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Just when you thought MoviePass could not have burned harder, the parent company of the outdated subscription service was forced to officially recognize all the money it had managed to lose, which is a little more higher than originally planned.
Helios & Matheson, the owner of the service, initially reported net losses of $ 137.2 million for the quarter ending September 2018. After further review, this figure was adjusted to $ 146.7 million. The company also had to revise the figures for the previous three quarters, reaffirming the previously announced deficit of $ 246.9 million, to more accurately reflect the $ 256.4 million in actual losses, a paltry difference of $ 10 million. of dollars.
The differences are not limited to losses; the company also failed to accurately report its income. What was originally reported as gains of $ 81.3 million has since been increased to $ 74.7 million. According to Helios & Matheson, these blatant errors are due to a "misrecognition of approximately $ 5.9 million of revenue from certain MoviePass subscriptions that were in a suspended state due to changes to the MoviePass subscription service that the subscribers concerned. The company also left out a significant amount of refunds that were issued after the service began to show signs of unrest, such as the mass blackout last July.
MoviePass has sparked a keen interest from a ultimately unsustainable business model offering an unlimited cinematic experience at just $ 10 a month. When the company started running out of money, it tried to turn around the situation by offering price increases and new services. But once your consumers have turned down a morning showing Indestructible 2, The evil is already done. This new development seems to complement the company's ongoing investigation into a fraud committed by the Attorney General of New York.
[Via[Via[Via[ViaVariety]
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