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Alliance Media Holdings Inc. Reports Financial Results For The Three Months Ended September 30, 2019 And Twelve Months Ended June 30, 2019

NEW YORK, Dec. 26, 2019 /PRNewswire/ -- Alliance Media Holdings Inc. (OTC-Pink: ADTR), a developer, publisher and distributor of interactive video games and gaming products, today announced its financial results for the three months ended September 30, 2019 and for the twelve months ended June 30, 2019.

For the twelve months ended June 30, 2019, the company lost $2.3 million on sales of $6.9 million.  During the three months ended September 30, 2019, the company lost $410,000 on sales of $461,000.

The company has prepared its consolidated financial statements using the generally accepted accounting principles applicable to a going concern, which contemplate the realization of assets and liquidation of liabilities in the normal course of business.  The company has reported substantial operating losses for the previous two fiscal years, as well as for the three months ended September 30, 2019.  Furthermore, the company currently does not have a bank line of credit or other sources of immediate capital, and its current liabilities exceed current assets.  As a result, substantial doubt exists about the company's ability to continue as a going concern.

Safe Harbor

Certain statements contained in this press release contain forward-looking statements including without limitation, statements concerning our operations, economic performance, and financial condition.  The words "estimate," "believe," "expect," "should"', "will", "plan", and "anticipate" and other similar expressions generally identify forward-looking statements, which speak only as of their dates.

Investors are cautioned that all forward-looking statements, which are based largely on our current expectations, involve risks and uncertainty. Actual results, events and circumstances (including future performance, results and trends) could differ materially from those set forth in such statements due to various factors, risks and uncertainties, including without limitation, risks associated with technological change, competitive factors and general economic conditions, including the related impact on discretionary consumer spending, our ability to obtain sufficient capital to both sustain current operations and fund future growth, changes in marketing and distribution strategies by manufacturers, timely development and release of video game products we produce, potential cost overruns in our development of video games, ability to protect our intellectual property rights, potential claims that we have infringed the intellectual property rights of others, market acceptance of games we develop and / or publish, ability to realize anticipated benefits of acquisitions, potential undiscovered liabilities of companies that we acquire, changes in our business or growth strategy, the emergence of new or growing competitors, various other competitive and technological factors. There can be no assurance that the results referred to in the forward-looking statements contained in this release will occur. The company has no duty and undertakes no obligation to update any forward-looking information, whether as a result of new information, future developments or otherwise.

ALLIANCE MEDIA HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2019

TWELVE MONTHS ENDED JUNE 30, 2019

(Unaudited and in thousands, except per share amounts)




Three months ended


Twelve months ended


September 30, 2019


June 30, 2019

















SALES


$461


$6,921





COST OF SALES


147


5,312





GROSS PROFIT


314


1,609





OPERATING COSTS AND EXPENSES


717


3,875





LOSS FROM OPERATIONS


(403)


(2,266)





Interest expense

7


61





NET LOSS


$(410)


$(2,327)





Net loss per share – basic and diluted


$ (0.01)


$ (0.05)





Weighted average common shares outstanding –




    Basic and Diluted


44,184


44,184

 

 

ALLIANCE MEDIA HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2019 AND JUNE 30, 2019

(unaudited, in thousands)




September 30,


June 30,


2019


2019

ASSETS








CURRENT ASSETS:




  Cash and equivalents

$     98


$    209

  Accounts receivable-net

139


246

  Inventory

144


200

  Prepaid expenses and other current assets

18


30





                Total current assets

399


685





PROPERTY AND EQUIPMENT – NET

16


18





OTHER ASSETS

22


61





TOTAL

$  437


$  764





LIABILITIES AND STOCKHOLDERS' EQUITY








CURRENT LIABILITIES:




  Asset based revolving loan – bank

$     -


$  135

  Accounts payable

397


401

  Accrued expenses and other current liabilities

351


317

  Unearned revenues

220


38





                Total current liabilities

968


891





DEFERRED RENT

-


7





STOCKHOLDERS' EQUITY




  Common Stock, 44,184 shares issued and outstanding

44


44

  Additional paid in capital

4,265


4,252

  Accumulated deficit

(4,840)


(4,430)





                Total deficit

(531)


(134)





TOTAL

$  437


$  764

 

 

ALLIANCE MEDIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED SEPTEMBER 30, 2019

TWELVE MONTHS ENDED JUNE 30, 2019

(unaudited, in thousands)




Three months ended


Twelve months ended


September 30, 2019


June 30, 2019









OPERATING ACTIVITIES:




    Net loss


$(410)


$ (2,327)

    Adjustments to reconcile net loss to net cash




        provided by operating activities:




        Depreciation and amortization


3


26

        Stock-based compensation expense


13


93

        Other


(1)


16

        Accounts receivable


107


1,116

        Inventory


56


2,032

        Advances to suppliers and videogame developers


-


122

        Prepaid expenses and other assets


45


545

        Accounts payable


(4)


(384)

        Accrued expenses and other current liabilities


34


(43)

        Unearned revenues


182


38





                Net cash provided by operating activities


25


1,234





INVESTING ACTIVITIES:




    Purchase of property and equipment


(1)


(12)





                Net cash used in investing activities


(1)


(12)





FINANCING ACTIVITIES:




    Payment of asset-based revolving loan-bank,




      net of proceeds


(135)


(1,174)

                Net cash used in financing activities


(135)


(1,174)





NET (DECREASE) INCREASE IN CASH




  AND EQUIVALENTS


(111)


48





CASH AND EQUIVALENTS, BEGINNING




  OF PERIOD


209


161





CASH AND EQUIVALENTS, END OF PERIOD


$   98


$  209





 

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SOURCE Alliance Media Holdings Inc.