Helios and Matheson Analytics Inc. HMNY, +0.00% the parent company of MoviePass, lost millions of dollars in the second quarter as the subscription-movie offering sought to change its rules. In a Tuesday afternoon filing with the Securities and Exchange Commission, Helios and Matheson reported a net loss of $83.7 million on revenue of $74.2 million in the quarter ended June 30. Because Helios and Matheson does not have full control of MoviePass, some of those losses were reduced, as the company reported a comprehensive loss attributable to shareholders of $63.4 million, or $132.47 a share. That was actually an improvement from the year before, when Helios and Matheson reported a loss of $198.68 a share, though the company had far fewer weighted average shares at that time — 26,283 vs. the current 478,105, according to the filing. Helios and Matheson ended the quarter with $15.5 million in cash on hand, and maintained a going-concern warning that it would not be able to sustain for the next year with the funds it has on hand. MoviePass, which originally sold subscriptions for unlimited visits to theaters and purchased tickets to the films for subscribers, has had to change its approach while losing vast amounts of cash, and the shares have been hit hard. Helios and Matheson stock has dropped 99.97% in the past three months to close Tuesday at about a nickel a share, as the S&P 500 index SPX, +0.64% has gained 4%. Shares declined to about 3.5 cents a share in after-hours trading Tuesday.
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