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MoviePass majority owner Helios & Matheson's stock falls after company issues update on cash balance

Shares of Helios and Matheson Analytics Inc. are down 9% in Tuesday morning trading after the company released a filing with a "financial update." Helios and Matheson, which is the majority owner of MoviePass, said in the filing that it had $15.5 million in cash available at the end of April and an additional $27.9 million on deposit. The company said that by the end of April, it had implemented procedures that it believes will curb abuse of the MoviePass program, including technological improvements that will make it harder for subscribers to share their accounts with others as well as a limit that will allow subscribers to see a particular movie only once.