MoviePass lights are dimming as losses and subscribers mount

MoviePass AMC and the future of movie going

MoviePass had previously reported a cash burn of $21 million per month.

"Without raising additional capital, there is substantial doubt about the company's ability to continue as a going concern through August 14, 2019", Helios said in its new 10-Q filing. In the same quarter a year ago (just before MoviePass' subscription price was slashed to an unbelievable $9.95 per month), the company posted an operating loss of just $2.7 million.

Helios and Matheson Analytics Inc. has been hemorrhaging cash the last few months as its subscription-based movie ticketing app MoviePass struggles to identify a sustainable business model.

The company is also facing possible legal action.

Shareholders are fed up with the company's actions and have filed a lawsuit against CEO Ted Farnsworth and CFO Stuart Benson, accusing them of defrauding shareholders by presenting misleading financial information. The company said it intends to "vigorously defend" itself and believes the complaints are "without merit".

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The quarterly document, filed Tuesday with the Securities and Exchange Commission, contrasts awkwardly with the message Helios and Matheson and MoviePass have been sending publicly for weeks.

The company issued a statement earlier this month quoting Mark Twain that "Talk of our demise is greatly exaggerated". If the new plan, which went into effect Wednesday, proves to be another failure, the company could quickly blow through its remaining $175.3 million of total assets left on hand, according to CNBC. Customers were sometimes charged as much as $8 extra for an individual ticket. It temporarily raised its prices and limited access to some blockbuster movies.

To that end, MoviePass, which had promoted its "unlimited" service, this month replaced its $9.95-a-month movie-a-day offer with one that lets customers attend three films a month for the same fee.

Helios and Matheson recently had a reverse 250-to-1 stock split in an effort to raise its price and avoid being delisted from the Nasdaq. As of writing, shares are trading at a paltry $0.04 each.

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