MoviePass Having Outage Issues Because It Couldn't Pay Its Bills (cnet.com)

Posted by msmash on Friday July 27, 2018 @05:30AM from the well-that's-embarrassing dept.

Popular movie-ticked subscription service MoviePass experienced an outage on Thursday, still ongoing for some, which the company attributed to "technical issues with our card-based check-in process," on its Twitter feed. But its SEC filing Thursday indicated that the problem was really cash flow. From a report: The filing by its parent company, Helios and Matheson Analytics, explained an emergency loan the company had taken out: The $5.0 million cash proceeds received from the Demand Note will be used by the Company to pay the Company's merchant and fulfillment processors. If the Company is unable to make required payments to its merchant and fulfillment processors, the merchant and fulfillment processors may cease processing payments for MoviePass. ("MoviePass"), which would cause a MoviePass service interruption. Such a service interruption occurred on July 26, 2018. Such service interruptions could have a material adverse effect on MoviePass' ability to retain its subscribers.

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Re:Facebook profits... by Discgolferusa · 2018-07-27 05:50 · Score: 5, Insightful

Makes me long for the good old days of Pets.com..... Man I miss that sock puppet!
Re:I think I have seen this movie before. by jwhyche · 2018-07-27 06:17 · Score: 5, Insightful

When you open a all you can eat buffet best to make sure you have enough for everyone to eat.
-Me Year of the Clown

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I read at +2. If your post doesn't reach that level I will not see or respond to it.