What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-10-30 compared with 2025-08-22 · 24 added, 25 removed, 139 unchanged (26% of the section changed)

29 unchanged sentences

an aggregate purchase price of $15 million (collectively, the “Notes”).

We used proceeds from the Notes to acquire

KNET and KNLA, Class A television stations in Los Angeles, California, KVVV, a low power television station in Houston, Texas,

and KYMU-LD, a low power television station in Seattle, Washington.

The Notes accrued interest at a rate of 11% per annum, subject

to increase to 20% per annum upon and during the occurrence of an event of default.

We did not make the $0.4 million interest

payments on the Notes that were due on April 1, 2022, July 1, 2022, October 1, 2022, and December 31, 2022, and accrued default

interest accordingly.

The Notes were secured by a blanket lien on all of the Company’s assets and the shares of common stock,

par value $0.001 per share, of the Company (“Common Stock”) and the Company’s preferred stock, par value $0.001

per share (collectively, the “Pledged Assets”), held by Philip Falcone, FFO 1 2021 Irrevocable Trust (“FFO1”),

FFO 2 2021 Irrevocable Trust (“FFO2”) and Korr Value LP (collectively, the “Pledgors”), which shares the

Investors had been granted the right to vote in the event of default.

January 28, 2023, Arena Investors, LP (“Arena”), in its capacity as the agent (the “Agent”) for the Investors

delivered a notice to us (the “Acceleration Notice”), which stated that the Agent and the Investors (a) elected to

cause the outstanding principal amount of the Notes, plus accrued but unpaid interest, liquidated damages and other amounts owing

in respect thereof, to become immediately due and payable in cash, (b) intended to commence legal action to collect any or all

of the amounts due under the Notes, and (c) sought the appointment of a receiver or trustee as a means of realizing proceeds on

their collateral.

We used proceeds from the Notes to enable

our wholly owned subsidiary, SovRyn Holdings Inc.

(“Sovryn”), to acquire KNET and KNLA, Class A television stations

in Los Angeles, California, KVVV, a low power television station in Houston, Texas, and KYMU-LD, a low power television station

in Seattle, Washington.

The Notes accrued interest at a rate of 11% per annum, subject to increase to 20% per annum upon and during

the occurrence of an event of default.

We did not make the $0.4 million interest payments on the Notes that were due on April

1, 2022, July 1, 2022, October 1, 2022, and December 31, 2022, and accrued default interest accordingly.

The Notes were secured

by a blanket lien on all of the Company’s assets and the shares of common stock, par value $0.001 per share, of the Company

(“Common Stock”) and the Company’s preferred stock, par value $0.001 per share (collectively, the “Pledged

Assets”), held by Philip Falcone, FFO 1 2021 Irrevocable Trust (“FFO1”), FFO 2 2021 Irrevocable Trust (“FFO2”)

and Korr Value LP (collectively, the “Pledgors”), which shares the Investors had been granted the right to vote in

the event of default.

February 1, 2023, pursuant to an agreement with the Investors, Sovryn was sold to the lender.

The net assets of Sovryn at the

time of disposition totalled $9,159,907, which was used to partially settle the principal balance of the senior secured notes,

which totalled $16,500,000.

The transaction was accounted for as a non-cash settlement.

September 21, 2023, the Agent for the Investors delivered a notice to us that the Agent exercised the Investors’ rights

26 unchanged sentences

ownership of our Federal Communications Commission (“FCC”) licenses and other broadcast television assets associated

with the broadcast television business of SovRyn Holdings, Inc (“Sovryn”), then our subsidiary, to a third-party entity

controlled by the Investors (the “Partial Foreclosure Agreement”).

In consideration therefor, the Investors agreed

to reduce the indebtedness under the Notes by $9,159,907.

As a result, the revenues, expenses, assets and liabilities of Sovryn

ceased as of January 31, 2023 and were deemed discontinued operations for the years ended December 31, 2023 and 2022.

with the broadcast television business of Sovryn, then our subsidiary, to a third-party entity controlled by the Investors (the

“Partial Foreclosure Agreement”).

As a result, the revenues, expenses, assets and liabilities of Sovryn ceased as

of January 31, 2023 and were deemed discontinued operations for the years ended December 31, 2023.

our BCTV content, we intend to compete for viewership in a marketplace that is fragmented and niche.

80 unchanged sentences

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.

What changed 10-K

Item 1. Business