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10-Q Filing

BRIGHT MOUNTAIN MEDIA, INC. CIK: 1568385 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001493152-22-003400
Period End Date 20210331
Filing Date 20220208
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance form10-q_htm.xml
Filing Contents
Balance Sheet 82 line items
Line Item Tag Value Unit Period
Preferred stock, par value per share PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, par value per share PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 20.00M shares Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 20.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.55M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $736.05K USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $3.97M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $2.74M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $6.43M USD Point-in-time
Note receivable, net NotesReceivableNet $20.37K USD Point-in-time
Common stock, par value per share CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value per share CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Note receivable, net NotesReceivableNet $13.91K USD Point-in-time
Right of use asset OperatingLeaseRightOfUseAssetCurrent $48.91K USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 324.00M shares Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 324.00M shares Point-in-time
Right of use asset OperatingLeaseRightOfUseAssetCurrent - USD Point-in-time
Common shares, shares issued CommonStockSharesIssued 118.16M shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $940.21K USD Point-in-time
Common shares, shares issued CommonStockSharesIssued 118.67M shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $776.22K USD Point-in-time
Common shares, shares outstanding CommonStockSharesOutstanding 117.84M shares Point-in-time
Total Current Assets AssetsCurrent $8.12M USD Point-in-time
Common shares, shares outstanding CommonStockSharesOutstanding 117.34M shares Point-in-time
Total Current Assets AssetsCurrent $5.14M USD Point-in-time
Treasury stock, shares issued TreasuryStockShares 825,175.00 shares Point-in-time
Treasury stock, shares issued TreasuryStockShares 825,175.00 shares Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $101.77K USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $113.25K USD Point-in-time
Website acquisition assets, net WebsiteAcquisitionAssetsNet $5.60K USD Point-in-time
Website acquisition assets, net WebsiteAcquisitionAssetsNet $5.20K USD Point-in-time
Intangible assets, net FiniteLivedIntangibleAssetsNet $7.26M USD Point-in-time
Intangible assets, net FiniteLivedIntangibleAssetsNet $7.65M USD Point-in-time
Goodwill Goodwill $19.65M USD Point-in-time
Goodwill Goodwill $19.65M USD Point-in-time
Goodwill Goodwill $9.97M USD Point-in-time
Prepaid services/consulting agreements - long term PrepaidExpenseAndOtherAssetsNoncurrent $664.59K USD Point-in-time
Prepaid services/consulting agreements - long term PrepaidExpenseAndOtherAssetsNoncurrent $664.59K USD Point-in-time
Right of use asset OperatingLeaseRightOfUseAsset - USD Point-in-time
Right of use asset OperatingLeaseRightOfUseAsset $72.60K USD Point-in-time
Other assets OtherAssetsNoncurrent $253.65K USD Point-in-time
Other assets OtherAssetsNoncurrent $260.37K USD Point-in-time
Total Assets Assets $36.53M USD Point-in-time
Total Assets Assets $33.07M USD Point-in-time
Accounts payable AccountsPayableCurrent $9.60M USD Point-in-time
Accounts payable AccountsPayableCurrent $8.03M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $3.42M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $3.55M USD Point-in-time
Accrued interest to related party DueToRelatedPartiesCurrent $100.72K USD Point-in-time
Accrued interest to related party DueToRelatedPartiesCurrent $65.44K USD Point-in-time
Premium finance loan payable LoansPayableCurrent $339.89K USD Point-in-time
Premium finance loan payable LoansPayableCurrent $234.29K USD Point-in-time
Deferred revenues ContractWithCustomerLiabilityCurrent $346.53K USD Point-in-time
Deferred revenues ContractWithCustomerLiabilityCurrent $346.53K USD Point-in-time
Long term debt, current portion NotesPayableCurrent $2.09M USD Point-in-time
Long term debt, current portion NotesPayableCurrent $1.99M USD Point-in-time
Operating lease liability, current portion OperatingLeaseLiabilityCurrent $72.73K USD Point-in-time
Operating lease liability, current portion OperatingLeaseLiabilityCurrent $48.91K USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $16.06M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $14.17M USD Point-in-time
Long term debt to related parties, net NotesPayableRelatedPartiesNoncurrent $43.18K USD Point-in-time
Long term debt to related parties, net NotesPayableRelatedPartiesNoncurrent $39.73K USD Point-in-time
Long term debt LongTermNotesPayable $16.92M USD Point-in-time
Long term debt LongTermNotesPayable $16.45M USD Point-in-time
Total Liabilities Liabilities $33.01M USD Point-in-time
Total Liabilities Liabilities $30.67M USD Point-in-time
Common stock, par value $0.01, 324,000,000 shares authorized, 118,666,416 and 118,162,150 issued and 117,841,241 and 117,336,975 outstanding at March 31, 2021 and December 31, 2020, respectively CommonStockValue $1.18M USD Point-in-time
Common stock, par value $0.01, 324,000,000 shares authorized, 118,666,416 and 118,162,150 issued and 117,841,241 and 117,336,975 outstanding at March 31, 2021 and December 31, 2020, respectively CommonStockValue $1.19M USD Point-in-time
Treasury stock, at cost; 825,175 shares at March 31, 2021 and December 31, 2020 TreasuryStockValue $219.84K USD Point-in-time
Treasury stock, at cost; 825,175 shares at March 31, 2021 and December 31, 2020 TreasuryStockValue $219.84K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $97.03M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $96.43M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-93.93M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-95.64M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-31.29K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-22.66K USD Point-in-time
Total shareholders equity StockholdersEquity $3.51M USD Point-in-time
Total shareholders equity StockholdersEquity $2.41M USD Point-in-time
Total shareholders equity StockholdersEquity $65.35M USD Point-in-time
Total shareholders equity StockholdersEquity $64.14M USD Point-in-time
Total Liabilities and Shareholders Equity LiabilitiesAndStockholdersEquity $36.53M USD Point-in-time
Total Liabilities and Shareholders Equity LiabilitiesAndStockholdersEquity $33.07M USD Point-in-time
Income Statement 41 line items
Line Item Tag Value Unit Period
Advertising RevenueFromContractWithCustomerExcludingAssessedTax $2.27M USD 1 Quarter
Advertising RevenueFromContractWithCustomerExcludingAssessedTax $2.40M USD 1 Quarter
Advertising CostOfRevenue $1.82M USD 1 Quarter
Advertising CostOfRevenue $1.37M USD 1 Quarter
Gross profit GrossProfit $1.03M USD 1 Quarter
Gross profit GrossProfit $447.10K USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $3.58M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $4.27M USD 1 Quarter
Loss from operations OperatingIncomeLoss $-3.24M USD 1 Quarter
Loss from operations OperatingIncomeLoss $-3.13M USD 1 Quarter
Interest income InterestIncomeExpenseNet $10.99K USD 1 Quarter
Interest income InterestIncomeExpenseNet $187.00 USD 1 Quarter
Gain on forgiveness of PPP loan GainOnForgivenessOfPppLoan $1.71M USD 1 Quarter
Gain on forgiveness of PPP loan GainOnForgivenessOfPppLoan - USD 1 Quarter
Other (expense)/income OtherNonoperatingIncomeExpense $-215.00 USD 1 Quarter
Other (expense)/income OtherNonoperatingIncomeExpense $121.83K USD 1 Quarter
Interest expense NonOperatingIncomeInterestExpense - USD 1 Quarter
Interest expense NonOperatingIncomeInterestExpense $261.18K USD 1 Quarter
Interest expense - related party InterestExpenseRelatedParty $50.67K USD Point-in-time
Interest expense - related party InterestExpenseRelatedParty $2.02K USD 1 Quarter
Interest expense - related party InterestExpenseRelatedParty $35.29K USD 1 Quarter
Total other income NonoperatingIncomeExpense $8.76K USD 1 Quarter
Total other income NonoperatingIncomeExpense $1.53M USD 1 Quarter
Net loss before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-3.12M USD 1 Quarter
Net loss before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-1.71M USD 1 Quarter
Income tax benefit IncomeTaxExpenseBenefit $-89.21K USD 1 Quarter
Income tax benefit IncomeTaxExpenseBenefit - USD 1 Quarter
Net loss NetIncomeLoss $-3.03M USD 1 Quarter
Net loss NetIncomeLoss $-1.71M USD 1 Quarter
Preferred stock dividends Series A-1, Series E, and Series F preferred stock PreferredStockDividendsIncomeStatementImpact $88.98K USD 1 Quarter
Preferred stock dividends Series A-1, Series E, and Series F preferred stock PreferredStockDividendsIncomeStatementImpact $118.25K USD 1 Quarter
Net loss attributable to common shareholders NetIncomeLossAvailableToCommonStockholdersBasic $-3.15M USD 1 Quarter
Net loss attributable to common shareholders NetIncomeLossAvailableToCommonStockholdersBasic $-1.80M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-31.29K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax - USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTax $-3.15M USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTax $-1.83M USD 1 Quarter
Basic and diluted net loss per share EarningsPerShareBasicAndDiluted $-0.03 USD 1 Quarter
Basic and diluted net loss per share EarningsPerShareBasicAndDiluted $-0.02 USD 1 Quarter
Weighted average shares outstanding - basic and diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 118.98M shares 1 Quarter
Weighted average shares outstanding - basic and diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 106.10M shares 1 Quarter
Cash Flow Statement 81 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-3.03M USD 1 Quarter
Net loss NetIncomeLoss $-1.71M USD 1 Quarter
Depreciation Depreciation $5.25K USD 1 Quarter
Depreciation Depreciation $18.05K USD 1 Quarter
Amortization of debt discount AmortizationOfDebtDiscountPremium $3.45K USD 1 Quarter
Amortization of debt discount AmortizationOfDebtDiscountPremium $3.49K USD 1 Quarter
Amortization AmortizationOfIntangibleAssets $396.27K USD 1 Quarter
Amortization AmortizationOfIntangibleAssets $928.20K USD 1 Quarter
Gain on settlement of liability GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Gain on settlement of liability GainsLossesOnExtinguishmentOfDebt $-36.59K USD 1 Quarter
Stock option compensation expense ShareBasedCompensation $68.29K USD 1 Quarter
Stock option compensation expense ShareBasedCompensation $3.21K USD 1 Quarter
Stock compensation for Oceanside shares StockIssuedForServicesRendered $-606.83K USD 1 Quarter
Stock compensation for Oceanside shares StockIssuedForServicesRendered - USD 1 Quarter
Gain on forgiveness of PPP loan GainOnForgivenessOfPppLoan $1.71M USD 1 Quarter
Gain on forgiveness of PPP loan GainOnForgivenessOfPppLoan - USD 1 Quarter
Write off doubtful accounts AllowanceForDoubtfulAccountsReceivableWriteOff $-291.99K USD 1 Quarter
Warrant expense for services rendered AdjustmentOfWarrantsGrantedForServices $91.72K USD 1 Quarter
Warrant expense for services rendered AdjustmentOfWarrantsGrantedForServices $10.00K USD 1 Quarter
Non-cash acquisition fee BusinessCombinationAcquisitionRelatedCosts - USD 1 Quarter
Non-cash acquisition fee BusinessCombinationAcquisitionRelatedCosts $275.00K USD 1 Quarter
Non-cash compensation for services NoncashCompensationForServices - USD 1 Quarter
Non-cash compensation for services NoncashCompensationForServices $90.00K USD 1 Quarter
Change in deferred taxes DeferredIncomeTaxExpenseBenefit - USD 1 Quarter
Change in deferred taxes DeferredIncomeTaxExpenseBenefit $-89.21K USD 1 Quarter
Provision for bad debt ProvisionForDoubtfulAccounts $6.10K USD 1 Quarter
Provision for bad debt ProvisionForDoubtfulAccounts - USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-789.91K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-3.96M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-164.00K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $7.69K USD 1 Quarter
Prepaid services/consulting agreements IncreaseDecreaseInPrepaidExpensesOther $93.18K USD 1 Quarter
Prepaid services/consulting agreements IncreaseDecreaseInPrepaidExpensesOther - USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $6.72K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $58.85K USD 1 Quarter
Right of use asset and lease liability IncreaseDecreaseInRightOfUseAssetAndLeaseLiability $-14.08K USD 1 Quarter
Right of use asset and lease liability IncreaseDecreaseInRightOfUseAssetAndLeaseLiability $-128.00 USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-1.56M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-271.08K USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-44.19K USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-218.07K USD 1 Quarter
Accrued interest related party IncreaseDecreaseInInterestPayableNet $2.02K USD 1 Quarter
Accrued interest related party IncreaseDecreaseInInterestPayableNet $35.29K USD 1 Quarter
Deferred revenues IncreaseDecreaseInDeferredRevenue - USD 1 Quarter
Deferred revenues IncreaseDecreaseInDeferredRevenue $11.96K USD 1 Quarter
Net cash (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-1.37M USD 1 Quarter
Net cash (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-222.09K USD 1 Quarter
Cash paid for property & equipment PaymentsToAcquirePropertyPlantAndEquipment - USD 1 Quarter
Cash paid for property & equipment PaymentsToAcquirePropertyPlantAndEquipment $6.56K USD 1 Quarter
Net cash (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-6.56K USD 1 Quarter
Net cash (used in) investing activities NetCashProvidedByUsedInInvestingActivities - USD 1 Quarter
Proceeds from issuance of common stock, net ProceedsFromIssuanceOfCommonStock $1.73M USD 1 Quarter
Proceeds from issuance of common stock, net ProceedsFromIssuanceOfCommonStock - USD 1 Quarter
Payments of premium finance loan payable PaymentsOfPremiumFinanceLoansPayable $105.60K USD 1 Quarter
Payments of premium finance loan payable PaymentsOfPremiumFinanceLoansPayable $54.39K USD 1 Quarter
Proceeds from stock option exercises ProceedsFromStockOptionsExercised - USD 1 Quarter
Proceeds from stock option exercises ProceedsFromStockOptionsExercised $13.90K USD 1 Quarter
Dividend payments ProceedsFromPaymentsOfDividend $1.26K USD 1 Quarter
Dividend payments ProceedsFromPaymentsOfDividend $-23.75K USD 1 Quarter
Principal payments received (funded) for notes receivable ProceedsFromRepaymentsOfNotesPayable $25.48K USD 1 Quarter
Principal payments received (funded) for notes receivable ProceedsFromRepaymentsOfNotesPayable $-6.46K USD 1 Quarter
Proceeds from PPP loan ProceedsFromIssuanceOfDebt $1.14M USD 1 Quarter
Proceeds from PPP loan ProceedsFromIssuanceOfDebt - USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $1.04M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $1.68M USD 1 Quarter
Net increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $313.01K USD 1 Quarter
Net increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $811.59K USD 1 Quarter
Cash and cash equivalents at the beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.55M USD Point-in-time
Cash and cash equivalents at the beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $736.05K USD Point-in-time
Cash and cash equivalents at the beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.27M USD Point-in-time
Cash and cash equivalents at the beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $957.01K USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.55M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $736.05K USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $1.27M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $957.01K USD Point-in-time
Interest InterestPaidNet $2.02K USD 1 Quarter
Interest InterestPaidNet - USD 1 Quarter
Premium finance loan payable recorded as prepaid PremiumFinanceLoanPayableRecordedAsPrepaid - USD 1 Quarter
Premium finance loan payable recorded as prepaid PremiumFinanceLoanPayableRecordedAsPrepaid $125.99K USD 1 Quarter
Issuance of common stock payable to Spartan Capital for consulting services IssuanceOfCommonStockPayableToSpartanCapitalForConsultingServices $2.21M USD 1 Quarter
Issuance of common stock payable to Spartan Capital for consulting services IssuanceOfCommonStockPayableToSpartanCapitalForConsultingServices - USD 1 Quarter
Stockholders Equity 21 line items
Line Item Tag Value Unit Period
Balance StockholdersEquity $3.51M USD Point-in-time
Balance StockholdersEquity $2.41M USD Point-in-time
Balance StockholdersEquity $65.35M USD Point-in-time
Balance StockholdersEquity $64.14M USD Point-in-time
Net loss NetIncomeLoss $-3.03M USD 1 Quarter
Net loss NetIncomeLoss $-1.71M USD 1 Quarter
Series A-1, E and F preferred stock dividend AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings $-88.98K USD 1 Quarter
Series A-1, E and F preferred stock dividend AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings $-89.14K USD 1 Quarter
Stock option vesting expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $68.29K USD 1 Quarter
Stock option vesting expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $36.59K USD 1 Quarter
Issuance of common stock:Options exercise StockIssuedDuringPeriodValueStockOptionsExercised $13.90K USD 1 Quarter
Issuance of common stock:Options exercise, shares StockIssuedDuringPeriodSharesStockOptionsExercised 100,000.00 shares 1 Quarter
Issuance of common stock:Warrants exercise IssuanceOfCommonStockwarrantsExercise $10.00K USD 1 Quarter
Adjustment from foreign currency translation, net AdjustmentFromForeignCurrencyTranslationNet $-8.62K USD 1 Quarter
Issuance of common stock: To Oceanside personnel as part of acquisition agreement StockIssuedDuringPeriodValueAcquisitions $606.83K USD 1 Quarter
Issuance of common stock:Services rendered StockIssuedDuringPeriodValueIssuedForServices $2.12M USD 1 Quarter
Issuance of common stock:Units consisting of one share of common stock and one warrant issued for cash StockIssuedDuringPeriodValueOther $2.17M USD 1 Quarter
Balance StockholdersEquity $3.51M USD Point-in-time
Balance StockholdersEquity $2.41M USD Point-in-time
Balance StockholdersEquity $65.35M USD Point-in-time
Balance StockholdersEquity $64.14M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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