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This is recorded as an accrued liability as of December 31, 2020.
−Removed: There was an understanding reached in principle with MediaHouse,
−Removed: subject to finalization and execution of a definitive agreement, in or about December 1, 2021.
+Added: There was an understanding reached in principle with MediaHouse, subject
+Added: to finalization and execution of a definitive agreement, in or about December 1, 2021.
+Added: During January 2022, the Company entered into
+Added: a settlement agreement related to the legal proceeding with Synacor referenced in Note 11.
+Added: The agreement obligates the Company to pay
+Added: $12,000 per month beginning January 24, 2022 for 12 consecutive months and then a final one-time payment in the amount of $40,000 to
+Added: be paid on or before January 24, 2023.
+Added: Notwithstanding, the Company has an early settlement option to pay-off the obligation with a discount
+Added: if it pays $160,000 to Synacor on or before September 1, 2022, which amount shall be inclusive of the monthly installments previously
+Added: mentioned prior to the date when early settlement payment is transmitted to Synacor.
+Added: At December 31, 2021, the Company has included the
+Added: $230,000 in accounts payable.
former employee of the Company filed a suit against the Company, MediaHouse, Inc., and Gregory A.
−Removed: Peters, a former Executive, (the “Defendants”)
+Added: Peters, a former Executive, (the “Defendants”)
alleging two counts of defamation.
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Encoding.com,
−Removed: (“Encoding”) was a former digital media customer of MediaHouse.
+Added: (“Encoding”) was a former digital media customer of MediaHouse.
Encoding had a long overdue outstanding receivable from
−Removed: MediaHouse’s predecessor company, Inform, Inc.
+Added: MediaHouse’s predecessor company, Inform, Inc.
MediaHouse did not assume the liability at acquisition.
2 unchanged sentences
This is recorded as an accrued liability as of December 31, 2020 and the warrants were issued in May of 2021.
+Added: Mountain has been sued by plaintiffs Joey Winshman, Eli Desatnik and Nadav Slutzky (“Plaintiffs”) in a lawsuit filed in the
+Added: United States District Court for the Southern District of Florida on December 17, 2021 (the “Lawsuit”).
+Added: Plaintiffs allege
+Added: that BMM defaulted on its obligations to Plaintiffs under three promissory notes that arose from the merger between Bright Mountain Israel
+Added: Acquisition Ltd., a wholly owned subsidiary of Bright Mountain, and Slutzky & Winshman Ltd.
+Added: Plaintiffs seek to recover from Bright
+Added: Mountain the principal balance of the promissory notes, interest, attorney’s fees, and costs.
+Added: Discovery in the Lawsuit is underway
+Added: and the parties continue to intermittently explore the possibility of settlement.
+Added: Any potential losses associated with this matter cannot
+Added: be estimated at this time.
MINE SAFETY DISCLOSURES
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.