MoviePass Having Outage Issues Because It Couldn't Pay Its Bills
MoviePass Having Outage Issues Because It Couldn't Pay Its Bills
Published on July 27, 2018 at 05:30PM
Popular movie-ticked subscription service MoviePass experienced an outage on Thursday, still ongoing for some, which the company attributed to "technical issues with our card-based check-in process," on its Twitter feed. But its SEC filing Thursday indicated that the problem was really cash flow. From a report: The filing by its parent company, Helios and Matheson Analytics, explained an emergency loan the company had taken out: The $5.0 million cash proceeds received from the Demand Note will be used by the Company to pay the Company's merchant and fulfillment processors. If the Company is unable to make required payments to its merchant and fulfillment processors, the merchant and fulfillment processors may cease processing payments for MoviePass. ("MoviePass"), which would cause a MoviePass service interruption. Such a service interruption occurred on July 26, 2018. Such service interruptions could have a material adverse effect on MoviePass' ability to retain its subscribers.
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Published on July 27, 2018 at 05:30PM
Popular movie-ticked subscription service MoviePass experienced an outage on Thursday, still ongoing for some, which the company attributed to "technical issues with our card-based check-in process," on its Twitter feed. But its SEC filing Thursday indicated that the problem was really cash flow. From a report: The filing by its parent company, Helios and Matheson Analytics, explained an emergency loan the company had taken out: The $5.0 million cash proceeds received from the Demand Note will be used by the Company to pay the Company's merchant and fulfillment processors. If the Company is unable to make required payments to its merchant and fulfillment processors, the merchant and fulfillment processors may cease processing payments for MoviePass. ("MoviePass"), which would cause a MoviePass service interruption. Such a service interruption occurred on July 26, 2018. Such service interruptions could have a material adverse effect on MoviePass' ability to retain its subscribers.
Read more of this story at Slashdot.
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MoviePass Having Outage Issues Because It Couldn't Pay Its Bills
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Reviewed by Kartik
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July 27, 2018
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