fulfilled in the normal course of business. Additionally, the Company licenses minimum quantities of theatrical and direct-to-video titles under licensing agreements with certain movie content providers. The total estimated content commitments under the terms of the Company’s distribution and license agreements in effect as of March 31, 2023 is presented in the following table:
| | | | | | | | | | | | |
| | Total | | 2023 | | 2024 | | 2025 and thereafter |
Minimum estimated content commitments | | $ | 94,076,995 | | $ | 82,017,445 | | $ | 12,059,550 | | $ | — |
Acquisition of Sonar Assets
The Company owes contingent consideration related to the acquisition of Sonar of $7,006,699 at March 31, 2023. The liability is an estimate and is payable upon the collection of receipts from defined receivables, noncontracted TV business receipts and profit participations on a slate of development projects. See Notes 4 and 12 for additional information.
Legal and Other Matters
The Company is not presently a party to any legal proceedings the resolution of which the Company believes would have a material adverse effect on its business, financial condition, operating results, or cash flows. However, any legal proceedings are subject to inherent uncertainties, and an unfavorable outcome could include monetary damages, and excessive verdicts can result from litigation, and as such, could result in a material adverse impact on our business, financial position, results of operations, and /or cash flows. Additionally, although the Company has specific insurance for certain potential risks, the Company may in the future incur judgments or enter into settlements of claims which may have a material adverse impact on its business, financial condition, or results of operations in the future.
Note 16 – Stockholders’ Equity
Amendment to Authorized Shares
On June 30, 2022, the shareholders of the Company approved an increase in the total authorized shares from 100,000,000 to 200,000,000, comprised of 140,000,000 million shares of Class A common stock, 20,000,000 share of Class B common stock and 40,000,000 shares of preferred stock, of which, 10,000,000 are classified as Series A preferred stock.
Treasury Stock
On February 28, 2022, the Board of Directors increased the total authorization under the Company’s stock repurchase program by $10,000,000 to $30,000,000. At March 31, 2023, the Company had $3,474,299 of authorization remaining under the stock repurchase program. During the three months ended March 31, 2023, the Company has not repurchased any shares of Class A Common Stock.
At the Market Offerings
During the three months ended March 31, 2023, the Company completed the sale of an aggregate of 617,182 shares of Series A preferred stock, generating net proceeds of $10,657,282. During the three months ended March 31, 2022, the Company completed the sale of an aggregate of 52,060 shares of Class A preferred stock, generating net proceeds of $1,288,739.
During the three months ended March 31, 2023, the Company completed the sale of an aggregate of 359,831 shares of Class A common stock, generating net proceeds of $1,887,256.