Alliance Media Holdings Inc. Reports Financial Results For The Three Months Ended September 30, 2019 And Twelve Months Ended June 30, 2019 - Alliance Media Holdings (OTC:ADTR)

NEW YORK, Dec. 26, 2019 /PRNewswire/ -- Alliance Media Holdings Inc. 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

SOURCE Alliance Media Holdings Inc.

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