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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NovelStem International Corp (PK) | USOTC:NSTM | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0601 | 0.0601 | 0.078 | 0.00 | 12:41:05 |
On a continuing operations basis, which includes the contribution from Tekno Books, the Company's 100% owned subsidiary under the Intellectual Property division, net revenues for the 2013 second quarter were $0.1 million compared to $0.2 million in the prior-year period.
Loss from continuing operations for the 2013 second quarter was $0.1 million, or $0.01 per share, compared to a loss from continuing operations for the 2012 second quarter of $1.3 million, or $0.06 per share. Net loss, which includes discontinued operations, was $0.1 million, or $0.01 per share, in the 2013 second quarter, compared to net loss of $0.5 million, or $0.02 per share, in the prior-year period. Income from discontinued operations during the 2012 second quarter primarily consisted of a $0.6 million gain on the sale of the Company's U.K.-based CinemasOnline business.
At June 30, 2013, the Company had cash and cash equivalents of $9.7 million and no debt as compared to cash and cash equivalents of $11.4 million and no debt at December 31, 2012.
The Company repurchased 521,500 shares of Hollywood Media's common stock for $0.8 million during the first half of 2013, comprised of 510,700 shares in first quarter 2013 and 10,800 shares in second quarter 2013.
On August 8, 2013, the Company entered into the Transaction Agreement (the "Agreement") among Key Brand Entertainment Inc. ("Key Brand"), Theatre Direct NY, Inc. ("Theatre Direct"), and the Company for the prepayment by Key Brand in full of the amount owed to the Company pursuant to the loan (the "Loan") under the Second Lien Credit, Security and Pledge Agreement, dated as of December 15, 2010, among Key Brand, Theatre Direct, and the Company, as amended. Pursuant to the Agreement, Key Brand paid to the Company on August 8, 2013 in cash the amount of $13,861,738, which constituted the outstanding principal plus accrued interest through August 8, 2013 of the Loan. The Loan was scheduled to mature on June 30, 2015.
In addition, pursuant to the Agreement, Theatre Direct redeemed a warrant ("Warrant") to purchase shares of common stock of Theatre Direct held by the Company. The redemption price for the Warrant was $2,750,000 and was paid on August 8, 2013 to the Company. The Warrant provided, among other things, that the Company could sell the Warrant to Theatre Direct for a floor amount of $3,000,000 beginning on June 30, 2015.
Accordingly, the Company received on August 8, 2013 a total of $16,611,738 consisting of $13,861,738 from the prepayment of the Loan and $2,750,000 from the redemption of the Warrant.
About Hollywood Media Corp.
Hollywood Media Corp. is comprised primarily of an Ad Sales division and an Intellectual Property division.
Note on Forward-Looking Statements Statements in this press release may be "forward-looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous potential risks and uncertainties, including, but not limited to, the need to manage our growth, our ability to realize anticipated revenues and cost efficiencies, the impact of potential future dispositions or other strategic transactions by Hollywood Media Corp., our ability to develop and maintain strategic relationships, technology risks, the volatility of our stock price, and other risks and factors described in Hollywood Media Corp.'s filings with the Securities and Exchange Commission including our Form 10-K for 2012. Such forward-looking statements speak only as of the date on which they are made.
HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2013 2012 ------------- ------------- (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 9,669,277 $ 11,378,519 Prepaid expenses 1,227,912 329,915 Other receivables 69,953 75,105 Notes receivable, current 1,567,837 1,375,545 Related party receivable 26,552 37,287 Current portion of deferred compensation 430,000 430,000 ------------- ------------- Total current assets 12,991,531 13,626,371 PROPERTY AND EQUIPMENT, net 286,604 240,645 INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED INVESTEES 138,082 138,384 INTANGIBLE ASSETS, net 4,466 8,683 GOODWILL 6,200,000 6,200,000 OTHER ASSETS 727,982 727,982 NOTES RECEIVABLE, less current portion 4,195,677 4,455,106 WARRANT 750,000 700,000 DEFERRED COMPENSATION, less current portion 303,651 518,651 ------------- ------------- TOTAL ASSETS $ 25,597,993 $ 26,615,822 ============= ============= LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 664,588 $ 414,123 Accrued expenses and other 851,587 1,036,788 Deferred revenue 104,451 111,669 Current portion of capital lease obligations 15,023 16,255 ------------- ------------- Total current liabilities 1,635,649 1,578,835 CAPITAL LEASE OBLIGATIONS, less current portion 30,444 2,152 OTHER DEFERRED LIABILITY 161 355 DEFERRED REVENUE 9,000 14,000 DERIVATIVE LIABILITIES 60,000 60,000 ------------- ------------- TOTAL LIABILITIES 1,735,254 1,655,342 ------------- ------------- COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Preferred Stock, $.01 par value, 1,000,000 shares authorized; none outstanding - - Common stock, $.01 par value, 100,000,000 shares authorized; 22,640,966 and 23,162,466 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively 226,410 231,625 Additional paid-in capital 292,831,089 293,591,903 Accumulated deficit (269,194,760) (268,863,048) ------------- ------------- Total shareholders' equity 23,862,739 24,960,480 ------------- ------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 25,597,993 $ 26,615,822 ============= ============= HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) SIX MONTHS ENDED THREE MONTHS ENDED JUNE 30, JUNE 30, ------------------------ ------------------------ 2013 2012 2013 2012 ----------- ----------- ----------- ----------- NET REVENUES $ 183,461 $ 333,047 $ 102,402 $ 156,213 OPERATING COSTS AND EXPENSES Editorial, production, development and technology 113,322 282,776 55,824 157,672 Selling, general and administrative 1,696,191 1,200,978 755,144 696,132 Payroll and benefits 898,787 1,250,583 467,541 851,862 Depreciation and amortization 42,088 75,164 20,953 37,570 ----------- ----------- ----------- ----------- Total operating costs and expenses 2,750,388 2,809,501 1,299,462 1,743,236 ----------- ----------- ----------- ----------- Loss from operations (2,566,927) (2,476,454) (1,197,060) (1,587,023) ----------- ----------- ----------- ----------- (LOSSES) EARNINGS OF UNCONSOLIDATED INVESTEES (292) 17,815 (140) (53,982) ----------- ----------- ----------- ----------- OTHER INCOME (EXPENSE) Interest, net 973,847 513,009 480,547 259,972 Accretion of discount, net of allowance for uncollectability 1,250,373 - 639,894 - Other, net 52,124 (1,674) 51,586 32,203 ----------- ----------- ----------- ----------- Total other income 2,276,344 511,335 1,172,027 292,175 ----------- ----------- ----------- ----------- Loss from continuing operations before income taxes (290,875) (1,947,304) (25,173) (1,348,830) Income tax (expense) (40,837) - (17,857) - ----------- ----------- ----------- ----------- Loss from continuing operations (331,712) (1,947,304) (43,030) (1,348,830) ----------- ----------- ----------- ----------- Gain on sale of discontinued operations, net of income taxes - 975,973 - 778,456 Income from discontinued operations - 22,584 - 34,166 ----------- ----------- ----------- ----------- Income from discontinued operations - 998,557 - 812,622 ----------- ----------- ----------- ----------- Net loss $ (331,712) $ (948,747) $ (43,030) $ (536,208) =========== =========== =========== =========== Basic and diluted (loss) income per common share Continuing operations $ (0.01) $ (0.08) $ (0.01) $ (0.06) Discontinued operations - 0.04 - 0.04 ----------- ----------- ----------- ----------- Total basic and diluted net loss per share $ (0.01) $ (0.04) $ (0.01) $ (0.02) =========== =========== =========== =========== Weighted average common and common equivalent shares outstanding - basic and diluted 22,712,110 23,179,066 22,648,740 23,179,066 =========== =========== =========== ===========
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