false
0001036848
0001036848
2024-01-15
2024-01-15
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 15, 2024
MEGA MATRIX CORP.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-13387 |
|
94-3263974 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
3000 El Camino Real,
Bldg.
4, Suite 200, Palo
Alto, CA |
|
94306 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
650-340-1888
(Registrant’s telephone number, including
area code)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
☐ | Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading Symbol |
|
Name of each exchange on which registered |
Common Stock, $0.001 par value |
|
MPU |
|
NYSE American Exchange LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
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 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive
Agreement.
The information contained in Item 5.02 is incorporated
by reference in this Item 1.01.
Item 1.02 Termination of a Material Definitive
Agreement.
The information contained in Item 5.02 is incorporated
herein by reference in this Item 1.02. In connection with Mr. Yunheng (Brad) Zhang’s resignation as chief operating officer of Mega
Matrix Corp. (the “Company”), the Company and Mr. Zhang have mutually agreed to terminate, effective January 15, 2024, the
employment agreement, dated October 25, 2022, between the Company and Mr. Zhang (the “Zhang Employment Agreement”). The Zhang
Employment Agreement provided for Mr. Zhang to serve as chief operating officer of the Company, and before that, the Company finance manager, for a period of three (3) years.
Item 5.02 Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 15, 2024, Mr. Yunheng (Brad) Zhang
resigned as director and chief operating officer of the Company, effective immediately. In connection with Mr. Zhang’s resignation
and the termination of the Zhang Employment Agreement, Mr. Zhang and the Company entered into a termination agreement and general release
(the “Termination Agreement”). Mr. Zhang’s resignation is for personal reasons and not due to any disagreement with
the Company’s management team or the Company’s Board on any matter relating to the operations, policies or practices of the
Company or any issues regarding the Company’s accounting policies or practices. The foregoing description of the Termination Agreement
is qualified in its entirety by reference to the full text of the Termination Agreement, a copy of which is attached hereto as Exhibit
10.1, filed herewith and incorporated herein by reference.
The Board of Directors of the Company intends
to conduct a search of potential internal and external candidates to replace Mr. Zhang as a director.
On January 18, 2024, the Board appointed Mr. Xiangchen
(Steven) Gao to serve as the Chief Operating Officer, effective immediately.
Below is the summary of Mr. Gao’s business
experience:
Xiangchen (Steven) Gao, age 30. Mr. Gao
will serve as our Chief Operating Officer since January 18, 2024. From 2022 to 2023, Mr. Xiangchen Gao served as the Co-founder and Chief
Operating Officer of Digital Element Co., Ltd. Before this, he held the position of Senior Investment Manager at Fengshion Capital. Between
2019 and 2021, Mr. Gao was the Senior Strategic Manager at ByteDance. From 2016 to 2019, he worked as a Senior Investment Manager at Baofeng
Group (stock code: 300431). Mr. Gao possesses over eight years of experience in investment and strategic operations. He received his Bachelor’s
degree in Economics from Renmin University of China in 2015.
On January 18, 2024 (“Effective Date”),
in connection with the appointment, the Company entered into the standard form of employment agreement with Mr. Gao (“Employment
Agreement”). Pursuant to the terms of the Employment Agreement, Mr. Gao has an annual base salary of $48,000 and is eligible to
receive annual Bonus and equity compensation, subject to the approval of the Board of Directors the Compensation Committee of the Board,
employee benefits as may be determined by the Company in its sole discretion, and reimbursement of expenses in the course and scope of
authorized Company business. In addition, the Board has granted 24,000 Restricted Stock Units (“RSUs”) pursuant to the Restricted
Stoc Unit Award Agreement to Mr. Gao to be settled in shares of common stock of the Company under the Company’s Amended and Restated
2021 Equity Incentive Plan, The RSUs will vests in four equal installments on February 28, 2024, May 30, 2024, August 31, 2024 and November
30, 2024. The term of Employment Agreement will be for a period of one (1) year, after which the Employment Agreement shall continue on
an at-will basis.
Except as disclosed in this Current Report on
Form 8-K, there are no arrangements or understandings with any other person pursuant to which Mr. Gao was appointed as Chief Operating
Officer of the Company. There are also no family relationships between Mr. Gao and any of the Company’s directors or executive officers.
Except as disclosed in this Current Report on Form 8-K, Mr. Gao has no direct or indirect material interest in any transaction required
to be disclosed pursuant to Item 404(a) of Regulation S-K.
The foregoing description of the Employment Agreement
and Restricted Stock Unit Award Agreement do not purport to be complete and are qualified in their entirety by reference to the full text
of such documents, which are filed as Exhibits 10.2 and Exhibit 10.3 to this Current Report on Form 8-K and are incorporated herein by
reference.
Item 8.01. Other Events.
On January 19, 2024, the Company issued a press release announcing the appointment of Mr. Xiangchen (Steven) Gao as the Company’s
Chief Operating Officer. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated into this Item
8.01 by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
Mega Matrix Corp. |
|
a Delaware corporation |
|
|
|
By: |
/s/ Yucheng Hu |
|
|
Yucheng Hu,
Chief Executive Officer |
|
|
|
Dated: January 19, 2024 |
|
|
3
Exhibit
10.1
TERMINATION
AGREEMENT
THIS
TERMINATION AGREEMENT, dated as of January 15, 2024 (“Effective Date”), is by and between Mega Matrix Corp., a Delaware
Corporation (the “Company”), and Yunheng (Brad) Zhang (the “Employee”).
WHEREAS
(A) | On September
16, 2022, the Company and the Employee entered into an employment agreement (the “Employment
Agreement”), pursuant to which the Employee was appointed as chief operating officer of
the Company. |
(B) | The
Company and the Employee desire to terminate the Employment Agreement pursuant to the terms of
this Agreement. |
NOW
THEREFORE, in consideration of the premises set forth above and intending to be legally bound hereby, the parties hereto agree as
follows:
1.
Termination. The Company and the Employee hereby terminate the Employment Agreement effective as of the Effective Date hereof
(the “Termination”). From the Effective Date, the Company shall have no liability to pay salary to the Employee under the
Employment Agreement.
2.
Continuing Obligations. Notwithstanding the Termination of the Employment Agreement, the parties hereby agree that the Employee
shall remain subject to the covenant not to the Proprietary Information set forth in Section 5 of the Employment Agreement and non-disparagement
set forth in Section 12(a) of the Employment Agreement.
3.
Consideration. Concurrently with the execution hereof the Company will pay the Employee a one time cash payment in the amount
of $nil, less all applicable payroll taxes and deductions, if any.
4.
Release. Except for the obligations created by or arising out of this Agreement, the Employee, and all persons for whose conduct
said party is legally responsible including, but not limited to, his descendants, heirs, beneficiaries, successors and assigns, and each
of them, past or present (collectively the “Employee Parties”) does hereby release, acquit, satisfy and forever discharge
the Company, and all persons for whose conduct said party is legally responsible including, but not limited to, its officers, directors,
attorneys, insurers, stockholders, subsidiaries, affiliated or related entities, successors, assigns, as the case may be, and each of
them, past or present (collectively, the “Employer Parties”), from any and all manner of action, causes of action, rights,
liens, agreements, contracts, covenants, obligations, suits, claims, debts, dues, sums of monies, costs, expenses, attorneys’ fees,
judgments, orders and liabilities, accounts, covenants, controversies, promises, damages, of whatever kind and nature in law or equity
or otherwise whether now known or unknown (collectively, the “Claims”), which the Employee Parties ever had, now have, or
may have had against any of the Employer Parties, for any reason (including, but not limited to, all Claims relating to the Employment
Agreement) from the beginning of time up through and including this date. In furtherance of the foregoing, each of the releasing parties
irrevocably covenants to refrain from, directly or indirectly, asserting any Claims, or commencing, instituting or causing to be commenced,
any proceeding of any kind against any of the Employer Parties with respect to any of the matters within the scope of the foregoing release.
5.
Miscellaneous.
| (a) | This
Termination Agreement may be executed in one or more counterparts, each of which when so
executed and delivered shall be deemed to be an original, but all of which taken together
shall constitute one and the same instrument. Facsimile and .pdf copies of signature pages
shall be acceptable in the absence of original signature pages. |
| (b) | This
Termination Agreement contains the entire agreement of the parties. There are no promises,
terms, conditions, or obligations other than those contained in this Termination Agreement.
All negotiations, understandings, conversations, and communications are merged into this
Termination Agreement and have no force and effect other than as expressed in the text of
this Termination Agreement. |
| (c) | No
alterations, modifications, supplements, changes, amendments, waivers, or termination of
this Termination Agreement shall be valid unless in writing and executed by all of the parties.
No waiver of any of the provisions of this Termination Agreement shall constitute a waiver
of any other provisions. No waiver shall be binding unless it is specific and executed in
writing by the party making the waiver. Each party warrants that it has not relied on any
promises or representations outside of this Termination Agreement. |
| (d) | This
Agreement shall be governed by and construed and enforced in accordance with the laws of
Delaware without giving effect to the principles of conflicts of laws. |
IN WITNESS
WHEREOF, this Agreement has been executed by the parties on the day and year first above written.
|
The Company |
|
|
|
Mega Matrix Corp. |
|
|
|
/s/ Yucheng
Hu |
|
Yucheng Hu, CEO |
|
|
|
Employee: |
|
|
|
/s/ Yunheng
Zhang |
|
Yunheng (Brad) Zhang |
Exhibit 10.3
MEGA MATRIX CORP.
RESTRICTED STOCK UNIT AWARD AGREEMENT UNDER
THE
MEGA MATRIX CORP. AMENDED AND RESTATED 2021
EQUITY INCENTIVE PLAN
To encourage your service
as the chief operating officer of Mega Matrix Corp. (the “Company”) or its subsidiary, you have been granted this restricted
stock unit award (the “Award”) pursuant to the Company’s Amended and Restated 2021 Equity Incentive Plan (the “Plan”).
The Award represents the right to receive shares of common stock (the “Shares”), par value $0.001 per share, of the Company
subject to the fulfillment of the vesting conditions set forth in this agreement (this “Agreement”).
The terms of the Award are
as set forth in this Agreement and in the Plan. The Plan is incorporated into this Agreement by reference, which means that this Agreement
is limited by and subject to the express terms and provisions of the Plan. In the event of a conflict between the terms of this Agreement
and the terms of the Plan, the terms of the Plan shall control. Capitalized terms that are not defined in this Agreement have the meanings
given to them in the Plan. The most important terms of the Award are summarized as follows:
| 1. | Award Date: January 18, 2024 |
| 2. | Number of Restricted Stock Units Subject to this Award:
24,000 |
| 3. | Vesting Schedule: The Award shall become vested
in installments on the dates indicated in the following table: |
Vesting Date | |
Number of RSU Vested | |
February 28, 2024 | |
| 6,000 | |
May 30, 2024 | |
| 6,000 | |
August 31, 2024 | |
| 6,000 | |
November 30, 2024 | |
| 6,000 | |
4. Conversion
of Restricted Stock Units and Issuance of Shares. Upon vesting of the Award (each, a “Vest Date”), one Share shall be
issuable for each restricted stock unit that vests on such Vest Date, subject to the terms and provisions of the Plan and this Agreement.
Thereafter, the Company will transfer such Shares to you upon satisfaction of any required tax withholding obligations. No fractional
shares shall be issued under this Agreement.
5. Termination
of Service. The unvested portion of the Award will terminate automatically and be forfeited to the Company immediately and without
further notice upon termination of your service to the Company for any reason (including as a result of death or disability). No Shares
shall be issued or issuable with respect to any portion of the Award that terminates unvested and is forfeited.
6. Right
to Shares. You shall not have any right in, to or with respect to any of the Shares (including any voting rights or rights with respect
to dividends paid on the Shares) issuable under the Award until the Award is settled by the issuance of such Shares to you.
7. Withholding
of Taxes.
(a) Notwithstanding
any contrary provision of this Agreement, no Shares will be issued to you, unless and until satisfactory arrangements (as determined by
the Administrator) will have been made by you with respect to the payment of income (including federal, state, foreign and local taxes),
employment, social insurance, payroll tax, payment on account and other taxes which the Company determines must be withheld with respect
to such Shares so issuable (the “Withholding Taxes”). You acknowledge that the ultimate liability for all Withholding Taxes
legally due by you is and remains your responsibility and that the Company (i) makes no representations or undertakings regarding the
treatment of any Withholding Taxes in connection with any aspect of the Award, including the grant of the Award, the vesting of Award,
the settlement of the Award in Shares or the receipt of an equivalent cash payment, the subsequent sale of any Shares acquired at vesting
and the receipt of any dividends; and (ii) does not commit to structure the terms of the grant or any aspect of the Award to reduce or
eliminate your liability for Withholding Taxes.
(b) To
satisfy the Withholding Taxes, the Company may withhold otherwise deliverable Shares upon vesting of the Award, according to the vesting
schedule, having a Fair Market Value (as defined in the Plan) equal to the minimum amount required to be withheld for the payment of the
Withholding Taxes pursuant to such procedures as the Administrator may specify from time to time. The Company will not retain fractional
Shares to satisfy any portion of the Withholding Taxes. If the Administrator determines that the withholding of whole Shares results in
an over-withholding to meet the minimum tax withholding requirements, a reimbursement will be made to you as soon as administratively
possible.
(c) If the Company
does not withhold the Shares as described above, prior to the issuance of Shares upon vesting of the Award or the receipt of an equivalent
cash payment, you shall pay, or make adequate arrangements satisfactory to the Company (in its sole discretion) to satisfy all withholding
and payment on account obligations of the Company. In this regard, you authorize the Company to withhold all applicable Withholding Taxes
legally payable by you from your wages or other cash compensation payable to you by the Company or from any equivalent cash payment received
upon vesting of the Award. Alternatively, or in addition, if permissible under local and applicable law, you may instruct and authorize
the Administrator to pay Withholding Taxes, in whole or in part, by one of the additional following alternatives:
(i) You providing
irrevocable instructions to a Company-designated broker to deliver cash to the Company from your previously established account with such
broker equal to the Withholding Taxes; or
(ii) You providing
irrevocable instructions to a Company-designated broker to sell a sufficient number of Shares otherwise deliverable to you having a Fair
Market Value equal to the Withholding Taxes provided that such sale does not violate Company policy or Applicable Laws.
(d) The Company may
refuse to issue any Shares to you until you satisfy your Withholding Taxes. To the maximum extent permitted by law, the Company has the
right to retain without notice from Shares issuable under the Award or from salary payable to you, Shares or cash having a value sufficient
to satisfy the Withholding Taxes.
8. Securities
Laws and Representations. You acknowledges that the Plan is intended to conform to the extent necessary with all applicable federal,
state and foreign securities laws (including the Securities Act and the Exchange Act) and any and all regulations and rules promulgated
thereunder by the Securities and Exchange Commission or any other governmental regulatory body. Notwithstanding anything herein to the
contrary, the Plan shall be administered, and the shares are to be issued, only in such a manner as to conform to such laws, rules and
regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to
conform to such laws, rules and regulations. Without limiting the foregoing, the Award is being granted to the Participant, upon the Shares
issued to you upon settlement of the restricted stock units, and this Agreement is being made by the Company in reliance upon the following
express representations and warranties by you. You hereby acknowledges, represents and warrants that:
(a) You have been
advised that you may be an “affiliate” within the meaning of Rule 144 under the Securities Act of 1933 (the “Securities
Act”) and in this connection the Company is relying in part on your representations set forth in herein;
(b) Any Shares issued
to you upon settlement of the restricted stock units must be held indefinitely by you unless (i) an exemption from the registration requirements
of the Securities Act is available for the resale of such Shares, or (ii) the Company files an additional registration statement (or a
“re-offer prospectus”) with regard to the resale of such Shares, and the Company is under no obligation to continue in effect
a Form S-8 Registration Statement or to otherwise register the resale of such shares of Common Stock (or to file a “re-offer prospectus”);
(c) The
exemption from registration under Rule 144 shall not be available under current law unless (i) a public trading market then exists for
the Shares, (ii) adequate information concerning the Company is then available to the public, and (iii) other terms and conditions of
Rule 144 or any exemption therefrom are complied with, and that any sale of Shares issued you upon settlement of the restricted stock
units may be made only in limited amounts in accordance with, such terms and conditions; and
(d) The
Company will not be obligated to issue any Shares with respect to this Award unless such Shares are at that time effectively registered
or exempt from registration under federal securities laws and the offer and sale of the Shares are otherwise in compliance with all applicable
state securities laws.
9. Limitation
on Rights; No Right to Future Grants; Extraordinary Item. By entering into this Agreement and accepting the Award, you acknowledge
that: (a) the Plan is discretionary and may be modified, suspended or terminated by the Company at any time as provided in the Plan; (b)
the grant of the Award is a one-time benefit and does not create any contractual or other right to receive future grants of awards or
benefits in lieu of awards; (c) all determinations with respect to any such future grants, including, but not limited to, the times when
awards will be granted, the number of shares subject to each award, the award price, if any, and the time or times when each award will
be settled, will be at the sole discretion of the Company; (d) your participation in the Plan is voluntary; (e) the value of the Award
is an extraordinary item which is outside the scope of your service contract, if any; (f) the Award is not part of normal or expected
compensation for any purpose, including without limitation for calculating any benefits, severance, resignation, termination, redundancy,
end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; (g) the future value of the
Shares subject to the Award is unknown and cannot be predicted with certainty, (h) neither the Plan, the Award nor the issuance of the
Shares confers upon you any right to continue in the service of (or any other relationship with) the Company, and (i) the grant of the
Award will not be interpreted to form an employment relationship with the Company.
10. Compliance
With Section 409A Of The Code. This Award is intended to be exempt from the application of Section 409A of the Internal Revenue Code
(the “Code”), including but not limited to by reason of complying with the “short-term deferral” rule set forth
in Treasury Regulation Section 1.409A-1(b)(4) and any ambiguities herein shall be interpreted accordingly. Notwithstanding the foregoing,
if it is determined that the Award fails to satisfy the requirements of the short-term deferral rule and is otherwise not exempt from,
and determined to be deferred compensation subject to Section 409A of the Code, this Award shall comply with Section 409A to the extent
necessary to avoid adverse personal tax consequences and any ambiguities herein shall be interpreted accordingly. If it is determined
that the Award is deferred compensation subject to Section 409A and you are a “Specified Employee” (within the meaning set
forth in Section 409A(a)(2)(B)(i) of the Code) as of the date of your “Separation from Service” (as defined in Section 409A),
then the issuance of any shares that would otherwise be made upon the date of your Separation from Service or within the first six (6)
months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the date that is six
(6) months and one day after the date of the Separation from Service, with the balance of the shares issued thereafter in accordance with
the original vesting and issuance schedule set forth above, but if and only if such delay in the issuance of the shares is necessary to
avoid the imposition of adverse taxation on you in respect of the shares under Section 409A of the Code. Each installment of shares that
vests is intended to constitute a “separate payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2).
11. Execution
of Award Agreement. Please acknowledge your acceptance of the terms and conditions of the Award by signing the original of this Agreement
and returning it to the Company.
|
Very truly yours, |
|
|
|
Mega Matrix Corp. |
|
|
|
|
|
Yucheng Hu,
Chief Executive Officer |
ACCEPTANCE AND ACKNOWLEDGMENT
I, Xiangchen Gao, accept the
Restricted Stock Unit Award described in this Agreement and in the Plan, and acknowledge receipt of a copy of this Agreement and the Plan,
and acknowledge that I have read them carefully and that I fully understand their contents.
Dated: |
|
|
|
|
|
|
|
Name: |
Xiangchen Gao |
|
|
|
|
Address: |
|
|
|
|
|
|
Exhibit 99.1
MEGA MATRIX CORP. APPOINTS XIANGCHEN (STEVEN)
GAO AS CHIEF OPERATING OFFICER
PALO ALTO, Calif., Jan. 19, 2024 (GLOBE NEWSWIRE)
-- Mega Matrix Corp. (“MPU” or the “Company”) (NYSE American: MPU), today announced that Mr. Xiangchen (Steven) Gao
has been appointed as the Company’s Chief Operating Officer.
Mr. Gao will lead the development of the Company’s
new short drama business and will report directly to the Company’s CEO, Mr. Yucheng Hu.
Prior to joining the Company, Mr. Gao served as
the Co-founder and Chief Operating Officer of Digital Element Co., Ltd. Before this, he held the position of Senior Investment Manager
at Fengshion Capital. Between 2019 and 2021, Mr. Gao was the Senior Strategic Manager at ByteDance. From 2016 to 2019, he worked as a
Senior Investment Manager at Baofeng Group (stock code: 300431). Mr. Gao possesses over eight years of experience in investment and strategic
operations. He received his Bachelor’s degree in Economics from Renmin University of China in 2015.
“Steven brings tremendous amount of experience
in online streaming which will further enhances the development of our new FlexTV, a short drama streaming platform based in Singapore,”
said Mr. Hu, the Company’s CEO. “On behalf of the entire team, we officially welcome Steven aboard.”
About Mega Matrix: Mega Matrix Corp. is a holding company located
in Palo Alto, California with five subsidiaries: Saving Digital Pte. Ltd., a Singapore corporation (“Saving”), Mega Matrix,
Inc., an exempted company incorporated under the laws of the Cayman Islands, Mega Metaverse Corp., a California corporation (“Mega”),
Marsprotocol Technologies Pte. Ltd., a Singapore corporation (“MTP”) and FunVerse Holding Limited (“FunVerse”),
a company incorporated under the laws of the British Virgin Islands. The Company focuses on crypto-related and short drama business. For
more information, please contact info@megamatrix.io or visit: http://www.megamatrix.io.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements in this
press release other than statements that are purely historical are forward looking statements. When used in this press release, the words
“estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,”
“propose,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are
intended to identify forward-looking statements. These forward-looking statements are not guarantees for future performance, conditions
or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are
outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking
statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate future acquisitions;
ability to grow and expand our FlexTV business; ability to obtain additional financing in the future to fund capital expenditures; fluctuations
in general economic and business conditions; costs or other factors adversely affecting the Company’s profitability; litigation involving
patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic;
the occurrence of any event, change or other circumstances that could affect the Company’s ability to continue successful development
of its digital assets staking business model; the possibility that the Company may not succeed in developing its new lines of businesses
due to, among other things, changes in the business environment, competition, changes in regulation, or other economic and policy factors;
and the possibility that the Company’s new lines of business may be adversely affected by other economic, business, and/or competitive
factors. The forward-looking statements in this press release and the Company’s future results of operations are subject to additional
risks and uncertainties set forth under the heading “Risk Factors” in documents filed by the Company with the Securities and
Exchange Commission, including the Company’s latest annual report on Form 10-K, and are based on information available to the Company
on the date hereof. In addition, such risks and uncertainties include the Company’s inability to predict or control bankruptcy proceedings
and the uncertainties surrounding the ability to generate cash proceeds through the sale or other monetization of the Company’s assets.
The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements,
which speak only as of the date of this press release.
Contact:
Info@megamatrix.io
v3.23.4
Cover
|
Jan. 15, 2024 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jan. 15, 2024
|
Entity File Number |
001-13387
|
Entity Registrant Name |
MEGA MATRIX CORP.
|
Entity Central Index Key |
0001036848
|
Entity Tax Identification Number |
94-3263974
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
3000 El Camino Real
|
Entity Address, Address Line Two |
Bldg.
4
|
Entity Address, Address Line Three |
Suite 200
|
Entity Address, City or Town |
Palo
Alto
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
94306
|
City Area Code |
650
|
Local Phone Number |
340-1888
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common Stock, $0.001 par value
|
Trading Symbol |
MPU
|
Security Exchange Name |
NYSE
|
Entity Emerging Growth Company |
false
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 3 such as an Office Park
+ References
+ Details
Name: |
dei_EntityAddressAddressLine3 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
Mega Matrix (AMEX:MTMT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mega Matrix (AMEX:MTMT)
Historical Stock Chart
From Jul 2023 to Jul 2024