Connect with us

Media

Bright Mountain Media Reports First Quarter 2020 Financial Results – Stockhouse

Published

on


Company Expects Fiscal 2020 Revenues to Increase at Least 214% to at Least $22M

Company to Host Virtual Investor Webinar Tomorrow, Wednesday, July 1st at 11:30 a.m. Eastern Time

Boca Raton, FL, June 30, 2020 (GLOBE NEWSWIRE) — Bright Mountain Media, Inc. (OTCQB: BMTM), an end-to-end digital media and advertising services platform, has provided its financial results for the first quarter ended March 31, 2020.

Management Commentary

“The first quarter of 2020 built upon our successes in 2019, where we successfully initiated our efforts to launch a fully integrated, end-to-end digital media and advertising services platform,” said Kip Speyer, Chairman and Chief Executive Officer of Bright Mountain Media. “In the quarter, we saw advertisers hesitate in deploying ad dollars due to COVID related uncertainty. Despite these headwinds, Bright Mountain was able to grow revenues by 109% to $2.3 million in the first quarter of 2020, and in time, we expect these challenges to subside as we enter a more normalized environment in the back half of 2020.

“As we continue to capture more of the ad-dollar within the value chain, we create more value than the sum of our parts, allowing incredibly efficient demographic targeting with unique ad syndication capabilities. Most notably in June, we successfully acquired Wild Sky Media, an interactive media company that according to Google analytics reaches approximately 30 million monthly unique visitors through its hyper-engaging content, further strengthening our platform model. We seek to enable their robust, complimentary portfolio of websites to more efficiently create value from their niche, diverse audiences leveraging our proprietary content and ad delivery technologies.

“On the capital markets front, I am pleased to have started the process to uplist to a national exchange, which we believe will broaden our potential investor base and grow our brand reach, resulting in greater liquidity for our shareholders. We will continue to work closely with the national exchanges to execute upon this incredible milestone for our combined company.

“As we move into 2020, I am confident in our ability to execute upon the business opportunity facing us today. In fact, we expect revenues in fiscal 2020 of $22 million, an increase of 214% over fiscal 2019 revenues. I look forward to continued progress in the years ahead, creating sustainable long-term value for our shareholders,” concluded Speyer.



First Quarter 2020 Financial Summary

  • Total revenue for the first quarter of 2020, was $2.3 million, compared to revenue of $1.1 million in the same year-ago quarter. The increase in revenue was due to an increase in advertising revenue resulting from the acquisitions of Oceanside Media and MediaHouse, in spite of the negative influence of Covid-19 on the digital advertising market.
  • Selling, general and administrative expenses for the first quarter of 2020 were $4.0 million, compared to $0.9 million in the same year-ago quarter. The increase in selling, general and administrative expenses included $1.0 million of non-cash amortization of intangible assets, $0.4 million in non-cash expenses associated with an equity raise and $0.3 million of acquisition related audit and consulting fees.
  • Net loss for the first quarter of 2020 was $3.5 million, compared to a net loss of $0.7 million in the same year-ago quarter. The increase in net loss was primarily related to aforementioned non-cash operating expenses.
  • Cash and cash equivalents and short-term deposits were $1.3 million as of March 31, 2020, compared with $1.0 million as of March 31, 2019.
  • Cash used in operations for the first quarter of 2020 was $1.4 million, compared with cash used in operations of $0.6 million in the same year-ago quarter.

Financial Guidance

Management expects revenues in fiscal 2020 to be at least $22.0 million, representing an increase of at least 214% when compared to revenues of $7.0 million in fiscal 2019.

Virtual Roadshow Webinar

The Company will host a virtual roadshow webinar tomorrow, July 1st, 2020 at 11:30 a.m. Eastern time, where Greg Peters, President and Chief Operating Officer of Bright Mountain Media, will present an overview of the business model and discuss recent growth initiatives, including the recent acquisition of Wild Sky Media. The webinar will be accompanied by a presentation and followed by a question and answer session, which can be accessed via the webcast link or dial-in numbers below.

To access the webinar, please use the following information:

Date: Wednesday, July 1st, 2020

Time: 8:30 a.m. Pacific time (11:30 a.m. Eastern time)

Dial-in: 1-888-204-4368

International Dial-in: 1-323-994-2093

Conference Code: 4978335

Webcast: http://public.viavid.com/index.php?id=140018

A telephone replay will be available approximately two hours after the call and will run through October 1st, 2020 by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 4978335. The replay can also be viewed through the webinar webcast link above.

About Bright Mountain Media

Bright Mountain Media, Inc. (OTCQB: BMTM) is an end-to-end digital media and advertising services platform, efficiently connecting brands with targeted consumer demographics. Through the removal of middlemen in the advertising services process, Bright Mountain Media efficiently connects brands with targeted consumer demographics while maximizing revenue to publishers. Bright Mountain Media’s assets include the Bright Mountain Media ad network, MediaHouse (f/k/a NDN), Oceanside (f/k/a S&W Media), CL Media Holdings (d/b/a/ Wild Sky Media) and 24 owned and/or managed websites. For more information, please visit brightmountainmedia.com.

Forward-Looking Statements for Bright Mountain Media, Inc.

This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties. Such forward-looking statements can be identified by the use of words such as “should,” “may,” “intends,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” and “proposes, ” and similar words. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to expectations of our ability to close the proposed acquisition of Inform, Inc., any the realization of any expected benefits from such transaction if closed. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Bright Mountain Media, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as filed with the Securities and Exchange Commission on May 14, 2020 and our other filings with the SEC. Bright Mountain Media, Inc. does not undertake any duty to update any forward-looking statements except as may be required by law.

Investor Contact:

Greg Falesnik or Luke Zimmerman

MZ Group – MZ North America

949-259-4987

BMTM@mzgroup.us

www.mzgroup.us

BRIGHT MOUNTAIN MEDIA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, 2020December 31, 2019
(unaudited)
ASSETS
Current Assets
Cash and cash equivalents$1,270,023$957,013
Accounts receivable, net3,207,5603,997,475
Note receivable, net38,32963,812
Prepaid expenses and other current assets485,074752,975
Current assets – discontinued operations1,705
Total Current Assets5,000,9865,772,980
Property and equipment, net25,41330,666
Website acquisition assets, net35,31648,928
Intangible assets, net18,671,79119,610,801
Goodwill53,646,85653,646,856
Prepaid services/consulting agreements – long term775,000913,182
Right of use asset348,721397,912
Other assets94,67235,823
Total Assets$78,598,755$80,457,148
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable$8,152,462$8,358,442
Accrued expenses893,5403,228,328
Accrued interest to related party8,6526,629
Premium finance loan payable125,453179,844
Deferred revenues18,6096,651
Long term debt, current portion165,163165,163
Operating lease liability, current portion215,004211,744
Current liabilities – discontinued operations591
Total Current Liabilities9,578,88312,157,392
Long term debt to related parties, net29,17925,689
Deferred tax liability516,941581,440
Operating lease liability, net of current portion130,979198,232
Total Liabilities10,255,98212,962,753
Commitments and Contingencies
Shareholders’ Equity
Convertible preferred stock, par value $0.01, 20,000,000 shares authorized,
Series A-1, 2,000,000 shares designated, 1,200,000 and 1,200,000 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively12,00012,000
Series B-1, 6,000,000 shares designated, 0 and 0 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively
Series E, 2,500,000 shares designated, issued and outstanding at March 31, 2020 and December 31, 2019, respectively25,00025,000
Series F, 4,344,017 shares designated, issued and outstanding at March 31, 2020 and December 31, 2019, respectively43,44043,440
Common stock, par value $0.01, 324,000,000 shares authorized, 106,732,860 and 100,244,312 issued and 84,491,031 and 78,063,531 outstanding at March 31, 2020 and December 31, 2019, respectively1,067,3291,002,444
Additional paid-in capital91,099,01386,856,500
Accumulated deficit(23,904,009)(20,444,989)
Total shareholders’ equity68,342,77367,494,395
Total Liabilities and Shareholders’ Equity$78,598,755$80,457,148

BRIGHT MOUNTAIN MEDIA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months Ended March 31,
20202019
Revenues
Advertising$2,270,186$1,085,456
Cost of revenue
Advertising1,823,082885,696
Gross profit447,104199,760
Selling, general and administrative expenses3,979,378915,954
Loss from continuing operations(3,532,274)(716,194)
Other income (expense)
Interest income10,9936,006
Gain on settlement of liability122,500
Other expense(215)
Interest expense(909)
Interest expense – related party(2,023)(6,201)
Total other income8,755121,396
Net loss from continuing operations before tax(3,523,519)(594,798)
Loss from discontinued operations(115,464)
Net loss before tax(3,523,519)(710,262)
Income tax benefit64,499
Net loss(3,459,020)(710,262)
Preferred stock dividends
Series A-1, Series E, and Series F preferred stock(118,252)(74,171)
Net loss attributable to common shareholders$(3,577,272)$(784,433)
Basic and diluted net loss from continuing operations per share$(0.03)$(0.01)
Basic and diluted net loss from discontinued operations per share$0.00$(0.00)
Basic and diluted net loss per share$(0.03)$(0.01)
Weighted average shares outstanding – basic and diluted106,098,56062,900,662

BRIGHT MOUNTAIN MEDIA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

March 31, 2020

(Unaudited)

For the Three Months Ended March 31,
20202019
Cash flows from operating activities:
Net loss$(3,459,020)$(710,262)
Add back: loss attributable to discontinued operations115,464
Adjustments to reconcile net loss to net cash used in operations:
Depreciation5,2532,352
Amortization of debt discount3,4903,452
Amortization952,62235,813
Gain on settlement of liability(122,500)
Stock option compensation expense36,5953,213
Stock issued for services rendered91,718
Non-cash acquisition fee275,000
Change in deferred taxes(64,499)
Provision for bad debt4,034
Changes in operating assets and liabilities:
Accounts receivable789,915(375,928)
Prepaid expenses and other current assets314,01529,361
Prepaid services/consulting agreements93,182127,500
Other assets(58,849)(4,703)
Right of use asset and lease liability(14,802)
Accounts payable(205,980)360,393
Accrued expenses(141,893)(26,538)
Accrued interest – related party2,023
Deferred revenues11,9582,485
Net cash (used in) continuing operations for operating activities(1,369,272)(555,864)
Net cash (used in) discontinued operations(73,589)
Net cash (used in) operating activities(1,369,272)(629,453)
Cash flows from investing activities:
Cash paid for website acquisition(8,000)
Net cash (used in) investing activities(8,000)
Cash flows from financing activities:
Proceeds from issuance of common stock, net1,734,937873,950
Payments of premium finance loan payable(54,391)(32,331)
Dividend payments(23,747)(74,171)
Principal payments received (funded) for notes receivable25,483(64,681)
Note receivable funded(375,303)
Net cash provided by financing activities1,682,282327,464
Net increase (decrease) in cash and cash equivalents including cash and cash equivalents classified within assets related to continuing operations313,010(309,989)
Net decrease in cash and cash equivalents classified within assets related to discontinued operations(4,943)
Net increase (decrease) in cash and cash equivalents313,010(314,932)
Cash and cash equivalents at the beginning of period957,0131,042,457
Cash and cash equivalents at end of period$1,270,023$727,525

Primary Logo

Let’s block ads! (Why?)



Source link

Media

Eagles’ DeSean Jackson apologizes after sharing anti-Semitic posts on social media

Published

on

 

Philadelphia Eagles wide receiver DeSean Jackson has apologized after backlash for sharing anti-Semitic posts on social media over the weekend.

Jackson initially posted a screenshot of a quote widely attributed to Adolf Hitler, saying in part: “Jews will blackmail America.” In another post, Jackson showed support for Louis Farrakhan, the Nation of Islam leader who is known for anti-Semitic rhetoric.

“My post was definitely not intended for anybody of any race to feel any type of way, especially the Jewish community,” Jackson said in a video he posted on Instagram on Tuesday. “I post things on my story all the time, and just probably never should have posted anything Hitler did, because Hitler was a bad person, and I know that.”

The team issued the following statement: “We have spoken with DeSean Jackson about his social media posts. Regardless of his intentions, the messages he shared were offensive, harmful, and absolutely appalling. They have no place in our society, and are not condoned or supported in any way by the organization. We are disappointed and we reiterated to DeSean the importance of not only apologizing but also using his platform to take action to promote unity, equality, and respect. We are continuing to evaluate the circumstances and are committed to continuing to have productive and meaningful conversations with DeSean, as well as all of our players and staff, in order to educate, learn, and grow.”

The NFL also issued a statement, saying: “DeSean’s comments were highly inappropriate, offensive and divisive and stand in stark contrast to the NFL’s values of respect, equality and inclusion. We have been in contact with the team which is addressing the matter with DeSean.”

 

 

Jackson, a three-time Pro Bowl pick, is in his second stint in Philadelphia, returning last season to the team that drafted him in the second round of the 2008 draft.

Former Eagles president Joe Banner criticized Jackson on Twitter. Banner wrote: “If a white player said anything about [African-Americans] as outrageous as what Desean Jackson said about Jews tonight there would at least be a serious conversation about cutting him and a need for a team meeting to discuss. Which would be totally appropriate. Absolutely indefensible.”

Banner, who also worked for Cleveland and Atlanta, later shared an anti-Palestinian tweet with the hashtag “#Palestinianprivilege getting away with murder.”

 

Source: – CBC.ca

Source link

Continue Reading

Media

EU executive expresses concern over Hungary's media freedom – The Telegram

Published

on


BUDAPEST (Reuters) – A senior European Commission official has expressed concern for the independence of Index.hu, one of Hungary’s last major independent news websites and a leading critic of Prime Minister Viktor Orban’s government.

“What you are doing, the values you are fighting for, media freedom and pluralism, are essential for democracy,” Vera Jourova, the commission’s Vice President for Values and Transparency, said in a message to Index published on its web site. “You can count on my support.”

Editor-in-chief Szabolcs Dull said last month that Index was at risk of losing its independence because of “external influence”.

He said Index wanted to remain free of government influence and undue pressure from businessmen and advisers with government ties.

Orban has extended his influence over many walks of life in Hungary during his decade-long rule.

Pro-government businessman Miklos Vaszily bought a major stake in a company with control of Index’s revenue stream in March, raising fears of interference with the web site to favour Orban.

Vaszily, who has not returned Reuters requests for comment, has denied he wants to muzzle Index, saying economic problems need to be fixed. But staff are on alert as Vaszily had previously turned their competitor, Origo.hu, into a government mouthpiece.

Jourova said Index’s business situation should not be used as a pretext to undermine its freedom.

“While readership and audiences have been record high, revenues have been heavily hit. Economic pressure should not turn into political pressure…I would like to express my solidarity with the staff of Index.”

Media freedom was a key issue when the EU warned Hungary in April to respect the bloc’s values as it fought against the coronavirus pandemic.

(Reporting by Marton Dunai; Editing by Angus MacSwan)

Let’s block ads! (Why?)



Source link

Continue Reading

Media

Restaurateur pours her heart out on social media about disrespectful customers – Montreal Gazette

Published

on


Article content continued

“I know a lot of those people and it was nice to hear,” she said.

One patron wrote: “The food was delicious and the terrace was perfect for social distancing!! Shame on those idiots!”

Another: “Don’t let those idiot customers get you down. It happens. We can’t all be nice. I’m looking forward to coming back and enjoying more amazing food.”

Polansky said she apologized to diners seated closest to the disruptive patrons. Usually, her restaurant is “quiet and nice and relaxing and fun,” she told them.

Even after nearly three decades, Polansky still works the floor and is full of ideas for everything from new cocktails to pink masks for the staff.

“I still have passion after all these years,” she said. “I still have that drive. This is not going to get me down.”

On Tuesday afternoon, as she prepared to open at 4 p.m., Polansky was philosophical.

“Other nights aren’t like Sunday,” she said. “I was discouraged on Sunday. Today is a new day.”

sschwartz@postmdia.com

Let’s block ads! (Why?)



Source link

Continue Reading

Trending