Bright Mountain Media, Inc.
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Report Link: Updated Research Report (Dated 12/15/2020)
Analyst: John Nobile
Taglich Rating: Speculative Buy
Price Target: $4.00
Time Horizon: 12 Months
Rating Established: August 3, 2020
Price When Established: $2.10
Most Recent Report: December 15, 2020
Price When Issued: $2.95
Bright Mountain Reports Non-Reliance on Previously Issued Financial Statements
On March 31, 2021, Bright Mountain Media, Inc. (OTC: BMTM) determined that its previously issued financial statements for the years ended December 31, 2019, and interim quarterly periods ended March 31, 2020, June 30, 2020, and September 30, 2020, should no longer be relied upon due to material errors contained in those financials statements primarily relating to the accounting for finder’s fees in connection with the 2019 acquisitions of Oceanside Media and Mediahouse, additional shares issued in connection with the acquisition of Mediahouse, and finder’s fee in connection with the 2020 acquisition of Wild Sky Media.
BMTM and the audit committee have determined that it is appropriate to restate the prior period financial statements. The effects of the restatement is not expected to impact cash and cash equivalents or the economics of the company’s existing or future commercial arrangements.
The company currently anticipates that the primary impact of the restatement will include adjustments on the balance sheets to increase goodwill by $622,000 and an increase to accrued expenses, and a decrease in shareholders’ equity of approximately $1.2 million, and an increase in the loss relating to SG&A expenses for approximately $1.2 million.
The company expects to restate its financial statements for the periods mentioned above in its Form 10-K for the year ended December 31, 2020 which it expects it will not be able to file by the March 31, 2021 deadline, but will file a Form 12b-25, and is working to finalize the restated financial statements and to file its Form 10-K by the extended deadline.
Bright Mountain Media Appoints Gretchen M. Tibbits to the Board of Directors
On February 4, 2021, Bright Mountain Media, Inc. (OTC: BMTM) announced that Gretchen M. Tibbits has been appointed to the company's Board of Directors effective immediately.
Ms. Tibbits brings with her over 25 years of experience in management, strategy and mergers & acquisitions. She currently serves as Managing Director at Progress Partners, a Boston & New York-based M&A advisory firm focused on the media, marketing and advertising sectors. Concurrently, she serves on arts related boards advising them on branding, digital media strategy, and fundraising initiatives.
Ms. Tibbits previously served in executive roles at LittleThings, Maxim Magazine, ESPN, Hearst Business Media, and American Media (now A360 Media). Ms. Tibbits holds an MBA in Finance and Management from New York University, and a BA from the University of Virginia.
Headquartered in Boca Raton, Florida, Bright Mountain Media, Inc. is an end-to-end digital media and advertising services company that connects brands with targeted consumer demographics.
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