1. MoviePass' Parent Company Admits Investors Can't Rely on Some of its Previous Financial Statements, and Says it Underestimated Losses

    MoviePass' Parent Company Admits Investors Can't Rely on Some of its Previous Financial Statements, and Says it Underestimated Losses
    • MoviePass' parent company, Helios and Matheson Analytics (HMNY), said in a filing with the Securities and Exchange Commission on Tuesday that its previously issued quarterly and year-to-date financial statements were not accurate.
    • The company said the errors related primarily to the "overstatement of subscription revenues" in the third quarter of 2018 for MoviePass.
    • The result was an underestimated net loss for HMNY of $6.6 million, the company estimated...
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    1. The board of directors of Helios and Matheson Analytics Inc. and the audit committee, following discussions with management, determined that the company's previously issued quarterly and year-to-date unaudited consolidated financial statements for September 30, 2018, should no longer be relied upon.
    2. Similarly, related press releases, earnings releases, and investor communications describing the Company's financial statements for these periods should no longer be relied upon.
    3. Because the Company has not yet fully completed its review, the estimated impact set forth above is preliminary and subject to change.
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