$BMTM
Bright Mountain Media, Inc.

2015 Q4 Form 10-Q Financial Statement

#000155335015001202 Filed on November 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $580.0K $431.0K
YoY Change 55.69%
Cost Of Revenue $420.0K
YoY Change
Gross Profit $160.0K $157.8K
YoY Change 74.87%
Gross Profit Margin 27.59% 36.61%
Selling, General & Admin $750.0K $516.4K
YoY Change 18.67%
% of Gross Profit 468.75% 327.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $50.00K $4.122K
YoY Change
% of Gross Profit 31.25% 2.61%
Operating Expenses $750.0K $516.4K
YoY Change 18.67%
Operating Profit -$590.0K -$358.7K
YoY Change 3.97%
Interest Expense $0.00 $493.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$483.00
YoY Change -7000.0%
Pretax Income -$590.0K -$359.1K
YoY Change 4.11%
Income Tax
% Of Pretax Income
Net Earnings -$680.0K -$359.1K
YoY Change 4.11%
Net Earnings / Revenue -117.24% -83.32%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.02 -$0.01
COMMON SHARES
Basic Shares Outstanding 35.60M shares 35.20M shares 32.80M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $420.0K $350.0K
YoY Change
Cash & Equivalents $420.0K $350.0K $590.2K
Short-Term Investments
Other Short-Term Assets $110.0K $80.00K
YoY Change
Inventory $1.050M $1.066M $776.4K
Prepaid Expenses
Receivables $40.00K $44.38K $4.110K
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.620M $1.550M $1.457M
YoY Change 11.18% 44.2% -3.42%
LONG-TERM ASSETS
Property, Plant & Equipment $50.00K $50.06K $38.07K
YoY Change 31.32% 39.65% 10.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.00K $15.55K $12.58K
YoY Change 58.98% -31.15% -14.42%
Total Long-Term Assets $700.0K $815.0K $493.9K
YoY Change 41.74% 41.11% 435.99%
TOTAL ASSETS
Total Short-Term Assets $1.620M $1.550M $1.457M
Total Long-Term Assets $700.0K $815.0K $493.9K
Total Assets $2.320M $2.365M $1.951M
YoY Change 18.92% 43.12% 21.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $320.0K $262.3K $270.3K
YoY Change 18.38% 25.7% 47.82%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $50.00K $20.00K
YoY Change
Total Short-Term Liabilities $380.0K $280.0K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $120.0K $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $120.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $380.0K $280.0K
Total Long-Term Liabilities $120.0K $0.00
Total Liabilities $500.0K $280.9K $318.2K
YoY Change 57.14% 25.33% 51.63%
SHAREHOLDERS EQUITY
Retained Earnings -$5.566M -$4.485M
YoY Change 36.3% 50.79%
Common Stock $7.600M $6.076M
YoY Change 38.66% 39.92%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.501K $2.501K
YoY Change 0.0% 0.0%
Treasury Stock Shares 360.0K shares 360.0K shares
Shareholders Equity $1.820M $2.084M $1.633M
YoY Change
Total Liabilities & Shareholders Equity $2.320M $2.365M $1.951M
YoY Change 18.92% 43.12% 21.87%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income -$680.0K -$359.1K
YoY Change 4.11%
Depreciation, Depletion And Amortization $50.00K $4.122K
YoY Change
Cash From Operating Activities -$380.0K -$420.0K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $150.0K -$20.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$170.0K
YoY Change
Cash From Investing Activities -$20.00K -$20.00K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 450.0K 520.0K
YoY Change
NET CHANGE
Cash From Operating Activities -380.0K -420.0K
Cash From Investing Activities -20.00K -20.00K
Cash From Financing Activities 450.0K 520.0K
Net Change In Cash 50.00K 80.00K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$380.0K -$420.0K
Capital Expenditures $150.0K -$20.00K
Free Cash Flow -$530.0K -$400.0K
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><div style="display: block;"> <p style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: 11pt; margin-top: 0px; margin-bottom: 8.867px;"><b>Organization and Nature of Operations</b></p> <p style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: 11pt; margin: 0px; text-indent: 48px;">Bright Mountain Acquisition Corporation and subsidiaries, formerly known as Bright Mountain Holdings, Inc., and subsidiaries ("BMAQ" or the "Company," "we," "us," "our", "Bright Mountain") is a Florida corporation formed on May 20, 2010. Its wholly owned subsidiaries, Bright Mountain LLC, and The Bright Insurance Agency, LLC, were formed as Florida limited liability companies in May 2011.</p> <p style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: 8pt; margin: 0px;"><br/></p> <p style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: 11pt; margin: 0px; text-indent: 48px;">The Company is a media holding company of online assets. &#160;We sell various products through our proprietary websites and retail location, and through third party e-commerce distributor portals. &#160;Our websites provide content designed to attract and retain targeted Internet audiences. &#160;We generate revenues from <font>two</font> segments, product sales and services. &#160;Services consists of advertising revenue and subscription revenue. &#160;Our advertising revenue is generated primarily through the display of paid listings as well as display advertisements appearing on our websites.</p> <p style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: 8pt; margin: 0px;"><br/></p> <p style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: 11pt; margin: 0px; text-indent: 48px;">Our websites contain a number of sections with demographically oriented information including originally written news content, blogs, forums, career information, and video. &#160;Our websites are:</p> <p style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: 8pt; margin: 0px;"><br/></p> <table cellpadding="0" cellspacing="0" width="100%" style="font-family: 'Times New Roman'; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin-top: 0px; font-size: 10pt;"> <tr style="font-size: 0px;"> <td width="80"></td> <td></td> </tr> <tr> <td width="80" style="margin-top: 0px;"> <p style="margin: 0px; text-indent: 48px; font-family: Symbol;">&#149;</p> </td> <td style="margin-top: 0px;"> <p style="margin: 0px;">BMAQ.com;</p> </td> </tr> <tr> <td width="80" style="margin-top: 0px;"> <p style="margin: 0px; text-indent: 48px; font-family: Symbol;">&#149;</p> </td> <td style="margin-top: 0px;"> <p style="margin: 0px;">Bootcamp4me.com;</p> </td> </tr> <tr> <td width="80" style="margin-top: 0px;"> <p style="margin: 0px; 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text-indent: 48px; font-family: Symbol;">&#149;</p> </td> <td style="margin-top: 0px;"> <p style="margin: 0px;">Fireaffairs.com;</p> </td> </tr> <tr> <td width="80" style="margin-top: 0px;"> <p style="margin: 0px; text-indent: 48px; font-family: Symbol;">&#149;</p> </td> <td style="margin-top: 0px;"> <p style="margin: 0px;">FireFightingNews.com;</p> </td> </tr> <tr> <td width="80" style="margin-top: 0px;"> <p style="margin: 0px; text-indent: 48px; font-family: Symbol;">&#149;</p> </td> <td style="margin-top: 0px;"> <p style="margin: 0px;">Gopoliceblotter.com;</p> </td> </tr> <tr> <td width="80" style="margin-top: 0px;"> <p style="margin: 0px; text-indent: 48px; font-family: Symbol;">&#149;</p> </td> <td style="margin-top: 0px;"> <p style="margin: 0px;">JQPublicblog.com;</p> </td> </tr> <tr> <td width="80" style="margin-top: 0px;"> <p style="margin: 0px; text-indent: 48px; font-family: Symbol;">&#149;</p> </td> <td style="margin-top: 0px;"> <p style="margin: 0px;">Leoaffairs.com;</p> </td> </tr> <tr> <td width="80" style="margin-top: 0px;"> <p style="margin: 0px; text-indent: 48px; font-family: Symbol;">&#149;</p> </td> <td style="margin-top: 0px;"> <p style="margin: 0px;">PopularMilitary.com;</p> </td> </tr> <tr> <td width="80" style="margin-top: 0px;"> <p style="margin: 0px; text-indent: 48px; font-family: Symbol;">&#149;</p> </td> <td style="margin-top: 0px;"> <p style="margin: 0px;">Teacheraffairs.com;</p> </td> </tr> <tr> <td width="80" style="margin-top: 0px;"> <p style="margin: 0px; text-indent: 48px; font-family: Symbol;">&#149;</p> </td> <td style="margin-top: 0px;"> <p style="margin: 0px;">Thebravestonline.com;</p> </td> </tr> <tr> <td width="80" style="margin-top: 0px;"> <p style="margin: 0px; text-indent: 48px; font-family: Symbol;">&#149;</p> </td> <td style="margin-top: 0px;"> <p style="margin: 0px;">Thebright.com;</p> </td> </tr> <tr> <td width="80" style="margin-top: 0px;"> <p style="margin: 0px; text-indent: 48px; font-family: Symbol;">&#149;</p> </td> <td style="margin-top: 0px;"> <p style="margin: 0px;">USMCLife.com;</p> </td> </tr> <tr> <td width="80" style="margin-top: 0px;"> <p style="margin: 0px; text-indent: 48px; font-family: Symbol;">&#149;</p> </td> <td style="margin-top: 0px;"> <p style="margin: 0px;">Wardocumentaryfilms.com;</p> </td> </tr> <tr> <td width="80" style="margin-top: 0px;"> <p style="margin: 0px; text-indent: 48px; font-family: Symbol;">&#149;</p> </td> <td style="margin-top: 0px;"> <p style="margin: 0px;">Welcomehomeblog.com; and</p> </td> </tr> <tr> <td width="80" style="margin-top: 0px;"> <p style="margin: 0px; text-indent: 48px; font-family: Symbol;">&#149;</p> </td> <td style="margin-top: 0px;"> <p style="margin: 0px;">360fire.com</p> </td> </tr> </table> </div></div>
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InterestPaid
USD
us-gaap Use Of Estimates
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0px;"><b>Use of Estimates</b></p> <p style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0px;"><br/></p> <p style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0px; text-indent: 48px;">Our condensed 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 condensed 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's judgment in its application. There are also areas in which management's judgment in selecting any available alternative would not produce a materially different result. Significant estimates included in the accompanying condensed 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, estimates of depreciation period for fixed assets, valuation of equity based transactions, and the valuation allowance on deferred tax assets.</p> </div>
us-gaap Operating Income Loss
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32474590 shares
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7 USD
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17541 USD
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0.65
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.43
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y3M18D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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35108850 shares
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262316 USD
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324000000 shares
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357600 USD
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334832 USD
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7242795 USD
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CommitmentsAndContingencies
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WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33053785 shares
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SharesIssuedPricePerShare
0.75
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
790000 USD
us-gaap Depreciation
Depreciation
10879 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2250 USD
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572000 USD
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RepaymentsOfLongTermDebt
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us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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AdjustmentForAmortization
45801 USD
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Depreciation
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SharesIssuedPricePerShare
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StockDividendsShares
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CostOfServices
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PayableForAcquireIntangibleAssets
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AccountsReceivableNetCurrent
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OtherAssetsNoncurrent
15547 USD
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Liabilities
280920 USD
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PreferredStockSharesIssued
5200000 shares
us-gaap Interest Expense
InterestExpense
1384 USD
us-gaap Interest Expense
InterestExpense
USD
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34245752 shares
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CostOfGoodsSold
273227 USD
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GrossProfit
157787 USD
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GrossProfit
90232 USD
CY2015Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
10 USD
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InterestExpense
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CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2014Q3 us-gaap Preferred Stock Dividends Income Statement Impact
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CY2015Q3 us-gaap Preferred Stock Dividends And Other Adjustments
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101939 USD
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-581566 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
400000 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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us-gaap Income Taxes Paid
IncomeTaxesPaid
USD
us-gaap Increase Decrease In Other Operating Assets
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2967 USD
us-gaap Revenue Recognition Sales Returns
RevenueRecognitionSalesReturns
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0px;"><b>Sales Return Reserve Policy</b></p> <p style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0px;"><br/></p> <p style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0px; text-indent: 48px;">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> </div>
CY2015Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0156 pure
bmaq Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.00 pure
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
42604 USD
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P6Y9M18D
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Entity Registrant Name
EntityRegistrantName
Bright Mountain Acquisition Corp
CY2015Q3 us-gaap Cost Of Services
CostOfServices
USD
us-gaap Cost Of Services
CostOfServices
USD
bmaq Payable For Acquire Intangible Assets
PayableForAcquireIntangibleAssets
USD

Files In Submission

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