Bright Mountain Media Inc
For the period ended Dec 31, 2024. Filed Mar 10, 2025.
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FY2024 · Filed Mar 10, 2025
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Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated statements of cash flows for the years ended
| December 31, 2024 | December 31, 2023 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | $(17,024) | $(35,564) |
| Adjustments to reconcile net loss to net cash used in operations: | ||
| Depreciation expense | 127 | 125 |
| Interest paid-in-kind on Centre Lane senior secured credit facility - related party | 9,353 | 6,656 |
| Amortization of operating lease right-of-use assets | 67 | 61 |
| Amortization of debt discount | 2,697 | 2,074 |
| Amortization of intangible assets | 1,924 | 2,490 |
| Impairment of goodwill and intangible assets | - | 17,070 |
| Stock-based compensation | 254 | 196 |
| Common stock issued for services rendered | 16 | 31 |
| Provision for credit losses | 15 | 58 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (369) | 1,325 |
| Prepaid expenses and other assets | 198 | 360 |
| Operating lease liabilities | (53) | (54) |
| Accounts payable and accrued expenses | 5,176 | 735 |
| Other liabilities | 1,201 | 472 |
| Interest payable - Centre Lane senior secured credit facility - related party | 21 | - |
| Interest payable - 10% convertible promissory notes - related party | (39) | 8 |
| Deferred revenue | (1,686) | (701) |
| Net cash provided by (used in) operating activities | 1,878 | (4,658) |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (14) | (14) |
| Capitalization of website development | (96) | - |
| Net cash used in investing activities | (110) | (14) |
| Cash flows from financing activities: | ||
| Proceeds from stock option exercises | 1 | 1 |
| Principal payments on finance lease liabilities | (18) | (4) |
| Proceeds from Centre Lane senior secured credit facility - related party | 1,861 | 8,626 |
| Repayment of principal on Centre Lane senior secured credit facility - related party | (3,125) | (270) |
| Repayment of principal on 10% convertible promissory notes - related party | (80) | - |
| Net cash (used in) provided by financing activities | (1,361) | 8,353 |
| Effect of foreign exchange rates on cash | (1) | 4 |
| Net increase in cash, cash equivalents, and restricted cash | 406 | 3,685 |
| Cash, cash equivalents, and restricted cash at the beginning of the period | 4,001 | 316 |
| Cash, cash equivalents, and restricted cash at the end of the period | $4,407 | $4,001 |
| Reconcilation of cash, cash equivalents, and restricted cash to the consolidated balance sheet: | ||
| Cash and cash equivalents | 2,546 | 4,001 |
| Restricted cash | 1,861 | - |
| Total cash, cash equivalents, and restricted cash | $4,407 | $4,001 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | 539 | 425 |
| Interest paid-in-kind on Centre Lane senior secured credit facility - related party | 9,353 | 6,656 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Recognition of right-of-use assets and operating lease liabilities | - | 64 |
| Agency and exit fees to Centre Lane for debt financing | 505 | 917 |
| Annual administration fee to Centre Lane for debt financing | 35 | 35 |
| Issuance of common stock to Centre Lane for debt financing | 175 | 1,926 |
| Issuance of debt to finance acquisition of Big Village Entities | - | 19,874 |
| Extinguishment of Centre Lane credit facility | - | 671 |
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