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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on June 15, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333- _______</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>CHICKEN
SOUP FOR THE SOUL ENTERTAINMENT INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B><FONT STYLE="font-size: 10pt"><I>(Exact name of registrant as specified in its charter)</I></FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>7819</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>81- 2560811</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><I>(State or other jurisdiction of</I></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><I>(Primary Standard Industrial</I></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><I>(I.R.S. Employer</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><I>incorporation or organization)</I></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><I>Classification Code Number)</I></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><I>Identification Number)</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>132 E. Putnam Avenue, Floor 2W</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cos Cob, CT 06807<BR>
(855) 398-0443<BR>
</B><I>(Address, including zip code, and telephone number, including area code, of registrant&rsquo;s principal executive offices)</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>William J. Rouhana, Jr., Chairman and
Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chicken Soup for the Soul Entertainment
Inc.<BR>
132 E. Putnam Avenue, Floor 2W</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cos Cob, CT 06807<BR>
(855) 398-0443</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Name, address, including zip code,
and telephone number, including area code, of agent for service)</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Copies to:</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>David Alan Miller, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Brian L. Ross, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Graubard Miller</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Chrysler Building</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>405 Lexington Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10174</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: (212) 818-8800</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Facsimile: (212) 818-8881</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Approximate date of commencement of proposed
sale to the public: <B>From time to time after the effective date of this Registration Statement.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If any of the securities
being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act
of 1933 check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If this Form is filed
to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
<FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If this Form is a
post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If this Form is a
post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company
or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller
reporting company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%"><FONT STYLE="font-size: 10pt">Large accelerated filer <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 49%"><FONT STYLE="font-size: 10pt">Accelerated filer <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Non-accelerated filer <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">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 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-indent: 0"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt; font-weight: bold; text-indent: 0">Title of each class of <BR> securities to be registered(1)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount <BR> to be registered (1)</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Proposed<BR> maximum<BR> offering price per<BR> share (2)</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Proposed<BR> maximum<BR> aggregate <BR> offering price</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount of<BR> registration fee</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt; font-style: italic; text-indent: 0">For Resale</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0; border-bottom: Black 1pt solid; border-right: Black 1pt solid; width: 44%; font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 0">Class A Common Stock, par value $0.0001 per share (4)</TD><TD STYLE="border-bottom: Black 1pt solid; width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-size: 10pt; text-align: right">678,822</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-size: 10pt; text-align: right">6.84</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-size: 10pt; text-align: right">4,643,142</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-size: 10pt; text-align: right">602.68</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 0">Class A Common Stock, par value $0.0001 per share (5)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">180,618</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6.84</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,235,427</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">160.36</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 0">Class W Warrants (6)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">678,822</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&ndash;</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">(3)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&ndash;</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">(3)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">(3)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 0">Class Z Warrants(6)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">180,618</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&ndash;</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">(3)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&ndash;</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">(3)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&ndash;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">(3)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: justify; padding-bottom: 1pt; padding-left: 0">For Issuance</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 0">Class A Common Stock, par value $0.0001 per share (7)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">678,822</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7.50</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,091,165</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">660.83</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 0">Class A Common Stock, par value $0.0001 per share (8)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">180,618</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">12.00</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,167,416</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">281.33</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 0">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,705.20</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 0"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 1">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">Pursuant to Rule 416(a) of the Securities Act, this Registration Statement also covers any additional
securities which may become issuable to prevent dilution from stock splits, stock dividends and similar events.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Estimated solely for the purpose of calculating the amount of
the registration fee, based upon the average of the high and low prices of the Class A common stock, as reported by the Nasdaq
Global Market on June 12, 2020, in accordance with Rule 457(c) promulgated under the Securities Act of 1933, as amended. In the
case of the shares of common stock underlying the Class W and Class Z Warrants being offered for initial issuance, the proposed
maximum offering price is the exercise price of the applicable warrant.</P></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left">(3)</TD><TD STYLE="text-align: justify">No separate fee due in accordance with Rule 457(g).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(4)</TD><TD STYLE="text-align: justify">Represents shares of Class A Common Stock underlying Class W Warrants issued by us prior to our
initial public offering. The Class W Warrants have an exercise price of $7.50 per share.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(5)</TD><TD STYLE="text-align: justify">Represents shares of Class A Common Stock underlying Class Z Warrants issued by us prior to our
initial public offering. The Class Z Warrants have an exercise price of $12.00 per share.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(6)</TD><TD STYLE="text-align: justify">Represents warrants that were originally issued by us in private placements prior to our initial
public offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(7)</TD><TD STYLE="text-align: justify">Represents the issuance by us of shares of Class A Common Stock underlying Class W Warrants issued
by us in private placements, to the extent the Class W Warrants are transferred in a public sale prior to exercise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(8)</TD><TD STYLE="text-align: justify">Represents the issuance by us of shares of Class A Common Stock underlying Class Z Warrants issued
by us in private placements, to the extent the Class Z Warrants are transferred in a public sale prior to exercise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment
which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant
to said Section 8(a), may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding: 2pt; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"><B>The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is
not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B>Preliminary Prospectus</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B>Subject to Completion</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B>Dated June 15, 2020</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2022585d1_s1sp1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>859,440 SHARES OF CLASS A COMMON STOCK
(For Resale)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>678,822 CLASS W WARRANTS (For Resale)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>180,618 CLASS Z WARRANTS (For Resale)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>859,440 SHARES OF CLASS A COMMON STOCK
(For Issuance)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus covers shares of our Class
A Common Stock, $0.0001 par value (&ldquo;Class A Common Stock&rdquo;), Class W Warrants exercisable for Class A Common Stock at
an exercise price of $7.50 per share (&ldquo;Class W Warrants&rdquo;) and Class Z Warrants exercisable for Class A Common Stock
at an exercise price of $12.00 per share (&ldquo;Class Z Warrants&rdquo;, and, together with the Class W Warrants, the &ldquo;Pre-IPO
Warrants&rdquo;) that may be offered for resale or otherwise disposed of by the selling securityholders set forth under the caption
 &ldquo;<I>Selling Securityholders</I>&rdquo; beginning on page 29 of this prospectus, including their pledgees, assignees, or successors-in-interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The securities offered for resale include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(i) 678,822 Class W Warrants
sold by us in private placements consummated prior to our initial public offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(ii) 180,618 Class Z Warrants
sold by us in private placements consummated prior to our initial public offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(iii) 678,822 shares of Class
A Common Stock issuable upon the exercise of the Class W Warrants; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(iv) 180,618 shares of Class
A Common Stock issuable upon the exercise of Class Z Warrants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares of Class A Common Stock issuable
upon exercise of the Pre-IPO Warrants are offered for resale solely to the extent that such Pre-IPO Warrants are exercised by the
selling securityholders (or their pledgees, assignees, or successors-in-interest) prior to their transfer in a public sale. To
the extent the selling securityholders transfer the Pre-IPO Warrants in a public sale prior to exercising them, this prospectus
also covers the issuance of an aggregate of 859,440 shares of our Class A Common Stock to subsequent holders of the Pre-IPO Warrants
upon their subsequent exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Class W Warrants
have an exercise price of $7.50 per share, subject to adjustment as described therein, and may be exercised at any time through
June 30, 2021. The Class Z Warrants have an exercise price of $12.00 per share, subject to adjustment as described therein, and
may be exercised at any time through June 30, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We will not receive any
proceeds from the sale or other disposition of the securities by the selling securityholders. We will, however, receive up to $5,091,165
if all of the Class W Warrants are exercised for cash and up to $2,167,416 if the Class Z Warrants are exercised for cash. We expect
to use proceeds received from the exercise of the Pre-IPO Warrants, if any, for working capital and other general corporate purposes
including dividends and share repurchases. The selling securityholders may be deemed to be &ldquo;underwriters&rdquo; within the
meaning of the Securities Act of 1933 (the &ldquo;Securities Act&rdquo;). Pursuant to the terms of registration rights granted
to the selling securityholders, we will pay the expenses of registering the Pre-IPO Warrants and shares of Class&nbsp;A Common
Stock for resale, but all selling commissions and other similar expenses incurred by the selling securityholders will be paid by
the selling securityholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our Class A Common Stock
is listed for trading on the Nasdaq Global Market under the symbol &ldquo;CSSE&rdquo; and our 9.75% Series A Cumulative Redeemable
Perpetual Preferred stock, $0.0001 par value (&ldquo;Series A Preferred Stock&rdquo;) is listed for trading on the Nasdaq Global
Market under the Symbol &ldquo;CSSEP.&rdquo; There is presently no public market for our Class W Warrants or our Class Z Warrants.
We intend to use commercially reasonable efforts to engage a market maker to apply for quotation of our Class W Warrants and Class
Z Warrants on the OTC Pink Open Market (&ldquo;Pink Market&rdquo;) on or promptly following the date of this prospectus, but we
cannot guarantee that our Class W Warrants or Class Z Warrants will be approved for quotation or listing on any market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>We are an &ldquo;emerging
growth company&rdquo; as defined in the Jumpstart Our Business Startups Act of 2012 and have elected to comply with certain reduced
public company reporting requirements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in our securities involves
a high degree of risk. See &ldquo;<I>Risk Factors</I>&rdquo; on page 17 in this prospectus and elsewhere in any supplements for
a discussion of information that should be considered in connection with an investment in our securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy
of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is [&#9679;],
2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Webdings; width: 100%">
<TR STYLE="font: 10pt Webdings; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Webdings; width: 95%"><A HREF="#S1_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT
    THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="font: 10pt Webdings; width: 5%; text-align: right"><A HREF="#S1_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD></TR>
<TR STYLE="font: 10pt Webdings; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Webdings"><A HREF="#S1_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN CORPORATE
    INFORMATION AND DEFINITIONS</FONT></A></TD>
    <TD STYLE="font: 10pt Webdings; text-align: right"><A HREF="#S1_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD></TR>
<TR STYLE="font: 10pt Webdings; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Webdings"><A HREF="#S1_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE ON FORWARD-LOOKING
    STATEMENTS</FONT></A></TD>
    <TD STYLE="font: 10pt Webdings; text-align: right"><A HREF="#S1_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></A></TD></TR>
<TR STYLE="font: 10pt Webdings; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Webdings"><A HREF="#S1_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="font: 10pt Webdings; text-align: right"><A HREF="#S1_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></A></TD></TR>
<TR STYLE="font: 10pt Webdings; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Webdings"><A HREF="#OFFERING"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFERING</FONT></A></TD>
    <TD STYLE="font: 10pt Webdings; text-align: right"><A HREF="#OFFERING"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></A></TD></TR>
<TR STYLE="font: 10pt Webdings; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Webdings"><A HREF="#RISKFACTORS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="font: 10pt Webdings; text-align: right"><A HREF="#RISKFACTORS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></A></TD></TR>
<TR STYLE="font: 10pt Webdings; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Webdings"><A HREF="#USEOFPROCEEDS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="font: 10pt Webdings; text-align: right"><A HREF="#USEOFPROCEEDS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></A></TD></TR>
<TR STYLE="font: 10pt Webdings; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Webdings"><A HREF="#DESCRIPTIONOFOURPRE-IPOWARRANTSANDCOMMONSTOCK"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF OUR
    WARRANTS AND COMMON STOCK</FONT></A></TD>
    <TD STYLE="font: 10pt Webdings; text-align: right"><A HREF="#DESCRIPTIONOFOURPRE-IPOWARRANTSANDCOMMONSTOCK"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></A></TD></TR>
<TR STYLE="font: 10pt Webdings; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Webdings"><A HREF="#SELLINGSECURITYHOLDERS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLING SECURITYHOLDERS</FONT></A></TD>
    <TD STYLE="font: 10pt Webdings; text-align: right"><A HREF="#SELLINGSECURITYHOLDERS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></A></TD></TR>
<TR STYLE="font: 10pt Webdings; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Webdings"><A HREF="#PLANOFDISTRIBUTION"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="font: 10pt Webdings; text-align: right"><A HREF="#PLANOFDISTRIBUTION"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></A></TD></TR>
<TR STYLE="font: 10pt Webdings; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Webdings"><A HREF="#LEGALMATTERS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="font: 10pt Webdings; text-align: right"><A HREF="#LEGALMATTERS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></A></TD></TR>
<TR STYLE="font: 10pt Webdings; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Webdings"><A HREF="#EXPERTS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="font: 10pt Webdings; text-align: right"><A HREF="#EXPERTS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></A></TD></TR>
<TR STYLE="font: 10pt Webdings; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Webdings"><A HREF="#WHEREYOUCANFINDMOREINFORMATION"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND
    MORE INFORMATION</FONT></A></TD>
    <TD STYLE="font: 10pt Webdings; text-align: right"><A HREF="#WHEREYOUCANFINDMOREINFORMATION"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></A></TD></TR>
<TR STYLE="font: 10pt Webdings; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Webdings"><A HREF="#INCORPORATIONOFDOCUMENTSBYREFERENCE"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION OF
    DOCUMENTS BY REFERENCE</FONT></A></TD>
    <TD STYLE="font: 10pt Webdings; text-align: right"><A HREF="#INCORPORATIONOFDOCUMENTSBYREFERENCE"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information
contained or incorporated by reference in this prospectus. We have not authorized anyone to provide you with different information.
We are not making an offer of these securities in any state where the offer is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="S1_001"></A>ABOUT THIS PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of a registration
statement on Form S-1 (the &ldquo;Registration Statement&rdquo;) that we have filed with the Securities and Exchange Commission
(the &ldquo;SEC&rdquo;). The selling securityholders may sell, in one or more offerings pursuant to this prospectus, up to an aggregate
of 859,440 shares of our Class A Common Stock, 678,822 Class W Warrants, and 180,618 Class Z Warrants, as described in this prospectus.
To the extent the selling securityholders transfer the Pre-IPO Warrants in a public sale prior to exercising them, this prospectus
also covers the issuance of up to 859,440 shares of our Class A Common Stock to subsequent holders of such warrants upon their
subsequent exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus provides you with a general description of the
securities we or the selling securityholders may offer. You should read this prospectus together with the additional information
described below under the heading &ldquo;<I>Where You Can Find More Information</I>&rdquo; and &ldquo;<I>Information Incorporated
by Reference</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You should rely only on the information contained or incorporated
by reference in this prospectus. We and the selling securityholders have not authorized anyone to provide you with different information
and, if provided, such information or representations must not be relied upon as having been authorized by us or the selling securityholders.
This prospectus shall not constitute an offer to sell or a solicitation of an offer to buy offered securities in any jurisdiction
in which it is unlawful for such person to make such an offering or solicitation. This prospectus does not contain all of the information
included in the registration statement. For a more complete understanding of the offering of the securities, you should refer to
the registration statement, including its exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should not assume that the information
appearing in this prospectus is accurate as of any date other than the date on the front cover of this prospectus. You should not
assume that the information contained in any documents incorporated by reference herein is accurate as of any date other than the
respective dates of those documents. Our business, financial condition, results of operations, and prospects may have changed since
that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="S1_002"></A>CERTAIN CORPORATE INFORMATION AND DEFINITIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our company, Chicken Soup for the Soul Entertainment, Inc.,
is referred to in this prospectus as &ldquo;CSSE,&rdquo; the &ldquo;Company,&rdquo; or &ldquo;we&rdquo; or similar pronouns. References
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;CSS Productions&rdquo; means Chicken Soup for the Soul Productions, LLC, our immediate parent;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;CSS&rdquo; means Chicken Soup for the Soul, LLC, our intermediate parent company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;CSS Holdings&rdquo; means Chicken Soup for the Soul Holdings, the parent company of CSS and our ultimate parent company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;Screen Media&rdquo; means Screen Media Ventures, LLC, a wholly owned subsidiary of CSSE;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;A Plus&rdquo; means A Sharp Inc. (d/b/a A Plus), a wholly owned subsidiary of CSSE;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;Pivotshare&rdquo; means Pivotshare, Inc., a wholly owned subsidiary of CSSE.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;Crackle Plus&rdquo; means Crackle Plus, LLC, a company formed by CSSE and CPE Holdings, Inc. (an affiliate of Sony Pictures
Television Inc.); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;Landmark Studio Group&rdquo; means Landmark Studio Group LLC, a majority owned subsidiary of CSSE.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We and our subsidiaries and affiliates
have proprietary rights to the trademarks and trade names used herein, including, among others, Chicken Soup for the Soul&reg;,
Crackle&reg;, Popcornflix.com&reg;, Popcornflix Kids&reg;, Truli&reg;, and FrightPix&reg;. Solely as a matter of convenience, trademarks
and trade names referred to herein may or may not be accompanied with the marks of &ldquo;TM&rdquo; or &ldquo;&reg;&rdquo;, however,
the absence of such marks is not intended to indicate that the Company or its affiliates or subsidiaries will not assert, to the
fullest extent possible under applicable law, their respective rights to such trademarks and trade names.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="S1_003"></A>NOTE ON FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The statements contained in this prospectus
and in the documents incorporated by reference in this prospectus that are not purely historical are forward-looking statements.
Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions or strategies
regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events
or circumstances, including any underlying assumptions, are forward-looking statements. The words &ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo;
 &ldquo;continues,&rdquo; &ldquo;could,&rdquo; &ldquo;estimates,&rdquo; &ldquo;expects,&rdquo; &ldquo;intends,&rdquo; &ldquo;may,&rdquo;
 &ldquo;might,&rdquo; &ldquo;plans,&rdquo; &ldquo;possible,&rdquo; &ldquo;potential,&rdquo; &ldquo;predicts,&rdquo; &ldquo;projects,&rdquo;
 &ldquo;should,&rdquo; &ldquo;would&rdquo; and similar expressions may identify forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus and in the documents
incorporated by reference in this prospectus may include, for example, statements about:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">our limited operating history;</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">our financial performance, including our ability to generate
revenue;</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">the outbreak of the novel coronavirus (&ldquo;COVID-19&rdquo;),
including the measures to reduce its spread, and the impact on the economy and demand for our services, which may precipitate
or exacerbate other risks and uncertainties&nbsp;our financial performance, including our ability to generate revenue;</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">potential effects of a challenging economy, for example,
on the demand for our advertising and marketing services, on our clients&rsquo; financial condition and on our business or financial
condition;</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">the ability of our content offerings to achieve market
acceptance;</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">the impact of increased competition;</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">our success in retaining or recruiting, or changes required
in, our officers, key employees or directors;</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">our potential ability to obtain additional financing
when and if needed;</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">our ability to protect our intellectual property;</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">our ability to complete strategic acquisitions, including
joint ventures and co-production arrangements;</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">our ability to manage growth and integrate acquired operations;</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">uninterrupted service by the third-party service providers
we rely on for the distribution of our content and delivery of ad impressions;</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">the potential liquidity and trading of our securities;</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">downward revisions to, or withdrawals of, our credit
ratings by third-party rating agencies;</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">regulatory or operational risks;</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">our estimates regarding expenses, future revenue, capital
requirements and needs for additional financing; and</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify">the time during which we will be an Emerging Growth Company
(&ldquo;EGC&rdquo;) under the Jumpstart Our Business Startups Act of 2012, or JOBS Act.</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The forward-looking statements contained
in this prospectus and in the documents incorporated by reference in this prospectus are based on current expectations and beliefs
concerning future developments and their potential effects on us. There can be no assurance that future developments will be those
that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond
our control) or other assumptions that may cause actual results or performance to be materially different from those expressed
or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those risk factors
incorporated by reference or described in the section titled &ldquo;<I>Risk Factors</I>.&rdquo; Should one or more of these risks
or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities
laws.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="S1_004"></A>PROSPECTUS SUMMARY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This summary contains basic information
about us and our business but does not contain all of the information that is important to your investment decision. You should
carefully read this summary together with the more detailed information contained elsewhere in this prospectus and the documents
incorporated herein by reference before making an investment decision. Investors should carefully consider the information set
forth under the caption &ldquo;Risk Factors&rdquo; appearing elsewhere in this prospectus, including those described in documents
incorporated by reference herein.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chicken Soup for the Soul Entertainment
Inc. operates streaming video-on-demand networks (&ldquo;VOD&rdquo;). The Company owns a majority stake in Crackle Plus, a company
formed with an affiliate of Sony Pictures Television (&ldquo;SPT&rdquo;), which owns and operates a variety of ad-supported and
subscription-based VOD networks including Crackle&reg;, Popcornflix, Popcornflix Kids&reg;, Truli&reg;, Pivotshare, Espa&ntilde;olflix
and FrightPix&reg;. The Company also acquires and distributes video content through Screen Media and produces long and short-form
original content through subsidiaries and outside partnerships. The content acquired or produced by the Company is sometimes used
exclusively on our networks and is generally also sold to others with the goal of providing our networks access to original and
exclusive advertising-supported online video-on-demand (&ldquo;AVOD&rdquo;) content at a lower cost and to generate additional
revenue and operating cash flow for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our majority-owned Crackle Plus subsidiary
was formed in partnership with SPT in May 2019. Crackle Plus is one of the largest, independent AVOD network groups in the United
States, with viewers streaming an average of approximately 30 million programs per month. The popular network, Crackle&reg;, is
the largest Crackle Plus network and a top performer on the industry-leading Roku platform. Our VOD networks deliver popular and
original new content covering a wide range of themes, including family, children and faith, as well as proven genres, such as horror
and comedy.&nbsp;&nbsp;We are differentiated among other VOD network operators by our ability to generate original content cost-effectively
and by our access to more than 78,000 hours of programming.&nbsp;&nbsp;Our Screen Media subsidiary has one of the largest independently&nbsp;owned
television and film libraries in the industry and provides content to the Crackle Plus networks and third-party networks. Our VOD
networks also feature original content produced through our subsidiaries, Landmark Studio Group and A Plus. Our exclusive, perpetual,
sublicensable and worldwide license, to create and distribute video content under the Chicken Soup for the Soul&reg; brand (the
 &ldquo;Brand&rdquo;) also allows us to create new Brand-focused AVOD channels, which we expect to do in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe CSSE is the only independent
AVOD network operator with the proven capability to create and distribute original programming and access to an extensive amount
of valuable company-owned and third-party library content.&nbsp;&nbsp;We believe this differentiation is important at a time of
a major shift in consumer viewing habits, as the growth in both availability and quality of high-speed broadband enables consumers
to consume video content at any time on any device.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to industry projections, the
global market for AVOD network revenue is expected to increase at a compound annual growth rate of 21% between 2018 and 2024, reaching
$56 billion by the end of the period.&nbsp;&nbsp;At the same time, advertising spending on linear television networks is expected
to decline as more viewers transition from pay television subscriptions to online video viewing.&nbsp;&nbsp;We believe AVOD networks
will grow rapidly as consumers seek affordable programming alternatives to multiple subscription video-on-demand (&ldquo;SVOD&rdquo;)
offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this environment, our strategy is to
build a leading VOD network featuring a range of mass-appeal and thematic programming options.&nbsp;&nbsp;We are executing on this
strategy in three ways:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify"><B>Increasing
content.</B>&nbsp;Our &ldquo;originals and exclusives&rdquo; focus, supported by our distribution and production business, is
designed to distinguish our network brands among viewers.&nbsp;&nbsp;We are able to add to our existing broad base of content
without the significant capital outlay of a traditional television or film studio by producing new originals at low cost through
creative partnerships, such as our award-winning 2019 series <I>Going from Broke</I>. Through Screen Media, we are also acquiring
the rights to additional exclusive content. Finally, we are&nbsp;expanding our production capacity through partnerships, the formation
of our majority owned subsidiary Landmark Studio Group and acquiring additional content libraries, such as our recent acquisition
of the Foresight Unlimited film library.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify"><B>Growing
and retaining audience while adding new networks.</B>&nbsp;&nbsp;Our goal is to utilize our increasing, exclusive access to quality
programming to grow and retain viewers on our existing networks.&nbsp;&nbsp;As we grow our content libraries, we are also continuously
evaluating opportunities to create new thematic networks that feature certain genres and other types of programming that can deliver
more targeted advertising opportunities to marketers such as a Chicken Soup for the Soul network for families.&nbsp;&nbsp;Finally,
we are also actively evaluating opportunities to acquire additional AVOD networks that can accelerate our path to scale.</TD></TR></TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</font></TD><TD STYLE="text-align: justify"><B>Building
our advertising sales capability.</B>&nbsp;&nbsp;As we grow our stable of networks, we are investing in integration of advertising
platform technology stacks and the growth of our sales force.&nbsp;&nbsp;As our advertising sales capability matures, we believe
we will be positioned to increase both overall advertising sales and ad insertion rates.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Business Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a media company operating Crackle
Plus, our AVOD and SVOD networks group, supported by our distribution and production capabilities. Our goal is to grow our network
platform organically and through consolidation to establish a leading AVOD business positioned to capture ad revenue as that revenue
increasingly moves from linear TV to online video.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our two main areas of operation are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Online Networks.</B>&nbsp;We distribute
and exhibit VOD content directly to consumers across all digital platforms, such as connected TVs, smartphones, tablets, gaming
consoles and the web through our owned and operated AVOD Crackle Plus networks. We also distribute our own and third-party owned
content to consumers across various digital platforms through our SVOD network, Pivotshare. We generate advertising revenues primarily
by serving video advertisements to our streaming viewers on our AVOD networks and subscription revenues from customers on our SVOD
network.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our acquisition of Screen Media in 2017
marked our entry into the direct-to-consumer online VOD market through Popcornflix, which has an extensive footprint with apps
that have been downloaded more than 27 million times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Popcornflix is one of the largest AVOD
services. Under the Popcornflix brand, we operate a series of direct-to consumer advertising supported channels. As a &ldquo;free-to-consumer&rdquo;
digital streaming channel, Popcornflix is an extremely popular online video platform that can be found on the web, iPhones and
iPads, Android products, Roku, Xbox, Amazon Fire, Apple TV, Chromecast and Samsung and Panasonic internet connected televisions,
among others. Popcornflix is currently available in 61 countries, including the United States, United Kingdom, Canada, Australia,
Germany, France, and Singapore, with additional territories to be added.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2018, we completed the acquisition
of the assets of Truli Media Corp., which operates a nascent global family-friendly and faith-based online video channel (&ldquo;Truli&rdquo;).
Truli&rsquo;s content fits strategically in our thematic network plans and includes film, television, music videos, sports, comedy,
and educational material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2019, we launched a new streaming
video subsidiary known as Crackle Plus, through which we operate VOD networks including, Crackle and Popcornflix. Viewers are able
to&nbsp;watch premium video content, such as films and TV shows on our networks. The networks are accessible through various internet
connected digital devices such as mobile, tablet, smart TV and console. The networks primarily earn revenue from advertisements
placed on the platform through direct and reseller channels. Our entry into subscription-based VOD was initiated by our acquisition
of the Pivotshare VOD platform in August 2018. All of our VOD operations are currently in our Crackle Plus subsidiary.&nbsp;&nbsp;As
a result, Crackle Plus, is one of the largest AVOD companies in the United States as well as a targeted SVOD network provider.&nbsp;&nbsp;Within
Crackle Plus we have been primarily focused on growing our AVOD networks and may turn more attention to our SVOD opportunities
in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Television and Film Distribution and
Production.</B>&nbsp;We distribute movies and television series worldwide, through Screen Media, to consumers through license agreements
across all media, including theatrical, home video, pay-per-view, free, cable, pay television, VOD, mobile and new digital media
platforms worldwide. We own the copyright or long-term distribution rights to over 1,000 television series and feature films, representing
one of the largest independently owned libraries of filmed entertainment in the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have distribution licensing agreements
with numerous VOD services across all major platforms, such as cable and satellite VOD and Internet VOD, which includes TVOD for
rentals or purchases of films, AVOD for free-to-viewer streaming of films supported by advertisements and SVOD for unlimited access
to films for a monthly fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our cable and satellite VOD distribution
agreements include those with DirecTV, Cablevision (Altice USA), Verizon and In Demand (owned by Comcast, Charter and Time Warner
Cable-Spectrum). Our Internet VOD distribution agreements include agreements with Amazon, iTunes, Samsung, YouTube, Hulu, Xbox,
Netflix, Sony, and Vudu, among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have expanded our international distribution
capabilities in connection with&nbsp;the acquisition of the Foresight library.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Screen Media&rsquo;s distribution capabilities
across all media give us the ability to monetize various rights to our produced and co-produced television series and films directly,
including our content that will be produced through Landmark Studio Group. The cost savings from Screen Media&rsquo;s distribution
capabilities enhance our revenue and profits from our produced or co-produced content. Furthermore, Screen Media supports the programming
and content needs of our AVOD networks. The ability to monetize film and TV rights through Screen Media gives us the ability to
retain exclusive AVOD rights for some of our acquired or produced films or television series on a cost advantaged basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Historically, we have produced content
in two main ways. We work with sponsors and use highly regarded independent producers to develop and produce our television and
short-form video content, including Brand-related content. We also derive revenue from our subsidiary A Plus, which develops and
distributes high-quality, empathetic short-form videos to millions of people worldwide. A Plus enhances our ability to distribute
short form versions of our video productions thereby meeting commitments to sponsors and providing us with content developed and
distributed by A Plus that is complementary to the Brand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of launching Crackle Plus we
decided to change our approach to content production, focusing primarily on co-production partnerships in order to build our AVOD
networks, through Crackle Plus, and our worldwide distribution capabilities through Screen Media. By focusing this way, we believe
that we will be able to grow our business more rapidly by entering into production agreements with a variety of production partners.
In October 2019, we launched Landmark Studio Group, our first production co-venture subsidiary. Landmark Studio Group is a fully
integrated entertainment company focused on ownership, development, and production of quality entertainment franchises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Landmark Studio Group develops, produces,
distributes and owns all the intellectual property (IP) it creates, building a valuable library. The studio is independent, with
the ability to sell its content to any network or platform, while also developing and producing original content for Crackle Plus.
Landmark Studio Group controls all worldwide rights and distributes those rights exclusively through Screen Media.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We plan to enter into other similar co-production
arrangements going forward. We will only occasionally produce programming internally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Competition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are in a highly competitive business.&nbsp;&nbsp;The
market for streaming entertainment is rapidly changing. We face competition from companies within the entertainment business and
from alternative forms of leisure entertainment, such as travel, sporting events, outdoor recreation, video games, the internet
and other cultural and computer-related activities. We compete for viewers and programming with much larger companies which have
significant resources and brand recognition, including dominant video on demand providers such as&nbsp;Netflix, HBO Max (including
HBO GO), Hulu, Amazon Prime Video, Disney Plus, Apple TV Plus, Fubo TV, Sling TV,&nbsp;and major film and television studios.&nbsp;
We also compete with numerous independent motion picture and television distribution and production companies, television networks,
pay television systems and online media platforms for viewers, subscribers, and the services of performing artists, producers and
other creative and technical personnel and production financing, all of which are essential to the success of our businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, our video content competes
for media outlet and audience acceptance with video content produced and distributed by other companies. As a result, the success
of any of our video content is dependent not only on the quality and acceptance of a particular production, but also on the quality
and acceptance of other competing video content available in the marketplace at or near the same time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Given such competition, and our stage of
development, we emphasize a lower cost structure, risk mitigation, reliance on financial partnerships and innovative financial
strategies. We rely on our flexibility and agility as well as the entrepreneurial spirit of our employees, partners and affiliates,
in order to provide creative, desirable video content.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Intellectual Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are party to a License Agreement with
CSS (&ldquo;CSS License Agreement&rdquo;) through which we have been granted the perpetual, exclusive, worldwide license by CSS
to produce and distribute video content using the Brand and related content, such as stories published in the Chicken Soup for
the Soul books. Chicken Soup for the Soul and related names are trademarks owned by CSS. We have the proprietary rights (including
copyrights) in all Company-produced content. As a result of the acquisitions of Screen Media, Pivotshare, Crackle, and other smaller
libraries and companies, we now own copyrights or global long-term distribution rights to approximately 78,000 hours of content.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on a combination of copyright,
trademark, trade secret laws, confidentiality procedures, contractual provisions and other similar measures to protect our proprietary
information and intellectual property rights. Our ability to protect and enforce our intellectual property rights is subject to
certain risks and from time to time we encounter disputes over rights and obligations concerning intellectual property, which are
described more fully in the section titled &ldquo;<I>Risk Factors</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Employees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">As of June 15, 2020,
we had 98 direct employees. The services of certain personnel, including our chairman and chief executive officer, vice chairman
and chief strategy officer, our senior brand advisor and director, and chief financial officer, among others, are provided to us
under a management services agreement between the Company and CSS. We also utilize many consultants in the ordinary course of our
business and hire additional personnel on a project-by-project basis. We believe that our employee and labor relations are good,
and we are committed to inclusion and strict policies and procedures to maintain a safe work environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Background of the
Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Class W Warrants and Class Z Warrants
were issued in several private placements prior to our initial public offering. Each outstanding Class W Warrant entitles the holder
to purchase one share of our Class A Common Stock at a price of $7.50 per share, subject to adjustment, at any time through June
30, 2021. Each outstanding Class Z Warrant entitles the holder to purchase one share of our Class A Common Stock at a price of
$12.00 per share, subject to adjustment, at any time through June 30, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Class W Warrants and Class Z Warrants
may be exercised, in whole or in part, on a cashless basis. Further, we may call for cancellation of all or any portion of the
Class W Warrants or Class Z Warrants for which a notice of exercise has not yet been delivered to us for consideration equal to
$0.01 per Class W Warrant or Class Z Warrant, as the case may be, in accordance with the provisions of such warrants, if (i) our
Class A Common Stock is traded, listed or quoted on any U.S. market or electronic exchange, and (ii) the closing per-share sales
price of the Class A Common Stock for any twenty (20) trading days during a consecutive thirty (30) trading days period exceeds
$15.00, for Class W Warrants, or $18.00, for Class Z Warrants, in each case subject to adjustment for forward and reverse stock
splits, recapitalizations, stock dividends and the like. The right to exercise will be forfeited unless the warrants are exercised
prior to the date specified in the call notice. On and after the call date, a record holder of a warrant will have no further rights
except to receive the call price for such holder&rsquo;s warrant upon surrender of such warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a Delaware corporation formed on
May 4, 2016. CSS Productions, our predecessor and immediate parent company, was formed in December 2014 by CSS, and initiated operations
in January 2015. We were formed to create a discrete entity focused on video content opportunities using the Brand. In May 2016,
pursuant to the terms of the contribution agreement among CSS, CSS Productions and the Company, all video content assets owned
by CSS, CSS Productions and their CSS subsidiaries were transferred to the Company in consideration for its issuance to CSS Productions
of 8,600,568 shares of the Company&rsquo;s Class B Common Stock (the &ldquo;Class B Common Stock&rdquo;). Thereafter, CSS Productions&rsquo;
operating activities ceased, and the Company continued the business operations of producing and distributing the video content.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Our
address is 132 East Putnam Avenue, Floor 2W, Cos Cob, CT 06807. Our telephone number is (855) 398-0443, and our website address
is https://www.cssentertainment.com. The information contained on, or that can be accessed through, our website is not part of
this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Internet Address and Availability of
Filings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We maintain a website at www.cssentertainment.com.
Information contained on, or accessible through, our website shall not be deemed to be incorporated by reference into this prospectus.
The Company makes available, free of charge, on or through its internet website, the Company&rsquo;s Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Sections
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (&ldquo;Exchange Act&rdquo;), as soon as reasonably practicable
after the Company electronically files such material with, or furnishes it to, the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Implications of Being an Emerging Growth
Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an &ldquo;emerging growth company,&rdquo;
as defined in the Jumpstart Our Business Startups Act of 2012 (the &ldquo;JOBS Act&rdquo;). As long as we are an emerging growth
company, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other
public companies that are not emerging growth companies. These include, but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Not being required to comply with the auditor attestation requirements in the assessment of our
internal control over financial reporting;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Not being required to comply with any requirement that may be adopted by the Public Company Accounting
Oversight Board regarding mandatory audit firm rotation or a supplement to the auditors&rsquo; report providing additional information
about the audit and the financial statements;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Reduced disclosure obligations regarding executive compensation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Exemptions from the requirements of holding a nonbinding advisory vote on executive compensation
and stockholder approval of any golden parachute payments not previously approved.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may remain an &ldquo;emerging growth
company&rdquo; until as late as December&nbsp;31, 2022, the fiscal year-end following the fifth anniversary of the completion of
our initial public offering, though we may cease to be an emerging growth company earlier under certain circumstances, including
if (a)&nbsp;we have more than $1.07&nbsp;billion in annual gross revenue in any fiscal year, (b)&nbsp;the market value of our common
stock that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal
quarter or (c)&nbsp;we issue more than $1 billion of non-convertible debt over a three-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="OFFERING"></A>THE OFFERING</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: bottom">
    <TD STYLE="width: 46%; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><I>Class A Common Stock to be offered by the<BR>
 selling securityholders (shares <BR>
underlying Pre-IPO Warrants)&#9;</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; width: 54%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">859,440 shares&nbsp;</P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><I>Class W Warrants to be offered by the selling<BR>
 securityholders&#9;</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">678,822 Class W Warrants</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><I>Class Z Warrants to be offered by the selling<BR>
 securityholders&#9;</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">180,618 Class Z Warrants</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Class A Common Stock to be offered by us&#9;</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-bottom: 6pt">
                                    <P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">To the extent the selling securityholders transfer the Pre-IPO Warrants in a public sale prior to exercising same, this prospectus also covers the issuance of an aggregate of 859,440 shares of our Class A Common Stock to subsequent holders of the Pre-IPO Warrants upon their subsequent exercise.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><I>Use of proceeds&#9;</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">The securities sold for resale under this prospectus will be sold or otherwise disposed of for the account of the selling securityholders, or their pledgees, assignees, or successors-in-interest. We will not receive any of the proceeds from the sale or other disposition of the securities by the selling securityholders. We will, however, receive up to $5,091,165 and $2,167,416, respectively, upon the cash exercise of all of the Class W and Class Z Warrants, whether cash exercised by the selling securityholders or by public holders after the resale of the Pre-IPO Warrants hereunder. We expect to use the proceeds received from the cash exercise of the Pre-IPO Warrants, if any, for working capital and other general corporate purposes including dividends and share repurchases. See &ldquo;<I>Use of Proceeds</I>&rdquo; beginning on page 22 of this prospectus.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><I>Nasdaq Global Market symbol&#9;</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Class A Common Stock: CSSE</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><I>No Public Market for Warrants&#9;</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">There is no public market for our Class W Warrants or Class Z Warrants. We intend to use commercially reasonable efforts to secure market makers for our Pre-IPO Warrants such that our Class W Warrants and Class Z Warrants will be quoted on the Pink Market. We cannot assure you, however, that we will be able to secure any such market makers or that a market for our Pre-IPO Warrants will develop, or that any such market will be sustained.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; width: 46%"><FONT STYLE="font-size: 10pt"><I>Exercisability of Pre-IPO Warrants</I></FONT></TD>
    <TD STYLE="width: 54%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Class W Warrants have an exercise price
        of $7.50 per share, subject to adjustment as described therein, and may be exercised at any time through June 30, 2021. The Class
        Z Warrants have an exercise price of $12.00 per share, subject to adjustment as described therein, and may be exercised at any
        time through June 30, 2022.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exercise price and number of shares
        of Class A Common Stock issuable on exercise of the Pre-IPO Warrants may be adjusted in certain circumstances including in the
        event of a share dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, the
        Pre-IPO Warrants will not be adjusted for issuances of shares of any equity or equity-based securities at a price below their respective
        exercise prices.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><I>Optional Redemption</I></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If our Class A Common Stock is traded,
        listed, or quoted on any U.S. market or electronic exchange, and the closing per-share sales price of the Class A Common Stock
        for any twenty (20) trading days during a consecutive thirty (30) trading days period (the &ldquo;Measurement Period&rdquo;) exceeds
        $15.00 (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends and the like), then we may
        call for cancellation of all or any portion of the Class W Warrants for which a notice of exercise has not yet been delivered to
        us for consideration equal to $.01 per Class W Warrant, in accordance with the provisions of the Class W Warrants. Similarly, if
        during the Measurement Period the closing per-share sales price of our Class A Common Stock exceeds $18.00 (subject to adjustment
        for forward and reverse stock splits, recapitalizations, stock dividends and the like), then we may call for cancellation of all
        or any portion of the Class Z Warrants for which a notice of exercise has not yet been delivered to us for consideration equal
        to $.01 per Class Z Warrant, in accordance with the provisions of the Class Z Warrants.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we issue a call notice with respect
        to the Class W Warrants or Class Z Warrants, the right to exercise the Pre-IPO Warrants subject to the call notice will be forfeited
        unless such Pre-IPO Warrants are exercised prior to the date specified in the call notice. On and after the call date, a record
        holder of a Pre-IPO Warrant so called will have no further rights except to receive the call price for such holder&rsquo;s Pre-IPO
        Warrant upon surrender of such Pre-IPO Warrant.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; width: 46%"><FONT STYLE="font-size: 10pt"><I>Risk factors&#9;</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify; width: 54%"><FONT STYLE="font-size: 10pt">See &ldquo;<I>Risk Factors</I>,&rdquo; below and the other information included in or incorporated by reference into this prospectus for a discussion of the factors you should consider before making an investment decision.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><I>Transfer Agent</I></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Continental Stock Transfer &amp; Trust Co. is the registrar and transfer agent of our Class A Common Stock and the warrant agent for the Pre-IPO Warrants. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="RISKFACTORS"></A>RISK FACTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Any investment in our securities involves
a high degree of risk. Potential investors are urged to read and consider the risks and uncertainties relating to an investment
in the Company as set forth in this prospectus and in the documents we incorporate by reference herein. Potential investors also
should read and consider the risks and uncertainties discussed under the item &ldquo;Risk Factors&rdquo; in our Annual Report on
Form 10-K for the year ended December 31, 2019, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and our
subsequent quarterly reports on Form 10-Q and annual reports on Form 10-K, all of which are incorporated herein by reference, and
may be amended, supplemented, or superseded from time to time by other reports we file with the SEC in the future. Additional risks
and uncertainties not presently known to us or that we currently deem immaterial may also affect our business and results of operations.
If any of these risks actually occur, our business, financial condition, or results of operations could be seriously harmed. In
that event, the market price for our securities could decline and you may lose all or part of your investment. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risks Relating to COVID-19</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our business, results of operations, and financial condition
has been and may continue to be impacted by the recent coronavirus (COVID-19) outbreak.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The global spread of the coronavirus (COVID-19)
and the various attempts to contain it have created significant volatility, uncertainty and economic disruption. In response to
government mandates, health care advisories and otherwise responding to employee and vendor concerns, we have altered certain aspects
of our operations. Our workforce has had to spend a significant amount of time working from home, which impacts productivity and
our ability to exercise proper internal controls over our operations. All of our productions are paused, as are productions of
third-parties who supply us with content. Other operating partners have similarly had their operations altered or temporarily suspended,
including those partners that we use for our Crackle Plus operations as well as development, production and post-production of
content. To the extent the resulting economic disruption continues for an extended period or worsens, we could see some vendors
go out of business, resulting in supply constraints and increased costs or delays to our operations. Such pauses may cause us temporarily
to have less new content available on our services in subsequent quarters, which could negatively impact consumer demand for and
user retention to our service. Temporary operation pauses or permanent shutdowns in production could result in content asset impairments
or other charges and will change the timing and amount of cash outflows associated with operating activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The full extent to which the COVID-19 pandemic
and the various responses to it continue to impact our business, operations and financial results will depend on numerous evolving
factors that we may not be able to accurately predict, including: the duration and scope of the pandemic; governmental, business
and individuals&rsquo; actions that have been and continue to be taken in response to the pandemic; the availability and cost to
access the capital markets; the effect on our customers and customer demand for our services; disruptions or restrictions on our
employees&rsquo; ability to work and travel; interruptions or restrictions related to the provision of streaming services over
the internet, including impacts on content delivery networks and streaming quality; and any stoppages, disruptions or increased
costs associated with our development, production, post-production, marketing and distribution of original programming. Furthermore,
given increased government expenditures associated with their COVID-19 response, we could see increased government obligations
which could negatively impact our results of operations. If we need to access the capital markets, there can be no assurance that
financing may be available on attractive terms, if at all. We will continue to actively monitor the issues raised by the COVID-19
pandemic and may take further actions that alter our business operations, including content production, as may be required by federal,
state, local or foreign authorities, or that we determine are in the best interests of our employees, customers, partners and stockholders.
It is not clear what the potential effects any such alterations or modifications may have on our business, including the effects
on our customers, suppliers or vendors, or on our financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The COVID-19 pandemic has also led to an
increase in our Crackle Plus users relative to our quarterly forecast and historic trends. These results, as well as those of other
metrics such as revenues, operating margins, net income and other financial and operating data, may not be indicative of results
for future periods. Our increase in user additions may reflect the acceleration of growth that we would have seen in subsequent
periods, and user growth may slow or reverse, due to slower acquisition and/or higher cancellations, as government and other restrictions
are relaxed. In addition to the potential direct impacts to our business, the global economy is likely to be significantly weakened
as a result of the actions taken in response to COVID-19. To the extent that such a weakened global economy impacts advertisers&rsquo;
ability or willingness to pay for advertisements on our service or vendors&rsquo; ability to provide services to us, we could see
our business and results of operations negatively impacted. In addition, a weakened global economy could impact our ability to
collect our outstanding accounts receivable which would have a negative impact on our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risks Relating to the Offering</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>A substantial number of shares of our Class A Common Stock
may be issued upon exercise of the Pre-IPO Warrants, which could adversely affect the price of our Class A Common Stock</I>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Class W Warrants
are exercisable for up to 678,822 shares of Class A Common Stock at an exercise price of $7.50 per share and the Class Z Warrants
are exercisable for up to 180,618 shares of Class A Common Stock at a price of $12.00 per share. If all of the Pre-IPO Warrants
are exercised for cash we will be required to issue an aggregate of 859,440 shares of Class A Common Stock, or approximately 20%
of our Class A Common Stock outstanding as of June 12, 2020. The selling securityholders will likely exercise the warrants only
at a time when it is economically beneficial to do so. Accordingly, the exercise of these warrants will dilute our other equity
holders and may adversely affect the market price of the Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Sales of substantial amounts of our
Class A Common Stock by the selling securityholders, or the perception that these sales could occur, could adversely affect the
price of our Class A Common Stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The sale by the selling
securityholders of a significant number of shares of Class A Common Stock, or the perception in the public markets that the selling
securityholders may sell all or a portion of their Class A Common Stock as a result of the registration of such shares hereunder,
could have a material adverse effect on the market price of our Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>No public market exists for our Class
W Warrants or Class Z Warrants.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to this offering there has been no
public market for our Class W Warrants or Class Z Warrants. We have not taken any steps to enable our Class W Warrants or Class
Z Warrants to be quoted on an inter-dealer quotation system. We intend to use commercially reasonable efforts to engage a market
maker to apply for quotation of our Class W Warrants and Class Z Warrants on the Pink Market on or promptly following the date
of this prospectus, but we cannot guarantee that our Class W Warrants or Class Z Warrants will be approved for quotation or listing
on any market. Further, even if listed or quoted, an active trading market may never develop or, if developed, may not be sustained.
You may be unable to sell Class W Warrants or Class Z Warrants unless a market for such securities can be established or sustained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Holders of our Class W Warrants and
Class Z Warrants will have no rights as a common stockholder until such warrants are exercised</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until holders of our Class W Warrants and
Class Z Warrants acquire shares of our Class A Common Stock upon exercise of the Class W Warrants or Class Z Warrants, as applicable,
holders of Class W Warrants and Class Z Warrants will have no rights with respect to the shares of Class A Common Stock underlying
such warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The market price of our Class A Common
Stock may never exceed the exercise price of the Pre-IPO Warrants issued in connection with this offering.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Class W Warrants
have an exercise price of $7.50 per share, subject to adjustment as described therein, and may be exercised at any time through
June 30, 2021. The Class Z Warrants have an exercise price of $12.00 per share, subject to adjustment as described therein, and
may be exercised at any time through June 30, 2022. The market price of our Class A Common Stock may never exceed the exercise
price of the Pre-IPO Warrants prior to their date of expiration. Any Pre-IPO Warrants not exercised by their date of expiration
will expire worthless and we will be under no further obligation to the warrant holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may call the Pre-IPO Warrants
for cancellation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may call for cancellation of all or
any portion of the Class W Warrants or Class Z Warrants for which a notice of exercise has not yet been delivered to us for consideration
equal to $.01 per Class W Warrant or Class Z Warrant, as the case may be, in accordance with the provisions of such warrants, if
(i) our Class A Common Stock is traded, listed or quoted on any U.S. market or electronic exchange, and (ii) the closing per-share
sales price of the Class A Common Stock for any twenty (20) trading days during a consecutive thirty (30) trading days period exceeds
$15.00, for Class W Warrants, or $18.00, for Class Z Warrants, in each case subject to adjustment for forward and reverse stock
splits, recapitalizations, stock dividends and the like. The right to exercise will be forfeited unless the warrants are exercised
prior to the date specified in the call notice. On and after the call date, a record holder of a warrant will have no further rights
except to receive the call price for such holder&rsquo;s warrant upon surrender of such warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If we call the Pre-IPO
Warrants for cancellation, that could force you to (i)&nbsp;exercise your Pre-IPO Warrants and pay the exercise price therefor
at a time when it may be disadvantageous for you to do so, (ii)&nbsp;sell your Pre-IPO Warrants at the then-current market price
when you might otherwise wish to hold your Pre-IPO Warrants or (iii)&nbsp;accept the nominal redemption price which, at the time
the outstanding Pre-IPO Warrants are called for redemption, is likely to be substantially less than the market value of your Pre-IPO
Warrants<B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>Only a limited
market exists for our Class A Common Stock, which could lead to price volatility.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our Class A Common Stock
trades on the Nasdaq Global Market under the symbol &ldquo;CSSE.&rdquo; However, trading volume for our Class A Common Stock has
historically been low. The limited trading market for our Class A Common Stock may cause fluctuations in the market value of our
stock to be exaggerated, leading to price volatility in excess of that which would occur in a more active trading market for our
stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>We may amend the
terms of the Pre-IPO Warrants in a manner that may be adverse to holders of Warrants with the approval by the holders of at least
50% of the then outstanding Class W Warrants or Class Z Warrants, respectively. As a result, the exercise price of your Pre-IPO
Warrants could be increased, the exercise period could be shortened and the number of shares of our Class&nbsp;A Common Stock purchasable
upon exercise of a Pre-IPO Warrant could be decreased, all without your approval.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Pre-IPO Warrants purchased
hereunder will be issued in registered form under a warrant agreement between Continental Stock Transfer&nbsp;&amp; Trust Company,
as warrant agent, and us. The warrant agreement provides that the terms of the Pre-IPO Warrants may be amended without the consent
of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 50%
of the then outstanding Class W Warrants or Class Z Warrants, as applicable, to make any change that adversely affects the interests
of the registered holders of Class W Warrants or Class Z Warrants. Accordingly, we may amend the terms of the Pre-IPO Warrants
in a manner adverse to you without your consent. Our ability to amend the terms of the Pre-IPO Warrants with the consent of at
least 50% of the then outstanding Class W Warrants or Class Z Warrants, as applicable. Examples of such amendments could include,
among other things, an increase in the exercise price of the Pre-IPO Warrants, conversion of the Pre-IPO Warrants into cash, or
to shorten the exercise period or decrease the number of shares of Class&nbsp;A Common Stock purchasable upon exercise of a Pre-IPO
Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>Our certificate
of incorporation provides, subject to limited exceptions, that the Court of Chancery of the State of Delaware is the sole and exclusive
forum for certain stockholder litigation matters, which could limit our stockholders&rsquo; ability to obtain a favorable judicial
forum for disputes with us or our directors, officers, employees or stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our certificate of incorporation
requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors, officers
and employees for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery in the State
of Delaware (or if the Court of Chancery does not have jurisdiction, another state court located within the State of Delaware,
or if no state court located within the State of Delaware has jurisdiction, the federal district court for the District of Delaware)
and, if brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to the personal jurisdiction
of the state and federal courts located within the State of Delaware and to service of process on such stockholder&rsquo;s counsel.
Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock shall be deemed to have notice
of and consented to the forum provisions in our certificate of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This choice of forum
provision may limit a stockholder&rsquo;s ability to bring a claim in a judicial forum that it finds favorable for disputes with
us or any of our directors, officers or employees, which may discourage lawsuits with respect to such claims. We cannot be certain
that a court will decide that this provision is either applicable or enforceable, and if a court were to find the choice of forum
provision contained in our certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional
costs associated with resolving such action in other jurisdictions, which could harm our business, operating results and financial
condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our certificate of incorporation
provides that the exclusive forum provision is applicable to the fullest extent permitted by applicable law. Section 27 of the
Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange
Act or the rules and regulations thereunder. As a result, we anticipate that the exclusive forum provision will not apply to suits
brought to enforce any duty or liability created by the Exchange Act, the Securities Act or any other claim for which the federal
courts have exclusive jurisdiction and the exclusive forum provision is not intended to waive our compliance with federal securities
laws and the rules and regulations thereunder or bar claims properly brought thereunder.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>Our chairman and
chief executive officer effectively controls our company.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have two classes of
common stock&nbsp;&mdash;&nbsp;Class A Common Stock, each share of which entitles the holder thereof to one vote on any matter
submitted to our stockholders, and Class B Common Stock, each share of which entitles the holder thereof to ten votes on any matter
submitted to our stockholders. Our chairman and chief executive officer, William J. Rouhana, Jr., has control over the vast majority
of all the outstanding voting power as represented by our outstanding Class B and Class A Common Stock and effectively controls
CSS Holdings and CSS, which controls CSS Productions, and, in turn, our company. Further, our bylaws provide that any member of
our board may be removed with or without cause by the majority of our outstanding voting power, thus Mr. Rouhana exerts significant
control over our board. This concentration of ownership and decision making may make it more difficult for other stockholders to
effect substantial changes in our company and may also have the effect of delaying, preventing or expediting, as the case may be,
a change in control of our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>We currently do
not plan to pay any dividends on our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The payment of cash dividends
on our common stock in the future will be dependent upon our revenue and earnings, if any, capital requirements and general financial
condition, our obligation to pay dividends on our Series A Preferred Stock, as well as the limitations on dividends and distributions
that exist under our lending agreement, the laws and regulations of the State of Delaware and will be within the discretion of
our board of directors. As a result, any gain you may realize on our common stock (including shares of common stock obtained upon
exercise of our warrants) may result solely from the appreciation of such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If our securities become subject to the SEC&rsquo;s penny
stock rules, broker-dealers may have trouble in completing customer transactions and trading activity in our securities may be
adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If at any time our securities become subject
to the &ldquo;penny stock&rdquo; rules promulgated under the Exchange Act our securities could be adversely affected.&nbsp;Typically,
securities trading under a market price of $5.00 per share and that do not meet certain exceptions, such as national market listing
or annual revenue criteria, are subject to the penny stock rules. Under these rules, broker-dealers who recommend such securities
to persons other than institutional accredited investors must:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">make a special written suitability determination for the purchaser;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">receive the purchaser&rsquo;s written agreement to the transaction prior to sale;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">provide the purchaser with risk disclosure documents which identify certain risks associated with
investing in &ldquo;penny stocks&rdquo; and which describe the market for these &ldquo;penny stocks&rdquo; as well as a purchaser&rsquo;s
legal remedies; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">obtain a signed and dated acknowledgement from the purchaser demonstrating that the purchaser has
received the required risk disclosure documents before a transaction in a &ldquo;penny stock&rdquo; can be completed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If our securities become
subject to these rules, broker-dealers may find it difficult to effectuate customer transactions and trading activity in our securities
may be adversely affected. As a result, the market price of our securities may be depressed, and you may find it more difficult
to sell our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Nasdaq could delist our Class A Common Stock from quotation
on its exchange, which could limit investors&rsquo; ability to sell and purchase our shares and subject us to additional trading
restrictions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Class A Common Stock is currently listed on Nasdaq, a national
securities exchange. If our Class A Common Stock is not listed on Nasdaq or another national securities exchange at any time after
the date hereof, we could face significant material adverse consequences, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a limited availability of market quotations for our Class A Common Stock;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduced liquidity with respect to our Class A Common Stock;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a determination that our Class A Common Stock is &ldquo;penny stock&rdquo; which will require brokers
trading in our shares to adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary
trading market for our common stock;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a limited amount of news and analyst coverage for our company; and</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a decreased ability to issue additional securities or obtain additional financing in the future.</TD></TR></TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="USEOFPROCEEDS"></A>USE OF PROCEEDS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Certain of the securities
sold under this prospectus will be sold or otherwise disposed of for the account of the selling securityholders, or their pledgees,
assignees, or successors-in-interest. We will not receive any of the proceeds from the sale or other disposition of the securities
by the selling securityholders. We will, however, receive up to $5,091,165 if the Class W Warrants are exercised for cash and up
to $2,167,416 if the Class Z Warrants are exercised for cash. We expect to use proceeds received from the exercise of the Pre-IPO
Warrants, if any, for working capital and other general corporate purposes including dividends and share repurchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="DESCRIPTIONOFOURPRE-IPOWARRANTSANDCOMMONSTOCK"></A>DESCRIPTION OF OUR PRE-IPO WARRANTS
AND COMMON STOCK</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Introduction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the discussion that follows, we have
summarized selected provisions of our certificate of incorporation, bylaws and the Delaware General Corporation Law, or &ldquo;DGCL,&rdquo;
relating to our capital stock. This summary is not complete. This discussion is subject to the relevant provisions of Delaware
law and is qualified in its entirety by reference to our certificate of incorporation and our bylaws. You should read the provisions
of our certificate of incorporation and our bylaws as currently in effect for provisions that may be important to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are authorized to issue 70 million shares
of Class A Common Stock, par value $.0001, 20 million shares of Class B Common Stock, par value $.0001, and 10 million shares of
preferred stock, par value $.0001, of which 4,300,000 shares has been designated Series A Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Class A Common Stock and Series A Preferred
Stock were each approved for listing on the Nasdaq Global Market under the symbols &ldquo;CSSE&rdquo; and &ldquo;CSSEP&rdquo;,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, 4,193,490
shares of our Class A Common Stock are outstanding, 7,813,938 shares of our Class B Common Stock are outstanding and 1,599,002
shares of our Series A Preferred Stock are outstanding. We also have outstanding Class W Warrants to purchase an aggregate of 678,822
shares of our Class A Common Stock and Class Z Warrants to purchase an aggregate of 180,618 share of our Class A Common Stock,
and we issued warrants to CPEH to purchase an aggregate of 4,000,000 shares of Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Voting Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of shares of Class A Common Stock
and Class B Common Stock have substantially identical rights, except that holders of shares of Class A Common Stock are entitled
to one vote per share and holders of shares of Class B Common Stock are entitled to ten votes per share. Holders of shares of Class
A Common Stock and Class B Common Stock vote together as a single class on all matters (including the election of directors) submitted
to a vote of stockholders, unless otherwise required by law or our charter. See <I>&ldquo;Certain Anti-Takeover Provisions of our
Certificate of Incorporation and By-Laws,&rdquo;</I> below. There is no cumulative voting with respect to the election of directors,
with the result that the holders of more than 50% of the voting power voting for the election of directors can elect all of the
directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dividend Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shares of Class A Common Stock and Class
B Common Stock shall be treated equally, identically and ratably, on a per share basis, with respect to any dividends or distributions
as may be declared and paid from time to time by the board of directors out of any assets legally available therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>No Preemptive or Similar Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common stock is not entitled to preemptive
rights and is not subject to conversion, redemption or sinking fund provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Right to Receive Liquidation Distributions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the preferential or other rights
of any holders of preferred stock then outstanding, including the Series A Preferred Stock, upon our dissolution, liquidation or
winding up, whether voluntary or involuntary, holders of Class A Common Stock and Class B Common Stock will be entitled to receive
ratably all of our assets available for distribution to our stockholders unless disparate or different treatment of the shares
of each such class with respect to distributions upon any such liquidation, dissolution or winding up is approved in advance by
the affirmative vote (or written consent if action by written consent of stockholders is permitted at such time under our certificate
of incorporation) of the holders of a majority of the outstanding shares of Class A Common Stock and Class B Common Stock, each
voting separately as a class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Merger or Consolidation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of any distribution or payment
in respect of the shares of Class A Common Stock or Class B Common Stock upon our consolidation or merger with or into any other
entity, or in the case of any other transaction having an effect on stockholders substantially similar to that resulting from a
consolidation or merger, such distribution or payment shall be made ratably on a per share basis among the holders of the Class
A Common Stock and Class B Common Stock as a single class, <I>provided</I>, <I>however</I>, that shares of one such class may receive
different or disproportionate distributions or payments in connection with such merger, consolidation or other transaction if (i)
the only difference in the per share distribution to the holders of the Class A Common Stock and Class B Common Stock is that any
securities distributed to the holder of a share Class B Common Stock have ten times the voting power of any securities distributed
to the holder of a share of Class A Common Stock, or (ii) such merger, consolidation or other transaction is approved by the affirmative
vote (or written consent if action by written consent of stockholders is permitted at such time under our Certificate of Incorporation)
of the holders of a majority of the outstanding shares of Class A Common Stock and Class B Common Stock, each voting separately
as a class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Conversion</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The outstanding shares of Class B Common
Stock are convertible at any time as follows: (a) at the option of the holder, a share of Class B Common Stock may be converted
at any time into one share of Class A Common Stock or (b) upon the election of the holders of a majority of the then outstanding
shares of Class B Common Stock, all outstanding shares of Class B Common Stock may be converted into shares of Class A Common Stock.
Once converted into Class A Common Stock, the Class B Common Stock will not be reissued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Pre-IPO Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each outstanding Class W Warrant entitles
the registered holder to purchase one share of our Class A Common Stock at a price of $7.50 per share, subject to adjustment as
discussed below. Each Class W Warrant is exercisable at any time through June 30, 2021 at 5:00 p.m., New York City time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each outstanding Class Z Warrant entitles
the registered holder to purchase one share of our Class A Common Stock at a price of $12.00 per share, subject to adjustment as
discussed below. Each Class Z Warrant is exercisable at any time through June 30, 2022 at 5:00 p.m., New York City time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cancellation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may call for cancellation of all or
any portion of the Class W Warrants or Class Z Warrants for which a notice of exercise has not yet been delivered to us for consideration
equal to $.01 per Class W Warrant or Class Z Warrant, as the case may be, in accordance with the provisions of such warrants, if
(i) our Class A Common Stock is traded, listed or quoted on any U.S. market or electronic exchange, and (ii) the closing per-share
sales price of the Class A Common Stock for any twenty (20) trading days during a consecutive thirty (30) trading days period exceeds
$15.00, for Class W Warrants, or $18.00, for Class Z Warrants, in each case subject to adjustment for forward and reverse stock
splits, recapitalizations, stock dividends and the like.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The right to exercise will be forfeited
unless the warrants are exercised prior to the date specified in the call notice. On and after the call date, a record holder of
a warrant will have no further rights except to receive the call price for such holder&rsquo;s warrant upon surrender of such warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The criteria for calling our warrants have
been established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price and
provide a sufficient differential between the then-prevailing share price and the warrant exercise price so that if the share price
declines as a result of our call, the call will not cause the share price to drop below the exercise price of the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Exercise Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of the Class W Warrants and Class
Z Warrants have cashless exercise rights that allow each holder to pay the exercise price by surrendering the warrants for that
number of shares of Class A Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of
Class A Common Stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the &ldquo;fair
market value&rdquo; by (y) the fair market value. The &ldquo;fair market value&rdquo; for this purpose will mean the average reported
last sale price of the shares of Class A Common Stock for the ten trading days ending on the trading day prior to the date of exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exercise price and number of shares
of Class A Common Stock issuable on exercise of the Pre-IPO Warrants may be adjusted in certain circumstances including in the
event of a share dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, neither
the Class W Warrants nor the Class Z Warrants will be adjusted for issuances of shares of any equity or equity-based securities
at a price below their respective exercise prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The warrant holders do not have the rights
or privileges of holders of shares of Class A Common Stock and any voting rights until they exercise their warrants and receive
shares of Class A Common Stock. After the issuance of shares of Class A Common Stock upon exercise of the warrants, each holder
will be entitled to one vote for each share of Class A Common Stock held of record on all matters to be voted on by stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No fractional shares will be issued upon
exercise of the Class W Warrants or Class Z Warrants. If, upon exercise, a holder would be entitled to receive a fractional interest
in a share, we will, upon exercise, round up to the nearest whole number the number of shares of Class A Common Stock to be issued
to the warrant holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Trading Market</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no public market for our Pre-IPO
Warrants. We intend to apply to have the Class W Warrants and Class Z Warrants quoted on the Pink Market under the symbols &ldquo;CSSEW&rdquo;
and &ldquo;CSSEZ&rdquo;, respectively. We cannot assure you, however, that a public market for our Pre-IPO Warrants will develop
or continue after this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain Anti-Takeover Provisions of
our Certificate of Incorporation and By-Laws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Special Meeting of Stockholders</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our bylaws provide that special meetings
of our stockholders may be called only by a majority vote of our board of directors, or by our chairman and chief executive officer
or by our secretary at the request in writing of stockholders owning a majority of the voting power of our issued and outstanding
capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Advance Notice Requirements for Stockholder
Proposals and Director Nominations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our bylaws provide that stockholders seeking
to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual
meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder&rsquo;s notice will
need to be delivered to our principal executive offices not later than the close of business on the 60<SUP>th</SUP> day nor earlier
than the close of business on the 90<SUP>th</SUP> day prior to the scheduled date of the annual meeting of stockholders. In the
event that less than 70 days&rsquo; notice or prior public disclosure of the date of the annual meeting of stockholders is given,
a stockholder&rsquo;s notice shall be timely if delivered to our principal executive offices not later than the 10<SUP>th</SUP>
day following the day on which public announcement of the date of our annual meeting of stockholders is first made or sent by us.
Our bylaws also specify certain requirements as to the form and content of a stockholders&rsquo; meeting. These provisions may
preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors
at our annual meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dual Voting Structure</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our certificate of incorporation provides
for two classes of common stock. Holders of shares of Class A Common Stock and Class B Common Stock have substantially identical
rights, except that holders of shares of Class A Common Stock are entitled to one vote per share and holders of shares of Class
B Common Stock are entitled to ten votes per share. Holders of shares of Class A Common Stock and Class B Common Stock vote together
as a single class on all matters (including the election of directors) submitted to a vote of stockholders, unless otherwise required
by law. Accordingly, the holders of shares of Class B Common Stock will exert significant control over our actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Removal and Appointment of Directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our entire board of directors or any individual
director may be removed from office with or without cause by a majority vote of the holders of the voting power of outstanding
voting power of the shares then entitled to vote at an election of directors. In such case, new directors may be elected by the
stockholders then holding a majority of our voting power. Immediately following this offering, our chairman and chief executive
officer shall control the substantial majority of our voting power and therefore will be able to unilaterally exercise the foregoing
rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Class B Approval Required for Charter
Amendments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any amendment to our certificate of incorporation
requires the approval of the majority of the outstanding Class B Common Stock. This approval requirement is separate and in addition
to any general stockholder approval that would be required under our certificate of incorporation and law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Exclusive Forum Selection</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article Twelve of our certificate of incorporation
provides that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for any stockholder
(including a beneficial owner) to bring (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action
asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company or
its stockholders, (iii) any action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law
or our charter documents, or (iv) any action asserting a claim governed by the internal affairs doctrine shall be the Court of
Chancery of the State of Delaware (or if the Court of Chancery does not have jurisdiction, another state court located within the
State of Delaware, or if no state court located within the State of Delaware has jurisdiction, the federal district court for the
District of Delaware) in all cases subject to the court&rsquo;s having personal jurisdiction over the indispensable parties named
as defendants. While this provision is intended to include all actions, excluding any arising under the Securities Act of 1933,
the Exchange Act of 1934 and any other claim for which the federal courts have exclusive jurisdiction, there is uncertainty as
to whether a court would enforce this provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Limitation on Directors&rsquo; Liability
and Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our certificate of incorporation provides
that no director of ours will be personally liable to us or any of our stockholders for monetary damages arising from the director&rsquo;s
breach of fiduciary duty as a director. However, this does not apply with respect to any action in which the director would be
liable under Section 174 of the DGCL nor does it apply with respect to any liability in which the director (i) breached his duty
of loyalty to us or our stockholders; (ii) did not act in good faith or, in failing to act, did not act in good faith; (iii) acted
in a manner involving intentional misconduct or a knowing violation of law or, in failing to act, shall have acted in a manner
involving intentional misconduct or a knowing violation of law; or (iv) derived an improper personal benefit. This provision could
have the effect of reducing the likelihood of derivative litigation against our directors and may discourage or deter our stockholders
or management from bringing a lawsuit against our directors for breach of their duty of care, even though such an action, if successful,
might otherwise have benefited us and our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our certificate of incorporation and bylaws
provide that all directors and officers shall be entitled to be indemnified by such company to the fullest extent permitted by
law. The certificate of incorporation provides that we may indemnify to the fullest extent permitted by law all employees. Our
bylaws provide that, if authorized by our board of directors, we may indemnify any other person whom it has the power to indemnify
under section 145 of the DGCL. We have entered, and intend to continue to enter, into separate indemnification agreements with
our directors and executive officers, in addition to the indemnification provided for in our certificate of incorporation and bylaws.
We also maintain directors&rsquo; and officers&rsquo; liability insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers or person controlling us pursuant to the foregoing provisions,
we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and
is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Anti-Takeover Provisions </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions of the DGCL and our certificate
of incorporation and bylaws could make it more difficult to acquire us by means of a tender offer, a proxy contest or otherwise,
or to remove incumbent officers and directors. These provisions, summarized below, are expected to discourage certain types of
coercive takeover practices and takeover bids that our board of directors may consider inadequate and to encourage persons seeking
to acquire control of us to first negotiate with our board of directors. We believe that the benefits of increased protection of
our ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the
disadvantages of discouraging takeover or acquisition proposals because, among other things, negotiation of these proposals could
result in improved terms for our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Delaware Anti-Takeover Statute. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to Section 203 of the DGCL,
an anti-takeover statute. In general, Section 203 of the DGCL prohibits a publicly-held Delaware corporation from engaging in a
 &ldquo;business combination&rdquo; with an &ldquo;interested stockholder&rdquo; for a period of three years following the time
the person became an interested stockholder, unless the business combination or the acquisition of shares that resulted in a stockholder
becoming an interested stockholder is approved in a prescribed manner. Generally, a &ldquo;business combination&rdquo; includes
a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. Generally,
an &ldquo;interested stockholder&rdquo; is a person who, together with affiliates and associates, owns (or within three years prior
to the determination of interested stockholder status did own) 15% or more of a corporation&rsquo;s voting stock. The existence
of this provision would be expected to have an anti-takeover effect with respect to transactions not approved in advance by the
board of directors, including discouraging attempts that might result in a premium over the market price for the shares of common
stock held by stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Amendments to Our Certificate of Incorporation.
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the DGCL, the affirmative vote of
a majority of the outstanding shares entitled to vote thereon and a majority of the outstanding stock of each class entitled to
vote thereon is required to amend a corporation&rsquo;s certificate of incorporation. Under the DGCL, the holders of the outstanding
shares of a class of our capital stock shall be entitled to vote as a class upon a proposed amendment, whether or not entitled
to vote thereon by the certificate of incorporation, if the amendment would:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increase
or decrease the aggregate number of authorized shares of such class;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increase
or decrease the par value of the shares of such class; or</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>alter
or change the powers, preferences or special rights of the shares of such class so as to affect them adversely.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any proposed amendment would alter or
change the powers, preferences or special rights of one or more series of any class of our capital stock so as to affect them adversely,
but shall not so affect the entire class, then only the shares of the series so affected by the amendment shall be considered a
separate class for the purposes of this provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Transfer Agent and Registrar and Warrant
Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent and registrar for our
Class A Common Stock and the warrant agent for our Pre-IPO Warrants is Continental Stock Transfer &amp; Trust Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="SELLINGSECURITYHOLDERS"></A>SELLING SECURITYHOLDERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">When we refer to &ldquo;selling
securityholders&rdquo; in this prospectus, we mean the persons listed in the table below, and the pledgees, assignees, donees,
permitted transferees, successors, and others who later come to hold any of the selling securityholders&rsquo; interests in our
securities other than through a public sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The selling securityholders
are offering for resale, from time to time, up to an aggregate of 678,822 Class W Warrants, 180,618 Class Z Warrants, 678,822 shares
of Class A Common Stock issuable upon the exercise of the Class W Warrants, and 180,618 shares of Class A Common Stock issuable
upon the exercise of the Class Z Warrants. The selling securityholders may sell all, some, or none of their securities in this
offering or may sell, transfer, or otherwise dispose of some or all of their securities in transactions exempt from, or not subject
to, the registration requirements of the Securities Act. See &ldquo;<I>Plan of Distribution</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Because the Pre-IPO Warrants
permit &ldquo;cashless&rdquo; exercise, the number of shares that ultimately will be issuable upon any exercise thereof may be
less than the number of shares being offered by this prospectus. To the extent the selling securityholders transfer the Pre-IPO
Warrants in a public sale prior to exercising them, this prospectus also covers the issuance of an aggregate of 859,440 shares
of our Class A Common Stock to subsequent holders of the Pre-IPO Warrants upon their subsequent exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The following table sets
forth, as of the date of this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the number of shares of Class A Common Stock, Class W Warrants and Class Z Warrants beneficially owned by each selling securityholder prior to the offering;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the number of shares of Class A Common Stock, Class W Warrants and Class Z Warrants offered for resale to the public by each selling securityholder; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the number of shares of Class A Common Stock beneficially owned by each selling securityholder after the offering (assuming the sale of all of the Class W Warrants and Class Z Warrants, or the exercise of the Pre-IPO Warrants and sale of the Class A Common Stock underlying such warrants, by such selling securityholder). If all securities listed for resale are sold, none of the selling securityholders shall own any Pre-IPO Warrants after the offering.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These tables have been prepared based
solely on information supplied to us by the selling securityholders. The selling securityholders identified in the table below
may have sold, transferred, or otherwise disposed of some or all their shares since the date of this prospectus in transactions
exempt from, or not subject to the registration requirements of, the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Before Offering </FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">To Be Offered</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="8" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">After Offering (1)(2)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Selling Securityholder
    (3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Shares of
    Class A<BR>
    Common Stock</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Class W<BR>
    Warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Class Z<BR>
    Warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Shares of<BR>
    Class A<BR>
    Common<BR>
    Stock<BR>
    Underlying<BR>
    Warrants &nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Class W<BR>
    Warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Class Z<BR>
    Warrants </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Shares of<BR>
    Class A<BR>
    Common<BR>
    Stock</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Percentage
    of<BR>
    Class A<BR>
    Common Stock (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Percentage<BR>
    of Total<BR>
    Voting<BR>
    Power(%) (19)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 24%"><FONT STYLE="font-size: 8pt">Cosmo T. DeNicola (4)</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">200,151</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">53,200</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">53,200</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">53,200</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">200,151</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">4.71</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">The Mila Kunis/Ashton Kutcher
    Family Trust (5)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.33</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Joseph E. Kovacs</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">35,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">35,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Amy Newmark (6)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">121,780</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">33,150</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,534</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,684</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">33,150</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,534</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">121,780</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.88</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Anthony Barrett</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,060</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,618</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,618</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,618</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,060</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Mark Epstein</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,060</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,618</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,618</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,618</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,060</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Lawrence Howard</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">34,450</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,050</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,335</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21,385</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,050</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,335</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">34,450</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Michael Jay Damiano</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,670</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,001</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,001</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,001</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,670</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Ella Damiano</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,670</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,001</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,001</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,001</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,670</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">David S. Nagelberg 2003 Revocable Trust</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">42,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">42,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">42,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">MSF Partners LLP</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Clifford L. Wald</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,670</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,501</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,501</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,501</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,670</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Krishna Nathan</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21,250</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,800</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23,050</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21,250</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,800</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Andrew Newmark</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,530</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,959</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,959</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,959</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,530</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Stephen Rouhana</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Advance Entertainment</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,670</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,001</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">---</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,001</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,001</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">---</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,670</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">Rooney &amp; Associates Communications LLC Defined
    Benefit Pension Plan (7)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,260</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,560</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,668</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,228</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,560</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,668</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,260</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">AR-MEN Investor LLC</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,260</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,560</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,668</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,228</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,560</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,668</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,260</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Before Offering </FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">To Be Offered</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">After Offering (1)(2)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Selling Securityholder
    (3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Shares
    of Class<BR>
    A Common<BR>
    Stock</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><BR>
    Class W<BR>
    Warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Class
    Z<BR>
    Warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Shares
    of<BR>
    Class A<BR>
    Common<BR>
    Stock<BR>
    Underlying<BR>
    Warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Class
    W<BR>
    Warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Class
    Z<BR>
    Warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Shares
    of<BR>
    Class A<BR>
    Common<BR>
    Stock</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Percentage
    of <BR>
    Class A<BR>
    Common Stock (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Percentage<BR>
    of Total<BR>
    Voting<BR>
    Power (%) (19)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 14%; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">WFCS as Custodian Stanley D. Carlson
    &ndash; IRA #6943-7710</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 8pt">11,690</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">7,605</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">1,002</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">8,607</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">7,605</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">1,002</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">11,690</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">HCFP, Inc. (8)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,670</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,600</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,001</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,601</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,600</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,001</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,670</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Londonderry Capital LLC (9)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">106,950</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,625</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,085</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,710</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,625</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,085</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">106,950</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.54</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Peter Sherman</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,850</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,850</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,850</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Peter Wright</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Edward Gutman</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,560</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,668</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,168</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,668</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,560</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">The Kevin J. Kinsella Declaration of Trust Dated
    11/2/1994</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,260</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,560</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,668</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,228</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,560</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,668</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,260</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Christopher Geoffrey Hampson</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Legendcap Opportunity Fund</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Daniel Pess (10)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">103,890</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,225</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,167</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,392</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,225</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,167</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">103,890</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.48</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">RBC Capital Markets LLC Cust FBO Peter McGowan
    SEP IRA</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,240</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,280</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">417</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,697</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,280</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">417</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,240</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Stanley W. Weiss Revocable Trust</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Anton LeRoy</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,850</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,280</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,280</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,280</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,850</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Jody Ann Miller (11)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,846</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,279</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,279</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,279</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,846</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Chris Mitchell (12)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">41,665</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,250</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,250</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,250</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">41,665</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">William Leogrande</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Lishan Aklog</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Lauren Smith</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,250</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">600</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,850</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,250</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">600</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Fourth and Twenty8, LLC (13)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,670</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,001</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">---</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,001</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,001</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,670</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Lawrence Levinson</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,250</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,275</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,275</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,275</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,250</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">The William Harvey and Karen M. Harvey Revocable
    Trust</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,170</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,251</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,251</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,251</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,170</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 32; Value: 1 -->
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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Before Offering</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">To Be Offered</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">After Offering (1)(2)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Selling Securityholder
    (3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Shares
    of Class<BR>
    A Common<BR>
    Stock</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><BR>
    Class W<BR>
    Warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><BR>
    Class Z<BR>
    Warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Shares
    of<BR>
    Class A<BR>
    Common<BR>
    Stock<BR>
    Underlying<BR>
    Warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Class
    W<BR>
    Warrants</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Class
    Z<BR>
    Warrants </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Shares
    of<BR>
    Class A<BR>
    Common<BR>
    Stock</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Percentage
    of<BR>
    Class A<BR>
    Common Stock (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Percentage<BR>
    of Total<BR>
    Voting<BR>
    Power (%) (19)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 24%; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">PENSCO Trust Company LLC, Custodian
    FBO Sol Wahba Roth IRA</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">3,330</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">999</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">999</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">999</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">3,330</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Leonard A. Costa (14)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,980</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,968</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">501</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,469</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,968</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">501</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,980</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Jeffrey Gallant (15)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,923</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,640</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,640</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,640</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,923</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Brian L. Ross (16)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,923</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,639</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,639</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,639</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,923</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Albert A DeAntonio, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">750</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">750</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">750</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Richard Herr</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,120</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">850</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">336</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,186</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">850</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">336</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,120</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Burt Koffman</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,125</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">---</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,125</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,125</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Stephen L. Schwartz</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,125</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">---</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,125</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,125</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">Josh Lamstein (17)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">560</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">425</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">168</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">593</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">425</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">168</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">560</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Robert Graham</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">835</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">251</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">251</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">251</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">835</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">William Graham</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">835</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">250</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">250</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">250</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">835</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 8pt">Trema, LLC(18)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">157,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">---</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">157,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">157,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 8pt">Michael and Annie Falk Foundation</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">8,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">8,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">--&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">859,440</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">678,822</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">180,618&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">*</FONT></TD><TD>Less than 1%.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.3in; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Beneficial ownership is determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, or the &ldquo;Exchange Act,&rdquo; and generally includes shares over which the selling securityholder has voting or dispositive power, including any shares that the selling securityholder has the right to acquire within 60 days of the date hereof. </FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.3in; font-size: 10pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Assuming all Pre-IPO Warrants offered hereunder are sold, unless otherwise noted, none of the selling securityholders will own any Pre-IPO Warrants immediately following the offering. The percentage ownership is calculated based on 4,193,490 shares of Class A Common Stock outstanding and assumes the exercise of all of the Class W Warrants and Class Z Warrants and the sale by each selling securityholder of all of the shares offered for resale hereby.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.3in; font-size: 10pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The information in the table is based on information supplied to us by the selling securityholders. Other than as described in these footnotes, none of the selling securityholders has, within the past three years, had any position, office or other material relationship with us or any of our predecessors or affiliates other than as a holder of our securities. None of the selling securityholders are broker-dealers or affiliates of a broker-dealer.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Mr. DeNicola is a member of our board of directors.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Christopher &ldquo;Ashton&rdquo; Kutcher is the founder
and chairman of our A Plus subsidiary.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in; font-size: 10pt"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Includes 100,000 shares purchasable under options that have vested. All of these options were granted under the Company&rsquo;s 2017 Incentive Equity Plan, vest in equal quarterly installments beginning on March 31, 2017, and are exercisable at $6.50 per share. &nbsp;Does not include 7,813,938 shares of the Company&rsquo;s Class B Common Stock, which are beneficially owned by Mr. Rouhana, our Chief Executive Officer. Ms. Newmark is a director, our Senior Brand Advisor, and the Publisher and Editor-In-Chief of the Chicken Soup for the Soul book series. Ms.&nbsp;Newmark is the spouse of Mr.&nbsp;Rouhana, but disclaims all beneficial ownership over the securities owned by him.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in; text-align: left">(7)</TD><TD STYLE="text-align: justify">Rooney &amp; Associates Communications LLC is an affiliate
of Rooney Partners, LLC, a firm that provides public relations services to the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.3in; font-size: 10pt"><FONT STYLE="font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">HCFP, Inc. is an affiliate of a broker-dealer that has been involved in certain prior sales of our securities, including our initial public offering.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 29px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Includes 100,000 shares purchasable under options that have vested. All of these options were granted under the Company&rsquo;s Incentive Plan, vest in equal quarterly installments beginning on March 31, 2017, and are exercisable at $6.50 per share. This entity is owned by Scott W. Seaton our chief strategic officer and a director.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in; font-size: 10pt"><FONT STYLE="font-size: 10pt">(10)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Includes 100,000 shares purchasable under options that have vested. All of these options were granted under the Company&rsquo;s Incentive Plan and are exercisable at $6.50 per share. Mr. Pess is our former chief financial officer who retired from such position in January 2019.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in; text-align: left">(11)</TD><TD STYLE="text-align: justify">Ms. Miller is the wife of David Alan Miller. Mr. Miller
is the managing partner of Graubard Miller, our outside counsel.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in; font-size: 10pt"><FONT STYLE="font-size: 10pt">(12)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Includes 33,332 shares of Class A Common Stock purchasable under options that have vested and an additional 8,333 shares purchasable under options that will vest within 60 days of the date of this registration statement and does not include 58,335 shares purchasable under options that will vest in 11 equal installments commencing March 31, 2019. All of these options were granted under the Company&rsquo;s Incentive Plan and are exercisable at $6.50 per share. Mr. Mitchell is our chief financial officer.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.3in; font-size: 10pt"><FONT STYLE="font-size: 10pt">(13) </FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Christina Weiss Lurie is the Manager of Fourth and Twenty Eight, LLC. Ms. Lurie is a member of our board of directors.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in; text-align: left">(14)</TD><TD STYLE="text-align: justify">Mr. Costa is an employee of Rooney Partners.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in; text-align: left">(15)</TD><TD STYLE="text-align: justify">Jeffrey Gallant is a partner in the firm of Graubard
Miller, our outside counsel.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in; text-align: left">(16)</TD><TD STYLE="text-align: justify">Brian Ross is a partner in the firm of Graubard Miller,
our outside counsel.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in; text-align: left">(17)</TD><TD STYLE="text-align: justify">Mr. Lamstein works for HCFP, Inc.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.3in; font-size: 10pt"><FONT STYLE="font-size: 10pt">(18)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Does not include 159,432 shares of the Company&rsquo;s Class B Common Stock. Trema, LLC is controlled by William J. Rouhana, our Chief Executive Officer.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.3in; font-size: 10pt"><FONT STYLE="font-size: 10pt">(19)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Percentage of total voting power represents voting power with respect to all shares of Class&nbsp;A and Class&nbsp;B Common Stock, as a single class. The holders of Class&nbsp;B Common Stock are entitled to ten votes per share, and holders of Class&nbsp;A Common Stock are entitled to one vote per share.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="PLANOFDISTRIBUTION"></A>PLAN OF DISTRIBUTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The selling securityholders may, from time
to time, sell, transfer, or otherwise dispose of any or all of their securities or interests in such securities on any stock exchange,
market, or trading facility on which the securities are traded or quoted or in private transactions. The securities may be offered
by the selling securityholders at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing
market price, at varying prices determined at the time of sale, or at negotiated prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The selling securityholders may use any
one or more of the following methods when disposing of the shares or interests therein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any
national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>ordinary
brokerage transactions and transactions in which the broker-dealer solicits purchasers;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in
the over the counter market;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>block
trades in which the broker-dealer will attempt to sell the securities as agent, but may position and resell a portion of the block
as principal to facilitate the transaction;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>purchases
by a broker-dealer as principal and resale by the broker-dealer for its account;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</P></TD><TD>an
exchange distribution or other future transaction exchange-related transaction in accordance with the rules of the applicable
exchange or exchange-related transaction;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>privately
negotiated transactions;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>short
sales;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through
the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>broker-dealers
may agree with the selling securityholders to sell a specified number of such shares at a stipulated price per share;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a
combination of any such methods of sale; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any
other method permitted pursuant to applicable law.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The selling securityholders may, from time
to time, pledge or grant a security interest in some or all of the securities owned by them and, if they default in the performance
of their secured obligations, the pledgees or secured parties may offer and sell the pledged shares, from time to time, under this
prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending
the list of selling securityholders to include the pledgee, transferee or other successors in interest as selling securityholders
under this prospectus. The selling securityholders also may transfer the securities in other circumstances, in which case the pledgees,
assignees or other successors-in-interest will be the selling beneficial owners for purposes of this prospectus; provided, however,
that prior to any such transfer the following information (or such other information as may be required by the federal securities
laws from time to time) with respect to each such selling beneficial owner must be added to the prospectus by way of a prospectus
supplement or post-effective amendment, as appropriate: (1)&nbsp;the name of the beneficial owner; (2) any material relationship
the beneficial owner has had within the past three years with us or any of our predecessors or affiliates; (3) the amount of securities
owned by the beneficial owner before the offering; and (4) the amount to be offered for the beneficial owner&rsquo;s account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the sale of our securities
or interests therein, the selling securityholders may enter into hedging transactions with broker-dealers or other financial institutions,
which may in turn engage in short sales of the securities in the course of hedging the positions they assume. The selling securityholders
may also sell securities short and deliver these securities to close out their short positions, or loan or pledge securities to
broker-dealers that in turn may sell these securities. The selling securityholders may also enter into option or other transactions
with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery
to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aggregate proceeds to the selling securityholders
from the sale of the securities offered by them will be the purchase price of the securities less discounts or commissions, if
any. Each of the selling securityholders reserves the right to accept and, together with their agents from time to time, to reject,
in whole or in part, any proposed purchase of securities to be made directly or through agents. We will not receive any of the
proceeds from the sale of securities by the selling securityholders. We will, however, receive up to $5,091,165 if the Class W
Warrants are exercised for cash and up to $2,167,416 if the Class Z Warrants are exercised for cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The selling securityholders also may resell
all or a portion of the securities in open market transactions in reliance upon Rule 144 under the Securities Act of 1933, provided
that they meet the criteria and conform to the requirements of that rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The selling securityholders and any underwriters,
broker-dealers or agents that participate in the sale of the securities or interests therein may be &ldquo;underwriters&rdquo;
within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale
of the securities may be underwriting discounts and commissions under the Securities Act. Selling securityholders who are &ldquo;underwriters&rdquo;
within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent required, the securities
to be sold, the names of the selling securityholders, the respective purchase prices and public offering prices, the names of any
agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer will be set forth in
an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to comply with the securities
laws of some states, if applicable, the securities may be sold in these jurisdictions only through registered or licensed brokers
or dealers. In addition, the securities may not be sold unless they have been registered or qualified for sale under the applicable
state securities laws, or an exemption from registration or qualification requirements is available and is complied with, or registration
or qualification is otherwise not required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have advised the selling securityholders
that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of securities in the market and to the
activities of the selling securityholders and their affiliates. The selling securityholders may indemnify any broker-dealer that
participates in transactions involving the sale of the securities against certain liabilities, including liabilities arising under
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of the Pre-IPO Warrants,
the shares of Class A Common Stock to be issued upon exercise of the Pre-IPO Warrants will be distributed only to those Pre-IPO
Warrant holders who surrender the Pre-IPO Warrants or the certificates representing the Pre-IPO Warrants and, unless exercised
on a cashless basis, provide payment of the exercise price, all in accordance with the warrant agreement governing such Warrants.
The Class W Warrant Agreement and Class Z Warrant Agreement are each included as an exhibit to the Registration Statement of which
this prospectus forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="LEGALMATTERS"></A>LEGAL MATTERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The legality of the securities offered
will be passed on for us by our counsel, Graubard Miller, New York, New York. Graubard Miller and certain of its partners and family
members own shares of the Class A Common Stock and Class W Warrants to purchase shares of Class A Common Stock of CSSE and certain
Class B membership interests in Chicken Soup for the Soul Holdings, LLC, our ultimate parent company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="EXPERTS"></A>EXPERTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of
Chicken Soup for the Soul Entertainment Inc. and subsidiaries as of December 31, 2019 and 2018, and for the years ended December
31, 2019 and 2018, are incorporated by reference herein to the Annual Report on <A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000155837020003353/csse-20191231x10k.htm">Form 10-K</A> for the year ended December 31, 2019,
in reliance upon the report of Rosenfield and Company, PLLC, independent registered public accounting firm, which is also incorporated
by reference herein, and upon the authority of said firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The audited historical financial
statements of Crackle U.S. (a business of Sony Pictures Entertainment) included in Exhibit 99.1 to the Chicken Soup for the
Soul Entertainment, Inc.&rsquo;s Current Report on <A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000114420419036684/tv525281_ex99-1.htm" STYLE="-sec-extract: exhibit">Form 8-K/A</A> dated July 30, 2019 have been so incorporated in reliance on
the report of PricewaterhouseCoopers LLP, independent accountants, given on the authority of said firm as experts in auditing
and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="WHEREYOUCANFINDMOREINFORMATION"></A>WHERE YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We file annual, quarterly and current reports,
proxy statements and other information with the Securities and Exchange Commission. Our SEC filings are available to the public
over the Internet at the SEC&rsquo;s web site at http://www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed with the SEC a registration
statement under the Securities Act relating to the offering of these securities. The registration statement, including the attached
exhibits, contains additional relevant information about us and the securities. This prospectus does not contain all of the information
set forth in the registration statement. You can obtain a copy of the registration statement from the SEC at the web address listed
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registration statement and our SEC
filings, including the documents referred to below under &ldquo;<I>Information Incorporated by Reference</I>,&rdquo; are also available
on our website, <I>www.cssentertainment.com</I>. We have not incorporated by reference into this prospectus the information on
our website, and you should not consider it to be a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="INCORPORATIONOFDOCUMENTSBYREFERENCE"></A>INCORPORATION OF DOCUMENTS BY REFERENCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC allows us to incorporate by reference
the information we file with it, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is an important part of this prospectus, and information that we file later with the
SEC will automatically update and supersede this information. This prospectus incorporates by reference the documents listed below,
all filings we make under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the initial filing date of the registration
statement of which this prospectus forms a part and prior to effectiveness of such registration statement, and all filings we
make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after effectiveness of such registration statement
and prior to the sale of all of the shares offered hereby, including all documents filed as exhibits to the foregoing:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our annual report on Form 10-K for the fiscal year ended December 31, 2019 filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000155837020003353/csse-20191231x10k.htm">March 30, 2020</A>;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our quarterly report on Form 10-Q for the quarter ended March 31, 2020, filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000155837020006592/csse-20200331x10q.htm">May 14, 2020</A>;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our current reports on Form 8-K or 8-K/A, as applicable, filed with the SEC on each of <A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000114420419026133/tv521597_8k.htm">May 15, 2019</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000114420419036684/tv525281_8ka.htm">July 30, 2019</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000110465920020860/tm208056d1_8k.htm">February 14, 2020</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000110465920036917/tm2013402d1_8k.htm">March 20, 2020</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000110465920041867/tm2014422d1_8k.htm">April 1, 2020</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000110465920047959/tm2016110d1_8k.htm">April 17, 2020</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000110465920062697/tm2019905d1_8k.htm">May 15, 2020</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000110465920071490/tm2022179d1_8k.htm">June 9, 2020</A>, and <A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000110465920072917/tm2022540d1_8k.htm">June 12, 2020</A>;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our proxy statement on Schedule 14A filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000110465920052913/tm2016223-1_def14a.htm">April 29, 2020</A>; and</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our registration statement on Form 8-A effective on <A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000114420417033350/v469331_8a12b.htm">June 21, 2017</A>, registering our Class A Common Stock under Section 12(b) of the Exchange Act.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any statement contained in a document filed
before the date of this prospectus and incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this prospectus to the extent that a statement contained herein modifies or supersedes such statement. Any statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus. Any information
that we file after the date of this prospectus with the SEC will automatically update and supersede the information contained in
this prospectus. Notwithstanding the foregoing, we are not incorporating any document or portion thereof or information deemed
to have been furnished and not filed in accordance with SEC rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to accessing the above information
through the SEC&rsquo;s website at www.sec.gov, you may obtain a copy of any or all of the information that has been incorporated
by reference in this prospectus, without charge, upon written or oral request directed to Chicken Soup for the Soul Entertainment,
Inc. 132 E. Putnam Ave., Floor 2W, Cos Cob, Connecticut 06807, telephone number (855) 398-0443.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item 13.</B></TD><TD><B>Other Expenses of Issuance and Distribution.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The estimated expenses in connection with the sale of the securities
being registered hereby, are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 87%"><FONT STYLE="font-size: 10pt">SEC registration fee</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1,705.20</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Accounting fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10,000.00</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Legal fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15,000.00</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Miscellaneous</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,000.00</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">31,605.20</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item 14.</B></TD><TD><B>Indemnification of Directors and Officers.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The certificate of incorporation and by-laws
of Chicken Soup for the Soul Entertainment Inc. (&ldquo;CSSE&rdquo;) provide that all directors and officers shall be entitled
to be indemnified by such company to the fullest extent permitted by law. The certificate of incorporation provides that CSSE may
indemnify to the fullest extent permitted by law all employees. CSSE&rsquo;s by-laws provide that, if authorized by the Board of
Directors, it may indemnify any other person whom it has the power to indemnify under section 145 of the Delaware General Company
Law. Section 145 of the Delaware General Company Law concerning indemnification of officers, directors, employees and agents is
set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Section 145. Indemnification of
officers, directors, employees and agents; insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A corporation shall have power to indemnify
any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason
of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request
of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the
person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe the person&rsquo;s conduct was unlawful. The termination of any action,
suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not,
of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed
to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable
cause to believe that the person&rsquo;s conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A corporation shall have power to indemnify
any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by
or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was a director,
officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys&rsquo;
fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit if the
person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the
corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall
have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which
such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of
Chancery or such other court shall deem proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that a present or former
director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding
referred to in subsections (a) and (b) of this section, or in defense of any claim, issue or matter therein, such person shall
be indemnified against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by such person in connection
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
indemnification under subsections (a) and (b) of this section (unless ordered by a court) shall be made by the corporation only
as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee
or agent is proper in the circumstances because the person has met the applicable standard of conduct set forth in subsections
(a) and (b) of this section. Such determination shall be made, with respect to a person who is a director or officer of the corporation
at the time of such determination, (1) by a majority vote of the directors who are not parties to such action, suit or proceeding,
even though less than a quorum, or (2) by a committee of such directors designated by majority vote of such directors, even though
less than a quorum, or (3) if there are no such directors, or if such directors so direct, by independent legal counsel in a written
opinion, or (4) by the stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses
(including attorneys&rsquo; fees) incurred by an officer or director of the corporation in defending any civil, criminal, administrative
or investigative action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action,
suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall
ultimately be determined that such person is not entitled to be indemnified by the corporation as authorized in this section. Such
expenses (including attorneys&rsquo; fees) incurred by former directors and officers or other employees and agents of the corporation
or by persons serving at the request of the corporation as directors, officers, employees or agents of another corporation, partnership,
joint venture, trust or other enterprise may be so paid upon such terms and conditions, if any, as the corporation deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not
be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under
any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person&rsquo;s official
capacity and as to action in another capacity while holding such office. A right to indemnification or to advancement of expenses
arising under a provision of the certificate of incorporation or a bylaw shall not be eliminated or impaired by an amendment to
such provision after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative
action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the
time of such act or omission explicitly authorizes such elimination or impairment after such action or omission has occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee
or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and
incurred by such person in any such capacity, or arising out of such person&rsquo;s status as such, whether or not the corporation
would have the power to indemnify such person against such liability under this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this section, references to &ldquo;the corporation&rdquo; shall include, in addition to the resulting corporation,
any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate
existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that
any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request
of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust
or other enterprise, shall stand in the same position under this section with respect to the resulting or surviving corporation
as such person would have with respect to such constituent corporation if its separate existence had continued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this section, references to &ldquo;other enterprises&rdquo; shall include employee benefit plans; references to &ldquo;fines&rdquo;
shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references to &ldquo;serving
at the request of the corporation&rdquo; shall include any service as a director, officer, employee or agent of the corporation
which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit
plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to
be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner
 &ldquo;not opposed to the best interests of the corporation&rdquo; as referred to in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided
when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure
to the benefit of the heirs, executors and administrators of such a person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all actions for advancement of expenses or
indemnification brought under this section or under any bylaw, agreement, vote of stockholders or disinterested directors, or otherwise.
The Court of Chancery may summarily determine a corporation&rsquo;s obligation to advance expenses (including attorneys&rsquo;
fees).&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to our directors, officers, and controlling persons pursuant to the foregoing
provisions, or otherwise, we have been advised that, in the opinion of the SEC, such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment of expenses incurred or paid by a director, officer or controlling person in a successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, we will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to the court
of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Paragraph B of Article Eight of CSSE&rsquo;s
certificate of incorporation provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;The Company, to the full extent
permitted by Section 145 of the GCL, as amended from time to time, shall indemnify all persons whom it may indemnify pursuant thereto.
Expenses (including attorneys&rsquo; fees) incurred by an officer or director in defending any civil, criminal, administrative,
or investigative action, suit or proceeding for which such officer or director may be entitled to indemnification hereunder shall
be paid by the Company in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by
or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be
indemnified by the Company as authorized hereby.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item 15.</B></TD><TD STYLE="text-align: justify"><B>Recent Sales of Unregistered Securities</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Set forth below is information regarding
shares of capital stock issued by us during the last three years. Also included is the consideration received by us for such shares
and information relating to the section of the Securities Act, or rule of the Securities and Exchange Commission, under which exemption
from registration was claimed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Share Issuance and Warrants</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 23, 2019 we issued 40,000 shares
of our Series A Preferred Stock to a single investor in a private placement for $25.00 pursuant to the exemption from registration
under Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder. The investor received customary registration rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 25, 2019, we issued 40,000 shares
of our Series A Preferred Stock to a single investor in a private placement for $25.00 per share for aggregate gross proceeds of
$1 million. We were required to reimburse the investor&rsquo;s expenses in connection with the sale, including expenses related
to due diligence and legal, equal to 8% of the gross proceeds. The investor received customary registration rights. Such securities
were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act and Regulation D promulgated
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2019, in connection with the consummation
of our joint venture, Crackle Plus, we issued to CPEH warrants to purchase (a) 800,000 shares of Class A Common Stock at an exercise
price of $8.13 per share; (b)&nbsp; 1,200,000 shares of Class A Common Stock at an exercise price of $9.67 per share; (c)&nbsp;
380,000 shares of Class A Common Stock at an exercise price of $11.61 per share; and (d) 1,620,000 shares of Class A Common Stock
at an exercise price of $11.61 per share. All of such warrants have a five-year term commencing on the closing and are exercisable
during such term. CPEH has registration rights with respect to the shares of Class A Common Stock underlying the warrants. Such
securities were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act and Regulation
D promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, we issued to Crackle (now
CPEH) 37,000 units of preferred equity of Crackle Plus and 1,000 units of common equity of Crackle Plus. From May 2020 to October
2020 (&ldquo;Exercise Period&rdquo;), CPEH will have the right to either convert its preferred equity into common equity of Crackle
Plus or require us to purchase all, but not less than all, of its interest in Crackle Plus (&ldquo;Put Option&rdquo;). We may elect
to pay for such interest in cash or through the issuance of Series A Preferred Stock using a price per share of $25. CPEH has registration
rights with respect to any shares of Series A Preferred Stock it may be issued in connection with the Put Option. Subject to certain
limitations, in the event that CPEH has not converted its preferred equity into common equity of Crackle Plus or exercised its
Put Option, CPEH shall be deemed to have automatically exercised the Put Option on the last day of the Exercise Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2018 we completed our acquisition
of all of the capital stock of A Sharp Inc. (dba &ldquo;A Plus&rdquo;) for an aggregate purchase price of $15,000,000, paid as
follows: (i) a reduction by approximately $3.3 million of advances owed by A Plus to the Company, (ii) the issuance of 350,299
Class A Common Stock at a share price of $8.35 totaling a value of approximately $2,925,000 to the individual sellers and (iii)
the remaining in cash to CSS in consideration of all of its shares of A Plus as an offset to amounts due pursuant to the intercompany
cash management system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2018, we completed our acquisition
of all the capital stock of Pivotshare for approximately $258,000 in cash, the issuance of 134,000 shares of Series A Preferred
Stock and the issuance of 74,235 shares of Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2017, we completed our acquisition
of all the membership interests of Screen Media for approximately $4.9 million in cash and the issuance of 35,000 shares of our
Class A Common Stock and our Class Z Warrants exercisable into 50,000 shares of our Class A Common Stock at $12 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Between June 2016 and June 2017, the Company
sold a total of an aggregate of approximately $2.5 million of Class A Common Stock and warrants in private placements. Such securities
were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act and Regulation D promulgated
thereunder, as fewer than 35 investors were non-accredited investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beginning in June 2016 and through November
2016, the Company sold in a separate private placement to accredited investors $1.0 million of units, consisting of an aggregate
of 170,960 shares of Class A Common Stock and Class W Warrants to purchase an aggregate of 51,288 shares of Class A Common Stock.
Such securities were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act and
Regulation D promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beginning in December 2016 and through
March 2017, the Company sold in a separate private placement to accredited investors approximately $1.0 million of units, consisting
of an aggregate of 150,112 shares of Class A Common Stock and Class W Warrants to purchase an aggregate of 45,034 shares of Class
A Common Stock. Such securities were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities
Act and Regulation D promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During May and June 2017, the Company sold
in two separate equity private placements, a total of an aggregate of 55,000 shares of Class A Common Stock and Class Z Warrants
to purchase an aggregate of 50,000 shares of Class A Common Stock. Such securities were issued pursuant to the exemption from registration
contained in Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2017, at the election of certain
holders of the Company&rsquo;s notes payable (&ldquo;Term Notes&rdquo;), the Company converted approximately $0.9 million of Term
Notes into 102,060 shares of Class A Common Stock at a conversion price per share of $9 and issued Class Z Warrants to purchase
an aggregate of 30,618 shares of Class A Common Stock at $12 per share, to those noteholders that elected to convert. The securities
issued upon conversion of the Term Notes were issued pursuant to the exemption from registration contained in Section 3(a)(9) of
the Securities Act, as the Term Notes were exchanged for securities exclusively, and no commission or other remuneration was paid
or given directly or indirectly for soliciting such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Grants of Stock Options and Restricted
Stock</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2020 the Company issued an
aggregate of 7,805 shares of its Class A Common stock to five directors pursuant to the Company&rsquo;s non-employee director compensation
policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2019 the Company issued an aggregate
of 6,959 shares of its Class A Common Stock to four directors pursuant to the Company&rsquo;s non-employee director compensation
policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2019, in connection with the creation
of Crackle Plus and the employment by the Company of certain key employees of Crackle, Inc., the Company granted five-year options
to purchase up to 15,000 shares of the Company&rsquo;s Class A Common Stock to an employee and five year options to purchase up
to 25,000 shares of the Company&rsquo;s Class A Common Stock to two employees. All of the options vest in twelve equal quarterly
installments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2019 the Company granted five-year
options to purchase up to 75,000 and 100,000 shares of the Company&rsquo;s Class A Common Stock to a non-management employee and
an officer, respectively, that vest in twelve equal quarterly installments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2019 the Company granted five-year
options to purchase up to 10,000 and 20,000 shares of the Company&rsquo;s Class A Common Stock to two non-management employees
that vest in twelve equal quarterly installments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2019 the Company granted five-year
options to purchase up to 20,000 shares of the Company&rsquo;s Class A Common Stock to an officer and five year options to purchase
up to 100,000 shares of the Company&rsquo;s Class A Common Stock to two officers. All the options vest in twelve equal quarterly
installments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2018, in connection with the
Company&rsquo;s acquisition of Pivotshare and the employment by the Company of certain key employees of Pivotshare, the Company
granted five-year options to purchase 7,500 and 15,000 shares of the Company&rsquo;s Class A Common Stock to two employees that
vest in three equal annual installments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2018 the Company granted a five-year
option to purchase up to 10,000 shares of the Company&rsquo;s Class A Common Stock to an employee that vests in twelve equal quarterly
installments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2017, in connection with the
Company&rsquo;s acquisition of Screen Media Ventures and the employment by the Company of certain key employees of Screen Media
Ventures, the Company granted a five-year option to purchase up to 75,000 shares of the Company&rsquo;s Class A Common Stock to
an employee that vests in twelve quarterly installments and a five-year option to purchase up to 50,000 shares of the Company&rsquo;s
Class A Common Stock to another employee that vests in semi-annual installments over a three year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2017 the Company granted a five-year
option to purchase up to 50,000 shares of the Company&rsquo;s Class A Common Stock to an employee that vests in twelve quarterly
installments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2017 the Company granted a five-year
option to purchase up to 75,000 shares of the Company&rsquo;s Class A Common Stock to an employee that vests in quarterly installments
of 6,250 shares commencing June 30, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2017, the Company granted five-year
options to purchase up to 100,000 shares of the Company&rsquo;s Class A Common Stock to three officers that vest in eight equal
quarterly installments commencing March 31, 2017 and which are exercisable at $6.50 per share. In 2017, the Company granted additional
options to non-management grantees to purchase up to an aggregate of 390,000 shares at exercise prices between $6.50 and $9.74.
All of these options were granted under the Company&rsquo;s 2017 Long-Term Incentive Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares of restricted stock, and the
stock options and Class A Common Stock issuable upon the exercise of such stock options, as described above were issued pursuant
to written compensatory plans or arrangements with our officers, directors, and employees, including the 2017 Long Term Incentive
Plan. Prior to March 2018, such grants were made in reliance on the exemption set forth in Section 4(a)(2) under the Securities
Act. On March 20, 2018, the Company&rsquo;s Registration Statement on Form S-8 to register the shares of Class A Common Stock issued
and issuable pursuant to the Company&rsquo;s 2017 Long Term Incentive Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item 16.</B></TD><TD><B>Exhibits</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A list of the exhibits required by Item 601 of Regulation S-K
to be filed as part of this registration statement is set forth in the Exhibit Index on page 47.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item 17.</B></TD><TD><B>Undertakings</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned
registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include
any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Provided</I>, <I>however</I>, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Paragraphs (1)(i), (1)(ii) and
(1)(iii) of this section do not apply if the registration statement is on Form S-3 and the information required to be included
in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration
statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purposes of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be
part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on
Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information
required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale
of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any
person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements
relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the
registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first
use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
filing of the registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934
(and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant
of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Cos Cob, Connecticut, on the the 15th day of June, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>CHICKEN SOUP FOR THE SOUL ENTERTAINMENT INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt">/s/ William J. Rouhana, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">William J. Rouhana, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the
dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Position</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%"><FONT STYLE="font-size: 10pt">/s/ William J. Rouhana Jr.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 48%"><FONT STYLE="font-size: 10pt">Chairman and Chief Executive Officer (Principal Executive Officer)</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-size: 10pt">June 15, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">William J. Rouhana Jr.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Scott W. Seaton</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice Chairman and Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">June 15, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Scott W. Seaton</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Christopher Mitchell</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer (Principal Financial Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">June 15, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Christopher Mitchell</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Daniel Sanchez</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Accounting Officer (Principal Accounting Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">June 15, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Daniel Sanchez</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Amy Newmark</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">June 15, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Amy Newmark </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Cosmo DeNicola</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">June 15, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Cosmo DeNicola </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Fred Cohen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">June 15, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Fred Cohen </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Christina Weiss Lurie</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">June 15, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Christina Weiss Lurie </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Diana Wilkin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">June 15, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Diana Wilkin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Martin Pompadur</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">June 15, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Martin Pompadur </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><U>Exhibit No.</U></TD>
    <TD STYLE="width: 90%"><U>Description</U></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000114420416124763/filename3.htm" STYLE="-sec-extract: exhibit">3.1</A></TD><TD STYLE="text-align: justify; width: 90%"><A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000114420416124763/filename3.htm" STYLE="-sec-extract: exhibit">Certificate of Incorporation (1)</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000114420416124763/filename4.htm" STYLE="-sec-extract: exhibit">3.2</A></TD><TD STYLE="text-align: justify; width: 90%"><A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000114420416124763/filename4.htm" STYLE="-sec-extract: exhibit">Bylaws (1)</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000114420417033348/v468952_ex3-1.htm" STYLE="-sec-extract: exhibit">4.1</A></TD><TD STYLE="text-align: justify; width: 90%"><A HREF="https://www.sec.gov/Archives/edgar/data/1679063/000114420417033348/v468952_ex3-1.htm" STYLE="-sec-extract: exhibit">Specimen Class A Common Stock Certificate (1)</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><A HREF="tm2022585d1_ex4-2.htm">4.2</A></TD><TD STYLE="width: 90%"><A HREF="tm2022585d1_ex4-2.htm">Form of Class W Warrant Agreement between Chicken Soup for the Soul Entertainment Inc. and Continental Stock Transfer &amp;
Trust Company. (2)</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><A HREF="tm2022585d1_ex4-3.htm">4.3</A></TD><TD STYLE="width: 90%"><A HREF="tm2022585d1_ex4-3.htm">Form of Class Z Warrant Agreement between Chicken Soup for the Soul Entertainment Inc. and Continental Stock Transfer &amp;
Trust Company (2)</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><A HREF="tm2022585d1_ex4-4.htm" STYLE="-sec-extract: exhibit">4.4</A></TD><TD STYLE="text-align: justify; width: 90%"><A HREF="tm2022585d1_ex4-4.htm" STYLE="-sec-extract: exhibit">Form of Class W Warrant (2)</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><A HREF="tm2022585d1_ex4-5.htm" STYLE="-sec-extract: exhibit">4.5</A></TD><TD STYLE="text-align: justify; width: 90%"><A HREF="tm2022585d1_ex4-5.htm" STYLE="-sec-extract: exhibit">Form of Class Z Warrant (2)</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><A HREF="tm2022585d1_ex5-1.htm">5.1</A></TD><TD STYLE="text-align: justify; width: 90%"><A HREF="tm2022585d1_ex5-1.htm">Opinion of Graubard Miller (2)</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><A HREF="tm2022585d1_ex23-1.htm">23.1</A></TD><TD STYLE="text-align: justify; width: 90%"><A HREF="tm2022585d1_ex23-1.htm">Consent of Rosenfield and Company, PLLC (2)</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><A HREF="tm2022585d1_ex23-2.htm">23.2</A></TD><TD STYLE="text-align: justify; width: 90%"><A HREF="tm2022585d1_ex23-2.htm">Consent of PricewaterhouseCoopers LLP (2)</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><A HREF="tm2022585d1_ex5-1.htm">23.3</A></TD><TD STYLE="text-align: justify; width: 90%"><A HREF="tm2022585d1_ex5-1.htm">Consent of Graubard Miller (included in its opinion filed
as Exhibit 5.1)</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><A HREF="tm2022585d1_ex99-1.htm">99.1</A></TD><TD STYLE="width: 90%"><A HREF="tm2022585d1_ex99-1.htm">Unaudited Pro Forma Condensed Combined Financial Information as of and for the year ended December 31, 2019 (2)</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0.5in">(1)</TD><TD>Incorporated by reference to the Registrant&rsquo;s Registration Statement on Form 1-A (SEC File No. 024-10704).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(2)</TD><TD>Filed herewith.</TD></TR></TABLE>

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[{"type": "S-1", "sequence": "1", "filename": "tm2022585d1_s1.htm", "description": "FORM S-1", "secsgml_size_bytes": 490600}]
{"company-data": {"conformed-name": "Chicken Soup for the Soul Entertainment, Inc.", "cik": "0001679063", "assigned-sic": "7819", "irs-number": "812560811", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-239201", "film-number": "20964831"}, "business-address": {"street1": "132 E. PUTNAM AVE", "city": "COS COB", "state": "CT", "zip": "06807", "phone": "203-861-4000"}, "mail-address": {"street1": "PO BOX 700", "city": "COS COB", "state": "CT", "zip": "06807"}}
As filed with the Securities and Exchange
Commission on June 15, 2020
Registration No. 333- _______
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
CHICKEN
SOUP FOR THE SOUL ENTERTAINMENT INC.
(Exact name of registrant as specified in its charter)
Delaware
7819
81- 2560811
(State or other jurisdiction of
(Primary Standard Industrial
(I.R.S. Employer
incorporation or organization)
Classification Code Number)
Identification Number)
132 E. Putnam Avenue, Floor 2W
Cos Cob, CT 06807
(855) 398-0443
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
William J. Rouhana, Jr., Chairman and
Chief Executive Officer
Chicken Soup for the Soul Entertainment
Inc.
132 E. Putnam Avenue, Floor 2W
Cos Cob, CT 06807
(855) 398-0443
(Name, address, including zip code,
and telephone number, including area code, of agent for service)
Copies to:
David Alan Miller, Esq.
Brian L. Ross, Esq.
Graubard Miller
The Chrysler Building
405 Lexington Avenue
New York, New York 10174
Telephone: (212) 818-8800
Facsimile: (212) 818-8881
Approximate date of commencement of proposed
sale to the public:
From time to time after the effective date of this Registration Statement.
If any of the securities
being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act
of 1933 check the following box.
x
If this Form is filed
to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
¨
If this Form is a
post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering.
¨
If this Form is a
post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering.
¨
Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company
or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller
reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
x
Smaller reporting company
x
Emerging growth company
x
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 7(a)(2)(B) of the Securities Act.
¨
CALCULATION OF REGISTRATION FEE
Title of each class of
securities to be registered(1)
Amount
to be registered (1)
Proposed
maximum
offering price per
share (2)
Proposed
maximum
aggregate
offering price
Amount of
registration fee
For Resale
Class A Common Stock, par value $0.0001 per share (4)
678,822
$
6.84
$
4,643,142
$
602.68
Class A Common Stock, par value $0.0001 per share (5)
180,618
$
6.84
$
1,235,427
$
160.36
Class W Warrants (6)
678,822
–
(3)
–
(3)
–
(3)
Class Z Warrants(6)
180,618
–
(3)
–
(3)
–
(3)
For Issuance
Class A Common Stock, par value $0.0001 per share (7)
678,822
$
7.50
$
5,091,165
$
660.83
Class A Common Stock, par value $0.0001 per share (8)
180,618
$
12.00
$
2,167,416
$
281.33
Total
$
1,705.20
(1)
Pursuant to Rule 416(a) of the Securities Act, this Registration Statement also covers any additional
securities which may become issuable to prevent dilution from stock splits, stock dividends and similar events.
(2)
Estimated solely for the purpose of calculating the amount of
the registration fee, based upon the average of the high and low prices of the Class A common stock, as reported by the Nasdaq
Global Market on June 12, 2020, in accordance with Rule 457(c) promulgated under the Securities Act of 1933, as amended. In the
case of the shares of common stock underlying the Class W and Class Z Warrants being offered for initial issuance, the proposed
maximum offering price is the exercise price of the applicable warrant.
(3)
No separate fee due in accordance with Rule 457(g).
(4)
Represents shares of Class A Common Stock underlying Class W Warrants issued by us prior to our
initial public offering. The Class W Warrants have an exercise price of $7.50 per share.
(5)
Represents shares of Class A Common Stock underlying Class Z Warrants issued by us prior to our
initial public offering. The Class Z Warrants have an exercise price of $12.00 per share.
(6)
Represents warrants that were originally issued by us in private placements prior to our initial
public offering.
(7)
Represents the issuance by us of shares of Class A Common Stock underlying Class W Warrants issued
by us in private placements, to the extent the Class W Warrants are transferred in a public sale prior to exercise.
(8)
Represents the issuance by us of shares of Class A Common Stock underlying Class Z Warrants issued
by us in private placements, to the extent the Class Z Warrants are transferred in a public sale prior to exercise.
The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment
which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant
to said Section 8(a), may determine.
The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is
not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
Preliminary Prospectus
Subject to Completion
Dated June 15, 2020
859,440 SHARES OF CLASS A COMMON STOCK
(For Resale)
678,822 CLASS W WARRANTS (For Resale)
180,618 CLASS Z WARRANTS (For Resale)
859,440 SHARES OF CLASS A COMMON STOCK
(For Issuance)
This prospectus covers shares of our Class
A Common Stock, $0.0001 par value ("Class A Common Stock"), Class W Warrants exercisable for Class A Common Stock at
an exercise price of $7.50 per share ("Class W Warrants") and Class Z Warrants exercisable for Class A Common Stock
at an exercise price of $12.00 per share ("Class Z Warrants", and, together with the Class W Warrants, the "Pre-IPO
Warrants") that may be offered for resale or otherwise disposed of by the selling securityholders set forth under the caption
 "
Selling Securityholders
" beginning on page 29 of this prospectus, including their pledgees, assignees, or successors-in-interest.
The securities offered for resale include:
(i) 678,822 Class W Warrants
sold by us in private placements consummated prior to our initial public offering;
(ii) 180,618 Class Z Warrants
sold by us in private placements consummated prior to our initial public offering;
(iii) 678,822 shares of Class
A Common Stock issuable upon the exercise of the Class W Warrants; and
(iv) 180,618 shares of Class
A Common Stock issuable upon the exercise of Class Z Warrants;
The shares of Class A Common Stock issuable
upon exercise of the Pre-IPO Warrants are offered for resale solely to the extent that such Pre-IPO Warrants are exercised by the
selling securityholders (or their pledgees, assignees, or successors-in-interest) prior to their transfer in a public sale. To
the extent the selling securityholders transfer the Pre-IPO Warrants in a public sale prior to exercising them, this prospectus
also covers the issuance of an aggregate of 859,440 shares of our Class A Common Stock to subsequent holders of the Pre-IPO Warrants
upon their subsequent exercise.
The Class W Warrants
have an exercise price of $7.50 per share, subject to adjustment as described therein, and may be exercised at any time through
June 30, 2021. The Class Z Warrants have an exercise price of $12.00 per share, subject to adjustment as described therein, and
may be exercised at any time through June 30, 2022.
We will not receive any
proceeds from the sale or other disposition of the securities by the selling securityholders. We will, however, receive up to $5,091,165
if all of the Class W Warrants are exercised for cash and up to $2,167,416 if the Class Z Warrants are exercised for cash. We expect
to use proceeds received from the exercise of the Pre-IPO Warrants, if any, for working capital and other general corporate purposes
including dividends and share repurchases. The selling securityholders may be deemed to be "underwriters" within the
meaning of the Securities Act of 1933 (the "Securities Act"). Pursuant to the terms of registration rights granted
to the selling securityholders, we will pay the expenses of registering the Pre-IPO Warrants and shares of Class A Common
Stock for resale, but all selling commissions and other similar expenses incurred by the selling securityholders will be paid by
the selling securityholders.
Our Class A Common Stock
is listed for trading on the Nasdaq Global Market under the symbol "CSSE" and our 9.75% Series A Cumulative Redeemable
Perpetual Preferred stock, $0.0001 par value ("Series A Preferred Stock") is listed for trading on the Nasdaq Global
Market under the Symbol "CSSEP." There is presently no public market for our Class W Warrants or our Class Z Warrants.
We intend to use commercially reasonable efforts to engage a market maker to apply for quotation of our Class W Warrants and Class
Z Warrants on the OTC Pink Open Market ("Pink Market") on or promptly following the date of this prospectus, but we
cannot guarantee that our Class W Warrants or Class Z Warrants will be approved for quotation or listing on any market.
We are an "emerging
growth company" as defined in the Jumpstart Our Business Startups Act of 2012 and have elected to comply with certain reduced
public company reporting requirements.
Investing in our securities involves
a high degree of risk. See "
Risk Factors
" on page 17 in this prospectus and elsewhere in any supplements for
a discussion of information that should be considered in connection with an investment in our securities.
Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy
of this prospectus. Any representation to the contrary is a criminal offense.
The date of this prospectus is [●],
2020
2
TABLE OF CONTENTS
ABOUT
    THIS PROSPECTUS
4
CERTAIN CORPORATE
    INFORMATION AND DEFINITIONS
5
NOTE ON FORWARD-LOOKING
    STATEMENTS
6
PROSPECTUS SUMMARY
8
THE OFFERING
14
RISK FACTORS
17
USE OF PROCEEDS
22
DESCRIPTION OF OUR
    WARRANTS AND COMMON STOCK
23
SELLING SECURITYHOLDERS
29
PLAN OF DISTRIBUTION
34
LEGAL MATTERS
36
EXPERTS
36
WHERE YOU CAN FIND
    MORE INFORMATION
36
INCORPORATION OF
    DOCUMENTS BY REFERENCE
37
You should rely only on the information
contained or incorporated by reference in this prospectus. We have not authorized anyone to provide you with different information.
We are not making an offer of these securities in any state where the offer is not permitted.
3
ABOUT THIS PROSPECTUS
This prospectus is part of a registration
statement on Form S-1 (the "Registration Statement") that we have filed with the Securities and Exchange Commission
(the "SEC"). The selling securityholders may sell, in one or more offerings pursuant to this prospectus, up to an aggregate
of 859,440 shares of our Class A Common Stock, 678,822 Class W Warrants, and 180,618 Class Z Warrants, as described in this prospectus.
To the extent the selling securityholders transfer the Pre-IPO Warrants in a public sale prior to exercising them, this prospectus
also covers the issuance of up to 859,440 shares of our Class A Common Stock to subsequent holders of such warrants upon their
subsequent exercise.
This prospectus provides you with a general description of the
securities we or the selling securityholders may offer. You should read this prospectus together with the additional information
described below under the heading "
Where You Can Find More Information
" and "
Information Incorporated
by Reference
."
You should rely only on the information contained or incorporated
by reference in this prospectus. We and the selling securityholders have not authorized anyone to provide you with different information
and, if provided, such information or representations must not be relied upon as having been authorized by us or the selling securityholders.
This prospectus shall not constitute an offer to sell or a solicitation of an offer to buy offered securities in any jurisdiction
in which it is unlawful for such person to make such an offering or solicitation. This prospectus does not contain all of the information
included in the registration statement. For a more complete understanding of the offering of the securities, you should refer to
the registration statement, including its exhibits.
You should not assume that the information
appearing in this prospectus is accurate as of any date other than the date on the front cover of this prospectus. You should not
assume that the information contained in any documents incorporated by reference herein is accurate as of any date other than the
respective dates of those documents. Our business, financial condition, results of operations, and prospects may have changed since
that date.
4
CERTAIN CORPORATE INFORMATION AND DEFINITIONS
Our company, Chicken Soup for the Soul Entertainment, Inc.,
is referred to in this prospectus as "CSSE," the "Company," or "we" or similar pronouns. References
to:
·
"CSS Productions" means Chicken Soup for the Soul Productions, LLC, our immediate parent;
·
"CSS" means Chicken Soup for the Soul, LLC, our intermediate parent company;
·
"CSS Holdings" means Chicken Soup for the Soul Holdings, the parent company of CSS and our ultimate parent company;
·
"Screen Media" means Screen Media Ventures, LLC, a wholly owned subsidiary of CSSE;
·
"A Plus" means A Sharp Inc. (d/b/a A Plus), a wholly owned subsidiary of CSSE;
·
"Pivotshare" means Pivotshare, Inc., a wholly owned subsidiary of CSSE.
·
"Crackle Plus" means Crackle Plus, LLC, a company formed by CSSE and CPE Holdings, Inc. (an affiliate of Sony Pictures
Television Inc.); and
·
"Landmark Studio Group" means Landmark Studio Group LLC, a majority owned subsidiary of CSSE.
We and our subsidiaries and affiliates
have proprietary rights to the trademarks and trade names used herein, including, among others, Chicken Soup for the Soul®,
Crackle®, Popcornflix.com®, Popcornflix Kids®, Truli®, and FrightPix®. Solely as a matter of convenience, trademarks
and trade names referred to herein may or may not be accompanied with the marks of "TM" or "®", however,
the absence of such marks is not intended to indicate that the Company or its affiliates or subsidiaries will not assert, to the
fullest extent possible under applicable law, their respective rights to such trademarks and trade names.
5
NOTE ON FORWARD-LOOKING STATEMENTS
The statements contained in this prospectus
and in the documents incorporated by reference in this prospectus that are not purely historical are forward-looking statements.
Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions or strategies
regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events
or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipates," "believes,"
 "continues," "could," "estimates," "expects," "intends," "may,"
 "might," "plans," "possible," "potential," "predicts," "projects,"
 "should," "would" and similar expressions may identify forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus and in the documents
incorporated by reference in this prospectus may include, for example, statements about:
·
our limited operating history;
·
our financial performance, including our ability to generate
revenue;
·
the outbreak of the novel coronavirus ("COVID-19"),
including the measures to reduce its spread, and the impact on the economy and demand for our services, which may precipitate
or exacerbate other risks and uncertainties our financial performance, including our ability to generate revenue;
·
potential effects of a challenging economy, for example,
on the demand for our advertising and marketing services, on our clients' financial condition and on our business or financial
condition;
·
the ability of our content offerings to achieve market
acceptance;
·
the impact of increased competition;
·
our success in retaining or recruiting, or changes required
in, our officers, key employees or directors;
·
our potential ability to obtain additional financing
when and if needed;
·
our ability to protect our intellectual property;
·
our ability to complete strategic acquisitions, including
joint ventures and co-production arrangements;
·
our ability to manage growth and integrate acquired operations;
·
uninterrupted service by the third-party service providers
we rely on for the distribution of our content and delivery of ad impressions;
·
the potential liquidity and trading of our securities;
·
downward revisions to, or withdrawals of, our credit
ratings by third-party rating agencies;
·
regulatory or operational risks;
·
our estimates regarding expenses, future revenue, capital
requirements and needs for additional financing; and
·
the time during which we will be an Emerging Growth Company
("EGC") under the Jumpstart Our Business Startups Act of 2012, or JOBS Act.
6
The forward-looking statements contained
in this prospectus and in the documents incorporated by reference in this prospectus are based on current expectations and beliefs
concerning future developments and their potential effects on us. There can be no assurance that future developments will be those
that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond
our control) or other assumptions that may cause actual results or performance to be materially different from those expressed
or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those risk factors
incorporated by reference or described in the section titled "
Risk Factors
." Should one or more of these risks
or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities
laws.
7
PROSPECTUS SUMMARY
This summary contains basic information
about us and our business but does not contain all of the information that is important to your investment decision. You should
carefully read this summary together with the more detailed information contained elsewhere in this prospectus and the documents
incorporated herein by reference before making an investment decision. Investors should carefully consider the information set
forth under the caption "Risk Factors" appearing elsewhere in this prospectus, including those described in documents
incorporated by reference herein.
Overview
Chicken Soup for the Soul Entertainment
Inc. operates streaming video-on-demand networks ("VOD"). The Company owns a majority stake in Crackle Plus, a company
formed with an affiliate of Sony Pictures Television ("SPT"), which owns and operates a variety of ad-supported and
subscription-based VOD networks including Crackle®, Popcornflix, Popcornflix Kids®, Truli®, Pivotshare, Españolflix
and FrightPix®. The Company also acquires and distributes video content through Screen Media and produces long and short-form
original content through subsidiaries and outside partnerships. The content acquired or produced by the Company is sometimes used
exclusively on our networks and is generally also sold to others with the goal of providing our networks access to original and
exclusive advertising-supported online video-on-demand ("AVOD") content at a lower cost and to generate additional
revenue and operating cash flow for the Company.
Our majority-owned Crackle Plus subsidiary
was formed in partnership with SPT in May 2019. Crackle Plus is one of the largest, independent AVOD network groups in the United
States, with viewers streaming an average of approximately 30 million programs per month. The popular network, Crackle®, is
the largest Crackle Plus network and a top performer on the industry-leading Roku platform. Our VOD networks deliver popular and
original new content covering a wide range of themes, including family, children and faith, as well as proven genres, such as horror
and comedy.  We are differentiated among other VOD network operators by our ability to generate original content cost-effectively
and by our access to more than 78,000 hours of programming.  Our Screen Media subsidiary has one of the largest independently owned
television and film libraries in the industry and provides content to the Crackle Plus networks and third-party networks. Our VOD
networks also feature original content produced through our subsidiaries, Landmark Studio Group and A Plus. Our exclusive, perpetual,
sublicensable and worldwide license, to create and distribute video content under the Chicken Soup for the Soul® brand (the
 "Brand") also allows us to create new Brand-focused AVOD channels, which we expect to do in the future.
We believe CSSE is the only independent
AVOD network operator with the proven capability to create and distribute original programming and access to an extensive amount
of valuable company-owned and third-party library content.  We believe this differentiation is important at a time of
a major shift in consumer viewing habits, as the growth in both availability and quality of high-speed broadband enables consumers
to consume video content at any time on any device.
According to industry projections, the
global market for AVOD network revenue is expected to increase at a compound annual growth rate of 21% between 2018 and 2024, reaching
$56 billion by the end of the period.  At the same time, advertising spending on linear television networks is expected
to decline as more viewers transition from pay television subscriptions to online video viewing.  We believe AVOD networks
will grow rapidly as consumers seek affordable programming alternatives to multiple subscription video-on-demand ("SVOD")
offerings.
8
In this environment, our strategy is to
build a leading VOD network featuring a range of mass-appeal and thematic programming options.  We are executing on this
strategy in three ways:
·
Increasing
content.
Our "originals and exclusives" focus, supported by our distribution and production business, is
designed to distinguish our network brands among viewers.  We are able to add to our existing broad base of content
without the significant capital outlay of a traditional television or film studio by producing new originals at low cost through
creative partnerships, such as our award-winning 2019 series
Going from Broke
. Through Screen Media, we are also acquiring
the rights to additional exclusive content. Finally, we are expanding our production capacity through partnerships, the formation
of our majority owned subsidiary Landmark Studio Group and acquiring additional content libraries, such as our recent acquisition
of the Foresight Unlimited film library.
·
Growing
and retaining audience while adding new networks.
Our goal is to utilize our increasing, exclusive access to quality
programming to grow and retain viewers on our existing networks.  As we grow our content libraries, we are also continuously
evaluating opportunities to create new thematic networks that feature certain genres and other types of programming that can deliver
more targeted advertising opportunities to marketers such as a Chicken Soup for the Soul network for families.  Finally,
we are also actively evaluating opportunities to acquire additional AVOD networks that can accelerate our path to scale.
·
Building
our advertising sales capability.
As we grow our stable of networks, we are investing in integration of advertising
platform technology stacks and the growth of our sales force.  As our advertising sales capability matures, we believe
we will be positioned to increase both overall advertising sales and ad insertion rates.
Business Strategy
We are a media company operating Crackle
Plus, our AVOD and SVOD networks group, supported by our distribution and production capabilities. Our goal is to grow our network
platform organically and through consolidation to establish a leading AVOD business positioned to capture ad revenue as that revenue
increasingly moves from linear TV to online video.
Our two main areas of operation are:
Online Networks.
We distribute
and exhibit VOD content directly to consumers across all digital platforms, such as connected TVs, smartphones, tablets, gaming
consoles and the web through our owned and operated AVOD Crackle Plus networks. We also distribute our own and third-party owned
content to consumers across various digital platforms through our SVOD network, Pivotshare. We generate advertising revenues primarily
by serving video advertisements to our streaming viewers on our AVOD networks and subscription revenues from customers on our SVOD
network.
Our acquisition of Screen Media in 2017
marked our entry into the direct-to-consumer online VOD market through Popcornflix, which has an extensive footprint with apps
that have been downloaded more than 27 million times.
Popcornflix is one of the largest AVOD
services. Under the Popcornflix brand, we operate a series of direct-to consumer advertising supported channels. As a "free-to-consumer"
digital streaming channel, Popcornflix is an extremely popular online video platform that can be found on the web, iPhones and
iPads, Android products, Roku, Xbox, Amazon Fire, Apple TV, Chromecast and Samsung and Panasonic internet connected televisions,
among others. Popcornflix is currently available in 61 countries, including the United States, United Kingdom, Canada, Australia,
Germany, France, and Singapore, with additional territories to be added.
In October 2018, we completed the acquisition
of the assets of Truli Media Corp., which operates a nascent global family-friendly and faith-based online video channel ("Truli").
Truli's content fits strategically in our thematic network plans and includes film, television, music videos, sports, comedy,
and educational material.
9
In May 2019, we launched a new streaming
video subsidiary known as Crackle Plus, through which we operate VOD networks including, Crackle and Popcornflix. Viewers are able
to watch premium video content, such as films and TV shows on our networks. The networks are accessible through various internet
connected digital devices such as mobile, tablet, smart TV and console. The networks primarily earn revenue from advertisements
placed on the platform through direct and reseller channels. Our entry into subscription-based VOD was initiated by our acquisition
of the Pivotshare VOD platform in August 2018. All of our VOD operations are currently in our Crackle Plus subsidiary.  As
a result, Crackle Plus, is one of the largest AVOD companies in the United States as well as a targeted SVOD network provider.  Within
Crackle Plus we have been primarily focused on growing our AVOD networks and may turn more attention to our SVOD opportunities
in the future.
Television and Film Distribution and
Production.
We distribute movies and television series worldwide, through Screen Media, to consumers through license agreements
across all media, including theatrical, home video, pay-per-view, free, cable, pay television, VOD, mobile and new digital media
platforms worldwide. We own the copyright or long-term distribution rights to over 1,000 television series and feature films, representing
one of the largest independently owned libraries of filmed entertainment in the world.
We have distribution licensing agreements
with numerous VOD services across all major platforms, such as cable and satellite VOD and Internet VOD, which includes TVOD for
rentals or purchases of films, AVOD for free-to-viewer streaming of films supported by advertisements and SVOD for unlimited access
to films for a monthly fee.
Our cable and satellite VOD distribution
agreements include those with DirecTV, Cablevision (Altice USA), Verizon and In Demand (owned by Comcast, Charter and Time Warner
Cable-Spectrum). Our Internet VOD distribution agreements include agreements with Amazon, iTunes, Samsung, YouTube, Hulu, Xbox,
Netflix, Sony, and Vudu, among others.
We have expanded our international distribution
capabilities in connection with the acquisition of the Foresight library.
Screen Media's distribution capabilities
across all media give us the ability to monetize various rights to our produced and co-produced television series and films directly,
including our content that will be produced through Landmark Studio Group. The cost savings from Screen Media's distribution
capabilities enhance our revenue and profits from our produced or co-produced content. Furthermore, Screen Media supports the programming
and content needs of our AVOD networks. The ability to monetize film and TV rights through Screen Media gives us the ability to
retain exclusive AVOD rights for some of our acquired or produced films or television series on a cost advantaged basis.
Historically, we have produced content
in two main ways. We work with sponsors and use highly regarded independent producers to develop and produce our television and
short-form video content, including Brand-related content. We also derive revenue from our subsidiary A Plus, which develops and
distributes high-quality, empathetic short-form videos to millions of people worldwide. A Plus enhances our ability to distribute
short form versions of our video productions thereby meeting commitments to sponsors and providing us with content developed and
distributed by A Plus that is complementary to the Brand.
As a result of launching Crackle Plus we
decided to change our approach to content production, focusing primarily on co-production partnerships in order to build our AVOD
networks, through Crackle Plus, and our worldwide distribution capabilities through Screen Media. By focusing this way, we believe
that we will be able to grow our business more rapidly by entering into production agreements with a variety of production partners.
In October 2019, we launched Landmark Studio Group, our first production co-venture subsidiary. Landmark Studio Group is a fully
integrated entertainment company focused on ownership, development, and production of quality entertainment franchises.
Landmark Studio Group develops, produces,
distributes and owns all the intellectual property (IP) it creates, building a valuable library. The studio is independent, with
the ability to sell its content to any network or platform, while also developing and producing original content for Crackle Plus.
Landmark Studio Group controls all worldwide rights and distributes those rights exclusively through Screen Media.
10
We plan to enter into other similar co-production
arrangements going forward. We will only occasionally produce programming internally.
Competition
We are in a highly competitive business.  The
market for streaming entertainment is rapidly changing. We face competition from companies within the entertainment business and
from alternative forms of leisure entertainment, such as travel, sporting events, outdoor recreation, video games, the internet
and other cultural and computer-related activities. We compete for viewers and programming with much larger companies which have
significant resources and brand recognition, including dominant video on demand providers such as Netflix, HBO Max (including
HBO GO), Hulu, Amazon Prime Video, Disney Plus, Apple TV Plus, Fubo TV, Sling TV, and major film and television studios. 
We also compete with numerous independent motion picture and television distribution and production companies, television networks,
pay television systems and online media platforms for viewers, subscribers, and the services of performing artists, producers and
other creative and technical personnel and production financing, all of which are essential to the success of our businesses.
In addition, our video content competes
for media outlet and audience acceptance with video content produced and distributed by other companies. As a result, the success
of any of our video content is dependent not only on the quality and acceptance of a particular production, but also on the quality
and acceptance of other competing video content available in the marketplace at or near the same time.
Given such competition, and our stage of
development, we emphasize a lower cost structure, risk mitigation, reliance on financial partnerships and innovative financial
strategies. We rely on our flexibility and agility as well as the entrepreneurial spirit of our employees, partners and affiliates,
in order to provide creative, desirable video content.
Intellectual Property
We are party to a License Agreement with
CSS ("CSS License Agreement") through which we have been granted the perpetual, exclusive, worldwide license by CSS
to produce and distribute video content using the Brand and related content, such as stories published in the Chicken Soup for
the Soul books. Chicken Soup for the Soul and related names are trademarks owned by CSS. We have the proprietary rights (including
copyrights) in all Company-produced content. As a result of the acquisitions of Screen Media, Pivotshare, Crackle, and other smaller
libraries and companies, we now own copyrights or global long-term distribution rights to approximately 78,000 hours of content.
We rely on a combination of copyright,
trademark, trade secret laws, confidentiality procedures, contractual provisions and other similar measures to protect our proprietary
information and intellectual property rights. Our ability to protect and enforce our intellectual property rights is subject to
certain risks and from time to time we encounter disputes over rights and obligations concerning intellectual property, which are
described more fully in the section titled "
Risk Factors
."
Employees
As of June 15, 2020,
we had 98 direct employees. The services of certain personnel, including our chairman and chief executive officer, vice chairman
and chief strategy officer, our senior brand advisor and director, and chief financial officer, among others, are provided to us
under a management services agreement between the Company and CSS. We also utilize many consultants in the ordinary course of our
business and hire additional personnel on a project-by-project basis. We believe that our employee and labor relations are good,
and we are committed to inclusion and strict policies and procedures to maintain a safe work environment.
11
Background of the
Offering
The Class W Warrants and Class Z Warrants
were issued in several private placements prior to our initial public offering. Each outstanding Class W Warrant entitles the holder
to purchase one share of our Class A Common Stock at a price of $7.50 per share, subject to adjustment, at any time through June
30, 2021. Each outstanding Class Z Warrant entitles the holder to purchase one share of our Class A Common Stock at a price of
$12.00 per share, subject to adjustment, at any time through June 30, 2022.
The Class W Warrants and Class Z Warrants
may be exercised, in whole or in part, on a cashless basis. Further, we may call for cancellation of all or any portion of the
Class W Warrants or Class Z Warrants for which a notice of exercise has not yet been delivered to us for consideration equal to
$0.01 per Class W Warrant or Class Z Warrant, as the case may be, in accordance with the provisions of such warrants, if (i) our
Class A Common Stock is traded, listed or quoted on any U.S. market or electronic exchange, and (ii) the closing per-share sales
price of the Class A Common Stock for any twenty (20) trading days during a consecutive thirty (30) trading days period exceeds
$15.00, for Class W Warrants, or $18.00, for Class Z Warrants, in each case subject to adjustment for forward and reverse stock
splits, recapitalizations, stock dividends and the like. The right to exercise will be forfeited unless the warrants are exercised
prior to the date specified in the call notice. On and after the call date, a record holder of a warrant will have no further rights
except to receive the call price for such holder's warrant upon surrender of such warrant.
Corporate Information
We are a Delaware corporation formed on
May 4, 2016. CSS Productions, our predecessor and immediate parent company, was formed in December 2014 by CSS, and initiated operations
in January 2015. We were formed to create a discrete entity focused on video content opportunities using the Brand. In May 2016,
pursuant to the terms of the contribution agreement among CSS, CSS Productions and the Company, all video content assets owned
by CSS, CSS Productions and their CSS subsidiaries were transferred to the Company in consideration for its issuance to CSS Productions
of 8,600,568 shares of the Company's Class B Common Stock (the "Class B Common Stock"). Thereafter, CSS Productions'
operating activities ceased, and the Company continued the business operations of producing and distributing the video content.
Our
address is 132 East Putnam Avenue, Floor 2W, Cos Cob, CT 06807. Our telephone number is (855) 398-0443, and our website address
is https://www.cssentertainment.com. The information contained on, or that can be accessed through, our website is not part of
this prospectus.
Internet Address and Availability of
Filings
We maintain a website at www.cssentertainment.com.
Information contained on, or accessible through, our website shall not be deemed to be incorporated by reference into this prospectus.
The Company makes available, free of charge, on or through its internet website, the Company's Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Sections
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended ("Exchange Act"), as soon as reasonably practicable
after the Company electronically files such material with, or furnishes it to, the Securities and Exchange Commission.
12
Implications of Being an Emerging Growth
Company
We are an "emerging growth company,"
as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As long as we are an emerging growth
company, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other
public companies that are not emerging growth companies. These include, but are not limited to:
·
Not being required to comply with the auditor attestation requirements in the assessment of our
internal control over financial reporting;
·
Not being required to comply with any requirement that may be adopted by the Public Company Accounting
Oversight Board regarding mandatory audit firm rotation or a supplement to the auditors' report providing additional information
about the audit and the financial statements;
·
Reduced disclosure obligations regarding executive compensation; and
·
Exemptions from the requirements of holding a nonbinding advisory vote on executive compensation
and stockholder approval of any golden parachute payments not previously approved.
We may remain an "emerging growth
company" until as late as December 31, 2022, the fiscal year-end following the fifth anniversary of the completion of
our initial public offering, though we may cease to be an emerging growth company earlier under certain circumstances, including
if (a) we have more than $1.07 billion in annual gross revenue in any fiscal year, (b) the market value of our common
stock that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal
quarter or (c) we issue more than $1 billion of non-convertible debt over a three-year period.
13
THE OFFERING
Class A Common Stock to be offered by the
selling securityholders (shares
underlying Pre-IPO Warrants)
859,440 shares
Class W Warrants to be offered by the selling
securityholders
678,822 Class W Warrants
Class Z Warrants to be offered by the selling
securityholders
180,618 Class Z Warrants
Class A Common Stock to be offered by us
To the extent the selling securityholders transfer the Pre-IPO Warrants in a public sale prior to exercising same, this prospectus also covers the issuance of an aggregate of 859,440 shares of our Class A Common Stock to subsequent holders of the Pre-IPO Warrants upon their subsequent exercise.
Use of proceeds
The securities sold for resale under this prospectus will be sold or otherwise disposed of for the account of the selling securityholders, or their pledgees, assignees, or successors-in-interest. We will not receive any of the proceeds from the sale or other disposition of the securities by the selling securityholders. We will, however, receive up to $5,091,165 and $2,167,416, respectively, upon the cash exercise of all of the Class W and Class Z Warrants, whether cash exercised by the selling securityholders or by public holders after the resale of the Pre-IPO Warrants hereunder. We expect to use the proceeds received from the cash exercise of the Pre-IPO Warrants, if any, for working capital and other general corporate purposes including dividends and share repurchases. See "
Use of Proceeds
" beginning on page 22 of this prospectus.
Nasdaq Global Market symbol
Class A Common Stock: CSSE
No Public Market for Warrants
There is no public market for our Class W Warrants or Class Z Warrants. We intend to use commercially reasonable efforts to secure market makers for our Pre-IPO Warrants such that our Class W Warrants and Class Z Warrants will be quoted on the Pink Market. We cannot assure you, however, that we will be able to secure any such market makers or that a market for our Pre-IPO Warrants will develop, or that any such market will be sustained.
14
Exercisability of Pre-IPO Warrants
The Class W Warrants have an exercise price
        of $7.50 per share, subject to adjustment as described therein, and may be exercised at any time through June 30, 2021. The Class
        Z Warrants have an exercise price of $12.00 per share, subject to adjustment as described therein, and may be exercised at any
        time through June 30, 2022.
The exercise price and number of shares
        of Class A Common Stock issuable on exercise of the Pre-IPO Warrants may be adjusted in certain circumstances including in the
        event of a share dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, the
        Pre-IPO Warrants will not be adjusted for issuances of shares of any equity or equity-based securities at a price below their respective
        exercise prices.
Optional Redemption
If our Class A Common Stock is traded,
        listed, or quoted on any U.S. market or electronic exchange, and the closing per-share sales price of the Class A Common Stock
        for any twenty (20) trading days during a consecutive thirty (30) trading days period (the "Measurement Period") exceeds
        $15.00 (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends and the like), then we may
        call for cancellation of all or any portion of the Class W Warrants for which a notice of exercise has not yet been delivered to
        us for consideration equal to $.01 per Class W Warrant, in accordance with the provisions of the Class W Warrants. Similarly, if
        during the Measurement Period the closing per-share sales price of our Class A Common Stock exceeds $18.00 (subject to adjustment
        for forward and reverse stock splits, recapitalizations, stock dividends and the like), then we may call for cancellation of all
        or any portion of the Class Z Warrants for which a notice of exercise has not yet been delivered to us for consideration equal
        to $.01 per Class Z Warrant, in accordance with the provisions of the Class Z Warrants.
If we issue a call notice with respect
        to the Class W Warrants or Class Z Warrants, the right to exercise the Pre-IPO Warrants subject to the call notice will be forfeited
        unless such Pre-IPO Warrants are exercised prior to the date specified in the call notice. On and after the call date, a record
        holder of a Pre-IPO Warrant so called will have no further rights except to receive the call price for such holder's Pre-IPO
        Warrant upon surrender of such Pre-IPO Warrant.
15
Risk factors
See "
Risk Factors
," below and the other information included in or incorporated by reference into this prospectus for a discussion of the factors you should consider before making an investment decision.
Transfer Agent
Continental Stock Transfer & Trust Co. is the registrar and transfer agent of our Class A Common Stock and the warrant agent for the Pre-IPO Warrants.
16
RISK FACTORS
Any investment in our securities involves
a high degree of risk. Potential investors are urged to read and consider the risks and uncertainties relating to an investment
in the Company as set forth in this prospectus and in the documents we incorporate by reference herein. Potential investors also
should read and consider the risks and uncertainties discussed under the item "Risk Factors" in our Annual Report on
Form 10-K for the year ended December 31, 2019, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and our
subsequent quarterly reports on Form 10-Q and annual reports on Form 10-K, all of which are incorporated herein by reference, and
may be amended, supplemented, or superseded from time to time by other reports we file with the SEC in the future. Additional risks
and uncertainties not presently known to us or that we currently deem immaterial may also affect our business and results of operations.
If any of these risks actually occur, our business, financial condition, or results of operations could be seriously harmed. In
that event, the market price for our securities could decline and you may lose all or part of your investment.
Risks Relating to COVID-19
Our business, results of operations, and financial condition
has been and may continue to be impacted by the recent coronavirus (COVID-19) outbreak.
The global spread of the coronavirus (COVID-19)
and the various attempts to contain it have created significant volatility, uncertainty and economic disruption. In response to
government mandates, health care advisories and otherwise responding to employee and vendor concerns, we have altered certain aspects
of our operations. Our workforce has had to spend a significant amount of time working from home, which impacts productivity and
our ability to exercise proper internal controls over our operations. All of our productions are paused, as are productions of
third-parties who supply us with content. Other operating partners have similarly had their operations altered or temporarily suspended,
including those partners that we use for our Crackle Plus operations as well as development, production and post-production of
content. To the extent the resulting economic disruption continues for an extended period or worsens, we could see some vendors
go out of business, resulting in supply constraints and increased costs or delays to our operations. Such pauses may cause us temporarily
to have less new content available on our services in subsequent quarters, which could negatively impact consumer demand for and
user retention to our service. Temporary operation pauses or permanent shutdowns in production could result in content asset impairments
or other charges and will change the timing and amount of cash outflows associated with operating activity.
The full extent to which the COVID-19 pandemic
and the various responses to it continue to impact our business, operations and financial results will depend on numerous evolving
factors that we may not be able to accurately predict, including: the duration and scope of the pandemic; governmental, business
and individuals' actions that have been and continue to be taken in response to the pandemic; the availability and cost to
access the capital markets; the effect on our customers and customer demand for our services; disruptions or restrictions on our
employees' ability to work and travel; interruptions or restrictions related to the provision of streaming services over
the internet, including impacts on content delivery networks and streaming quality; and any stoppages, disruptions or increased
costs associated with our development, production, post-production, marketing and distribution of original programming. Furthermore,
given increased government expenditures associated with their COVID-19 response, we could see increased government obligations
which could negatively impact our results of operations. If we need to access the capital markets, there can be no assurance that
financing may be available on attractive terms, if at all. We will continue to actively monitor the issues raised by the COVID-19
pandemic and may take further actions that alter our business operations, including content production, as may be required by federal,
state, local or foreign authorities, or that we determine are in the best interests of our employees, customers, partners and stockholders.
It is not clear what the potential effects any such alterations or modifications may have on our business, including the effects
on our customers, suppliers or vendors, or on our financial results.
17
The COVID-19 pandemic has also led to an
increase in our Crackle Plus users relative to our quarterly forecast and historic trends. These results, as well as those of other
metrics such as revenues, operating margins, net income and other financial and operating data, may not be indicative of results
for future periods. Our increase in user additions may reflect the acceleration of growth that we would have seen in subsequent
periods, and user growth may slow or reverse, due to slower acquisition and/or higher cancellations, as government and other restrictions
are relaxed. In addition to the potential direct impacts to our business, the global economy is likely to be significantly weakened
as a result of the actions taken in response to COVID-19. To the extent that such a weakened global economy impacts advertisers'
ability or willingness to pay for advertisements on our service or vendors' ability to provide services to us, we could see
our business and results of operations negatively impacted. In addition, a weakened global economy could impact our ability to
collect our outstanding accounts receivable which would have a negative impact on our results of operations.
Risks Relating to the Offering
A substantial number of shares of our Class A Common Stock
may be issued upon exercise of the Pre-IPO Warrants, which could adversely affect the price of our Class A Common Stock
.
The Class W Warrants
are exercisable for up to 678,822 shares of Class A Common Stock at an exercise price of $7.50 per share and the Class Z Warrants
are exercisable for up to 180,618 shares of Class A Common Stock at a price of $12.00 per share. If all of the Pre-IPO Warrants
are exercised for cash we will be required to issue an aggregate of 859,440 shares of Class A Common Stock, or approximately 20%
of our Class A Common Stock outstanding as of June 12, 2020. The selling securityholders will likely exercise the warrants only
at a time when it is economically beneficial to do so. Accordingly, the exercise of these warrants will dilute our other equity
holders and may adversely affect the market price of the Class A Common Stock.
Sales of substantial amounts of our
Class A Common Stock by the selling securityholders, or the perception that these sales could occur, could adversely affect the
price of our Class A Common Stock.
The sale by the selling
securityholders of a significant number of shares of Class A Common Stock, or the perception in the public markets that the selling
securityholders may sell all or a portion of their Class A Common Stock as a result of the registration of such shares hereunder,
could have a material adverse effect on the market price of our Class A Common Stock.
No public market exists for our Class
W Warrants or Class Z Warrants.
Prior to this offering there has been no
public market for our Class W Warrants or Class Z Warrants. We have not taken any steps to enable our Class W Warrants or Class
Z Warrants to be quoted on an inter-dealer quotation system. We intend to use commercially reasonable efforts to engage a market
maker to apply for quotation of our Class W Warrants and Class Z Warrants on the Pink Market on or promptly following the date
of this prospectus, but we cannot guarantee that our Class W Warrants or Class Z Warrants will be approved for quotation or listing
on any market. Further, even if listed or quoted, an active trading market may never develop or, if developed, may not be sustained.
You may be unable to sell Class W Warrants or Class Z Warrants unless a market for such securities can be established or sustained.
Holders of our Class W Warrants and
Class Z Warrants will have no rights as a common stockholder until such warrants are exercised
.
Until holders of our Class W Warrants and
Class Z Warrants acquire shares of our Class A Common Stock upon exercise of the Class W Warrants or Class Z Warrants, as applicable,
holders of Class W Warrants and Class Z Warrants will have no rights with respect to the shares of Class A Common Stock underlying
such warrants.
18
The market price of our Class A Common
Stock may never exceed the exercise price of the Pre-IPO Warrants issued in connection with this offering.
The Class W Warrants
have an exercise price of $7.50 per share, subject to adjustment as described therein, and may be exercised at any time through
June 30, 2021. The Class Z Warrants have an exercise price of $12.00 per share, subject to adjustment as described therein, and
may be exercised at any time through June 30, 2022. The market price of our Class A Common Stock may never exceed the exercise
price of the Pre-IPO Warrants prior to their date of expiration. Any Pre-IPO Warrants not exercised by their date of expiration
will expire worthless and we will be under no further obligation to the warrant holder.
We may call the Pre-IPO Warrants
for cancellation.
We may call for cancellation of all or
any portion of the Class W Warrants or Class Z Warrants for which a notice of exercise has not yet been delivered to us for consideration
equal to $.01 per Class W Warrant or Class Z Warrant, as the case may be, in accordance with the provisions of such warrants, if
(i) our Class A Common Stock is traded, listed or quoted on any U.S. market or electronic exchange, and (ii) the closing per-share
sales price of the Class A Common Stock for any twenty (20) trading days during a consecutive thirty (30) trading days period exceeds
$15.00, for Class W Warrants, or $18.00, for Class Z Warrants, in each case subject to adjustment for forward and reverse stock
splits, recapitalizations, stock dividends and the like. The right to exercise will be forfeited unless the warrants are exercised
prior to the date specified in the call notice. On and after the call date, a record holder of a warrant will have no further rights
except to receive the call price for such holder's warrant upon surrender of such warrant.
If we call the Pre-IPO
Warrants for cancellation, that could force you to (i) exercise your Pre-IPO Warrants and pay the exercise price therefor
at a time when it may be disadvantageous for you to do so, (ii) sell your Pre-IPO Warrants at the then-current market price
when you might otherwise wish to hold your Pre-IPO Warrants or (iii) accept the nominal redemption price which, at the time
the outstanding Pre-IPO Warrants are called for redemption, is likely to be substantially less than the market value of your Pre-IPO
Warrants
.
Only a limited
market exists for our Class A Common Stock, which could lead to price volatility.
Our Class A Common Stock
trades on the Nasdaq Global Market under the symbol "CSSE." However, trading volume for our Class A Common Stock has
historically been low. The limited trading market for our Class A Common Stock may cause fluctuations in the market value of our
stock to be exaggerated, leading to price volatility in excess of that which would occur in a more active trading market for our
stock.
We may amend the
terms of the Pre-IPO Warrants in a manner that may be adverse to holders of Warrants with the approval by the holders of at least
50% of the then outstanding Class W Warrants or Class Z Warrants, respectively. As a result, the exercise price of your Pre-IPO
Warrants could be increased, the exercise period could be shortened and the number of shares of our Class A Common Stock purchasable
upon exercise of a Pre-IPO Warrant could be decreased, all without your approval.
Pre-IPO Warrants purchased
hereunder will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company,
as warrant agent, and us. The warrant agreement provides that the terms of the Pre-IPO Warrants may be amended without the consent
of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 50%
of the then outstanding Class W Warrants or Class Z Warrants, as applicable, to make any change that adversely affects the interests
of the registered holders of Class W Warrants or Class Z Warrants. Accordingly, we may amend the terms of the Pre-IPO Warrants
in a manner adverse to you without your consent. Our ability to amend the terms of the Pre-IPO Warrants with the consent of at
least 50% of the then outstanding Class W Warrants or Class Z Warrants, as applicable. Examples of such amendments could include,
among other things, an increase in the exercise price of the Pre-IPO Warrants, conversion of the Pre-IPO Warrants into cash, or
to shorten the exercise period or decrease the number of shares of Class A Common Stock purchasable upon exercise of a Pre-IPO
Warrant.
19
Our certificate
of incorporation provides, subject to limited exceptions, that the Court of Chancery of the State of Delaware is the sole and exclusive
forum for certain stockholder litigation matters, which could limit our stockholders' ability to obtain a favorable judicial
forum for disputes with us or our directors, officers, employees or stockholders.
Our certificate of incorporation
requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors, officers
and employees for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery in the State
of Delaware (or if the Court of Chancery does not have jurisdiction, another state court located within the State of Delaware,
or if no state court located within the State of Delaware has jurisdiction, the federal district court for the District of Delaware)
and, if brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to the personal jurisdiction
of the state and federal courts located within the State of Delaware and to service of process on such stockholder's counsel.
Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock shall be deemed to have notice
of and consented to the forum provisions in our certificate of incorporation.
This choice of forum
provision may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with
us or any of our directors, officers or employees, which may discourage lawsuits with respect to such claims. We cannot be certain
that a court will decide that this provision is either applicable or enforceable, and if a court were to find the choice of forum
provision contained in our certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional
costs associated with resolving such action in other jurisdictions, which could harm our business, operating results and financial
condition.
Our certificate of incorporation
provides that the exclusive forum provision is applicable to the fullest extent permitted by applicable law. Section 27 of the
Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange
Act or the rules and regulations thereunder. As a result, we anticipate that the exclusive forum provision will not apply to suits
brought to enforce any duty or liability created by the Exchange Act, the Securities Act or any other claim for which the federal
courts have exclusive jurisdiction and the exclusive forum provision is not intended to waive our compliance with federal securities
laws and the rules and regulations thereunder or bar claims properly brought thereunder.
Our chairman and
chief executive officer effectively controls our company.
We have two classes of
common stock — Class A Common Stock, each share of which entitles the holder thereof to one vote on any matter
submitted to our stockholders, and Class B Common Stock, each share of which entitles the holder thereof to ten votes on any matter
submitted to our stockholders. Our chairman and chief executive officer, William J. Rouhana, Jr., has control over the vast majority
of all the outstanding voting power as represented by our outstanding Class B and Class A Common Stock and effectively controls
CSS Holdings and CSS, which controls CSS Productions, and, in turn, our company. Further, our bylaws provide that any member of
our board may be removed with or without cause by the majority of our outstanding voting power, thus Mr. Rouhana exerts significant
control over our board. This concentration of ownership and decision making may make it more difficult for other stockholders to
effect substantial changes in our company and may also have the effect of delaying, preventing or expediting, as the case may be,
a change in control of our company.
20
We currently do
not plan to pay any dividends on our common stock.
The payment of cash dividends
on our common stock in the future will be dependent upon our revenue and earnings, if any, capital requirements and general financial
condition, our obligation to pay dividends on our Series A Preferred Stock, as well as the limitations on dividends and distributions
that exist under our lending agreement, the laws and regulations of the State of Delaware and will be within the discretion of
our board of directors. As a result, any gain you may realize on our common stock (including shares of common stock obtained upon
exercise of our warrants) may result solely from the appreciation of such shares.
If our securities become subject to the SEC's penny
stock rules, broker-dealers may have trouble in completing customer transactions and trading activity in our securities may be
adversely affected.
If at any time our securities become subject
to the "penny stock" rules promulgated under the Exchange Act our securities could be adversely affected. Typically,
securities trading under a market price of $5.00 per share and that do not meet certain exceptions, such as national market listing
or annual revenue criteria, are subject to the penny stock rules. Under these rules, broker-dealers who recommend such securities
to persons other than institutional accredited investors must:
·
make a special written suitability determination for the purchaser;
·
receive the purchaser's written agreement to the transaction prior to sale;
·
provide the purchaser with risk disclosure documents which identify certain risks associated with
investing in "penny stocks" and which describe the market for these "penny stocks" as well as a purchaser's
legal remedies; and
·
obtain a signed and dated acknowledgement from the purchaser demonstrating that the purchaser has
received the required risk disclosure documents before a transaction in a "penny stock" can be completed.
If our securities become
subject to these rules, broker-dealers may find it difficult to effectuate customer transactions and trading activity in our securities
may be adversely affected. As a result, the market price of our securities may be depressed, and you may find it more difficult
to sell our securities.
Nasdaq could delist our Class A Common Stock from quotation
on its exchange, which could limit investors' ability to sell and purchase our shares and subject us to additional trading
restrictions.
Our Class A Common Stock is currently listed on Nasdaq, a national
securities exchange. If our Class A Common Stock is not listed on Nasdaq or another national securities exchange at any time after
the date hereof, we could face significant material adverse consequences, including:
·
a limited availability of market quotations for our Class A Common Stock;
·
reduced liquidity with respect to our Class A Common Stock;
·
a determination that our Class A Common Stock is "penny stock" which will require brokers
trading in our shares to adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary
trading market for our common stock;
·
a limited amount of news and analyst coverage for our company; and
·
a decreased ability to issue additional securities or obtain additional financing in the future.
21
USE OF PROCEEDS
Certain of the securities
sold under this prospectus will be sold or otherwise disposed of for the account of the selling securityholders, or their pledgees,
assignees, or successors-in-interest. We will not receive any of the proceeds from the sale or other disposition of the securities
by the selling securityholders. We will, however, receive up to $5,091,165 if the Class W Warrants are exercised for cash and up
to $2,167,416 if the Class Z Warrants are exercised for cash. We expect to use proceeds received from the exercise of the Pre-IPO
Warrants, if any, for working capital and other general corporate purposes including dividends and share repurchases.
22
DESCRIPTION OF OUR PRE-IPO WARRANTS
AND COMMON STOCK
Introduction
In the discussion that follows, we have
summarized selected provisions of our certificate of incorporation, bylaws and the Delaware General Corporation Law, or "DGCL,"
relating to our capital stock. This summary is not complete. This discussion is subject to the relevant provisions of Delaware
law and is qualified in its entirety by reference to our certificate of incorporation and our bylaws. You should read the provisions
of our certificate of incorporation and our bylaws as currently in effect for provisions that may be important to you.
General
We are authorized to issue 70 million shares
of Class A Common Stock, par value $.0001, 20 million shares of Class B Common Stock, par value $.0001, and 10 million shares of
preferred stock, par value $.0001, of which 4,300,000 shares has been designated Series A Preferred Stock.
Our Class A Common Stock and Series A Preferred
Stock were each approved for listing on the Nasdaq Global Market under the symbols "CSSE" and "CSSEP",
respectively.
As of the date of this prospectus, 4,193,490
shares of our Class A Common Stock are outstanding, 7,813,938 shares of our Class B Common Stock are outstanding and 1,599,002
shares of our Series A Preferred Stock are outstanding. We also have outstanding Class W Warrants to purchase an aggregate of 678,822
shares of our Class A Common Stock and Class Z Warrants to purchase an aggregate of 180,618 share of our Class A Common Stock,
and we issued warrants to CPEH to purchase an aggregate of 4,000,000 shares of Class A Common Stock.
Common Stock
Voting Rights
Holders of shares of Class A Common Stock
and Class B Common Stock have substantially identical rights, except that holders of shares of Class A Common Stock are entitled
to one vote per share and holders of shares of Class B Common Stock are entitled to ten votes per share. Holders of shares of Class
A Common Stock and Class B Common Stock vote together as a single class on all matters (including the election of directors) submitted
to a vote of stockholders, unless otherwise required by law or our charter. See
"Certain Anti-Takeover Provisions of our
Certificate of Incorporation and By-Laws,"
below. There is no cumulative voting with respect to the election of directors,
with the result that the holders of more than 50% of the voting power voting for the election of directors can elect all of the
directors.
Dividend Rights
Shares of Class A Common Stock and Class
B Common Stock shall be treated equally, identically and ratably, on a per share basis, with respect to any dividends or distributions
as may be declared and paid from time to time by the board of directors out of any assets legally available therefor.
No Preemptive or Similar Rights
Our common stock is not entitled to preemptive
rights and is not subject to conversion, redemption or sinking fund provisions.
23
Right to Receive Liquidation Distributions
Subject to the preferential or other rights
of any holders of preferred stock then outstanding, including the Series A Preferred Stock, upon our dissolution, liquidation or
winding up, whether voluntary or involuntary, holders of Class A Common Stock and Class B Common Stock will be entitled to receive
ratably all of our assets available for distribution to our stockholders unless disparate or different treatment of the shares
of each such class with respect to distributions upon any such liquidation, dissolution or winding up is approved in advance by
the affirmative vote (or written consent if action by written consent of stockholders is permitted at such time under our certificate
of incorporation) of the holders of a majority of the outstanding shares of Class A Common Stock and Class B Common Stock, each
voting separately as a class.
Merger or Consolidation
In the case of any distribution or payment
in respect of the shares of Class A Common Stock or Class B Common Stock upon our consolidation or merger with or into any other
entity, or in the case of any other transaction having an effect on stockholders substantially similar to that resulting from a
consolidation or merger, such distribution or payment shall be made ratably on a per share basis among the holders of the Class
A Common Stock and Class B Common Stock as a single class,
provided
,
however
, that shares of one such class may receive
different or disproportionate distributions or payments in connection with such merger, consolidation or other transaction if (i)
the only difference in the per share distribution to the holders of the Class A Common Stock and Class B Common Stock is that any
securities distributed to the holder of a share Class B Common Stock have ten times the voting power of any securities distributed
to the holder of a share of Class A Common Stock, or (ii) such merger, consolidation or other transaction is approved by the affirmative
vote (or written consent if action by written consent of stockholders is permitted at such time under our Certificate of Incorporation)
of the holders of a majority of the outstanding shares of Class A Common Stock and Class B Common Stock, each voting separately
as a class.
Conversion
The outstanding shares of Class B Common
Stock are convertible at any time as follows: (a) at the option of the holder, a share of Class B Common Stock may be converted
at any time into one share of Class A Common Stock or (b) upon the election of the holders of a majority of the then outstanding
shares of Class B Common Stock, all outstanding shares of Class B Common Stock may be converted into shares of Class A Common Stock.
Once converted into Class A Common Stock, the Class B Common Stock will not be reissued.
Pre-IPO Warrants
Each outstanding Class W Warrant entitles
the registered holder to purchase one share of our Class A Common Stock at a price of $7.50 per share, subject to adjustment as
discussed below. Each Class W Warrant is exercisable at any time through June 30, 2021 at 5:00 p.m., New York City time.
Each outstanding Class Z Warrant entitles
the registered holder to purchase one share of our Class A Common Stock at a price of $12.00 per share, subject to adjustment as
discussed below. Each Class Z Warrant is exercisable at any time through June 30, 2022 at 5:00 p.m., New York City time.
24
Cancellation
We may call for cancellation of all or
any portion of the Class W Warrants or Class Z Warrants for which a notice of exercise has not yet been delivered to us for consideration
equal to $.01 per Class W Warrant or Class Z Warrant, as the case may be, in accordance with the provisions of such warrants, if
(i) our Class A Common Stock is traded, listed or quoted on any U.S. market or electronic exchange, and (ii) the closing per-share
sales price of the Class A Common Stock for any twenty (20) trading days during a consecutive thirty (30) trading days period exceeds
$15.00, for Class W Warrants, or $18.00, for Class Z Warrants, in each case subject to adjustment for forward and reverse stock
splits, recapitalizations, stock dividends and the like.
The right to exercise will be forfeited
unless the warrants are exercised prior to the date specified in the call notice. On and after the call date, a record holder of
a warrant will have no further rights except to receive the call price for such holder's warrant upon surrender of such warrant.
The criteria for calling our warrants have
been established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price and
provide a sufficient differential between the then-prevailing share price and the warrant exercise price so that if the share price
declines as a result of our call, the call will not cause the share price to drop below the exercise price of the warrants.
Exercise Rights
Holders of the Class W Warrants and Class
Z Warrants have cashless exercise rights that allow each holder to pay the exercise price by surrendering the warrants for that
number of shares of Class A Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of
Class A Common Stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the "fair
market value" by (y) the fair market value. The "fair market value" for this purpose will mean the average reported
last sale price of the shares of Class A Common Stock for the ten trading days ending on the trading day prior to the date of exercise.
The exercise price and number of shares
of Class A Common Stock issuable on exercise of the Pre-IPO Warrants may be adjusted in certain circumstances including in the
event of a share dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, neither
the Class W Warrants nor the Class Z Warrants will be adjusted for issuances of shares of any equity or equity-based securities
at a price below their respective exercise prices.
The warrant holders do not have the rights
or privileges of holders of shares of Class A Common Stock and any voting rights until they exercise their warrants and receive
shares of Class A Common Stock. After the issuance of shares of Class A Common Stock upon exercise of the warrants, each holder
will be entitled to one vote for each share of Class A Common Stock held of record on all matters to be voted on by stockholders.
No fractional shares will be issued upon
exercise of the Class W Warrants or Class Z Warrants. If, upon exercise, a holder would be entitled to receive a fractional interest
in a share, we will, upon exercise, round up to the nearest whole number the number of shares of Class A Common Stock to be issued
to the warrant holder.
Trading Market
There is no public market for our Pre-IPO
Warrants. We intend to apply to have the Class W Warrants and Class Z Warrants quoted on the Pink Market under the symbols "CSSEW"
and "CSSEZ", respectively. We cannot assure you, however, that a public market for our Pre-IPO Warrants will develop
or continue after this offering.
25
Certain Anti-Takeover Provisions of
our Certificate of Incorporation and By-Laws
Special Meeting of Stockholders
Our bylaws provide that special meetings
of our stockholders may be called only by a majority vote of our board of directors, or by our chairman and chief executive officer
or by our secretary at the request in writing of stockholders owning a majority of the voting power of our issued and outstanding
capital stock.
Advance Notice Requirements for Stockholder
Proposals and Director Nominations
Our bylaws provide that stockholders seeking
to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual
meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder's notice will
need to be delivered to our principal executive offices not later than the close of business on the 60
th
day nor earlier
than the close of business on the 90
th
day prior to the scheduled date of the annual meeting of stockholders. In the
event that less than 70 days' notice or prior public disclosure of the date of the annual meeting of stockholders is given,
a stockholder's notice shall be timely if delivered to our principal executive offices not later than the 10
th
day following the day on which public announcement of the date of our annual meeting of stockholders is first made or sent by us.
Our bylaws also specify certain requirements as to the form and content of a stockholders' meeting. These provisions may
preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors
at our annual meeting of stockholders.
Dual Voting Structure
Our certificate of incorporation provides
for two classes of common stock. Holders of shares of Class A Common Stock and Class B Common Stock have substantially identical
rights, except that holders of shares of Class A Common Stock are entitled to one vote per share and holders of shares of Class
B Common Stock are entitled to ten votes per share. Holders of shares of Class A Common Stock and Class B Common Stock vote together
as a single class on all matters (including the election of directors) submitted to a vote of stockholders, unless otherwise required
by law. Accordingly, the holders of shares of Class B Common Stock will exert significant control over our actions.
Removal and Appointment of Directors
Our entire board of directors or any individual
director may be removed from office with or without cause by a majority vote of the holders of the voting power of outstanding
voting power of the shares then entitled to vote at an election of directors. In such case, new directors may be elected by the
stockholders then holding a majority of our voting power. Immediately following this offering, our chairman and chief executive
officer shall control the substantial majority of our voting power and therefore will be able to unilaterally exercise the foregoing
rights.
Class B Approval Required for Charter
Amendments
Any amendment to our certificate of incorporation
requires the approval of the majority of the outstanding Class B Common Stock. This approval requirement is separate and in addition
to any general stockholder approval that would be required under our certificate of incorporation and law.
26
Exclusive Forum Selection
Article Twelve of our certificate of incorporation
provides that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for any stockholder
(including a beneficial owner) to bring (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action
asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company or
its stockholders, (iii) any action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law
or our charter documents, or (iv) any action asserting a claim governed by the internal affairs doctrine shall be the Court of
Chancery of the State of Delaware (or if the Court of Chancery does not have jurisdiction, another state court located within the
State of Delaware, or if no state court located within the State of Delaware has jurisdiction, the federal district court for the
District of Delaware) in all cases subject to the court's having personal jurisdiction over the indispensable parties named
as defendants. While this provision is intended to include all actions, excluding any arising under the Securities Act of 1933,
the Exchange Act of 1934 and any other claim for which the federal courts have exclusive jurisdiction, there is uncertainty as
to whether a court would enforce this provision.
Limitation on Directors' Liability
and Indemnification
Our certificate of incorporation provides
that no director of ours will be personally liable to us or any of our stockholders for monetary damages arising from the director's
breach of fiduciary duty as a director. However, this does not apply with respect to any action in which the director would be
liable under Section 174 of the DGCL nor does it apply with respect to any liability in which the director (i) breached his duty
of loyalty to us or our stockholders; (ii) did not act in good faith or, in failing to act, did not act in good faith; (iii) acted
in a manner involving intentional misconduct or a knowing violation of law or, in failing to act, shall have acted in a manner
involving intentional misconduct or a knowing violation of law; or (iv) derived an improper personal benefit. This provision could
have the effect of reducing the likelihood of derivative litigation against our directors and may discourage or deter our stockholders
or management from bringing a lawsuit against our directors for breach of their duty of care, even though such an action, if successful,
might otherwise have benefited us and our stockholders.
Our certificate of incorporation and bylaws
provide that all directors and officers shall be entitled to be indemnified by such company to the fullest extent permitted by
law. The certificate of incorporation provides that we may indemnify to the fullest extent permitted by law all employees. Our
bylaws provide that, if authorized by our board of directors, we may indemnify any other person whom it has the power to indemnify
under section 145 of the DGCL. We have entered, and intend to continue to enter, into separate indemnification agreements with
our directors and executive officers, in addition to the indemnification provided for in our certificate of incorporation and bylaws.
We also maintain directors' and officers' liability insurance.
Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers or person controlling us pursuant to the foregoing provisions,
we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and
is therefore unenforceable.
Anti-Takeover Provisions
Provisions of the DGCL and our certificate
of incorporation and bylaws could make it more difficult to acquire us by means of a tender offer, a proxy contest or otherwise,
or to remove incumbent officers and directors. These provisions, summarized below, are expected to discourage certain types of
coercive takeover practices and takeover bids that our board of directors may consider inadequate and to encourage persons seeking
to acquire control of us to first negotiate with our board of directors. We believe that the benefits of increased protection of
our ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the
disadvantages of discouraging takeover or acquisition proposals because, among other things, negotiation of these proposals could
result in improved terms for our stockholders.
27
Delaware Anti-Takeover Statute.
We are subject to Section 203 of the DGCL,
an anti-takeover statute. In general, Section 203 of the DGCL prohibits a publicly-held Delaware corporation from engaging in a
 "business combination" with an "interested stockholder" for a period of three years following the time
the person became an interested stockholder, unless the business combination or the acquisition of shares that resulted in a stockholder
becoming an interested stockholder is approved in a prescribed manner. Generally, a "business combination" includes
a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. Generally,
an "interested stockholder" is a person who, together with affiliates and associates, owns (or within three years prior
to the determination of interested stockholder status did own) 15% or more of a corporation's voting stock. The existence
of this provision would be expected to have an anti-takeover effect with respect to transactions not approved in advance by the
board of directors, including discouraging attempts that might result in a premium over the market price for the shares of common
stock held by stockholders.
Amendments to Our Certificate of Incorporation.
Under the DGCL, the affirmative vote of
a majority of the outstanding shares entitled to vote thereon and a majority of the outstanding stock of each class entitled to
vote thereon is required to amend a corporation's certificate of incorporation. Under the DGCL, the holders of the outstanding
shares of a class of our capital stock shall be entitled to vote as a class upon a proposed amendment, whether or not entitled
to vote thereon by the certificate of incorporation, if the amendment would:
·
increase
or decrease the aggregate number of authorized shares of such class;
·
increase
or decrease the par value of the shares of such class; or
·
alter
or change the powers, preferences or special rights of the shares of such class so as to affect them adversely.
If any proposed amendment would alter or
change the powers, preferences or special rights of one or more series of any class of our capital stock so as to affect them adversely,
but shall not so affect the entire class, then only the shares of the series so affected by the amendment shall be considered a
separate class for the purposes of this provision.
Transfer Agent and Registrar and Warrant
Agent
The transfer agent and registrar for our
Class A Common Stock and the warrant agent for our Pre-IPO Warrants is Continental Stock Transfer & Trust Company.
28
SELLING SECURITYHOLDERS
When we refer to "selling
securityholders" in this prospectus, we mean the persons listed in the table below, and the pledgees, assignees, donees,
permitted transferees, successors, and others who later come to hold any of the selling securityholders' interests in our
securities other than through a public sale.
The selling securityholders
are offering for resale, from time to time, up to an aggregate of 678,822 Class W Warrants, 180,618 Class Z Warrants, 678,822 shares
of Class A Common Stock issuable upon the exercise of the Class W Warrants, and 180,618 shares of Class A Common Stock issuable
upon the exercise of the Class Z Warrants. The selling securityholders may sell all, some, or none of their securities in this
offering or may sell, transfer, or otherwise dispose of some or all of their securities in transactions exempt from, or not subject
to, the registration requirements of the Securities Act. See "
Plan of Distribution
."
Because the Pre-IPO Warrants
permit "cashless" exercise, the number of shares that ultimately will be issuable upon any exercise thereof may be
less than the number of shares being offered by this prospectus. To the extent the selling securityholders transfer the Pre-IPO
Warrants in a public sale prior to exercising them, this prospectus also covers the issuance of an aggregate of 859,440 shares
of our Class A Common Stock to subsequent holders of the Pre-IPO Warrants upon their subsequent exercise.
The following table sets
forth, as of the date of this prospectus:
·
the number of shares of Class A Common Stock, Class W Warrants and Class Z Warrants beneficially owned by each selling securityholder prior to the offering;
·
the number of shares of Class A Common Stock, Class W Warrants and Class Z Warrants offered for resale to the public by each selling securityholder; and
·
the number of shares of Class A Common Stock beneficially owned by each selling securityholder after the offering (assuming the sale of all of the Class W Warrants and Class Z Warrants, or the exercise of the Pre-IPO Warrants and sale of the Class A Common Stock underlying such warrants, by such selling securityholder). If all securities listed for resale are sold, none of the selling securityholders shall own any Pre-IPO Warrants after the offering.
These tables have been prepared based
solely on information supplied to us by the selling securityholders. The selling securityholders identified in the table below
may have sold, transferred, or otherwise disposed of some or all their shares since the date of this prospectus in transactions
exempt from, or not subject to the registration requirements of, the Securities Act.
29
Before Offering
To Be Offered
After Offering (1)(2)
Selling Securityholder
    (3)
Shares of
    Class A
Common Stock
Class W
Warrants
Class Z
Warrants
Shares of
Class A
Common
Stock
Underlying
Warrants
Class W
Warrants
Class Z
Warrants
Shares of
Class A
Common
Stock
Percentage
    of
Class A
Common Stock (%)
Percentage
of Total
Voting
Power(%) (19)
Cosmo T. DeNicola (4)
200,151
53,200
—
53,200
53,200
—
200,151
4.71
*
The Mila Kunis/Ashton Kutcher
    Family Trust (5)
100,000
—
100,000
100,000
—
100,000
100,000
2.33
*
Joseph E. Kovacs
35,000
—
50,000
50,000
—
50,000
35,000
*
*
Amy Newmark (6)
121,780
33,150
6,534
39,684
33,150
6,534
121,780
2.88
*
Anthony Barrett
32,060
26,618
—
26,618
26,618
—
32,060
*
*
Mark Epstein
32,060
26,618
—
26,618
26,618
—
32,060
*
*
Lawrence Howard
34,450
17,050
4,335
21,385
17,050
4,335
34,450
*
*
Michael Jay Damiano
16,670
39,001
—
39,001
39,001
—
16,670
*
*
Ella Damiano
16,670
39,001
—
39,001
39,001
—
16,670
*
*
David S. Nagelberg 2003 Revocable Trust
--
42,500
—
42,500
42,500
—
--
--
MSF Partners LLP
--
25,500
—
25,500
25,500
—
--
--
Clifford L. Wald
16,670
13,501
—
13,501
13,501
—
16,670
*
*
Krishna Nathan
6,000
21,250
1,800
23,050
21,250
1,800
6,000
*
*
Andrew Newmark
11,530
11,959
—
11,959
11,959
—
11,530
*
*
Stephen Rouhana
10,000
8,500
3,000
11,500
8,500
3,000
10,000
*
*
Advance Entertainment
16,670
5,001
---
5,001
5,001
---
16,670
--
Rooney & Associates Communications LLC Defined
    Benefit Pension Plan (7)
13,260
6,560
1,668
8,228
6,560
1,668
13,260
*
*
AR-MEN Investor LLC
13,260
6,560
1,668
8,228
6,560
1,668
13,260
*
*
30
Before Offering
To Be Offered
After Offering (1)(2)
Selling Securityholder
    (3)
Shares
    of Class
A Common
Stock
Class W
Warrants
Class
    Z
Warrants
Shares
    of
Class A
Common
Stock
Underlying
Warrants
Class
    W
Warrants
Class
    Z
Warrants
Shares
    of
Class A
Common
Stock
Percentage
    of
Class A
Common Stock (%)
Percentage
of Total
Voting
Power (%) (19)
WFCS as Custodian Stanley D. Carlson
    – IRA #6943-7710
11,690
7,605
1,002
8,607
7,605
1,002
11,690
*
*
HCFP, Inc. (8)
11,670
6,600
2,001
8,601
6,600
2,001
11,670
*
Londonderry Capital LLC (9)
106,950
10,625
2,085
12,710
10,625
2,085
106,950
2.54
*
Peter Sherman
—
17,850
—
17,850
17,850
—
—
--
Peter Wright
—
17,000
—
17,000
17,000
—
—
--
Edward Gutman
5,560
8,500
1,668
10,168
8,500
1,668
5,560
*
*
The Kevin J. Kinsella Declaration of Trust Dated
    11/2/1994
13,260
6,560
1,668
8,228
6,560
1,668
13,260
*
*
Christopher Geoffrey Hampson
10,000
3,000
—
3,000
3,000
—
10,000
*
*
Legendcap Opportunity Fund
11,000
1,500
—
1,500
1,500
—
11,000
*
*
Daniel Pess (10)
103,890
7,225
1,167
8,392
7,225
1,167
103,890
2.48
*
RBC Capital Markets LLC Cust FBO Peter McGowan
    SEP IRA
5,240
3,280
417
3,697
3,280
417
5,240
*
*
Stanley W. Weiss Revocable Trust
—
8,500
—
8,500
8,500
—
—
--
Anton LeRoy
3,850
3,280
—
3,280
3,280
—
3,850
*
*
Jody Ann Miller (11)
3,846
3,279
—
3,279
3,279
—
3,846
*
*
Chris Mitchell (12)
41,665
4,250
—
4,250
4,250
—
41,665
*
*
William Leogrande
5,000
1,500
—
1,500
1,500
—
5,000
*
*
Lishan Aklog
5,000
1,500
—
1,500
1,500
—
5,000
*
*
Lauren Smith
2,000
4,250
600
4,850
4,250
600
2,000
*
*
Fourth and Twenty8, LLC (13)
16,670
5,001
---
5,001
5,001
16,670
*
*
Lawrence Levinson
4,250
1,275
—
1,275
1,275
—
4,250
*
*
The William Harvey and Karen M. Harvey Revocable
    Trust
4,170
1,251
—
1,251
1,251
—
4,170
*
*
31
Before Offering
To Be Offered
After Offering (1)(2)
Selling Securityholder
    (3)
Shares
    of Class
A Common
Stock
Class W
Warrants
Class Z
Warrants
Shares
    of
Class A
Common
Stock
Underlying
Warrants
Class
    W
Warrants
Class
    Z
Warrants
Shares
    of
Class A
Common
Stock
Percentage
    of
Class A
Common Stock (%)
Percentage
of Total
Voting
Power (%) (19)
PENSCO Trust Company LLC, Custodian
    FBO Sol Wahba Roth IRA
3,330
999
—
999
999
--
3,330
*
*
Leonard A. Costa (14)
3,980
1,968
501
2,469
1,968
501
3,980
*
*
Jeffrey Gallant (15)
1,923
1,640
—
1,640
1,640
--
1,923
*
*
Brian L. Ross (16)
1,923
1,639
—
1,639
1,639
--
1,923
*
*
Albert A DeAntonio, Jr.
2,500
750
—
750
750
--
2,500
*
*
Richard Herr
1,120
850
336
1,186
850
336
1,120
*
*
Burt Koffman
--
2,125
---
2,125
2,125
--
--
—
Stephen L. Schwartz
--
2,125
---
2,125
2,125
--
--
—
Josh Lamstein (17)
560
425
168
593
425
168
560
*
*
Robert Graham
835
251
—
251
251
--
835
*
*
William Graham
835
250
—
250
250
--
835
*
*
Trema, LLC(18)
157,500
---
157,500
157,500
--
--
Michael and Annie Falk Foundation
--
8,500
--
8,500
8,500
--
--
--
859,440
678,822
180,618
*
Less than 1%.
(1)
Beneficial ownership is determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, or the "Exchange Act," and generally includes shares over which the selling securityholder has voting or dispositive power, including any shares that the selling securityholder has the right to acquire within 60 days of the date hereof.
32
(2)
Assuming all Pre-IPO Warrants offered hereunder are sold, unless otherwise noted, none of the selling securityholders will own any Pre-IPO Warrants immediately following the offering. The percentage ownership is calculated based on 4,193,490 shares of Class A Common Stock outstanding and assumes the exercise of all of the Class W Warrants and Class Z Warrants and the sale by each selling securityholder of all of the shares offered for resale hereby.
(3)
The information in the table is based on information supplied to us by the selling securityholders. Other than as described in these footnotes, none of the selling securityholders has, within the past three years, had any position, office or other material relationship with us or any of our predecessors or affiliates other than as a holder of our securities. None of the selling securityholders are broker-dealers or affiliates of a broker-dealer.
(4)
Mr. DeNicola is a member of our board of directors.
(5)
Christopher "Ashton" Kutcher is the founder
and chairman of our A Plus subsidiary.
(6)
Includes 100,000 shares purchasable under options that have vested. All of these options were granted under the Company's 2017 Incentive Equity Plan, vest in equal quarterly installments beginning on March 31, 2017, and are exercisable at $6.50 per share.  Does not include 7,813,938 shares of the Company's Class B Common Stock, which are beneficially owned by Mr. Rouhana, our Chief Executive Officer. Ms. Newmark is a director, our Senior Brand Advisor, and the Publisher and Editor-In-Chief of the Chicken Soup for the Soul book series. Ms. Newmark is the spouse of Mr. Rouhana, but disclaims all beneficial ownership over the securities owned by him.
(7)
Rooney & Associates Communications LLC is an affiliate
of Rooney Partners, LLC, a firm that provides public relations services to the Company.
(8)
HCFP, Inc. is an affiliate of a broker-dealer that has been involved in certain prior sales of our securities, including our initial public offering.
(9)
Includes 100,000 shares purchasable under options that have vested. All of these options were granted under the Company's Incentive Plan, vest in equal quarterly installments beginning on March 31, 2017, and are exercisable at $6.50 per share. This entity is owned by Scott W. Seaton our chief strategic officer and a director.
(10)
Includes 100,000 shares purchasable under options that have vested. All of these options were granted under the Company's Incentive Plan and are exercisable at $6.50 per share. Mr. Pess is our former chief financial officer who retired from such position in January 2019.
(11)
Ms. Miller is the wife of David Alan Miller. Mr. Miller
is the managing partner of Graubard Miller, our outside counsel.
(12)
Includes 33,332 shares of Class A Common Stock purchasable under options that have vested and an additional 8,333 shares purchasable under options that will vest within 60 days of the date of this registration statement and does not include 58,335 shares purchasable under options that will vest in 11 equal installments commencing March 31, 2019. All of these options were granted under the Company's Incentive Plan and are exercisable at $6.50 per share. Mr. Mitchell is our chief financial officer.
(13)
Christina Weiss Lurie is the Manager of Fourth and Twenty Eight, LLC. Ms. Lurie is a member of our board of directors.
(14)
Mr. Costa is an employee of Rooney Partners.
(15)
Jeffrey Gallant is a partner in the firm of Graubard
Miller, our outside counsel.
(16)
Brian Ross is a partner in the firm of Graubard Miller,
our outside counsel.
(17)
Mr. Lamstein works for HCFP, Inc.
(18)
Does not include 159,432 shares of the Company's Class B Common Stock. Trema, LLC is controlled by William J. Rouhana, our Chief Executive Officer.
(19)
Percentage of total voting power represents voting power with respect to all shares of Class A and Class B Common Stock, as a single class. The holders of Class B Common Stock are entitled to ten votes per share, and holders of Class A Common Stock are entitled to one vote per share.
33
PLAN OF DISTRIBUTION
The selling securityholders may, from time
to time, sell, transfer, or otherwise dispose of any or all of their securities or interests in such securities on any stock exchange,
market, or trading facility on which the securities are traded or quoted or in private transactions. The securities may be offered
by the selling securityholders at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing
market price, at varying prices determined at the time of sale, or at negotiated prices.
The selling securityholders may use any
one or more of the following methods when disposing of the shares or interests therein:
·
any
national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;
·
ordinary
brokerage transactions and transactions in which the broker-dealer solicits purchasers;
·
in
the over the counter market;
·
block
trades in which the broker-dealer will attempt to sell the securities as agent, but may position and resell a portion of the block
as principal to facilitate the transaction;
·
purchases
by a broker-dealer as principal and resale by the broker-dealer for its account;
·
an
exchange distribution or other future transaction exchange-related transaction in accordance with the rules of the applicable
exchange or exchange-related transaction;
·
privately
negotiated transactions;
·
short
sales;
·
through
the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;
·
broker-dealers
may agree with the selling securityholders to sell a specified number of such shares at a stipulated price per share;
·
a
combination of any such methods of sale; and
·
any
other method permitted pursuant to applicable law.
The selling securityholders may, from time
to time, pledge or grant a security interest in some or all of the securities owned by them and, if they default in the performance
of their secured obligations, the pledgees or secured parties may offer and sell the pledged shares, from time to time, under this
prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending
the list of selling securityholders to include the pledgee, transferee or other successors in interest as selling securityholders
under this prospectus. The selling securityholders also may transfer the securities in other circumstances, in which case the pledgees,
assignees or other successors-in-interest will be the selling beneficial owners for purposes of this prospectus; provided, however,
that prior to any such transfer the following information (or such other information as may be required by the federal securities
laws from time to time) with respect to each such selling beneficial owner must be added to the prospectus by way of a prospectus
supplement or post-effective amendment, as appropriate: (1) the name of the beneficial owner; (2) any material relationship
the beneficial owner has had within the past three years with us or any of our predecessors or affiliates; (3) the amount of securities
owned by the beneficial owner before the offering; and (4) the amount to be offered for the beneficial owner's account.
34
In connection with the sale of our securities
or interests therein, the selling securityholders may enter into hedging transactions with broker-dealers or other financial institutions,
which may in turn engage in short sales of the securities in the course of hedging the positions they assume. The selling securityholders
may also sell securities short and deliver these securities to close out their short positions, or loan or pledge securities to
broker-dealers that in turn may sell these securities. The selling securityholders may also enter into option or other transactions
with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery
to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The aggregate proceeds to the selling securityholders
from the sale of the securities offered by them will be the purchase price of the securities less discounts or commissions, if
any. Each of the selling securityholders reserves the right to accept and, together with their agents from time to time, to reject,
in whole or in part, any proposed purchase of securities to be made directly or through agents. We will not receive any of the
proceeds from the sale of securities by the selling securityholders. We will, however, receive up to $5,091,165 if the Class W
Warrants are exercised for cash and up to $2,167,416 if the Class Z Warrants are exercised for cash.
The selling securityholders also may resell
all or a portion of the securities in open market transactions in reliance upon Rule 144 under the Securities Act of 1933, provided
that they meet the criteria and conform to the requirements of that rule.
The selling securityholders and any underwriters,
broker-dealers or agents that participate in the sale of the securities or interests therein may be "underwriters"
within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale
of the securities may be underwriting discounts and commissions under the Securities Act. Selling securityholders who are "underwriters"
within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities
Act.
To the extent required, the securities
to be sold, the names of the selling securityholders, the respective purchase prices and public offering prices, the names of any
agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer will be set forth in
an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the Registration Statement.
In order to comply with the securities
laws of some states, if applicable, the securities may be sold in these jurisdictions only through registered or licensed brokers
or dealers. In addition, the securities may not be sold unless they have been registered or qualified for sale under the applicable
state securities laws, or an exemption from registration or qualification requirements is available and is complied with, or registration
or qualification is otherwise not required.
We have advised the selling securityholders
that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of securities in the market and to the
activities of the selling securityholders and their affiliates. The selling securityholders may indemnify any broker-dealer that
participates in transactions involving the sale of the securities against certain liabilities, including liabilities arising under
the Securities Act.
Pursuant to the terms of the Pre-IPO Warrants,
the shares of Class A Common Stock to be issued upon exercise of the Pre-IPO Warrants will be distributed only to those Pre-IPO
Warrant holders who surrender the Pre-IPO Warrants or the certificates representing the Pre-IPO Warrants and, unless exercised
on a cashless basis, provide payment of the exercise price, all in accordance with the warrant agreement governing such Warrants.
The Class W Warrant Agreement and Class Z Warrant Agreement are each included as an exhibit to the Registration Statement of which
this prospectus forms a part.
35
LEGAL MATTERS
The legality of the securities offered
will be passed on for us by our counsel, Graubard Miller, New York, New York. Graubard Miller and certain of its partners and family
members own shares of the Class A Common Stock and Class W Warrants to purchase shares of Class A Common Stock of CSSE and certain
Class B membership interests in Chicken Soup for the Soul Holdings, LLC, our ultimate parent company.
EXPERTS
The consolidated financial statements of
Chicken Soup for the Soul Entertainment Inc. and subsidiaries as of December 31, 2019 and 2018, and for the years ended December
31, 2019 and 2018, are incorporated by reference herein to the Annual Report on
Form 10-K
for the year ended December 31, 2019,
in reliance upon the report of Rosenfield and Company, PLLC, independent registered public accounting firm, which is also incorporated
by reference herein, and upon the authority of said firm as experts in accounting and auditing.
The audited historical financial
statements of Crackle U.S. (a business of Sony Pictures Entertainment) included in Exhibit 99.1 to the Chicken Soup for the
Soul Entertainment, Inc.'s Current Report on
Form 8-K/A
dated July 30, 2019 have been so incorporated in reliance on
the report of PricewaterhouseCoopers LLP, independent accountants, given on the authority of said firm as experts in auditing
and accounting.
WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and current reports,
proxy statements and other information with the Securities and Exchange Commission. Our SEC filings are available to the public
over the Internet at the SEC's web site at http://www.sec.gov.
We have filed with the SEC a registration
statement under the Securities Act relating to the offering of these securities. The registration statement, including the attached
exhibits, contains additional relevant information about us and the securities. This prospectus does not contain all of the information
set forth in the registration statement. You can obtain a copy of the registration statement from the SEC at the web address listed
above.
The registration statement and our SEC
filings, including the documents referred to below under "
Information Incorporated by Reference
," are also available
on our website,
www.cssentertainment.com
. We have not incorporated by reference into this prospectus the information on
our website, and you should not consider it to be a part of this prospectus.
36
INCORPORATION OF DOCUMENTS BY REFERENCE
The SEC allows us to incorporate by reference
the information we file with it, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is an important part of this prospectus, and information that we file later with the
SEC will automatically update and supersede this information. This prospectus incorporates by reference the documents listed below,
all filings we make under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the initial filing date of the registration
statement of which this prospectus forms a part and prior to effectiveness of such registration statement, and all filings we
make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after effectiveness of such registration statement
and prior to the sale of all of the shares offered hereby, including all documents filed as exhibits to the foregoing:
·
our annual report on Form 10-K for the fiscal year ended December 31, 2019 filed with the SEC on
March 30, 2020
;
·
our quarterly report on Form 10-Q for the quarter ended March 31, 2020, filed with the SEC on
May 14, 2020
;
·
our current reports on Form 8-K or 8-K/A, as applicable, filed with the SEC on each of
May 15, 2019
,
July 30, 2019
,
February 14, 2020
,
March 20, 2020
,
April 1, 2020
,
April 17, 2020
,
May 15, 2020
,
June 9, 2020
, and
June 12, 2020
;
·
our proxy statement on Schedule 14A filed with the SEC on
April 29, 2020
; and
·
our registration statement on Form 8-A effective on
June 21, 2017
, registering our Class A Common Stock under Section 12(b) of the Exchange Act.
Any statement contained in a document filed
before the date of this prospectus and incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this prospectus to the extent that a statement contained herein modifies or supersedes such statement. Any statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus. Any information
that we file after the date of this prospectus with the SEC will automatically update and supersede the information contained in
this prospectus. Notwithstanding the foregoing, we are not incorporating any document or portion thereof or information deemed
to have been furnished and not filed in accordance with SEC rule.
In addition to accessing the above information
through the SEC's website at www.sec.gov, you may obtain a copy of any or all of the information that has been incorporated
by reference in this prospectus, without charge, upon written or oral request directed to Chicken Soup for the Soul Entertainment,
Inc. 132 E. Putnam Ave., Floor 2W, Cos Cob, Connecticut 06807, telephone number (855) 398-0443.
37
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13.
Other Expenses of Issuance and Distribution.
The estimated expenses in connection with the sale of the securities
being registered hereby, are as follows:
SEC registration fee
$
1,705.20
Accounting fees and expenses
10,000.00
Legal fees and expenses
15,000.00
Miscellaneous
5,000.00
Total
31,605.20
Item 14.
Indemnification of Directors and Officers.
The certificate of incorporation and by-laws
of Chicken Soup for the Soul Entertainment Inc. ("CSSE") provide that all directors and officers shall be entitled
to be indemnified by such company to the fullest extent permitted by law. The certificate of incorporation provides that CSSE may
indemnify to the fullest extent permitted by law all employees. CSSE's by-laws provide that, if authorized by the Board of
Directors, it may indemnify any other person whom it has the power to indemnify under section 145 of the Delaware General Company
Law. Section 145 of the Delaware General Company Law concerning indemnification of officers, directors, employees and agents is
set forth below.
"Section 145. Indemnification of
officers, directors, employees and agents; insurance.
(a)           A corporation shall have power to indemnify
any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason
of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request
of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the
person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe the person's conduct was unlawful. The termination of any action,
suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not,
of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed
to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable
cause to believe that the person's conduct was unlawful.
(b)           A corporation shall have power to indemnify
any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by
or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was a director,
officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys'
fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit if the
person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the
corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall
have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which
such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of
Chancery or such other court shall deem proper.
38
(c)           To the extent that a present or former
director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding
referred to in subsections (a) and (b) of this section, or in defense of any claim, issue or matter therein, such person shall
be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection
therewith.
(d)           Any
indemnification under subsections (a) and (b) of this section (unless ordered by a court) shall be made by the corporation only
as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee
or agent is proper in the circumstances because the person has met the applicable standard of conduct set forth in subsections
(a) and (b) of this section. Such determination shall be made, with respect to a person who is a director or officer of the corporation
at the time of such determination, (1) by a majority vote of the directors who are not parties to such action, suit or proceeding,
even though less than a quorum, or (2) by a committee of such directors designated by majority vote of such directors, even though
less than a quorum, or (3) if there are no such directors, or if such directors so direct, by independent legal counsel in a written
opinion, or (4) by the stockholders.
(e)           Expenses
(including attorneys' fees) incurred by an officer or director of the corporation in defending any civil, criminal, administrative
or investigative action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action,
suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall
ultimately be determined that such person is not entitled to be indemnified by the corporation as authorized in this section. Such
expenses (including attorneys' fees) incurred by former directors and officers or other employees and agents of the corporation
or by persons serving at the request of the corporation as directors, officers, employees or agents of another corporation, partnership,
joint venture, trust or other enterprise may be so paid upon such terms and conditions, if any, as the corporation deems appropriate.
(f)           The
indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not
be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under
any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person's official
capacity and as to action in another capacity while holding such office. A right to indemnification or to advancement of expenses
arising under a provision of the certificate of incorporation or a bylaw shall not be eliminated or impaired by an amendment to
such provision after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative
action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the
time of such act or omission explicitly authorizes such elimination or impairment after such action or omission has occurred.
(g)           A
corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee
or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and
incurred by such person in any such capacity, or arising out of such person's status as such, whether or not the corporation
would have the power to indemnify such person against such liability under this section.
(h)           For
purposes of this section, references to "the corporation" shall include, in addition to the resulting corporation,
any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate
existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that
any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request
of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust
or other enterprise, shall stand in the same position under this section with respect to the resulting or surviving corporation
as such person would have with respect to such constituent corporation if its separate existence had continued.
39
(i)            For
purposes of this section, references to "other enterprises" shall include employee benefit plans; references to "fines"
shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references to "serving
at the request of the corporation" shall include any service as a director, officer, employee or agent of the corporation
which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit
plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to
be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner
 "not opposed to the best interests of the corporation" as referred to in this section.
(j)            The
indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided
when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure
to the benefit of the heirs, executors and administrators of such a person.
(k)           The
Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all actions for advancement of expenses or
indemnification brought under this section or under any bylaw, agreement, vote of stockholders or disinterested directors, or otherwise.
The Court of Chancery may summarily determine a corporation's obligation to advance expenses (including attorneys'
fees)."
Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to our directors, officers, and controlling persons pursuant to the foregoing
provisions, or otherwise, we have been advised that, in the opinion of the SEC, such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment of expenses incurred or paid by a director, officer or controlling person in a successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, we will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to the court
of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.
Paragraph B of Article Eight of CSSE's
certificate of incorporation provides:
"The Company, to the full extent
permitted by Section 145 of the GCL, as amended from time to time, shall indemnify all persons whom it may indemnify pursuant thereto.
Expenses (including attorneys' fees) incurred by an officer or director in defending any civil, criminal, administrative,
or investigative action, suit or proceeding for which such officer or director may be entitled to indemnification hereunder shall
be paid by the Company in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by
or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be
indemnified by the Company as authorized hereby."
Item 15.
Recent Sales of Unregistered Securities
Set forth below is information regarding
shares of capital stock issued by us during the last three years. Also included is the consideration received by us for such shares
and information relating to the section of the Securities Act, or rule of the Securities and Exchange Commission, under which exemption
from registration was claimed.
40
Share Issuance and Warrants
On July 23, 2019 we issued 40,000 shares
of our Series A Preferred Stock to a single investor in a private placement for $25.00 pursuant to the exemption from registration
under Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder. The investor received customary registration rights.
On June 25, 2019, we issued 40,000 shares
of our Series A Preferred Stock to a single investor in a private placement for $25.00 per share for aggregate gross proceeds of
$1 million. We were required to reimburse the investor's expenses in connection with the sale, including expenses related
to due diligence and legal, equal to 8% of the gross proceeds. The investor received customary registration rights. Such securities
were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act and Regulation D promulgated
thereunder.
In May 2019, in connection with the consummation
of our joint venture, Crackle Plus, we issued to CPEH warrants to purchase (a) 800,000 shares of Class A Common Stock at an exercise
price of $8.13 per share; (b)  1,200,000 shares of Class A Common Stock at an exercise price of $9.67 per share; (c) 
380,000 shares of Class A Common Stock at an exercise price of $11.61 per share; and (d) 1,620,000 shares of Class A Common Stock
at an exercise price of $11.61 per share. All of such warrants have a five-year term commencing on the closing and are exercisable
during such term. CPEH has registration rights with respect to the shares of Class A Common Stock underlying the warrants. Such
securities were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act and Regulation
D promulgated thereunder.
Additionally, we issued to Crackle (now
CPEH) 37,000 units of preferred equity of Crackle Plus and 1,000 units of common equity of Crackle Plus. From May 2020 to October
2020 ("Exercise Period"), CPEH will have the right to either convert its preferred equity into common equity of Crackle
Plus or require us to purchase all, but not less than all, of its interest in Crackle Plus ("Put Option"). We may elect
to pay for such interest in cash or through the issuance of Series A Preferred Stock using a price per share of $25. CPEH has registration
rights with respect to any shares of Series A Preferred Stock it may be issued in connection with the Put Option. Subject to certain
limitations, in the event that CPEH has not converted its preferred equity into common equity of Crackle Plus or exercised its
Put Option, CPEH shall be deemed to have automatically exercised the Put Option on the last day of the Exercise Period.
In December 2018 we completed our acquisition
of all of the capital stock of A Sharp Inc. (dba "A Plus") for an aggregate purchase price of $15,000,000, paid as
follows: (i) a reduction by approximately $3.3 million of advances owed by A Plus to the Company, (ii) the issuance of 350,299
Class A Common Stock at a share price of $8.35 totaling a value of approximately $2,925,000 to the individual sellers and (iii)
the remaining in cash to CSS in consideration of all of its shares of A Plus as an offset to amounts due pursuant to the intercompany
cash management system.
In August 2018, we completed our acquisition
of all the capital stock of Pivotshare for approximately $258,000 in cash, the issuance of 134,000 shares of Series A Preferred
Stock and the issuance of 74,235 shares of Class A Common Stock.
In November 2017, we completed our acquisition
of all the membership interests of Screen Media for approximately $4.9 million in cash and the issuance of 35,000 shares of our
Class A Common Stock and our Class Z Warrants exercisable into 50,000 shares of our Class A Common Stock at $12 per share.
Between June 2016 and June 2017, the Company
sold a total of an aggregate of approximately $2.5 million of Class A Common Stock and warrants in private placements. Such securities
were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act and Regulation D promulgated
thereunder, as fewer than 35 investors were non-accredited investors.
41
Beginning in June 2016 and through November
2016, the Company sold in a separate private placement to accredited investors $1.0 million of units, consisting of an aggregate
of 170,960 shares of Class A Common Stock and Class W Warrants to purchase an aggregate of 51,288 shares of Class A Common Stock.
Such securities were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act and
Regulation D promulgated thereunder.
Beginning in December 2016 and through
March 2017, the Company sold in a separate private placement to accredited investors approximately $1.0 million of units, consisting
of an aggregate of 150,112 shares of Class A Common Stock and Class W Warrants to purchase an aggregate of 45,034 shares of Class
A Common Stock. Such securities were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities
Act and Regulation D promulgated thereunder.
During May and June 2017, the Company sold
in two separate equity private placements, a total of an aggregate of 55,000 shares of Class A Common Stock and Class Z Warrants
to purchase an aggregate of 50,000 shares of Class A Common Stock. Such securities were issued pursuant to the exemption from registration
contained in Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder.
In June 2017, at the election of certain
holders of the Company's notes payable ("Term Notes"), the Company converted approximately $0.9 million of Term
Notes into 102,060 shares of Class A Common Stock at a conversion price per share of $9 and issued Class Z Warrants to purchase
an aggregate of 30,618 shares of Class A Common Stock at $12 per share, to those noteholders that elected to convert. The securities
issued upon conversion of the Term Notes were issued pursuant to the exemption from registration contained in Section 3(a)(9) of
the Securities Act, as the Term Notes were exchanged for securities exclusively, and no commission or other remuneration was paid
or given directly or indirectly for soliciting such exchange.
Grants of Stock Options and Restricted
Stock
In February 2020 the Company issued an
aggregate of 7,805 shares of its Class A Common stock to five directors pursuant to the Company's non-employee director compensation
policy.
In August 2019 the Company issued an aggregate
of 6,959 shares of its Class A Common Stock to four directors pursuant to the Company's non-employee director compensation
policy.
In May 2019, in connection with the creation
of Crackle Plus and the employment by the Company of certain key employees of Crackle, Inc., the Company granted five-year options
to purchase up to 15,000 shares of the Company's Class A Common Stock to an employee and five year options to purchase up
to 25,000 shares of the Company's Class A Common Stock to two employees. All of the options vest in twelve equal quarterly
installments.
In March 2019 the Company granted five-year
options to purchase up to 75,000 and 100,000 shares of the Company's Class A Common Stock to a non-management employee and
an officer, respectively, that vest in twelve equal quarterly installments.
In February 2019 the Company granted five-year
options to purchase up to 10,000 and 20,000 shares of the Company's Class A Common Stock to two non-management employees
that vest in twelve equal quarterly installments.
42
In January 2019 the Company granted five-year
options to purchase up to 20,000 shares of the Company's Class A Common Stock to an officer and five year options to purchase
up to 100,000 shares of the Company's Class A Common Stock to two officers. All the options vest in twelve equal quarterly
installments.
In August 2018, in connection with the
Company's acquisition of Pivotshare and the employment by the Company of certain key employees of Pivotshare, the Company
granted five-year options to purchase 7,500 and 15,000 shares of the Company's Class A Common Stock to two employees that
vest in three equal annual installments.
In January 2018 the Company granted a five-year
option to purchase up to 10,000 shares of the Company's Class A Common Stock to an employee that vests in twelve equal quarterly
installments.
In December 2017, in connection with the
Company's acquisition of Screen Media Ventures and the employment by the Company of certain key employees of Screen Media
Ventures, the Company granted a five-year option to purchase up to 75,000 shares of the Company's Class A Common Stock to
an employee that vests in twelve quarterly installments and a five-year option to purchase up to 50,000 shares of the Company's
Class A Common Stock to another employee that vests in semi-annual installments over a three year period.
In October 2017 the Company granted a five-year
option to purchase up to 50,000 shares of the Company's Class A Common Stock to an employee that vests in twelve quarterly
installments.
In March 2017 the Company granted a five-year
option to purchase up to 75,000 shares of the Company's Class A Common Stock to an employee that vests in quarterly installments
of 6,250 shares commencing June 30, 2017.
In January 2017, the Company granted five-year
options to purchase up to 100,000 shares of the Company's Class A Common Stock to three officers that vest in eight equal
quarterly installments commencing March 31, 2017 and which are exercisable at $6.50 per share. In 2017, the Company granted additional
options to non-management grantees to purchase up to an aggregate of 390,000 shares at exercise prices between $6.50 and $9.74.
All of these options were granted under the Company's 2017 Long-Term Incentive Plan.
The shares of restricted stock, and the
stock options and Class A Common Stock issuable upon the exercise of such stock options, as described above were issued pursuant
to written compensatory plans or arrangements with our officers, directors, and employees, including the 2017 Long Term Incentive
Plan. Prior to March 2018, such grants were made in reliance on the exemption set forth in Section 4(a)(2) under the Securities
Act. On March 20, 2018, the Company's Registration Statement on Form S-8 to register the shares of Class A Common Stock issued
and issuable pursuant to the Company's 2017 Long Term Incentive Plan.
Item 16.
Exhibits
A list of the exhibits required by Item 601 of Regulation S-K
to be filed as part of this registration statement is set forth in the Exhibit Index on page 47.
43
Item 17.
Undertakings
(a)           The undersigned
registrant hereby undertakes:
(1)           To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)           To include
any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)          To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;
(iii)          To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;
Provided
,
however
, that:
Paragraphs (1)(i), (1)(ii) and
(1)(iii) of this section do not apply if the registration statement is on Form S-3 and the information required to be included
in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration
statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
(2)           That,
for the purposes of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(3)           To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.
(5)           That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
(i)
(A)          Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be
part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement;
and
(B)           Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on
Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information
required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale
of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any
person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.
44
(ii)           Each
prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements
relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the
registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first
use.
(b)           The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934
(and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
(h)           Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant
of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
45
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Cos Cob, Connecticut, on the the 15th day of June, 2020.
CHICKEN SOUP FOR THE SOUL ENTERTAINMENT INC.
By:
/s/ William J. Rouhana, Jr.
Name:
William J. Rouhana, Jr.
Title:
Chief Executive Officer
Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the
dates indicated.
Name
Position
Date
By:
/s/ William J. Rouhana Jr.
Chairman and Chief Executive Officer (Principal Executive Officer)
June 15, 2020
William J. Rouhana Jr.
By:
/s/ Scott W. Seaton
Vice Chairman and Director
June 15, 2020
Scott W. Seaton
By:
/s/ Christopher Mitchell
Chief Financial Officer (Principal Financial Officer)
June 15, 2020
Christopher Mitchell
By:
/s/ Daniel Sanchez
Chief Accounting Officer (Principal Accounting Officer)
June 15, 2020
Daniel Sanchez
By:
/s/ Amy Newmark
Director
June 15, 2020
Amy Newmark
By:
/s/ Cosmo DeNicola
Director
June 15, 2020
Cosmo DeNicola
By:
/s/ Fred Cohen
Director
June 15, 2020
Fred Cohen
By:
/s/ Christina Weiss Lurie
Director
June 15, 2020
Christina Weiss Lurie
By:
/s/ Diana Wilkin
Director
June 15, 2020
Diana Wilkin
By:
/s/ Martin Pompadur
Director
June 15, 2020
Martin Pompadur
46
EXHIBIT INDEX
Exhibit No.
Description
3.1
Certificate of Incorporation (1)
3.2
Bylaws (1)
4.1
Specimen Class A Common Stock Certificate (1)
4.2
Form of Class W Warrant Agreement between Chicken Soup for the Soul Entertainment Inc. and Continental Stock Transfer &
Trust Company. (2)
4.3
Form of Class Z Warrant Agreement between Chicken Soup for the Soul Entertainment Inc. and Continental Stock Transfer &
Trust Company (2)
4.4
Form of Class W Warrant (2)
4.5
Form of Class Z Warrant (2)
5.1
Opinion of Graubard Miller (2)
23.1
Consent of Rosenfield and Company, PLLC (2)
23.2
Consent of PricewaterhouseCoopers LLP (2)
23.3
Consent of Graubard Miller (included in its opinion filed
as Exhibit 5.1)
99.1
Unaudited Pro Forma Condensed Combined Financial Information as of and for the year ended December 31, 2019 (2)
(1)
Incorporated by reference to the Registrant's Registration Statement on Form 1-A (SEC File No. 024-10704).
(2)
Filed herewith.
47