fuboTV Inc
(NYSE:FUBO)

fuboTV Inc. operates a live TV streaming platform for live sports events, news, and entertainment content in the United States and Europe. Its fuboTV platform allows customers to access content through streaming devices, as well as on SmartTVs, computers, mobile phones, and tablets. The company is h...

Website: http://www.fubo.tv

Founded: 2009

IPO Price: $10 (Oct 07, 2020)

Full Time Employees: 530 (Dec 2021)

CEO / Founder: David Gandler

Sector: Communication Services

Industry: Entertainment

Entertainment Streaming SPAC

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At a glance:

Streaming Subscriber Growth vs. Churn Management Remains Central: fuboTV’s investment case typically hinges on balancing subscriber growth with churn control, particularly as sports-driven acquisition can be seasonal and marketing efficiency becomes more important.
Sports-Centric Content Costs and Margin Pressure: Programming and sports rights expenses are a major driver of gross margin, and profitability can be highly sensitive to affiliate fees, ad inventory yield, and the company’s ability to renegotiate or optimize content bundles.
Advertising Monetization as a Key Operating Lever: Improving ad ARPU—via better targeting, higher fill rates, and stronger CPMs—can materially impact revenue quality, especially as connected TV ad demand fluctuates with the broader macro environment.
Path to Profitability Depends on Operating Expense Discipline: Investors often focus on whether fuboTV can scale revenue while moderating sales & marketing and overhead costs, translating growth into narrowing losses and improving cash flow.
Capital Structure, Liquidity, and Dilution Risk to Watch: Given the company’s historical cash burn and funding needs, liquidity runway, potential refinancing, and share dilution are frequently monitored factors that can influence equity upside/downside.

Bull Thesis:

Strong Subscriber Growth & Niche Market Position: FuboTV continues to demonstrate robust subscriber growth, particularly by leveraging its sports-first live TV streaming model. This specialized focus helps attract and retain a dedicated audience, differentiating it from broader entertainment streamers and potentially creating a defensible niche.
Increasing Advertising Revenue Potential: As its subscriber base expands and engagement remains high, FuboTV is well-positioned to capitalize on the ongoing shift of advertising dollars from traditional linear TV to streaming platforms. This growing ad revenue stream can significantly contribute to the company's overall top-line growth and improve its financial health.
Improving Unit Economics & Path to Profitability: Despite historical losses, the company has shown signs of improving its subscriber economics, such as increasing average revenue per user (ARPU) and more effectively managing content costs. These operational efficiencies suggest a clearer and more sustainable path towards achieving long-term profitability as the business scales.

Bear Thesis:

Persistent Negative Free Cash Flow & Profitability Challenges: FuboTV continues to report significant negative free cash flow and has yet to achieve sustained profitability. This ongoing cash burn raises concerns about its long-term financial viability, its ability to self-fund operations, and its potential reliance on future capital raises in a challenging market.
Intense Competition & High Content Acquisition Costs: The live TV streaming market is highly competitive, with well-capitalized players like YouTube TV, Hulu + Live TV, and Sling TV. FuboTV faces immense pressure to acquire and retain expensive sports content rights, which heavily impacts its gross margins and makes it difficult to achieve economies of scale.
Subscriber Churn & ARPU Sustainability: Live TV streaming services often experience higher churn rates compared to traditional SVOD due to price sensitivity, promotional offers, and content availability. FuboTV must continuously battle churn and demonstrate its ability to sustainably grow average revenue per user (ARPU) without alienating its subscriber base through price increases.
Macroeconomic Headwinds & Discretionary Spending Cuts: In an environment of economic uncertainty, inflation, and rising interest rates, consumers are increasingly scrutinizing discretionary spending. This could lead to slower subscriber growth, higher churn rates as users cut non-essential services, and reduced advertising budgets from brands, directly impacting FuboTV's top and bottom lines.

Main Competitors:

Alphabet Inc. ($GOOGL) (YouTube TV), A comprehensive live TV streaming service offering a wide array of channels, including major sports networks, news, and entertainment. It competes directly with fuboTV for subscribers seeking a full cable-replacement solution, often boasting unlimited cloud DVR and a strong user interface.
The Walt Disney Company ($DIS) (Hulu + Live TV), Combines a robust on-demand library with live TV streaming, including many sports channels. It competes with fuboTV by offering a bundled value proposition (Hulu, Disney+, ESPN+) and a strong channel lineup, appealing to a broader audience beyond just sports fans.
DISH Network Corporation ($DISH) (Sling TV), A more budget-friendly live TV streaming service known for its customizable channel packages (Sling Orange, Sling Blue). It competes with fuboTV primarily on price and flexibility, attracting users who want to cut the cord without paying for a full-priced bundle, though its sports offerings are more segmented.
DIRECTV (DIRECTV STREAM), Positioned as a premium live TV streaming service, often offering extensive channel lineups, including many regional sports networks (RSNs) that fuboTV might lack in certain areas. It competes for subscribers willing to pay more for a comprehensive channel selection, particularly those seeking specific local sports coverage.

Moat:

fuboTV operates in a highly competitive virtual MVPD (Multichannel Video Programming Distributor) market. While fuboTV differentiates itself with a strong focus on sports content, including 4K streams and advanced features, its moat is challenged by larger, well-capitalized competitors. These rivals often benefit from broader content libraries (on-demand and live), deeper pockets for content acquisition, established brand recognition, and the ability to bundle their live TV services with other popular streaming platforms (e.g., Disney+/ESPN+ with Hulu, YouTube's vast ecosystem). fuboTV's ongoing challenge is to maintain its niche appeal and subscriber growth amidst rising content costs and intense competition from companies with greater scale and diversified revenue streams.

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-03-31	2012-12-31	2012-09-30	2012-06-30

revenues																									-1,563,000	5,834,000											44,000	146,000	7,000		192,132.25	366,169	400,460
subscription	347,015,000	292,233,000	350,338,000	352,673,000	391,432,000	406,876,000	356,575,000	362,936,000	373,714,000	370,087,000	289,623,000	288,994,000	300,875,000	284,864,000	201,911,000	199,943,000	219,168,000	204,840,000	138,119,000	114,368,000
related party	1,121,449,000	1,160,434,000
advertising	101,568,000	91,523,000	25,386,000	25,851,000	22,881,000	34,392,000	27,054,000	26,285,000	27,469,000	38,987,000	30,592,000	23,070,000	22,721,000	33,853,000	22,714,000	22,020,000	23,152,000	26,107,000	18,570,000
other	3,835,000	4,498,000	1,471,000	1,444,000	1,973,000	2,009,000	2,578,000	1,744,000	1,164,000	1,107,000	720,000	671,000	778,000	598,000	364,000	109,000		109,000	1,000	50,000		633,000	249,000	338,000	-307,500	-1,230,000
total revenues	1,573,867,000	1,548,688,000	377,195,000	379,968,000	416,286,000	443,277,000	386,207,000	390,965,000	402,347,000	410,181,000	320,935,000	312,735,000	324,374,000	319,974,000	224,813,000	221,890,000	242,019,000	231,056,000	156,690,000	130,884,000	119,720,000	105,077,000	61,202,000	44,172,000	-1,563,000	5,834,000
yoy	278.07%	249.37%	-2.33%	-2.81%	3.46%	8.07%	20.34%	25.01%	24.04%	28.19%	42.76%	40.94%	34.03%	38.48%	43.48%	69.53%	102.15%	119.89%	156.02%	196.31%	-7759.63%	1701.11%
qoq	1.63%	310.58%	-0.73%	-8.72%	-6.09%	14.78%	-1.22%	-2.83%	-1.91%	27.81%	2.62%	-3.59%	1.38%	42.33%	1.32%	-8.32%	4.74%	47.46%	19.72%	9.33%	13.94%	71.69%	38.55%	-2926.10%	-126.79%
operating expenses
subscriber related expenses	946,705,000	953,516,000	289,460,000	291,402,000	334,560,000	356,650,000	317,692,000	326,499,000	360,170,000	354,854,000	286,068,000	270,953,000	301,378,000	297,388,000	214,466,000	218,900,000	245,661,000	216,064,000	143,370,000	120,500,000	113,307,000	89,925,000	61,228,000	53,087,000
subscriber related expenses - related party	499,006,000	474,264,000
broadcasting and transmission	9,289,000	8,863,000	9,354,000	10,877,000	12,495,000	13,811,000	14,390,000	15,173,000	14,500,000	15,546,000	15,187,000	18,327,000	19,764,000	19,315,000	16,608,000	17,157,000	20,297,000	18,297,000	14,320,000	12,395,000	10,551,000	10,272,000	9,778,000	9,492,000
sales and marketing	58,084,000	59,250,000	42,007,000	29,957,000	36,803,000	68,200,000	55,226,000	35,883,000	43,180,000	69,786,000	60,494,000	33,819,000	42,946,000	48,665,000	57,975,000	30,789,000	46,186,000	48,349,000	50,381,000	21,514,000	22,143,000	29,615,000	22,269,000	7,577,000
technology and development	20,774,000	13,617,000	19,475,000	19,259,000	20,145,000	19,433,000	21,187,000	19,349,000	20,040,000	14,164,000	17,506,000	17,778,000	18,227,000	6,787,000	20,129,000	20,923,000	21,425,000	13,817,000	15,257,000	20,001,000	11,438,000	9,912,000	10,727,000	9,551,000
general and administrative	13,077,000	35,291,000	26,740,000	24,334,000	27,796,000	9,819,000	26,528,000	20,217,000	18,509,000	18,284,000	15,861,000	15,460,000	14,677,000	-512,000	21,989,000	27,445,000	32,229,000	34,450,000	27,288,000	28,293,000	18,154,000	35,505,000	8,270,000	17,338,000	9,688,000	2,264,000	804,000	1,037,000	5,883,539	470,961	934,000	703,000	196,000	162,000	73,000	98,000	-253,000	290,000	29,000	28,000	-18,140	36,889	135,338	76,548	-226,939	176,735	111,601	64,664		1,764	2,987	13,036	6,669
depreciation and amortization	36,010,000	24,230,000	10,309,000	10,138,000	9,908,000	9,952,000	9,816,000	9,519,000	9,261,000	9,638,000	9,103,000	8,913,000	8,842,000	8,229,000	8,521,000	8,519,000	11,462,000	10,093,000	9,332,000	9,247,000	9,209,000	9,922,000	14,413,000	14,417,000			5,158,000	5,158,000
total operating expenses	1,582,945,000	1,569,031,000	397,345,000	385,967,000	441,707,000	481,678,000	444,839,000	426,640,000	465,660,000	482,272,000	404,219,000	365,250,000	405,834,000	333,736,000	375,142,000	334,415,000	377,260,000	341,070,000	259,948,000	211,950,000	184,802,000	197,396,000	363,366,000	111,462,000	92,681,000	12,759,000	5,962,000	6,195,000	7,591,004	5,491,996	1,040,000	840,000	422,000	226,000	387,000	192,000	147,000	1,301,000	130,000	142,000	2,164,105	147,907	210,539	725,904	-232,161	884,097	2,066,834	180,804		21,575	33,146	108,215	49,350
operating income	-9,078,000	-20,343,000	-20,150,000	-5,999,000	-25,421,000	-38,401,000	-58,632,000	-35,675,000	-63,313,000	-72,091,000	-83,284,000	-52,515,000	-81,460,000	-13,762,000	-150,329,000	-112,525,000	-135,241,000	-110,014,000	-103,258,000	-81,066,000	-65,082,000	-92,319,000	-302,164,000	-67,290,000	-94,244,000	-6,925,000
yoy	-64.29%	-47.02%	-65.63%	-83.18%	-59.85%	-46.73%	-29.60%	-32.07%	-22.28%	423.84%	-44.60%	-53.33%	-39.77%	-87.49%	45.59%	38.81%	107.80%	19.17%	-65.83%	20.47%	-30.94%	1233.13%
qoq	-55.38%	0.96%	235.89%	-76.40%	-33.80%	-34.51%	64.35%	-43.65%	-12.18%	-13.44%	58.59%	-35.53%	491.92%	-90.85%	33.60%	-16.80%	22.93%	6.54%	27.38%	24.56%	-29.50%	-69.45%	349.05%	-28.60%	1260.92%
operating margin %	-0.58%	-1.31%	-5.34%	-1.58%	-6.11%	-8.66%	-15.18%	-9.12%	-15.74%	-17.58%	-25.95%	-16.79%	-25.11%	-4.30%	-66.87%	-50.71%	-55.88%	-47.61%	-65.90%	-61.94%	-54.36%	-87.86%	-493.72%	-152.34%	6029.69%	-118.70%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
other income	1,327,000	27,000	-13,000	-314,000		716,000	-245,000	1,453,000		252,000	-318,000	-713,000	-144,000	124,000	608,000	195,000	92,000		-72,000				583,000										9,000		1,000		-500	-1,000	-1,698,000	-1,000
interest expense	-2,814,000	-1,443,000	-4,747,000	-4,732,000	-4,746,000	-4,756,000	-5,277,000	-5,563,000	-5,256,000																		-454,000	-446,000	-2,148,823	-207,177	-173,000	-122,000		-32,000	-5,000	7,000	442,000	-14,000	-31,000	-170,000	168,599	49,906	120,513	1,700	5,276	3,371	3,703	1,499		1,012
amortization of debt premium	4,702,000	3,062,000	374,000	367,000	361,000
total other income	3,215,000	1,646,000	-1,911,000	-1,875,000	218,557,000	-2,279,000	4,143,000	9,941,000	7,097,000	-1,321,250	-1,448,000	-1,815,000	-2,022,000	-3,223,000	-2,809,000	-4,104,000		-5,827,000	-3,122,000			-9,268,250	11,976,000	-35,946,000	-12,489,000	-1,012,000	1,560,000	2,159,000	132,722	626,278
income before income taxes	-5,863,000	-18,697,000												-102,746,750	-153,138,000	-116,629,000	-141,220,000	-112,930,000	-106,380,000	-95,683,000	-70,651,000	-184,399,000	-290,188,000	-103,236,000	-106,733,000	-7,937,000	-4,402,000	-4,036,000
income tax provision	-343,000	-367,000		-152,000	-4,648,000
net income	-6,206,000	-19,064,000	-18,866,000	-8,026,000	188,488,000	-40,932,000	-52,848,000	-25,727,000	-56,584,000	-70,527,000	-83,816,000	-49,950,000	-83,624,000	-152,082,000	-152,746,000	-116,274,000	-140,817,000	-111,982,000	-105,865,000	-94,930,000	-70,186,000	-195,328,000	-274,117,000	-99,755,000	-104,695,000	-6,909,000	-3,365,000	-2,867,000	-5,344,282	-4,865,718	-2,187,000	-695,000	-373,000	-808,000	5,017,000
yoy	-103.29%	-53.43%	-64.30%	-68.80%	-433.11%	-41.96%	-36.95%	-48.49%	-32.34%	-53.63%	-45.13%	-57.04%	-40.62%	35.81%	44.28%	22.48%	100.63%	-42.67%	-61.38%	-4.84%	-32.96%	2727.15%	8046.12%	3379.42%	1859.01%	41.99%	53.86%	312.52%	1332.78%	502.19%	-143.59%
qoq	-67.45%	1.05%	135.06%	-104.26%	-560.49%	-22.55%	105.42%	-54.53%	-19.77%	-15.85%	67.80%	-40.27%	-45.01%	-0.43%	31.37%	-17.43%	25.75%	5.78%	11.52%	35.25%	-64.07%	-28.74%	174.79%	-4.72%	1415.34%	105.32%	17.37%	-46.35%	9.84%	122.48%	214.68%	86.33%	-53.84%	-116.11%
net income margin %	-0.39%	-1.23%	-5.00%	-2.11%	45.28%	-9.23%	-13.68%	-6.58%	-14.06%	-17.19%	-26.12%	-15.97%	-25.78%	-47.53%	-67.94%	-52.40%	-58.18%	-48.47%	-67.56%	-72.53%	-58.63%	-185.89%	-447.89%	-225.83%	6698.34%	-118.43%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
less: net loss attributable to non-controlling interest	4,105,000	13,088,000		-4,000	5,000	2,383,000	425,000	455,000	574,000	437,000	5,000	10,000	11,000	101,000	98,000	150,000	93,000	21,000	14,000	15,000	76,000				1,114,000	-128,000	2,182,000	599,000
net loss attributable to common shareholders	-2,101,000	-5,976,000				-38,549,000	-52,423,000	-25,272,000	-56,010,000	-70,090,000	-83,811,000	-49,940,000	-83,613,000
other comprehensive loss
foreign currency translation adjustment	-18,000	-162,000	72,000	11,115,000	5,197,000	-9,523,000	5,817,000	-2,367,000	-3,015,000	3,857,000	3,858,000	-137,000	-2,756,000	11,012,000	-8,720,000	-844,000	-2,215,000
comprehensive loss attributable to common shareholders	-2,119,000	-6,138,000				-48,072,000	-46,606,000	-27,639,000	-59,025,000	-66,233,000	-79,953,000	-50,077,000	-86,369,000
net income per share	-0.07	-0.02
weighted-average shares outstanding:
basic and diluted	30,715,279	349,096,793				319,653,763	331,582,813	311,253,856	299,363,298	276,282,572	292,693,961	291,720,400	225,461,595	182,472,069	186,750,504	185,103,005	157,503,479	137,498,077	142,529,770	140,596,001	118,584,166	44,492,975	44,199,709	35,045,390	22,286,060	24,363,124	22,964,199	12,883,381
interest income			2,478,000	2,957,000	3,428,000	1,406,000	1,565,000	1,659,000	2,527,000																120,500	482,000
gain on settlement of litigation			-3,000	-153,000	219,695,000
gain on extinguishment of debt							7,752,000	12,124,000	9,637,000									-95,000				-2,456,750	1,321,000
income from continuing operations before income taxes			-22,061,000	-7,874,000	193,136,000
income tax benefit			3,195,000			-252,000	-195,000	-99,000	-113,000	397,000	247,000	121,000	114,000	516,000	392,000	355,000	403,000	948,000	515,000	753,000	465,000	30,249,000	-16,071,000	3,481,000	-8,506,000	1,028,000	1,037,000	1,169,000
net income from continuing operations			-18,866,000	-8,026,000	188,488,000	-40,932,000	-54,684,000	-25,833,000	-56,329,000	-71,040,000	-84,485,000	-54,209,000	-83,368,000
discontinued operations
net income from discontinued operations before income taxes							1,836,000	106,000
net income from discontinued operations							1,836,000	106,000		513,000	669,000	4,259,000
net income attributable to common shareholders			-18,866,000	-8,030,000	188,493,000
other comprehensive income
comprehensive income attributable to common shareholders			-18,794,000	3,085,000	193,690,000
continuing operations			-0.06	-0.02	0.55
total net income per share - basic			-0.06	-0.02	0.55
total net income per share - diluted			-0.06	-0.02	0.55
weighted-average shares outstanding:
basic			342,504,107	341,683,408	341,059,213
diluted			342,504,107	341,683,408	341,564,506
other expense					-181,000				-64,000												-18,000			-1,010,000												-6,800,000					5,685	916,560	116,278	-31,669	73,659	-4,358	-71,297	-1,000
net loss from discontinued operations before income taxes									-255,000
net loss from discontinued operations									-255,000				-256,000
amortization of debt premium (discount)						355,000	348,000	268,000	253,000
loss from continuing operations before income taxes						-40,680,000	-54,489,000	-25,734,000	-56,216,000	-71,437,000	-84,732,000	-54,330,000	-83,482,000
basic and diluted loss per share from continuing operations						-0.1	-0.17	-0.08	-0.19	-0.24	-0.29	-0.19	-0.37
basic and diluted income per share from discontinued operations						0.003	0.01
basic and diluted loss per share						-0.11	-0.16	-0.08	-0.19	-0.24	-0.29	-0.17	-0.37
basic and diluted loss per share from discontinued operations										0.005		0.02
interest expense, net of interest income										-548,000	-480,000	-457,000	-1,255,000
amortization of debt discount										-656,000	-650,000	-645,000	-623,000	-632,000	-625,000	-619,000	-600,000	-4,235,000	-4,138,000	-4,043,000	-2,512,000								-307,064	-424,256	-440,000	-364,000	-137,000	-51,000
change in fair value of warrant liabilities																	-1,701,000	4,773,000	4,490,000	-6,019,000	-585,000	-92,481,000	4,543,000	4,966,000
income from discontinued operations before income taxes										1,168,000	669,000	4,259,000
loss from discontinued operations before income taxes													-256,000
wagering														-164,750	-176,000	-182,000	-301,000
impairment of goodwill, intangible assets and other long-lived assets														11,534,000	35,454,000
interest expense (net) and financing costs														-2,560,500	-2,792,000
loss on extinguishment of debt																				-380,000
net loss attributable to common stockholders														-102,374,000	-152,648,000	-116,124,000	-140,724,000	-111,961,000	-105,851,000	-94,915,000	-70,110,000	-167,995,000	-274,117,000	-99,073,000	-98,488,000	-7,166,000	-5,547,000	-3,466,000
comprehensive loss														-105,318,750	-161,368,000	-116,968,000	-142,939,000
net income per share	-0.07	-0.02
basic and diluted														-0.58	-0.82	-0.63	-0.89	-0.76	-0.74	-0.68	-0.59	-1.82	-6.2	-2.82	-4.35	-0.29	-0.24	-0.27
impairment of goodwill																10,682,000
interest expense and financing costs																-3,680,000	-3,770,000	-3,454,000	-3,402,000	-4,175,000	-2,454,000	-528,000	-2,203,000	-13,325,000	-68,000	-1,094,000
total other expense																	-5,979,000			-14,617,000	-5,569,000										-1,147,000	145,000	49,000	-582,000	5,362,000															1,012
impairment of intangible assets and goodwill																						12,245,000	236,681,000
loss on issuance of common stock and warrants																						-3,376,750
gain on sale of assets																							7,631,000
loss on deconsolidation of nexway
change in fair value of subsidiary warrant liabilities
change in fair value of shares settled liability																								-1,485,000
change in fair value of derivative liability																							101,000		-202,000	-1,000	890,000	128,000	-2,528,545	830,545	-329,000	2,768,000	462,000	-268,000	5,366,000	-6,807,000	12,696,000	379,000	-1,751,000	-2,380,000
change in fair value of profit share liability																						2,119,000		-148,000
unrealized gain on equity method investment																								2,614,000
foreign currency exchange loss
advertisement																				16,466,000
loss on issuance of notes, bonds, and warrants
change in fair value of subsidiary warrant liability																						750			72,000	831,000	1,124,000	2,477,000
net loss attributable to controlling interest																				-94,915,000	-70,110,000	-167,824,000	-274,117,000	-99,073,000	-98,275,000	-6,781,000
less: deemed dividend - beneficial conversion feature on preferred stock																									-210,000	-379,000
subscriptions																					107,114,000	91,383,000	53,433,000	39,511,000
advertisements																					12,606,000	13,061,000	7,520,000	4,323,000
software licenses
unrealized gain in equity method investment
less: net income (loss) attributable to non-controlling interest																						388,750
less: deemed dividend on series d preferred stock																									-3,000	-6,000
operating expenses:
other income:
loss on issuance of notes, bonds and warrants																								-26,753,000
change in fair value of subsidiary warranty liability																								18,000
change in fair value of derivative liabilities																								-823,000																	-57,172.25	-216,354
less: net income attributable to non-controlling interest																								-682,000
less: deemed divided – beneficial conversion feature on preferred stock
cost of revenues																									1,305,500	5,222,000
amortization of intangible assets																									5,122,000	5,254,000
depreciation																									54,000	19,000			722.5	2,890
financing costs																													-633,207.5	-190,830	-205,000	-2,137,000	-448,000	-231,000
revenue																																			36,000	53,000				22,000
cost of goods sold																																			8,000	31,000	33,000	76,000	2,000	2,000	168,650	286,147	304,735	32,499
gross profit																																			28,000	22,000	-1,000	70,000	5,000	20,000
yoy																																			460.00%	10.00%
qoq																																			27.27%	-2300.00%	-101.43%	1300.00%	-75.00%
gross margin %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
compensation																													127,671	267,684	106,000	137,000	226,000	64,000	314,000	94,000	-13,000	792,000	50,000	114,000	1,452,859	39,623	-99,597	517,743	-111,091	663,886	1,506,190	84,757
stock based compensation																													849,400	2,152,100
professional services																													8,750	35,000
amortization - acquired and licensed technology																													640,840.25	2,563,361
income from operations																													-7,591,004	-5,491,996	-1,040,000	-840,000	-422,000	-226,000	-359,000	-170,000	-148,000	-1,231,000	-125,000	-122,000	-2,137,143	-67,885	-114,813	-756,503	-253,585	-509,862	-1,817,531	-159,455
change in fair value of warrant liability																													154,499	617,996
income from continuing operations																													-1,936,929.5	-4,865,718	-2,187,000	-695,000
income from discontinued operations:
loss from operations of discontinued business component																																			-43,000
gain from sale of discontinued business component																																			57,000
total income from discontinued operations																																			14,000
net income before income taxes																													-7,458,282	-4,865,718	-2,187,000	-695,000
income tax expense
loss attributable to non-controlling interest																													-151,365.25	-605,461						-8,000				-32,000
net income attributable to recall studios, inc.																													-1,785,564.25	-4,260,257
net income from continuing operations per common share
-basic																													-2,369.92	-0.03	-0.03	-0.01	-0.1	-0.01	0.29	195.58
-diluted																													-2,369.92	-0.03	-0.03	-0.01	-0.11	-0.01	0.22	0.08
net income from discontinued operations per common share
weighted-average common shares outstanding
net income per common share
gain on settlement of convertible note																																					7,000	28,000
gain on extinguishment of derivative liability																																					-947,000	132,000	84,000	174,000
income (loss) from continuing operations																																	-373,000	-808,000	5,003,000
income (loss) from discontinued operations:
weighted average common shares outstanding
income before non-controlling interest																																				6,638,000
net income attributable to carolco pictures, inc.																																				6,638,000
professional fees																																					2,000	219,000	51,000		410,149	71,395	174,797	115,059	61,710	39,239	449,043	31,383		17,479	28,546	81,436	35,415
loss before non-controlling interest																																					-5,033,000	-707,000	-1,823,000	-2,499,000
net income attributable to non-controlling interest																																					-8,500	-2,000			-4,373.5	4,931	5,268
net loss attributable to carolco pictures, inc. stockholders																																					-1,267,250	-705,000	-1,823,000
net loss per common share - basic and diluted																																					-360.72	-0.01	-0.01	-0.02	-0.1	-0.02		-0.03		-0.02	-0.06
weighted-average common shares outstanding -basic and diluted																																						373,961,099	278,141,035			58,837,772	59,355,545	56,622,083
net loss attributable to non-controlling interest																																												-27,693	-38,166	11,653	-2,550	-27,682		-20
net loss attributable to carolco pictures, inc.																																								-2,467,000
weighted average common shares outstanding - basic and diluted																																					28,006			158,990,475	61,205,419
total revenue																																									192,132.25	366,169	400,460	1,900	145,580	374,235	249,303	21,349
gross margin																																									36,287	80,022	95,725	-30,599
interest expense - related party																																									273,348.25	1,083,008	6,425	3,960
bad debt recovery																																													-67,271	-7,729	-75,000
loss before income tax provision and non-controlling interest																																									-486,507.25	-984,445	-231,091	-730,494			-1,746,234	-159,954		-22,587
net loss before non-controlling interest																																									-486,507.25	-984,445	-231,091	-730,494	-265,249	-505,504	-1,746,234	-159,954		-22,587	-33,146	-108,215	-49,350
net loss attributable to carolco pictures stockholders																																									-482,133.75	-989,376	-236,359	-702,801
change in fair value of derivatives																																											-12,335
license fees																																												1,900	145,580	374,235	249,303	21,349
rent																																												16,554	44,160	4,237				2,332	1,613	13,743	7,266
other (income) epxense
loss before income tax provision																																													-602,923	-505,504
net loss attributable to brick top productions, inc. stockholders																																													-227,083	-517,157	-1,743,684			-22,567	-33,146	-108,215	-49,350
weighted-average common shares outstanding - basic and diluted																																													31,223,345	30,974,500	30,934,716	30,114,500
net loss attributable to btop stockholders																																																-132,272
revenue earned during the development stage
marketing
bad debt
other expenses:
net loss per common share, basic and diluted
weighted-average common shares outstanding, basic and diluted																																																	29,728,539	29,694,383	29,655,974	29,646,438	29,643,500
loss before income taxes and non-controlling interest																																																			-27,053.75	-108,215	-49,350
provision for income taxes

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-06-30	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30

assets
current assets
cash and cash equivalents	237,813,000	452,411,000	274,150,000	283,580,000	321,617,000	161,435,000	146,175,000	155,189,000	168,854,000	245,278,000	259,935,000	293,515,000	358,665,000	337,087,000	201,221,000	272,671,000	450,922,000	374,294,000	393,130,000	406,740,000	459,532,000		7,356,000
accounts receivable	87,660,000	111,279,000	83,439,000	61,344,000	57,541,000	71,078,000	76,868,000	71,843,000	73,611,000	80,299,000	62,092,000	48,885,000	41,314,000	43,996,000	43,938,000	31,730,000	33,598,000	34,308,000	26,132,000	20,908,000	17,968,000	6,975,000	4,112,000	8,904,000	12,989,000								10,000	10,000	1,000	11,000	46,000	5,000	1,000			17,748	1,000	11,248	51,386	16,560
accounts receivable, net - related party	521,742,000	371,943,000
prepaid and other current assets	55,300,000	47,191,000	15,656,000	16,377,000	21,060,000	16,699,000	19,650,000	18,232,000	20,836,000	20,804,000	18,915,000	15,632,000	12,696,000	13,508,000	13,715,000	41,460,000	35,344,000	19,324,000	13,746,000	8,785,000	6,149,000	12,177,000
total current assets	902,515,000	982,824,000	401,809,000	386,644,000	414,137,000	274,033,000	278,861,000	280,951,000	308,251,000	386,754,000	381,086,000	397,083,000	459,839,000	436,902,000	394,034,000	446,585,000	520,595,000	428,505,000	433,008,000	436,433,000	483,649,000	58,016,000	49,801,000	17,973,000	20,215,000	166,000	329,000	31,000	847,823	369,000	428,000	77,000	169,000	37,000	34,000	115,000	251,000	28,000	22,000	61,680	554,622	585,155	368,922	227,005	408,303	190,642	166,629		130,519	48,507	41,270	3,154	11,881	22,058
property and equipment	5,886,000	5,930,000	5,777,000	6,118,000	6,092,000	6,080,000	5,633,000	5,788,000	4,549,000	4,835,000	4,942,000	5,015,000	5,263,000	4,975,000	6,307,000	6,992,000	7,253,000	6,817,000	5,311,000	3,871,000	2,546,000	1,840,000	1,933,000	335,000	223,000	13,000	9,000	14,000	76,987								1,000	1,000	1,000	1,660
restricted cash	6,146,000	6,148,000	6,148,000	6,148,000	6,140,000	6,137,000	6,143,000	6,139,000	6,140,000	6,142,000	6,138,000	6,141,000	6,141,000	6,139,000	6,131,000	6,138,000	5,112,000	5,112,000	5,402,000	5,404,000	5,403,000	1,275,000	1,330,000
intangible assets	402,670,000	435,736,000	113,954,000	121,011,000	127,642,000	133,703,000	139,793,000	147,053,000	153,046,000	158,448,000	162,549,000	166,407,000	167,405,000	171,832,000	202,932,000	198,684,000	207,757,000	218,186,000	219,254,000	199,603,000	207,376,000	238,440,000	340,785,000	116,646,000	130,459,000	125,772,000	130,925,000	136,078,000
goodwill	2,614,161,000	2,614,161,000	631,052,000	631,016,000	620,355,000	615,399,000	624,348,000	618,955,000	619,911,000	622,818,000	617,394,000	621,076,000	620,898,000	618,506,000	607,223,000	616,277,000	627,632,000	630,269,000	489,089,000	489,089,000	489,089,000	493,847,000	710,962,000	148,054,000	210,795,000	148,055,000	148,055,000	149,975,000	81,267,181												319,237	319,237	319,237	319,237	319,237	319,237	319,237
right-of-use assets	32,995,000	33,782,000	28,862,000	29,956,000	30,886,000	31,837,000	32,976,000	33,861,000	34,831,000	35,825,000	36,614,000	37,592,000	35,287,000	35,888,000	38,738,000	39,880,000	41,010,000	37,755,000	7,177,000	7,537,000	4,388,000	4,886,000		3,519,000	3,673,000	99,000	119,000
other non-current assets	16,345,000	16,432,000	11,253,000	11,493,000	10,293,000	10,239,000	14,544,000	16,101,000	16,913,000	17,818,000	11,750,000	6,936,000	3,175,000	3,532,000	12,662,000	47,399,000	46,401,000	43,134,000	962,000	919,000	391,000	1,009,000	403,000
total assets	3,980,718,000	4,095,013,000	1,198,855,000	1,192,386,000	1,215,545,000	1,077,428,000	1,102,298,000	1,108,848,000	1,143,641,000	1,232,640,000	1,220,473,000	1,240,250,000	1,298,008,000	1,277,774,000	1,268,027,000	1,361,955,000	1,455,760,000	1,369,778,000	1,160,203,000	1,142,856,000	1,192,842,000	799,313,000	1,110,366,000	288,516,000	373,159,000	275,128,000	280,453,000	286,101,000	291,468,630	378,000	437,000	86,000	172,000	40,000	34,000	115,000	1,384,000	279,000	273,000	313,340	878,026	909,182	690,680	548,762	732,761	515,300	492,160	475,804	428,687	347,474	338,594	303,262	312,636	322,620
liabilities, mezzanine equity and shareholders’ equity
current liabilities
accounts payable	48,540,000	56,089,000	40,730,000	43,641,000	50,969,000	67,844,000	60,492,000	37,940,000	52,588,000	74,311,000	60,489,000	49,247,000	62,084,000	66,952,000	73,599,000	53,099,000	50,473,000	56,460,000	52,629,000	32,657,000	22,677,000	61,679,000		36,373,000	33,739,000	2,624,000	2,647,000	2,475,000	2,324,117									44,000	30,000	22,673				17,328	190,508	41,476	68,806
accrued expenses and other current liabilities	565,876,000	639,601,000	279,333,000	278,304,000	292,285,000	335,967,000	319,597,000	308,157,000	314,229,000	320,041,000	270,586,000	242,894,000	253,339,000	264,415,000	210,031,000	210,980,000	219,032,000	219,579,000
related party current liabilities	221,796,000	225,773,000
deferred revenue	68,485,000	94,088,000	102,217,000	80,545,000	88,635,000	98,421,000	103,137,000	86,340,000	89,771,000	90,203,000	85,898,000	60,746,000	66,451,000	65,370,000	58,674,000	42,297,000	42,991,000	44,296,000	35,894,000	24,496,000	20,199,000	15,424,000	8,855,000													24,000					109,172		63,699	63,699
long-term borrowings - current portion	459,000	588,000	704,000	821,000	867,000	1,042,000	1,117,000	1,286,000	1,469,000	1,612,000	1,652,000	1,700,000	1,806,000	1,986,000	1,887,000	2,139,000	3,607,000	3,668,000
current portion of lease liabilities	2,884,000	2,821,000	3,723,000	4,150,000	4,606,000	5,024,000	5,485,000	5,452,000	5,341,000	5,247,000	4,999,000	3,887,000	2,550,000	1,763,000	5,768,000	5,993,000	6,201,000	4,633,000	1,315,000	1,331,000
total current liabilities	908,040,000	1,163,725,000	578,686,000	558,992,000	588,453,000	515,322,000	511,683,000	464,964,000	489,518,000	517,345,000	451,257,000	391,232,000	423,787,000	438,754,000	355,498,000	319,901,000	327,555,000	337,297,000	251,384,000	218,185,000	204,753,000	247,078,000	308,108,000	67,442,000	69,431,000	13,606,000	14,929,000	18,551,000	18,489,094	4,100,000	3,191,000	3,185,000	2,774,000	1,919,000	5,084,000		9,480,000	9,493,000	8,060,000	5,684,699	2,238,708	1,300,880	1,075,827	519,806	558,557	406,337	433,953		230,385	221,530	219,934	247,015	236,743	222,862
convertible notes	229,627,000	234,329,000	186,899,000	187,525,000	188,141,000	332,383,000	332,738,000	352,738,000	379,722,000
notes payable - related party	145,000,000																																									505,000	484,700
deferred tax liabilities	1,403,000	1,397,000
lease liabilities	30,262,000	31,021,000	30,316,000	31,225,000	32,062,000	32,951,000	33,979,000	35,243,000	36,665,000	38,087,000	39,353,000	39,611,000	38,564,000	39,266,000	37,279,000	37,215,000	37,151,000	34,129,000	6,057,000	6,395,000
other long-term liabilities	11,405,000	13,504,000	12,213,000	14,285,000	17,854,000	15,990,000	1,671,000	1,672,000	1,635,000	1,635,000	135,000	3,401,000	2,477,000	1,565,000	18,963,000	8,567,000	8,562,000	8,686,000		21,000	83,000	3,968,000	1,000	41,000	194,000
total liabilities	1,325,737,000	1,443,976,000	808,114,000	792,027,000	826,510,000	896,646,000	880,071,000	854,617,000	907,540,000	948,815,000	887,037,000	830,136,000	860,196,000	874,444,000	806,481,000	760,191,000	767,513,000	698,897,000	572,922,000	536,459,000	517,535,000	290,376,000	422,289,000	145,049,000	138,621,000	46,415,000	48,797,000	53,551,000													2,238,708	1,300,880	1,075,827	519,806	708,557	556,337	583,953		230,385	221,530	219,934	247,015	236,743
commitments and contingencies
redeemable non-controlling interest	1,843,003,000	2,375,551,000												1,648,000	1,528,000	1,630,000	1,725,000
shareholders’ equity:
preferred stock par value 0.0001...
class a common stock par value 0.0001...	3,000	35,000
class b common stock par value 0.0001...	8,000	95,000
additional paid-in capital	820,224,000	281,494,000	2,246,744,000	2,237,568,000	2,229,333,000	2,219,002,000	2,209,993,000	2,194,966,000	2,148,745,000	2,136,870,000	2,121,742,000	2,110,746,000	2,088,632,000	1,972,006,000	1,889,274,000	1,867,924,000	1,837,195,000	1,691,206,000	1,495,797,000	1,409,049,000	1,383,029,000	385,030,000	315,871,000	257,002,000	241,634,000	229,964,000	229,542,000	227,570,000							10,201,000	7,626,000	8,718,400	6,883,400	6,438,000	6,369,043	4,682,257	4,666,727	4,442,445	4,134,442	3,858,753	3,288,008	1,491,104		1,274,121	1,156,133	1,106,138	1,021,146	1,007,647	972,651
accumulated deficit	-8,077,000	-5,976,000	-1,856,199,000	-1,837,333,000	-1,829,303,000	-2,017,796,000	-1,979,247,000	-1,926,824,000	-1,901,552,000	-1,845,542,000	-1,775,452,000	-1,691,641,000	-1,641,701,000	-1,558,088,000	-1,406,107,000	-1,253,459,000	-1,137,335,000	-1,009,293,000	-897,332,000	-791,481,000	-696,566,000	-458,632,000	-210,540,000	-135,832,000	-37,557,000	-30,776,000	-25,229,000	-21,763,000	-18,295,687	-14,035,000	-11,848,000	-11,153,000	-10,850,000	-10,042,000	-15,059,000	-21,697,000	-16,663,000	-15,943,000	-14,061,000	-11,593,864	-5,945,254	-4,955,879	-4,719,520	-4,016,719	-3,789,636	-3,272,479	-1,528,795	-1,396,523
accumulated other comprehensive loss	-180,000	-162,000																						-770,000
total shareholders’ equity	811,978,000	275,486,000	390,741,000	400,359,000	389,035,000	180,782,000	222,227,000	254,231,000	236,101,000	283,825,000	333,436,000	410,114,000	437,812,000	401,682,000
total liabilities, mezzanine equity and shareholders’ equity	3,980,718,000	4,095,013,000
convertible notes, net - current portion		144,765,000	144,382,000	144,130,000	143,881,000
prepaid sports rights			28,564,000	25,343,000	13,919,000	24,821,000	35,777,000	35,228,000	44,489,000	39,911,000	39,331,000	36,900,000	44,399,000	37,668,000	34,242,000
liabilities and shareholders’ equity
notes payable			7,597,000	7,401,000	7,210,000	7,024,000	6,842,000	6,664,000	6,491,000	6,323,000	6,158,000	5,997,000	5,841,000	5,687,000	5,539,000	5,393,000	5,251,000	5,113,000	4,978,000	4,846,000	4,718,000	5,884,000															75,000	75,000		43,687		74,258	50,000	20,340	103,152
common stock par value 0.0001...			34,000	34,000	34,000	34,000	33,000	33,000	30,000	30,000	29,000	29,000	28,000	21,000	19,000	19,000	18,000	16,000	15,000	14,000	14,000	5,000	4,000	3,000	2,000		2,000										34,000	33,000	24,000	9,396				5,424	3,097	3,097	3,011
non-controlling interest			-11,352,000	-11,352,000	-11,356,000	-15,588,000	-13,205,000	-12,780,000	-12,325,000	-11,751,000	-11,314,000	-11,309,000	-11,299,000	-11,662,000	-11,561,000	-11,463,000	-11,313,000	-11,220,000	-11,199,000	-11,185,000	-11,170,000	16,410,000	16,410,000	22,602,000	29,998,000	29,523,000	27,341,000	26,742,000
accumulated other comprehensive income			11,514,000	11,442,000	327,000	-4,870,000	4,653,000	-1,164,000	1,203,000	4,218,000	-1,569,000	2,289,000	2,152,000	-595,000	-11,607,000	-2,887,000	-2,043,000	172,000
total liabilities and shareholders’ equity			1,198,855,000	1,192,386,000	1,215,545,000	1,077,428,000	1,102,298,000	1,108,848,000	1,143,641,000					1,277,774,000
assets of discontinued operations							391,000	459,000	461,000	462,000	813,000	2,151,000	2,765,000	4,643,000
liabilities of discontinued operations							15,013,000	19,125,000	19,629,000	19,608,000	21,475,000	26,761,000	31,716,000	32,581,000
convertible notes, net of discount										391,748,000	396,012,000	395,362,000	394,717,000	394,094,000	393,462,000	392,837,000	392,217,000	316,354,000	312,119,000	307,981,000	304,344,000
total liabilities and shareholders’ equity and temporary equity										1,232,640,000	1,220,473,000	1,240,250,000	1,298,008,000
deferred income taxes											280,000	530,000	651,000	765,000	1,279,000	1,671,000	2,028,000	2,431,000	3,362,000	3,877,000	4,635,000	9,428,000	90,794,000	30,879,000	33,367,000	32,794,000	33,831,000	35,000,000
warrant liabilities																		3,548,000	8,320,000	14,049,000	8,030,000	28,085,000	40,617,000
cash reserved for users															918,000	724,000	731,000	579,000
short-term investments															100,000,000	100,000,000
liabilities and stockholders’ equity
stockholders’ equity:
total stockholders’ equity															460,018,000	600,134,000	686,522,000	670,881,000	587,281,000	606,397,000	675,307,000	508,937,000	687,869,000	143,005,000	234,077,000	228,713,000	231,656,000		272,979,536											-5,215,425
total liabilities and stockholders’ equity and temporary equity															1,268,027,000	1,361,955,000	1,455,760,000					799,313,000		288,516,000	373,159,000
series aa convertible preferred stock, par value 0.0001...																						566,124,000	566,124,000
treasury stock
total liabilities and stockholders’ equity																		1,369,778,000	1,160,203,000	1,142,856,000	1,192,842,000					275,128,000	280,453,000		291,468,630											313,340	878,026	909,182	690,680
accrued expenses																			148,248,000	140,806,000	130,698,000	37,363,000		20,402,000	21,984,000	4,128,000	4,190,000	5,860,000	5,774,685																				169,538	159,933	158,337	186,218	180,946	167,065
long-term borrowings – current portion
short-term borrowings																					17,736,000
current portion of lease liability																					695,000	903,000		815,000		84,000	82,000
lease liability																					3,720,000	3,997,000		2,705,000	835,000	15,000
1
cash																						38,864,000		7,624,000	5,896,000	151,000	306,000	31,000	36,551	369,000	419,000	77,000	101,000	20,000	18,000	101,000	200,000	7,000	7,000	48,265	162,699	242,344	30,576	160,377	341,087	167,820	165,052		130,519	48,507	41,270	3,154	4,277	14,454
financial assets at fair value																								1,965,000	2,120,000
due to related parties																						85,847,000		665,000	457,000	699,000	416,000	398,000
notes payable - related parties																						35,000		368,000	310,000	516,000
convertible notes, net of 710 discount as of december 31, 2019
shares settled liability																						43,000
profit share liability																						2,119,000	2,119,000	1,971,000
derivative liability																								376,000	380,000				2,393,891	2,831,000	1,980,000	1,867,000	1,574,000	812,000	3,602,000	12,985,000	8,110,000	8,619,000	6,879,000	4,672,617
long term borrowings - current portion																						9,696,000
long term borrowings																						25,905,000	19,197,000	43,982,000	32,791,000
series d convertible preferred stock, par value 0.0001...																								462,000	461,000
4
current assets:
prepaid expenses and other current assets																							2,839,000										58,000	7,000	15,000	3,000	5,000	16,000	14,000	13,415	124,713	48,755	87,436	55,380	15,830	6,262	1,577
assets held for sale																							35,494,000
operating leases – right-of-use assets																							5,152,000
liabilities, convertible preferred stock and stockholders’ equity
current liabilities:
accounts payable, accrued expenses and other current liabilities																							109,404,000
accounts payable – due to related parties																							17,010,000
accrued expenses – due to related parties																							43,170,000
notes payable, net of discount																							16,542,000
note payable – related parties																							539,000
convertible notes, net of 2,027 and 710 discount as of june 30, 2020 and december 31, 2019, respectively																							4,407,000
shares settled liability for intangible asset																								1,000,000	1,000,000
warrant liability – subsidiary																							21,000					4,528,000
derivative liabilities																							163,000																		1,286,966	362,550
long term borrowings – current portion																							8,154,000
current portion of operating lease liabilities																							970,000
liabilities held for sale																							56,137,000
operating lease liability																							4,189,000
series d convertible preferred stock, 0.0001 par value...																							208,000
series a preferred stock, par value 0.0001...																														1,000	1,000	1,000	1,000	1,000
series b convertible preferred stock, par value 0.0001...
series c convertible preferred stock, par value 0.0001...
series x convertible preferred stock, par value 0.0001...
total liabilities, convertible preferred stock and stockholders’ equity																							1,110,366,000
inventory																								49,000	61,000
prepaid expenses																								1,396,000	1,269,000	15,000	23,000		685,200		9,000																						7,604	7,604
deposits																								24,000	24,000	23,000	16,000	3,000		3,000	3,000	3,000	3,000	3,000											1,985	1,985	1,985	1,985	1,985	2,214		2,214	2,214	2,214
note payable																								4,090,000	3,980,000	3,873,000	3,769,000	3,667,000	2,700,000						75,000	75,000			74,000		47,258					104,714	55,000
convertible notes, net of 710 and 456 discount as of december 31, 2019 and 2018, respectively																								1,358,000
convertible notes - related parties																									50,000	50,000	883,000	864,000
warrant liability - subsidiary																								24,000	96,000	927,000	2,051,000
f-3
investments																									5,650,000
convertible notes, net of 228 and 456 discount as of september 30, 2019 and december 31, 2018, respectively																									474,000
profits interest sold																									655,000	655,000	212,000
current portion of long-term borrowings																									5,471,000
investment in panda productions																										1,000,000	1,000,000
convertible notes, net of 0 and 456 discount as of june 30, 2019 and december 31, 2018, respectively																										50,000
common stock par value 0.01: 400,000,000 shares authorized; 23,317,975 shares issued and 7,532,776 shares outstanding at june 30, 2019 and december 31, 2018, respectively																										2,000
note payable - related parties																											208,000
convertible notes, net of 222 and 456 discount as of march 31, 2019 and december 31, 2018, respectively																											471,000
lease liability, net of current portion																											37,000
liabilities and stockholders’ equity/
note payable to related party, in default, due on demand																												172,000
convertible notes, net of discount of 456 and 290 respectively																												587,000
investor deposit
stockholders’ equity/
common stock, par value 0.0001...																												1,000	21,456	9,000	8,000	8,000	8,000	8,000
total stockholders’ equity/																												232,550,000
total liabilities and stockholders’ equity/																												286,101,000
deposits and retainers																													126,072
acquired and licensed technology																													209,276,639
liabilities and stockholders’ deficit
amounts owed to related parties																													840,364
deposit on future sale of equity																													55,000	55,000	55,000	55,000	55,000	55,000	55,000	55,000	225,000
note payable - related party																													65,000
convertible notes payable, net of discount																													137,131	235,000	131,000	152,000	13,000
convertible notes payable - related party																													484,365	484,000	484,000	484,000	484,000	484,000							530,919
warrant liability																													3,714,541
stockholders’ equity
series b preferred stock, par value 0.0001...
series c preferred stock, par value 0.0001...																													126
series x preferred stock, par value 0.0001...																													100
additional paid in capital																													225,304,099	10,303,000	9,005,000	8,045,000	8,239,000	8,154,000														1,491,104
shares to be issued																													50,000		80,000
non- controlling interest																													65,899,442
capitalized software costs																														6,000	6,000	6,000
accounts payable and accrued expenses																														60,000	72,000	112,000	93,000	68,000	150,000	130,000	160,000
accrued interest related parties																														153,000	147,000	141,000	136,000	130,000	124,000
accrued payroll - officers																														251,000	291,000	343,000	388,000	339,000	553,000
advances from related parties																														31,000	31,000	31,000	31,000	31,000	41,000	41,000	41,000	31,000	226,000	30,567	30,567	31,553	60,847	110,847	110,847	110,847	161,147
stockholders’ deficit:
total stockholders’ deficit																														-3,722,000	-2,754,000	-3,099,000			-5,050,000	-14,255,000		-9,026,000	-7,599,000
total liabilities and stockholders’ deficit																														378,000	437,000	86,000			34,000	115,000	1,384,000	279,000	273,000
current assets from discontinued operations
current liabilities from discontinued operations
liabilities and stockholders' deficit
stockholders' deficit:
non - controlling interest
total stockholders' deficit																																	-2,602,000	-1,879,000
total liabilities and stockholders' deficit																																	172,000	40,000														475,804
convertible notes payable-related party																																			484,000	484,000	434,000	434,000	543,000	543,115
stockholders’ deficit
series a preferred stock: 0.0001 par value...																																			1,000	1,000	500	500
series b preferred stock: 0.0001 par value...																																					100	100
series c preferred stock: 0.0001 par value...																																			4,000	4,000	4,000
total stockholders’ deficit allocated to carolco pictures, inc.																																			-4,853,000	-14,066,000	-8,096,000	-9,214,000
non-controlling interest in subsidiaries																																			-197,000	-189,000	-190,000	-188,000	-188,000	-155,934				-86,176	-48,010	-59,663	-57,113
deposits on film project paid to related party
accrued interest																																				118,000	108,000	111,000	81,000	64,549	5,576	1,178	5,475	7,292	3,750
accrued payroll																																				458,000	327,000	125,000	170,000	125,000			150,000	150,000	150,000	149,000	149,000
convertible note payable
total current liabilities commitments and contingencies																																				14,370,000
f-2
capitalized production costs																																					54,000
deposits on project paid to related party																																					250,000	250,000	250,000	250,000
intangible assets, net of accumulated amortization of 276,000																																					828,000
convertible notes payable																																						54,000
2
convertible notes payable, net of debt discount of 0 and 79,000, respectively																																							57,000
preferred stock: 0.0001 par value...
total stockholder deficit allocated to carolco pictures, inc.																																							-7,787,000
convertible notes payable, net of unamortized debt discount of 78,666																																								182,491
common stock receivable																																												-8,015
total stockholder’s equity																																								-5,371,359
deposit for project																																									250,000	250,000	250,000
debt issuance costs																																									17,210	26,308
computer equipment																																									14,866	14,866	12,218	12,217	12,218	12,218	11,979		8,897	8,897	8,897	8,897	8,897	8,057
accumulated depreciation																																									-10,699	-10,076	-9,697	-9,697	-8,982	-8,782	-7,670		-5,645	-5,075	-4,504	-3,934	-3,287	-2,640
other assets
total other assets																																									319,237	319,237	319,237	319,237	319,237	319,237
accounts payable and other current liabilities																																									42,876	144,146	55,256
accrued interest - related party																																									11,650	17,750	5,850
accrued payroll – related party																																									125,000	150,000
convertible notes payable, net of discount of 286,768																																									48,724
preferred stock, .0001 par value...
common stock, .0001 par value...																																									5,985	6,055	5,797
total carolco pictures stockholders’ equity																																									-1,257,012	-283,097	-271,278
noncontrolling interest in subsidiaries																																									-103,670	-108,601	-113,869
noncontrolling interest - capital stock in consolidated subsidiaries																																									250	250	250	250	250	250	250
noncontrolling interest - additional paid-in capital in consolidated subsidiaries																																									37,500	37,500	37,500		37,500
noncontrolling interest - accumulated deficit in consolidated subsidiaries																																									-141,420	-146,351	-151,619	-123,926	-85,760	-97,413
total equity																																									-1,360,682	-391,698	-385,147	28,956	24,204	-41,037	-91,793	68,161	198,302	125,944	118,660	56,247	75,893	99,758
convertible notes payable, net of deposit of 268,547																																										14,445
accrued compensation - related party																																											200,000
liabilities and stockholders' equity
acquisition payable - s&g
note payable-related party																																												150,300	300	300
stockholders' equity
total carolco pictures inc. stockholders' equity																																												115,132
noncontrolling interest - additional paid-in capital in conolidated subsidiaries																																												37,500
total liabilities and stockholders' equity																																												548,762	732,761	515,300	492,160
long-term liabilities
long-term notes payable - officers																																													150,000	150,000
total long-term liabilities																																													150,000	150,000	150,000
total brick top productions, inc. stockholders' equity																																													72,214	18,626			198,379	125,997	118,689	56,256	75,902	99,767
noncontrolling interest - additional paid-in capital																																														37,500	37,500
liabilities and equity
long-term note payable-related party																																															150,000
btop stockholders' equity
total btop stockholders' equity																																															-34,680
noncontrolling interest - retained earnings in consolidated subsidiaries																																															-94,863
capitalized pilot costs																																																	292,931	292,931	292,931	292,931	292,931	292,931
total liablilities																																																407,943
preferred stock; 0.0001 par value...
common stock; 0.0001 par value...
advances from stockholders																																																	60,847	61,597	61,597	60,797	55,797	55,797
equity
brick top productions, inc. stockholders' equity
common stock: 0.0001 par value...																																																	2,994	2,982	2,977	2,969	2,968	2,964
deficit accumulated during the development stage																																																	-1,078,736	-1,033,118	-990,426	-967,859	-934,713	-875,848
non-controlling interest in subsidiary																																																	-77	-53	-29	-9	-9	-9
total liabilities and equity																																																	428,687	347,474	338,594	303,262	312,636	322,620
beick top productions, inc. stockholders' equity

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30

cash flows from operating activities
net loss	-6,206,000	-19,064,000				-40,932,000	-52,848,000	-25,727,000	-56,584,000	-70,527,000			-83,624,000	-152,082,000	-152,746,000	-116,274,000	-140,817,000	-111,982,000	-105,865,000	-94,930,000	-70,186,000	-195,328,000	-247,966,000	-104,695,000	-6,909,000	-3,365,000	-2,867,000																							-33,146	-58,865
adjustments to reconcile net loss to net cash from operating activities:
depreciation and amortization	36,010,000	24,230,000	10,309,000	10,138,000	9,908,000	9,952,000	9,816,000	9,519,000	9,261,000	9,638,000	9,103,000	8,913,000	8,842,000	8,229,000	8,521,000	8,519,000	11,462,000	10,093,000	9,332,000	9,247,000	9,209,000	9,922,000	14,413,000			5,158,000	5,158,000
stock-based compensation	10,187,000	12,695,000	9,101,000	8,256,000	3,464,000	9,901,000	9,324,000	10,308,000	12,977,000	11,764,000	12,707,000	13,056,000	13,688,000	5,160,000	13,636,000	14,209,000	19,449,000	17,324,000	12,667,000	24,431,000	9,374,000	26,658,000	6,305,000
amortization of debt premium	-4,702,000	-3,062,000	-374,000	-367,000	-361,000
deferred income tax provision	6,000	186,000	-3,195,000	152,000	4,648,000			99,000	113,000
amortization of right-of-use assets	787,000	519,000	1,323,000	930,000	951,000	1,139,000	885,000	970,000	994,000	789,000	978,000	692,000	667,000	130,000	836,000	1,211,000	901,000	460,000	360,000	373,000	251,000	247,000	267,000	154,000	20,000	20,000	6,000
changes in operating assets and liabilities of business:
accounts receivable	-126,180,000	-398,852,000	-22,095,000	-3,555,000	13,653,000	5,564,000	-4,913,000	1,768,000	6,615,000	-18,077,000	-13,295,000	-7,567,000	2,739,000	46,000	-12,300,000	1,789,000	687,000	-6,421,000	-5,224,000	-2,940,000	-473,000	-10,520,000	-2,863,000	4,085,000											10,000	35,000	-41,000	-4,000	-1,000	0	17,748	-16,748	10,248	40,138	-34,826
prepaid and other assets	-8,074,000	-6,246,000
accounts payable	-7,815,000	11,179,000	-2,920,000	-7,702,000	-17,073,000	7,564,000	23,821,000	-15,031,000	-22,102,000	14,180,000	13,171,000	-15,742,000	-4,974,000	-7,159,000	21,467,000	3,452,000	-5,746,000	-11,921,000	19,951,000	9,918,000	-8,528,000	-47,022,000		2,657,000	2,670,000	-23,000	172,000	254,043	-19,043	-12,000	-40,000	28,000	20,000	0	19,000			14,000	8,000	-20,203	-101,270	88,890	37,928	-164,889	149,031
accrued expenses and other liabilities	-79,787,000	184,051,000	1,951,000	-17,724,000	-38,040,000	15,270,000	10,887,000	-9,291,000	-3,227,000	51,575,000	23,450,000	-11,276,000	-11,569,000	59,347,000	-2,762,000	-8,456,000	1,987,000
deferred revenue	-25,603,000	-5,487,000	21,672,000	-8,313,000	-9,890,000	-4,559,000	16,719,000	-3,431,000	-381,000	4,231,000	25,202,000	-5,707,000	1,048,000	6,654,000	16,410,000	-665,000	-1,297,000	7,589,000	11,398,000	4,297,000	2,771,000	2,004,000	6,569,000																		109,172
lease liabilities	-696,000	-459,000	-1,336,000	-1,450,000	-1,379,000	-1,298,000	-1,326,000	-1,311,000	-1,265,000	-1,144,000	-1,059,000	-680,000	70,000	856,000	145,000	-225,000	434,000	352,000	-354,000
net cash from operating activities	-212,073,000	-200,310,000	-6,516,000	-34,617,000	161,402,000	19,836,000	235,000	-32,270,000	-67,279,000	-2,065,000	-26,258,000	-71,110,000	-78,189,000	-22,237,000	-76,632,000	-91,147,000	-126,685,000	-49,571,000	-55,606,000	-33,557,000	-53,867,000	-76,568,000	-30,136,000	474,000	2,805,000			-691,032	-856,968	-964,000	-641,000			-96,000	-83,000	-277,000	-98,000	-60,000	-144,000	-176,004	-157,534	65,454	-646,610	-355,094	158,829	-20,424	-20,497	-42,764	-47,684	-19,623	-44,336
cash flows from investing activities
acquisition of fubo, net of cash acquired	1,000	268,056,000
purchases of property and equipment	-79,000	-520,000	-3,000	-366,000	-348,000	-828,000	-1,583,000	-208,000	-108,000	-696,000	-108,000	-165,000	-102,000	16,000	-91,000	-198,000	-857,000	-1,192,000	-1,724,000	-1,499,000	-639,000	-63,000
capitalization of internal use software	-2,556,000	-3,189,000	-2,891,000	-2,860,000	-3,353,000	-2,655,000	-1,983,000	-3,221,000	-3,609,000	-4,407,000	-4,471,000	-4,588,000	-3,816,000	-1,338,000	-1,570,000	-923,000	-1,026,000
net cash from investing activities	-2,634,000	264,347,000	-2,894,000	-3,276,000	-3,701,000	-4,583,000	-3,566,000	-3,429,000	-4,257,000	-9,279,000	-7,467,000	-4,753,000	-3,918,000	98,404,000	-3,661,000	-101,271,000	-5,895,000	-40,499,000	-30,495,000	-2,799,000	-2,379,000	-108,000	-652,000	-116,000	1,999,000	427,000	-801,000									73,000				2,649	0			0	-50,000					0
cash flows from financing activities
proceeds from the issuance of common stock	0	95,000
pre-combination net contributions from disney	0	394,499,000
proceeds from note payable - related party																																				459,000				25,300	0	45,300	334,400
repayment of convertible notes
proceeds from exercise of stock options	3,000	36,000	97,000	0	2,700,000	0	0	1,000	2,000	114,000	164,000	49,000	46,000	80,000	177,000	129,000	443,000	467,000	570,000	1,200,000	776,000	1,854,000
payment for cancellation of fractional shares
repayments of notes payable and long-term borrowings	-129,000	-108,000	-117,000	-136,000	-216,000	35,000	-224,000	-118,000	-107,000	-106,000	-9,000	-109,000	-217,000	-210,000	-113,000			0	0
net cash from financing activities	107,000	394,522,000	-20,000	-136,000	2,484,000	1,000	-5,679,000	22,033,000	-4,890,000	-3,309,000	142,000	10,713,000	103,687,000	63,033,000	8,836,000	15,193,000	209,208,000	70,944,000	72,489,000	-16,435,000	384,960,000	172,758,000	62,241,000	1,370,000	941,000	384,000	1,658,000	685,481	524,519	914,000	983,000		260,000			105,000	184,000	60,000	103,000	58,921	77,889	398,962	516,810	174,384	64,438	217,000	117,250	50,000	85,800	18,500	34,999
net increase in cash, cash equivalents and restricted cash	-214,600,000	458,559,000	-9,430,000	-38,029,000	160,185,000				-76,426,000				21,580,000	139,200,000	-71,457,000	-177,225,000	76,628,000	-19,126,000	-13,612,000	-52,791,000	328,714,000
cash, cash equivalents and restricted cash at beginning of period			0	0	167,572,000	0	0	0	251,420,000	0	0	0	343,226,000	-3,326,000	0	0	379,406,000	0	0	0	136,221,000
cash, cash equivalents and restricted cash at end of period	-214,600,000	458,559,000	-9,430,000	-38,029,000	327,757,000	15,254,000	-9,010,000	-13,666,000	174,994,000	-14,653,000	-33,583,000	-65,150,000	364,806,000	135,874,000	-71,457,000	-177,225,000	456,034,000	-19,126,000	-13,612,000	-52,791,000	464,935,000
supplemental disclosure of cash flows information:
interest paid	9,807,000	40,000	8,991,000	12,000	9,020,000	313,000	9,533,000	349,000	4,745,000	49,000	6,541,000	29,000	6,550,000	317,000	6,830,000	-8,000	6,647,000					-789,000					68,000																	0
income taxes paid	425,000	37,000	244,000	212,000	12,000		70,000	93,000	27,000		184,000	0	6,000
non-cash financing and investing activities:
redeemable non-controlling interest	-532,548,000	2,375,551,000
unpaid property and equipment included in accounts payable
net income			-18,866,000	-8,026,000	188,488,000																							-5,344,282	-4,865,718	-2,187,000	-695,000	-373,000	-808,000	5,025,000	6,630,000
less: net loss from discontinued operations, net of tax									-255,000
net income from continuing operations			-18,866,000	-8,026,000	188,488,000
adjustments to reconcile net income to net cash from operating activities:
gain on extinguishment of debt						0	-7,752,000	-12,124,000	-9,637,000
other adjustments			196,000	191,000	186,000	182,000	177,000	173,000	168,000	215,000	161,000	156,000	163,000	-416,000	918,000	833,000	-180,000	134,000	204,000	250,000	-5,000	-564,000		-668,000
prepaid expenses and other assets			844,000	5,420,000	-4,055,000	3,435,000	478,000	3,317,000	419,000	-325,000	-9,004,000	-7,046,000	1,877,000	-897,000	23,609,000	-7,485,000	-16,177,000	987,000	-5,004,000	-3,164,000	-2,419,000														-12,000
prepaid sports rights			-3,126,000	-12,567,000	10,902,000	10,956,000	-429,000	9,261,000	-4,399,000	-400,000	-2,252,000	7,858,000	-6,731,000	-3,426,000
net cash from operating activities - continuing operations			-6,516,000	-34,617,000	161,402,000	20,850,000	2,443,000	-31,874,000	-67,046,000	-57,000	-24,921,000	-71,028,000	-77,039,000
net cash from operating activities - discontinued operations						-1,014,000	-2,208,000	-396,000	-233,000	-2,008,000	-1,337,000	-82,000	-1,150,000
purchase of intangible assets			0			-1,100,000	0	0	-540,000	-693,000								21,647,000	-28,771,000					0
net cash from investing activities - continuing operations			-2,894,000	-3,276,000	-3,701,000				-4,257,000	-9,279,000	-7,467,000	-4,753,000	-3,918,000
net cash from investing activities - discontinued operations
proceeds from the issuance of common stock, net of offering costs						-34,000	6,470,000	36,875,000	-15,000	-4,000	-13,000
repurchase of convertible notes						0	-11,900,000
vested restricted stock units settled for cash						0	0	0	-181,000	0	0	0	-125,000
payments for financing costs						0	-25,000	-68,000	-4,589,000
net cash from financing activities - continuing operations			-20,000	-136,000	2,484,000				-4,890,000	-3,309,000	142,000	10,713,000	103,687,000
net cash from financing activities - discontinued operations
unpaid at-the-market offering costs included in accrued expenses
unpaid financing costs included in accounts payable
unpaid property and equipment included accounts payable
accounts payable - financing costs								-68,000	93,000
less: net income from discontinued operations, net of tax						0	1,836,000
net loss from continuing operations						-40,932,000	-54,684,000	-25,833,000	-56,329,000	-71,040,000			-83,368,000
impairment of other assets
amortization of debt (premium) discount						-355,000	-348,000	-268,000	-253,000
change in fair value of warrant liabilities														0	0	0	1,701,000	-4,773,000	-4,490,000	6,019,000	585,000
changes in operating assets and liabilities of business, net of acquisitions:
purchases of short-term investments
proceeds from maturity of short-term investments
proceeds from sale of property and equipment
purchase of strategic investment
redemption of non-controlling interest										0	0	0	-2,147,000
proceeds from the exercise of warrants														0	0			1,000
net decrease in cash, cash equivalents and restricted cash						15,254,000	-9,010,000				-33,583,000
income tax paid
non cash financing and investing activities:
reclassification of the equity components of the 2026 convertible notes to liability upon adoption of asu 2020-06															0	0	75,264,000
strategic investment - marketing commitment
cashless exercise of warrants															0	0	5,249,000
unpaid intangible assets included in accounts payable
gain on sale of assets																						0
sale of property and equipment
accrued expenses - issuance of common stock							-3,000				-3,000
accounts payable - purchases of property and equipment
accounts payable - purchases of intangible assets
less: income from discontinued operations, net of tax										513,000	669,000
loss on extinguishment of debt																		0	0
amortization of debt discount										656,000	650,000	645,000	623,000	632,000	625,000	619,000	600,000	4,235,000	4,138,000	4,043,000	2,512,000	56,000	1,290,000	102,000	47,000	220,000	234,000
deferred income tax benefit										-510,000	-250,000	-121,000	-114,000	-516,000	-392,000	-355,000	-403,000	-948,000	-515,000	-753,000	-465,000	10,929,000	-16,070,000	-2,038,000	-1,028,000	-1,037,000	-1,169,000
cash paid for acquisitions, net of cash acquired
proceeds from convertible note, net of issuance costs																		0	-500,000	0	389,946,000
conversion of series aa preferred stock to common stock
issuance of common stock in connection with acquisitions
issuance of treasury stock in connection with acquisitions
purchase of short-term investments
shares settled liability											1,866,000	1,845,000	1,825,000
accounts payable - purchases property and equipment
less: loss from discontinued operations, net of tax													-256,000
proceeds from the issuance of common stock / at-the-market offering, net of offering costs													106,130,000		8,772,000	16,423,000	203,765,000
accrued expenses - at-the-market offering													91,000				19,000
impairment of intangible assets
impairment expense goodwill																						0
non-cash expense relating to issuance of warrants and common stock																						0	1,000
loss on deconsolidation of nexway, net of cash retained by nexway																						0	0
common stock issued in connection with note payable																						0	0
change in fair value of derivative liability																						0		202,000	1,000	-890,000	-128,000	2,528,545	-830,545	329,000	-2,768,000	-462,000	268,000	-5,366,000	-6,807,000	5,044,000	-377,000	1,823,000	2,380,000
change in fair value of shares settled liability																						0	0
change in fair value of profit share liability																						-2,119,000	0
unrealized gain on investment
accrued interest on notes payable																					125,000
foreign currency loss
due to related parties
advance to fubotv pre-merger																						0	0
acquisition of fubotv’s pre-merger cash and cash equivalents and restricted cash																						0	0
sale of facebank ag																						0
purchases of short term investments
proceeds from maturity of short term investments
proceeds from sale of common stock and warrants, net of fees
repayments of convertible notes																						0	-2,773,000	-18,000	0	-320,000	-203,000
proceeds from notes payable and long-term borrowings
proceeds from the issuance of series d preferred stock
redemption of series d preferred stock																						0	-272,000
repayments to related parties																								195,000	-242,000
amortization of gaming licenses and market access fees															1,099,000	992,000	866,000
impairment of goodwill, intangible assets and other long-lived assets
cash reserved for users															-194,000	7,000	-152,000
cash portion paid for acquisition																					-1,740,000
purchase of intangible assets - gaming															-2,000,000	0	-700,000
payments for market access and license fee deposits															0	-150,000	-3,312,000
issuance of treasury stock in connection with acquisition
impairment expense on goodwill
proceeds from the exercise of common stock warrants																	5,000,000			500,000	812,000
impairment expense intangibles																						12,245,000
issuance of common stock in connection with cancellation of a consulting agreement																								0
issuance of common stock for services rendered
loss on investments
change in fair value of subsidiary warrant liability																								-72,000	-831,000	-1,124,000	-2,477,000
other income related to note conversion
payments of market access and license fee deposits
investment in panda productions (hk) limited																								50,000	-50,000	0	-1,000,000
acquisition of facebank ag and nexway, net of cash paid																								0
sale of profits interest in investment in panda productions (hk) limited																								0	0
lease security deposit																								0	-1,000	-7,000	-13,000
proceeds from issuance of preferred stock
proceeds from sale of subsidiary’s common stock																								27,000	0
proceeds from related parties																								13,000	0	392,000	18,000
issuance of convertible preferred stock for merger
reclassification of warrant liabilities to equity
issuance of common stock to original owners of facebank ag																						0
reclass of shares settled liability to additional paid-in capital for issuance of common stock
reclass of shares settled liability for intangible asset to stock-based compensation																						0
issuance of common stock in connection with note conversion
issuance of common stock - subsidiary share exchange
deconsolidation of nexway
issuance of common stock in connection with panda investment
long-term borrowings related to investment
measurement period adjustment on the evolution ai corporation acquisition																									1,000	0	1,920,000
common stock issued for lease settlement																									0	0	130,000
accrued series d preferred stock dividends																						0
shares settled liability for intangible asset - floyd mayweather
deemed dividend related to immediate accretion of redemption feature of convertible preferred stock																						0
loss on issuance of common stock and warrants
accrued expenses																			7,796,000	9,608,000	3,625,000	52,330,000		-1,581,000	307,000	-64,000	374,000	328,959																					-27,881	5,271	13,881
cash paid for acquisition																			0
proceeds from the issuance of common stock / at-the-market offering
offering costs for the issuance of common stock / at-the-market offering
repayments of note payable related party																								-5,000
loss on issuance of notes, bonds and warrants
supplemental disclosure of non-cash financing and investing activities:
cashless exercise of common stock warrants
lender advanced loan proceeds direct to fubotv
adjustments to reconcile net loss to net cash used in operating activities:
loss on issuance of notes, bonds, and warrants
change in fair value of subsidiary warrant liabilities
notes receivable
due from related parties
lease liability																					-243,000	-242,000		-154,000	-20,000	-20,000	-6,000
advance to fubotv
repayments of notes payable and short-term borrowings																					-6,574,000
change in fair value of warrant liability																						92,484,000						708,996
unrealized gain on equity method investments																						0
accrued interest on note payable																						2,000	-2,000	101,000	262,000
foreign currency exchange loss
prepaid expenses and other current assets																						8,417,000									-9,000		-51,000				11,000	-2,000	-1,000		-75,957	26,095	-19,471
payments for leasehold improvements																									0
proceeds from issuance of convertible notes																						0	0	572,000
proceeds from issuance of series d preferred stock																						0
proceeds from loans																						0
repayments of notes payable																						-21,257,000
net increase in cash and restricted cash																						96,082,000
cash at beginning of year
cash and restricted cash at end of year
right to receive series aa preferred stock in connection with acquisition of fubotv merger
settlement of share settled liability																						43,000
issuance of common stock upon acquisition of facebank ag and nexway
proceeds from sale of common stock and warrants
repayments of short term borrowings
repayments to related parties notes
repayment to related parties
cash at beginning of period																								0			31,000		0	0	77,000	0	0
cash and restricted cash at end of period
issaunce of common stock - subsidiary share exchange
operating activities
change in fair value of derivative liabilities
foreign exchange loss
other
changes in operating assets and liabilities:
prepaid expenses and other current and long-term assets
accounts payable, accrued expenses and other current and long-term liabilities
operating lease liabilities
investing activities
capital expenditures	-2,635,000	-3,709,000	-2,894,000	-3,226,000	-3,701,000	-3,483,000	-3,566,000	-3,429,000	-3,717,000	-5,103,000	-4,579,000	-4,753,000	-3,918,000	-1,322,000	-1,661,000	-1,121,000	-1,883,000	-1,192,000	-1,724,000	-1,499,000	-639,000	-63,000	0	0	0			0	0	0	0			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	-214,708,000	-204,019,000	-9,410,000	-37,843,000	157,701,000	16,353,000	-3,331,000	-35,699,000	-70,996,000	-7,168,000	-30,837,000	-75,863,000	-82,107,000	-23,559,000	-78,293,000	-92,268,000	-128,568,000	-50,763,000	-57,330,000	-35,056,000	-54,506,000	-76,631,000	-30,136,000	474,000	2,805,000			-691,032	-856,968	-964,000	-641,000			-96,000	-83,000	-277,000	-98,000	-60,000	-144,000	-176,004	-157,534	65,454	-646,610	-355,094	158,829	-20,424	-20,497	-42,764	-47,684	-19,623	-44,336
sale of profit interest in investment in panda productions (hk) limited
financing activities
proceeds from issuance series d preferred stock
proceeds from sale of common stock																									717,000			784,000	875,000	922,000	549,000	23,000	30,000
proceeds from short-term borrowings
repayments of short-term borrowings
proceeds from long-term borrowings
repayments of long-term borrowings
net increase in cash and cash equivalents and restricted cash
cash and cash equivalents and restricted cash, beginning of period
cash and cash equivalents and restricted cash, end of period
amortization of intangible assets
depreciation																								54,000																									570	648	648
gain on extinguishment of convertible notes
loss on excess shares issued upon cashless exercise of warrants
issuance of common stock for services																																												12,505
common stock issued for commitment fee
stock-based compensation in connection with panda
impairment of goodwill
fair value of derivative in excess of note payable
change in fair value of panda interests
prepaid expenses																								-127,000	-85,000	8,000	-23,000																								0
payments for property and equipment
proceeds from the issuance of preferred stock																								250,000
net increase in cash																								1,728,000	5,745,000	-155,000	275,000		-332,449	-50,000	342,000
cash at end of period																								1,728,000	5,745,000	-155,000	306,000		-332,449	-50,000	419,000	-24,000	81,000
amortization
financing cost																													190,830	205,000	2,137,000	448,000
supplemental disclosure of cashflows information:
issuance of common stock for note conversion
shares settled liability for intangible asset
cash and at beginning of period
interest on notes payable																											144,000
net used in operating activities																											-582,000
sale of interest in investment in panda productions (hk) limited																											212,000
proceeds from sales of common stock																											1,778,000
proceeds from sale of subsidiary common stock																											65,000
supplemental disclosure of cash flow information:
cash flows from operating activities:
amortization of debt discount/non-cash financing cost
gain on settlement of accrued payroll
common stock issued for services																												354,400	2,714,600	273,000	410,000	0	0								3,045	109,730	82,305
deferred income benefit
changes in operating liabilities
net cash from operating activities of continuing operations																												-691,032	-856,968
net cash from operating activities of discontinued operations																																	0
cash flows from investing activities:
purchase of property and equipment
cash flows from financing activities:
proceeds from issuances of convertible notes
net decrease in cash
cash - beginning of year
cash - end of year
cash paid during the year for:
interest																												127,401
supplemental disclosure of non-cash investing and financing activities:
series x convertible preferred stock issued in business acquisition
common stock issued in asset acquisition
extinguishment gain on related party convertible notes recorded as a capital contribution
conversion of notes payable into common shares
beneficial conversion feature
amortization of acquired and licensed technology
amortization of original issue discount																													7,456	13,000	6,000
elimination of non-controlling interest of discontinued operations																																0	0
amortization of debt discount and debt issuance cost																													424,256	440,000	364,000	137,000					0				1,112,701
proceeds from issuance of note payable
proceeds from issuance of convertible notes payable																																				198,000	-26,000			-17,188	68,460
repayments of convertible notes payable																													-520,531	-358,000	-373,000	0
issuance of common stock upon conversion of notes payable																													0	0	18,000
issuance of common stock for commitment fee
issuance of series x preferred stock issued upon acquisition of evolution ai
minority share of losses of subsidiary																																			8,000				320,000
conversion of 39,087,500 shares of series c preferred stock into 79,175,000 shares of common stock																																0	0
6
accrued interest																														6,000	6,000	5,000	6,000	6,000	6,000	10,000	-2,000	33,000	18,000	71,788	4,398
accrued payroll																														-40,000	-52,000	114,000	49,000				206,000	41,000	45,000
proceeds from issuance of convertible note payable																														350,000	807,000
common stock issued for conversion of note payable
deferred revenues																																			-24,000
issuance of series a and b preferred stock upon settlement of related party advances and accrued payroll																																				0
issuance of series a and b preferred stock upon acquisition of recall studios, inc.
extinguishment of derivative liability upon warrant expiration																																			2,575,000
7
adjustments to reconcile net income (loss) to net cash from operating activities:
depreciation expense																																				1,000	0	0	1,000	-143	622			714	201
impairment of deposit for film project
gain on settlement of convertible note
loss on settlement of convertible note
gain on extinguishment of derivative liability																																				-169,000	-132,000	-83,000	-174,000
deposits																																0	0																2,214
capitalized production costs
net cash used by operating activities of continuing operations																																-253,000
net cash used in operating activities of discontinued operations
capitalized app production costs
cash acquired from acquisition of recall studios, inc.
net cash provided (used) by investing activities
advances from related parties
repayments of note payable - related party
proceeds from future sale of equity
net cash provided by financing activities
issuance of common stock upon conversion of notes payable and accrued interest
conversion of recall studios shares into series c preferred stock
adjustments to reconcile net income to net cash
used in operating activities:
cash acquired from acquisition
net cash provided (used) by operating activities of continuing operations
issuance of common stock upon conversion of notes payable - related party
issuance of preferred stock upon settlement of related party advances and accrued payroll
adjustments to reconcile net income to net cash from operating activities
accrued payroll – related party																																			95,000					0
advances from (repayments to) related parties																																					5,000	158,000	196,000		-986	-29,294	-50,000	0	0
repayment of convertible notes payable																																							-123,000
proceeds from note payable																																							30,000					-180,000	-14
net change in cash																																			-83,000									-180,710	173,267	5,093	82,013	7,236	38,116	-1,123	-10,177
cash at beginning of the period																																			101,000									0	0
cash at end of the period																																			18,000									-180,710	173,267
common stock issued upon conversion notes payable and accrued interest																																				0	9,000	7,000	84,000
adjustments to reconcile net loss to net cash from operating activities
(gain) loss on extinguishment of debt
stock compensation
prepayments and other assets
capitalized production cost
advances from related party
deposit on project paid to related party
cash acquired from acquisition of recall studios
proceeds from issuance of common stock
repayment for note payable - related party
collection of common stock receivable
deposit on future sale of equity																																				55,000
issuance of series a and c preferred stock issued upon acquisition of recall studios, inc.																																				-1,031,000
conversion of accrued interest – related party to convertible notes payable – related party
conversion of convertible notes payable to shares of common stock
derivative liability accounted as convertible debt discount
derivative liability accounted as reduction to paid in capital
net loss before noncontrolling interest																																					-722,000				-984,444	-231,091	-730,494
share-based compensation
write-off of subscription receivable																																									0	0	8,015
accounts payable and accrued expenses
purchase of computer software
proceeds from issuance of notes payable																																					0				-27,000
proceeds from private placements of common stock																																									12,415	127,000	55,750
proceeds from sale of units of common stock and warrants																																									0	2,500	147,000
net increase in cash and cash equivalents
cash and cash equivalents - beginning of period																																					0	0	48,000		0	0	160,377
cash and cash equivalents - end of period																																					193,000	0	7,000		-79,645	211,768	30,576
supplemental disclosures of cash flow information:
interest paid in cash																																					57,000	0	19,000		799	2,478	1,733
taxes paid in cash
non-cash investing and financing activities
debt discount due to convertible feature																																									8,608
net loss attributable to non-controlling interest
share based compensation																																									3,045	107,535	84,500
purchase of computer equipment																																												0	0					0
repayment of note payable – related party
net cash increase in cash and cash equivalents																																									-79,645	211,768	-129,801
non cash investing and financing activities
common stock issued upon conversion notes payable – related party
preferred stock issued upon settlement of related party advances and accrued payroll
accrued legal services paid in stock
net income before noncontrolling interest																																							-2,499,000
amortization of debt discount and issuance cost																																							79,000
warrants issued for services																																									0	0	8,631
accrued expenses and other current liabilities																																											-1,817	59,251
proceeds from bank borrowings																																											29,660
net cash decrease in cash and cash equivalents																																							-41,000
5
net loss before non-controlling interest																																												-265,249	-505,504				-22,587
extinguishment of derivative liability
acquisition payable																																													0
repayments of note payable																																												-53,112
contribution to capital																																												0	66,000
finder fee settled in shares of common stock
issuance of common stock for conversion of notes payable
debt issuance cost																																									-9,210
accrued interest - related party																																									7,015	11,900	5,850
(purchase) disposal of computer equipment																																									0
investment in project																																									0	0	-250,000
legal services paid in stock																																									0	0	12,495
other receivable
accrued compensation - related party																																											200,000
costs associated with private placement of common stock
impairment of capitalized pilot costs
prepayments and other current assets																																												-37,564	4,368
cash acquired from business acquisitions
investment
proceeds from sale of common stock and warrants, net of issuance cost																																												157,496	0
stock based compensation
advances from stockholders																																																	800	5,000
net income before non-controlling interest
cash at beginning of the reporting period
cash at end of the reporting period
name of consolidated subsidiary or entity
york productions, llc
york productions ii, llc
s&g holdings, inc.
net cash used by investing activities
item 3:
brick top productions, inc
date: august 14, 2013
bad debt expense
changes in operating assets and liabilitites:
other current assets
capitalized pilot costs
cash proceeds from sale of stock, net of costs																																																	85,000	13,500
cash, beginning of period																																																	3,154	0	0
cash, end of period																																																	41,270	-1,123	-10,177
cash reconciliation
advances from (payments to) stockholders

fuboTV Inc(NYSE:FUBO)

fuboTV Inc
(NYSE:FUBO)