'Substantial Doubt About the Company's Ability to Continue'
Posted by ICv2 on November 15, 2017 @ 5:02 am CT
After interest and the changing in value of derivative liabilities (which fluctuate depending on stock price), total losses for the quarter were $3.7 million.
Wizard World has now burned through all of the nearly $2.5 million in new financing it raised less than a year ago (see "Wizard World Secures Financing – At a Cost"), and more. The company cited its past success at raising additional equity investment and indicated it expects to be able to raise more cash from related parties and others to fund its operations going forward.
The basic problem is that the company is spending more to mount its shows but attendance is dropping, a sign that it’s not putting together celebrity packages that draw fans as they have in the past. Wizard World put on four shows in Q3, the same number as last year, but revenues were down over $1 million for the quarter. We note that this phenomenon started around the time Wizard World parted ways (acrimoniously) with Steve Shamus, who’d been booking its celebrities (see "Wizard World, Stephen Shamus Settle Lawsuits").
Wizard World scaled back its plans dramatically in September and now plans to mount a total of 14 shows in 2017 and 17 in 2018 (see "Wizard Cuts Eight Shows from Planned 2017 Schedule").
DVD Round-Up: 'Dunkirk,' 'LEGO Ninjago Movie,' 'mother!,' 'Victoria & Abdul,' & 'Stan Lee's Lucky Man'
Week of December 19, 2017
December 17, 2017
This week’s home entertainment disc releases include Christopher Nolan’s Dunkirk , the third major LEGO-themed animated feature, a period drama with Judi Dench playing Queen Victoria, Darren Aronofsky’s visionary thriller mother! , plus for the first time in North America, Stan Lee’s Lucky Man.
'Mystic Vale' Expansion, 'Space Base,' 'Istanbul Dice,' and New 'Captain Is Dead'
December 15, 2017
Alderac has revealed plans for four new titles releasing in April and May: Mystic Vale: Conclave , Space Base , The Captain is Dead: Lockdown , and Istanbul Dice .