, the entire principal
amount and all unpaid and accrued interest will be classified as current on the Company’s consolidated balance sheets.
|
|
|
|
|
|
|
|
Original Debt Repayment Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
$ 2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium payment |
|
|
$ 200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amended Debt Repayment Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
$ 750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
|
75,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 750,000
|
|
|
|
Premium payment |
|
75,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium advance |
|
110,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
35,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium fair value |
|
$ 115,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gem Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
$ 1,000,000.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash agreed to pay |
|
|
|
|
|
1,200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monthly installments |
|
|
|
|
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment of debt |
|
|
|
|
|
1,200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gem Agreement [Member] | Gem Term Sheet [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, value issued |
|
|
|
|
|
|
2,000,000.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
|
|
$ 2,000,000.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument term |
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coupon rate |
|
|
|
|
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument fee amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,000,000.0
|
|
|
|
|
|
Yorkville Standby Equity Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt discount upon issuance |
|
|
|
$ 250,000
|
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
1,500,000
|
|
1,000,000
|
|
|
|
|
|
|
$ 1,000,000
|
|
$ 1,000,000
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
|
|
|
$ 1,250,000
|
|
900,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increased principal amount agreed to advance |
|
|
|
|
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
|
|
|
$ 4,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum floor price |
|
|
|
|
|
|
$ 2.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2.00
|
|
Floor price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.294
|
|
|
Yorkville Advisors Global LP [Member] | Amended Debt Repayment Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
18.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, maturity date |
|
Sep. 25, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Standby Equity Purchase Agreement [Member] | Yorkville Advisors Global LP [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt discount upon issuance |
|
|
|
|
|
|
$ 200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
|
|
|
|
|
|
1,800,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
|
|
|
|
|
|
300,000
|
|
800,000
|
|
|
|
|
|
|
|
Prepayment premium |
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Standby Equity Purchase Agreement [Member] | Yorkville Advisors Global LP [Member] | Amended Debt Repayment Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alco August Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of common stock |
$ 4,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alco August Promissory Note [Member] | Alco [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
|
|
|
|
|
|
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
2,908
|
|
8,357
|
|
|
|
|
|
|
|
Interest expense debt |
|
|
|
|
|
|
|
|
|
|
|
|
2,992
|
|
5,983
|
|
|
|
|
|
|
|
Amortization of discount |
|
|
|
|
|
|
|
|
|
|
|
|
84
|
|
2,374
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
|
|
|
|
|
$ 150,000
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, maturity date |
|
|
|
|
|
|
|
|
|
|
|
Apr. 29, 2024
|
|
|
|
|
|
|
|
|
|
|
Debt instrument unamortized debt issuance costs gross |
|
|
|
|
|
|
|
|
|
|
|
$ 3,711
|
|
|
|
|
|
|
|
|
|
|
Principal amount outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
150,000
|
|
150,000
|
|
150,000
|
|
|
|
|
|
Accrued interest outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
10,027
|
|
10,027
|
|
4,044
|
|
|
|
|
|
Alco September Promissory Note [Member] | Measurement Input, Discount for Lack of Marketability [Member] | Put Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lock-up period |
|
|
|
|
|
|
|
180 days
|
180 days
|
180 days
|
180 days
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
|
|
|
|
|
|
|
|
|
$ 500,000
|
$ 1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Holding period for shares |
|
|
|
|
|
|
|
5 months 26 days
|
7 months 6 days
|
8 months 19 days
|
9 months 7 days
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
|
|
|
|
|
|
|
|
|
$ 500,000
|
$ 1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Estimated re-levered equity volatility rate |
|
|
|
|
|
|
|
47.00%
|
54.00%
|
52.00%
|
54.00%
|
|
|
|
|
|
|
|
|
|
|
|
Commensurate risk-free rate |
|
|
|
|
|
|
|
5.20%
|
5.20%
|
5.40%
|
5.30%
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of discount lack of marketability |
|
|
|
|
|
|
|
9.00%
|
11.50%
|
11.50%
|
12.50%
|
|
|
|
|
|
|
|
|
|
|
|
Expected percentage of completing the Merger |
|
|
|
|
|
|
|
100.00%
|
100.00%
|
80.00%
|
80.00%
|
|
|
|
|
|
|
|
|
|
|
|
Alco September Promissory Note [Member] | Alco Share Transfer Agreements [Member] | 7GC & Co. Holdings Inc. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument conversion price per share |
|
|
|
|
|
|
|
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt conversion, converted instrument, shares issued |
|
|
|
|
|
|
|
150,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alco September Promissory Note [Member] | Alco [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
|
|
|
|
|
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
Debt discount upon issuance |
|
|
|
|
|
|
|
|
|
|
$ 638,808
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
95,935
|
|
187,498
|
|
|
|
|
|
|
|
Interest expense debt |
|
|
|
|
|
|
|
|
|
|
|
|
29,918
|
|
59,836
|
|
|
|
|
|
|
|
Amortization of discount |
|
|
|
|
|
|
|
|
|
|
|
|
66,017
|
|
127,662
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
|
|
|
|
$ 1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, maturity date |
|
|
|
|
|
|
|
|
|
|
Sep. 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
1,500,000
|
|
1,500,000
|
|
1,500,000
|
|
|
|
|
|
Accrued interest outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
90,411
|
|
$ 90,411
|
|
30,575
|
|
|
|
|
|
Debt issuance costs |
|
|
|
|
|
|
|
|
|
|
$ 8,588
|
|
|
|
|
|
|
|
|
|
|
|
Alco November Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of common stock |
$ 4,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alco November Promissory Note [Member] | Alco Share Transfer Agreements [Member] | 7GC & Co. Holdings Inc. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt conversion description |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
for
each $10.00 in principal borrowed under the Alco September and November Promissory Notes, the Sponsor agreed to forfeit one share of
7GC Class B Common Stock held by the Sponsor, in exchange for the right of Alco to receive one New Banzai Class A Share. For each $10.00
in principal borrowed under the December Note, the Sponsor agreed to forfeit three shares of 7GC Class B Common Stock held by the Sponsor,
in exchange for the right of Alco to receive three New Banzai Class A Shares. Such forfeited and issued shares under the Alco September,
November, and December Promissory Notes are capped at an amount equal to 150,000, 75,000, and 600,000, respectively
|
|
|
|
|
|
|
|
Debt conversion, converted instrument, shares issued |
|
|
|
|
|
|
|
75,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alco November Promissory Note [Member] | Alco [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
|
|
|
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
31,036
|
|
$ 217,249
|
|
|
|
|
|
|
|
Interest expense debt |
|
|
|
|
|
|
|
|
|
|
|
|
14,959
|
|
29,918
|
|
|
|
|
|
|
|
Amortization of discount |
|
|
|
|
|
|
|
|
|
|
|
|
45,995
|
|
187,331
|
|
|
|
|
|
|
|
Debt instrument, maturity date |
|
|
|
|
|
|
|
|
Apr. 13, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument unamortized debt issuance costs gross |
|
|
|
|
|
|
|
|
$ 363,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
750,000
|
|
750,000
|
|
750,000
|
|
|
|
|
|
Accrued interest outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
37,315
|
|
37,315
|
|
7,397
|
|
|
|
|
|
Alco December Promissory Note [Member] | Alco Share Transfer Agreements [Member] | 7GC & Co. Holdings Inc. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt conversion, converted instrument, shares issued |
|
|
|
|
|
|
|
600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lock-up period |
|
|
|
|
|
|
|
180 days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alco December Promissory Note [Member] | Alco [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
|
|
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
317,667
|
|
549,883
|
|
|
|
|
|
|
|
Interest expense debt |
|
|
|
|
|
|
|
|
|
|
|
|
39,890
|
|
79,780
|
|
|
|
|
|
|
|
Amortization of discount |
|
|
|
|
|
|
|
|
|
|
|
|
277,777
|
|
470,103
|
|
|
|
|
|
|
|
Debt instrument, maturity date |
|
|
|
|
|
|
|
Dec. 31, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument unamortized debt issuance costs gross |
|
|
|
|
|
|
|
$ 1,496,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
2,000,000
|
|
2,000,000
|
|
2,000,000
|
|
|
|
|
|
Accrued interest outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
$ 87,670
|
|
$ 87,670
|
|
7,890
|
|
|
|
|
|
Seven GC Promissory Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans payable current |
|
|
|
|
$ 2,540,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term Note [Member] | CPBF Lending LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14.00%
|
Paid in kind interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.50%
|
Convertible Debt [Member] | CPBF Lending LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid in kind interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.50%
|
Effective interest rate percentage |
|
|
|
|
|
|
|
|
|
|
|
|
16.00%
|
16.00%
|
16.00%
|
16.00%
|
|
|
|
|
|
|
Medium-Term Note [Member] | CPBF Lending LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate percentage |
|
|
|
|
|
|
|
|
|
|
|
|
16.00%
|
16.00%
|
16.00%
|
16.00%
|
|
|
|
|
|
|
Third Party Convertible Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt discount upon issuance |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
$ 330,390
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
142,353
|
|
293,977
|
|
|
|
|
|
|
Interest expense debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
37,845
|
|
72,562
|
|
|
|
|
|
|
Amortization of discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
104,508
|
|
221,415
|
|
|
|
|
|
|
Yorkville Convertible Note [Member] | Standby Equity Purchase Agreement [Member] | Yorkville Advisors Global LP [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yorkville Convertible Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
$ 80,760
|
|
$ 80,760
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
|
|
|
|
|
|
2,013,000
|
|
2,013,000
|
|
1,766,000
|
|
|
|
|
|
Debt instrument carrying amount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,950,000
|
|
$ 1,950,000
|
|
$ 2,000,000
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.17
|
|
$ 0.17
|
|
$ 1.88
|
|
|
|
|
|
volatility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125.00%
|
|
71.00%
|
|
|
|
|
|
Time to maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 months 26 days
|
|
5 months 15 days
|
|
|
|
|
|
Market interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20.60%
|
|
14.00%
|
|
|
|
|
|
Risk free rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.48%
|
|
5.28%
|
|
|
|
|
|
Probability of optional redemption rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75.00%
|
|
10.00%
|
|
|
|
|
|
Gain (loss) on change in fair value of convertible notes liability |
|
|
|
|
|
|
|
|
|
|
|
|
$ 34,000
|
|
$ 578,000
|
|
|
|
|
|
|
|
Yorkville Convertible Notes [Member] | Standby Equity Purchase Agreement [Member] | Yorkville Advisors Global LP [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayment premium |
|
$ 1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of repayment of convertible debt, amount |
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan agreement with cpbf Lending Llc [Member] | Term Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense debt |
|
|
|
|
|
|
|
|
|
|
|
|
267,359
|
264,320
|
533,707
|
523,763
|
|
|
|
|
|
|
Loan agreement with cpbf Lending Llc [Member] | Medium-Term Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
294,613
|
284,097
|
586,940
|
562,261
|
|
|
|
|
|
|
Amortization of discount |
|
|
|
|
|
|
|
|
|
|
|
|
27,254
|
19,777
|
53,233
|
38,498
|
|
|
|
|
|
|
Convertible Debt [Member] | Term Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense debt |
|
|
|
|
|
|
|
|
|
|
|
|
112,908
|
95,534
|
221,504
|
187,394
|
|
|
|
|
|
|
Convertible Debt [Member] | Medium-Term Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
121,448
|
101,719
|
237,859
|
200,151
|
|
|
|
|
|
|
Amortization of discount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 8,540
|
6,185
|
$ 16,355
|
12,757
|
|
|
|
|
|
|
Related party convertible notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.00%
|
8.00%
|
|
|
|
|
Debt discount upon issuance |
|
|
|
|
|
|
|
|
|
|
|
|
|
707,000
|
|
1,126,451
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
552,403
|
|
935,687
|
|
|
|
|
|
|
Interest expense debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
125,352
|
|
215,774
|
|
|
|
|
|
|
Amortization of discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 427,051
|
|
$ 719,913
|
|
|
|
|
|
|
Nonrelated Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, convertible terms |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Third
Party Convertible Notes bear interest at a rate of 8% per annum, and are convertible into the same series of capital stock of the Company
to be issued to other investors upon a Qualified Financing (as defined in the agreement).
|
The Third
Party Convertible Notes bear interest at a rate of 8% per annum, and are convertible into the same series of capital stock of the Company
to be issued to other investors upon a Qualified Financing (as defined in the agreement).
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.29
|
$ 8.22
|
$ 0.29
|
$ 8.22
|
|
|
|
|
|
|
Time to maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 years 9 months
|
5 years 3 months
|
|
|
|
|
|
|
Minimum [Member] | Alco September Promissory Note [Member] | Measurement Input, Discount for Lack of Marketability [Member] | Put Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of discount lack of marketability |
|
|
|
|
|
|
|
7.50%
|
9.50%
|
10.00%
|
10.70%
|
|
|
|
|
|
|
|
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.61
|
$ 9.56
|
$ 0.61
|
$ 9.56
|
|
|
|
|
|
|
Time to maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 years
|
6 years 29 days
|
|
|
|
|
|
|
Maximum [Member] | Gem Agreement [Member] | Share Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, value issued |
|
|
|
|
|
|
$ 100,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum [Member] | Alco September Promissory Note [Member] | Measurement Input, Discount for Lack of Marketability [Member] | Put Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of discount lack of marketability |
|
|
|
|
|
|
|
12.00%
|
15.00%
|
15.00%
|
16.00%
|
|
|
|
|
|
|
|
|
|
|
|
Maximum [Member] | Alco November Promissory Note [Member] | Alco [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
|
|
$ 750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum [Member] | Alco December Promissory Note [Member] | Alco [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
|
$ 2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Class A [Member] | Original Debt Repayment Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Class A [Member] | Amended Debt Repayment Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share purchase |
|
600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Class A [Member] | Gem Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
|
|
|
|
|
|
|
|
$ 600,000
|
|
$ 600,000
|
|
|
|
|
|
|
|
Shares issuable under the terms of promissory note |
|
|
|
|
|
2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued under the terms of promissory note |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,045,118
|
|
|
|
|
|
|
|
Common Class A [Member] | Gem Agreement [Member] | Gem Term Sheet [Member] | Gem Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of right to convert warrant to common shares |
|
|
|
|
|
|
3.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Class A [Member] | Conversion Of 7Gc Promissory Notes [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, new issues |
|
|
|
|
890,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Class A [Member] | Yorkville Standby Equity Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock shares converted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,445,524
|
|
|
|
|
|
|
|
Common Class A [Member] | Standby Equity Purchase Agreement [Member] | Yorkville Advisors Global LP [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion rate percentage of common stock outstanding |
|
9.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock shares converted |
|
|
|
|
|
|
|
|
|
|
|
|
1,008,808
|
|
1,797,019
|
|
|
|
|
|
|
|
Alco [Member] | Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity percentage owned percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
5.00%
|
|
|
|
|
Alco [Member] | Series A Preferred Stock [Member] | Alco August Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity percentage owned percentage |
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
DNX [Member] | Series A Preferred Stock [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity percentage owned percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
5.00%
|
|
|
|
|
X |
- DefinitionAggregate principal amount.
+ References
+ Details
Name: |
BNZI_AggregatePrincipalAmount |
Namespace Prefix: |
BNZI_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCommensurate risk free rate.
+ References
+ Details
Name: |
BNZI_CommensurateRiskFreeRate |
Namespace Prefix: |
BNZI_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDebt instrument cash agreed to pay.
+ References
+ Details
Name: |
BNZI_DebtInstrumentCashAgreedToPay |
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v3.24.2.u1
Warrant Liabilities (Details Narrative) - USD ($)
|
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Dec. 15, 2023 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
Warrants exercise price, description |
The Public Warrants have an
exercise price of $11.50 per share, subject to adjustments, and will expire five years from the Merger Closing Date. The exercise price
and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including
in the event of a share dividend, or recapitalization, reorganization, merger or consolidation.
|
|
|
Contractual term |
60 days
|
|
|
Fair value of warrants |
$ 79,000
|
$ 641,000
|
|
Class of warrants or rights threshold limit for the then issued and outstanding shares of common stock |
|
|
9.99%
|
Gem Agreement [Member] | Gem Warrant [Member] |
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
Warrants exercise price, description |
|
The exercise price will be adjusted to 105% of the then-current exercise price if on the one-year
anniversary date of the Effective Time, the GEM Warrant has not been exercised in full and the average closing price per share of Class
A Common Stock for the 10 days preceding the anniversary date is less than 90% of the initial exercise price. GEM may exercise the GEM
Warrant at any time and from time to time until December 14, 2026. The terms of the GEM Warrant provide that the exercise price of the
GEM Warrant, and the number of shares of Class A Common Stock for which the GEM Warrant may be exercised, are subject to adjustment to
account for increases or decreases in the number of outstanding shares of New Banzai Common Stock resulting from stock splits, reverse
stock splits, consolidations, combinations and reclassifications. Additionally, the GEM Warrant contains weighted average anti-dilution
provisions that provide that if the Company issues shares of common stock, or securities convertible into or exercisable or exchange
for, shares of common stock at a price per share that is less than 90% of the exercise price then in effect or without consideration,
then the exercise price of the GEM Warrant upon each such issuance will be adjusted to the price equal to 105% of the consideration per
share paid for such common stock or other securities. In the event of a Change of Control, if the Surviving Corporation does not have
registered class of equity securities and common shares listed on a U.S. national securities exchange, then the Holder is entitled to
receive one percent of the total consideration received by the Company’s stockholders and the GEM Warrants will expire upon payment.
|
|
Warrants price per share |
|
|
$ 6.49
|
Warrants purchased |
|
|
828,533
|
Public Warrants [Member] |
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
Warrants outstanding |
11,500,000
|
11,500,000
|
|
Warrants price per share |
$ 11.50
|
|
|
Warrant expiration period |
5 years
|
|
|
Redemption trigger price |
$ 18.00
|
|
|
Share price |
$ 0.01
|
|
|
Public Warrants [Member] | Common Class A [Member] |
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
Warrants exercisable |
0
|
|
|
Redemption trigger price |
$ 18.00
|
|
|
Share price |
$ 18.00
|
|
|
Warrants price per share |
0
|
|
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v3.24.2.u1
Simple Agreements for Future Equity (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Dec. 14, 2023 |
Jun. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2021 |
Third Party Safes [Member] |
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Received gross proceeds |
|
|
|
$ 269,000
|
Common or preferred stock discount |
|
|
|
15.00%
|
Fair value of SAFE liability |
|
|
|
$ 269,000
|
Loss on change in fair value of SAFE liability |
|
$ 68,582
|
$ 91,443
|
|
Outstanding principal amount |
$ 456,234
|
|
|
|
Debt instrument carrying amount |
41,626
|
|
|
|
Alco, DNX and William Bryant [Member] |
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Received gross proceeds |
|
|
|
$ 3,567,000
|
Common or preferred stock discount |
|
|
|
15.00%
|
Fair value of SAFE liability |
|
|
|
$ 3,567,000
|
Loss on change in fair value of SAFE liability |
|
$ 909,418
|
$ 1,212,557
|
|
Outstanding principal amount |
$ 6,049,766
|
|
|
|
Debt instrument carrying amount |
551,949
|
|
|
|
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v3.24.2.u1
Schedule of Components of Lease Expense (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Components of lease expense: |
|
|
|
|
Operating lease cost |
$ 46,140
|
$ 50,440
|
$ 93,384
|
$ 101,888
|
Lease impairment cost |
|
|
|
|
Sublease income |
(52,542)
|
(51,082)
|
(105,084)
|
(102,165)
|
Total lease (income) cost |
$ (6,402)
|
$ (642)
|
$ (11,700)
|
$ (277)
|
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v3.24.2.u1
Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Operating leases: |
|
|
Operating lease right-of-use assets |
$ 46,434
|
$ 134,013
|
Operating lease liability, current |
81,708
|
234,043
|
Operating lease liability, non-current |
|
|
Total operating lease liabilities |
$ 81,708
|
$ 234,043
|
Weighted-average remaining lease term: |
|
|
Operating leases (in years) |
3 months 3 days
|
9 months 3 days
|
Weighted-average discount rate: |
|
|
Operating leases |
6.83%
|
6.76%
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v3.24.2.u1
Commitments and Contingencies (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
May 15, 2024 |
Feb. 02, 2024 |
Dec. 08, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Nov. 08, 2023 |
Operating leases have remaining lease terms |
|
|
|
3 months 3 days
|
|
3 months 3 days
|
|
|
|
Addendum to letter agreements description |
|
|
|
|
|
Pursuant to the Roth Addendum, in lieu of payment in cash of the full amount of any advisory fees or other fees or expenses, incurred
in 2024, and owed under the Roth Engagement Agreements (collectively, the “Roth Fee”), the Company (i) issued to Roth 175,000
shares (the “Roth Shares”) of the Company’s Class A Common Stock on February 2, 2024, and (ii) on or before June 30,
2024, will pay to Roth an amount in cash equal to $300,000 or, if the Company determines that such payment should not be made in cash
due to the Company’s cash position at such time, issue to Roth a number of shares of Class A Common Stock equal to $300,000 divided
by the daily VWAP for the trading day immediately preceding June 30, 2024 (any such shares, the “Additional Roth Shares”).
The Company registered the Roth Shares and 600,000 shares of Class A Common Stock (in addition to the Roth Shares) on a registration
statement to cover any issuances of Additional Roth Shares
|
|
|
|
Gain on extinguishment of liability |
|
|
|
|
|
$ 527,980
|
|
|
|
Cantor Fee Agreement [Member] | 7GC & Co. Holdings Inc. [Member] | Cantor Fitzgerald [Member] |
|
|
|
|
|
|
|
|
|
Deferred underwriting fees payable |
|
|
|
8,050,000
|
|
8,050,000
|
|
|
$ 8,050,000
|
Deferred underwriting fees forfeit |
|
|
|
|
|
|
|
|
4,050,000
|
Increase decrease in deferred underwriting fees |
|
|
|
4,000,000
|
|
4,000,000
|
|
|
$ 4,000,000
|
Roth Addendum To Letter Agreements [Member] |
|
|
|
|
|
|
|
|
|
Advisory fee |
|
|
$ 1,100,000
|
|
|
|
|
|
|
Advisor transaction expenses |
|
|
$ 6,813
|
|
|
|
|
|
|
Accrued expenses |
|
|
|
$ 300,000
|
|
300,000
|
|
$ 1,106,813
|
|
Shares issued, shares |
|
175,000
|
|
|
|
|
|
|
|
Shares issued, value |
|
$ 278,833
|
|
|
|
|
|
|
|
Contractual obligation |
|
|
|
|
|
|
|
$ 806,813
|
|
Gain on extinguishment of liability |
|
|
|
|
|
$ 577,513
|
|
|
|
Roth Addendum To Letter Agreements [Member] | Common Class A [Member] |
|
|
|
|
|
|
|
|
|
Shares issued, shares |
|
175,000
|
|
|
|
|
|
|
|
Shares issued, shares |
$ 300,000
|
$ 300,000
|
|
|
|
|
|
|
|
Shares issued, cash |
|
$ 300,000
|
|
|
|
|
|
|
|
Stock issued during period shares additional shares |
|
600,000
|
|
|
|
|
|
|
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v3.24.2.u1
Equity (Details Narrative)
|
|
|
1 Months Ended |
6 Months Ended |
|
|
|
May 22, 2024
USD ($)
$ / shares
shares
|
Dec. 14, 2023
USD ($)
$ / shares
shares
|
Mar. 31, 2024
shares
|
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Jan. 31, 2024
$ / shares
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2023
$ / shares
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock, shares authorized |
|
350,000,000
|
|
275,000,000
|
|
275,000,000
|
|
Common stock par value | $ / shares |
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
Common stock voting rights |
|
|
|
The
Class A Common Stock and Class B Common Stock entitle their holders to one vote per share and ten votes per share, respectively, on each
matter properly submitted to the stockholders entitled to vote thereon.
|
|
|
|
Common stock, shares issued |
|
|
|
36,944,935
|
|
16,019,256
|
|
Common stock, shares outstanding |
|
|
|
36,944,935
|
|
16,019,256
|
|
Cash fee payments | $ |
$ 25,000
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
75,000,000
|
|
75,000,000
|
|
75,000,000
|
|
Preferred stock, par value | $ / shares |
|
$ 0.0001
|
|
$ 0.0001
|
|
$ 0.0001
|
|
Preferred stock, shares outstanding |
|
|
|
0
|
|
0
|
|
Yorkville Standby Equity Purchase Agreement [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Description of equity facility financing agreement |
|
|
|
500,000
|
|
|
|
Percentage of lowest daily volume weighted average price |
|
90.00%
|
|
|
|
|
|
Fair value of standby equity purchase agreement | $ |
|
|
|
$ 0
|
|
$ 0
|
|
Stock issued during period value acquisitions | $ |
|
|
|
$ 500,000
|
|
|
|
Maximum floor price | $ / shares |
|
$ 2.00
|
|
|
$ 2.00
|
|
|
Floor price adjustment |
|
The Floor Price shall be adjusted (downwards only) to equal 20% of the average VWAP for the five trading
days immediately prior to the date of effectiveness of the initial Registration Statement.
|
|
|
|
|
|
Maximum percentage of closing price on trading day |
|
75.00%
|
|
|
|
|
|
Alliance Global Partners [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Securities purchase price and percentage description |
(a) a cash fee equal to 7.0% of the aggregate purchase price paid by each purchaser of securities that were sold
in the May 2024 Offering (the “Cash Fee”); provided, however, that the Cash Fee was reduced by an amount equal to $25,000
to be paid to the Company’s financial advisor, and (b) warrants (the “Placement Agent Warrants”) to purchase Class
A Common Stock equal to 6% of the aggregate number of shares of Class A Common Stock sold in the May 2024 Offering at an exercise price
per share equal to 110% of the price per share of Class A Common Stock sold in the May 2024 Offering. The Company recognized the Placement
Agent Warrants as a stock issuance cost as they are issued for services in connection with an offering.
|
|
|
|
|
|
|
Cash fee payments | $ |
$ 409,000
|
|
|
|
|
|
|
Prefunded Warrants [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Net of issuance costs | $ |
660,000
|
|
|
|
|
|
|
Common Warrants [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Net of issuance costs | $ |
$ 722,000
|
|
|
|
|
|
|
Common Warrants [Member] | Measurement Input, Share Price [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants and rights outstanding measurement input |
0.18
|
|
|
|
|
|
|
Common Warrants [Member] | Measurement Input, Exercise Price [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants and rights outstanding measurement input |
0.18
|
|
|
|
|
|
|
Common Warrants [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants and rights outstanding measurement input |
87
|
|
|
|
|
|
|
Common Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants and rights outstanding measurement input |
4.6
|
|
|
|
|
|
|
Common Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants and rights outstanding measurement input |
0
|
|
|
|
|
|
|
Placement Agent Warrants [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Issuane of warrants |
833,333
|
|
|
|
|
|
|
Net of issuance costs | $ |
$ 100,000
|
|
|
|
|
|
|
Placement Agent Warrants [Member] | Measurement Input, Share Price [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants and rights outstanding measurement input |
0.18
|
|
|
|
|
|
|
Placement Agent Warrants [Member] | Measurement Input, Exercise Price [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants and rights outstanding measurement input |
0.18
|
|
|
|
|
|
|
Placement Agent Warrants [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants and rights outstanding measurement input |
87
|
|
|
|
|
|
|
Placement Agent Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants and rights outstanding measurement input |
4.6
|
|
|
|
|
|
|
Placement Agent Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants and rights outstanding measurement input |
0
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Share price | $ / shares |
$ 0.18
|
|
|
|
|
|
|
Proceeds from issuance of warrants | $ |
$ 2,500,000
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Prefunded Warrants [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Issuane of warrants |
8,661,110
|
|
|
|
|
|
|
Warrants exercise price | $ / shares |
$ 0.0001
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Common Warrants [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Issuane of warrants |
13,888,890
|
|
|
|
|
|
|
Warrants exercise price | $ / shares |
$ 0.18
|
|
|
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock, shares authorized |
|
250,000,000
|
|
250,000,000
|
|
|
|
Common stock, shares issued |
|
|
|
34,633,801
|
|
13,708,122
|
|
Common stock, shares outstanding |
|
|
|
34,633,801
|
|
13,708,122
|
|
Common Class A [Member] | Yorkville Standby Equity Purchase Agreement [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock par value | $ / shares |
|
$ 0.0001
|
|
|
|
|
|
Total consideration payable in shares of class A common stock | $ |
|
$ 100,000,000
|
|
|
|
|
|
Description of equity facility financing agreement |
|
9.99%
|
|
|
|
|
|
Percentage of average daily Volume Weighted Average Price |
|
95.00%
|
|
|
|
|
|
Percentage of lowest daily volume weighted average price |
|
96.00%
|
|
|
|
|
|
Percentage of voting power |
|
9.99%
|
|
|
|
|
|
Percentage of outstanding shares |
|
19.99%
|
|
|
|
|
|
Stock issued during period value acquisitions |
|
|
710,025
|
|
|
|
|
Common stock price per share | $ / shares |
|
$ 10.00
|
|
|
|
|
|
Maximum conversion price | $ / shares |
|
$ 2.00
|
|
|
|
|
|
Common Class A [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Shares issued to GEM, shares |
5,227,780
|
|
|
|
|
|
|
Common Class B [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock, shares authorized |
|
25,000,000
|
|
25,000,000
|
|
|
|
Common stock, shares issued |
|
|
|
2,311,134
|
|
2,311,134
|
|
Common stock, shares outstanding |
|
|
|
2,311,134
|
|
2,311,134
|
|
Common Class B [Member] | Yorkville Standby Equity Purchase Agreement [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock par value | $ / shares |
|
$ 0.0001
|
|
|
|
|
|
Percentage of outstanding shares |
|
19.99%
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock, shares issued |
|
|
|
36,944,935
|
|
16,019,256
|
|
Common stock, shares outstanding |
|
|
|
36,944,935
|
|
16,019,256
|
|
Maximum [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
275,000,000
|
|
|
|
Share price | $ / shares |
|
|
|
$ 0.61
|
|
|
$ 9.56
|
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v3.24.2.u1
Summary of Stock Option Activity (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
|
Shares Underlying Options, Beginning balanceShares Underlying Options, Beginning balance |
748,086
|
|
Weighted Average Exercise Price, Beginning BalanceWeighted Average Exercise Price, Beginning Balance |
$ 5.87
|
|
Weighted Average Remaining Contractual Term (in years), Outstanding |
9 years 2 months 1 day
|
8 years 5 months 4 days
|
Intrinsic Value, Outstanding, Beginning balanceIntrinsic Value, Outstanding, Ending balance |
$ 103,662
|
|
Shares Underlying Options, Granted |
1,398,500
|
|
Weighted Average Exercise Price, Granted |
$ 2.91
|
|
Weighted Average Remaining Contractual Term (in years), Granted |
9 years 10 months 13 days
|
|
Shares Underlying Options, Exercised |
|
|
Weighted Average Exercise Price, Granted |
|
|
Shares Underlying Options, Expired |
|
|
Weighted Average Exercise Price, Expired |
|
|
Shares Underlying Options, Forfeited |
(464,130)
|
|
Weighted Average Exercise Price, Forfeited |
$ 4.78
|
|
Shares Underlying Options, Ending balance |
1,682,456
|
748,086
|
Weighted Average Exercise Price, Ending Balance |
$ 3.71
|
$ 5.87
|
Intrinsic Value, Outstanding, Ending balance |
$ 1,807
|
$ 103,662
|
Shares Underlying Options, Exercisable |
433,767
|
|
Weighted Average Exercise Price, Exercisable |
$ 4.96
|
|
Weighted Average Remaining Contractual Term (in years), Exercisable |
8 years 4 months 2 days
|
|
Intrinsic Value, Exercisable |
$ 1,807
|
|
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v3.24.2.u1
Summary of Activity with Respect Status of, RSUs (Details) - Restricted Stock Units (RSUs) [Member]
|
6 Months Ended |
Jun. 30, 2024
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Units, Outstanding Beginning Balance | shares |
|
Weighted Average Grant Date Fair Value, Beginning balance Outstanding | $ / shares |
|
Granted | shares |
892,543
|
Weighted Average Grant Date Fair Value, Granted | $ / shares |
$ 0.53
|
Forfeited | shares |
(14,640)
|
Weighted Average Grant Date Fair Value, Forfeited | $ / shares |
$ 0.29
|
Units, Outstanding Ending Balance | shares |
877,903
|
Weighted Average Grant Date Fair Value, Ending Balance Outstanding | $ / shares |
$ 0.54
|
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v3.24.2.u1
Stock-Based Compensation (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Weighted average grant date fair value |
$ 0.17
|
$ 8.53
|
|
Unrecognized compensation expense related to unvested options |
$ 1,262,655
|
$ 2,575,808
|
|
Period for unrecognized compensation expense related to unvested options yet has not been recognized |
3 years 9 months 18 days
|
2 years 11 months 19 days
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Period for unrecognized compensation expense related to unvested options yet has not been recognized |
1 year 3 months 18 days
|
|
|
Vesting period |
4 years
|
|
|
Unrecognized compensation cost |
$ 263,144
|
|
|
General and Administrative Expense [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Stock-based compensation expense |
457,231
|
$ 620,987
|
|
General and Administrative Expense [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Stock-based compensation expense |
$ 208,178
|
|
|
2023 Equity Employee Stock Purchase [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Equity incentive plan, description |
The aggregate number of shares of common stock that may be purchased pursuant to the Purchase Plan is equal to 2% of the
fully diluted common stock determined at the Close of the Merger Agreement, determined to be 572,172. In addition, the aggregate number
of shares of common stock that remain available to be awarded under the Purchase Plan, will automatically increase on January 1 of each
year for a period of 10 years commencing on January 1, 2024 and ending on January 1, 2033, in an amount equal to the lesser of one percent
(1%) of the total number of shares of the fully diluted common stock determined as of December 31 of the preceding year, or a number
of shares of common stock equal to two hundred percent (200%) of the initial share reserve of 572,172
|
|
|
Expiration period |
10 years
|
|
|
Expiration date |
Jan. 01, 2033
|
|
|
2023 Equity Employee Stock Purchase [Member] | Common Stock [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Common stock reserved for future issuance |
572,172
|
|
|
Initial share reserve |
572,172
|
|
|
Stock options awarded |
572,172
|
|
572,172
|
2023 Equity Incentive Plan [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Equity incentive plan, description |
The aggregate number of shares of common stock that may be issued will not exceed approximately 12.5% of the fully diluted
common stock determined at the Close of the Merger, determined to be 3,576,076. In addition, the aggregate number of shares of common
stock that remain available to be awarded under the Plan, will automatically increase on January 1 of each year for a period of ten years
commencing on January 1, 2024 and ending on January 1, 2033, in an amount equal to 5% of the total number of shares of the fully diluted
common stock determined as of the day prior to such increase. The aggregate maximum number of shares of common stock that may be issued
pursuant to the exercise of incentive stock options is approximately three times the total number of shares of common stock initially
reserved for issuance, which were 3,576,076.
|
|
|
Expiration period |
10 years
|
|
|
Expiration date |
Jan. 01, 2033
|
|
|
2023 Equity Incentive Plan [Member] | Common Stock [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Common stock reserved for future issuance |
3,576,076
|
|
|
Initial share reserve |
3,576,076
|
|
|
Stock options awarded |
1,763,803
|
|
3,576,076
|
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v3.24.2.u1
v3.24.2.u1
Subsequent Events (Details Narrative) - USD ($)
|
Jul. 22, 2024 |
Jul. 05, 2024 |
Feb. 05, 2024 |
Dec. 14, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
Aggregate principal amount |
|
|
|
$ 3,500,000
|
Subsequent Event [Member] | Subordinated Business Loan and Security Agreement [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Aggregate principal amount |
$ 787,500
|
|
|
|
Proceeds from debt |
750,000
|
|
|
|
Agent fees |
$ 37,500
|
|
|
|
Debt instrument, maturity date |
Feb. 05, 2025
|
|
|
|
Debt instrument, interest rate |
42.00%
|
|
|
|
Gem Agreement [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Aggregate principal amount |
|
|
$ 1,000,000.0
|
|
Gem Agreement [Member] | Common Class A [Member] | Subsequent Event [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Common stock shares issued |
|
588,235
|
|
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
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7GC (NASDAQ:VIIAU)
過去 株価チャート
から 9 2024 まで 10 2024
7GC (NASDAQ:VIIAU)
過去 株価チャート
から 10 2023 まで 10 2024