American Picture House Corp
For the period ended Dec 31, 2025. Filed Mar 30, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 30, 2026
APHPStored price and day change unavailable
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-04-14.
0001641172-25-003967
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-30.
0001493152-26-013430
Item 7. 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 52 previous paragraphs and 62 current paragraphs.
36 unchanged; 9 reworded; 17 added; 5 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 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 (17)
Current report
American Picture House Corporation (“APHP”) is an entertainment company focused on the development, packaging, financing and production of feature films and limited series. During 2025, we pivoted away from third-party consulting to concentrate on internally developed projects and selective strategic partnerships. We generally pursue two complementary approaches to participating in projects: (i) structured film finance and senior or priority recoupment positions, including senior secured production lending and first-priority receipt or recoupment structures designed to prioritize return of capital; and (ii) building an owned or controlled content library over time by acquiring or optioning intellectual properties and, where appropriate, obtaining negative ownership or other control rights in projects. These structures and strategies are intended to reduce exposure relative to subordinated equity participation but do not eliminate risk, and our financial results will depend on project performance, distribution outcomes, and the timing and amount of receipts.
Current report
We seek to apply disciplined underwriting and structured deal terms to the independent film market, including through defined revenue waterfalls and priority receipt positions where available. Our portfolio includes projects in various stages of release and post-production, and our ability to generate revenues sufficient to achieve profitability depends on the successful commercial exploitation of our projects, including the timing and amount of receipts under applicable distribution and revenue-sharing arrangements. From time to time, we may issue equity or equity-linked instruments in connection with financings or as compensation for services, which may be dilutive to existing stockholders.
Current report
In addition, certain financings may include convertible or equity-linked features (including variable conversion pricing and share reservation mechanics) that could result in significant dilution to existing stockholders and downward pressure on our stock price.
Current report
Subsequent to year end, on January 20, 2026, the Company completed a convertible note financing with Labrys Fund II, L.P. for a cash purchase price of $150,000, of which $114,000 was disbursed to the Company (net of placement agent fees, legal fees, and a repayment to the investor).
Current report
Recent Developments (2025 and early 2026)
Current report
SSS Entertainment Agreement /POSE option extension andBARRON’S COVE acquisition. On August 1, 2025, the Company entered into an agreement with SSS Entertainment, LLC to extend to December 31, 2025 its option to acquire a 24% ownership interest in POSE for $725,000 and to acquire all rights, title and interest in the feature filmBARRON’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 asset acquisition. The agreement also set forth an inter-party revenue collection and allocation structure forBARRON’S COVE and included a potential revenue-to-equity conversion feature, in each case subject to the terms of the agreement. As described below, the parties amended the revenue collection and allocation structure on December 29, 2025.
Current report
SSS Entertainment amendment (Dec. 29, 2025). On December 29, 2025, the Company entered into Amendment No. 1 to its August 1, 2025 agreement with SSS Entertainment, LLC, which (i) extended the Company’s option relating toPOSE through March 31, 2026, and (ii) revised the inter-party revenue collection and allocation structure forBARRON’S COVE by providing the Company a first-priority right to receive Net Revenues until the Company has received $1,150,000, followed by an 85%/15% Net Revenue split to SSS and the Company, respectively, until SSS has received the agreed recoupment amount, with all subsequent Net Revenues retained by the Company. The amendment also acknowledges uncertainties associated with the bankruptcy proceedings involving Yale Entertainment LLC and the potential impact on enforcement, priority, and timing of collections.
Current report
SSS Entertainment multi-film arrangement / Board approval (Jan. 27 / Mar. 12, 2026). Effective as of January 27, 2026, the Company and SSS Entertainment, LLC entered into a Multi-Film Investment and Compensation Agreement that revised the parties’ commercial arrangement with respect toPOSE, contemplated Company funding relating toMOTION, and contemplated a potential additional investment in an untitled SSS-produced motion picture, in each case subject to the terms of the agreement and applicable approvals. Under that agreement, the parties converted the priorPOSE option-based payment structure into a fixed payment structure consisting of a $175,000 partial payment and a $575,000 remaining payable due on or before January 31, 2027; contemplated a $500,000 funding amount relating toMOTION in exchange for an assigned economic interest; and contemplated a $200,000 investment in an untitled SSS-produced picture, subject to mutually agreed definitive documentation. The agreement also contemplated certain equity-based consideration and incentive arrangements, including credit-based share incentives and an option grant under the Company’s equity incentive plan, each subject to applicable approvals and the terms of the agreement. On March 12, 2026, the Board of Directors approved the Company’s entry into the Multi-Film Investment and Compensation Agreement and ratified Amendment No. 1 effective December 29, 2025. See Note 13 - Subsequent Events.
Current report
**Leadership updates.**On August 30, 2025, Jonathan Sanger resigned as President. On September 16, 2025, Donald J. Harris resigned from the Board of Directors.
Current report
Equity Line of Credit. 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). As of December 31, 2025, we had not sold any shares under the ELOC and had not received proceeds.
Current report
Labrys Fund II promissory note. On September 22, 2025, the Company issued an unsecured promissory note to Labrys Fund II, L.P. with an original principal amount of $115,000 and a twelve-month maturity. The note includes customary covenants and events of default and provides for amortization beginning March 23, 2026, subject to the note’s terms. Subsequent to year end, the Company completed an additional financing with Labrys Fund II, L.P. on January 20, 2026; see Note 13 - Subsequent Events. A related Current Report on Form 8-K had not been filed as of the date of this Annual Report and is being filed separately.
Current report
The year-over-year change in results also reflects the Company’s 2025 full write-off of its PNP Movie, LLC loan receivable as an impairment loss.
Current report
During 2025, the Company’s revenues were derived from amounts collected on receivables related to loans and other project-level financing provided in connection with the production of the feature filmBARRON’S COVE. See Note 2, “Accounts receivable,” for discussion of the year-end $1,150,000BARRON’S COVE-related priority receivable arising from the Company’s contractual revenue collection rights under Amendment No. 1 dated December 29, 2025. During the year ended December 31, 2024, the Company reported revenues of approximately $53,000 from the licensed filmBUFFALOED.
Current report
Liquidity and Capital Resources
Current report
In addition, on December 31, 2025, the Company’s Chief Executive Officer delivered a letter confirming a cash salary waiver (effective January 1, 2025 through March 31, 2026) and a temporary standstill on transfers or conversions of his preferred shares during the same period.
Current report
Since inception, we have incurred operating losses and expect to continue to incur expenses as we pursue our business plan, including development, packaging, financing, production, distribution, and commercialization of our film and content portfolio, and as we operate as a public reporting company. To date, we have funded operations primarily through equity issuances and debt financings (including related party borrowings). Our ability to improve operating results depends on the successful commercial exploitation of our projects, including the timing and amount of receipts under applicable distribution and revenue-sharing arrangements, and there can be no assurance that additional capital will be available on acceptable terms, or at all. As of December 31, 2025, we had cash and cash equivalents of $124.
Current report
During the year ended December 31, 2025, net cash provided by financing activities was approximately $406,000, consisting primarily of $115,000 of proceeds from issuance of note payable, $381,822 of proceeds from debt borrowings - related parties, $(92,234) of repayments of debt borrowings - related parties, and $1,050 of proceeds from a commercial line of credit.
Removed paragraphs (5)
Previous report
American Picture House Corporation plans to be a premiere entertainment company with a focus on feature films, limited series, and content-enhancing technologies. APHP is managed by astute financiers and supported by seasoned creatives. The Company plans to partner with top filmmakers, showrunners, content developers, and strategic technology partners to develop, package, finance, and produce high-quality feature films and shows with broad-market appeal. The Company’s management and advisors have relationships with major studios, Streamers, leading talent agencies, and proven foreign sales companies, which will empower the Company to offer A-list creatives*(and convincing up-and-comers)*the opportunity to partner with a financier/producer that values passion and imagination and understands profitability. The Company plans to specialize in mid-budgeted productions where more than 100% of the budget can be collateralized by a film’s or show’s intellectual property (‘IP”), unsold licensing sales projections, pre-sold licensing contracts, incentive agreements, tax rebates, and grants. The Company’s management and advisors will use these assets to limit risk and guarantee greater profitability. The Company will strive to become synonymous with creative ability, financial sophistication, and leading-edge technology. The Company has optioned IP with the intent to co-finance and co-produce feature films and limited series shows. The Company intends to embrace the ever-evolving technologies that service the industry including innovative artificial intelligence (“AI”) tools and models.
Previous report
During the years ended December 31, 2024 and 2023, the Company reported revenues of approximately $53,000 and $201,000, respectively. Approximately $53,000 and $32,000 of the 2024 and 2023, respectively, of revenue relates to revenues generated from the licensed filmBuffaloed. The remainder of the 2023 revenues comes from contracts with customers for consulting services and from the licensing and distribution of film and other entertainment rights.
Previous report
Cost of Revenues
Previous report
Since our inception, we have incurred significant operating losses. We expect to incur significant expenses and operating losses for the foreseeable future as we advance the preclinical and, if successful, the clinical development of our programs. To date, we have funded our operations with proceeds from sales of Common Stock and borrowings under convertible promissory notes. As of December 31, 2024, we had negative cash and cash equivalents of $21.
Previous report
During the year ended December 31, 2023, net cash provided by financing activities was approximately $1.467 million, derived primarily from stock sales. Additionally, during 2024 the Company borrowed and repaid $178,500 from Mr. MacGregor under a working capital borrowings arrangement.
Reworded paragraphs (9)
Previous wording
Our ability to generate any revenue sufficient to achieve profitability will depend on the successful development, production, and distribution of motion pictures. We reported net losses of $2.3 million and $1.4 million for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, we had an accumulated deficit of approximately $7.3 million. We expect to continue to incur significant expenses and increasing operating losses until we begin receiving revenue from the distribution of our film properties. We expect that our expenses and capital expenditures will increase substantially in connection with our ongoing activities including, but not limited to the following:
Current wording
Our ability to generate any revenue sufficient to achieve profitability will depend on the successful development, production, and distribution of motion pictures. We reported net losses of $534,440 and $2.3 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, we had an accumulated deficit of approximately $7.8 million. We expect to continue to incur significant expenses and may continue to incur operating losses until we generate sufficient revenues to support our operations. We expect that our expenses and capital expenditures will increase substantially in connection with our ongoing activities including, but not limited to the following:
Previous wording
General and administrative expenses for the year ended December 31, 2024, were approximately $2.3 million compared to approximately $1.5 million for the year ended December 31, 2023, an increase of approximately $741,000. The increase was primarily attributable to the Company recording approximately $1,258,000 of stock option expense offset by a $322,000 reduction in legal and professional fees. Additionally, the 2023 period included approximately $194,000 of bad debt expense. We expect to see further increases as we grow our operations in future periods.
Current wording
General and administrative expenses for the year ended December 31, 2025, were approximately $1,403,000 compared to approximately $2,252,000 for the year ended December 31, 2024, a decrease of approximately $849,000. The decrease was primarily attributable to the Company recording approximately $379,000 of stock option expense in 2025 as compared to $1,258,000 in 2024. We expect to see general and administrative expenses to increase as we grow our operations in future periods.
Previous wording
*Interest Income.*Interest income for the years ended December 31, 2024 and 2023 was approximately $2,000 and $5,000, respectively, and consisted of interest earned on invested cash balances.
Current wording
*Interest Income.*Interest income for the years ended December 31, 2025 and 2024 was approximately $97,000 and $2,000, respectively. The 2025 period is primarily due to interest earned on the loan agreement with Barron’s Cove Movie, LLC.
Previous wording
Interest Expense.Interest expense for the years ended December 31, 2024 and 2023 was approximately $46,000 and $6,000, respectively. The 2024 expense included $24,000 of interest on working capital loans, $22,000 of related party interest, and $10,000 of EIDL interest. The 2023 interest was primarily related to ourEconomic Injury Disaster Loan (“EIDL”) and working capital loans.
Current wording
*Interest Expense.*Interest expense for the years ended December 31, 2025 and 2024 was approximately $71,000 and $46,000, respectively.
Previous wording
As indicated in the accompanying financial statements, we had an accumulated deficit of approximately $7.3 million, incurred a net loss of approximately $2.2 million and cash outflow from operations of approximately $805,000 as of and for the year ended December 31, 2024. 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 and commercially release our products will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern.
Current wording
As indicated in the accompanying financial statements, we had an accumulated deficit of approximately $7.8 million, incurred a net loss of approximately $534,000 and cash outflow from operations of approximately $406,000 as of and for the year ended December 31, 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 and commercially release our products will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern.
Previous wording
During the year ended December 31, 2023, operating activities used approximately $1.1 million of cash, primarily resulting from our net loss of approximately $1.4 million, partially offset by non-cash charges of approximately $353,000.
Current wording
During the year ended December 31, 2025, operating activities used approximately $405,000 of cash, primarily resulting from our net loss of approximately $534,000, partially offset by non-cash.
Previous wording
During the year ended December 31, 2024, net cash used by financing activities was approximately $22,000 comprised of investment in intangible assets.
Current wording
During the years ended December 31, 2025 and 2024, net cash used by financing activities was approximately $0 and $22,000, respectively comprised of investment in intangible assets.
Previous wording
During the year ended December 31, 2024, net cash provided by financing activities was approximately $623,000, derived primarily from related party borrowings of $358,000, $357,000 of net borrowings on a commercial line of credit, and $169,000 from the sale of common stock.
Current wording
During the year ended December 31, 2024, net cash provided by financing activities was approximately $623,000, consisting primarily of $387,931 of proceeds from debt borrowings - related parties, $(30,310) of repayments of debt borrowings - related parties, $142,600 of proceeds from a commercial line of credit, $(45,745) of repayments on the commercial line of credit, and $169,000 of proceeds from the sale of common stock.
Previous wording
We expect our expenses to increase substantially in connection with our ongoing film development and production activities. In addition, transition from the OTC markets to an SEC registrant will increase our reporting and compliance cost.
Current wording
We expect our expenses to increase substantially in connection with our ongoing film development and production activities. In addition, as a public reporting company, we expect to continue to incur increased reporting, compliance, legal, accounting and other administrative costs.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Cost of revenues for the years ended December 31, 2024 and 2023, were approximately $0 and $37,000 respectively. The 2023 expense consist of those costs directly related to the services being rendered. A majority of the consulting services were performed by management and members of the Board of Directors.
Previous report — wording carried elsewhere
During the year ended December 31, 2023, net cash used by financing activities was approximately $73,000 comprised of investment in intangible assets.