Annual report pursuant to Section 13 and 15(d)

Summary of Loans Held For Investment (Details)

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Summary of Loans Held For Investment (Details) - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Total short-term loans held for investment [1] $ 3,950,000
Total long-term loans held-for-investment 250,000 [1]
PZAJ Holdings LLC [Member]    
Total short-term loans held for investment [2] 3,950,000
Carlin Haynes LLC [Member]    
Total long-term loans held-for-investment [3] $ 250,000
[1] The assets of the variable interest entities (the “VIEs”) can be used to settle obligations of the consolidated entities. Conversely, liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets (Note 4).
[2] PZAJ Holdings, LLC (“PZAJ”) is an entertainment content development company engaged in the acquisition, financing, development, production, and distribution of films and television projects. As of December 31, 2021, the Company has loaned $3,950,000 to PZAJ pursuant to multiple promissory notes (collectively, the :PZAJ Notes”) to co-develop certain film and television projects including but not limited to Preach, Camp Hideout, Camp Radio and Thrillusionist. The co-developed projects are intended to be licensed or sold to various media companies or streamed on LOMO TV.
[3] On August 5, 2021, the Company loaned $250,000 to Carlin Haynes, LLC. The interest rate on the note is 6% per annum. The maturity date of the loan is August 5, 2023. The purpose of the loan is to engage in the creation and distribution of digital media content. In the event that Carlin Haynes, LLC issues and sells units of preferred equity securities to one or more investors in a arms’ length transaction or series of related transactions with the principal purpose of raising capital that results in aggregate gross proceeds to Carlin Haynes, LLC of at least $1,000,000, excluding the amount represented by the conversion of any simple agreement for future equity or outstanding indebtedness, including the Notes, in accordance with their respective terms and the Note has not been paid in full, then the outstanding principal balance of the Note and all accrued and unpaid interest thereon shall automatically convert in whole without any further action by the Company into the number of limited liability company membership units/interests of the equal to the outstanding principal balance of this Note and all accrued and unpaid interest due on the Note on the date of conversion, divided by 80% of the price per unit paid by the Investors to purchase the New Securities in the Qualified Financing.