American Picture House Corp
For the period ended Dec 31, 2024. Filed Apr 14, 2025.
View on SEC.govAbout this filing
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.
FY2024 · Filed Apr 14, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-03-28.
0001493152-24-011751
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent 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 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 53 previous paragraphs and 52 current paragraphs.
39 unchanged; 12 reworded; 1 added; 2 removed; 0 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 (1)
Current report
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.
Removed paragraphs (2)
Previous report
Bad Debt Expense. Bad debt expense reflects amounts recorded as a reserve for accounts receivable where management had subsequently determined collectability is uncertain or improbable.
Previous report
During the year ended December 31, 2022, net cash provided by financing activities was approximately $46,500, consisting primarily of $46,500 of net borrowings under a related party working capital working capital note.
Reworded paragraphs (12)
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 $1.4 million and $86,000 for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, we had an accumulated deficit of approximately $5.0 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 $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:
Previous wording
We anticipate that our general and administrative expenses will increase in the future as we increase our headcount to support our continued research activities and development of our product candidates. We also anticipate that we will incur increased accounting, audit, legal, regulatory, compliance, director and officer insurance, and investor and public relations expenses associated with operating as a public company.
Current wording
We anticipate that our general and administrative expenses will increase in the future as we increase our headcount to support our continued research activities and development of our projects. We also anticipate that we will incur increased accounting, audit, legal, regulatory, compliance, director and officer insurance, and investor and public relations expenses associated with operating as a public company.
Previous wording
During the years ended December 31, 2023 and 2022, the Company reported revenues of approximately $201,000 and $461,000, respectively. Approximately, $32,000 and $250,000 of the 2023 and 2022, respectively, of revenue relates to revenues generated from the licensed filmBuffaloed. The remainder of the 2022 2023 revenues comes from contracts with customers for consulting services and from the licensing and distribution of film and other entertainment rights.
Current wording
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 wording
Cost of revenues for the years ended December 31, 2023 and 2022, were approximately $37,000 and $132,000 respectively. Approximately $130,000 of the 2022 costs related to expenses associated with revenues generated from the licensed filmBuffaloed. The remainder of the 2023 expenses and the 2022 expenses 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.
Current wording
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 wording
General and administrative expenses for the year ended December 31, 2023, were approximately $1.5 million, compared to approximately $409,000 for the year ended December 31, 2022. The net increase of approximately $1.1 million in general and administrative expenses primarily relates to a $771,000 increase in legal and professional fees principally related to becoming an SEC registrant and legal matters; approximately $194,000 of bad debt expense; $33,000 related to new directors and officers insurance; $39,000 of higher travel expenses; and $35,000 of increased investor relations expenses. 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, 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.
Previous wording
*Interest Income.*Interest income for the years ended December 31, 2023 and 2022 was approximately $5,000 and $2,000, respectively, and consisted of interest earned on invested cash balances.
Current 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.
Previous wording
Interest Expense.Interest expense for the years ended December 31, 2023 and 2022 was approximately $6,000 and $8,000, respectively, and 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, 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.
Previous wording
As indicated in the accompanying financial statements, we had an accumulated deficit of approximately $5.0 million, incurred a net loss of approximately $1.4 million and cash outflow from operations of approximately $1.1 million as of and for the year ended December 31, 2023. 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 $7.3 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.
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 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, 2023, we had cash and cash equivalents of $204,000.
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 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 wording
During the year ended December 31, 2022, operating activities provided approximately $5,000 of cash, primarily resulting from our net loss of approximately $86,000, partially offset by non-cash charges of approximately $25,000 and net cash provided by changes in our operating assets and liabilities of $64,000.
Current wording
During the year ended December 31, 2024, operating activities used approximately $805,000 of cash, primarily resulting from our net loss of approximately $2.3 million, partially offset by non-cash charges of approximately $1.4 million.
Previous wording
During the year ended December 31, 2022, net cash used by financing activities was $121,000 principally related to film production activities.
Current wording
During the year ended December 31, 2024, net cash used by financing activities was approximately $22,000 comprised of investment in intangible assets.
Previous wording
During the year ended December 31, 2023, net cash used by financing activities was approximately $162,000. 2034 investing activities included $89,000 related to film production and $73,000 investment in intangible assets
Current wording
During the year ended December 31, 2023, net cash used by financing activities was approximately $73,000 comprised of investment in intangible assets.