Tue, May 14, 9:10 PM (73 days ago)
Bright Mountain Media, Inc. (the "Company") reported a net loss of $4.8 million for the quarter ended March 31, 2024, an increase from a $3.8 million loss in the same period in 2023. Revenue surged by 731% to $12.4 million, driven primarily by the acquisition of Big Village Entities, which contributed $9.4 million. Cost of revenue also increased significantly by 860% to $9.3 million, leading to a gross margin of $3.1 million, up from $528,000. General and administrative expenses rose by 53% to $5.2 million, primarily due to increased headcount and legal expenses. The Company’s liquidity is strained with a working capital deficit of $13.3 million and cash of $4.9 million. The ability to continue as a going concern depends on restructuring debt or raising additional capital. The Centre Lane Senior Secured Credit Facility is a significant liability, with $72.5 million outstanding. The Company is actively seeking strategic alternatives to improve its financial position.