Mon, Aug 19, 8:42 PM (148 days ago)
Mega Matrix Corp. filed Amendment No. 1 to its Form 10-Q for Q1 2024, primarily to address SEC comments related to its subsidiary Mega Matrix Inc.’s registration statement. The amendment restates financial statements and updates risk factors, but retains most original disclosures. For Q1 2024, the company reported revenues of $8.69 million, driven by $8.05 million from membership and streaming services, and $643,400 from advertising, marking a significant turnaround from no revenues in Q1 2023. However, operating expenses surged to $9.96 million, primarily due to increased selling and administrative costs, resulting in a net loss of $1.94 million, up from $1.24 million in the previous year. Cash flow analysis showed a net cash decrease of $278,700, with cash and equivalents totaling $2.85 million by quarter-end. The company’s liquidity is supported by $9.5 million in working capital, primarily from cash and digital assets. The strategic shift to focus on its FlexTV streaming platform is highlighted, alongside plans to cease cryptocurrency operations, reflecting a response to market trends and operational uncertainties. Future operations will be impacted by the ongoing adaptation to the competitive streaming landscape and financial management strategies.