#Helios movie 2018 android#

Before the Farnsworth-MoviePass era, the New York outpost of Helios and Matheson was controlled by an Indian company (Helios and Matheson Information Technology), which stands accused of defrauding at least 5,000 creditors in India, including banks and senior citizens. Helios and Matheson has a complicated history as a Nasdaq-listed company.

'Since we acquired control of MoviePass in December 2017, HMNY largely has become synonymous with MoviePass in the public's eye, leading us to believe that our shareholders and the market perception of HMNY might benefit from separating our movie-related assets from the rest of our company.'

#Helios movie 2018 android#

'For many years, HMNY has been focused on data analytics, and in that capacity we own assets like Zone Technologies which provides a safety and navigation app for iOS and Android users and a global security concierge service,' Helios and Matheson CEO Ted Farnsworth said in a statement on the spin-off, using an abbreviation for Helios and Matheson. The reverse split is an attempt to raise Helios and Matheson's stock price to avoid delisting from the Nasdaq, which could happen as soon as mid-December. It also came days before a crucial shareholders meeting set to take place November 1, when Helios and Matheson is expected to seek authorization for a 1-for-500 reverse stock split - a move some investors are against. The announcement came just days after the New York attorney general's office said it was investigating Helios and Matheson to determine whether the company misled investors, a claim the company denied. On Tuesday, MoviePass' parent company, Helios and Matheson Analytics, announced a ' preliminary plan' to spin off MoviePass and its related entertainment assets into a separate public company. Shares of Helios & Matheson now trade over the counter.Account icon An icon in the shape of a person's head and shoulders. It is under investigation for fraud by the New York attorney general and its stock was de-listed from the Nasdaq in February. The company has other hurdles to overcome. The company is trying to move past the negative headlines with a new marketing campaign and a new suite of services. As MoviePass experimented with new pricing, there were outages and customer defections. The company has changed its pricing and offerings in recent months as it has tried to find a way to make a profit. However, that model proved to be financially unsustainable. For just under $10 a month, customers could see an unlimited number of films. MoviePass positioned itself as a Netflix-like service for movie-going. Because of those factors, Helios & Matheson misreported its net losses by $6.6 million.

In the revised filing, Helios & Matheson said the misstatements were the result of “the erroneous recognition of up to approximately $5.9 million of revenue from certain MoviePass subscriptions that were in a suspended state due to changes made to the MoviePass subscription service that had not yet been consented to by the applicable subscribers.” The company also included $700,000 in revenue from the sale of subscriptions by Costco, but those subscriptions were refunded - something MoviePass failed to factor into its earnings.