Fresh Start Accounting (Tables)

12 Months Ended

Dec. 31, 2021

Fresh Start Accounting [Abstract]

Schedule of reconciles the enterprise value to the estimated fair value of the Successor common stock

Enterprise value	$	18,883,100
Less: Fair value of accounts payable and accrued expenses		(1,512,100	)
Less: Accrued payroll		(232,100	)
Less: Income tax payable		(19,600	)
Less: Deferred tax liabilities		(114,500	)
Fair value of successor shareholders’ equity	$	17,004,800
Shares issued and outstanding upon emergence*		22,084,055
Per share value*	$	0.77

Schedule of reflects cumulative impacts of reorganization adjustments

	Predecessor									Successor
	September 29, 2021			Reorganization adjustments			Fresh start adjustments			September 30, 2021
Assets:
Cash and cash equivalents	$	10,527,200		$	98,400	a		-			10,625,600
Accounts receivable		-			-			-			-
Finance leases receivable, net		450,000			-			-			450,000
Taxes receivable		1,234,500			-			-			1,234,500
Prepaid expenses and other assets		1,884,400			-			-			1,884,400
Goodwill		-			-			4,688,600	a		4,688,600
Assets held for sale		31,149,300			(31,149,300	)b		-			-
Total assets	$	45,245,400		$	(31,050,900	)	$	4,688,600		$	18,883,100
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Liabilities:
Accounts payable and accrued expenses	$	1,513,700		$	(1,600	)a	$	-		$	1,512,100
Accrued payroll		232,100			-			-			232,100
Notes payable and accrued interest, net		38,675,300			(38,675,300	)b		-			-
Lease liability		780,500			(780,500	)b		-			-
Maintenance reserves		2,061,200			(2,061,200	)b		-			-
Accrued maintenance costs		46,100			(46,100	)b		-			-
Security deposits		466,000			(466,000	)b		-			-
Unearned revenues		-			-			-			-
Income taxes payable		19,600			-			-			19,600
Deferred tax liabilities		114,500			-			-			114,500
Subscription fee advanced from the Plan Sponsor		10,953,100			(10,953,100	)c		-			-
Total liabilities		54,862,100			(52,983,800	)		-			1,878,300
Equity (Deficit):
Preferred stock		-			-			-			-
Common stock		7,700			14,400	c		-			22,100
Paid-in capital		16,811,900			170,800	cd		-			16,982,700
Accumulated deficit		(23,399,000	)		18,710,400	e		4,688,600	a		-
		(6,579,400	)		18,895,600			4,688,600			17,004,800
Treasury stock		(3,037,300	)		3,037,300	d		-			-
Total Mega Matrix Corp. (formerly “AeroCentury Corp.”) stockholders’ equity (deficit)		(9,616,700	)		21,932,900			4,688,600			17,004,800
Total liabilities and Equity (Deficit)	$	45,245,400		$	(31,050,900	)	$	4,688,600		$	18,883,100

Schedule of settlement of liabilities subject to compromise

Liabilities subject to compromise pre-emergence
Accrued maintenance costs	$	46,100
Lease liability		780,500
Maintenance reserves		2,061,200
Security deposits		466,000
Drake Indebtedness		38,675,300
		42,029,100
Less: Amounts settled per the Plan of Reorganization
Aircraft included in the assets held for sale		(31,149,300	)
Reorganization gain per the Plan of Reorganization	$	10,879,800
Add: Gain on settlement of liabilities subject to compromise before Plan of Reorganization*		19,296,100
Reorganization gain	$	30,175,900

Schedule of cumulative impacts of reorganization adjustments

Reorganization gain per the Plan of Reorganization	$	10,879,800
Cancellation of paid in capital and treasury stock		7,830,600
	$	18,710,400

Schedule of enterprise value over the fair value of total assets

Enterprise value	$	18,883,100
Less: Fair value of total assets		(14,194,500	)
Goodwill	$	4,688,600