American Picture House Corp
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
APHPStored price and day change unavailable
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001641172-25-023619
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001493152-25-021018
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 93 previous paragraphs and 99 current paragraphs.
43 unchanged; 19 reworded; 34 added; 28 removed; 3 previous and 3 current paragraphs rearranged.
Tables are not compared: 5 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (34)
Current report
Forward-Looking Statements
Current report
SSS Entertainment Agreement – TURN UP THE SUNOption Extension andBarron’s Cove*Acquisition*
Current report
Leadership updates. On August 30, 2025, Jonathan Sanger resigned as President. As disclosed in our Current Report on Form 8-K/A filed September 19, 2025, Mr. Sanger’s resignation followed a dispute regarding certain compensation matters under his consulting agreement and did not involve any disagreement with the Company on any other matter relating to operations, policies, or practices. Our Board has initiated a process to evaluate and implement any necessary adjustments to management responsibilities.
Current report
On September 16, 2025, Donald J. Harris resigned from our Board of Directors, effective immediately. As disclosed in our Current Report on Form 8-K filed September 19, 2025, Mr. Harris’s resignation was not the result of any disagreement with the Company on any matter relating to operations, policies, or practices. The Board is evaluating its composition following his resignation.
Current report
Capital markets update. On September 12, 2025, we entered into an Equity Line of Credit (“ELOC”) with RH2 Equity Partners, L.P., and a related Registration Rights Agreement. Under the ELOC, we may, at our election and subject to specified conditions, sell newly issued shares of our common stock to the investor over a 24-month period in an amount up to the lesser of $100 million or the “Maximum Common Stock Issuance” (as defined in the ELOC). Proceeds, if any, may be used for general corporate purposes. See “Liquidity and Capital Resources” for additional detail.
Current report
As of September 30, 2025. APHP has participated in a number of feature films at or near delivery:BARRON’S COVE, TURN UP THE SUN! (akaPOSE),PROTECTOR, THIEVES HIGHWAY, andMOTION (akaGET DA BAG). Participation varies by title (first-priority recoupment/loan position, “in Association with” and Producer credits, options, and development/co-production roles). We have not recognized revenue from these projects as of September 30, 2025, unless otherwise disclosed. See Note 5 “Produced & Licensed Content” and Note 4 “Film Production Loans and Receivables” for rights, status, and accounting by title.
Current report
As of September 30, 2025, we had not sold any shares under the ELOC and had not received proceeds. We may elect to draw in future periods subject to the conditions in the agreements.
Current report
American Picture House Corporation (“APHP”), also known as American Picture House Pictures, is an entertainment company focused on the development, packaging, financing and production of feature films and limited series. During 2025, APHP pivoted away from third-party consulting to concentrate on internally developed projects and selective strategic partnerships. Our objective over time is to build a disciplined slate and the organizational capabilities of a scaled independent (“mini-major”); however, there can be no assurance that we will achieve this objective.
Current report
APHP’s strategy emphasizes mid-budget projects where a substantial portion of production costs may be supported by project-level structures (e.g., pre-sales, distribution advances, production incentives/tax credits, and, where available, completion guarantees). We aim to mitigate equity exposure by assembling packages that combine bankable creative elements (script/IP, producers, directors, cast) with cost-efficient production plans (including incentive-eligible jurisdictions). We may co-produce and/or co-finance with third parties when appropriate.
Current report
As part of this approach, we acquire or option IP at a stage where prior owners/creators have already invested meaningful development effort, enabling APHP to advance the material with targeted spend (e.g., WGA rewrites/polish, packaging, schedules and budgets) while maintaining financial discipline. Where appropriate, original developers may retain a contingent participation in future project revenues. We also intend to leverage industry-standard financing tools and to engage reputable third-party advisors (agencies, legal, sales agents, banks) on a project-by-project basis.
Current report
Execution focus across the filmmaking lifecycle. APHP participates principally in:
Current report
As of the date of this report, APHP continues to develop and evaluate projects in various stages of the pipeline. Initiatives described above are subject to market conditions, third-party approvals, availability of financing, and execution risks, and there can be no assurance that any specific project will be packaged, financed, produced, or commercially successful.
Current report
Results of Operations — Three Months Ended September 30, 2025 vs. 2024
Current report
General and administrative expenses for the three months ended September 30, 2025 were approximately $67,000 compared to approximately $316,000 for the three months ended September 30, 2024, a decrease of approximately $248,000 as management sought to significantly reduce operational spend to conserve cash resources.
Current report
Sales and marketing expenses for the three months ended September 30, 2025 were approximately $7,000 compared to approximately $0 for the three months ended September 30, 2024, an increase of approximately $7,000.
Current report
Potential project distributions. Certain titles, including*BARRON’S COVE,*may generate future cash inflows to APHP under applicable distribution waterfalls. The timing and amount of any such inflows are uncertain and have not been assumed in our near-term liquidity plan. See Note 5 “Produced & Licensed Content” and Note 4 “Film Production Loans and Receivables”.
Current report
During the three months ended September 30, 2025 and 2024, operating activities consumed approximately $81,000 and $34,000 of cash, respectively.
Current report
During the three months ended September 30, 2024, net cash provided by financing activities was approximately $25,000 which and was comprised primarily of related party borrowings.
Current report
Results of Operations — Nine Months Ended September 30, 2025 vs. 2024
Current report
Going concern, liquidity and plan. As of and for the nine months ended September 30, 2025, we had an accumulated deficit of approximately $8.6 million, incurred a net loss of approximately $1.4 million, and used approximately $325,000 of net cash in operating activities. Since inception, we have incurred significant operating losses and expect to continue to incur substantial expenses and operating losses as we develop and produce feature films. To date, we have funded operations primarily through sales of common stock and related-party borrowings under promissory notes. As of September 30, 2025, our cash and cash equivalents were approximately $102,000, we had current liabilities of approximately $1.7 million, and we have experienced a build in payables as certain expenditures have been deferred pending project financing and capital raises. We expect near-term cash requirements over the next 12 months to increase significantly, primarily for production development, G&A, and working capital. To address these requirements, we intend to utilize a combination of (i.) our Equity Line of Credit (“ELOC”) with RH2 Equity Partners, L.P., which permits, at our election and subject to conditions, sales of common stock over a 24-month period up to the lesser of $100.0 million or the “Maximum Common Stock Issuance”; (ii.) potential bridge financing and/or commercial credit lines; and (iii.) equity issuances or project-level financing. Availability under the ELOC is not assured and is subject to specified conditions and limitations; any issuances would be dilutive and could place downward pressure on our stock price. As of September 30, 2025, we had not sold any shares under the ELOC. We cannot assure you that our plans to raise capital or to complete our film development and production activities will be successful. These factors raise substantial doubt about our ability to continue as a going concern. Management believes that, if executed as planned, the actions described above would provide sufficient liquidity to fund operations; however, if we are unable to access the ELOC or other financing on acceptable terms, we may be unable to continue as a going concern. (See Note 7 “Notes Payable and Lines of Credit” for additional information regarding the ELOC).
Current report
During the nine months ended September 30, 2025, operating activities consumed approximately $326,000 of cash.
Current report
Impairment loss.
Current report
Results for the nine months ended September 30, 2025 include a $196,200 non-cash impairment charge recorded in the second quarter of 2025 to write off the PNP Movie, LLC loan following extended default and uncertainty regarding the film’s completion. (See Note 4 “Film Production Loans and Receivables”
Current report
We are aware of potential claims by two former consultants; see Note 10 and Item 1 — Legal Proceedings. At this time we cannot estimate a possible loss or range of loss.
Current report
Liquidity and Capital Resources
Current report
Equity Line of Credit. On September 12, 2025, we entered into an Equity Line of Credit Agreement with RH2 Equity Partners, L.P. providing us the right, but not the obligation, to direct the investor to purchase newly issued shares of our common stock over a 24-month term in an aggregate amount up to the lesser of $100.0 million or the Maximum Common Stock Issuance, subject to customary conditions and a related Registration Rights Agreement. The shares issuable under the facility, if and when issued, are to be offered and sold in reliance on Section 4(a)(2) and/or Rule 506 of Regulation D. As of September 30, 2025, we [had/had not] sold any shares pursuant to the ELOC and [had/had not] received proceeds. We filed the Agreements as exhibits to our Form 8-K on September 19, 2025.
Current report
We believe the ELOC, together with other financing options, enhances our liquidity and financial flexibility; however, any issuances under the facility would dilute existing stockholders and could exert downward pressure on our stock price. Availability is also subject to specified conditions and limitations described in the Agreements.
Current report
Loans and recoverability. Following the Q2 2025 write-off of the PNP Movie, LLC loan, we do not expect near-term cash inflows from this source. Our liquidity plan continues to rely on project-level receipts and financing, as discussed elsewhere in this report. See Note 4 “Film Production Loans and Receivables”.
Current report
Critical Accounting Policies and Estimates
Current report
Reference to the significant policies in the Notes and any material updates specific to Q3 2025 (e.g., impairment judgments, fair-value measurements).
Current report
Off-Balance Sheet Arrangements
Current report
None
Current report
Cybersecurity Update
Current report
Refer to 10-K Item 8 disclosures and note any changes during Q3 2025.
Removed paragraphs (28)
Previous report
American Picture House Corporation (“APHP”), also known as American Picture House Pictures, aims to become a premier entertainment company focused on the development, financing, and production of feature films, limited series, and content-driven technologies. Led by astute financiers and supported by accomplished creatives, the Company is committed to delivering high-quality content with broad market appeal.
Previous report
Historically, APHP has offered strategic consulting services to clients within the entertainment sector, providing guidance in areas such as business planning, financial projections, and corporate marketing. While these engagements showcased the Company’s expertise in both entertainment and general business strategy, APHP has since pivoted away from providing independent consulting services. Moving forward, the Company will concentrate exclusively on internal content development and strategic partnerships.
Previous report
APHP is now focused on partnering with filmmakers, showrunners, content creators, and innovative technology partners to develop, package, finance, and produce compelling film and television projects. The Company’s leadership, Board of Directors, and advisory team bring decades of experience across key entertainment functions, including writing, producing, directing, casting, sales, and licensing, with long-standing relationships at major studios and production companies. Although these relationships have yet to translate into direct business for APHP, the Company anticipates leveraging these connections in its upcoming projects.
Previous report
Strategic Focus: Mid-Budget Productions
Previous report
APHP specializes in mid-budgeted productions where the majority, if not all, of the production budget can be secured against the project’s intellectual property (“IP”), projected and pre-sold licensing agreements, incentive programs, tax credits, and grants. The value of the IP, such as book rights, screenplays, or scripts, can be significantly enhanced by the attachment of award-winning talent, seasoned producers, and skilled directors, making it a critical asset for financial structuring.
Previous report
By assembling robust production packages that include proven creative elements and cost-efficient strategies, such as filming in incentive-friendly locations and building lean budgets, APHP can mitigate financial risk, reduce its equity exposure, and attract third-party investment. These efforts are designed to improve profitability and maximize investor confidence through the development of bankable content.
Previous report
APHP’s strategic approach emphasizes financial sophistication, creative excellence, and the use of forward-thinking technology. To date, APHP owns and has optioned several IPs with the goal of co-producing and co-financing both feature films and limited series.
Previous report
Understanding APHP’s Strategy Through the Filmmaking Lifecycle
Previous report
To better explain APHP’s business model, the filmmaking process can be broken down into five key stages, each with distinct responsibilities and goals:
Previous report
APHP’s strategy is to participate meaningfully at each of these stages, especially in development, financing, and packaging, to ensure that every project is positioned for both creative and commercial success.
Previous report
Our Strategy to Build Value
Previous report
APHP’s business strategy centers on acquiring or optioning intellectual properties, such as book rights, screenplays, and scripts, that have already undergone a meaningful level of development investment. In many cases, these properties were advanced by their original creators or teams who, after making substantial financial or creative commitments, chose to pause or abandon further development due to budgetary or strategic reasons.
Previous report
By targeting projects at this stage, APHP aims to acquire valuable entertainment assets at a reduced upfront cost. In exchange, we may offer the original team a share in future revenues generated by the property. This approach enables us to:
Previous report
Our strategy is predicated on our management team’s ability to identify projects with unrealized potential and execute on the next stages of development where previous efforts may have stalled. This includes leveraging our experience, industry relationships, and financial acumen to transform dormant or undervalued IP into market-ready content.
Previous report
Value Creation Initiatives
Previous report
Once acquired, we enhance the value of these properties through a multi-pronged strategy that includes:
Previous report
This methodical, value-driven approach allows APHP to position each project for optimal creative execution, financial performance, and market success, ultimately maximizing returns for the Company and its partners.
Previous report
Results of Operations
Previous report
Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024
Previous report
The following table summarizes our results of operations for the three months ended June 30, 2025 and 2024:
Previous report
The Company had no revenues during the quarters ended June 30, 2025 and 2024,
Previous report
Sales and marketing expenses for the three months ended June 30, 2025 were approximately $1,000 compared to approximately $11,000 for the three months ended June 30, 2024, a decrease of approximately $10,000.
Previous report
During the three months ended June 30, 2025, operating activities consumed approximately $90,000 of cash. Accounts payable and accrued expenses increased by approximately $161,000 during the quarter due to a lack of liquidity to meet current obligations as they became due and payable.
Previous report
During the three months ended June 30, 2024, operating activities used approximately $441,000 of cash, including providing a $220,000 of financing to a film production company and payments resulting in a $42,000 reduction in accounts payable and accrued expenses.
Previous report
During the three months ended June 30, 2024, net cash provided by financing activities was approximately $311,000 which included approximately $211,000 of related party borrowings and approximately $154,000 of proceeds from the sale of Common Stock.
Previous report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Previous report
The following table summarizes our results of operations for the six months ended June 30, 2025 and 2024:
Previous report
During the six months ended June 30, 2025, operating activities consumed approximately $245,000 of cash. Accounts payable and accrued expenses increased by approximately $248,000 during the quarter due to a lack of liquidity to meet current obligations as they became due and payable.
Reworded paragraphs (19)
Previous wording
On August 1, 2025, subsequent to the end of the second quarter, the Company entered into an agreement with SSS Entertainment, LLC (“SSS”) to extend to December 31, 2025 its option to acquire a 24% ownership interest in the feature film Turn Up the Sun! (aka Pose) for $725,000 and to acquire all rights, title, and interest in the feature film Barron’s Cove and related secured assets. As consideration, the Company issued 500,000 shares of its common stock, allocated equally between the option extension and the asset acquisition. The agreement also provides for the Company to pay SSS the first 85% of revenues from exploitation of Barron’s Cove until SSS has recouped $2 million, after which all such revenues will be retained by the Company. SSS may elect to convert future revenue entitlements into shares of the Company’s common stock at a conversion rate of 2.5 times the retained revenue, subject to a $1.00 per share floor. Management believes this transaction expands the Company’s film portfolio and may provide additional revenue opportunities in future periods.
Current wording
As consideration, the Company issued 500,000 shares of its common stock to SSS’s principal, allocated equally between the option extension and the asset acquisition. The Company will pay to SSS the first 85% of revenues from exploitation ofBARRON’S COVEuntil SSS has recouped $2 million, after which all such revenues will be retained by the Company. SSS may elect to convert future revenue entitlements into shares of the Company’s common stock at a conversion rate of 2.5 times the retained revenue, subject to a $1.00 per share floor. The Company will also assume up to $50,000 in costs to enforce and perfect the secured rights.
Previous wording
Common Shares - As of August 14, 2025, APHP has 1,000,000,000 common shares authorized of which 112,899,3325 shares issued and outstanding. As of August 14, 2025, the total number of shareholders of record was 332. All common shares are entitled to participate in any distributions or dividends that may be declared by the Board of Directors, subject to any preferential dividend rights of outstanding shares of preferred shares.
Current wording
Common Shares - As of October 27, 2025, APHP has 1,000,000,000 common shares authorized of which 112,899,325 shares issued and outstanding. As of October 27, 2025, the total number of shareholders of record was 332. All common shares are entitled to participate in any distributions or dividends that may be declared by the Board of Directors, subject to any preferential dividend rights of outstanding shares of Preferred shares.
Previous wording
Voting Control – As of August 14, 2025, Mr. Bannor Michael MacGregor, the Company’s Chief Executive Officer and Chairperson, beneficially owned 24,413,041 shares of the Company’s common stock (including options exercisable within 60 days), representing approximately 21.62% of the outstanding common shares. In addition, Mr. MacGregor directly and indirectly beneficially owns and controls all 3,839 issued and outstanding shares of the Company’s Series A Preferred Stock, representing 100% of that class. Each Series A Preferred Share has voting rights equal to 1,000,000 votes per share, for an aggregate of 3,839,000,000 votes. When combined with the voting rights associated with his common stock ownership, Mr. MacGregor controls voting rights equivalent to 3,863,163,041 shares of common stock, or approximately 97.75% of the Company’s total voting power.
Current wording
Voting Control – October 27, 2025, Mr. Bannor Michael MacGregor, the Company’s Chief Executive Officer and Chairperson, beneficially owned 24,413,041 shares of the Company’s common stock (including options exercisable within 60 days), representing approximately 21.62% of the outstanding common shares. In addition, Mr. MacGregor directly and indirectly beneficially owns and controls all 3,839 issued and outstanding shares of the Company’s Series A Preferred Stock, representing 100% of that class. Each Series A Preferred Share has voting rights equal to 1,000,000 votes per share, for an aggregate of 3,839,000,000 votes. When combined with the voting rights associated with his common stock ownership, Mr. MacGregor controls voting rights equivalent to 3,863,163,041 shares of common stock, or approximately 97.75% of the Company’s total voting power.
Previous wording
At present, the Company has no employees. We do, however, utilize the services of consultants. The Company is managed by its officers. Bannor Michael MacGregor is the CEO, Jonathan Sanger is the President, Michael Blanchard is the Secretary, and Daniel Hirsch is the Treasurer, all report to a Board of Directors. At present, only Bannor Michael MacGregor is under a Consulting Agreement.
Current wording
At present, the Company has no employees. We do, however, utilize the services of consultants. The Company is managed by its officers. Bannor Michael MacGregor is the CEO/President, Michael Blanchard is the Secretary, and Daniel Hirsch is the Treasurer, all report to a Board of Directors. At present, only Bannor Michael MacGregor is under a Consulting Agreement.
Previous wording
Our significant accounting policies are fully described inNote 2to our financial statements appearing elsewhere in this Quarterly Report, and we believe those accounting policies are critical to the process of making significant judgments and estimates in the preparation of our financial statements.
Current wording
Our significant accounting policies are fully described in Note 2 to our financial statements appearing elsewhere in this Quarterly Report, and we believe those accounting policies are critical to the process of making significant judgments and estimates in the preparation of our financial statements.
Previous wording
Interest Expense.Interest expense for the three months ended June 30, 2025 and 2024 was $8,897 and $12,820, respectively, and was primarily related to ourEconomic Injury Disaster Loan (“EIDL”), commercial line of credit and related party working capital loans.
Current wording
Interest Expense. Interest expense for the three months ended September 30, 2025 and 2024 was $30,787 and $12,276, respectively, and was primarily related to ourEconomic Injury Disaster Loan (“EIDL”), commercial line of credit, related party working capital loans, and a loan a new promissory note entered into during the quarter.
Previous wording
We had an accumulated deficit of approximately $8.5 million, incurred a net loss of approximately $761,000, and had cash outflows from operations of approximately $90,000 as of and for the three months ended June 30, 2025. Further, we expect to continue to incur significant costs in the pursuit of our business plans. We cannot assure you that our plans to raise capital or to complete our film development and production activities will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern.
Current wording
We had an accumulated deficit of approximately $8.7 million, incurred a net loss of approximately $106,000, and had cash outflows from operations of approximately $81,000 as of and for the three months ended September 30, 2025. Further, we expect to continue to incur significant costs in the pursuit of our business plans. We cannot assure you that our plans to raise capital or to complete our film development and production activities will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern.
Previous wording
Since our inception, we have incurred significant operating losses. We expect to incur significant expenses and operating losses for the foreseeable future as we develop and produce feature films. To date, we have funded our operations with proceeds from sales of Common Stock and borrowings from related parties under promissory notes. As of June 30, 2025, our cash and cash equivalents were negligible and we were not able to meet our current obligations as they became due and payable.
Current wording
Since our inception, we have incurred significant operating losses. We expect to incur significant expenses and operating losses for the foreseeable future as we develop and produce feature films. To date, we have funded our operations with proceeds from sales of Common Stock and borrowings from related parties under promissory notes. As of September 30, 2025, our cash and cash equivalents were approximately $102,00 and we were not able to meet our current obligations as they became due and payable.
Previous wording
During the three months ended June 30, 2025 and 2024, investing activities included approximately $0 and $19,000 of costs related to development of the Company’s website.
Current wording
During the three months ended September 30, 2025 and 2024, investing activities were $0.
Previous wording
During the three months ended June 30, 2025, net cash provided by financing activities was $86,000 which was comprised of $86,000 of related party borrowings.
Current wording
During the three months ended September 30, 2025, net cash provided by financing activities was $182,000 which was comprised of $115,000 of new debt financing and $312,000 of net new related party borrowings.
Previous wording
The Company had no revenue during the six months ended June 30, 2025. During the six months ended June 30, 2024, the Company had revenues totaling $23,000 all of which were from theBUFFALOED CAMA.
Current wording
The Company had no revenue during the nine months ended September 30, 2025. During the nine months ended September 30, 2024, the Company had revenues totaling $23,000 all of which were from theBUFFALOED CAMA.
Previous wording
General and administrative expenses for the six months ended June 30, 2025 were approximately $1,226,000 compared to approximately $1,882,000 for the six months ended June 30, 2024, a decrease of approximately $656,000. The 2025 period included $306,000 of stock-based compensation expense compared to $1,258,000 in the 2024 period. The 2025 period also included the write-off of $196,200 of loans receivable that management determined were uncollectible, and the expiration of rights to a screenplay carried on the books at $150,834.
Current wording
General and administrative expenses for the nine months ended September 30, 2025 were approximately $1,294,000 compared to approximately $2,198,000 for the nine months ended September 30, 2024, a decrease of approximately $904,000. The 2025 period included $379,000 of stock-based compensation expense compared to $1,258,000 in the 2024 period. The 2025 period also included the write-off of $196,200 of loans receivable that management determined were uncollectible, and the expiration of rights to a screenplay carried on the books at $150,834.
Previous wording
Sales and marketing expenses for the six months ended June 30, 2025 were approximately $2,000 compared to approximately $25,000 for the six months ended June 30, 2024, a decrease of approximately $23,000.
Current wording
Sales and marketing expenses for the nine months ended September 30, 2025 were approximately $9,000 compared to approximately $25,000 for the nine months ended September 30, 2024, a decrease of approximately $16,000.
Previous wording
*Interest Income.*Interest income for the six months ended June 30, 2025 and 2024 was minimal and consisted of interest earned on invested cash balances.
Current wording
*Interest Income.*Interest income for the nine months ended September 30, 2025 and 2024 was minimal and consisted of interest earned on invested cash balances.
Previous wording
Interest Expense.Interest expense for the six months ended June 30, 2025 and 2024 was $21,816 and $16,005, respectively, and was primarily related to ourEconomic Injury Disaster Loan (“EIDL”), commercial line of credit and related party working capital loans.
Current wording
Interest Expense. Interest expense for the nine months ended September 30, 2025 and 2024 was $21,816 and $16,005, respectively, and was primarily related to ourEconomic Injury Disaster Loan (“EIDL”), commercial line of credit and related party working capital loans.
Previous wording
During the six months ended June 30, 2024, operating activities used approximately $749,000 of cash, including providing a $396,000 of financing to film production companies.
Current wording
During the nine months ended September 30, 2024, operating activities used approximately $783,000 of cash, including providing a $396,000 of financing to film production companies.
Previous wording
During the six months ended June 30, 2025 and 2024, investing activities included approximately $0 and $22,000 of costs related to development of the Company’s website.
Current wording
During the nine months ended September 30, 2025 and 2024, investing activities included approximately $0 and $22,000 of costs related to development of the Company’s website.
Previous wording
During the six months ended June 30, 2025, net cash provided by financing activities was $86,000 which was comprised of $86,000 of related party borrowings.
Current wording
During the nine months ended September 30, 2025, net cash provided by financing activities was $428,000 which was comprised of $312,000 of related party borrowings and $115,000 of new debt financing.
Previous wording
During the six months ended June 30, 2024, net cash provided by financing activities was approximately $576,000 including $415,000 of proceeds from the sale of Common Stock and $407,000 of net working capital financing under a master loan agreement from a related party and a commercial line of credit.
Current wording
During the nine months ended September 30, 2024, net cash provided by financing activities was approximately $601,000 including $169,000 of proceeds from the sale of Common Stock and $454,000 of net working capital financing under a master loan agreement from a related party and a commercial line of credit.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
On August 1, 2025, the Company entered into an agreement with SSS Entertainment, LLC (“SSS”) to (i.) extend to December 31, 2025 its option to acquire a 24% ownership interest in the feature filmTURN UP THE SUN!(akaPOSE) for $725,000 and (ii.) acquire all rights, title, and interest in the feature filmBarron’s Coveand related secured assets, including liens, loans, UCC-1 filings, and security interests.
Current report — wording carried from elsewhere
The Company had no revenue during the three months ended September 30, 2025 and September 30, 2024.
Current report — wording carried from elsewhere
The Company had no revenue during the three months ended September 30, 2025 and September 30, 2024.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
General and administrative expenses for the three months ended June 30, 2025 were approximately $750,000 compared to approximately $380,000 for the three months ended June 30, 2024, an increase of approximately $370,000. The 2025 period included $110,000 of stock-based compensation expense to a consultant, the write-off of $196,200 of loans receivable that management determined were uncollectible, and the expiration of rights to a screenplay carried on the books at $150,834. The 2025 period also included $73,000 of stock option expense compared to $0 in the 2024 period. These one-time expenses were offset by lower operational expenses.
Previous report — wording carried elsewhere
We had an accumulated deficit of approximately $8.5 million, incurred a net loss of approximately $1,249,000, and had cash outflows from operations of approximately $245,000 as of and for the six months ended June 30, 2025. Further, we expect to continue to incur significant costs in the pursuit of our business plans. We cannot assure you that our plans to raise capital or to complete our film development and production activities will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern.
Previous report — wording carried elsewhere
Since our inception, we have incurred significant operating losses. We expect to incur significant expenses and operating losses for the foreseeable future as we develop and produce feature films. To date, we have funded our operations with proceeds from sales of Common Stock and borrowings from related parties under promissory notes. As of June 30, 2025, our cash and cash equivalents were negligible and we were not able to meet our current obligations as they became due and payable.