Quick Summary:
Consolidated Balance Sheets December 31, 2024 December 31, 2023 ASSETS Current assets: Cash $1,087,497 $2,093,718 Accounts receivable, net of allowance for credit losses of $24,210 and $5,748, respectively 936,321 105,049 Prepaid expenses and other current assets 643,674 741,155 Total current assets 2,667,492 2,939,922 Property and equipment, net 3,539 4,644 Intangible assets, net 3,883,853 — Goodwill 18,972,475 2,171,526 Operating lease right-of-use assets 72,565 134,013 Bifurcated embedded derivative asset - related party 63,000 — Other assets 11,154 38,381 Total assets 25,674,078 5,288,486 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable 7,782,746 6,439,863 Accrued expenses and other current liabilities 3,891,018 5,194,240 Convertible notes (Yorkville) — 1,766,000 Convertible notes - related party 8,639,701 5,233,932 Convertible notes 215,057 — Notes payable - related party, net of discount — 9,164,924 Notes payable, carried at fair value 3,575,000 — Deferred underwriting fees — 4,000,000 Deferred fee — 500,000 Warrant liability 15,000 641,000 Warrant liability - related party 2,300 575,000 Earnout liability 14,850 59,399 Due to related party 167,118 67,118 GEM commitment fee liability — 2,000,000 Deferred revenue 3,934,627 1,214,096 Operating lease liabilities, current 22,731 234,043 Total current liabilities 28,260,148 37,089,615 Deferred revenue - long-term 117,643 — Deferred tax liability 10,115 — Operating lease liabilities, non-current 49,974 — Other long-term liabilities — 75,000 Total liabilities 28,437,880 37,164,615 Commitments and contingencies (Note 17) 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 8,195,163 (5,884,029 Class A and 2,311,134 Class B) and 2,585,297 (274,163 Class A and 2,311,134 Class B) issued and outstanding at December 31, 2024 and December 31, 2023, respectively 800 259 Preferred stock, $0.0001 par value, 75,000,000 shares authorized, 1 and 0 shares issued and outstanding at December 31, 2024 and December 31, 2023 — — Additional paid-in capital 75,515,111 14,889,936 Accumulated deficit (78,279,713) (46,766,324)Stockholders' equity (deficit) (2,763,802) (31,876,129)Total liabilities and stockholders' equity (deficit) $25,674,078 $5,288,486 BANZAI INTERNATIONAL, INC.
Revenue of $16.7 Million on a Consolidated, Pro-forma Basis for the Twelve Months Ending December 31, 2024, Representing 267% Annual Growth; Exceeded Guidance of $10 Million by 67% Q4 2024 Adjusted Net Loss Improved by $7.8 Million from ($9.2) Million in Q4 2023 to ($1.4) Million, Bringing the Company Closer to Profitability Management to Host Fourth Quarter and Full Year 2024 Results Conference Call Today, Tuesday, April 15, 2025 at 5:30 p.m.
Consolidated Statements of Operations For the Years Ended December 31, 2024 2023 Operating income: Revenue $4,527,879 $4,561,300 Cost of revenue 1,422,542 1,444,618 Gross profit 3,105,337 3,116,682 Operating expenses: General and administrative expenses 16,548,902 12,905,073 Depreciation and amortization expense 24,179 7,160 Total operating expenses 16,573,081 12,912,233 Operating loss (13,467,744) (9,795,551) Other expenses (income): SEPA commitment fee and deferred fee expense — 3,826,176 GEM warrant expense — 2,448,000 GEM commitment fee expense — 2,000,000 GEM settlement fee expense 200,000 — Other expense (income), net 88,329 (62,985)Interest income (10) (813)Interest expense — 1,068,447 Interest expense - related party 3,047,101 4,486,027 Gain on extinguishment of liabilities (680,762) — Loss on debt issuance 653,208 — Loss on extinguishment of term notes 1,071,563 — Loss on conversion and settlement of Alco promissory notes - related party 4,808,882 — Loss on conversion and settlement of CP BF notes - related party 6,529,402 — Change in fair value of warrant liability (626,000) (1,807,000)Change in fair value of warrant liability - related party (572,700) 115,000 Change in fair value of simple agreement for future equity — (207,570)Change in fair value of simple agreement for future equity - related party — (2,752,430)Change in fair value of bifurcated embedded derivative liabilities — (1,404,863)Change in fair value of bifurcated embedded derivative liabilities - related party (51,000) (3,063,278)Change in fair value of convertible notes 693,000 (34,000)Change in fair value of term notes 88,588 — Change in fair value of convertible bridge notes (10,176) — Yorkville prepayment premium expense 80,760 — Goodwill impairment 2,725,460 — Total other expenses, net 18,045,645 4,610,711 Loss before income taxes (31,513,389) (14,406,262)Income tax expense — — Net loss (31,513,389) (14,406,262) Deemed dividend - Series A and Series B warrant modification (net of tax) (418,360) — Net loss attributable to common shareholders $(31,095,029) $(14,406,262) Net loss per share attributable to common shareholders Basic and diluted $(6.97) $(6.00) Weighted average common shares outstanding Basic and diluted 4,458,169 2,401,988 BANZAI INTERNATIONAL, INC.
