$BMTM
Bright Mountain Media, Inc.

2014 Q2 Form 10-Q Financial Statement

#000155335014000513 Filed on May 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $251.8K $213.4K $70.57K
YoY Change 144.11% 202.36%
Cost Of Revenue $179.9K $159.9K $57.52K
YoY Change 119.57% 177.93%
Gross Profit $71.88K $53.51K $13.05K
YoY Change 238.98% 310.01%
Gross Profit Margin 28.55% 25.08% 18.49%
Selling, General & Admin $477.2K $412.8K
YoY Change 9.93%
% of Gross Profit 663.91% 771.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.580K $1.909K
YoY Change 35.15%
% of Gross Profit 4.82% 14.63%
Operating Expenses $477.2K $412.8K
YoY Change 9.93%
Operating Profit -$405.3K -$359.3K
YoY Change -1.84%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $14.00
YoY Change
Pretax Income -$405.3K -$359.3K -$307.7K
YoY Change -1.84% 16.76%
Income Tax
% Of Pretax Income
Net Earnings -$405.3K -$359.3K -$315.0K
YoY Change -2.97% 14.05%
Net Earnings / Revenue -160.97% -168.38% -446.37%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 32.74M shares 31.72M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $578.2K $486.8K $149.1K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $522.2K $412.9K
Prepaid Expenses
Receivables $4.350K $3.050K
Other Receivables
Total Short-Term Assets $1.141M $942.9K
YoY Change 63.81%
LONG-TERM ASSETS
Property, Plant & Equipment $36.68K $35.94K
YoY Change 31.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.70K $14.70K
YoY Change
Total Long-Term Assets $393.5K $372.2K
YoY Change 1902.95%
TOTAL ASSETS
Total Short-Term Assets $1.141M $942.9K
Total Long-Term Assets $393.5K $372.2K
Total Assets $1.535M $1.315M
YoY Change 106.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $176.3K $167.6K
YoY Change 168.87%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $179.5K $182.6K
YoY Change 99.02%
SHAREHOLDERS EQUITY
Retained Earnings -$3.739M -$3.333M
YoY Change 55.13%
Common Stock $5.070M $4.442M
YoY Change 65.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.501K $2.501K
YoY Change
Treasury Stock Shares 360.0K shares 360.0K shares
Shareholders Equity $1.355M $1.133M $1.391M
YoY Change
Total Liabilities & Shareholders Equity $1.535M $1.315M
YoY Change 106.22%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$405.3K -$359.3K -$315.0K
YoY Change -2.97% 14.05%
Depreciation, Depletion And Amortization $2.580K $1.909K
YoY Change 35.15%
Cash From Operating Activities -$434.8K -$287.7K
YoY Change 51.11%
INVESTING ACTIVITIES
Capital Expenditures $4.016K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$304.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$25.00K -$110.0K
YoY Change -77.27%
Debt Paid & Issued, Net $12.00K $5.220K
YoY Change 129.9%
Cash From Financing Activities $63.00K $100.2K
YoY Change -37.11%
NET CHANGE
Cash From Operating Activities -$434.8K -$287.7K
Cash From Investing Activities -$304.0K
Cash From Financing Activities $63.00K $100.2K
Net Change In Cash -$675.8K -$187.6K
YoY Change 260.33%
FREE CASH FLOW
Cash From Operating Activities -$434.8K -$287.7K
Capital Expenditures $4.016K
Free Cash Flow -$438.8K -$287.7K
YoY Change 52.51%

Facts In Submission

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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 8px; MARGIN-TOP: 0px; LINE-HEIGHT: 11pt"> <strong>Organization and Nature of Operations</strong></p> <p style="MARGIN-BOTTOM: 8px; MARGIN-TOP: 0px; LINE-HEIGHT: 11pt"> Bright Mountain Holdings, Inc. ("BMHI" or the "Company," "we," "us," "our", "Bright Mountain") is a Florida corporation formed on May&nbsp;20, 2010. &nbsp;Its wholly owned subsidiaries, Bright Mountain LLC, and The Bright Insurance Agency, LLC, were formed as Florida limited liability companies in May&nbsp;2011.</p> <p style="MARGIN-BOTTOM: 8px; MARGIN-TOP: 0px; LINE-HEIGHT: 11pt"> Bright Mountain plans to grow its business through organic growth and acquisitions. &nbsp;The Bright Mountain strategy is to concentrate its marketing and development to veterans and first responders, including law enforcement, firemen, and EMS.</p> <p style="MARGIN: 0px; LINE-HEIGHT: 11.4pt">The website, <font style="COLOR: #0000ff"><u>www.thebright.com</u></font>, is an example of this strategy as it is demographically oriented, is directed to our various niche market users and includes, among other things, the following:</p> <p style="MARGIN: 0px; LINE-HEIGHT: 11.4pt"><br /> </p> <table style="FONT-SIZE: 10pt; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE: 0px"> <td width="74">&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="74"> <p style="FONT-FAMILY: Symbol; PADDING-LEFT: 48px; MARGIN: 0px"> &middot;</p> </td> <td style="MARGIN-TOP: 0px" valign="top"> <p style="MARGIN: 0px">news content, including national and international news, sports, entertainment, weather and business news</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="74"> <p style="FONT-FAMILY: Symbol; PADDING-LEFT: 48px; MARGIN: 0px"> &middot;</p> </td> <td style="MARGIN-TOP: 0px" valign="top"> <p style="MARGIN: 0px">original content stories written by our writers especially for our demographic audience</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="74"> <p style="FONT-FAMILY: Symbol; PADDING-LEFT: 48px; MARGIN: 0px"> &middot;</p> </td> <td style="MARGIN-TOP: 0px" valign="top"> <p style="MARGIN: 0px">discounts from hundreds of nationally known companies</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="74"> <p style="FONT-FAMILY: Symbol; PADDING-LEFT: 48px; MARGIN: 0px"> &middot;</p> </td> <td style="MARGIN-TOP: 0px" valign="top"> <p style="MARGIN: 0px">life, disability income, and long term care insurance</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="74"> <p style="FONT-FAMILY: Symbol; PADDING-LEFT: 48px; MARGIN: 0px"> &middot;</p> </td> <td style="MARGIN-TOP: 0px" valign="top"> <p style="MARGIN: 0px">a private email portal</p> </td> </tr> </table> <p style="MARGIN: 0px; LINE-HEIGHT: 11pt"><br /> </p> <p style="MARGIN-BOTTOM: 8px; MARGIN-TOP: 0px; LINE-HEIGHT: 11pt"> Our websites contain a number of sections with a vast amount of mission group oriented information including originally written news content, financial markets information and data, blogs, forums, and career information. &nbsp;Bright Mountain Holdings websites are:</p> <table style="FONT-SIZE: 10pt; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE: 0px"> <td width="74">&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="74"> <p style="FONT-FAMILY: Symbol; PADDING-LEFT: 48px; MARGIN: 0px"> &middot;</p> </td> <td style="MARGIN-TOP: 0px"> <p style="MARGIN: 0px">Bootcamp4me.com (military);</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="74"> <p style="FONT-FAMILY: Symbol; PADDING-LEFT: 48px; MARGIN: 0px"> &middot;</p> </td> <td style="MARGIN-TOP: 0px"> <p style="MARGIN: 0px">Bootcamp4me.org (military);</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="74"> <p style="FONT-FAMILY: Symbol; PADDING-LEFT: 48px; MARGIN: 0px"> &middot;</p> </td> <td style="MARGIN-TOP: 0px"> <p style="MARGIN: 0px">Coastguardnews.com</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="74"> <p style="FONT-FAMILY: Symbol; PADDING-LEFT: 48px; MARGIN: 0px"> &middot;</p> </td> <td style="MARGIN-TOP: 0px"> <p style="MARGIN: 0px">Fdcareers.com;</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="74"> <p style="FONT-FAMILY: Symbol; PADDING-LEFT: 48px; MARGIN: 0px"> &middot;</p> </td> <td style="MARGIN-TOP: 0px"> <p style="MARGIN: 0px">Fireaffairs.com (first responders);</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="74"> <p style="FONT-FAMILY: Symbol; PADDING-LEFT: 48px; MARGIN: 0px"> &middot;</p> </td> <td style="MARGIN-TOP: 0px"> <p style="MARGIN: 0px">Leoaffairs.com (law enforcement personnel);</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="74"> <p style="FONT-FAMILY: Symbol; PADDING-LEFT: 48px; MARGIN: 0px"> &middot;</p> </td> <td style="MARGIN-TOP: 0px"> <p style="MARGIN: 0px">Teacheraffairs.com;</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="74"> <p style="FONT-FAMILY: Symbol; PADDING-LEFT: 48px; MARGIN: 0px"> &middot;</p> </td> <td style="MARGIN-TOP: 0px"> <p style="MARGIN: 0px">Thebravestonline.com (first responders);</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="74"> <p style="FONT-FAMILY: Symbol; PADDING-LEFT: 48px; MARGIN: 0px"> &middot;</p> </td> <td style="MARGIN-TOP: 0px"> <p style="MARGIN: 0px">Wardocumentaryfilms.com (military);</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="74"> <p style="FONT-FAMILY: Symbol; PADDING-LEFT: 48px; MARGIN: 0px"> &middot;</p> </td> <td style="MARGIN-TOP: 0px"> <p style="MARGIN: 0px">Welcomehomeblog.com (military); and</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="74"> <p style="FONT-FAMILY: Symbol; PADDING-LEFT: 48px; MARGIN: 0px"> &middot;</p> </td> <td style="MARGIN-TOP: 0px" valign="top"> <p style="MARGIN: 0px">360fire.com (first responders);</p> </td> </tr> </table> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 8px; MARGIN-TOP: 0px"><strong>Sales Return Reserve Policy</strong></p> <p style="MARGIN-BOTTOM: 8px; MARGIN-TOP: 0px">Our return policy generally allows our end users to return purchased products for refund or in exchange for new products. We estimate a reserve for sales returns, if any, and record that reserve amount as a reduction of sales and as a sales return reserve liability. Sales to consumers on our web site generally may be returned within a reasonable period of time.</p> <!--EndFragment--></div> </div>
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50000 shares
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360000 shares
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2501 USD
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2501 USD
CY2014Q1 us-gaap Use Of Estimates
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 8px; MARGIN-TOP: 0px"><strong>Use of Estimates</strong></p> <p style="MARGIN-BOTTOM: 8px; MARGIN-TOP: 0px">Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). These accounting principles require management to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments, and assumptions are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of our consolidated financial statements as well as reported amounts of revenue and expenses during the periods presented. Our consolidated financial statements would be affected to the extent there are material differences between these estimates and actual results. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management&#39;s judgment in its application. There are also areas in which management&#39;s judgment in selecting any available alternative would not produce a materially different result. Significant estimates included in the accompanying consolidated financial statements include the fair value of acquired assets for purchase price allocation in business combinations, valuation of inventory, valuation of intangible assets, estimates of amortization period for intangible assets, valuation of equity based transactions, and the valuation allowance on deferred tax assets.</p> <!--EndFragment--></div> </div>
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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34291368 shares
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WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27731933 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26445292 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.1908
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.1908
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.1907
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.1633
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.1633
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
678200 USD
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
495200 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1470000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1420000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.24
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.23
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y2M12D
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
20000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.50
CY2014Q1 us-gaap Stock Dividends Shares
StockDividendsShares
21234 shares
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
1132524 USD
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
1391025 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
1391025 USD

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