Kartoon Studios, Inc.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 31, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| PART I. · Page Number | ||
|---|---|---|
| Item 1. | Business | 1 |
| Item 1A. | Risk Factors | 9 |
| Item 1B. | Unresolved Staff Comments | 21 |
| Item 1C. | Cybersecurity | 21 |
| Item 2. | Properties | 22 |
| Item 3. | Legal Proceedings | 22 |
| Item 4. | Mine Safety Disclosures | 22 |
| PART II. | ||
| Item 5. | Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 23 |
| Item 6. | [Reserved] | 23 |
| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 24 |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | 39 |
| Item 8. | Financial Statements and Supplementary Data | 39 |
| Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | 39 |
| Item 9A. | Controls and Procedures | 39 |
| Item 9B. | Other Information | 41 |
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 41 |
| PART III. | ||
| Item 10. | Directors, Executive Officers and Corporate Governance | 42 |
| Item 11. | Executive Officer and Director Compensation | 49 |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 62 |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence | 64 |
| Item 14. | Principal Accounting Fees and Services | 65 |
| PART IV. | ||
| Item 15. | Exhibits and Financial Statement Schedules | 67 |
| Signatures | 71 | |
i
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K (including the sections regarding our Business and Management's Discussion and Analysis of Financial Condition and Results of Operations) contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations thereof are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this Annual Report on Form 10-K. Additionally, statements concerning future matters are forward-looking statements. These statements include, among other things, statements regarding:
| • | Our ability to generate revenue or achieve profitability |
| • | Our anticipated needs for working capital, and our ability to obtain additional financing on acceptable terms, if at all |
| • | Our ability to continue as a going concern |
| • | Fluctuations in the results of our operations from period to period |
| • | General economic and financial conditions |
| • | Consumer acceptance of our content and demand for our products |
| • | Our ability to anticipate changes in popular culture, media and movies, fashion and technology |
| • | Competitive pressure from other distributors of content and within the retail market |
| • | Our reliance on and relationships with third-party production and animation studios |
| • | Our ability to market and advertise our products |
| • | Our reliance on third parties to promote our products |
| • | Our ability to keep pace with technological advances |
| • | Performance of our information technology and storage systems |
| • | A disruption or breach of our internal computer systems |
| • | Our ability to retain key personnel |
| • | Our ability to successfully identify appropriate acquisition targets, successfully acquire identified targets and successfully integrate the business of acquired companies |
ii
| • | The impact of federal, state or local regulations on us or our vendors and licensees |
| • | Our ability to protect and defend against litigation, including intellectual property claims |
| • | The volatility of our stock price |
| • | The marketability of our stock |
| • | Our broad discretion to invest or spend the proceeds of our financings in ways with which our stockholders may not agree and may have limited ability to influence |
| • | Other risks and uncertainties, including those listed in Item 1A, “Risk Factors” |
Although forward-looking statements in this Annual Report on Form 10-K reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the heading “Risk Factors” in Item 1A. below, as well as those discussed elsewhere in this Annual Report on Form 10-K. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Annual Report on Form 10-K. We file reports with the Securities and Exchange Commission (“SEC”) and our electronic filings with the SEC (including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and any amendments to these reports) are available free of charge on the SEC’s website athttp://www.sec.gov.
We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Annual Report on Form 10-K, except as required by law. Readers are urged to carefully review and consider the various disclosures made throughout the entirety of this Annual Report on Form 10-K, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.
iii
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.