Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

14. SUBSEQUENT EVENTS 

1) Regain compliance with NYSE

The Company received notice from the NYSE American LLC (the “NYSE American”) on September 11, 2020 that it was not in compliance with Section 1003(a)(i) – (iii) of the NYSE American Company Guide (the “Company Guide”).  Subsequently, the Company received notice from the NYSE American on May 28, 2021 that it was not in compliance with Section 1003(a)(ii) of the Company Guide.

As a result of management’s efforts, on March 11, 2022, the NYSE American informed the Company that it has regained compliance by meeting the exemption requirements under Section 1003(a) of the Company Guide of having at least 1,100,000 shares publicly held, a market value of publicly held shares of at least $15,000,000, and 400 round lot shareholders.

2) Change of company name and ticker symbol

On March 25, 2022, the Company changed its name from “AeroCentury Corp” to “Mega Matrix Corp.” (“Name Change”) to better reflect its expansion into Metaverse and GameFi business. In connection with the Name Change, the Company changed its ticker symbol from “ACY” to “MTMT” on the NYSE American, effective on March 28, 2022.

3) Issuance of 65,000 common shares of JHC

In January 2022, JHC granted 65,000 common shares of JHC to six of its management under 2022 Equity Incentive Plan of JHC.