MoviePass outage caused by company temporarily running out of cash

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It was not unexpected, they literally said they have enough cash for a month. A month later what did anyone expect?

 

 

  • On Friday, MoviePass’ owner, Helios and Matheson Analytics, disclosed in a Securities and Exchange Commission filing that it had borrowed $5 million in cash.

  • The reason was to get the service working again after the app could no longer take ticket orders on Thursday night.

  • As of Friday morning, many MoviePass subscribers still could not use the full functionality of the app.


In a Securities and Exchange Commission filing on Friday, the owner of MoviePass,Helios and Matheson Analytics, disclosed that it had borrowed $5 million in cash following a “service interruption” on Thursday because the company was unable to make certain required payments.

In other words: On Thursday it ran out of cash, at least temporarily.

“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,” the filing said. “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, Inc. (‘MoviePass’), which would cause a MoviePass service interruption. Such a service interruption occurred on July 26, 2018.”

www.businessinsider.com/moviepass-outage-caused-by-company-temporarily-running-out-of-cash-2018-7

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