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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

(Mark One)

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF

 

1934 For the quarterly period ended September 30, 2024

or

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ___________ to ___________

Commission File Number 000-54887

 

img220542671_0.jpg

 

Bright Mountain Media, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

Florida

 

27-2977890

State or Other Jurisdiction of

 

I.R.S. Employer

Incorporation or Organization

 

Identification No.

 

 

 

6400 Congress Avenue, Suite 2050, Boca Raton, FL

 

33487

Address of Principal Executive Offices

 

Zip Code

 

561-998-2440

Registrant’s Telephone Number, Including Area Code

Not applicable

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

None

 

None

 

None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No

As of November 11, 2024 there were 171,112,661 shares of the registrant's common stock outstanding.

 

 


 

BRIGHT MOUNTAIN MEDIA, INC.

TABLE OF CONTENTS

 

 

 

 

 

Page No.

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Unaudited Consolidated Financial Statements:

 

 

 

 

Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023

 

5

 

 

Unaudited Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023

 

6

 

 

Unaudited Consolidated Statements of Changes in Shareholders’ Deficit for the nine months ended September 30, 2024 and 2023

 

7

 

 

Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023

 

8

 

 

Notes to Consolidated Financial Statements

 

9

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

32

Item 3.

 

Quantitative and Qualitative Disclosure About Market Risk

 

46

Item 4.

 

Controls and Procedures

 

46

 

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

48

Item 1A.

 

Risk Factors

 

48

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

48

Item 3.

 

Default Upon Securities

 

48

Item 4.

 

Mine Safety Disclosures

 

48

Item 5.

 

Other Information

 

48

Item 6.

 

Exhibits

 

49

 

 

 

 

 

 

 

Signatures

 

50

 

2


 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This report includes forward-looking statements that relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “likely,” “aim,” “will,” “would,” “could,” and similar expressions or phrases identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and future events and financial trends that we believe may affect our financial condition, results of operation, business strategy and financial needs. Forward-looking statements include, but are not limited to, statements about:

our dependence upon sales of equity securities and borrowings under our credit facility to fund operating capital;
our ability to refinance, extend or repay our substantial indebtedness owed to Centre Lane;
our ability to detect advertising fraud;
the continued appeal of internet advertising;
our ability to manage and expand our relationships with publishers;
our dependence on revenues from a limited number of customers;
the impact of seasonal fluctuations on our revenues;
our ability to revise and improve the business plan of our legacy businesses to meet the needs of a broader range of customers;
acquisitions of new businesses and our ability to integrate those businesses into our operations;
online security breaches;
failure to effectively promote our brand and attract advertisers;
our ability to predict the impact of COVID-19 and other future pandemics or outbreaks of disease;
our ability to protect our content;
our ability to protect our intellectual property rights;
the success of our technology development efforts;
our ability to obtain or maintain key website addresses;
the rejection of digital advertising by consumers, through opt-in, opt-out or ad-blocking technologies or other means;
restrictions on the use of third-party cookies, mobile device identifiers or other tracking technologies;
our dependence on certain third-party service providers;
liability related to content which appears on our websites;
cybersecurity risk associated with cyber attack or data breach;
dependence on executive officers and certain key employees and consultants;
our ability to hire qualified personnel;

3


 

regulatory risks and compliance with privacy laws;
risks associated with potential litigation;
limitations from our secured indebtedness;
substantial doubts about our ability to continue as a going concern;
ongoing material weaknesses in our disclosure controls and internal control over financial reporting;
the limited public market for our common stock;
additional competition resulting from our business expansion strategy;
possible problems with our network infrastructure;
adverse impacts to our working capital as a result of the amount of cash dividends and outstanding interest we owe and/or pay affiliates;
dilution to existing shareholders upon the exercise of outstanding options and warrants;
provisions of our charter and Florida law which may have anti-takeover effects;
concentration of our stock ownership and control; and
our ability to issue additional shares of preferred stock in the future.

Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. Readers are cautioned not to place undue reliance on these forward-looking statements and readers should carefully review this report, our Annual Report on Form 10-K for the year ended December 31, 2023 and our other filings with the U.S. Securities and Exchange Commission in their entirety. Except for our ongoing obligations to disclose material information under the Federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. These forward-looking statements speak only as of the date of this report, and you should not rely on these statements without also considering the risks and uncertainties associated with these statements and our business.

OTHER PERTINENT INFORMATION

Unless specifically set forth to the contrary, when used in this report the terms “Bright Mountain,” the “Company,” “we,” “us," “our” and similar terms refer to Bright Mountain Media, Inc., a Florida corporation, and its subsidiaries. In addition, when used in this report, “third quarter of 2024” refers to the three months ended September 30, 2024, “third quarter of 2023” refers to the three months ended September 30, 2023, and “2023” refers to the year ended December 31, 2023. The information on, or that can be accessed through, our website at www.brightmountainmedia.com is not incorporated by reference in, or considered part of, this Quarterly Report on Form 10-Q.

4


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BRIGHT MOUNTAIN MEDIA, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share figures)

 

 

 

September 30, 2024

 

 

December 31, 2023*

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,486

 

 

$

4,001

 

Accounts receivable, net

 

 

12,401

 

 

 

14,679

 

Prepaid expenses and other current assets

 

 

898

 

 

 

1,057

 

Total current assets

 

 

15,785

 

 

 

19,737

 

Property and equipment, net

 

 

102

 

 

 

199

 

Intangible assets, net

 

 

13,878

 

 

 

15,234

 

Goodwill

 

 

7,785

 

 

 

7,785

 

Operating lease right-of-use assets

 

 

271

 

 

 

306

 

Other long-term assets

 

 

159

 

 

 

156

 

Total assets

 

$

37,980

 

 

$

43,417

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

16,898

 

 

$

17,497

 

Other current liabilities

 

 

2,793

 

 

 

3,025

 

Interest payable - 10% convertible promissory notes - related party

 

 

-

 

 

 

39

 

Interest payable - Centre Lane senior secured credit facility - related party

 

 

165

 

 

 

-

 

Deferred revenue

 

 

4,768

 

 

 

4,569

 

Note payable - 10% convertible promissory notes, net of discount - related party

 

 

-

 

 

 

80

 

Note payable - Centre Lane senior secured credit facility - related party (current)

 

 

4,122

 

 

 

5,592

 

Total current liabilities

 

 

28,746

 

 

 

30,802

 

Other long-term liabilities

 

 

208

 

 

 

325

 

Note payable - Centre Lane senior secured credit facility - related party (long-term)

 

 

68,414

 

 

 

58,674

 

Finance lease liabilities

 

 

26

 

 

 

42

 

Operating lease liabilities

 

 

207

 

 

 

239

 

Total liabilities

 

 

97,601

 

 

 

90,082

 

 

 

 

 

 

 

 

Shareholders' deficit:

 

 

 

 

 

 

Convertible preferred stock, par value $0.01, 20,000,000 shares authorized, no shares issued or outstanding at September 30, 2024 and December 31, 2023, respectively

 

 

-

 

 

 

-

 

Common stock, par value $0.01, 324,000,000 shares authorized, 172,462,836 and 172,103,134 issued, and 171,112,661 and 171,277,959 outstanding at September 30, 2024 and December 31, 2023, respectively

 

 

1,725

 

 

 

1,721

 

Treasury stock at cost, 1,350,175 and 825,175 shares at September 30, 2024 and December 31, 2023, respectively

 

 

(220

)

 

 

(220

)

Additional paid-in capital

 

 

101,611

 

 

 

101,405

 

Accumulated deficit

 

 

(163,063

)

 

 

(149,833

)

Accumulated other comprehensive income

 

 

326

 

 

 

262

 

Total shareholders' deficit

 

$

(59,621

)

 

$

(46,665

)

Total liabilities and shareholders' deficit

 

$

37,980

 

 

$

43,417

 

 

* Derived from audited consolidated financial statements.

See accompanying notes to unaudited consolidated financial statements.

5


 

BRIGHT MOUNTAIN MEDIA, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited)

(in thousands, except share and per share figures)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

September 30, 2023

 

 

September 30, 2024

 

 

September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

14,151

 

 

$

15,289

 

 

$

39,602

 

 

$

29,403

 

Cost of revenue

 

 

9,764

 

 

 

11,927

 

 

 

28,656

 

 

 

22,059

 

Gross margin

 

 

4,387

 

 

 

3,362

 

 

 

10,946

 

 

 

7,344

 

General and administrative expenses

 

 

4,414

 

 

 

4,121

 

 

 

14,966

 

 

 

14,923

 

Impairment of goodwill and intangibles

 

 

-

 

 

 

16,259

 

 

 

-

 

 

 

16,259

 

Loss from operations

 

 

(27

)

 

 

(17,018

)

 

 

(4,020

)

 

 

(23,838

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing and other expense:

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

31

 

 

 

34

 

 

 

428

 

 

 

415

 

Interest expense - Centre Lane senior secured credit facility - related party

 

 

(3,250

)

 

 

(2,769

)

 

 

(9,602

)

 

 

(6,176

)

Interest expense - 10% convertible promissory notes - related party

 

 

-

 

 

 

(6

)

 

 

(4

)

 

 

(17

)

Other interest expense

 

 

(10

)

 

 

(8

)

 

 

(32

)

 

 

(18

)

Total financing and other expense, net

 

 

(3,229

)

 

 

(2,749

)

 

 

(9,210

)

 

 

(5,796

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss before income tax

 

 

(3,256

)

 

 

(19,767

)

 

 

(13,230

)

 

 

(29,634

)

Income tax provision

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

$

(3,256

)

 

$

(19,767

)

 

$

(13,230

)

 

$

(29,634

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

(8

)

 

 

57

 

 

 

64

 

 

 

190

 

Comprehensive loss

 

$

(3,264

)

 

$

(19,710

)

 

$

(13,166

)

 

$

(29,444

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.02

)

 

$

(0.12

)

 

$

(0.08

)

 

$

(0.18

)

Diluted

 

$

(0.02

)

 

$

(0.12

)

 

$

(0.08

)

 

$

(0.18

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

171,104,346

 

 

 

171,285,150

 

 

 

171,138,296

 

 

 

162,670,182

 

Diluted

 

 

171,104,346

 

 

 

171,285,150

 

 

 

171,138,296

 

 

 

162,670,182

 

 

See accompanying notes to unaudited consolidated financial statements.

6


 

BRIGHT MOUNTAIN MEDIA, INC

CONSOLIDATED STATEMENTS OF CHANGE IN SHAREHOLDERS’ DEFICIT

(unaudited)

(in thousands, except share figures)

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional Paid-in

 

 

Accumulated

 

 

Accumulated Other Comprehensive

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income

 

 

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023*

 

 

172,103,134

 

 

$

1,721

 

 

 

(825,175

)

 

$

(220

)

 

$

101,405

 

 

$

(149,833

)

 

$

262

 

 

$

(46,665

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,766

)

 

 

-

 

 

 

(4,766

)

Common stock issued for services rendered

 

 

279,452

 

 

 

3

 

 

 

-

 

 

 

-

 

 

 

13

 

 

 

-

 

 

 

-

 

 

 

16

 

Treasury stock

 

 

-

 

 

 

-

 

 

 

(525,000

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

65

 

 

 

-

 

 

 

-

 

 

 

65

 

Foreign currency translation, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

34

 

 

 

34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2024

 

 

172,382,586

 

 

 

1,724

 

 

 

(1,350,175

)

 

 

(220

)

 

 

101,483

 

 

 

(154,599

)

 

 

296

 

 

 

(51,316

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(5,208

)

 

 

-

 

 

 

(5,208

)

Common stock issued for options exercised

 

 

63,250

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

70

 

 

 

-

 

 

 

-

 

 

 

70

 

Foreign currency translation, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

38

 

 

 

38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2024

 

 

172,445,836

 

 

 

1,725

 

 

 

(1,350,175

)

 

 

(220

)

 

 

101,553

 

 

 

(159,807

)

 

 

334

 

 

 

(56,415

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,256

)

 

 

-

 

 

 

(3,256

)

Common stock issued for options exercised

 

 

17,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

1

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

57

 

 

 

-

 

 

 

-

 

 

 

57

 

Foreign currency translation, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8

)

 

 

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2024

 

 

172,462,836

 

 

$

1,725

 

 

 

(1,350,175

)

 

$

(220

)

 

$

101,611

 

 

$

(163,063

)

 

$

326

 

 

$

(59,621

)

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional Paid-in

 

 

Accumulated

 

 

Accumulated Other Comprehensive

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income

 

 

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022*

 

 

150,444,636

 

 

$

1,504

 

 

 

(825,175

)

 

$

(220

)

 

$

98,797

 

 

$

(114,269

)

 

$

117

 

 

$

(14,071

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,796

)

 

 

-

 

 

 

(3,796

)

Common stock issued for services rendered

 

 

190,000

 

 

 

2

 

 

 

-

 

 

 

-

 

 

 

29

 

 

 

-

 

 

 

-

 

 

 

31

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

25

 

 

 

-

 

 

 

-

 

 

 

25

 

Foreign currency translation, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

14

 

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2023

 

 

150,634,636

 

 

 

1,506

 

 

 

(825,175

)

 

 

(220

)

 

 

98,851

 

 

 

(118,065

)

 

 

131

 

 

 

(17,797

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,071

)

 

 

-

 

 

 

(6,071

)

Common stock issued to Centre Lane Partners

 

 

21,401,993

 

 

 

214

 

 

 

-

 

 

 

-

 

 

 

1,712

 

 

 

-

 

 

 

-

 

 

 

1,926

 

Extinguishment of Centre Lane Credit Facility

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

670

 

 

 

-

 

 

 

-

 

 

 

670

 

Common stock issued for options exercised

 

 

70,000

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

33

 

 

 

-

 

 

 

-

 

 

 

33

 

Foreign currency translation, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

119

 

 

 

119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2023

 

 

172,106,629

 

 

 

1,721

 

 

 

(825,175

)

 

 

(220

)

 

 

101,266

 

 

 

(124,136

)

 

 

250

 

 

 

(21,119

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(19,767

)

 

 

-

 

 

 

(19,767

)

Common stock issued for options exercised

 

 

20,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

57

 

 

 

-

 

 

 

-

 

 

 

57

 

Foreign currency translation, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

57

 

 

 

57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2023

 

 

172,126,629

 

 

$

1,721

 

 

 

(825,175

)

 

$

(220

)

 

$

101,323

 

 

$

(143,903

)

 

$

307

 

 

$

(40,772

)

 

*Derived from audited consolidated financial statements.

See accompanying notes to unaudited consolidated financial statements.

7


 

BRIGHT MOUNTAIN MEDIA, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

 

 

 

September 30, 2024

 

 

September 30, 2023

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(13,230

)

 

$

(29,634

)

Adjustments to reconcile net loss to net cash used in operations:

 

 

 

 

 

 

Depreciation expense

 

 

111

 

 

 

84

 

Interest paid-in-kind on Centre Lane senior secured credit facility - related party

 

 

6,906

 

 

 

4,463

 

Amortization of operating lease right-of-use asset

 

 

50

 

 

 

44

 

Amortization of debt discount

 

 

2,243

 

 

 

1,438

 

Amortization of intangible assets

 

 

1,442