As of and for the three months ended March 31, 2018, the Company had an accumulated deficit of $184.3 million, a loss from operations of $107.7 million, and net cash used in operating activities of $68.4 million.
All intercompany transactions and balances among consolidated subsidiaries have been eliminated. For the three months ended March 31, 2018, the Company had $1,394,169 of interest expense pertaining to the November 2017 Notes and $1,394,169 accrued at March 31, 2018.Pursuant to the spin-off, we plan to distribute shares of Zone common stock as a dividend to persons who hold common stock of Helios and Matheson as of a record date to be determined. Additionally, the Company observed royalty rates related to MoviePass’s technology assets acquired ranging from 0.0% to 50.0%, and used a 1.0% royalty rate in determining the fair value of the acquired technology.
Such fees have been accrued and paid by the Company since January 1, 2017. _____ COMPLAINT FOR VIOLATIONS OF THE FEDERAL SECURITIES LAWS JURY TRIAL DEMANDED _____ … The lease agreement expires in June 2022. As of the date of this report, the Company has not made a decision with respect to the disposition of those shares that are subject to forfeiture.The Company’s condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The following table summarizes the provisional purchase price allocations relating to the MoviePass Transaction.The weighted average grant date fair value per share of stock options granted during the three months ended March 31, 2018 was $0.16. The Company is currently not under audit in any jurisdiction in which it conducts business.Lastly, MoviePass Ventures, the Company’s wholly-owned subsidiary, has consummated two strategic transactions in films: “American Animals” and “Gotti”. Through these two transactions, MoviePass Ventures is entitled to participate in revenues from the theatrical window, rentals and other downstream and ancillary revenue streams: subscription-video-on-demand (SVOD), transactional-video-on-demand (TVOD), airline, and foreign sales. The Company expects that these transactions will also result in paid marketing services arrangements for MoviePass. MoviePass Ventures' investments in American Animals and Gotti have garnered international media attention and we believe, continue to bolster MoviePass' brand recognition.The Company’s executive office lease is subject to escalations based on increases in real estate taxes and operating expenses, all of which are charged to rent expense. There is no assurance that we will be able to complete the spin-off, and the Company’s management may at any time decide not to proceed with the spin-off.The above discussion does not purport to be a complete description of the Purchase Agreement, Lock-Up Agreement or Registration Rights Agreement and is qualified in its entirety by reference to the full text of the Purchase Agreement, Lock-Up Agreement and Registration Agreement.As of March 31, 2018, the Company owned 81.2%, and as of the date of this report the Company owns 91.8%, of the outstanding shares of MoviePass (excluding outstanding MoviePass options and warrants). MoviePass is the premiere movie theater subscription service in the United States which provides our subscribers the ability to view up to one new movie title per day for one monthly subscription price. Our more than 2 million subscribers have access to see films in over 91% of U.S movie theaters. On February 8, 2017, the Company issued two Senior Secured Convertible Notes (the “February 2017 Notes”) to an institutional investor (the “Investor”) in the aggregate principal amount of $5,681,818 for consideration consisting of a secured promissory note payable by the Investor to the Company in the principal amount of $5,000,000 (the “February 2017 Investor Note”) which offsets the February 2017 notes of the same amount.
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