$AREN
Arena Group Holdings, Inc.

2017 Q2 Form 10-Q Financial Statement

#000114420417043132 Filed on August 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $192.0K
YoY Change
Gross Profit -$192.0K
YoY Change
Gross Profit Margin
Selling, General & Admin $1.390M $1.550M
YoY Change -2085.71% 3000.0%
% of Gross Profit
Research & Development $9.297K $410.0K
YoY Change
% of Gross Profit
Depreciation & Amortization $60.00K $0.00
YoY Change
% of Gross Profit
Operating Expenses $9.297K $1.960M
YoY Change -113.28% 3820.0%
Operating Profit -$1.592M
YoY Change 3028.67%
Interest Expense $0.00 -$10.00K
YoY Change -200.0%
% of Operating Profit
Other Income/Expense, Net $3.436K
YoY Change -54.27%
Pretax Income -$1.590M -$1.980M
YoY Change -2371.43% 6500.0%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.588M -$1.980M
YoY Change -2369.1% 6500.0%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$2.65 -$14.14
COMMON SHARES
Basic Shares Outstanding 25.98M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.400M $600.0K
YoY Change -39.13% -73.91%
Cash & Equivalents $1.448M $598.3K
Short-Term Investments
Other Short-Term Assets $100.0K $100.0K
YoY Change 681.43% 234.14%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables
Total Short-Term Assets $1.545M $719.9K
YoY Change -31.84% -69.39%
LONG-TERM ASSETS
Property, Plant & Equipment $1.885M $547.8K
YoY Change
Goodwill
YoY Change
Intangibles $20.00K $20.00K
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.955M $567.8K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.545M $719.9K
Total Long-Term Assets $1.955M $567.8K
Total Assets $3.500M $1.288M
YoY Change 54.39% -45.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00 $154.4K
YoY Change -100.0% 1502.75%
Accrued Expenses $122.6K $54.79K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $293.9K $346.3K
YoY Change 243.2% 302.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $293.9K $346.3K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $300.0K $346.3K
YoY Change 200.0% 246.33%
SHAREHOLDERS EQUITY
Retained Earnings -$4.781M -$2.188M
YoY Change -92.37% -96.5%
Common Stock $220.5K
YoY Change 137.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.988M $772.9K
YoY Change
Total Liabilities & Shareholders Equity $3.450M $1.288M
YoY Change 52.2% -45.25%

Cashflow Statement

Concept 2017 Q2 2016 Q4
OPERATING ACTIVITIES
Net Income -$1.588M -$1.980M
YoY Change -2369.1% 6500.0%
Depreciation, Depletion And Amortization $60.00K $0.00
YoY Change
Cash From Operating Activities -$1.200M -$650.0K
YoY Change 2300.0% 6400.0%
INVESTING ACTIVITIES
Capital Expenditures $520.0K $430.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $950.0K
YoY Change 313.04%
Cash From Investing Activities -$520.0K $520.0K
YoY Change -326.09% 126.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.00K 580.0K
YoY Change
NET CHANGE
Cash From Operating Activities -1.200M -650.0K
Cash From Investing Activities -520.0K 520.0K
Cash From Financing Activities 60.00K 580.0K
Net Change In Cash -1.660M 450.0K
YoY Change -1022.22% 104.55%
FREE CASH FLOW
Cash From Operating Activities -$1.200M -$650.0K
Capital Expenditures $520.0K $430.0K
Free Cash Flow -$1.720M -$1.080M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Basis Of Accounting
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b>2. Basis of Presentation</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify">theMaven Network, Inc. was incorporated in Nevada on July 22, 2016, under the name &#8220;Amplify Media, Inc.&#8221; On July 27, 2016, the corporate name was amended to &#8220;Amplify Media Network, Inc.&#8221; and on October 14, 2016, the corporate name was changed to &#8220;theMaven Network, Inc.&#8221;.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify">theMaven, Inc. was formerly known as Integrated Surgical Systems, Inc., a Delaware corporation (&#8220;<i>Integrated</i>&#8221;). From June 2007 until November 4, 2016, Integrated was a non-active &#8220;shell company&#8221; as defined by regulations of the Securities and Exchange Commission (SEC). On August 11, 2016, Integrated entered into a loan to Subsidiary that provided initial funding totaling $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">735,099</font></font> for the&#160;Subsidiary&#8217;s operations. Integrated&#8217;s Board of Directors structured the loan to the Subsidiary as fully secured so that Integrated would receive cash at maturity of the loan if negotiations for a combination did not result in the consummated Recapitalization transaction. If the loan was not repaid then the remedies in the event of default were to pursue (a) the personal guarantee and/or (b) the mortgaged real estate collateral. The loan was not secured by the intellectual property of the Subsidiary, but there was a covenant that the Subsidiary would not, without prior written consent, sell or assign the business or intellectual property. This negative covenant did not give Integrated control or rights other than as a creditor. The loan did not provide Integrated with an equity interest or other ownership or control rights in the Subsidiary. The loan did not have any rights to conversion into equity in the Subsidiary. The note, and the associated payable, was cancelled as part of the Recapitalization and the proceeds from the borrowing from Integrated was considered as cash received due to the Recapitalization in addition to the net assets acquired.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify">On October 14, 2016 Integrated entered into a Share Exchange Agreement (the &#8220;<i>Share Exchange Agreement</i>&#8221;) with Subsidiary and the shareholders of Subsidiary holding all of the issued and outstanding shares of Subsidiary (collectively, &#8220;<i>Subsidiary Shareholders</i>&#8221;). The Share Exchange Agreement was amended on November 4, 2016 to include certain newly issued shares of Subsidiary in the transaction and make related changes to the agreement and the Share Exchange was consummated. The transaction resulted in Parent acquiring Subsidiary by the exchange of all of the outstanding shares of Subsidiary for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 12,517,152</font> newly issued shares of the common stock, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.01</font> par value (the &#8220;<i>Common Stock</i>&#8221;) of Parent, representing approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 56.7</font></font>% of the issued and outstanding shares of Common Stock of Parent immediately after the transaction.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify">In determining the accounting treatment for the Share Exchange Agreement the primary factor was determining which party, directly or indirectly, holds greater than 50 percent of the voting shares has control and is considered to be the acquirer. Because the former shareholders of the Subsidiary received 56.7 percent voting control of the issued and outstanding shares of the Company after the transaction, the transaction was considered to be a reverse recapitalization for accounting purposes. Other factors that indicated that the former stockholders of the Subsidiary had control of the Company after the transaction included, (1) fully diluted equity interests, (2) composition of senior management, (3) former officers of the Parent ceded day-to-day responsibilities to officers of the Subsidiary, and (4) composition of Board of Directors. On a fully diluted basis, the former shareholders of the Subsidiary received <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 53.5</font> percent of the equity interests in the Company. All the members of senior management of the Company, other than the part-time Chief Financial Officer, were former shareholders of the Subsidiary. The former officers of the non-active shell ceded day-to-day management to officers of the Subsidiary. The Board of Directors, immediately after the Recapitalization included three members from the Parent and two members from the Subsidiary. Because the former shareholders of the Subsidiary could vote to make changes in the Board composition, the conclusion was that control of the Board, in substance, was vested in the former shareholders of the Subsidiary.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The transaction is referred to as the &#8220;Recapitalization.&#8221; The Recapitalization was consummated on November 4, 2016, as a result of which theMaven Network, Inc. became a wholly owned subsidiary of Integrated (the &#8220;<i>Closing</i>&#8221;). The note payable between Integrated and Subsidiary was an interdependent transaction with the Recapitalization and was cancelled upon closing of the Recapitalization. On December 2, 2016, Integrated amended its Certificate of Incorporation to change its name from &#8220;Integrated Surgical Systems, Inc.&#8221; to &#8220;theMaven, Inc.&#8221;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify">From June 2007 until the closing of the Recapitalization, Integrated was a non-active &#8220;shell company&#8221; as defined by regulations of the SEC and, accordingly, the Recapitalization was accounted for as a reverse recapitalization rather than a business combination. As the Subsidiary is deemed to be the purchaser for accounting purposes under reverse recapitalization accounting, the Company&#8217;s financial statements are presented as a continuation of Subsidiary, and the accounting for the Recapitalization is equivalent to the issuance of stock by Subsidiary for the net monetary assets of Parent as of the Closing accompanied by a recapitalization. &#160;See Note 9 Stockholders&#8217; Equity for summary of the assets acquired, transaction costs and the consideration exchanged in the Recapitalization.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify">The accompanying unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission for Form 10-Q. The Balance Sheet at December&#160;31, 2016 has been derived from the Company&#8217;s audited financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify">In the opinion of management, these financial statements reflect all normal recurring, and other adjustments, necessary for a fair presentation. These financial statements should be read in conjunction with the audited financial statements included in the Company&#8217;s Annual Report on Form 10-K for the year ended December&#160;31, 2016. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year or any other future periods.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q2 us-gaap Proceeds From Issuance Of Private Placement
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us-gaap Amortization Of Intangible Assets
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i>Use of Estimates</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses for the reporting period.&#160;&#160;Actual results could materially differ from those estimates</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1829137 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1170863 shares
CY2017Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3000000 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i>Concentrations of Credit Risk</i></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P0Y
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
557692 USD
us-gaap Share Based Compensation
ShareBasedCompensation
843841 USD
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
18847613 shares
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
200880 USD
CY2017Q2 mven Aggregate Remaining Commitment
AggregateRemainingCommitment
862000 USD
CY2017Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
98000 USD
CY2017Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2016Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
0 USD
us-gaap Sales Revenue Net
SalesRevenueNet
0 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
2987870 USD
CY2017Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
76995 USD
us-gaap Officers Compensation
OfficersCompensation
18000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17502943 shares
us-gaap Stock Issued1
StockIssued1
200880 USD
CY2017Q2 us-gaap Other Commitment Due In Next Twelve Months
OtherCommitmentDueInNextTwelveMonths
240000 USD
CY2017Q2 us-gaap Other Commitment Due In Second Year
OtherCommitmentDueInSecondYear
480000 USD
CY2017Q2 us-gaap Other Commitment Due In Third Year
OtherCommitmentDueInThirdYear
142000 USD
CY2017Q2 us-gaap Other Commitment
OtherCommitment
862000 USD
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
6198307 shares
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
6675000 USD
mven Stock To Be Issued During Period Value Common Stock
StockToBeIssuedDuringPeriodValueCommonStock
0 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
3318664 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3537052 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
us-gaap Nature Of Operations
NatureOfOperations
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>1. Nature of Operations</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">theMaven, Inc. (&#8220;Parent&#8221;) and theMaven Network, Inc. (&#8220;Subsidiary&#8221;) (collectively &#8220;theMaven&#8221; or the &#8220;Company&#8221;) are developing an exclusive network of professionally managed online media channels, with an underlying technology platform. Each channel will be operated by a &#8220;invite only&#8221; &#8220;Channel Partner&#8221; drawn from subject matter experts, reporters, group evangelists and social leaders. Channel Partners will publish content and oversee an online community for their respective channels, leveraging a proprietary, socially-driven, mobile-enabled, video-focused technology platform to engage niche audiences within a single network.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">During the quarter ended June 30, 2017 the Company&#8217;s platform and media channel operations were launched in beta stage with ten initial channel partners. Internet users since the launch of our beta channels are able to utilize the platform on desktop, laptop and mobile devices for these channels. We expect that during the third and fourth quarters additional channels will be launched. As of August 11, 2017, we have over sixty signed channel partners. We do not expect to have any revenue producing customers during the beta stage of our technology or at the commencement of business operations establishing a media audience.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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