FOTV Media Networks Inc.

CIK:0001656589|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Revenues	$ 2,575	$ 4,528	$ 6,064	$ 6,764
Cost of revenues	(2,931)	(3,341)	(6,795)	(5,969)
Platform technology and development expense	(739)	(377)	(1,274)	(773)
Depreciation and amortization expense	(1,402)	(339)	(2,569)	(692)
General and administrative expenses	(4,216)	(2,504)	(8,225)	(4,966)
Loss from operations	(6,713)	(2,033)	(12,799)	(5,636)
Other income (expense)
Interest expense - related party		(86)	430	(86)
Other income	430
Loss before income taxes	(6,283)	(2,119)	(12,369)	(5,722)
Provision for income taxes	81		137
Net loss	(6,202)	(2,119)	(12,232)	(5,722)
Other comprehensive loss
Foreign currency translation loss	(196)	(692)	(278)	(113)
Comprehensive loss	$ (6,398)	$ (2,811)	$ (12,510)	$ (5,835)
Net loss per share - basic and dilutive	$ (0.16)	$ (0.08)	$ (0.33)	$ (0.16)
Weighted-average common shares outstanding - basic and dilutive	39,356,919	37,312,500	38,440,784	37,312,500

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows From Operating Activities:
Net loss	$ (12,232)	$ (5,722)
Adjustments to reconcile net loss to net cash used in operating activities:
Additions to prepaid content library	(62)	(452)
Depreciation and amortization expense	2,686	808
Stock option expense	393
Deferred tax liability	(137)
Gain on sale of asset	(430)
Changes in operating assets and liabilities:
Account receivable	2,195	3,362
Inventory	(55)
Other current assets	(292)	4
Other assets	81
Accounts payable and other current liabilities	737	(504)
Deferred Revenue	(75)
Net Cash Used in Operating Activities	(7,191)	(2,504)
Cash Flows From Investing Activities:
Purchase of property and equipment	(1,278)	(224)
Additions to intangible - film library	(621)	(290)
Advances to related parties	(655)	(138)
Cash from sale of asset	430
Cash paid for acquisition of OVG, net of cash received	51
Net Cash Used in Investing Activities	(2,073)	(652)
Cash Flows From Financing Activities:
Issuance of series A convertible preferred stock for cash, net of issuance costs	2,113
Issuance of common stock for cash	7,241
Capital contribution from stockholder		5,963
Capital distributions to stockholder		(3,070)
Repayment of notes payable - hologram, net	(210)
Advances from director, net		863
Net Cash Provided by Financing Activities	9,144	3,756
Net Increase in cash and cash equivalents	(120)	600
Effect of exchange rate differences on cash and cash equivalents	(66)	(39)
Cash and cash equivalents, Beginning of Period	659	377
Cash and cash equivalents, End of Period	473	938
Supplemental disclosure of cash flow information:
Cash paid for interest	0	0
Cash paid for income taxes	0	$ 0
Noncash investing and financing activities:
Stock options issued for acquisition of OVG	903
Shares of common stock for acquisition of OVG	8,063
Issuance of note payable for acquisition of Hologram	$ 1,530

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 473	$ 659
Accounts receivable, net	1,222	3,190
Advances to related entities	655
Inventory	67	12
Current prepaid content library, net	109	230
Other current assets	1,273	1,056
Total current assets	3,799	5,147
Non-current prepaid content library, net	181	234
Property and equipment, net	2,650	1,984
Film library, net	2,150	1,723
Intangibles, net	20,218	15,900
Goodwill	5,415
Other non-current assets	12	27
Total assets	34,425	25,015
Current liabilities:
Accounts payable and other current liabilities, including related parties	10,553	9,404
Deferred Revenue	145	230
Notes payable - related parties - current portion	50
Deferred tax liability - current portion	325	176
Total current liabilities	11,073	9,810
Notes payable - related parties less current portion	481	641
Deferred tax liability, less current portion	4,744	2,640
Total liabilities	16,298	13,091
Commitments and contingencies
Stockholders' equity:
Series A Convertible Preferred Stock, $0.001 par value; 381,247 and no shares issued and outstanding, respectively
Common Stock, $0.001 par value; 39,225,294 and 37,312,500 shares issued and outstanding, respectively	39	37
Additional paid-in capital	87,690	68,979
Accumulated deficit	(69,651)	(57,419)
Accumulated other comprehensive income	49	327
Total stockholders' equity	18,127	11,924
Total liabilities and stockholders' equity	$ 34,425	$ 25,015