Liquid Media Group Ltd. (NasdaqCM:YVR) signed a letter of intent to acquire Filmocracy for $2.4 million on June 7, 2021. Under the terms of the LOI, Liquid would acquire Filmocracy for up to 1.25 million common shares of Liquid, which would be paid out to Filmocracy investors across specific performance milestones in four equal tranches of 0.312 million common shares each (the “Consideration Shares”). The first tranche of Consideration Shares would be payable upon closing, with three remaining milestones triggered by Filmocracy revenues totaling $66 million in the years ahead. Additional cash would be invested in Filmocracy's ongoing operations, beginning with immediate availability of a secured bridge loan in the amount of $0.6 million, to be applied towards working capital, technology infrastructure and marketing. Completion of the acquisition is subject to, among other things, customary due diligence as well as any necessary share issuance requirements and approvals. As of April 30, 2022, upon termination of Letter of Intent expired resulting in the advances incurring interest at 24% per annum from that date forward, however, Liquid Media and Filmocracy are working towards a new agreement.

Liquid Media Group Ltd. (NasdaqCM:YVR) terminated the letter of intent to acquire Filmocracy for $2.4 million on April 30, 2022.