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<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 1 — ORGANIZATION</b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b>Organization</b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; font-weight: normal;">iPic Entertainment Inc. (the “Company”, “we”, “our” or “us”) was formed as a Delaware corporation on October 18, 2017. The Company was formed for the purpose of completing an initial public offering (“IPO”) and related transactions in order to carry on the business of iPic-Gold Class Entertainment, LLC (“iPic-Gold Class”) and its subsidiaries. Additionally, iPic-Gold Class Holdings LLC (“Holdings") was formed as a Delaware limited liability company on December 22, 2017, to hold the equity interests of iPic-Gold Class. As of the completion of the IPO and related transactions, the Company is the sole manager of Holdings, and Holdings is the sole managing member of iPic-Gold Class and its subsidiaries. iPic-Gold Class and its subsidiaries continue to conduct the business conducted by these subsidiaries prior to the IPO and related transactions.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b>Initial Public Offering</b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On February 1, 2018, the Company completed its IPO of 818,429 shares of Class A Common Stock at a public offering price of $18.50 per share. We received approximately $13,600 in proceeds, net of selling agent discounts and commission, but before offering expenses of approximately $1,500. We used the net proceeds from our IPO to purchase 818,429 newly issued common units of Holdings (“Common Units”) at a price per Common Unit of $18.50. After the IPO, the pre-IPO owners of iPic-Gold Class (the “Original iPic Equity Owners”) control approximately 92.68% of the combined voting power of all classes of our Common Stock as a result of their ownership of 429,730 shares of our Class A Common Stock and all of the 9,926,621 shares of our Class B Common Stock, each share of which is entitled to one vote on all matters submitted to a vote of our stockholders but has no economic rights.</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color:
initial;"><font
style="font-family: 'times new roman', times, serif; font-size: 10pt; font-weight: normal;">Subsequent to the IPO and the Organizational Transactions (as defined below) our sole assets are Common Units of Holdings. As a result of the Organizational Transactions, in the first quarter of 2018, we will consolidate the financial results of Holdings and iPic-Gold Class and its subsidiaries with our financial results and report non-controlling interests to reflect the interests of Common Units held by parties other than the Company.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; font-weight: normal;">See Note 3 – Subsequent Events below for a further description of the IPO and the Organizational Transactions.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b><i>Basis of Presentation and Accounting</i></b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; font-weight: normal;">The accompanying unaudited balance sheet has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Separate statements of income, changes in stockholder’s equity, and cash flows have not been presented, as the Company did not engage in any business activities as of the date the information is presented.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b><i>Use of Estimates</i></b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; font-weight: normal;">The preparation of the unaudited balance sheet in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited balance sheet. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, such estimates may ultimately differ from actual results.</font></p></div>
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<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0px;"><font style="font-size: 10pt; font-family: times new roman, times, serif;"><b>NOTE 3 — SUBSEQUENT EVENTS</b></font></p>
<p style="text-align: justify; font: italic 10pt times new roman, times, serif; margin: 0px;"> </p>
<p style="text-align: justify; font: italic 10pt times new roman, times, serif; margin: 0px;"><font style="font-size: 10pt; font-family: times new roman, times, serif; font-style: normal;"><b>Organizational Transactions</b></font></p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0px;"> </p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0px;">Immediately prior to or in connection with the closing of our IPO on February 1, 2018, we and the Original iPic Equity Owners consummated the following organizational transactions (the “Organizational Transactions”):</p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0px;"> </p>
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<td style="font-size: 10pt; width: 32px;"> </td>
<td style="font-size: 10pt; width: 32px;"><font style="font-size: 10pt; font-family: times new roman, times, serif;">●</font></td>
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<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;">All of the membership interests in iPic-Gold Class were contributed by the Original iPic Equity Owners to Holdings in exchange for all of the membership interests in Holdings (the “LLC Interests”), following which iPic-Gold Class became 100% owned and controlled by Holdings;</p>
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<td style="font-size: 10pt;"><font style="font-size: 10pt; font-family: times new roman, times, serif;">●</font></td>
<td style="text-align: justify;">
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;">We amended and restated the limited liability company agreement of Holdings (the “Holdings LLC Agreement”), to, among other things, provide for the organizational structure described below under “Organizational Structure Following the IPO”;</p>
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<td style="font-size: 10pt;"><font style="font-size: 10pt; font-family: times new roman, times, serif;">●</font></td>
<td style="text-align: justify;">
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;">We amended and restated the limited liability company agreement of iPic-Gold Class to appoint Holdings as the sole managing member of iPic-Gold Class and to reflect iPic-Gold Class’s status as a wholly-owned subsidiary of Holdings;</p>
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<td style="font-size: 10pt;"><font style="font-size: 10pt; font-family: times new roman, times, serif;">●</font></td>
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<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;">Certain of the Original iPic Equity Owners transferred the LLC Interests that they held in Holdings to certain direct or indirect members of such Original iPic Equity Owners. The recipients of these LLC Interests, together with the Original iPic Equity Owners that did not transfer any of the LLC Interests that they held in Holdings, are collectively referred to herein as the “Continuing iPic Equity Owners”;</p>
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<td style="font-size: 10pt;"><font style="font-size: 10pt; font-family: times new roman, times, serif;">●</font></td>
<td style="font-size: 10pt; text-align: justify;"><font style="font-size: 10pt; font-family: times new roman, times, serif;">We amended and restated the Company’s Certificate of Incorporation to, among other things, (i) provide for Class A Common Stock and Class B Common Stock and (ii) issue shares of Class B Common Stock to the Continuing iPic Equity Owners, on a one-to-one basis with the number of LLC Interests they owned, for nominal consideration;</font></td>
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<td style="font-size: 10pt; width: 32px;"><font style="font-size: 10pt; font-family: times new roman, times, serif;">●</font></td>
<td style="font-size: 10pt; text-align: justify;"><font style="font-size: 10pt; font-family: times new roman, times, serif;">We issued 818,429 shares of our Class A Common Stock to the purchasers in the IPO in exchange for net proceeds of approximately $13,600 at $18.50 per share, after deducting selling agents’ discounts and commissions but before offering expenses payable by us.;</font></td>
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<td style="font-size: 10pt; width: 32px;"><font style="font-size: 10pt; font-family: times new roman, times, serif;">●</font></td>
<td style="font-size: 10pt; text-align: justify;"><font style="font-size: 10pt; font-family: times new roman, times, serif;">We used all of the net proceeds from the IPO to purchase newly-issued LLC Interests from Holdings at a purchase price per interest equal to the net proceeds, before expenses, to us per share of Class A Common Stock, collectively representing 7.32% of Holdings’ outstanding LLC Interests; and</font></td>
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<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;">We issued 429,730 shares of our Class A Common Stock to certain Continuing iPic Equity Owners in exchange for an equivalent number our
Class B Common Stock and LLC Interests they owned.</p>
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<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;"><b>Organizational Structure Following the IPO</b></p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;"><b> </b></p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0px;">Immediately following the completion of the IPO:</p>
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<td style="font-size: 10pt; text-align: justify;">The Company is the sole manager of Holdings, and Holdings is the sole managing member of iPic- Gold Class. The Company, therefore, directly or indirectly controls the business and affairs of, and conducts its day-to-day business through, iPic-Gold Class and its subsidiaries;<font style="font-size: 10pt; font-family: times new roman, times, serif;"> </font></td>
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<td style="font-size: 10pt; width: 24pt;"><font style="font-size: 10pt; font-family: times new roman, times, serif;">●</font></td>
<td style="font-size: 10pt; text-align: justify;"><font style="font-size: 10pt; font-family: times new roman, times, serif;">The Company’s Amended and Restated Certificate of Incorporation and the Holdings LLC Agreement require that (i) we at all times maintain a ratio of one LLC Interest owned by us for each share of Class A Common Stock issued by us (subject to certain exceptions for treasury shares and shares underlying certain convertible or exchangeable securities), and (ii) Holdings at all times maintain (x) a one-to-one ratio between the number of shares of Class A Common Stock issued by us and the number of LLC Interests owned by us and (y) a one-to-one ratio between the number of shares of Class B Common Stock owned by the Continuing iPic Equity Owners and the number of LLC Interests owned by the Continuing iPic Equity Owners;</font></td>
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<td style="font-size: 10pt; width: 32px;"><font style="font-size: 10pt; font-family: times new roman, times, serif;">●</font></td>
<td style="font-size: 10pt; text-align: justify;"><font style="font-size: 10pt; font-family: times new roman, times, serif;">Class A Common Stockholders own 1,248,159 shares of Class A Common Stock, representing approximately 11.17% of the combined voting power of our Class A and Class B Common Stock, and participate in approximately 11.17% of the economic interest in Holdings; and</font></td>
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<td style="font-size: 10pt; width: 24pt;"><font style="font-size: 10pt; font-family: times new roman, times, serif;">●</font></td>
<td style="font-size: 10pt; text-align: justify;"><font style="font-size: 10pt; font-family: times new roman, times, serif;">The Continuing iPic Equity Owners own (i) LLC Interests, representing 88.83% of the economic interest in Holdings, and (ii) through their ownership of Class A and Class B Common Stock, approximately 92.68% of the combined voting power of our Class A and Class B Common Stock. Following the IPO, each LLC Interest held by the Continuing iPic Equity Owners is redeemable, at the election of such members, for, at our option, newly-issued shares of Class A Common Stock on a one-for-one basis or a cash payment equal to a volume weighted average market price of one share of Class A Common Stock for each LLC Interest redeemed (subject to customary adjustments, including for stock splits, stock dividends and reclassifications). In the event of such election by a Continuing iPic Equity Owner, we may, at our option, instead effect a direct exchange of cash or Class A Common Stock for such LLC Interests in lieu of such a redemption. Any such redemption or exchange is required to be in accordance with the terms of the Holdings LLC Agreement. When a Continuing iPic Equity Owner’s LLC Interests are redeemed or exchanged, we will cancel the number of shares of Class B Common Stock held by such Continuing iPic Equity Owner equal to the number of LLC Interests of such Continuing iPic Equity Owner that were redeemed or exchanged. The decisions made by us are made by our board of directors, which currently includes directors who hold LLC Interests or are affiliated with holders of LLC Interests and may include additional directors with similar affiliations in the future.</font></td>
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<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;"> </p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0px;"></p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;">Although we own a minority economic interest in Holdings, we have the sole voting interest in, and control the management of, Holdings and, indirectly, iPic-Gold Class. As a result, we will consolidate in the first quarter of 2018 both Holdings and iPic-Gold Class in our consolidated financial statements and will report non-controlling interests related to the LLC Interests held by the Continuing iPic Equity Owners We have a board of directors and executive officers, but have no other employees. All of our employees and their functions reside at iPic-Gold Class and its subsidiaries.</p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;"> </p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;"><b><i>2017 Equity Incentive Plan</i></b></p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;"> </p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;">The Board of Directors and the former unitholders of iPic-Gold Class have adopted and approved the
iPic – Gold Class Entertainment, LLC 2017 Equity Incentive Plan (or the “2017 Equity Incentive Plan”), under which equity awards may be made in respect of 1,600,000 membership units of iPic-Gold Class (“Units”), which number of authorized Units is subject to automatic increases.</p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;"> </p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;">On December 21, 2017, iPic-Gold Class granted 955,300 options with an exercise price of $18.13 per share to our named executive officers and certain other employees under the 2017 Equity Incentive Plan.</p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;"> </p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0px;">Under the 2017 Equity Incentive Plan, awards may be granted in the form of options, restricted units, phantom units, unit appreciation rights, dividend equivalent rights, unit awards and performance-based awards (including performance units, performance phantom units and performance-based restricted units). Subsequent to the IPO, the 2017 Equity Incentive Plan was migrated to iPic Entertainment Inc. and any awards previously granted under the 2017 Equity Incentive Plan were converted into options to acquire Class A Common Stock of iPic Entertainment Inc.</p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;"></p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;"><b><i>Closing of Location</i></b></p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;"><b><i> </i></b></p>
<p style="text-align: justify; font: 10pt times new roman, times, serif; margin: 0pt 0px;">After a detailed review of all seven locations with Generation I auditoriums, the Company has decided against reinvestment at its Glendale, Wisconsin location, where the Bayshore Mall is now in receivership. The Company has instead announced the closing of this location effective March 8, 2018. The remaining minimum lease obligation at the date of closure is approximately $3,300.</p>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b><i>Basis of Presentation and Accounting</i></b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; font-weight: normal;">The accompanying unaudited balance sheet has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Separate statements of income, changes in stockholder’s equity, and cash flows have not been presented, as the Company did not engage in any business activities as of the date the information is presented.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b><i>Use of Estimates</i></b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; font-weight: normal;">The preparation of the unaudited balance sheet in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited balance sheet. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, such estimates may ultimately differ from actual results.</font></p></div>
818429
429730
18.50
818429
13600000
1500000
0.9268
18.50
429730
9926621
0.0732
1.00
818429
13600000
18.50
1600000
955300
18.13
<div>Class A Common Stockholders own 1,248,159 shares of Class A Common Stock, representing approximately 11.17% of the combined voting power of our Class A and Class B Common Stock, and participate in approximately 11.17% of the economic interest in Holdings.</div>
<div>(i) LLC Interests, representing 88.83% of the economic interest in Holdings, and (ii) through their ownership of Class A and Class B Common Stock, approximately 92.68% of the combined voting power of our Class A and Class B Common Stock.</div>
3300000