Consolidated Balance Sheets March 31, 2025 December 31, 2024 (Unaudited) ASSETS Current assets: Cash $780,764 $1,087,497 Accounts receivable, net of allowance for credit losses of $14,503 and $24,210, respectively 1,028,379 936,321 Prepaid expenses and other current assets 831,394 643,674 Total current assets 2,640,537 2,667,492 Property and equipment, net 10,889 3,539 Intangible assets, net 8,936,187 3,883,853 Goodwill 21,991,721 18,972,475 Operating lease right-of-use assets 66,896 72,565 Bifurcated embedded derivative asset - related party 20,000 63,000 Other assets 13,984 11,154 Total assets 33,680,214 25,674,078 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable 2,830,450 7,782,746 Accrued expenses and other current liabilities 4,030,965 3,891,018 Convertible notes (Yorkville) 1,684,000 — Convertible notes - related party 8,104,901 8,639,701 Convertible notes — 215,057 Notes payable, carried at fair value 5,949,001 3,575,000 Warrant liability 11,000 15,000 Warrant liability - related party 4,600 2,300 Earnout liability 2,046,370 14,850 Due to related party 167,118 167,118 Deferred revenue 4,419,195 3,934,627 Operating lease liabilities, current 23,485 22,731 Total current liabilities 29,271,085 28,260,148 Deferred revenue, non-current 111,161 117,643 Deferred tax liability 1,309,333 10,115 Operating lease liabilities, non-current 43,765 49,974 Total liabilities 30,735,344 28,437,880 Commitments and contingencies (Note 15) Stockholders' equity (deficit): Common stock, $0.0001 par value, 275,000,000 (250,000,000 Class A and 25,000,000 Class B) shares authorized and 14,686,775 (12,375,641 Class A and 2,311,134 Class B) and 8,195,163 (5,884,029 Class A and 2,311,134 Class B) issued and outstanding at March 31, 2025 and December 31, 2024, respectively 1,450 800 Preferred stock, $0.0001 par value, 75,000,000 shares authorized, 1 and 1 shares issued and outstanding at March 31, 2025 and December 31, 2024 — — Additional paid-in capital 84,866,612 75,515,111 Accumulated deficit (81,923,192) (78,279,713)Stockholders' equity (deficit) 2,944,870 (2,763,802)Total liabilities and stockholders' equity (deficit) $33,680,214 $25,674,078 BANZAI INTERNATIONAL, INC.
Unaudited Condensed Consolidated Statements of Operations For the Three Months Ended March 31, 2025 2024 Revenue $3,379,083 $1,079,472 Cost of revenue 605,999 381,380 Gross profit 2,773,084 698,092 Operating expenses: General and administrative expenses 7,433,088 4,098,789 Depreciation and amortization expense 246,691 1,564 Total operating expenses 7,679,779 4,100,353 Operating loss (4,906,695) (3,402,261) Other expenses (income): GEM settlement fee expense — 200,000 Interest income (2) (10)Interest expense — 451,399 Interest expense - related party 358,381 577,513 Gain on extinguishment of liabilities (4,343,406) (527,980)Loss on debt issuance 273,800 171,000 Loss on extinguishment of term notes 1,769,895 — Change in fair value of warrant liability (4,000) (408,000)Change in fair value of warrant liability - related party 2,300 (115,000)Change in fair value of bifurcated embedded derivative assets - related party 43,000 — Change in fair value of convertible notes 159,100 544,000 Change in fair value of term notes 165,906 — Change in fair value of convertible bridge notes (21,714) — Loss on Yorkville SEPA advances 384,524 — Other income, net (124,531) (4,118)Total other (income) expenses, net (1,336,747) 888,804 Loss before income taxes (3,569,948) (4,291,065)Income tax expense (benefit) 73,531 (933)Net loss (3,643,479) (4,290,132) Net loss attributable to common shareholders $(3,643,479) $(4,290,132) Net loss per share attributable to common shareholders Basic and diluted $(0.15) $(1.64) Weighted average common shares outstanding Basic and diluted 23,963,166 2,612,025 BANZAI INTERNATIONAL, INC.
Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.’s (the "Company’s”): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company’s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future.
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