{"id":963513,"date":"2026-05-15T10:20:10","date_gmt":"2026-05-15T14:20:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\/"},"modified":"2026-05-15T10:20:10","modified_gmt":"2026-05-15T14:20:10","slug":"venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\/","title":{"rendered":"Venu Holding Corporation Reports First Quarter Fiscal 2026 Financial Results"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwdoublebottom { border-bottom: double black 2.25pt }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistcircle { list-style-type: circle }\n.bwlistdisc { list-style-type: disc }\n.bwpadb3 { padding-bottom: 4px }\n.bwpadb4 { padding-bottom: 5px }\n.bwpadl0 { padding-left: 0px }\n.bwpadl12 { padding-left: 60px }\n.bwpadl3 { padding-left: 15px }\n.bwpadl5 { padding-left: 25px }\n.bwpadl6 { padding-left: 30px }\n.bwpadl9 { padding-left: 45px }\n.bwpadr0 { padding-right: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwrowaltcolor0 { background-color: #cceeff }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwuline { text-decoration: underline }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignm { vertical-align: middle }\n.bwvertalignt { vertical-align: top }\n.bwwidth1 { width: 1% }\n.bwwidth100 { width: 100% }\n.bwwidth15 { width: 15% }\n.bwwidth47 { width: 47% }\n.bwwidth53 { width: 53% }\n.bwwidth65 { width: 65% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Venu Holding Corporation Reports First Quarter Fiscal 2026 Financial Results<\/b><\/p>\n<p class=\"bwalignc\"><i>Total Assets Increased to $461.3 Million, Up 25% from Year-End 2025<\/i><\/p>\n<p>COLORADO SPRINGS, Colo.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fbit.ly%2F3KaUj1X&amp;esheet=54536397&amp;newsitemid=20260515020314&amp;lan=en-US&amp;anchor=Venu+Holding+Corporation&amp;index=1&amp;md5=9b6c873c89b3c29add237d60a69c7be9\">Venu Holding Corporation<\/a> (&#8220;VENU&#8221; or the &#8220;Company&#8221;) (NYSE American: VENU), owner, operator, and developer of premium live entertainment destinations, today announced results for its fiscal first quarter ended March 31, 2026<\/p>\n<p id=\"news-body-cta\">This press release features multimedia. View the full release here: <a href=\"https:\/\/www.businesswire.com\/news\/home\/20260515020314\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20260515020314\/en\/<\/a><\/p>\n<div id=\"bwbodyimg\" style=\"width: 480px;float:left;padding-left:0px;padding-right:20px;padding-top:0px;padding-bottom:0px\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20260515020314\/en\/2805989\/4\/VENU_Qcall_screen_v3-02.jpg\" alt=\"VENU Reports First Quarter Fiscal 2026 Financial Results\" \/><\/p>\n<p style=\"font-size:85%\">VENU Reports First Quarter Fiscal 2026 Financial Results<\/p>\n<\/div>\n<p>\n\u201cWe had a busy start to fiscal 2026, with significant progress executing on our strategy to bring a new asset class to live entertainment,\u201d said J.W. Roth, Founder, Chairman, and Chief Executive Officer of VENU<sup>\u00ae<\/sup>. \u201cConversations with municipalities continue to gain momentum, with more than 45 municipalities currently in active discussion about bringing a VENU concept into their city limits. And subsequent to quarter end we announced a new planned development at the Bend in Chattanooga, Tennessee, which we believe represents a tremendous opportunity for the VENU brand.<\/p>\n<p>\nAs we look back on the fiscal first quarter, we are proud of the progress we have made. Our total assets increased to $461.3 million, up 25% from year-end, as we continue to get closer to completing our new state-of-the-art immersive venues. On the sponsorship front, we announced a new multi-year partnership with PepsiCo as our official beverage partner across our portfolio of Sunset Amphitheater venues, as well as an expanded partnership with Aramark Sports and Entertainment.<\/p>\n<p>\nOn the capital front we closed an $86.25 million equity capital raise in one of the most volatile market stretches in recent history. We also launched several new product offerings for our Luxe FireSuites\u2122, to meet demand at all levels and support continued development of our venues.<\/p>\n<p>\nLooking ahead, our model is working. The conviction has never been stronger. And the plan is being executed at every level. We are excited for what is next.\u201d<\/p>\n<p><b>Financial Highlights for the First Quarter Fiscal 2026 Ended March 31, 2026<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nTotal assets increased to $461.3 million as of March 31, 2026, up $90.8 million or 25% from $370.5 million at December 31, 2025.<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nIt is worth noting that our municipality contributed real estate sit at zero cost basis on our balance sheet rather than mark to market value as they are contributed assets. An as-completed basis appraisal of $1.24 billion reflects a more complete picture of what this portfolio will be worth once completed<sup>(1).<\/sup><\/li>\n<\/ul>\n<\/li>\n<li>\nProperty and equipment increased to $381.6 million as of March 31, 2026, up $75.7 million or 25% from $305.9 million at December 31, 2025.<\/p>\n<\/li>\n<li>\nThe Company completed a capital raise of its common stock together with warrants during the three months ended March 31, 2026, which resulted in gross proceeds of $86.25 million, which generated net proceeds to the Company of $80.1 million.<\/p>\n<\/li>\n<li>\nLuxe FireSuite and Aikman Club sales reached more than $260 million in sales since launching the program. Demand for the product, and for our newly launched NNN model prompted the recent launch of a $300+ million NNN portfolio available to both venue patrons and real estate investors across the nation, with Troy Aikman as the Company\u2019s spokesperson. Luxe FireSuite sales through the Company&#8217;s NNN model accounted for approximately 47% of total Luxe FireSuite sales for the quarter ended March 31, 2026.<\/p>\n<\/li>\n<li>\nTotal revenue was $3.9 million for the three months ended March 31, 2026, compared to $3.5 million for the three months ended March 31, 2025, an increase of 11%.<\/p>\n<\/li>\n<\/ul>\n<p><b>Operational and Strategic Highlights for the First Quarter Fiscal 2026:<\/b><\/p>\n<p><i>Venue Development<\/i><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nThe 134,000 square foot canopy roof at Sunset Amphitheater Broken Arrow, OK reached full installation in February 2026, a significant construction milestone for the 12,500-capacity venue as it advances toward its targeted fall 2026 opening.<\/p>\n<\/li>\n<li>\nConstruction continues as planned at Sunset Amphitheater McKinney, TX, where the team recently broke ground on the canopy roof structure of the 20,000-seat venue, which remains on track to open in Q1 2027.<\/p>\n<\/li>\n<li>\nTook ownership of a property in Centennial, Colorado in February 2026, where VENU plans to develop a premium indoor concert hall and restaurant. The project will introduce VENU&#8217;s first ever indoor Luxe FireSuite model to the portfolio.<\/p>\n<\/li>\n<\/ul>\n<p><i>Team &amp; Leadership<\/i><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nStrengthened the executive team with the addition of Sarah Rothschild, as Senior Vice President of Strategic Finance and Investor Relations, bringing experience from two of the most iconic names in premium live entertainment, MSG Entertainment and Sphere.<\/p>\n<\/li>\n<\/ul>\n<p><i>Market Recognition &amp; Brand<\/i><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nPresented the Billboard Disruptor Award at Billboard&#8217;s Power 100 to PlaqueBoy Max, one of the most influential creator voices in music today, continuing VENU&#8217;s role at the center of the live entertainment conversation.<\/p>\n<\/li>\n<li>\nAramark Sports + Entertainment deepened its commitment to VENU in early 2026, expanding its partnership to cover five premium venues and making an additional equity investment, reinforcing its long-term alignment with the Company&#8217;s growth trajectory.<\/p>\n<\/li>\n<li>\nJ.W. Roth represented VENU on NYSE TV and Schwab Network, sharing the Company&#8217;s $6 billion growth vision and the investor&#8217;s conviction driving its $86.25 million capital raise.<\/p>\n<\/li>\n<\/ul>\n<p><i>Subsequent Events: April 1, 2026, through May 15, 2026<\/i><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nLaunched a landmark nationwide Luxe FireSuite campaign across several national broadcast networks, and major digital and social platforms, opening $300+ million in triple net real estate inventory to investors across the country, with longtime VENU shareholder, FireSuite owner, and partner Troy Aikman serving as national spokesperson.<\/p>\n<\/li>\n<li>\nAnnounced active discussions with several Northern Colorado municipalities for a potential $350 million multi-seasonal, omni-content entertainment destination with a capacity of 12,500, designed to set a new standard for live entertainment in the American West.<\/p>\n<\/li>\n<li>\nLaunched the FireSuite Income Offering, a fractional ownership offering delivering an 11% preferred annual return backed by real estate assets, with a minimum investment of $20,000, bringing Luxe FireSuite ownership to a broader range of accredited investors nationwide.<\/p>\n<\/li>\n<li>\nAnnounced planned expansion into Tennessee with a projected $300 million landmark amphitheater at the Bend in Chattanooga, developed in partnership with Urban Story Ventures, featuring approximately 12,500 seats and a canopied multi seasonal design that will make it one of the largest live entertainment venues in the state.<\/p>\n<\/li>\n<\/ul>\n<p><b><span class=\"bwuline\">Conference Call Details<\/span><\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"2\" class=\"bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nFriday, May 15, 2026, at 11:00 a.m. Eastern Time<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth47\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNorth America Toll Free Dial-In Number<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth53\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n+1 833-461-5787<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth47\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nInternational Toll Dial-In Number<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth53\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n+1 585-542-9983<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth47\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nConference ID<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignl bwwidth53\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n966483815<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth47\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nWebcast Link<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth53\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fevents.q4inc.com%2Fattendee%2F966483815&amp;esheet=54536397&amp;newsitemid=20260515020314&amp;lan=en-US&amp;anchor=https%3A%2F%2Fevents.q4inc.com%2Fattendee%2F966483815&amp;index=2&amp;md5=cb4d7832aee071dfb896f1da6fe35170\">https:\/\/events.q4inc.com\/attendee\/966483815<\/a><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth47\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nConference Call Replay<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth53\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Finvestors.venu.live%2F&amp;esheet=54536397&amp;newsitemid=20260515020314&amp;lan=en-US&amp;anchor=https%3A%2F%2Finvestors.venu.live&amp;index=3&amp;md5=ecb9340e8ed034922a85a40b9b73f2d7\">https:\/\/investors.venu.live<\/a><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><i>Source: Venu Holding Corporation<\/i><\/p>\n<p><b>About Venu Holding Corporation<\/b><\/p>\n<p><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fbit.ly%2F3KaUj1X&amp;esheet=54536397&amp;newsitemid=20260515020314&amp;lan=en-US&amp;anchor=Venu+Holding+Corporation&amp;index=4&amp;md5=47eacba6d95489e8aab22016a8867a61\">Venu Holding Corporation<\/a> (&#8220;VENU&#8221;) (NYSE American: VENU) is a premier owner, developer, and operator of luxury, experience-driven entertainment destinations. Founded by Colorado Springs entrepreneur J.W. Roth, VENU<sup>\u00ae<\/sup> has a portfolio of premium brands that includes Ford Amphitheater, Sunset Amphitheaters, Phil Long Music Hall, The Hall at Bourbon Brothers, Bourbon Brothers Smokehouse and Tavern, Aikman Owners Clubs, and Roth\u2019s Sea &amp; Steak. With venues operating and in development across Colorado, Georgia, Oklahoma, Tennessee, and Texas and a nationwide expansion underway, VENU is setting a new standard for live entertainment.<\/p>\n<p>\nVENU has been recognized nationally by <i>The Wall Street Journal<\/i>, <i>The New York Times<\/i>, <i>Billboard<\/i>, <i>VenuesNow<\/i>, and <i>Variety <\/i>for its innovative and disruptive approach to live entertainment. Through strategic partnerships with industry leaders such as AEG Presents, NFL Hall of Famer and Founder of EIGHT Elite Light Beer, Troy Aikman, Aramark Sports + Entertainment, Tixr, Niall Horan, and Dierks Bentley, VENU continues to shape the future of the entertainment landscape. For more information, visit VENU\u2019s <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fbit.ly%2F3KaUj1X&amp;esheet=54536397&amp;newsitemid=20260515020314&amp;lan=en-US&amp;anchor=website&amp;index=5&amp;md5=c5e9671fdf167b73ebec2d11c7e350dd\">website<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.instagram.com%2Fvenu_live%2F&amp;esheet=54536397&amp;newsitemid=20260515020314&amp;lan=en-US&amp;anchor=Instagram&amp;index=6&amp;md5=4fd75fadf8f72055816b2268404dfbad\">Instagram<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fvenuholdingcorporation%2F&amp;esheet=54536397&amp;newsitemid=20260515020314&amp;lan=en-US&amp;anchor=LinkedIn&amp;index=7&amp;md5=f97782b5a48354f2a76b9794d7dd888c\">LinkedIn<\/a>, or <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fx.com%2FVENU_Live&amp;esheet=54536397&amp;newsitemid=20260515020314&amp;lan=en-US&amp;anchor=X&amp;index=8&amp;md5=4698d1ccc669c30742953c6ee7108319\">X<\/a>.<\/p>\n<p><b>Forward Looking Statements<\/b><\/p>\n<p>\nCertain statements in this press release constitute &#8220;forward-looking statements&#8221; within the meaning of the federal securities laws. Words such as &#8220;may,&#8221; &#8220;might,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;predict,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;intend&#8221; or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While Venu believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the company\u2019s filings with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. Venu expressly disclaims any obligation to update or alter statements whether because of new information, future events or otherwise, except as required by law.<\/p>\n<p><b>(1) Appraisal Disclosures<\/b><\/p>\n<p>\nThese appraisals used the cost basis, income, and comparable sales approaches to valuation and, after reconciliation, came to the appraised values of the properties. These approaches to valuation are commonly used approaches to value for appraisal of commercial properties, as opposed to assigning a valuation on the properties based solely on the cost basis of the properties. The total appraisal for the Colorado Springs campus includes a 5.5-acre parking lot that was later sold through a sale-leaseback transaction in November 2025 for $14 million. At the time of the original appraisal, that parcel was valued at $9.2 million. It is important to understand that the appraisal of VENU\u2019s properties takes into account, among other factors, the valuation of the Company\u2019s real estate and developments at a specific point in time, and the appraised value is subject to (and likely to) change at any time, whether it increases or decreases, and such changes could be caused by macro and micro factors over which we have no control. The appraisal of the property portfolio is only an estimate of its value as to the date of the appraisal and based only on the specific appraisal methodologies and should not be relied upon as a measure of its realized value or the value at which any property could be sold to a third party. Other appraisal methodologies may yield materially different appraised value. Furthermore, the appraised value of the properties differs from the values assigned to it under generally accepted accounting principles in the United Stated (\u201cGAAP\u201d), which require the values of the properties to be valued at their cost basis for financial presentation purposes, and therefore the appraised values represent an unaudited measure that may not represent fair value, as defined under GAAP, and such values and appraisals are not, and will not be, subject to audit or other review procedures by our outside independent accountants.<\/p>\n<p>\nThe opinions expressed in the appraisal are based on estimates and forecasts that are prospective in nature and subject to certain risks and uncertainties. Events may occur that could cause the performance of the properties to materially differ from the estimates utilized by the appraiser, such as changes in the economy, interest rates, capitalization rates, the financial strength of the live-music and entertainment industries, and the behavior of event attendees, investors, lenders, and municipalities. The Company reviews each appraisal of its properties to confirm that the information provided to the appraiser is accurately reflected in the appraisal, but it does not validate the methodologies, inputs, and professional judgment utilized by the certified appraiser.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"8\" class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\"><b>VENU HOLDING CORPORATION AND SUBSIDIARIES<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\"><b>CONDENSED CONSOLIDATED BALANCE SHEETS<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\">(in US Dollars)<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"7\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\"><b>As of<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>\u00a0March 31,\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>December 31,\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>\u00a02026<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><i>\u00a0Unaudited\u00a0<\/i><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><i>\u00a0<\/i><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><i>Audited<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\"><b>ASSETS<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Current assets<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Cash and cash equivalents<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n56,601,278<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n41,306,358<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Inventories<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n512,228<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n474,467<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p>\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Prepaid expenses and other current assets<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,624,672<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,546,523<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl6 bwwidth65\" rowspan=\"1\" colspan=\"1\">Total current assets<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n59,738,178<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n44,327,348<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Other assets<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Property and equipment, net\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n381,609,228<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n305,947,277<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Intangible assets, net<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n127,878<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n144,558<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Operating lease right-of-use assets, net<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n17,164,052<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a017,397,009<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Investment in EIGHT Brewing<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,999,999<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,999,999<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Investment in related parties<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n555,262<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n555,262<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Security and other deposits<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0153,358<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n183,582<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Total other assets<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n401,609,777<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n326,227,687<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl9\" rowspan=\"1\" colspan=\"1\"><b>Total assets<\/b><\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>461,347,955<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>370,555,035<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\"><b>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Accounts payable<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n43,415,266<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25,129,485<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Accrued expenses<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10,141,490<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n27,847,751<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Accrued payroll and payroll taxes<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n475,467<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n577,360<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Deferred revenue<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,906,770<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,542,564<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Current portion of operating lease liabilities<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n591,976<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n605,261<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Current portion licensing liability<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0223,333<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n223,333<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Current portion NNN firesuite liability<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,198,400<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,026,300<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Current portion of long-term debt<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,168,147<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n400,108<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl6 bwwidth65\" rowspan=\"1\" colspan=\"1\">\n<p>\nTotal current liabilities<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n66,120,849<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n57,352,162<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Long-term portion of operating lease liabilities<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a016,737,525<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a016,886,027<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Long-term licensing liability and other liabilities<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a09,493,702<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,951,600<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Long-term convertible debt<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a01,917,629<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,907,530<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Long-term NNN firesuite liability<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a035,607,861<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n30,038,214<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Long-term debt, net of current portion<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a056,450,476<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n56,568,151<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl6 bwwidth65\" rowspan=\"1\" colspan=\"1\"><b>Total liabilities<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>186,328,042<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>171,703,684<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Commitments and contingencies &#8211; See Note 16<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Mezzanine Equity<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Contingently Redeemable Convertible Cumulative Series B Preferred Stock, $0.001 par &#8211; 1,342 authorized,\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl6 bwwidth65\" rowspan=\"1\" colspan=\"1\">1,008 issued and outstanding at March 31, 2026 and 675 issued and outstanding at December 31, 2025<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15,120,000<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10,125,000<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Stockholders&#8217; Equity<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Common stock, $0.001 par &#8211; 144,000,000 authorized, 57,937,346 issued and 57,261,156 outstanding at\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl5 bwwidth65\" rowspan=\"1\" colspan=\"1\">\u00a0March 31, 2026 and 43,536,954 issued and 42,860,764 outstanding at December 31, 2025<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n58,037<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n42,961<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Class B common stock, $0.001 par &#8211; 1,000,000 authorized, 381,235 issued and 304,990 outstanding at\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl6 bwwidth65\" rowspan=\"1\" colspan=\"1\">March 31, 2026 and December 31, 2025<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n380<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n304<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Additional paid-in capital<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n273,159,150<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n201,188,680<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl3 bwwidth65\" rowspan=\"1\" colspan=\"1\">Accumulated deficit<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(105,211,275<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(91,454,930<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n168,006,292<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n109,777,015<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Treasury Stock, at cost &#8211; 752,435 shares at March 31, 2026 and December 31, 2025<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(7,900,352<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(7,899,600<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Total Venu Holding Corporation and subsidiaries equity<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n160,105,940<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0101,877,415<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Non-controlling interest<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n99,793,973<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n86,848,936<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\"><b>Total stockholders&#8217; equity\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>259,899,913<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>188,726,351<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\"><b>Total liabilities and stockholders&#8217; equity<\/b><\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>461,347,955<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>370,555,035<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"8\" class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\"><b>VENU HOLDING CORPORATION AND SUBSIDIARIES<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\"><b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\">(in US Dollars)<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"7\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\"><b>For the three months ended<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"7\" class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom\" rowspan=\"1\"><b>March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\"><b>Revenues<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\"><i>\u00a0<\/i><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Restaurant including food and beverage revenue, net<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,424,386<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,044,916<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Event center ticket and fees revenue, net<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n854,811<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n980,439<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Rental and sponsorship revenue, net<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n621,406<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n473,804<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\"><b>Total revenues, net<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,900,603<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,499,159<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\"><b>Operating costs<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Food and beverage<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n643,691<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n497,840<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Event center\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n717,715<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n724,064<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Labor<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,518,745<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n998,947<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Rent<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n481,712<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n364,377<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">General and administrative<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7,693,271<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n6,740,311<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Equity compensation<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,955,932<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11,340,620<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Depreciation and amortization<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,375,792<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,375,364<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\"><b>Total operating costs<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>15,386,858<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>22,041,523<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\"><b>Loss from operations<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(11,486,255<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(18,542,364<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\"><b>Other income (expense), net<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Interest expense, net<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(2,978,733<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(922,886<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Other income<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n20,795<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n32,500<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Total other expense, net<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(2,957,938<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(890,386<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Net loss<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(14,444,193<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(19,432,750<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Net loss attributable to non-controlling interests<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(687,848<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,369,020<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Net loss attributable to Venu<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(13,756,345<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(18,063,730<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Preferred stock dividend<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(147,870<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Net loss attributable to common stockholders<\/td>\n<td class=\"bwalignr bwdoublebottom bwpadl0 bwpadr0 bwvertalignb bwpadb4 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwdoublebottom bwpadl0 bwpadr0 bwvertalignb bwpadb4 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(13,904,215<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwdoublebottom bwpadl0 bwpadr0 bwvertalignb bwpadb4 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignr bwdoublebottom bwpadl0 bwpadr0 bwvertalignb bwpadb4 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwdoublebottom bwpadl0 bwpadr0 bwvertalignb bwpadb4 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0\u00a0(18,063,730<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwdoublebottom bwpadl0 bwpadr0 bwvertalignb bwpadb4 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Weighted average number of shares of Class B common stock, outstanding, basic and diluted<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>304,990<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>379,990<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Basic and diluted net loss per share of Class B common stock<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(0.29<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(0.48<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Weighted average number of shares of Common stock, outstanding, basic and diluted<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>47,074,491<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>37,488,778<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Basic and diluted net loss per share of Common stock<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(0.29<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>\u00a0$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(0.48<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"8\" class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\"><b>VENU HOLDING CORPORATION AND SUBSIDIARIES<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\"><b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\">(in US Dollars)<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"7\" class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom\" rowspan=\"1\"><b>For the three months ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" rowspan=\"1\"><b>\u00a0<\/b><b>2026<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" rowspan=\"1\"><b>\u00a0<\/b><b>2025<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Net loss<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>$<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(14,444,193<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0$<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(19,432,750<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Adjustments to reconcile net loss to net cash used in operating activities:<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><b>\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Loss on sale of property and equipment<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n55,957<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Equity issued for interest on debt<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n218,760<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Equity compensation<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,560,099<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11,240,620<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Equity issued for services<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n312,500<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n100,000<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Noncash interest and debt discount<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n400,314<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n641,609<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Noncash lease expense<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n428,271<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n92,107<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Depreciation and amortization<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,375,792<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,375,364<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Changes in operating assets and liabilities:<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl9\" rowspan=\"1\" colspan=\"1\">Inventories<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(37,761<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24,256<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl9\" rowspan=\"1\" colspan=\"1\">Prepaid expenses and other current assets<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(78,149<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(66,616<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl9\" rowspan=\"1\" colspan=\"1\">Security and other deposits<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n30,224<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(141,756<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl9\" rowspan=\"1\" colspan=\"1\">Accounts payable<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n18,285,781<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,491,784<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl9\" rowspan=\"1\" colspan=\"1\">Accrued expenses<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(17,854,131<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(2,855,792<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl9\" rowspan=\"1\" colspan=\"1\">Accrued payroll and payroll taxes<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(101,893<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24,900<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl9\" rowspan=\"1\" colspan=\"1\">Deferred revenue<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n364,206<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n476,447<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl9\" rowspan=\"1\" colspan=\"1\">Operating lease liabilities<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(357,101<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(92,350<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwwidth65 bwpadl9\" rowspan=\"1\" colspan=\"1\">Licensing liability<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n542,102<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwwidth1\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n850,000<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl12\" rowspan=\"1\" colspan=\"1\"><b>Net cash used in operating activities<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(8,517,982<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(9,036,985<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\"><b>Cash flows from investing activities<\/b><\/td>\n<td class=\"bwalignc bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Purchase of property and equipment<\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(65,861,545<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(22,048,943<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwrowaltcolor0 bwwidth65 bwpadl6\" rowspan=\"1\" colspan=\"1\">Investment in EIGHT Brewing<\/td>\n<td class=\"bwalignc bwvertalignt bwrowaltcolor0 bwpadl0 bwsinglebottom bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignt bwrowaltcolor0 bwpadl0 bwsinglebottom bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,999,999<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwwidth65 bwpadl12\" rowspan=\"1\" colspan=\"1\"><b>Net cash used in investing activities<\/b><\/td>\n<td class=\"bwalignc bwvertalignt bwsinglebottom bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(65,861,545<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignt bwsinglebottom bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(24,048,942<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\"><b>Cash flows from financing activities<\/b><\/td>\n<td class=\"bwalignc bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Receipt of convertible promissory note<\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n6,000,000<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwrowaltcolor0 bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Proceeds from NNN firesuite liability<\/td>\n<td class=\"bwalignc bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,453,000<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Proceeds from issuance of Contingently Redeemable Convertible Cumulative Series B Preferred Stock<\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4,995,000<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwrowaltcolor0 bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Proceeds from issuance of common warrants and pre-funded warrants<\/td>\n<td class=\"bwalignc bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n21,796,023<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Proceeds from issuance of common shares, net of $7,093,977 issuance costs<\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n57,360,000<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwrowaltcolor0 bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Proceeds from Subsidiary issuance of shares, net of Venu purchase of Subsidiary shares<\/td>\n<td class=\"bwalignc bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,315,902<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15,967,250<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Principal payments on long-term debt<\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(166,579<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(82,245<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwrowaltcolor0 bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Payment of promissory note<\/td>\n<td class=\"bwalignc bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(4,500,000<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(2,000,000<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwwidth65 bwpadl3\" rowspan=\"1\" colspan=\"1\">Distributions to non-controlling shareholders<\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0 bwsinglebottom bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(578,899<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0 bwsinglebottom bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(105,426<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwrowaltcolor0 bwwidth65 bwpadl12\" rowspan=\"1\" colspan=\"1\"><b>Net cash provided by financing activities<\/b><\/td>\n<td class=\"bwalignc bwvertalignt bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n89,674,447<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignt bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n19,779,579<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\"><b>Net increase (decrease) in cash and cash equivalents<\/b><\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15,294,920<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignt bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(13,306,348<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\"><b>Cash and cash equivalents, beginning<\/b><\/td>\n<td class=\"bwalignc bwvertalignt bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n41,306,358<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignt bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n37,969,454<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\"><b>Cash and cash equivalents, ending<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n56,601,278<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0$<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24,663,106<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\"><b>Supplemental disclosure of non-cash operating, investing and financing activities:<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Cash paid for interest<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n241,111<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n139,119<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Cash paid for income taxes<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Property acquired via promissory note<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12,215,475<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25,000,000<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Accrued preferred stock dividends<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n147,870<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth65\" rowspan=\"1\" colspan=\"1\">Debt discounts &#8211; warrants<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n526,329<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<\/table>\n<p>\n\u00a0<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260515020314r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20260515020314\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20260515020314\/en\/<\/a><\/span><\/p>\n<p>\nInvestor Relations<br \/>\n<br \/>Sarah Rothschild, <a rel=\"nofollow\" href=\"mailto:srothschild@venu.live\">srothschild@venu.live<\/a><\/p>\n<p>\nMedia Relations<br \/>\n<br \/>Chloe Polhamus, <a rel=\"nofollow\" href=\"mailto:cpolhamus@venu.live\">cpolhamus@venu.live<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Colorado United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Other Travel Other Entertainment Destinations Travel Music General Entertainment Events\/Concerts Entertainment<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Photo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20260515020314\/en\/2805989\/3\/VENU_Qcall_screen_v3-02.jpg\" alt=\"Photo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\">VENU Reports First Quarter Fiscal 2026 Financial Results<\/font><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20260515020314\/en\/2805984\/3\/VENU_Email.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Venu Holding Corporation Reports First Quarter Fiscal 2026 Financial Results Total Assets Increased to $461.3 Million, Up 25% from Year-End 2025 COLORADO SPRINGS, Colo.&#8211;(BUSINESS WIRE)&#8211;Venu Holding Corporation (&#8220;VENU&#8221; or the &#8220;Company&#8221;) (NYSE American: VENU), owner, operator, and developer of premium live entertainment destinations, today announced results for its fiscal first quarter ended March 31, 2026 This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20260515020314\/en\/ VENU Reports First Quarter Fiscal 2026 Financial Results \u201cWe had a busy start to fiscal 2026, with significant progress executing on our strategy to bring a new asset class to live entertainment,\u201d said J.W. Roth, Founder, Chairman, and Chief Executive Officer of VENU\u00ae. \u201cConversations with municipalities continue to gain momentum, with more than 45 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Venu Holding Corporation Reports First Quarter Fiscal 2026 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-963513","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Venu Holding Corporation Reports First Quarter Fiscal 2026 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Venu Holding Corporation Reports First Quarter Fiscal 2026 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Venu Holding Corporation Reports First Quarter Fiscal 2026 Financial Results Total Assets Increased to $461.3 Million, Up 25% from Year-End 2025 COLORADO SPRINGS, Colo.&#8211;(BUSINESS WIRE)&#8211;Venu Holding Corporation (&#8220;VENU&#8221; or the &#8220;Company&#8221;) (NYSE American: VENU), owner, operator, and developer of premium live entertainment destinations, today announced results for its fiscal first quarter ended March 31, 2026 This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20260515020314\/en\/ VENU Reports First Quarter Fiscal 2026 Financial Results \u201cWe had a busy start to fiscal 2026, with significant progress executing on our strategy to bring a new asset class to live entertainment,\u201d said J.W. Roth, Founder, Chairman, and Chief Executive Officer of VENU\u00ae. \u201cConversations with municipalities continue to gain momentum, with more than 45 &hellip; Continue reading &quot;Venu Holding Corporation Reports First Quarter Fiscal 2026 Financial Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-15T14:20:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mms.businesswire.com\/media\/20260515020314\/en\/2805989\/4\/VENU_Qcall_screen_v3-02.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Venu Holding Corporation Reports First Quarter Fiscal 2026 Financial Results\",\"datePublished\":\"2026-05-15T14:20:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\\\/\"},\"wordCount\":2456,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mms.businesswire.com\\\/media\\\/20260515020314\\\/en\\\/2805989\\\/4\\\/VENU_Qcall_screen_v3-02.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\\\/\",\"name\":\"Venu Holding Corporation Reports First Quarter Fiscal 2026 Financial Results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\/","og_locale":"en_US","og_type":"article","og_title":"Venu Holding Corporation Reports First Quarter Fiscal 2026 Financial Results - Market Newsdesk","og_description":"Venu Holding Corporation Reports First Quarter Fiscal 2026 Financial Results Total Assets Increased to $461.3 Million, Up 25% from Year-End 2025 COLORADO SPRINGS, Colo.&#8211;(BUSINESS WIRE)&#8211;Venu Holding Corporation (&#8220;VENU&#8221; or the &#8220;Company&#8221;) (NYSE American: VENU), owner, operator, and developer of premium live entertainment destinations, today announced results for its fiscal first quarter ended March 31, 2026 This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20260515020314\/en\/ VENU Reports First Quarter Fiscal 2026 Financial Results \u201cWe had a busy start to fiscal 2026, with significant progress executing on our strategy to bring a new asset class to live entertainment,\u201d said J.W. Roth, Founder, Chairman, and Chief Executive Officer of VENU\u00ae. \u201cConversations with municipalities continue to gain momentum, with more than 45 &hellip; Continue reading \"Venu Holding Corporation Reports First Quarter Fiscal 2026 Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\/","og_site_name":"Market Newsdesk","article_published_time":"2026-05-15T14:20:10+00:00","og_image":[{"url":"https:\/\/mms.businesswire.com\/media\/20260515020314\/en\/2805989\/4\/VENU_Qcall_screen_v3-02.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"12 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Venu Holding Corporation Reports First Quarter Fiscal 2026 Financial Results","datePublished":"2026-05-15T14:20:10+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\/"},"wordCount":2456,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\/#primaryimage"},"thumbnailUrl":"https:\/\/mms.businesswire.com\/media\/20260515020314\/en\/2805989\/4\/VENU_Qcall_screen_v3-02.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/venu-holding-corporation-reports-first-quarter-fiscal-2026-financial-results\/","name":"Venu Holding Corporation Reports First Quarter Fiscal 2026 Financial Results - 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