☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
For the quarterly period ended September 30, 2017
|
|
|
or
|
|
|
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☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
For the transition period from _____ to _____
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Delaware
|
|
98-0469479
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(State or Other Jurisdiction of
Incorporation or Organization)
|
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(I.R.S. Employer
Identification No.)
|
1600 Old Country Road, Plainview, New York
|
11803
|
(Address of principal executive offices)
|
(Zip Code)
|
(516) 622-8300
|
(Registrant’s Telephone Number, Including Area Code)
|
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☒
|
Non-accelerated filer
(Do not check if a smaller reporting company)
|
☐
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☒
|
|
Part I. Financial Information
|
Page No.
|
Item 1.
|
1
|
|
|
|
|
|
|
|
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1
|
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|
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2
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3
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4
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5
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Item 2.
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||
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12 | |
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Item 3.
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21 | |
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Item 4.
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21 | |
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Part II. Other Information
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Item 1.
|
21 | |
Item 6.
|
22 | |
|
|
|
23 |
September 30,
|
December 31,
|
|||||||
2017
|
2016
|
|||||||
(unaudited)
|
||||||||
|
||||||||
ASSETS
|
||||||||
Current
|
||||||||
Cash and cash equivalents
|
$
|
53,908
|
$
|
41,905
|
||||
Accounts receivable, net of allowance of doubtful accounts of $629 and $385
|
14,590
|
14,073
|
||||||
Other receivables
|
395
|
791
|
||||||
Inventory
|
179
|
186
|
||||||
Assets held for sale
|
6,833
|
-
|
||||||
Prepaid expenses and deposits
|
3,288
|
3,657
|
||||||
Due from related parties
|
266
|
551
|
||||||
Total current assets
|
79,459
|
61,163
|
||||||
Property, plant and equipment, net
|
8,662
|
14,227
|
||||||
Intangible assets, net
|
19,296
|
24,495
|
||||||
Goodwill
|
13,229
|
13,229
|
||||||
Deferred tax assets
|
34,388
|
32,574
|
||||||
Other assets
|
4,252
|
2,686
|
||||||
Total assets
|
$
|
159,286
|
$
|
148,374
|
||||
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
Current
|
||||||||
Accounts payable
|
$
|
35,480
|
$
|
11,802
|
||||
Accrued liabilities
|
10,016
|
12,630
|
||||||
Due to related parties
|
40
|
-
|
||||||
Deferred revenue
|
13,063
|
14,036
|
||||||
Total current liabilities
|
58,599
|
38,468
|
||||||
Long-term deferred revenue
|
1,311
|
2,037
|
||||||
Deferred rent liabilities
|
1,488
|
1,265
|
||||||
Deferred tax liabilities
|
844
|
1,093
|
||||||
Other long-term liabilities
|
11
|
112
|
||||||
Total liabilities
|
62,253
|
42,975
|
||||||
|
||||||||
Stockholders' equity
|
||||||||
Common stock (par value: $0.01; shares authorized: 500,000,000; shares issued and outstanding:
|
||||||||
2017: 278,722,547 and 2016: 279,050,968)
|
2,786
|
2,791
|
||||||
Treasury stock
|
-
|
(621
|
)
|
|||||
Additional paid-in capital
|
167,721
|
167,418
|
||||||
Promissory notes receivable
|
(189
|
)
|
(189
|
)
|
||||
Accumulated deficit
|
(73,285
|
)
|
(64,000
|
)
|
||||
Total stockholders’ equity
|
97,033
|
105,399
|
||||||
Total liabilities and stockholders’ equity
|
$
|
159,286
|
$
|
148,374
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
|
||||||||||||||||
Revenue
|
$
|
22,048
|
$
|
23,857
|
$
|
69,792
|
$
|
74,261
|
||||||||
|
||||||||||||||||
Costs and expenses
|
||||||||||||||||
Cost of revenue, exclusive of depreciation and amortization shown separately below
|
4,385
|
4,322
|
13,333
|
13,108
|
||||||||||||
Selling, general and administrative, including stock-based compensation
|
15,352
|
13,429
|
44,802
|
38,252
|
||||||||||||
Research and development
|
4,552
|
5,212
|
13,787
|
14,851
|
||||||||||||
Depreciation and amortization
|
2,614
|
2,401
|
7,483
|
6,499
|
||||||||||||
Loss on assets held for sale
|
395
|
-
|
395
|
-
|
||||||||||||
|
27,298
|
25,364
|
79,800
|
72,710
|
||||||||||||
Operating (loss) income
|
(5,250
|
)
|
(1,507
|
)
|
(10,008
|
)
|
1,551
|
|||||||||
|
||||||||||||||||
Other income (expense)
|
||||||||||||||||
Gain (loss) on foreign exchange
|
361
|
(62
|
)
|
534
|
10
|
|||||||||||
Investment income, net
|
9
|
9
|
26
|
63
|
||||||||||||
|
370
|
(53
|
)
|
560
|
73
|
|||||||||||
Net and comprehensive (loss) income before income taxes
|
(4,880
|
)
|
(1,560
|
)
|
(9,448
|
)
|
1,624
|
|||||||||
Income tax (expense) benefit
|
(173
|
)
|
(1,155
|
)
|
163
|
(3,033
|
)
|
|||||||||
Net and comprehensive loss
|
$
|
(5,053
|
)
|
$
|
(2,715
|
)
|
$
|
(9,285
|
)
|
$
|
(1,409
|
)
|
||||
|
||||||||||||||||
Net loss per weighted average number of shares
|
||||||||||||||||
of common stock outstanding - basic and diluted
|
$
|
(0.02
|
)
|
$
|
(0.01
|
)
|
$
|
(0.03
|
)
|
0.00
|
||||||
|
||||||||||||||||
Weighted average number of shares
|
||||||||||||||||
of common stock outstanding - basic and diluted
|
278,644,282
|
282,072,241
|
278,072,525
|
282,244,706
|
Common stock
|
Treasury Stock
|
Additional
|
Promissory
|
Accumulated
|
Total
|
|||||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
paid-in capital
|
notes
|
deficit
|
equity
|
||||||||||||||||||||||||
Balance, December 31, 2016
|
279,050,968
|
$
|
2,791
|
(768,800
|
)
|
$
|
(621
|
)
|
$
|
167,418
|
$
|
(189
|
)
|
$
|
(64,000
|
)
|
$
|
105,399
|
||||||||||||||
Cancellation of treasury shares
|
(768,800
|
)
|
(8
|
)
|
768,800
|
621
|
(613
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||
Exercise of stock options
|
637,946
|
6
|
-
|
-
|
77
|
-
|
-
|
83
|
||||||||||||||||||||||||
Stock-based compensation:
|
||||||||||||||||||||||||||||||||
Stock options
|
-
|
-
|
-
|
-
|
1,634
|
-
|
-
|
1,634
|
||||||||||||||||||||||||
Restricted stock units
|
2,397,500
|
22
|
-
|
-
|
1,228
|
-
|
-
|
1,250
|
||||||||||||||||||||||||
Directors' compensation
|
406,042
|
5
|
-
|
-
|
269
|
-
|
-
|
274
|
||||||||||||||||||||||||
Repurchase and cancellation of
|
||||||||||||||||||||||||||||||||
common stock, including 551,309
|
||||||||||||||||||||||||||||||||
shares surrendered for tax
|
||||||||||||||||||||||||||||||||
withholdings of $353
|
(3,001,109
|
)
|
(30
|
)
|
-
|
-
|
(2,292
|
)
|
-
|
-
|
(2,322
|
)
|
||||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
-
|
(9,285
|
)
|
(9,285
|
)
|
||||||||||||||||||||||
Balance, September 30, 2017
|
278,722,547
|
$
|
2,786
|
-
|
$
|
-
|
$
|
167,721
|
$
|
(189
|
)
|
$
|
(73,285
|
)
|
$
|
97,033
|
|
Nine months ended September 30,
|
|||||||
|
2017
|
2016
|
||||||
OPERATING ACTIVITIES
|
||||||||
|
||||||||
Net loss
|
$
|
(9,285
|
)
|
$
|
(1,409
|
)
|
||
Adjustments to reconcile net loss to net cash
|
||||||||
provided by operating activities:
|
||||||||
Depreciation and amortization
|
7,483
|
6,499
|
||||||
Loss on assets held for sale
|
395
|
|||||||
Stock-based compensation
|
3,158
|
3,489
|
||||||
Provision for bad debt
|
430
|
13
|
||||||
Deferred income taxes
|
(2,063
|
)
|
(112
|
)
|
||||
|
||||||||
Changes in operating assets and liabilities, net of acquisitions
|
||||||||
Accounts receivable
|
(947
|
)
|
667
|
|||||
Other receivables
|
396
|
(275
|
)
|
|||||
Inventory
|
7
|
2
|
||||||
Prepaid expenses, deposits and other assets
|
(1,197
|
)
|
(1,997
|
)
|
||||
Due to/from related parties
|
325
|
(92
|
)
|
|||||
Accounts payable
|
23,678
|
18,514
|
||||||
Accrued liabilities
|
(1,993
|
)
|
2,321
|
|||||
Deferred revenue
|
(1,699
|
)
|
2,971
|
|||||
Deferred rent liability
|
223
|
(284
|
)
|
|||||
Long-term liabilities
|
(101
|
)
|
(13
|
)
|
||||
Cash provided by operating activities
|
18,810
|
30,294
|
||||||
|
||||||||
INVESTING ACTIVITIES
|
||||||||
Acquisition of Saffron Digital Limited
|
-
|
(9,000
|
)
|
|||||
Purchase of property, plant and equipment
|
(3,947
|
)
|
(2,147
|
)
|
||||
Cash used in investing activities
|
(3,947
|
)
|
(11,147
|
)
|
||||
|
||||||||
FINANCING ACTIVITIES
|
||||||||
Repurchases of common stock
|
(2,943
|
)
|
(3,450
|
)
|
||||
Proceeds from exercise of stock options
|
83
|
449
|
||||||
Cash used in financing activities
|
(2,860
|
)
|
(3,001
|
)
|
||||
|
||||||||
Net increase in cash and cash equivalents, during the period
|
12,003
|
16,146
|
||||||
Cash and cash equivalents, beginning of period
|
41,905
|
53,413
|
||||||
Cash and cash equivalents, end of period
|
$
|
53,908
|
$
|
69,559
|
||||
|
||||||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for income taxes
|
$
|
1,719
|
$
|
2,826
|
Prepaid expenses and deposits
|
$
|
53
|
||
Property, plant and equipment
|
14
|
|||
Intangible assets
|
7,200
|
|||
Goodwill
|
1,733
|
|||
Net assets acquired
|
$
|
9,000
|
Useful Life
|
|||||||
Amount
|
(years)
|
||||||
Developed technology
|
$
|
3,900
|
5
|
||||
Customer relationships
|
3,300
|
5
|
|||||
$
|
7,200
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
New York Islanders
|
$
|
70
|
$
|
69
|
$
|
208
|
$
|
209
|
||||||||
KyLin TV
|
61
|
90
|
233
|
274
|
||||||||||||
Renaissance
|
30
|
30
|
90
|
90
|
||||||||||||
Smile Train
|
24
|
24
|
72
|
72
|
||||||||||||
|
$
|
185
|
$
|
213
|
$
|
603
|
$
|
645
|
As of
|
||||||||
September 30,
|
December 31,
|
|||||||
|
2017
|
2016
|
||||||
KyLin TV
|
$
|
172
|
$
|
422
|
||||
New York Islanders
|
70
|
103
|
||||||
Smile Train
|
24
|
-
|
||||||
Renaissance
|
(40
|
)
|
26
|
|||||
|
$
|
226
|
$
|
551
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Weighted average shares of common stock outstanding
|
||||||||||||||||
used in calculating basic EPS
|
278,644,282
|
282,072,241
|
278,072,525
|
282,244,706
|
||||||||||||
Effect of dilutive preferred stock, restricted stock units,
|
||||||||||||||||
stock options and warrants
|
-
|
-
|
-
|
-
|
||||||||||||
Weighted average shares of common stock outstanding
|
||||||||||||||||
used in calculating diluted EPS
|
278,644,282
|
282,072,241
|
278,072,525
|
282,244,706
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Options – 2012 Omnibus Securities and Incentive Plan
|
21,786,825
|
23,779,350
|
21,786,825
|
23,779,350
|
||||||||||||
Restricted Stock Units – 2012 Omnibus Securities and Incentive Plan
|
5,373,750
|
8,102,500
|
5,373,750
|
8,102,500
|
||||||||||||
Options – Fourth Amended and Restated Stock Option Plan
|
1,293,750
|
2,058,750
|
1,293,750
|
2,058,750
|
||||||||||||
Warrants
|
1,924,741
|
1,924,741
|
1,924,741
|
1,924,741
|
||||||||||||
|
30,379,066
|
35,865,341
|
30,379,066
|
35,865,341
|
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||||||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||||||||||||||||||
North America
|
$
|
12,444
|
57
|
%
|
$
|
15,807
|
66
|
%
|
$
|
42,048
|
60
|
%
|
$
|
49,056
|
66
|
%
|
||||||||||||||||
Asia
|
5,347
|
24
|
%
|
5,104
|
21
|
%
|
16,124
|
23
|
%
|
16,317
|
22
|
%
|
||||||||||||||||||||
Europe
|
3,852
|
17
|
%
|
2,543
|
11
|
%
|
10,488
|
15
|
%
|
6,791
|
9
|
%
|
||||||||||||||||||||
Australia
|
405
|
2
|
%
|
403
|
2
|
%
|
1,132
|
2
|
%
|
2,097
|
3
|
%
|
||||||||||||||||||||
|
$
|
22,048
|
100
|
%
|
$
|
23,857
|
100
|
%
|
$
|
69,792
|
100
|
%
|
$
|
74,261
|
100
|
%
|
September 30, 2017
|
||||||||||||
|
Cost
|
Accumulated
Depreciation |
Net book Value
|
|||||||||
North America
|
$
|
24,329
|
$
|
19,618
|
$
|
4,711
|
||||||
Asia
|
1,230
|
938
|
292
|
|||||||||
Europe
|
4,527
|
868
|
3,659
|
|||||||||
|
$
|
30,086
|
$
|
21,424
|
$
|
8,662
|
December 31, 2016
|
||||||||||||
|
Cost
|
Accumulated
Depreciation |
Net book Value
|
|||||||||
North America
|
$
|
29,458
|
$
|
16,617
|
$
|
12,841
|
||||||
Asia
|
1,318
|
939
|
379
|
|||||||||
Europe
|
2,719
|
1,712
|
1,007
|
|||||||||
|
$
|
33,495
|
$
|
19,268
|
$
|
14,227
|
|
As of
|
|||||||
|
September 30,
|
December 31,
|
||||||
|
2017
|
2016
|
||||||
|
||||||||
Land
|
$
|
2,509
|
$
|
-
|
||||
Building
|
4,324
|
-
|
||||||
|
$
|
6,833
|
$
|
-
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||||||||||||
|
2017
|
2016
|
% change
|
2017
|
2016
|
% change
|
||||||||||||||||
Revenue - NeuLion Digital Platform
(amounts in millions)
|
$
|
14.5
|
$
|
16.3
|
-11%
|
|
$
|
46.7
|
$
|
50.4
|
-7%
|
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||
Cost of Revenue as a % of Revenue
|
20%
|
|
18%
|
|
19%
|
|
18%
|
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||||||||||||
|
2017
|
2016
|
% change
|
2017
|
2016
|
% change
|
||||||||||||||||
Adjusted EBITDA
(amounts in millions)
|
$
|
(1.1
|
)
|
$
|
2.3
|
-148%
|
|
$
|
1.1
|
$
|
12.7
|
-91%
|
|
Reconciliation of Net Loss to Adjusted EBITDA (in thousands):
|
||||||||||||||||
|
||||||||||||||||
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
|
||||||||||||||||
Net Loss
|
$
|
(5,053
|
)
|
$
|
(2,715
|
)
|
$
|
(9,285
|
)
|
$
|
(1,409
|
)
|
||||
|
||||||||||||||||
Revenue excluded due to purchase accounting
|
-
|
68
|
31
|
1,015
|
||||||||||||
Depreciation and amortization
|
2,614
|
2,401
|
7,483
|
6,499
|
||||||||||||
Stock-based compensation
|
1,162
|
1,361
|
3,158
|
3,489
|
||||||||||||
Loss on assets held for sale
|
395
|
-
|
395
|
-
|
||||||||||||
Acquisition-related expenses
|
-
|
-
|
-
|
102
|
||||||||||||
Income tax expense (benefit)
|
173
|
1,155
|
(163
|
)
|
3,033
|
|||||||||||
Other (income) expense
|
(370
|
)
|
53
|
(560
|
)
|
(73
|
)
|
|||||||||
|
||||||||||||||||
Adjusted EBITDA
|
$
|
(1,079
|
)
|
$
|
2,323
|
$
|
1,059
|
$
|
12,656
|
· |
Market acceptance of our services. We compete in markets where the value of certain aspects of our services is still in the process of market acceptance. We believe that our future growth depends in part on the continued and increasing acceptance and realization of the value of our service offerings.
|
· |
Technological change. Our success depends in part on our ability to keep pace with technological changes and evolving industry standards in our service offerings and to successfully develop, launch, and drive demand for new and enhanced, innovative, high-quality solutions that meet or exceed customer needs.
|
· |
Technology spending. Our growth and results depend in part on general economic conditions and the pace and level of technology spending by potential customers to take their content digital.
|
Three months ended September 30,
|
||||||||
2017
|
2016
|
|||||||
Revenu
e
|
$
|
22,048
|
$
|
23,857
|
||||
Costs and expenses
|
||||||||
Cost of revenue, exclusive of depreciation and
|
||||||||
amortization shown separately below
|
4,385
|
4,322
|
||||||
Selling, general and administrative, including
|
||||||||
stock-based compensation
|
15,352
|
13,429
|
||||||
Research and development
|
4,552
|
5,212
|
||||||
Depreciation and amortization
|
2,614
|
2,401
|
||||||
Loss on assets held for sale
|
395
|
-
|
||||||
|
27,298
|
25,364
|
||||||
Operating loss
|
(5,250
|
)
|
(1,507
|
)
|
||||
Other income (expense)
|
370
|
(53
|
)
|
|||||
Net and comprehensive loss before income taxes
|
(4,880
|
)
|
(1,560
|
)
|
||||
Income tax expense
|
(173
|
)
|
(1,155
|
)
|
||||
Net and comprehensive loss
|
$
|
(5,053
|
)
|
$
|
(2,715
|
)
|
· |
Wages and benefits increased from $8.2
million for the three months ended September 30, 2016 to $9.0 million for the three months ended September 30, 2017. The $0.8 million increase was primarily due to an increase in employees as a result of an increase in headcount in our sales team.
|
· |
Stock-based compensation decreased from $1.4 million for the three months ended
September
30, 2016 to $1.2 million for the three months ended
September
30, 2017. The $0.2 million decrease was primarily the result of certain grants of stock-based compensation being fully vested and recognized prior to
September
30, 2017.
|
· |
Office facilities expenses increased from $0.8 million for the three months ended
September
30, 2016 to $1.2 million for the three months ended
September
30, 2017. The $0.4 million increase was primarily the result of facility costs associated with the opening of our new European headquarters in London.
|
· |
Bad debt expense increased from zero for the
three months
ended
September
30, 2016 to $0.2 million for the
three months
ended
September
30, 2017. The $0.2 million increase was primarily the result of reserves recorded for a specific customer.
|
· |
Other SG&A expenses, including travel expenses, office supplies, marketing, professional, corporate IT services, credit card processing fees and other general operating expenses, increased from $3.0 million for the three months ended
September
30, 2016 to $3.8 million for the three months ended
September
30, 2017. The increase in Other SG&A expenses primarily relates to the expansion of our sales force and the opening of our new European headquarters in London.
|
Nine months ended September 30,
|
||||||||
2017
|
2016
|
|||||||
Revenue
|
$
|
69,792
|
$
|
74,261
|
||||
Costs and expenses
|
||||||||
Cost of revenue, exclusive of depreciation and
|
||||||||
amortization shown separately below
|
13,333
|
13,108
|
||||||
Selling, general and administrative, including
|
||||||||
stock-based compensation
|
44,802
|
38,252
|
||||||
Research and development
|
13,787
|
14,851
|
||||||
Depreciation and amortization
|
7,483
|
6,499
|
||||||
Loss on assets held for sale
|
395
|
-
|
||||||
|
79,800
|
72,710
|
||||||
Operating loss (income)
|
(10,008
|
)
|
1,551
|
|||||
Other income
|
560
|
73
|
||||||
Net and comprehensive loss (income) before income taxes
|
(9,448
|
)
|
1,624
|
|||||
Income tax benefit (expense)
|
163
|
(3,033
|
)
|
|||||
Net and comprehensive loss
|
$
|
(9,285
|
)
|
$
|
(1,409
|
)
|
· |
Wages and benefits increased from $24.6
million for the
nine months
ended
September
30, 2016 to $26.1 million for the
nine months
ended
September
30, 2017. The $1.5 million increase was primarily the result of an increase in employees due to the acquisition of Saffron Digital and an increase in headcount in our sales team.
|
· |
Stock-based compensation decreased from $3.5 million for the
nine months
ended
September
30, 2016 to $3.2 million for the
nine months
ended
September
30, 2017. The $0.3 million decrease was primarily the result of certain grants of stock-based compensation being fully vested and recognized prior to
September
30, 2017.
|
· |
Professional fees increased from $2.9 million for the
nine months
ended
September
30, 2016 to $3.6 million for the
nine months
ended
September
30, 2017. The $0.8 million increase was primarily the result of increased legal fees, higher recruitment fees associated with the increased salesforce and increased consulting expenses associated with certain professional compliance requirements.
|
· |
Travel expenses increased from $1.2 million for the
nine months
ended
September
30, 2016 to $1.6 million for the
nine months
ended
September
30, 2017. The $0.4 million increase was primarily the result of expenses associated with the increase in headcount in our sales team.
|
· |
Office facilities expenses increased from $1.9 million for the
nine months
ended
September
30, 2016 to $2.8 million for the
nine months
ended
September
30, 2017. The $0.9 million increase was primarily the result of facility costs associated with the acquisition of Saffron Digital and the opening of our new European headquarters in London.
|
· |
Bad debt expense increased from zero for the
nine months
ended
September
30, 2016 to $0.4 million for the
nine months
ended
September
30, 2017. The $0.4 million increase was primarily the result of reserves recorded for a specific customer.
|
· |
Other SG&A expenses, including office supplies, marketing, corporate IT services, credit card processing fees and other general operating expenses, increased from $4.2 million for the
nine months
ended
September
30, 2016 to $7.1 million for the
nine months
ended
September
30, 2017. The increase in Other SG&A expenses primarily relates to the acquisition of Saffron Digital, expansion of sales team and the opening of our new European headquarters in London.
|
Filed or | ||||||
Incorporated by Reference | Furnished | |||||
Exhibit No.
|
Description
|
Form
|
Date
|
Number
|
Herewith
|
|
3(i)
|
Filed
|
|||||
31.1
|
Filed
|
|||||
31.2
|
Filed
|
|||||
32
|
Furnished
|
|||||
101.INS
|
XBRL Instance Document
|
Filed
|
||||
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
Filed
|
||||
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
Filed
|
||||
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
Filed
|
||||
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
Filed
|
||||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Filed
|
|
NEULION, INC.
|
|
|
|
|
|
|
|
|
|
|
Date: November 1, 2017
|
By: /s/ Roy E. Reichbach
|
|
|
Name: Roy E. Reichbach
|
|
|
Title: President and Chief Executive Officer
|
|
|
|
|
Date: November 1, 2017
|
By: /s/ Tim Alavathil
|
|
|
Name: Tim Alavathil
|
|
|
Title: Chief Financial Officer
|
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Roy E. Reichbach
|
|
|
Name:
|
Roy E. Reichbach
|
|
Title:
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Tim Alavathil
|
|
|
Name:
|
Tim Alavathil
|
|
Title:
|
Chief Financial Officer
(Principal Financial Officer)
|
|
Date:
|
November 1, 2017
|
/s/ Roy E. Reichbach
|
|
|
Name:
|
Roy E. Reichbach
|
|
Title:
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
Date:
|
November 1, 2017
|
/s/ Tim Alavathil
|
|
|
Name:
|
Tim Alavathil
|
|
Title:
|
Chief Financial Officer
(Principal Financial Officer)
|
|
|