CuriosityStream Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>CuriosityStream Inc. has filed its 2023 10-K annual report, detailing its financial performance and operational updates.</b>

AI Summary

CuriosityStream Inc. (CURI) filed a Annual Report (10-K) with the SEC on March 25, 2024. CuriosityStream Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's business address is 8484 Georgia Ave., Suite 700, Silver Spring, MD 20910. CuriosityStream Inc. was formerly known as Software Acquisition Group Inc. and changed its name on May 15, 2019. The filing includes data related to common stock, warrants, and accrued liabilities. The company experienced a reduction in workforce in December 2023.

Why It Matters

For investors and stakeholders tracking CuriosityStream Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of CuriosityStream's financial health and strategic direction for investors and stakeholders. The report details the company's performance, including any workforce adjustments, which can signal changes in operational strategy or financial pressures.

Risk Assessment

Risk Level: — CuriosityStream Inc. shows moderate risk based on this filing. The company's financial performance and operational details in the 10-K are crucial for assessing its current health and future prospects, which could be subject to market dynamics and competition in the streaming industry.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand CuriosityStream's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-25 — Filing Date (Date of submission)
• 001-39139 — SEC File Number (Regulatory filing identifier)

Key Players & Entities

• CuriosityStream Inc. (company) — Filer name
• CURI (company) — Ticker symbol
• Software Acquisition Group Inc. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-25 (date) — Filing date
• Silver Spring, MD (location) — Business address city and state

FAQ

Risk Factors

• Customer Concentration Risk [medium — operational]: The company faces risk due to concentration of its revenue and accounts receivable with a limited number of customers.
• Reduction in Workforce [medium — operational]: CuriosityStream implemented a reduction in workforce in December 2023.

Industry Context

CuriosityStream operates in the video streaming and production industry, competing with numerous other platforms for subscriber attention and content rights.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Analyze the revenue and profitability trends presented in the 10-K.
2. Assess the impact of customer concentration risk on future revenue stability.
3. Evaluate the strategic implications of the reported workforce reduction.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-25: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for CuriosityStream Inc. under its current structure and name, following its previous operations as Software Acquisition Group Inc.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 CURI NASDAQ Warrants, each exercisable
• $11.50 — of Common stock at an exercise price of $11.50 per share CURIW NASDAQ Securities reg
• $1.69 — reference to the closing sales price of $1.69 reported on The NASDAQ Capital Market,
• $25,000,000 — tock for an aggregate purchase price of $25,000,000 pursuant to Subscription Agreements bet
• $2.99 — hese legacy subscribers previously paid $2.99 per month or $19.99 per year. As of Mar
• $19.99 — bers previously paid $2.99 per month or $19.99 per year. As of March 27, 2023, we incr
• $4.99 — for new subscribers to this service to $4.99 per month or $39.99 per year. We also p
• $39.99 — s to this service to $4.99 per month or $39.99 per year. We also provide a Smart Bundl
• $9.99 — also provide a Smart Bundle service for $9.99 per month or $69.99 per year. Our Smart
• $69.99 — t Bundle service for $9.99 per month or $69.99 per year. Our Smart Bundle membership c

Filing Documents

• curi-20231231.htm (10-K) — 1646KB
• a4q23ex231curix20231231xex.htm (EX-23.1) — 4KB
• a4q23ex311curix20231231xex.htm (EX-31.1) — 10KB
• a4q23ex312curix20231231xex.htm (EX-31.2) — 10KB
• a4q23ex321curix20231231xex.htm (EX-32.1) — 7KB
• a4q23ex971curix20231231xex.htm (EX-97.1) — 32KB
• curi-20231231_g1.jpg (GRAPHIC) — 125KB
• 0001628280-24-012902.txt (&nbsp;) — 8932KB
• curi-20231231.xsd (EX-101.SCH) — 81KB
• curi-20231231_cal.xml (EX-101.CAL) — 88KB
• curi-20231231_def.xml (EX-101.DEF) — 311KB
• curi-20231231_lab.xml (EX-101.LAB) — 742KB
• curi-20231231_pre.xml (EX-101.PRE) — 522KB
• curi-20231231_htm.xml (XML) — 1194KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 34 Item 1C. Cybersecurity Item 2.

Properties

Properties 34 Item 3.

Legal Proceedings

Legal Proceedings 35 Item 4. Mine Safety Disclosures 35 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36 Item 6. [Reserved] 36 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F- 1 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 46 Item 9A.

Controls and Procedures

Controls and Procedures 46 Item 9B. Other Information 47 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 47 PART III Item 10. Directors, Executive Officers and Corporate Governance 48 Item 11.

Executive Compensation

Executive Compensation 48 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 48 Item 13. Certain Relationships and Related Transactions, and Director Independence 48 Item 14. Principal Accounting Fees and Services 48 PART IV Item 15. Exhibits, Financial Statement Schedules 49 Item 16 Form 10-K Summary 52 ii Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains certain forward-looking statements. All statements, other than statements of present or historical fact included in this Annual Report on Form 10-K, regarding the Company's future financial performance, as well as the Company's strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Annual Report on Form 10-K, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The Company cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company, incident to its business. These forward-looking statements are based on information available as of the date of this Annual Report on Form 10-K, and current expectations, forecasts and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company's views as of any subse

BUSINESS

ITEM 1. BUSINESS Unless the context otherwise requires, all references in this section to "we," "us," "our," the "Company," or "CuriosityStream" refer to CuriosityStream Inc. and its subsidiaries prior to and following the consummation of the Business Combination. CORPORATE HISTORY AND BACKGROUND On October 14, 2020, Software Acquisition Group Inc., a special purpose acquisition company and a Delaware corporation ("SAQN"), and CuriosityStream Operating Inc., a Delaware corporation ("Legacy CuriosityStream"), consummated a reverse merger pursuant to the Agreement and Plan of Merger, dated August 10, 2020 (the "Business Combination"). Upon the consummation of the Business Combination, Legacy CuriosityStream became a wholly owned subsidiary of SAQN and the registrant changed its name from "Software Acquisition Group Inc." to "CuriosityStream Inc." Following the consummation of the Business Combination, Legacy CuriosityStream changed its name from "CuriosityStream Operating Inc." to "Curiosity Inc." SAQN, a blank check company, was incorporated as a Delaware corporation on May 9, 2019, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. CuriosityStream LLC, Legacy CuriosityStream's predecessor, was formed in the State of Delaware in June 2008. CuriosityStream LLC officially launched its subscription service to U.S. based customers in March 2015 and to international customers in September 2015. 2 Table of Contents BUSINESS OVERVIEW Founded by John Hendricks, founder of the Discovery Channel and former Chairman of Discovery Communications, CuriosityStream is a media and entertainment company that offers premium video and audio programming across the principal categories of factual entertainment, including science, history, society, nature, lifestyle and technology. Our mission is to provide premium factual entertainment that informs, enchan

View Full Filing

View this 10-K filing on SEC EDGAR