"There is a big difference between holding an Oscar and what he is charged with", said Daniel Brookman, Bryant's attorney.
"All right baby boys, and baby girls", he says, walking quickly and almost bumping into a woman.
But a sharp-eyed photographer working for celebrity chef Wolfgang Puck, who catered the event, suspected something was amiss when he spotted Bryant, who was claiming to be an Oscar victor.
In a shocking incident, Frances McDormand who was awarded as the best actress at 90th Academy Awards lost her golden boy while attending an Oscars after-party.
Terry Bryant, 47, entered the plea shortly before a Los Angeles County Superior Court judge said he could be released on his own recognizance.
Before McDormand retook possession of her Oscar, Reuters photographer Mario Anzuoni saw an Academy official at the Governor's Ball hand the recovered statuette to best actor victor Gary Oldman to return to McDormand. He was photographed holding an Oscar. Bryant has been charged with felony grand theft.
"Look at this, baby...my team got this tonight...this is mine!" he says in the video as people around him offer their congratulations.
Witnesses said Bryant, dressed in tuxedo, strutted around at the party, claiming that McDormand's Oscar was his.
Bryant also posted a video on social media of himself at the event holding an Oscar statuette and telling other guests he was a victor.
McDormand's representative, Simon Halls, confirmed the trophy was eventually returned to her.
Ms Levy, who said she has known Bryant for seven years, added: "I think we are living in an unusual time in America". Jail records show that he is still being held on $20,000 bail.
"Cheers darling", McDormand says then offers the I, Tonya star a sip of her tequila.
AP footage from earlier Sunday shows Bryant walked in to the Governors Ball alongside McDormand, although there is no indication they knew each other.