8-K
Venu Holding Corp (VENU)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 14, 2025
VENU
HOLDING CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
| Colorado | 001-42422 | 82-0890721 |
|---|---|---|
| (State<br> or Other Jurisdiction<br><br> <br>of<br> Incorporation) | (Commission<br><br> <br>File<br> Number) | (IRS<br> Employer<br><br> <br>Identification<br> No.) |
| 1755 Telstar Drive, Suite 501<br><br> <br>Colorado Springs, Colorado | 80920 | |
| --- | --- | |
| (Address<br> of Principal Executive Offices) | (Zip<br> Code) |
Registrant’s telephone number, including area code: (719) 895-5483
NotApplicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title<br> of Each Class | Trading<br> Symbol | Name<br> of Each Exchange on Which Registered |
|---|---|---|
| Common<br> Stock, par value $.001 per share | VENU | NYSE<br> AMERICAN |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition. ****
On August 14, 2025, Venu Holding Corporation (the “Company”) issued a press release summarizing its second quarter 2025 and half year results, and announcing a conference call to discuss those results. A copy of that press release is furnished with this report as Exhibit 99.1. Any materials accompanying the earnings call, together with a webcast replay, have been posted on the Company’s website. The information furnished under this Item 2.02, including the referenced exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by reference to such filing.
Item9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit<br> No. | Description |
|---|---|
| 99.1 | Press Release dated August 14, 2025 |
| 104 | Cover<br> page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| VENU HOLDING CORPORATION | ||
|---|---|---|
| (Registrant) | ||
| Dated:<br>August 15, 2025 | By: | /s/ J.W. Roth |
| J.W.<br>Roth | ||
| Chief<br>Executive Officer and Chairman |
Exhibit99.1
VenuHolding Corporation Reports Second Quarter 2025 Financial Results
Totalassets increased to $242.0 million, up 36% or $63.6 million, from year-end 2024
ColoradoSprings, CO- August 14, 2025- (BUSINESS WIRE) Venu Holding Corporation (“VENU” or the “Company”) (NYSE American: VENU), a developer, owner, and operator of upscale live music venues and premium hospitality destinations, announced today its second quarter and six months results for the period ended June 30, 2025.
“This quarter was about execution and acceleration,” said J.W. Roth, Founder, Chairman & CEO of VENU.
“Our pipeline is roaring.” Roth continued. “We’re in conversations with 38 municipalities nationwide that are interested in seeing VENU within their community. We broke ground on our 20,000-seat year-round Sunset Amphitheater in McKinney and advanced key projects across Colorado, Oklahoma, and Texas. We are well on our way to opening three new outdoor amphitheaters in 2026 and one new indoor entertainment campus, with potentially four more in 2027.”
“Our capital strategy is equally robust. We’ve engaged Texas Capital Securities on private debt financing options intended to accelerate amphitheater construction, with expected total commitments of approximately $200 million. Demand for VENU’s long-term, income-producing Luxe FireSuite fractional ownerships is unlike anything we’ve seen before. Our triple-net real estate lease program, launched in May with Sands Investment Group, has exceeded our expectations. For a brand-new asset class, the reception has been phenomenal. We’ve already surpassed record FireSuite sales, and with projections pushing toward our goal of $200 million, it’s clear we’re building something that’s changing the game.”
“Here’s the deal: VENU is changing the live entertainment industry forever. From expanding our partnership with Aramark Sports + Entertainment to making waves with our Billboard announcement, every move is part of a bigger play. Behind the scenes, we are stacking our roster, scaling smarter, forging game-changing alliances, developing next-gen revenue models, and doing whatever it takes. What’s coming next will shatter expectations and redefine the industry as we know it. Here we go!”
FinancialHighlights for the Second Quarter of 2025 and the Six-Month Period Ended June 30, 2025
| ● | Total<br> assets increased to $242.0 million, up $63.6 million or 36%, as of June 30, 2025, from $178.4<br> million at December 31, 2024. |
|---|---|
| ● | Property<br> and equipment increased to $199.2 million, up $62.0 million or 45%, as of June 30, 2025,<br> from $137.2 million at December 31, 2024. |
| --- | --- |
| ● | Luxe<br> FireSuite and Aikman Club sales reached $61.3 million through June 30, 2025, up $15.5 million<br> or 34%, from $45.8 million from June 30, 2024. This included sales of Luxe FireSuites through<br> traditional cash sales, fractional financing, and the start of triple-net lease interests<br> in FireSuites, as well. |
| --- | --- |
| ● | Total<br> revenue of $4,487,307 rose 7% or $312,069 for the three months ended June 30, 2025 compared<br> to the three months ended June 30, 2024 of $4,175,238. The overall increase in the three<br> months ended June 30, 2025 was primarily attributable to Ford Amphitheater being open in<br> the three months ended June 30, 2025 compared to not yet being open for the three months<br> ended June 30 2024. |
| --- | --- |
| ● | Amphitheater<br> operations generated net revenue to Venu (defined as profit after Venu’s split with<br> AEG Presents Rocky Mountains, the operator of the amphitheater), with receipts from our naming<br> rights agreements (which are outside of Venu’s AEG partnership agreement), combined<br> for $597,712 for the three months ended June 30, 2025. |
| --- | --- |
| ● | Over<br> the 2025 season of 10 shows at Ford Amphitheater through June 30, 2025, this location generated<br> gross receipts of $4.7 million. These gross receipts, which are inclusive of ticket sales,<br> concessions, ticketing fees, premium upgrades, as well as other receipts, are subject to<br> the split with AEG. |
| --- | --- |
| ● | The<br> Ford Amphitheater had more than 35,000 attendees for the first 10 shows through June 30,<br> 2025, with an average ticket price of $135. |
| --- | --- |
OperationalHighlights for Q2 and Subsequent Events:
| ● | May<br> 2025 |
|---|---|
| ○ | Kicked<br> off the first full season of the Pollstar-nominated Ford Amphitheater in Colorado Springs,<br> CO, completing the first 10 shows on the path to a full calendar outdoor concert season. |
| --- | --- |
| ● | June<br> 2025 |
| --- | --- |
| ○ | In<br> partnership with the City of McKinney, the McKinney Economic Development Corporation, and<br> the McKinney Community Development Corporation, held a grand groundbreaking ceremony for<br> the ultra-lux 20,000-seat Sunset Amphitheater powered by EIGHT Elite Light Beer, marking<br> a new area for live music in North Texas. The event featured a legendary song swap from some<br> of Texas’s most beloved singer-songwriters, Robert Earl Keen and Turnpike Troubadours’<br> Evan Felker |
| --- | --- |
| ○ | Announced<br> a three-year industry alliance with global music authority, Billboard, to spotlight our fan-founded,<br> fan-owned model through high-profile collaborative industry experiences. At the forefront<br> of the partnership is the newly minted ‘Disruptor Award,’ presented by VENU to<br> honor artists, creators, and industry leaders with bold ideas shaping the future of music,<br> inspired by VENU Founder, Chairman, and CEO, J.W. Roth. |
| ○ | Formed<br> a multi-venue partnership, including an equity investment in VENU with Aramark Sports + Entertainment,<br> to deliver a market-leading standard for guest experiences across flagship amphitheaters<br> in Oklahoma, Texas, and Colorado. Under the agreement, Aramark will provide food and beverage,<br> retail, and facilities management services, enhancing VENU’s signature premium fan-first<br> offerings such as Luxe FireSuites and the members-only Aikman and Owners’ Clubs. |
| ● | July<br> 2025 |
| --- | --- |
| ○ | Appointed<br> Texas Capital Securities as exclusive financial advisor to arrange approximately $200 million<br> in potential private capital debt financing intended to accelerate amphitheater construction<br> in Texas and Oklahoma. Supporting a significant backlog of Luxe Firesuite receivables, having<br> sold more than $75 million in 2024, and expected to reach $200 million outside of triple-net<br> (NNN) real estate lease opportunities in 2025. |
| --- | --- |
| ○ | As<br> announced back in May, VENU’s partnership with Sands Investment Group to offer triple-net<br> (NNN) real estate lease opportunities for Luxe FireSuites has generated extraordinary demand,<br> surpassing expectations. Based on the early trajectory, the program is projected to deliver<br> more than $100 million in additional annual capital. |
ConferenceCall Details
| Thursday, August 14, 2025, at 4:30 p.m. Eastern Time | |
|---|---|
| USA/Canada<br> Toll-Free Dial-In Number: | (800) 715-9871 |
| International<br> Toll Dial-In Number: | +1 (646) 307-1963 |
| Conference ID: 9521412 | |
| Conference Call Replay - available through August 14, 2026, at https://investors.venu.live |
AboutVenu Holding Corporation
Venu Holding Corporation (“VENU”) (NYSE American: VENU), founded by Colorado Springs entrepreneur J.W. Roth, is a premier hospitality and live music venue developer dedicated to building luxury, experience-driven entertainment destinations. VENU’s campuses in Colorado Springs, Colorado, and Gainesville, Georgia, each feature Bourbon Brothers Smokehouse and Tavern, The Hall at Bourbon Brothers, and, unique to Colorado Springs, the more than 9,000-seat Ford Amphitheater and Roth’s Sea and Steak. Expanding with new Sunset Amphitheaters in Oklahoma and Texas, VENU’s upcoming large-scale venues will host between 12,500 and 20,000 guests, continuing VENU’s vision of redefining the live entertainment experience. Click here for company overview.
VENU has been recognized nationally by The Wall Street Journal, The New York Times, Denver Post, Billboard, VenuesNow, and Variety for its innovative and disruptive approach to live entertainment. Through strategic partnerships with industry leaders such as AEG Presents and NFL Hall of Famer and Founder of EIGHT Elite Light Beer, Troy Aikman, VENU continues to shape the future of the entertainment landscape. For more information, visit VENU’s website, Instagram, LinkedIn, or X.
ForwardLooking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company 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’s filings and reports with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements, whether as a result of new information, future events, or otherwise, except as required by law.
Contacts
MediaRelations - Venu Holding Corporation (“VENU”)
Venu@giantnoise.com
InvestorRelations - Venu Holding Corporation (“VENU”)
Chloe Hoeft, choeft@venu.live
VENUHOLDING CORPORATION AND SUBSIDIARIES
UNAUDITEDCONDENSED CONSOLIDATED BALANCE SHEETS
(in US Dollars)
| December 31, | |||||
| 2024 | |||||
| Audited | |||||
| ASSETS | |||||
| Current assets | |||||
| Cash and cash equivalents | 37,431,978 | $ | 37,969,454 | ||
| Inventories | 194,117 | 225,283 | |||
| Prepaid expenses and other current assets | 1,242,140 | 850,951 | |||
| Total current assets | 38,868,235 | 39,045,688 | |||
| Other assets | |||||
| Property and equipment, net | 199,201,653 | 137,215,936 | |||
| Intangible assets, net | 177,917 | 211,276 | |||
| Operating lease right-of-use assets, net | 1,174,192 | 1,351,600 | |||
| Investment in EIGHT Brewing | 1,999,999 | - | |||
| Investment in related parties | 555,262 | 550,000 | |||
| Security and other deposits | 68,265 | 43,015 | |||
| Total other assets | 203,177,288 | 139,371,827 | |||
| Total assets | 242,045,523 | $ | 178,417,515 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Accounts payable | 4,501,312 | $ | 7,283,033 | ||
| Accrued expenses | 6,808,828 | 3,556,819 | |||
| Accrued payroll and payroll taxes | 156,709 | 262,387 | |||
| Deferred revenue | 1,888,889 | 1,528,159 | |||
| Current portion of convertible debt | - | 9,433,313 | |||
| Current portion of operating lease liabilities | 363,937 | 364,244 | |||
| Current portion licensing liability | 223,333 | - | |||
| Current portion of long-term debt | 337,938 | 2,101,501 | |||
| Total current liabilities | 14,280,946 | 24,529,456 | |||
| Long-term portion of operating lease liabilities | 842,775 | 1,020,604 | |||
| Long-term licensing liability and other liabilities | 8,483,056 | 7,950,000 | |||
| Long-term convertible debt | 2,990,175 | - | |||
| Long-term debt, net of current portion | 41,480,226 | 14,100,217 | |||
| Total liabilities | 68,077,178 | $ | 47,600,277 | ||
| Commitments and contingencies - See Note 14 | |||||
| Mezzanine Equity | |||||
| Contingently Redeemable Convertible Cumulative Series B Preferred Stock, 0.001 par-675 authorized,675 issued and outstanding at June 30, 2025 | 10,125,000 | $ | - | ||
| Stockholders’ Equity | |||||
| Preferred stock, 0.001 par - 5,000,000 authorized, none issued or outstanding | - | - | |||
| Series A Preferred Stock, 0.001 par - 4,750,000 authorized, none issued outstanding at June 30, 2025 | - | - | |||
| Common stock, 0.001 par - 144,000,000 authorized, 40,080,292 issued and<br> outstanding at June 30, 2025 and 37,471,465 issued and outstanding at December 31, 2024 | 40,080 | 37,472 | |||
| Class B common stock, 0.001 par - 1,000,000 authorized, 379,990 issued and<br> outstanding at June 30, 2025 and December 31, 2024 | 379 | 379 | |||
| Additional paid-in capital | 168,490,516 | 144,546,368 | |||
| Accumulated deficit | (76,842,171 | ) | (47,361,208 | ) | |
| 91,688,804 | $ | 97,223,011 | |||
| Treasury Stock, at cost - 276,245 shares at June 30, 2025 and December 31, 2024 | (1,500,076 | ) | (1,500,076 | ) | |
| Total Venu Holding Corporation and subsidiaries equity | 90,188,728 | $ | 95,722,935 | ||
| Non-controlling interest | 73,654,617 | 35,094,303 | |||
| Total stockholders’ equity | 163,843,345 | $ | 130,817,238 | ||
| Total liabilities and stockholders’ equity | 242,045,523 | $ | 178,417,515 |
All values are in US Dollars.
VENUHOLDING CORPORATION AND SUBSIDIARIES
UNAUDITEDCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in US Dollars)
Unaudited
| For the three months ended | For the six months ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, | June 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenues | ||||||||||||
| Restaurant including food and beverage revenue, net | $ | 2,545,178 | $ | 2,824,092 | $ | 4,590,094 | $ | 5,404,194 | ||||
| Event center ticket and fees revenue, net | 1,274,312 | 1,335,761 | 2,254,751 | 2,660,656 | ||||||||
| Rental and sponsorship revenue, net | 667,817 | 15,385 | 1,141,621 | 50,131 | ||||||||
| Total revenues, net | $ | 4,487,307 | $ | 4,175,238 | $ | 7,986,466 | $ | 8,114,981 | ||||
| Operating costs | ||||||||||||
| Food and beverage | 613,546 | 643,857 | 1,111,386 | 1,248,412 | ||||||||
| Event center | 929,498 | 700,188 | 1,653,562 | 1,291,470 | ||||||||
| Labor | 1,118,884 | 1,138,564 | 2,117,831 | 2,205,962 | ||||||||
| Rent | 409,959 | 421,678 | 774,336 | 642,564 | ||||||||
| General and administrative | 8,463,946 | 325,473 | 15,204,257 | 8,574,962 | ||||||||
| Equity compensation | 1,883,762 | 4,688,372 | 13,224,382 | 10,254,826 | ||||||||
| Depreciation and amortization | 1,374,412 | 609,329 | 2,749,776 | 1,215,793 | ||||||||
| Total operating costs | $ | 14,794,007 | $ | 8,527,461 | $ | 36,835,530 | $ | 25,433,989 | ||||
| Loss from operations | $ | (10,306,700 | ) | $ | (4,352,223 | ) | $ | (28,849,064 | ) | $ | (17,319,008 | ) |
| Other income (expense), net | ||||||||||||
| Interest expense | (2,008,284 | ) | (1,150,221 | ) | (3,058,656 | ) | (1,555,186 | ) | ||||
| Other expense | (45,725 | ) | - | (45,725 | ) | (2,500,000 | ) | |||||
| Interest income | 24,291 | 200,779 | 151,777 | 226,510 | ||||||||
| Other income | 32,824 | 32,500 | 65,324 | 62,500 | ||||||||
| Total other expense, net | (1,996,894 | ) | (916,942 | ) | (2,887,280 | ) | (3,766,176 | ) | ||||
| Net loss | $ | (12,303,594 | ) | $ | (5,269,165 | ) | $ | (31,736,344 | ) | $ | (21,085,184 | ) |
| Net loss attributable to non-controlling interests | (886,361 | ) | (748,066 | ) | (2,255,381 | ) | (965,147 | ) | ||||
| Preferred stock dividend | 16,875 | - | 16,875 | - | ||||||||
| Net loss attributable to common stockholders | $ | (11,400,358 | ) | $ | (4,521,099 | ) | $ | (29,464,088 | ) | $ | (20,120,037 | ) |
| Weighted average number of shares of Class B common stock, outstanding, basic and diluted | 379,990 | 383,737 | 379,990 | 1,069,348 | ||||||||
| Basic and diluted net loss per share of Class B common stock | $ | (0.30 | ) | $ | (0.13 | ) | $ | (0.77 | ) | $ | (0.59 | ) |
| Weighted average number of shares of Class C common stock, outstanding, basic and diluted | - | 64,115 | - | 13,427,266 | ||||||||
| Basic and diluted net loss per share of Class C common stock | $ | - | $ | (0.13 | ) | $ | - | $ | (0.59 | ) | ||
| Weighted average number of shares of Class D common stock, outstanding, basic and diluted | - | 34,901,392 | - | 19,733,631 | ||||||||
| Basic and diluted net loss per share of Class D common stock | $ | - | $ | (0.13 | ) | $ | - | $ | (0.59 | ) | ||
| Weighted average number of shares of Common stock, outstanding, basic and diluted | 37,984,523 | - | 37,738,020 | - | ||||||||
| Basic and diluted net loss per share of Common stock | $ | (0.30 | ) | $ | - | $ | (0.77 | ) | $ | - |
VENU HOLDING CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in US Dollars)
| For the six months ended June 30, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Net loss | $ | (31,736,344 | ) | $ | (21,085,184 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
| Equity issued for interest on debt | 291,680 | 229,400 | ||||
| Equity based compensation | 13,024,382 | 3,255,506 | ||||
| Equity issued for services | 277,900 | 7,000,000 | ||||
| Project abandonment loss | - | 668,402 | ||||
| Amortization of debt discount | 2,332,923 | 1,134,815 | ||||
| Non cash lease expense | 184,741 | 268,635 | ||||
| Depreciation and amortization | 2,749,776 | 1,215,793 | ||||
| Noncash financing expense | - | 2,500,000 | ||||
| Non cash interest | 496,583 | - | ||||
| Changes in operating assets and liabilities: | ||||||
| Inventories | 31,166 | (25,922 | ) | |||
| Prepaid expenses and other current assets | (391,189 | ) | (28,097 | ) | ||
| Security deposit | (25,250 | ) | 325,026 | |||
| Accounts payable | (2,781,721 | ) | 7,829,502 | |||
| Accrued expenses | 3,235,134 | (142,528 | ) | |||
| Accrued payroll and payroll taxes | (105,678 | ) | (98,149 | ) | ||
| Deferred revenue | 360,730 | 506,378 | ||||
| Operating lease liabilities | (185,469 | ) | (235,819 | ) | ||
| Licensing liabilities | 756,389 | 2,800,000 | ||||
| Net cash used in operating activities | (11,484,247 | ) | 6,117,758 | |||
| Cash flows from investing activities | ||||||
| Purchase of property and equipment | (37,211,382 | ) | (31,259,314 | ) | ||
| Investment in EIGHT Brewing | (1,999,999 | ) | - | |||
| Investment in related party | (5,262 | ) | - | |||
| Cash acquired in acquisition of 13141 BP | - | 74,085 | ||||
| Net cash used in investing activities | (39,216,643 | ) | (31,185,229 | ) | ||
| Cash flows from financing activities | ||||||
| Proceeds from sale of non-controlling interest equity | 24,454,237 | 22,895,000 | ||||
| Proceeds from issuance of Contingently Redeemable Convertible Cumulative Series B Preferred Stock | 10,125,000 | - | ||||
| Distributions to non-controlling shareholders | (251,785 | ) | (271,132 | ) | ||
| Principal payments on long-term debt | (164,038 | ) | (153,001 | ) | ||
| Proceeds from issuance of shares | - | 25,251,341 | ||||
| Proceeds from exercise of warrants | - | 52 | ||||
| Payment for personal guarantee on convertible debt | - | (100,000 | ) | |||
| Payment of promissory note | (2,000,000 | ) | - | |||
| Receipt of convertible promissory note | 18,000,000 | - | ||||
| Net cash provided by financing activities | 50,163,414 | 47,622,260 | ||||
| Net (decrease) increase in cash and cash equivalents | (537,476 | ) | 22,554,789 | |||
| Cash and cash equivalents, beginning | 37,969,454 | 20,201,104 | ||||
| Cash and cash equivalents, ending | $ | 37,431,978 | $ | 42,755,893 | ||
| Cash paid for interest | $ | 230,467 | $ | 189,992 | ||
| Supplemental disclosure of non-cash operating, investing and financing activities: | ||||||
| Property acquired via convertible debt | $ | - | $ | 10,000,000 | ||
| Property acquired via promissory note | $ | 25,000,000 | $ | - | ||
| Conversion of convertible debt and interest to common equity | $ | 25,000,000 | $ | - | ||
| Debt discounts - warrants | $ | 1,486,329 | $ | 3,000,140 | ||
| Accrued preferred stock dividends | $ | 16,875 | $ | - |