Cineverse Corp. Files 10-Q for Q3 2023

TL;DR

<b>Cineverse Corp. (CNVS) has filed its Q3 2023 10-Q report, detailing its financial performance and operational status.</b>

AI Summary

Cineverse Corp. (CNVS) filed a Quarterly Report (10-Q) with the SEC on February 14, 2024. Cineverse Corp. filed its 10-Q report for the period ending December 31, 2023. The filing covers the third quarter of fiscal year 2023. The company's fiscal year ends on March 31. Cineverse Corp. was formerly known as Cinedigm Corp. The company's business address is in New York, NY.

Why It Matters

For investors and stakeholders tracking Cineverse Corp., this filing contains several important signals. The 10-Q filing provides a detailed look into Cineverse Corp.'s financial health and operational activities for the third quarter of fiscal year 2023, offering insights into revenue streams, assets, liabilities, and other key financial metrics. Investors and analysts can use this filing to assess the company's performance against previous periods and industry benchmarks, informing investment decisions and strategic outlooks.

Risk Assessment

Risk Level: medium — Cineverse Corp. shows moderate risk based on this filing. The company's financial performance and future prospects are subject to the dynamic nature of the streaming and digital media industry, which can be volatile and competitive.

Analyst Insight

Monitor Cineverse Corp.'s revenue growth and profitability in upcoming filings to assess its ability to navigate the competitive streaming landscape.

Key Players & Entities

• Cineverse Corp. (company) — Cineverse Corp.
• CNVS (company) — Cineverse Corp. (CNVS)
• Cinedigm Corp. (company) — Cinedigm Corp.
• New York (company) — New York, NY.

FAQ

Industry Context

Cineverse Corp. operates in the video tape rental and digital media services industry, which has undergone significant transformation with the rise of streaming platforms.

Regulatory Implications

The company is subject to SEC regulations for public companies, requiring regular filings such as the 10-Q to disclose financial and operational information.

What Investors Should Do

1. Analyze the revenue breakdown by segment to understand growth drivers.
2. Review the company's debt levels and cash position for financial stability.
3. Assess any new risk factors or legal proceedings mentioned in the filing.

Key Dates

• 2023-12-31: Fiscal Year End — End of the third quarter of fiscal year 2023.
• 2024-02-14: Filing Date — Date the 10-Q report was filed with the SEC.

Year-Over-Year Comparison

This filing represents the 10-Q for the third quarter of fiscal year 2023, providing an update on the company's financial status since the previous reporting period.

Key Financial Figures

• $0.001 — tered CLASS A COMMON STOCK, PAR VALUE $0.001 PER SHARE CNVS The Nasdaq Stock Mar

Filing Documents

• cnvs-20231231.htm (10-Q) — 2208KB
• cnvs-ex10_1.htm (EX-10.1) — 108KB
• cnvs-ex31_1.htm (EX-31.1) — 21KB
• cnvs-ex31_2.htm (EX-31.2) — 23KB
• cnvs-ex32_1.htm (EX-32.1) — 12KB
• cnvs-ex32_2.htm (EX-32.2) — 10KB
• 0000950170-24-015311.txt (&nbsp;) — 8782KB
• cnvs-20231231.xsd (EX-101.SCH) — 1290KB
• cnvs-20231231_htm.xml (XML) — 1577KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets at December 31, 2023 and March 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months ended December 31, 2023 and 2022 2 Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months ended December 31, 2023 and 2022 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months ended December 31, 2023 and 2022 4 Unaudited Condensed Consolidated Statements of Equity for the Three and Nine Months ended December 31, 2023 and 2022 6 Notes to the Condensed Consolidated Financial Statements (Unaudited) 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 4.

Controls and Procedures

Controls and Procedures 31

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33 Exhibit Index 33

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) Cineverse Corp. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) As of December 31, 2023 March 31, 2023 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 5,539 $ 7,152 Accounts receivable 16,416 20,846 Unbilled revenue 2,454 2,036 Employee retention tax credit 1,672 2,085 Content advances 8,477 3,724 Other current assets 1,678 1,734 Total current assets 36,236 37,577 Equity investment in Metaverse, a related party, at fair value 1,276 5,200 Property and equipment, net 2,065 1,833 Intangible assets, net 18,727 19,868 Goodwill 20,824 20,824 Content advances, net of current portion 3,153 1,421 Other long-term assets 943 1,265 Total Assets $ 83,224 $ 87,988 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued expenses $ 26,987 $ 34,531 Line of credit, including unamortized debt issuance costs of $ 69 and $ 76 , respectively 4,931 4,924 Current portion of deferred consideration on purchase of business 3,954 3,788 Current portion of earnout consideration on purchase of business 110 1,444 Operating lease liabilities 440 418 Current portion of deferred revenue 246 226 Total current liabilities 36,668 45,331 Deferred consideration on purchase of business, net of current portion 2,639 2,647 Operating lease liabilities, net of current portion 531 863 Other long-term liabilities 59 74 Total Liabilities 39,897 48,915 Commitments and contingencies (see Note 6) Stockholders' Equity Preferred stock, 15,000,000 shares authorized; Series A 10 % - $ 0.001 par value per share; 20 shares authorized; 7 shares issued and 7 shares outstanding at December 31, 2023 and March 31, 2023. 3,559 3,559 Common Stock, $ 0.001 par value; Class A Stock: 275,000,000 shares authorized as of

View Full Filing

View this 10-Q filing on SEC EDGAR