0001019687-15-003962.txt : 20151110 0001019687-15-003962.hdr.sgml : 20151110 20151109170304 ACCESSION NUMBER: 0001019687-15-003962 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151109 DATE AS OF CHANGE: 20151109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NTN BUZZTIME INC CENTRAL INDEX KEY: 0000748592 STANDARD INDUSTRIAL CLASSIFICATION: TELEVISION BROADCASTING STATIONS [4833] IRS NUMBER: 311103425 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11460 FILM NUMBER: 151216525 BUSINESS ADDRESS: STREET 1: 2231 RUTHERFORD ROAD CITY: CARLSBAD STATE: CA ZIP: 92008 BUSINESS PHONE: 7604387400 MAIL ADDRESS: STREET 1: 2231 RUTHERFORD ROAD CITY: CARLSBAD STATE: CA ZIP: 92008 FORMER COMPANY: FORMER CONFORMED NAME: NTN COMMUNICATIONS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ALROY INDUSTRIES INC DATE OF NAME CHANGE: 19850411 10-Q 1 ntn_10q-093015.htm NTN BUZZTIME, INC.

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2015

 

Commission file number 001-11460

 

 

NTN Buzztime, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

   

DELAWARE

 

31-1103425
(State of incorporation) (I.R.S. Employer Identification No.)

 

   
2231 RUTHERFORD ROAD, SUITE 200, CARLSBAD, CALIFORNIA 92008
(Address of principal executive offices) (Zip Code)

 

(760) 438-7400

(Registrant’s telephone number, including area code)

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  x    NO  ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every interactive data file required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES   x     NO   ¨

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

       
Large accelerated filer ¨ Accelerated filer ¨
       
Non-accelerated filer ¨ (Do not check if a smaller reporting company) Smaller reporting company x

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ¨    NO  x

 

As of November 5, 2015 the registrant had outstanding 92,412,255 shares of common stock, $.005 par value per share.

 

   
 

 

NTN BUZZTIME, INC. AND SUBSIDIARIES

FORM 10-Q

TABLE OF CONTENTS

 

     

Item

 
 

Page

 
PART I  
     
1. Financial Statements  
     
  Condensed Consolidated Balance Sheets as of September 30, 2015 (unaudited) and December 31, 2014 1
     
  Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2015 and 2014 (unaudited) 2
     
 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2015 and 2014 (unaudited)

3
     
  Notes to Condensed Consolidated Financial Statements (unaudited) 4
     
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 9
     
3. Quantitative and Qualitative Disclosures About Market Risk 16
     
4. Controls and Procedures 16
   
PART II  
     
1. Legal Proceedings 17
     
1A. Risk Factors 17
     
2. Unregistered Sales of Equity Securities and Use of Proceeds 17
     
3. Defaults Upon Senior Securities 17
     
4. Mine Safety Disclosures 17
     
5. Other Information 17
     
6. Exhibits 18
     
  Signatures 19

 

 

   
 

PART I

Item 1. Financial Statements.

 

NTN BUZZTIME, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value amount)

           

 

   September 30,   December 31, 
   2015   2014 
ASSETS   (unaudited)       
Current Assets:          
Cash and cash equivalents  $4,678   $7,185 
Accounts receivable, net of allowances of $157 and $214, respectively   575    2,190 
Site equipment to be installed   3,415    4,755 
Prepaid expenses and other current assets   1,001    742 
Total current assets   9,669    14,872 
Fixed assets, net   4,032    3,400 
Software development costs, net of accumulated amortization of $2,134 and $3,110, respectively   1,076    1,634 
Deferred costs   1,340    1,092 
Goodwill   940    1,084 
Intangible assets, net   92    129 
Other assets   133    57 
Total assets  $17,282   $22,268 
           
LIABILITIES AND SHAREHOLDERS' EQUITY          
Current Liabilities:          
Accounts payable  $396   $617 
Accrued compensation   1,070    749 
Accrued expenses   715    969 
Sales taxes payable   237    133 
Income taxes payable   38    104 
Current portion of long-term debt (Note 5)   882    2,176 
Current portion of obligations under capital leases   73    28 
Deferred revenue   1,983    1,836 
Other current liabilities   313    481 
Total current liabilities   5,707    7,093 
Long-term debt   5,679    3,143 
Long-term obligations under capital leases   122    30 
Deferred revenue, excluding current portion   413    378 
Deferred rent   581    693 
Other liabilities       7 
Total liabilities   12,502    11,344 
           
Shareholders' Equity:          
Series A 10% cumulative convertible preferred stock, $.005 par value, $156 liquidation preference, 5,000 shares authorized; 156 shares issued and  outstanding at September 30, 2015 and December 31, 2014.   1    1 
Common stock, $.005 par value, 168,000 shares authorized at September 30, 2015 and December 31, 2014; 92,412 and 92,370 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively.   462    462 
Treasury stock, at cost, 503 shares at September 30, 2015 and December 31, 2014, respectively   (456)   (456)
Additional paid-in capital   128,634    128,283 
Accumulated deficit   (124,089)   (117,845)
Accumulated other comprehensive income (Note 6)   228    479 
Total shareholders' equity   4,780    10,924 
Total liabilities and shareholders' equity  $17,282   $22,268 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 1 
 

 

NTN BUZZTIME, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except per share amounts)

                   

 

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2015   2014   2015   2014 
   (unaudited)   (unaudited)   (unaudited)   (unaudited) 
Revenues                    
Subscription revenue  $4,268   $4,425   $12,670   $13,617 
Sales-type lease revenue   984    889    3,075    3,592 
Other revenue   827    691    2,253    2,087 
Total Revenue   6,079    6,005    17,998    19,296 
Operating expenses:                    
Direct costs (includes depreciation and amortization of $630 and $544 for the three months ended September 30, 2015 and 2014, respectively, and $1,807 and $1,616 for the nine months ended September 30, 2015 and 2014, respectively.)   3,196    2,256    9,224    7,592 
Selling, general and administrative   4,076    4,863    14,106    13,808 
Impairment of capitalized software (Note 3)           295    661 
Depreciation and amortization (excluding depreciation and amortization included in direct operating costs)   121    161    365    464 
Total operating expenses   7,393    7,280    23,990    22,525 
Operating loss   (1,314)   (1,275)   (5,992)   (3,229)
Other expense, net   (49)   (19)   (231)   (55)
Loss before income taxes   (1,363)   (1,294)   (6,223)   (3,284)
Benefit (provision) for income taxes   15    (21)   (13)   (28)
Net loss  $(1,348)  $(1,315)  $(6,236)  $(3,312)
                     
Net loss per common share - basic and diluted  $(0.01)  $(0.01)  $(0.07)  $(0.04)
                     
Weighted average shares outstanding - basic and diluted   91,909    91,316    91,892    86,157 
                     
Comprehensive loss                    
Net loss  $(1,348)  $(1,315)  $(6,236)  $(3,312)
Foreign currency translation adjustment   (140)   (82)   (251)   (78)
Total comprehensive loss  $(1,488)  $(1,397)  $(6,487)  $(3,390)

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 2 
 

 

NTN BUZZTIME, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

         

 

   Nine months ended
September 30,
 
   2015   2014 
   (unaudited)   (unaudited) 
Cash flows used in operating activities:          
Net loss  $(6,236)  $(3,312)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   2,172    2,080 
Provision for doubtful accounts   (2)   74 
Excess and obsolete site equipment to be installed expense   680     
Stock-based compensation   341    180 
Issuance of common stock to consultant in lieu of cash payment   1    238 
Impairment of capitalized software   295    661 
Loss from disposition of equipment and capitalized software   28    1 
Changes in assets and liabilities:          
Accounts receivable   1,610    (273)
Site equipment to be installed   (403)   (3,755)
Prepaid expenses and other assets   (501)   240 
Accounts payable and accrued liabilities   (51)   264 
Income taxes payable   (57)   (2)
Deferred costs   (252)   (424)
Deferred revenue   183    692 
Deferred rent   (112)   (100)
Net cash used in operating activities   (2,304)   (3,436)
Cash flows used in investing activities:          
Capital expenditures   (781)   (619)
Software development expenditures   (520)   (607)
Acquisition of software       (150)
Proceeds from the sale of equipment   9     
Net cash used in investing activities   (1,292)   (1,376)
Cash flows provided by financing activities:          
Proceeds from public offering of common stock, net       6,369 
Proceeds from exercise of stock options   1    44 
Proceeds from long-term debt   5,638    4,321 
Payments on long-term debt   (4,396)   (1,451)
Principal payments on capital leases   (39)   (19)
Tax withholding related to net-share settlements of restricted stock units       (33)
Net cash provided by financing activities   1,204    9,231 
Net (decrease) increase in cash and cash equivalents   (2,392)   4,419 
Effect of exchange rate on cash   (115)   (34)
Cash and cash equivalents at beginning of period   7,185    5,455 
Cash and cash equivalents at end of period  $4,678   $9,840 
           
Supplemental disclosures of cash flow information:          
Cash paid during the period for:          
Interest  $311   $130 
           
Income taxes  $68   $32 
           
Supplemental disclosure of non-cash investing and financing activities:          
           
Site equipment transferred to fixed assets  $1,055   $686 
           
Equipment acquired under capital lease  $177   $ 
           
Issuance of common stock in lieu of payment of preferred dividends  $8   $8 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 3 
 

 

NTN BUZZTIME, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

(1) BASIS OF PRESENTATION

 

Description of Business

 

NTN Buzztime, Inc. (the “Company”) delivers interactive entertainment and innovative dining technology to bars and restaurants in North America. Venues license the Company’s customizable solution to differentiate themselves via competitive fun by offering guests trivia, card, sports and arcade games, nationwide competitions, and self-service dining features including dynamic menus, touchscreen ordering and secure payment. The Company’s platform can improve operating efficiencies, create connections among the players and venues and amplify guests’ positive experiences. The Company generates revenues by charging subscription fees for its service to its network subscribers, by leasing equipment (including tablets used in its BEOND platform and the cases and charging trays for the tablets) to certain network subscribers, by hosting live trivia events, by selling advertising aired on in-venue screens and as part of customized games and from the premium products, such as paid arcade, the Company began offering via its BEOND platform in 2014. Currently, over 2,950 venues in the U.S. and Canada subscribe to the Company’s interactive entertainment network, of which approximately 56% are using its BEOND platform.

 

The Company was incorporated in Delaware in 1984 as Alroy Industries and changed its corporate name to NTN Communications, Inc. in 1985. The Company changed its name to NTN Buzztime, Inc. in 2005 to better reflect the growing role of the Buzztime consumer brand.

 

Basis of Accounting Presentation

 

The accompanying unaudited interim condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments that are necessary, which are of a normal and recurring nature, for a fair presentation for the periods presented of the financial position, results of operations and cash flows of the Company and its wholly-owned subsidiaries: IWN, Inc., IWN, L.P., Buzztime Entertainment, Inc., NTN Wireless Communications, Inc., NTN Software Solutions, Inc., NTN Canada, Inc., and NTN Buzztime, Ltd., all of which, other than NTN Canada, Inc., are dormant subsidiaries. All significant intercompany transactions have been eliminated in consolidation.

 

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2014. The accompanying condensed balance sheet as of December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2015, or any other period.

 

Reclassifications

 

The Company reclassified the consolidated statement of operations and comprehensive loss for the three and nine months ended September 30, 2014, and the consolidated statement of cash flows for the nine months ended September 30, 2014 to conform to the 2015 presentation. Reclassifications had no impact on net loss or cash flows.

 

(2) Basic and Diluted Earnings Per Common Share

 

The Company computes basic and diluted earnings per common share in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 260, Earnings per Share. Basic earnings per share excludes the dilutive effects of options, warrants and other convertible securities. Diluted earnings per share reflects the potential dilution of securities that could share in the Company’s earnings. The total number of shares of the Company’s common stock subject to options, warrants, and convertible preferred stock that were excluded from computing diluted net loss per common share was approximately 13,857,000 and 14,140,000 shares as of September 30, 2015 and 2014, respectively, as their effect was anti-dilutive.

 

 4 
 

 

(3) IMPAIRMENT OF CAPITALIZED SOFTWARE

 

The Company capitalizes costs related to certain of its software product development projects in accordance with ASC No. 350, Intangibles – Goodwill and Other. The Company performs a quarterly review of these projects to determine if any project is no longer a current strategic fit or if the marketability of the content has decreased due to obtaining additional information regarding the specific purpose for which the content was intended. As a result of this review, the Company recognized impairment losses of $295,000 and $661,000 for the nine months ended September 30, 2015 and 2014, respectively. The Company did not recognize any impairment losses for the three months ended September 30, 2015 or 2014.

 

(4) STOCK-BASED COMPENSATION

 

The Company’s stock-based compensation plans include the NTN Buzztime, Inc. 2004 Performance Incentive Plan (the “2004 Plan”), the NTN Buzztime, Inc. Amended 2010 Performance Incentive Plan (the “Amended 2010 Plan”) and the NTN Buzztime, Inc. 2014 Inducement Plan (the “2014 Plan”). The Company’s stock-based compensation plans are administered by the Nominating and Corporate Governance/Compensation Committee of the Company’s Board of Directors (the “Committee”), which selects persons to receive awards and determines the number of shares subject to each award and the terms, conditions, performance measures, if any, and other provisions of the award.

 

The 2004 Plan expired in September 2009. From and after the date it expired, no awards could be granted under that plan and all awards that had been granted under that plan before it expired are governed by that plan until they are exercised or expire in accordance with that plan’s terms.

 

At the Company’s 2015 Annual Meeting of Stockholders, the Company’s stockholders approved an increase in the authorized shares to be issued under the Amended 2010 Plan from 6,000,000 to 12,000,000. The Amended 2010 Plan expires in February 2020. As of September 30, 2015, approximately 7,634,000 share-based awards are available to be granted under the Amended 2010 Plan.

 

The 2014 Plan, which provides for the grant of up to 4,250,000 share-based awards to new employees as an inducement material to the new employee entering into employment with the Company, was approved by the Committee in September 2014 in connection with the appointment of Ram Krishnan as the Company’s Chief Executive Officer. As of September 30, 2015, there were no share-based awards available to be granted under the 2014 Plan. The 2014 Plan expires in September 2024.

 

The Company records stock-based compensation in accordance with ASC No. 718, Compensation – Stock Compensation and ASC No. 505-50, Equity – Equity-Based Payments to Non-Employees. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The fair value of stock options granted is recognized as expense over the requisite service period. Stock-based compensation expense for share-based payment awards to employees is recognized using the straight-line single-option method. Stock-based compensation expense for share-based payment awards to non-employees is recorded at its fair value on the grant date and is periodically re-measured as the underlying awards vest.

 

The Company uses the historical stock price volatility as an input to value its stock options under ASC No. 718. The expected term of stock options represents the period of time options are expected to be outstanding and is based on observed historical exercise patterns of the Company, which the Company believes are indicative of future exercise behavior. For the risk-free interest rate, the Company uses the observed interest rates appropriate for the term of time options are expected to be outstanding. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts.

 

 5 
 

 

The following weighted-average assumptions were used for grants issued during the three and nine months ended September 30, 2015 and 2014 under the ASC No. 718 requirements.

 

   Three months ended September 30,   Nine months ended September 30, 
   2015   2014   2015   2014 
Weighted-average risk-free rate   1.27%   1.42%   1.18%   1.37%
Weighted-average volatility   105.50%   79.77%   82.51%   80.27%
Dividend yield   0.00%   0.00%   0.00%   0.00%
Expected life   5.15 years    4.91 years    4. 3 years    4.86 years 

 

ASC No. 718 requires forfeitures to be estimated at the time of grant and revised if necessary in subsequent periods if actual forfeiture rates differ from those estimates. Forfeitures were estimated based on historical activity for the Company. Stock-based compensation expense for the three months ended September 30, 2015 and 2014 was $123,000 and $68,000, respectively, and $341,000 and $180,000 for the nine months ended September 30, 2015 and 2014, respectively, and is expensed in selling, general and administrative expenses and credited to additional paid-in-capital. The Company granted stock options to purchase 10,000 and 3,828,000 shares of common stock during the three months ended September 30, 2015 and 2014, respectively, and stock options to purchase 2,115,000 and 5,328,000 shares of common stock during the nine months ended September 30, 2015 and 2014, respectively.

 

Stock options issued under all of the Company’s stock-based compensation plans may be exercised on a net-exercise arrangement, where shares of common stock equal to the value of the amount of the exercise price of the stock options being exercised are withheld as payment of the exercise price instead of cash. During the three months ended September 30, 2015, there were no stock options exercised under net-exercise arrangements or for cash. During the nine months ended September 30, 2015, 82,000 shares of common stock were exercised under net-exercise arrangements, and approximately 18,000 shares of common stock were issued. Also during the nine months ended September 30, 2015, the Company received approximately $1,000 in cash payments for the exercise of options to purchase approximately 2,000 shares. The total intrinsic value of all options exercised during the nine months ended September 30, 2015 was approximately $7,000. For the three and nine months ended September 30, 2014, the Company received approximately $22,000 and $44,000, respectively, in cash payments for the exercise of options to purchase approximately 87,000 and 185,000 shares, respectively. There were no net-exercise arrangements during the three and nine months ended September 30, 2014. The total intrinsic value of options exercised during the three and nine months ended September 30, 2014 was approximately $20,000 and $60,000, respectively.

 

(5) DEBT

 

Revolving Line of Credit

 

In April 2015, the Company entered into a loan and security agreement with East West Bank, pursuant to which, the Company may request advances in an aggregate outstanding amount at any time up to the lesser of $7,500,000, which is referred to as the revolving line, or an amount equal to its borrowing base, in each case, less the aggregate outstanding principal amount of prior advances. So long as there is no event of default, the Company may make a one-time request to increase the revolving line by up to $2,500,000, which the lender may accept or decline. All advances are due on April 14, 2018. The Company’s borrowing base is, as of the date of determination, an amount equal to the product of: (a) the average monthly recurring revenue for the immediately preceding three months; times (b) one plus the Company’s average churn rate for the immediately preceding three months (not to exceed zero); times (c) 300%. The churn rate, with respect to any month, is the quotient of the Company’s monthly net revenue change calculated with respect to such month, divided by its monthly revenue from subscriptions for the month. In addition, under the loan and security agreement, the Company is required to meet a minimum adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA, target and churn rate targets, in each case, as specified in the loan and security agreement. Adjusted EBITDA is the sum (a) net profit (or loss), after provision for taxes, plus (b) interest expense, plus (c) to the extent deducted in the calculation of net profit (or loss), depreciation expense and amortization expense, plus (d) income tax expense, plus (e) non-cash stock compensation expenses, plus (f) other non-cash expenses and charges, plus (g) to the extent approved by East West Bank, other one-time charges, plus (h) to the extent approved by East West Bank, any losses arising from the sale, exchange, transfer or other disposition of assets not in the ordinary course of business. The adjusted EBITDA target is measured as of the last day of each fiscal quarter with respect to the immediately prior six month period, and the churn rate targets are measured on a monthly and trailing three month basis. The Company met these targets as of the quarter ended, September 30, 2015.

 

 6 
 

 

Advances bear interest, at the Company’s option, at the rate of either (A) a variable rate per annum equal to the prime rate as set forth in The Wall Street Journal plus 1.25% or (B) at a fixed rate per annum equal to the LIBOR Rate for the interest period for the advance plus 4.00%. Advances that the Company elects to bear interest at the rate described in clause (a) and (b) are referred to, respectively, as “Prime Rate Loans” and “LIBOR Loans.” Interest on each Prime Rate Loan is due on the last calendar day of each month, commencing on April 30, 2015. Interest on each LIBOR Loan is due on the last day of each interest period (1, 2, 3 or 6 months) applicable to such LIBOR Loan, unless the interest period is greater than 3 months, in which case, interest is payable at 3 month intervals after the commencement of the applicable interest period and on the last day of such interest period.

 

As of September 30, 2015, the Company borrowed a total of $4,500,000, all of which has been advanced as Libor Loans with a 3-month interest period. Each time the interest period expired, the Company elected to renew the advance as another Libor Loan with a 3-month interest period. Interest on the LIBOR Loans has ranged from 4.3125% to 4.3750%. The Company used approximately $3,381,000 of the total amount borrowed to pay down existing indebtedness. See “—Equipment Notes Payable,” below.

 

Pursuant to the loan and security agreement, the Company granted and pledged to the lender a first-priority security interest in all the Company’s existing and future personal property.

 

On the closing date of the loan and security agreement, the Company paid $37,500 to the lender as a facility fee. An additional facility fee (equal to the product of (x) 0.50% of the increase in the revolving line times (y) the quotient of the number of days remaining between the effective date of such increase and April 14, 2018, divided by 1,095) will be due if the revolving line is increased pursuant to the Company’s request. The Company also pays an unused line fee equal to 0.50% per year on the difference between the amount of the revolving line as in effect from time to time and the average monthly balance in each month, which is payable monthly in arrears. The average monthly balance is calculated by adding the ending outstanding balance under the revolving line for each day in the month divided by the number of days in the month.

 

Equipment Notes Payable

 

In May 2013, the Company entered into a financing arrangement with a lender under which the Company may borrow up to $500,000 to purchase certain equipment. Over time, the lender has increased the maximum amount the Company may borrow, and as of September 30, 2015, the maximum amount was $9,853,000. The Company may borrow up to the maximum amount in tranches as needed. Each tranche bears interest at 8.32% per annum. With respect to the first $1,000,000 in the aggregate borrowed, principal and interest payments are due in 36 equal monthly installments. With respect to amounts borrowed in excess of the first $1,000,000 in the aggregate, the first monthly payment will be equal to 24% of the principal amount outstanding, and the remaining principal and interest due are payable in 35 equal monthly installments. The Company granted the lender a first security interest in the equipment purchased with the funds borrowed. Through September 30, 2015, the Company borrowed approximately $8,790,000 of the $9,853,000 maximum amount available.

 

In April 2015, the Company used approximately $3,381,000 of the proceeds received from the East West Bank credit facility to pay down a portion of the principal amount the Company had borrowed under this financing arrangement, accrued interest and a prepayment fee. As of September 30, 2015, approximately $2,061,000 of principal remained outstanding under this financing arrangement, which is recorded as long-term debt on the consolidated balance sheets, and approximately $1,063,000 was available for borrowing. However, the East West Bank credit facility prohibits the Company from having more than $2,500,000 owing under this financing arrangement at any time.

 

(6) ACCUMULATED OTHER COMPREHENSIVE INCOME

 

The United States dollar is the Company’s functional currency, except for its operations in Canada where the functional currency is the Canadian dollar. The financial position and results of operations of the Company’s foreign subsidiaries are measured using the foreign subsidiary’s local currency as the functional currency. In accordance with ASC No. 830, Foreign Currency Matters, revenues and expenses of the Company’s foreign subsidiaries have been translated into U.S. dollars at weighted average exchange rates prevailing during the period, and the assets and liabilities of such subsidiaries have been translated at the period end exchange rate. Accumulated other comprehensive income includes the accumulated gains or losses from these foreign currency translation adjustments. As of September 30, 2015 and December 31, 2014, $228,000 and $479,000 of foreign currency translation adjustments were recorded in accumulated other comprehensive income, respectively.

 

 7 
 

 

(7) RECENT ACCOUNTING PRONOUNCEMENTS

 

Management has considered all recent accounting pronouncements issued since the last audit of the Company’s consolidated financial statements, and believes that these recent pronouncements will not have a material effect on the Company's consolidated financial statements.

 

(8) CONCENTRATIONS OF RISK

 

Significant Customer

 

For the three months ended September 30, 2015 and 2014, the Company generated approximately $2,708,000 and $2,409,000, respectively, of total revenue from Buffalo Wild Wings corporate-owned restaurants and its franchisees, which represented approximately 45% and 40% of total revenue for those periods, respectively. For the nine months ended September 30, 2015 and 2014, the Company generated approximately $8,008,000 and $8,155,000, respectively, of total revenue from Buffalo Wild Wings corporate-owned restaurants and its franchisees, which represented 44% and 42% of total revenue for those periods, respectively. As of September 30, 2015 and December 31, 2014, approximately $117,000 and $1,558,000, respectively, was included in accounts receivable from Buffalo Wild Wings corporate-owned restaurants and its franchisees.

 

Equipment Suppliers

 

The tablet used in the Company’s BEOND product line is manufactured by one unaffiliated third party, and the Company currently does not have an alternative manufacturer or an alternative device to the tablet. The Company currently purchases the BEOND tablets from various unaffiliated third parties. The Company also currently purchases each piece of the tablet equipment (consisting of cases and charging trays for the tablet) from a different unaffiliated third party with respect to each piece of equipment. A different third party assembles the tablet cases. The Company currently does not have an alternative supply source for the tablet equipment or an alternative tablet case assembler.

 

The Company currently purchases its Classic playmakers from an unaffiliated manufacturer pursuant to a supply agreement, the term of which automatically renews for one year periods unless the agreement is terminated in advance of the automatic renewal by either party. The Company currently does not have an alternative manufacturer for its Classic playmakers. However, the Company does not currently expect to purchase additional Classic playmakers.

 

As of September 30, 2015 and December 31, 2014, approximately $176,000 and $423,000, respectively, were included in accounts payable or accrued expenses for equipment suppliers.

 

 

 8 
 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

 

This report and the documents incorporated herein by reference, if any, contain “forward-looking statements” – that is statements related to future events, results, performance, prospects and opportunities, including statements related to our strategic plans and targets, revenue generation, product availability and offerings, capital needs, capital expenditures, industry trends and our financial position. Forward-looking statements are based on information currently available to us, on our current expectations, estimates, forecasts, and projections about the industries in which we operate and on the beliefs and assumptions of management. Forward looking statements often contain words such as “expects,” “anticipates,” “could,” “targets,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” “would,” and similar expressions. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our business, and other characterizations of future events or circumstances, are forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, subject to risks and uncertainties that could cause actual results to differ materially and adversely from those expressed in any forward-looking statements. For us, particular factors that might cause or contribute to such differences include (1) our ability to compete effectively within the highly competitive interactive games, entertainment and marketing services industries, (2) the impact of new products and technological change, especially in the mobile and wireless markets, on our operations and competitiveness, (3) our relationship with Buffalo Wild Wings, who together with its franchisees accounted for a significant portion of our revenues, (4) our ability to maintain an adequate supply of the tablet and related equipment used in our BEOND product line, (5) our ability to adequately protect our proprietary rights and intellectual property, (6) our ability to raise additional funds in the future, if necessary, on favorable terms, (7) our ability to significantly grow our subscription revenue and implement our other business strategies, (8) our ability to successfully and efficiently manage the design, manufacturing and assembly process of our BEOND tablet platform and (9) the other risks and uncertainties described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and described in other documents we file from time to time with the Securities and Exchange Commission, or SEC, including our Quarterly Reports on Form 10-Q. Readers are urged not to place undue reliance on the forward-looking statements contained in this report or incorporated by reference herein, which speak only as of the date of this report. Except as required by law, we do not undertake any obligation to revise or update any such forward-looking statement to reflect future events or circumstances.

 

You should read the following discussion of our financial condition and results of operations in conjunction with the consolidated financial statements and the notes to those statements included elsewhere in this report.

 

OVERVIEW AND HIGHLIGHTS

 

About Our Business and How We Talk About It

 

We deliver interactive entertainment and innovative dining technology to bars and restaurants in North America. Venues license our customizable solution to differentiate themselves via competitive fun by offering guests trivia, card, sports and arcade games, nationwide competitions, and self-service dining features including dynamic menus, touchscreen ordering and secure payment. Our platform can improve operating efficiencies, create connections among the players and venues and amplify guests’ positive experiences. Built on an extended network platform, our interactive entertainment system has historically allowed multiple players to interact at the venue, and now also enables competition between venues, referred to as massively multiplayer gaming. Our current platform, which we refer to as Buzztime Entertainment On Demand, or BEOND, was first introduced as a pilot program in December 2012, was expanded commercially during 2013, and the expansion was scaled during 2014. We continue to enhance our network architecture and the BEOND technology platform and player engagement paradigms. We also continue to support our legacy network product line, which we refer to as Classic.

 

We currently generate revenue by charging subscription fees for our service to our network subscribers, by leasing equipment (including tablets used in our BEOND tablet platform and the cases and charging trays for the tablets) to certain network subscribers, by hosting live trivia events, by selling advertising aired on in-venue screens and as part of customized games and from the premium products, such as paid arcade, we began offering via our BEOND platform in 2014.

 

Over 80 million games were played on our network during 2014. Additionally, our mobile application has been installed on over one million consumer mobile devices. Approximately 47% of our network subscriber venues are related to national and regional restaurants and include Buffalo Wild Wings, Old Chicago, Arooga’s, Buffalo Wings & Rings, Native New Yorker, and Boston Pizza.

 

We own several trademarks and consider the Buzztime®, Playmaker®, Mobile Playmaker, BEOND Powered by Buzztime and Play Along trademarks to be among our most valuable assets. These and our other registered and unregistered trademarks used in this document are our property. Other trademarks are the property of their respective owners.

 

 9 
 

 

Unless otherwise indicated, references in this report: (a) to “Buzztime,” “NTN,” “we,” “us” and “our” refer to NTN Buzztime, Inc. and its consolidated subsidiaries; (b) to “network subscribers” or “customers” refer to hospitality venues that subscribe to our network service; (c) to “consumers” or “players” refer to the individuals that engage in our games, events, and entertainment experiences available at our customers’ venues and (d) to “venues” or “sites” refer to locations (such as a bar or restaurant) of our customers at which our games, events, and entertainment experiences are available to consumers.

 

Our Strategy and Third Quarter Highlights

 

During 2015, we have been focused on i) growing the number of sites using our BEOND platform through converting our Classic installed customer base and adding new customers; ii) building the consumer audience, engaging them more with improved entertainment experiences and providing premium products; and iii) growing our customer base by acquiring more focused brand chain accounts and independent (i.e., non-chain) customers.

 

Below are some highlights of the third quarter of 2015:

 

BEOND Platform Growth:

 

·At the end of the third quarter, we had 2,952 sites, compared to 2,942 at the end of the second quarter, and compared to 2,908 at the end of the first quarter. This was the second quarter of sequential growth. However, site count is expected to fluctuate with Classic playmaker attrition.

 

·Of our current sites, 56% are on the BEOND platform, compared to 50% at the end of the second quarter, and compared to 43% at the end of the first quarter. Some sites, particularly independent customers, are currently satisfied with our Classic playmaker environment and may likely not convert to the BEOND platform. We intend to focus on acquiring new customers and venues, and to allow conversion within our existing customer base to occur naturally.

 

Consumer Engagement:

 

·We currently have over eight million player registrations, up from seven million at the end of 2014.
   
·Jackpot Trivia, which we released in the second quarter of 2015, is now the number one played trivia game in our network.
   
·We launched Buzztime Sports in the third quarter. Buzztime Sports is a football trivia game that gets players to align with their favorite team and encourages competitive in-venue play.
   
·We launched Academy of Football, a branded game centered around college football and currently sponsored by MillerCoors, in participating locations across the county. We have the ability to incorporate additional game sponsors.
   

Growing Customer Base

 

·To help win customers who value consumer engagement and consumer experience, we believe we will need to invest in and provide certain functionality in our BEOND tablet platform, such as digital menu and payments.
   
oWe continued implementing the BEOND tablet platform in a number of chains that we are now focused on moving from pilots to brand standard. The process of moving from pilot to brand standard takes time, and there is no assurance that we will be successful in moving past the pilot stage. With that said, in the third quarter, we signed master service agreements with two chains. One of them is Buffalo Wings and Rings, a 46-location, experience focused brand. We are currently in 20 locations with a commitment to be brand standard for all new corporate locations. The other is Old Chicago, a 100-location, sports and pizza brand that is also experienced focused. We are currently installed at 35 of their locations.

 

oWe continued testing our digital menu functionality and added payment functionality at the locations of one of our chain customers, Arooga’s Grill House and Sports Bar.

 

Other

 

·As previously discussed in prior quarters, we re-evaluated our BEOND tablet platform hardware strategy. In early 2014, we began to manufacture, design and manage the supply chain of our BEOND tablet platform in-house. During the first three quarters of 2015, we wrote off approximately $680,000 of tablet components that became obsolete as a result of upcoming changes in the tablet platform, Also during this period, we recognized approximately $604,000 of repair expense related to the second generation in-house designed BEOND tablet hardware that we have had to repair or deem we will need to repair in the future. During the second quarter of 2015, we out-sourced the supply-chain management and manufacturing of our third generation BEOND tablet platform to reduce exposure to repair and maintenance expense and ensure long-term stability of our tablet hardware, and in the fourth quarter of 2015, we began deploying the third generation platform, which includes EMV functionality for secure payment.

 

·We are continuing to work on making our BEOND tablet platform one that enables us to offer third party content and services. Expanding our content and services, including content and services produced by third parties, should help us attract new and retain existing customers.

 

 10 
 

 

CRITICAL ACCOUNTING POLICIES

 

The discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to deferred costs and revenues, depreciation of fixed assets, the provision for income taxes including the valuation allowance, stock-based compensation, bad debts, investments, impairment of software development costs, goodwill, fixed assets, intangible assets and contingencies, including the reserve for sales tax inquiries. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Critical accounting policies and estimates are defined as those that are both most important to the portrayal of our financial condition and results and require management’s most subjective judgments.

 

There have been no material changes in our critical accounting policies, estimates and judgments during the three and nine months ended September 30, 2015 from those described in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our Annual Report on Form 10-K for the year ended December 31, 2014.

 

RESULTS OF OPERATIONS

 

Three and nine months ended September 30, 2015 compared to the three and nine months ended September 30, 2014

 

We generated a net loss of $1,348,000 and $6,236,000 for the three and nine months ended September 30, 2015, respectively, compared to a net loss of $1,315,000 and $3,312,000 for the three and nine months ended September 30, 2014, respectively.

 

Revenue

 

The tables below summarize the type of revenue we generated for the three and nine months ended September 30, 2015 and 2014:

 

   Three months ended September 30,         
   2015   2014         
   $   % of Total
Revenue
   $   % of Total
Revenue
   Change   %
Change
 
Subscription revenue  $4,268,000    70.2%  $4,425,000    73.7%  $(157,000)   -4%
Sales-type lease revenue   984,000    16.2%   889,000    14.8%   95,000    11%
Other revenue   827,000    13.6%   691,000    11.5%   136,000    20%
Total  $6,079,000    100.0%  $6,005,000    100.0%  $74,000    1%

 

   Nine months ended September 30,         
   2015   2014         
   $   % of Total
Revenue
   $   % of Total
Revenue
   Change   %
Change
 
Subscription revenue  $12,670,000    70.4%  $13,617,000    70.6%  $(947,000)   -7%
Sales-type lease revenue   3,075,000    17.1%   3,592,000    18.6%   (517,000)   -14%
Other revenue   2,253,000    12.5%   2,087,000    10.8%   166,000    8%
Total  $17,998,000    100.0%  $19,296,000    100.0%  $(1,298,000)   -7%

 

 11 
 

 

Subscription revenue decreased for the three and nine months ended September 30, 2015 primarily due to lower average site count and a lower average revenue per site (which we refer to as ARPU) when compared to the same periods in 2014. Revenue that we recognize under sales-type lease arrangements, which we refer to as equipment lease revenue, increased during the three months ended September 30, 2015, due to increased installations of our BEOND platform for certain customers under sales-type lease arrangements, and decreased during the nine months ended September 30, 2015, due to fewer installations of our BEOND platform for certain customers under sales-type lease arrangements, when compared to the same periods in 2014. Equipment lease revenue (which has lower margins due to the cost we incur to purchase the equipment that we lease) is recognized when we lease BEOND equipment. The equipment lease revenue is a one-time payment that covers the lease of the equipment for three-years, after which the lessee may purchase the equipment for a nominal fee or lease new equipment. Accordingly, we expect this type of revenue to fluctuate from period to period as certain network subscribers convert their venues from using the Classic playmakers to the BEOND tablets, and to decrease thereafter. Other revenue increased for the three and nine months ended September 30, 2015 due primarily to an increase in premium and custom development services when compared to the same periods in 2014.

 

Geographic breakdown of our network subscribers is as follows:

 

   Network Subscribers
as of September 30,
 
   2015   2014 
United States   2,782    2,834 
Canada   170    172 
Total   2,952    3,006 

 

Direct Costs and Gross Margin

 

A comparison of direct costs and gross margin for the three and nine months ended September 30, 2015 and 2014 is shown in the table below:

 

   For the three months ended
September 30,
   For the nine months ended
September 30,
 
   2015   2014   2015   2014 
Revenues  $6,079,000   $6,005,000   $17,998,000   $19,296,000 
Direct Costs   3,196,000    2,256,000    9,224,000    7,592,000 
Gross Margin  $2,883,000   $3,749,000   $8,774,000   $11,704,000 
                     
Gross Margin Percentage   47%   62%   49%   61%

 

The $940,000, or 42%, increase in direct costs for the three months ended September 30, 2015 compared to the same period in 2014 was primarily due to increased equipment expense of approximately $892,000. The increased equipment expense is primarily comprised of increased repair expense of approximately $480,000 related to the second generation BEOND tablet hardware that we have repaired in the period or expect to repair in the future, an overall increase in equipment and production costs of approximately $186,000, scrap expense of approximately $73,000, and increased volume of the BEOND platform installations for sales-type lease arrangements. The repair and scrap expense and the equipment and productions costs are due to hardware and operational expenses associated with our prior generations of our BEOND platform. We anticipate that these expenses and costs will continue in the upcoming quarters.

 

 12 
 

 

The $1,632,000, or 21%, increase in direct costs for the nine months ended September 30, 2015 compared to the same period in 2014 was primarily due to increased equipment expense of approximately $1,326,000 related to hardware component write-offs and scrap expense of approximately $680,000 for components that became obsolete as a result of changes in our BEOND tablet platform, increased equipment and production costs of approximately $444,000, and approximately $577,000 in increased repair expense for the second generation BEOND tablet hardware that we have repaired or expect to repair in the future. These increases were offset by decreased volume of the BEOND platform installations for sales-type lease arrangements.

 

The approximately 24% and 20% decrease in gross margin for the three and nine months ended September 30, 2015, respectively, was primarily related to the expense of writing off obsolete components, scrap, repair expense, and increased productions costs discussed above. The decline in gross margin was, to a lesser extent, also attributable to a lower ARPU for certain network subscribers. We anticipate that the lower ARPU will be at least partially offset by revenue generated from our arcade subscription offering and other premium services in the future.

 

As discussed above, we out-sourced the supply-chain management and manufacturing of our third generation BEOND tablet platform to reduce exposure to repair and maintenance expense and ensure long-term stability of our tablet hardware, and in the fourth quarter of 2015, we began deploying the third generation platform.

 

Operating Expenses

 

   For the three months ended
September 30,
       For the nine months ended
September 30,
     
   2015   2014   Change   2015   2014   Change 
Selling, general and administrative  $4,076,000   $4,863,000   $(787,000)  $14,106,000   $13,808,000   $298,000 
                               
Impariment of capitalized software  $   $   $   $295,000   $661,000   $(366,000)
                               
Depreciation and amortization (non-direct)  $121,000   $161,000   $(40,000)  $365,000   $464,000   $(99,000)

 

Selling, General and Administrative Expenses

 

The decrease in selling, general and administrative expenses for the three months ended September 30, 2015 was primarily due to lower headcount as a result of the restructuring that took place at the end of the second quarter of 2015, reflecting a reduction of approximately $249,000 in payroll and related expenses, as well as using fewer consultants, which resulted in a reduction of approximately $490,000 in professional fees compared to the same period in 2014.

 

The increase in selling, general and administrative expenses for the nine months ended September 30, 2015 was primarily due to higher payroll and related expense of $1,062,000, which included severance expense that was related to the restructuring, and increased marketing expense of $522,000, offset by decreased professional fees of $1,395,000 due primarily to using fewer consultants compared to the same period in 2014.

 

Impairment of Capitalized software

 

Impairment of capitalized software for the nine months ended September 30, 2015 and 2014 was the result of abandoning certain capitalized software development projects that we concluded were no longer a current strategic fit or for which we determined that the marketability of the content had decreased due to obtaining additional information regarding the specific purpose for which the content was intended. There were no such impairment charges recognized for the three months ended September 30, 2015 or 2014.

 

Depreciation and Amortization Expense

 

The decrease in depreciation and amortization expense for the three and nine months ended September 30, 2015 compared to the same periods in 2014 is primarily due to assets becoming fully depreciated or amortized sooner than we are replenishing with new assets.

 

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Other Expense, Net

 

   For the three months ended
September 30,
       For the nine months ended
September 30,
     
   2015   2014   Increase in
expense, net
   2015   2014   Increase in
expense, net
 
Interest expense, net  $(86,000)  $(61,000)       $(370,000)  $(125,000)     
Other income, net   37,000    42,000         139,000    70,000      
Total other expense, net  $(49,000)  $(19,000)  $(30,000)  $(231,000)  $(55,000)  $(176,000)

 

The increase in total other expense, net for the three and nine months ended September 30, 2015 compared to the same periods in 2014 is primarily due to higher long-term debt balances, resulting in an increase in interest expense, and prepayment fees on long-term debt during the nine months ended September 30, 2015, offset by increased foreign currency exchange gains related to the operations of our Canadian subsidiary and other miscellaneous income.

 

Income Taxes

 

   For the three months ended
September 30,
   For the nine months ended
September 30,
 
   2015   2014   2015   2014 
Benefit (provision) for income taxes  $15,000   $(21,000)  $(13,000)  $(28,000)

 

We expect to incur state income tax liability in 2015 related to our U.S. operations. We also expect to pay income taxes in Canada due to profitability of our Canadian subsidiary. The benefit recognized for the three months ended September 30, 2015 was a result of a refund received from the Canadian taxing authority. We have established a full valuation allowance for substantially all deferred tax assets, including our net operating loss carryforwards, since we could not conclude that we were more likely than not able to generate future taxable income to realize these assets.

 

EBITDA

 

Earnings before interest, taxes, depreciation and amortization, or EBITDA, is not intended to represent a measure of performance in accordance with GAAP. Nor should EBITDA be considered as an alternative to statements of cash flows as a measure of liquidity. EBITDA is included herein because we believe it is a measure of operating performance that financial analysts, lenders, investors and other interested parties find to be a useful tool for analyzing companies like us that carry significant levels of non-cash depreciation and amortization charges in comparison to their net income or loss calculated in accordance with GAAP. EBITDA is not calculated in the same manner as adjusted EBITDA for purposes of compliance with the financial covenant in our East West Bank loan and security agreement.

 

The reconciliation of our consolidated net loss calculated in accordance with GAAP to EBITDA for the three and nine months ended September 30, 2015 and 2014 is shown in the table below. EBITDA should not be considered as substitutes for, or superior to, net loss calculated in accordance with GAAP.

 

   For the three months ended
September 30,
   For the nine months ended
September 30,
 
   2015   2014   2015   2014 
Net loss per GAAP  $(1,348,000)  $(1,315,000)  $(6,236,000)  $(3,312,000)
Interest expense, net   86,000    61,000    370,000    125,000 
Income tax (benefit) provision   (15,000)   21,000    13,000    28,000 
Depreciation and amortization   751,000    705,000    2,172,000    2,080,000 
EBITDA  $(526,000)  $(528,000)  $(3,681,000)  $(1,079,000)

 

LIQUIDITY AND CAPITAL RESOURCES

 

As of September 30, 2015, we had cash and cash equivalents of $4,678,000 compared to cash and cash equivalents of $7,185,000 as of December 31, 2014.

 

In April 2015, we entered into a loan and security agreement with East West Bank, pursuant to which, we may request advances in an aggregate outstanding amount at any time up to the lesser of $7,500,000, which we refer to as the revolving line, or an amount equal to our borrowing base, in each case, less the aggregate outstanding principal amount of prior advances. So long as there is no event of default, we may make a one-time request to increase the revolving line by up to $2,500,000, which the lender may accept or decline. All advances are due on April 14, 2018. As of September 30, 2015, we borrowed $4,500,000 under this credit facility. As discussed below, we used approximately $3,381,000 of the proceeds to pay down existing indebtedness and to pay related prepayment fees. We may also use the proceeds available under this credit facility to fund strategic growth initiatives and for general working capital purposes.

 

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We have another financing arrangement under which we may borrow up to $9,853,000 for the purchase of certain capital equipment. Through September 30, 2015, we borrowed approximately $8,790,000. In April 2015, we used approximately $3,381,000 of the proceeds received from the East West Bank credit facility to pay down a portion of the principal amount we borrowed under this financing arrangement, accrued interest and a prepayment fee. As of September 30, 2015, approximately $2,061,000 of principal remained outstanding under this financing arrangement and approximately $1,063,000 was available for borrowing. However, the East West Bank credit facility prohibits us from having more than $2,500,000 owing under this financing arrangement at any time.

 

We believe our existing cash and cash equivalents and the availability on our credit facilities will be sufficient to meet our operating cash requirements and to fulfill our debt obligations for at least the next twelve months. If our cash and cash equivalents are not sufficient to meet future cash requirements, we may be required to reduce planned capital expenses, reduce operational cash uses or seek financing. Any actions we may undertake to reduce planned capital purchases or reduce expenses may be insufficient to cover shortfalls in available funds. If we require additional capital, we may be unable to secure additional financing on terms that are acceptable to us, or at all.

 

Working Capital

 

As of September 30, 2015, we had working capital (current assets in excess of current liabilities) of $3,962,000 compared to working capital of $7,779,000 as of December 31, 2014. The following table shows the change in our working capital from December 31, 2014 to September 30, 2015.

 

   Increase
(Decrease)
 
Working capital as of December 31, 2014  $7,779,000 
Changes in current assets:     
Cash and cash equivalents   (2,507,000)
Accounts receivable, net of allowance   (1,615,000)
Site equipment to be installed   (1,340,000)
Prepaid expenses and other current assets   259,000 
Change in total current assets   (5,203,000)
Changes in current liabilities:     
Accounts payable   (221,000)
Accrued compensation   321,000 
Accrued expenses   (254,000)
Sales taxes payable   104,000 
Income taxes payable   (66,000)
Notes payable   (1,294,000)
Obligations under capital lease   45,000 
Deferred revenue   147,000 
Other current liabilities   (168,000)
Change in total current liabilities   (1,386,000)
Net change in working capital   (3,817,000)
Working capital as of September 30, 2015  $3,962,000 

 

Cash Flows

 

Cash flows from operating, investing and financing activities, as reflected in the accompanying consolidated statements of cash flows, are summarized as follows:

 

   For the nine months ended
September 30,
 
   2015   2014 
Cash (used in) provided by:          
Operating activities  $(2,304,000)  $(3,436,000)
Investing activities   (1,292,000)   (1,376,000)
Financing activities   1,204,000    9,231,000 
Effect of exchange rates   (115,000)   (34,000)
Net (decrease) increase in cash and cash equivalents  $(2,507,000)  $4,385,000 

 

 15 
 

 

Net cash used in operating activities. The $1,132,000 decrease in cash used in operations was due to an increase in cash provided by operating assets and liabilities of $3,775,000 primarily related to accounts receivable amounts paid and fewer purchases of our BEOND site equipment to be installed, offset by increased net loss of $2,643,000, after giving effect to adjustments made for non-cash transactions.

 

Our inventory levels of site equipment to be installed increased slightly to $3,415,000 as of September 30, 2015, from $3,141,000 as of the end of the prior quarter. Inventory is down from $4,755,000 at year-end reflecting released product as part of our site count growth and conversion to the BEOND platform. Since we are supporting multiple generations of the BEOND tablet platforms, we have seen an increase in the complexity of our supply chain. We anticipate this complexity will remain with us for the 2016 fiscal year and thus will affect retaining a higher level of inventory for site equipment to be installed.

 

Our largest use of cash is payroll and related costs. Cash used for payroll and related costs increased $804,000 to $8,749,000 for the nine months ended September 30, 2015 from $7,945,000 during the same period in 2014, due to increased wages and severance.

 

Our primary source of cash is cash we generate from customers. Cash received from customers decreased $75,000 to $20,472,000 for the nine months ended September 30, 2015 from $20,547,000 during the same period in 2014, primarily as a result of less revenue offset by an increase in deferred revenue and a reduction in accounts receivable balances.

 

Net cash used in investing activities. The $84,000 decrease in cash used in investing activities was primarily due to a decrease in software development expenditures offset by an increase in capital expenditures.

 

Net cash provided by financing activities. The $8,027,000 decrease in cash provided by financing activities is primarily attributable to the following:

 

·During the nine months ended September 30, 2014, we received $6,369,000 of proceeds from our public offering, and there was no similar event during the same period in 2015;
·During the nine months ended September 30, 2015, we paid an additional $2,945,000 of long-term debt compared to the amount of long-term debt payments made during the same period in 2014; and
·During the nine months ended September 30, 2015, we borrowed an additional $1,317,000 of long-term debt compared to the amount of long-term debt borrowed during the same period in 2014.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

Refer to Note 7 of the condensed consolidated financial statements, “Recent Accounting Pronouncements.”

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Under SEC rules and regulations, as a smaller reporting company we are not required to provide the information otherwise required by this item. 

 

Item 4. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

As of the end of the period covered by this report, our management evaluated our disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, or the Exchange Act) as to whether such disclosure controls and procedures were effective in providing reasonable assurance that the information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and ensuring that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Based on our evaluation, our principal executive officer and principal financial officer concluded that such disclosure controls and procedures were effective as of the end of the period covered by this report.

 

Changes in Internal Control Over Financial Reporting

 

There was no change in our internal control over financial reporting during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 16 
 

 

PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None

 

Item 1A. Risk Factors.

 

An investment in our common stock involves a high degree of risk. You should consider carefully the risks and uncertainties described under Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2014 together with all other information contained or incorporated by reference in this report before you decide to invest in our common stock. If any of the risks described in our annual report occur, our business, financial condition, results of operations and our future growth prospects could be materially and adversely affected. Under these circumstances, the trading price of our common stock could decline, and you may lose all or part of your investment. As of the date of this report, we do not believe that there have been any material changes to the risk factors previously disclosed in our annual report other than as follows:

 

Our common stock could be delisted or suspended from trading on the NYSE MKT if we fail to maintain compliance with continued listing criteria.

 

The NYSE MKT will normally consider suspending dealings in, or delisting, securities selling for a substantial period of time at a low price per share if the issuer fails to effect a reverse split of such stock within a reasonable time after being notified that NYSE MKT deems such action to be appropriate under the circumstances. While the NYSE MKT does not provide bright line minimum share price standards for continued listing, we believe that a price less than $1.00 per share for a substantial period of time may be investigated. Our common stock has traded below $1.00 per share since July 2007.

 

In addition, the NYSE MKT will normally consider suspending dealings in, or delisting, securities of an issuer which has stockholders' equity of less than $6,000,000 if such issuer has sustained losses from continuing operations and/or net losses in its five most recent fiscal years. Our stockholders' equity was $10.9 million as of December 31, 2014 and it decreased to $4.8 million as of September 30, 2015. We have had losses from continuing operations and/or net losses in each of our five most recent fiscal years.

 

If we are unable to comply with the NYSE MKT continued listing requirements our common stock may be suspended from trading on and/or delisted from the NYSE MKT. Alternatively, in order to avoid delisting for having a low trading price for a substantial period, we may be required to effect a reverse split of our common stock. The delisting of our common stock for whatever reason may materially impair our stockholders' ability to buy and sell shares of our common stock and could have an adverse effect on the market price of, and the efficiency of the trading market for, our common stock. In addition, the delisting of our common stock could significantly impair our ability to raise capital.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None

 

Item 3. Defaults Upon Senior Securities.

 

None

 

Item 4. Mine Safety Disclosures.

 

Not Applicable

 

Item 5. Other Information.

 

None

 

 17 
 

 

Item 6. Exhibits.

 

Exhibit Description
   
3.1 Restated Certificate of Incorporation (2)
   
3.2 Bylaws, as amended (3)
   
10.1* Separation Agreement and General Release of all Claims by and between NTN Buzztime, Inc. and William Thomas dated July 22, 2015 (1)
   
31.1 Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (1)  
     
31.2 Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (1)  
     
32.1# Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1)  
     
32.2# Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1)  
     
101.INS XBRL Instance Document  
     
101.SCH XBRL Taxonomy Extension Schema Document  
     
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document  
     
101.DEF XBRL Taxonomy Extension Definition Linkbase Document  
     
101.LAB XBRL Taxonomy Extension Label Linkbase Document  
     
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document  

 

  * Management contract or compensatory plan.
  # This certification is being furnished solely to accompany this report pursuant to U.S.C. § 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated herein by reference into any filing of the Company whether made before or after the date hereof, regardless of any general incorporation language in such filing.
  (1) Filed or furnished herewith
  (2) Previously filed as an exhibit to the registrant’s report on Form 10-Q filed on August 14, 2013 and incorporated herein by reference.
  (3) Previously filed as an exhibit to the registrant’s report on Form 10-K filed on March 26, 2008 and incorporated herein by reference.

 

 18 
 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

     
  NTN BUZZTIME, INC.
     
Date: November 9, 2015 By:

/s/ Allen Wolff

 
    Allen Wolff
    Chief Financial Officer
    (on behalf of the Registrant, and as its Principal Financial Officer)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 19 

EX-10.1 2 ntn_10q-ex1001.htm SEPARATION AGREEMENT

Exhibit 10.1

 

SEPARATION AGREEMENT

AND GENERAL RELEASE OF ALL CLAIMS

 

This Separation Agreement and General Release of Claims (“Agreement”) is made by and between NTN BUZZTIME, INC. on behalf of itself and its affiliates (“”Buzztime” or “the Company”) and William Thomas (“Employee”) with respect to the following facts:

 

A. Employee is employed by the Company as the Sr. VP Sales and Marketing. Employee wishes to transition to other employment. Employee’s employment with the Company will terminate effective July 22, 2015.

 

B. The Company wishes to assist Employee’s transition to other employment. To facilitate this transition, the Company is offering Employee a severance payment as described below provided Employee executes this Agreement within 21 days after receipt of this Agreement, does not exercise the right to revoke it, and remains in compliance with its terms.

 

C. This Agreement is presented to Employee on July 22, 2015.

 

Company and Employee agree:

 

1. Severance Payment. In exchange for Employee’s agreement to, and compliance with, the terms of this Agreement, the Company shall provide Employee with the following:

 

1.1 The Company will pay Employee a severance payment equivalent to 10 weeks normal wages to which the Employee is not otherwise entitled, in the gross amount of $38,461.50, less all appropriate federal and state tax withholdings (the “Severance Payment”). Employee agrees that this Severance Payment is adequate consideration for the promises and representations made in this Agreement, including Employee’s release set forth below, and for his continued compliance with the terms of this Agreement. The Severance Payment will be made as a continuation of payroll, paid bi-weekly and in the normal course of the Company’s payroll, beginning on the first payday that is at least five business days following the Effective Date as defined in paragraph 6.4 below. In the event Employee signs this Agreement before the termination of Employee’s employment with Buzztime, the Severance Payment will be made on the first payday that is at least five days after Employee’s return to Buzztime of an Affirmation of Release, in a form to be provided by Buzztime, confirming that the release provisions in this Agreement apply to any conduct or claims arising after Employee’s execution of this Agreement.

 

1.2 If Employee applies for and secures post-termination group health COBRA coverage, the Company will pay the first two (2) month’s COBRA premium to the third party COBRA administrator. After the two month payments by Company, Employee will be responsible for payments in order to continue this coverage.

 

2. General Release.

 

2.1 Employee unconditionally, irrevocably and absolutely releases and discharges the Company, and any parent and subsidiary corporations, divisions and other affiliated entities of the Company, past and present, as well as the Company’s employees, officers, directors, agents, attorneys, successors and assigns (collectively, “Released Parties”), from all claims related in any way to the transactions or occurrences between them to date to the fullest extent permitted by law including, but not limited to, Employee’s employment with the Company, the amount and manner of compensation paid to Employee by the Company, the termination of Employee’s employment, and all other losses, liabilities, claims, demands and causes of action, known or unknown, suspected or unsuspected, arising directly or indirectly out of or in any way connected with Employee’s employment with the Company. This release is intended to have the broadest possible application and includes, but is not limited to, any tort, contract, common law, constitutional or other statutory claims, any claim for penalties, any claim for unpaid wages, commissions, bonuses or other employment benefits, as well as alleged violations of the California Civil Code, the California Labor Code or the federal Fair Labor Standards Act, Title VII of the Civil Rights Act of 1964 and the California Fair Employment and Housing Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the Equal Pay Act, the Age Discrimination in Employment Act, all as amended, and all claims for attorneys’ fees, costs and expenses. However, this release will not apply to claims for workers’ compensation benefits, unemployment insurance benefits, or any other claims that cannot lawfully be waived.

 

 1 
 

 

2.2 Employee acknowledges that Employee may discover facts or law different from, or in addition to, the facts or law that Employee knows or believes to be true with respect to the claims released in this Agreement and agrees, nonetheless, that this Agreement and the release contained in it shall be and remain effective in all respects despite such different or additional facts.

 

2.3 Employee declares and represents that Employee intends this Agreement to be final, complete, and not subject to any claim of mistake. Employee executes this release with the full knowledge that this release covers all possible claims against the Released Parties, to the fullest extent permitted by law. Employee expressly acknowledges that he is not entitled to any payments related to the involuntary termination of his employment that may be provided for under the terms of his Offer Letter dated April 13, 2015.

 

2.4 Employee expressly waives Employee’s right to recover any type of personal relief from the Company, including monetary damages or reinstatement, in any administrative action or proceeding, whether state or federal, and whether brought by Employee or on Employee’s behalf by an administrative agency, related in any way to the matters released herein.

 

3. California Civil Code Section 1542 Waiver. Employee agrees that all rights under Section 1542 of the California Civil Code are expressly waived. That section provides:

 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

Employee understands that Employee is a “creditor” within the meaning of Section 1542 and that the waiver of rights under Section 1542 means that the release contained in this Agreement extends to rights and claims that Employee is currently unaware of.

 

4. Representation Concerning Filing of Legal Actions. Employee represents that, as of the date of this Agreement, Employee has not filed any lawsuits, complaints, petitions, claims or other accusatory pleadings against the Company or any of the other Released Parties in any court. Employee further agrees that, to the fullest extent permitted by law, Employee will not prosecute in any court, whether state or federal, any claim or demand of any type related to the matters released above, it being the intention of the parties that with the execution of this release, the Released Parties will be absolutely, unconditionally and forever discharged of and from all obligations to or on behalf of Employee related in any way to the matters discharged herein. Employee also agrees that Employee will not voluntarily participate in, be a witness in, be a party to, or otherwise voluntarily involve himself in any claims, potential claim or litigation against Employer Released Parties. Employee further agrees that Employee will not voluntarily assist or encourage in any manner whatsoever any person, party, or litigant, in any claim, potential claim or action, against Employer Released Parties. This will not prevent Employee from responding to a legally issued subpoena.

 

5. No Admissions. By entering into this Agreement, the Released Parties make no admission that they have engaged, or are now engaging, in any unlawful conduct. The parties understand and acknowledge that this Agreement is not an admission of liability and shall not be used or construed as such in any legal or administrative proceeding.

 

 2 
 

 

6. Older Workers’ Benefit Protection Act. This Agreement is intended to satisfy the requirements of the Older Workers’ Benefit Protection Act, 29 U.S.C. sec. 626(f). The following general provisions, along with the other provisions of this Agreement, are agreed to for this purpose:

 

6.1 Employee acknowledges and agrees that he has read and understands the terms of this Agreement.

 

6.2 Employee is advised that Employee should consult with an attorney before executing this Agreement, and Employee acknowledges that Employee has obtained and considered any legal advice Employee deems necessary, such that Employee is entering into this Agreement freely, knowingly, and voluntarily.

 

6.3 Employee acknowledges that Employee has been given at least 21 days in which to consider whether or not to enter into this Agreement. Employee understands that, at Employee’s option, Employee may elect not to use the full 21-day consideration period.

 

6.4 This Agreement shall not become effective or enforceable until the eighth day after Employee signs this Agreement. In other words, Employee may revoke his acceptance of this Agreement within seven days after the date Employee signs it. Employee's revocation must be in writing and received by the Director, Human Resources of Buzztime by 5:00 p.m. on the seventh day in order to be effective. If Employee does not revoke acceptance within the seven day period, Employee's acceptance of this Agreement becomes binding and enforceable on the eighth day (“Effective Date”). Employee will notify the CEO and Chief Legal Counsel in writing on or shortly after the eighth day after he signs this Agreement as to whether Employee revoked the Agreement.

 

6.5 This Agreement does not waive or release any rights or claims that Employee may have that are based on any facts or events occurring after the execution of this Agreement.

 

7. Non-Solicitation of Company Employees. For a period of one year following the termination of Employee’s employment with the Company, Employee shall not directly or indirectly solicit, or assist any other person or business entity to directly or indirectly solicit, any Company employee or independent contractor to terminate his or her relationship with the Company, including without limitation, by providing any person or third party any information about Company employees, their duties, contact information, or compensation.

 

8. Severability. If any provision of this Agreement is determined by a court to be unenforceable, that provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the Released Parties will receive the benefits contemplated herein to the fullest extent permitted by law. If a deemed modification is not satisfactory in the judgment of such court, the unenforceable provision shall be deemed deleted, and the remaining provisions of this Agreement shall remain valid and enforceable to the fullest extent permitted by law.

 

9. Applicable Law. The validity, interpretation and performance of this Agreement shall be construed and interpreted according to the laws of the United States of America and the State of California.

 

10. Confidentiality. In further consideration of the agreements and covenants contained in this Agreement, Employee and Company agree that the terms and conditions of this Agreement, as well as the discussions which led to the terms and conditions of this Agreement (collectively referred to as the "Confidential Information") shall remain confidential as between the parties and shall not be disclosed to any other person, with the exception of Employee's tax advisors and attorneys, and Company’s tax advisors, attorneys, corporate officials and managers who have need to know of the settlement because of their duties and responsibilities with Company or as required by applicable law. When released to any such persons or entities, the party releasing the information shall advise the person or entity that the information is confidential and is to remain confidential to the fullest extent possible under the law. Neither the parties nor their counsel will respond to, or in any way participate in or contribute to, any public discussion, notice or other publicity concerning the Confidential Information. In addition, Employee understands that any non-disclosure or confidentiality agreements Employee entered into with the Company that contain post-termination obligations of Employee, including but not limited to the Confidentiality and Inventions Agreement entered executed by Employee on January 16, 2014, shall remain in force in accordance with its terms.

 

 3 
 

 

11. Full Defense. This Agreement may be pled as a full and complete defense to, and may be used as a basis for an injunction against, any action, suit or other proceeding that may be prosecuted, instituted or attempted by Employee in breach hereof. Employee agrees that in the event an action or proceeding is instituted by the Released Parties in order to enforce the terms or provisions of this Agreement, the Released Parties shall be entitled to an award of reasonable costs and attorneys’ fees incurred in connection with enforcing this Agreement.

 

12. General. This Agreement may be executed in counterparts and is binding on all parties when each has signed either an original or copy of this Agreement. The parties agree that this Agreement shall be binding on, and inure to the benefit of him or its successors, heirs and/or assigns. The parties agree to do all things necessary and to execute all further documents necessary and appropriate to carry out and effectuate the terms and purposes of this Agreement. This Agreement may be amended only by a written instrument executed by all parties hereto.

 

THE PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES SHOWN BELOW.

 

Dated: 7/23 , 2015 By: /s/ William Thomas
        William Thomas
         
         
      NTN BUZZTIME, INC.
         
Dated: 7/23 , 2015 By: /s/ Ram Krishnan
        Ram Krishnan

 

 

 

 4 

 

EX-31.1 3 ntn_10q-ex3101.htm CERTIFICATION

Exhibit 31.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

SECURITIES EXCHANGE ACT RULES 13a-14(a) AND 15(d)-14(a), AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Ram Krishnan, certify that:

 

1. I have reviewed this report on Form 10-Q of NTN Buzztime, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(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

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(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.

 

   
Dated: November 9, 2015

/s/ Ram Krishnan

 
  Ram Krishnan
  Chief Executive Officer
  NTN Buzztime, Inc.

EX-31.2 4 ntn_10q-ex3102.htm CERTIFICATION

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO

SECURITIES EXCHANGE ACT RULES 13a-14(a) AND 15(d)-14(a), AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Allen Wolff, certify that:

 

1. I have reviewed this report on Form 10-Q of NTN Buzztime, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(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

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(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.

 

   
Dated: November 9, 2015

/s/ Allen Wolff

 
  Allen Wolff
  Chief Financial Officer
  NTN Buzztime, Inc.

EX-32.1 5 ntn_10q-ex3201.htm CERTIFICATION

Exhibit 32.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of NTN Buzztime, Inc. (the “Registrant”) on Form 10-Q for the period ended September 30, 2015 (the “Report”), I, Ram Krishnan, Chief Executive Officer of the Registrant, do hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

(1)the Report, as filed with the Securities and Exchange Commission, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

   
Dated: November 9, 2015

/s/ Ram Krishnan

 
  Ram Krishnan
  Chief Executive Officer
  NTN Buzztime, Inc.

EX-32.2 6 ntn_10q-ex3202.htm CERTIFICATION

Exhibit 32.2

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of NTN Buzztime, Inc. (the “Registrant”) on Form 10-Q for the period ended September 30, 2015 (the “Report”), I, Allen Wolff, Chief Financial Officer of the Registrant, do hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

(1)the Report, as filed with the Securities and Exchange Commission, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

   
Dated: November 9, 2015

/s/ Allen Wolff

 
  Allen Wolff
  Chief Financial Officer
  NTN Buzztime, Inc.

 

 

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The accompanying condensed balance sheet as of December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. 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3. IMPAIRMENT OF CAPITALIZED SOFTWARE
9 Months Ended
Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
IMPAIRMENT OF CAPITALIZED SOFTWARE

The Company capitalizes costs related to certain of its software product development projects in accordance with ASC No. 350, Intangibles – Goodwill and Other. The Company performs a quarterly review of these projects to determine if any project is no longer a current strategic fit or if the marketability of the content has decreased due to obtaining additional information regarding the specific purpose for which the content was intended. As a result of this review, the Company recognized impairment losses of $295,000 and $661,000 for the nine months ended September 30, 2015 and 2014, respectively. The Company did not recognize any impairment losses for the three months ended September 30, 2015 or 2014.

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2. BASIC AND DILUTED EARNINGS PER COMMON SHARE
9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
BASIC AND DILUTED EARNINGS PER COMMON SHARE

The Company computes basic and diluted earnings per common share in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 260, Earnings per Share. Basic earnings per share excludes the dilutive effects of options, warrants and other convertible securities. Diluted earnings per share reflects the potential dilution of securities that could share in the Company’s earnings. The total number of shares of the Company’s common stock subject to options, warrants, and convertible preferred stock that were excluded from computing diluted net loss per common share was approximately 13,857,000 and 14,140,000 shares as of September 30, 2015 and 2014, respectively, as their effect was anti-dilutive.

XML 17 R2.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Current Assets:    
Cash and cash equivalents $ 4,678 $ 7,185
Accounts receivable, net of allowances of $157 and $214, respectively 575 2,190
Site equipment to be installed 3,415 4,755
Prepaid expenses and other current assets 1,001 742
Total current assets 9,669 14,872
Fixed assets, net 4,032 3,400
Software development costs, net of accumulated amortization of $2,134 and $3,110, respectively 1,076 1,634
Deferred costs 1,340 1,092
Goodwill 940 1,084
Intangible assets, net 92 129
Other assets 133 57
Total assets 17,282 22,268
Current Liabilities:    
Accounts payable 396 617
Accrued compensation 1,070 749
Accrued expenses 715 969
Sales taxes payable 237 133
Income taxes payable 38 104
Current portion of long-term debt (Note 5) 882 2,176
Current portion of obligations under capital leases 73 28
Deferred revenue 1,983 1,836
Other current liabilities 313 481
Total current liabilities 5,707 7,093
Long-term debt 5,679 3,143
Long-term obligations under capital leases 122 30
Deferred revenue, excluding current portion 413 378
Deferred rent 581 693
Other liabilities 0 7
Total liabilities 12,502 11,344
Shareholders' Equity:    
Series A 10% cumulative convertible preferred stock, $.005 par value, $156 liquidation preference, 5,000 shares authorized; 156 shares issued and outstanding at September 30, 2015 and December 31, 2014. 1 1
Common stock, $.005 par value, 168,000 shares authorized at September 30, 2015 and December 31, 2014; 92,412 and 92,370 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively. 462 462
Treasury stock, at cost, 503 shares at September 30, 2015 and December 31, 2014, respectively (456) (456)
Additional paid-in capital 128,634 128,283
Accumulated deficit (124,089) (117,845)
Accumulated other comprehensive income (Note 6) 228 479
Total shareholders' equity 4,780 10,924
Total liabilities and shareholders' equity $ 17,282 $ 22,268
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows used in operating activities:    
Net loss $ (6,236) $ (3,312)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,172 2,080
Provision for doubtful accounts (2) 74
Excess and obsolete site equipment to be installed expense 680 0
Stock-based compensation 341 180
Issuance of common stock to consultant in lieu of cash payment 1 238
Impairment of capitalized software 295 661
Loss from disposition of equipment and capitalized software 28 1
Changes in assets and liabilities:    
Accounts receivable 1,610 (273)
Site equipment to be installed (403) (3,755)
Prepaid expenses and other assets (501) 240
Accounts payable and accrued liabilities (51) 264
Income taxes payable (57) (2)
Deferred costs (252) (424)
Deferred revenue 183 692
Deferred rent (112) (100)
Net cash used in operating activities (2,304) (3,436)
Cash flows used in investing activities:    
Capital expenditures (781) (619)
Software development expenditures (520) (607)
Acquisition of software 0 (150)
Proceeds from the sale of equipment 9 0
Net cash used in investing activities (1,292) (1,376)
Cash flows provided by financing activities:    
Proceeds from public offering of common stock, net 0 6,369
Proceeds from exercise of stock options 1 44
Proceeds from long-term debt 5,638 4,321
Payments on long-term debt (4,396) (1,451)
Principal payments on capital leases (39) (19)
Tax withholding related to net-share settlements of restricted stock units 0 (33)
Net cash provided by financing activities 1,204 9,231
Net (decrease) increase in cash and cash equivalents (2,392) 4,419
Effect of exchange rate on cash (115) (34)
Cash and cash equivalents at beginning of period 7,185 5,455
Cash and cash equivalents at end of period 4,678 9,840
Supplemental disclosures of cash flow information: Cash paid during the period for:    
Interest 311 130
Income taxes 68 32
Supplemental disclosure of non-cash investing and financing activities:    
Site equipment transferred to fixed assets 1,055 686
Equipment acquired under capital lease 177 0
Issuance of common stock in lieu of payment of preferred dividends $ 8 $ 8
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6. ACCUMULATED OTHER COMPREHENSIVE INCOME (Details Narrative) - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Stockholders' Equity Note [Abstract]    
Foreign currency translation adjustments recorded in accumulated other comprehensive income $ 228 $ 479
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1. BASIS OF PRESENTATION
9 Months Ended
Sep. 30, 2015
Accounting Policies [Abstract]  
BASIS OF PRESENTATION

Description of Business

 

NTN Buzztime, Inc. (the “Company”) delivers interactive entertainment and innovative dining technology to bars and restaurants in North America. Venues license the Company’s customizable solution to differentiate themselves via competitive fun by offering guests trivia, card, sports and arcade games, nationwide competitions, and self-service dining features including dynamic menus, touchscreen ordering and secure payment. The Company’s platform can improve operating efficiencies, create connections among the players and venues and amplify guests’ positive experiences. The Company generates revenues by charging subscription fees for its service to its network subscribers, by leasing equipment (including tablets used in its BEOND platform and the cases and charging trays for the tablets) to certain network subscribers, by hosting live trivia events, by selling advertising aired on in-venue screens and as part of customized games and from the premium products, such as paid arcade, the Company began offering via its BEOND platform in 2014. Currently, over 2,950 venues in the U.S. and Canada subscribe to the Company’s interactive entertainment network, of which approximately 56% are using its BEOND platform.

 

The Company was incorporated in Delaware in 1984 as Alroy Industries and changed its corporate name to NTN Communications, Inc. in 1985. The Company changed its name to NTN Buzztime, Inc. in 2005 to better reflect the growing role of the Buzztime consumer brand.

 

Basis of Accounting Presentation

 

The accompanying unaudited interim condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments that are necessary, which are of a normal and recurring nature, for a fair presentation for the periods presented of the financial position, results of operations and cash flows of the Company and its wholly-owned subsidiaries: IWN, Inc., IWN, L.P., Buzztime Entertainment, Inc., NTN Wireless Communications, Inc., NTN Software Solutions, Inc., NTN Canada, Inc., and NTN Buzztime, Ltd., all of which, other than NTN Canada, Inc., are dormant subsidiaries. All significant intercompany transactions have been eliminated in consolidation.

 

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2014. The accompanying condensed balance sheet as of December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2015, or any other period.

 

Reclassifications

 

The Company reclassified the consolidated statement of operations and comprehensive loss for the three and nine months ended September 30, 2014, and the consolidated statement of cash flows for the nine months ended September 30, 2014 to conform to the 2015 presentation. Reclassifications had no impact on net loss or cash flows.

XML 22 R3.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts - accounts receivable $ 157 $ 214
Software accumulated amortization $ 2,134 $ 3,110
Preferred Stock Series A par value per share $ 0.005 $ 0.005
Preferred Stock Series A liquidation preference $ 156 $ 156
Preferred Stock Series A shares authorized 5,000,000 5,000,000
Preferred Stock Series A shares outstanding 156,000 156,000
Preferred stock shares issued 156,000 156,000
Common stock par value $ .005 $ 0.005
Common stock shares authorized 168,000,000 168,000,000
Common stock shares issued 92,412,000 92,370,000
Common stock shares outstanding 92,412,000 92,370,000
Treasury stock shares 503,000 503,000
XML 23 R17.htm IDEA: XBRL DOCUMENT v3.3.0.814
2. BASIC AND DILUTED EARNINGS PER COMMON SHARE (Details Narrative) - shares
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Earnings Per Share [Abstract]    
Options, warrants, convertible preferred stock excluded from per share calculation 13,857,000 14,140,000
XML 24 R1.htm IDEA: XBRL DOCUMENT v3.3.0.814
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2015
Nov. 05, 2015
Document And Entity Information    
Entity Registrant Name NTN BUZZTIME INC  
Entity Central Index Key 0000748592  
Document Type 10-Q  
Document Period End Date Sep. 30, 2015  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   92,412,255
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2015  
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3. IMPAIRMENT OF CAPITALIZED SOFTWARE (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]        
Impairment of capitalized software $ 0 $ 0 $ 295 $ 661
XML 26 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues        
Subscription revenue $ 4,268 $ 4,425 $ 12,670 $ 13,617
Sales-type lease revenue 984 889 3,075 3,592
Other revenue 827 691 2,253 2,087
Total Revenue 6,079 6,005 17,998 19,296
Operating expenses:        
Direct costs (includes depreciation and amortization of $630 and $544 for the three months ended September 30, 2015 and 2014, respectively, and $1,807 and $1,616 for the six months ended September 30, 2015 and 2014, respectively.) 3,196 2,256 9,224 7,592
Selling, general and administrative 4,076 4,863 14,106 13,808
Impairment of capitalized software (Note 3) 0 0 295 661
Depreciation and amortization (excluding depreciation and amortization included in direct operating costs) 121 161 365 464
Total operating expenses 7,393 7,280 23,990 22,525
Operating loss (1,314) (1,275) (5,992) (3,229)
Other expense, net (49) (19) (231) (55)
Loss before income taxes (1,363) (1,294) (6,223) (3,284)
Benefit (provision) for income taxes 15 (21) (13) (28)
Net loss $ (1,348) $ (1,315) $ (6,236) $ (3,312)
Net loss per common share - basic and diluted $ (.01) $ (.01) $ (.07) $ (.04)
Weighted average shares outstanding - basic and diluted 91,909,000 91,316,000 91,892,000 86,157,000
Comprehensive loss        
Net loss $ (1,348) $ (1,315) $ (6,236) $ (3,312)
Foreign currency translation adjustment (140) (82) (251) (78)
Total comprehensive loss $ (1,488) $ (1,397) $ (6,487) $ (3,390)
XML 27 R12.htm IDEA: XBRL DOCUMENT v3.3.0.814
6. ACCUMULATED OTHER COMPREHENSIVE INCOME
9 Months Ended
Sep. 30, 2015
Stockholders' Equity Note [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME

The United States dollar is the Company’s functional currency, except for its operations in Canada where the functional currency is the Canadian dollar. The financial position and results of operations of the Company’s foreign subsidiaries are measured using the foreign subsidiary’s local currency as the functional currency. In accordance with ASC No. 830, Foreign Currency Matters, revenues and expenses of the Company’s foreign subsidiaries have been translated into U.S. dollars at weighted average exchange rates prevailing during the period, and the assets and liabilities of such subsidiaries have been translated at the period end exchange rate. Accumulated other comprehensive income includes the accumulated gains or losses from these foreign currency translation adjustments. As of September 30, 2015 and December 31, 2014, $228,000 and $479,000 of foreign currency translation adjustments were recorded in accumulated other comprehensive income, respectively.

XML 28 R11.htm IDEA: XBRL DOCUMENT v3.3.0.814
5. DEBT
9 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
DEBT

Revolving Line of Credit

 

In April 2015, the Company entered into a loan and security agreement with East West Bank, pursuant to which, the Company may request advances in an aggregate outstanding amount at any time up to the lesser of $7,500,000, which is referred to as the revolving line, or an amount equal to its borrowing base, in each case, less the aggregate outstanding principal amount of prior advances. So long as there is no event of default, the Company may make a one-time request to increase the revolving line by up to $2,500,000, which the lender may accept or decline. All advances are due on April 14, 2018. The Company’s borrowing base is, as of the date of determination, an amount equal to the product of: (a) the average monthly recurring revenue for the immediately preceding three months; times (b) one plus the Company’s average churn rate for the immediately preceding three months (not to exceed zero); times (c) 300%. The churn rate, with respect to any month, is the quotient of the Company’s monthly net revenue change calculated with respect to such month, divided by its monthly revenue from subscriptions for the month. In addition, under the loan and security agreement, the Company is required to meet a minimum adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA, target and churn rate targets, in each case, as specified in the loan and security agreement. Adjusted EBITDA is the sum (a) net profit (or loss), after provision for taxes, plus (b) interest expense, plus (c) to the extent deducted in the calculation of net profit (or loss), depreciation expense and amortization expense, plus (d) income tax expense, plus (e) non-cash stock compensation expenses, plus (f) other non-cash expenses and charges, plus (g) to the extent approved by East West Bank, other one-time charges, plus (h) to the extent approved by East West Bank, any losses arising from the sale, exchange, transfer or other disposition of assets not in the ordinary course of business. The adjusted EBITDA target is measured as of the last day of each fiscal quarter with respect to the immediately prior six month period, and the churn rate targets are measured on a monthly and trailing three month basis. The Company met these targets as of the quarter ended, September 30, 2015.

 

Advances bear interest, at the Company’s option, at the rate of either (A) a variable rate per annum equal to the prime rate as set forth in The Wall Street Journal plus 1.25% or (B) at a fixed rate per annum equal to the LIBOR Rate for the interest period for the advance plus 4.00%. Advances that the Company elects to bear interest at the rate described in clause (a) and (b) are referred to, respectively, as “Prime Rate Loans” and “LIBOR Loans.” Interest on each Prime Rate Loan is due on the last calendar day of each month, commencing on April 30, 2015. Interest on each LIBOR Loan is due on the last day of each interest period (1, 2, 3 or 6 months) applicable to such LIBOR Loan, unless the interest period is greater than 3 months, in which case, interest is payable at 3 month intervals after the commencement of the applicable interest period and on the last day of such interest period.

 

As of September 30, 2015, the Company borrowed a total of $4,500,000, all of which has been advanced as Libor Loans with a 3-month interest period. Each time the interest period expired, the Company elected to renew the advance as another Libor Loan with a 3-month interest period. Interest on the LIBOR Loans has ranged from 4.3125% to 4.3750%. The Company used approximately $3,381,000 of the total amount borrowed to pay down existing indebtedness. See “—Equipment Notes Payable,” below.

 

Pursuant to the loan and security agreement, the Company granted and pledged to the lender a first-priority security interest in all the Company’s existing and future personal property.

 

On the closing date of the loan and security agreement, the Company paid $37,500 to the lender as a facility fee. An additional facility fee (equal to the product of (x) 0.50% of the increase in the revolving line times (y) the quotient of the number of days remaining between the effective date of such increase and April 14, 2018, divided by 1,095) will be due if the revolving line is increased pursuant to the Company’s request. The Company also pays an unused line fee equal to 0.50% per year on the difference between the amount of the revolving line as in effect from time to time and the average monthly balance in each month, which is payable monthly in arrears. The average monthly balance is calculated by adding the ending outstanding balance under the revolving line for each day in the month divided by the number of days in the month.

 

Equipment Notes Payable

 

In May 2013, the Company entered into a financing arrangement with a lender under which the Company may borrow up to $500,000 to purchase certain equipment. Over time, the lender has increased the maximum amount the Company may borrow, and as of September 30, 2015, the maximum amount was $9,853,000. The Company may borrow up to the maximum amount in tranches as needed. Each tranche bears interest at 8.32% per annum. With respect to the first $1,000,000 in the aggregate borrowed, principal and interest payments are due in 36 equal monthly installments. With respect to amounts borrowed in excess of the first $1,000,000 in the aggregate, the first monthly payment will be equal to 24% of the principal amount outstanding, and the remaining principal and interest due are payable in 35 equal monthly installments. The Company granted the lender a first security interest in the equipment purchased with the funds borrowed. Through September 30, 2015, the Company borrowed approximately $8,790,000 of the $9,853,000 maximum amount available.

 

In April 2015, the Company used approximately $3,381,000 of the proceeds received from the East West Bank credit facility to pay down a portion of the principal amount the Company had borrowed under this financing arrangement, accrued interest and a prepayment fee. As of September 30, 2015, approximately $2,061,000 of principal remained outstanding under this financing arrangement, which is recorded as long-term debt on the consolidated balance sheets, and approximately $1,063,000 was available for borrowing. However, the East West Bank credit facility prohibits the Company from having more than $2,500,000 owing under this financing arrangement at any time.

XML 29 R23.htm IDEA: XBRL DOCUMENT v3.3.0.814
8. CONCENTRATIONS OF RISK (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Accounts receivable $ 575   $ 575   $ 2,190
Accounts payable from equipment suppliers 176   176   423
Revenues | One Customer          
Revenues $ 2,708 $ 2,409 $ 8,008 $ 8,155  
Concentration risk percentage 45.00% 40.00% 44.00% 42.00%  
Accounts Receivable | One Customer          
Accounts receivable $ 117   $ 117   $ 1,558
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.3.0.814
4. STOCK-BASED COMPENSATION (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Summary of weighted-average assumptions used for grants issued        
Weighted-average risk-free rate 1.27% 1.42% 1.18% 1.37%
Weighted-average volatility 105.50% 79.77% 82.51% 80.27%
Dividend yield 0.00% 0.00% 0.00% 0.00%
Expected life 5 years 1 month 24 days 4 years 10 months 28 days 4 years 3 months 18 days 4 years 10 months 10 days
XML 31 R15.htm IDEA: XBRL DOCUMENT v3.3.0.814
1. BASIS OF PRESENTATION (Policies)
9 Months Ended
Sep. 30, 2015
Accounting Policies [Abstract]  
Description of Business

NTN Buzztime, Inc. (the “Company”) delivers interactive entertainment and innovative dining technology to bars and restaurants in North America. Venues license the Company’s customizable solution to differentiate themselves via competitive fun by offering guests trivia, card, sports and arcade games, nationwide competitions, and self-service dining features including dynamic menus, touchscreen ordering and secure payment. The Company’s platform can improve operating efficiencies, create connections among the players and venues and amplify guests’ positive experiences. The Company generates revenues by charging subscription fees for its service to its network subscribers, by leasing equipment (including tablets used in its BEOND platform and the cases and charging trays for the tablets) to certain network subscribers, by hosting live trivia events, by selling advertising aired on in-venue screens and as part of customized games and from the premium products, such as paid arcade, the Company began offering via its BEOND platform in 2014. Currently, over 2,950 venues in the U.S. and Canada subscribe to the Company’s interactive entertainment network, of which approximately 56% are using its BEOND platform.

 

The Company was incorporated in Delaware in 1984 as Alroy Industries and changed its corporate name to NTN Communications, Inc. in 1985. The Company changed its name to NTN Buzztime, Inc. in 2005 to better reflect the growing role of the Buzztime consumer brand.

Basis of Accounting Presentation

The accompanying unaudited interim condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments that are necessary, which are of a normal and recurring nature, for a fair presentation for the periods presented of the financial position, results of operations and cash flows of the Company and its wholly-owned subsidiaries: IWN, Inc., IWN, L.P., Buzztime Entertainment, Inc., NTN Wireless Communications, Inc., NTN Software Solutions, Inc., NTN Canada, Inc., and NTN Buzztime, Ltd., all of which, other than NTN Canada, Inc., are dormant subsidiaries. All significant intercompany transactions have been eliminated in consolidation.

 

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2014. The accompanying condensed balance sheet as of December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2015, or any other period.

Reclassifications

The Company reclassified the consolidated statement of operations and comprehensive loss for the three and nine months ended September 30, 2014, and the consolidated statement of cash flows for the nine months ended September 30, 2014 to conform to the 2015 presentation. Reclassifications had no impact on net loss or cash flows.

XML 32 R13.htm IDEA: XBRL DOCUMENT v3.3.0.814
7. RECENT ACCOUNTING PRONOUNCEMENTS
9 Months Ended
Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS

Management has considered all recent accounting pronouncements issued since the last audit of the Company’s consolidated financial statements, and believes that these recent pronouncements will not have a material effect on the Company's consolidated financial statements.

XML 33 R14.htm IDEA: XBRL DOCUMENT v3.3.0.814
8. CONCENTRATIONS OF RISK
9 Months Ended
Sep. 30, 2015
Risks and Uncertainties [Abstract]  
CONCENTRATIONS OF RISK

Significant Customer

 

For the three months ended September 30, 2015 and 2014, the Company generated approximately $2,708,000 and $2,409,000, respectively, of total revenue from Buffalo Wild Wings corporate-owned restaurants and its franchisees, which represented approximately 45% and 40% of total revenue for those periods, respectively. For the nine months ended September 30, 2015 and 2014, the Company generated approximately $8,008,000 and $8,155,000, respectively, of total revenue from Buffalo Wild Wings corporate-owned restaurants and its franchisees, which represented 44% and 42% of total revenue for those periods, respectively. As of September 30, 2015 and December 31, 2014, approximately $117,000 and $1,558,000, respectively, was included in accounts receivable from Buffalo Wild Wings corporate-owned restaurants and its franchisees.

 

Equipment Suppliers

 

The tablet used in the Company’s BEOND product line is manufactured by one unaffiliated third party, and the Company currently does not have an alternative manufacturer or an alternative device to the tablet. The Company currently purchases the BEOND tablets from various unaffiliated third parties. The Company also currently purchases each piece of the tablet equipment (consisting of cases and charging trays for the tablet) from a different unaffiliated third party with respect to each piece of equipment. A different third party assembles the tablet cases. The Company currently does not have an alternative supply source for the tablet equipment or an alternative tablet case assembler.

 

The Company currently purchases its Classic playmakers from an unaffiliated manufacturer pursuant to a supply agreement, the term of which automatically renews for one year periods unless the agreement is terminated in advance of the automatic renewal by either party. The Company currently does not have an alternative manufacturer for its Classic playmakers. However, the Company does not currently expect to purchase additional Classic playmakers.

 

As of September 30, 2015 and December 31, 2014, approximately $176,000 and $423,000, respectively, were included in accounts payable or accrued expenses for equipment suppliers.

XML 34 R16.htm IDEA: XBRL DOCUMENT v3.3.0.814
4. STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Weighted-Average Assumptions of Stock Based Compensation
   Three months ended September 30,   Nine months ended September 30, 
   2015   2014   2015   2014 
Weighted-average risk-free rate   1.27%   1.42%   1.18%   1.37%
Weighted-average volatility   105.50%   79.77%   82.51%   80.27%
Dividend yield   0.00%   0.00%   0.00%   0.00%
Expected life   5.15 years    4.91 years    4. 3 years    4.86 years 
XML 35 R21.htm IDEA: XBRL DOCUMENT v3.3.0.814
5. DEBT (Details Narrative) - USD ($)
9 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Loan balance at end of period $ 5,679,000 $ 3,143,000
East West Bank    
Maximum borrowing capacity $ 7,500,000  
Advance due date Apr. 14, 2018  
Credit line interest rate Advances bear interest, at the Company’s option, at the rate of either (A) a variable rate per annum equal to the prime rate as set forth in The Wall Street Journal plus 1.25% or (B) at a fixed rate per annum equal to the LIBOR Rate for the interest period for the advance plus 4.00%.  
LIBOR interest rate during period LIBOR loans ranged from 4.3125% to 4.3750%  
Amount borrowed during period $ 4,500,000  
Facility fee to lender 37,500  
Equipment Notes Payable    
Maximum borrowing capacity $ 9,853,000  
Credit line interest rate 8.32% per annum per tranche  
Loan balance at end of period $ 2,061,000  
Amount borrowed during period 8,790,000  
Amount remaining $ 1,063,000  
XML 36 R5.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Income Statement [Abstract]        
Depreciation and amortization - part of Direct operating costs $ 630 $ 544 $ 1,807 $ 1,616
XML 37 R10.htm IDEA: XBRL DOCUMENT v3.3.0.814
4. STOCK-BASED COMPENSATION
9 Months Ended
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK-BASED COMPENSATION

The Company’s stock-based compensation plans include the NTN Buzztime, Inc. 2004 Performance Incentive Plan (the “2004 Plan”), the NTN Buzztime, Inc. Amended 2010 Performance Incentive Plan (the “Amended 2010 Plan”) and the NTN Buzztime, Inc. 2014 Inducement Plan (the “2014 Plan”). The Company’s stock-based compensation plans are administered by the Nominating and Corporate Governance/Compensation Committee of the Company’s Board of Directors (the “Committee”), which selects persons to receive awards and determines the number of shares subject to each award and the terms, conditions, performance measures, if any, and other provisions of the award.

 

The 2004 Plan expired in September 2009. From and after the date it expired, no awards could be granted under that plan and all awards that had been granted under that plan before it expired are governed by that plan until they are exercised or expire in accordance with that plan’s terms.

 

At the Company’s 2015 Annual Meeting of Stockholders, the Company’s stockholders approved an increase in the authorized shares to be issued under the Amended 2010 Plan from 6,000,000 to 12,000,000. The Amended 2010 Plan expires in February 2020. As of September 30, 2015, approximately 7,634,000 share-based awards are available to be granted under the Amended 2010 Plan.

 

The 2014 Plan, which provides for the grant of up to 4,250,000 share-based awards to new employees as an inducement material to the new employee entering into employment with the Company, was approved by the Committee in September 2014 in connection with the appointment of Ram Krishnan as the Company’s Chief Executive Officer. As of September 30, 2015, there were no share-based awards available to be granted under the 2014 Plan. The 2014 Plan expires in September 2024.

 

The Company records stock-based compensation in accordance with ASC No. 718, Compensation – Stock Compensation and ASC No. 505-50, Equity – Equity-Based Payments to Non-Employees. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The fair value of stock options granted is recognized as expense over the requisite service period. Stock-based compensation expense for share-based payment awards to employees is recognized using the straight-line single-option method. Stock-based compensation expense for share-based payment awards to non-employees is recorded at its fair value on the grant date and is periodically re-measured as the underlying awards vest.

 

The Company uses the historical stock price volatility as an input to value its stock options under ASC No. 718. The expected term of stock options represents the period of time options are expected to be outstanding and is based on observed historical exercise patterns of the Company, which the Company believes are indicative of future exercise behavior. For the risk-free interest rate, the Company uses the observed interest rates appropriate for the term of time options are expected to be outstanding. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts.

 

The following weighted-average assumptions were used for grants issued during the three and nine months ended September 30, 2015 and 2014 under the ASC No. 718 requirements.

 

   Three months ended September 30,   Nine months ended September 30, 
   2015   2014   2015   2014 
Weighted-average risk-free rate   1.27%   1.42%   1.18%   1.37%
Weighted-average volatility   105.50%   79.77%   82.51%   80.27%
Dividend yield   0.00%   0.00%   0.00%   0.00%
Expected life   5.15 years    4.91 years    4. 3 years    4.86 years 

 

ASC No. 718 requires forfeitures to be estimated at the time of grant and revised if necessary in subsequent periods if actual forfeiture rates differ from those estimates. Forfeitures were estimated based on historical activity for the Company. Stock-based compensation expense for the three months ended September 30, 2015 and 2014 was $123,000 and $68,000, respectively, and $341,000 and $180,000 for the nine months ended September 30, 2015 and 2014, respectively, and is expensed in selling, general and administrative expenses and credited to additional paid-in-capital. The Company granted stock options to purchase 10,000 and 3,828,000 shares of common stock during the three months ended September 30, 2015 and 2014, respectively, and stock options to purchase 2,115,000 and 5,328,000 shares of common stock during the nine months ended September 30, 2015 and 2014, respectively.

 

Stock options issued under all of the Company’s stock-based compensation plans may be exercised on a net-exercise arrangement, where shares of common stock equal to the value of the amount of the exercise price of the stock options being exercised are withheld as payment of the exercise price instead of cash. During the three months ended September 30, 2015, there were no stock options exercised under net-exercise arrangements or for cash. During the nine months ended September 30, 2015, 82,000 shares of common stock were exercised under net-exercise arrangements, and approximately 18,000 shares of common stock were issued. Also during the nine months ended September 30, 2015, the Company received approximately $1,000 in cash payments for the exercise of options to purchase approximately 2,000 shares. The total intrinsic value of all options exercised during the nine months ended September 30, 2015 was approximately $7,000. For the three and nine months ended September 30, 2014, the Company received approximately $22,000 and $44,000, respectively, in cash payments for the exercise of options to purchase approximately 87,000 and 185,000 shares, respectively. There were no net-exercise arrangements during the three and nine months ended September 30, 2014. The total intrinsic value of options exercised during the three and nine months ended September 30, 2014 was approximately $20,000 and $60,000, respectively.

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4. STOCK BASED COMPENSATION (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Stock Based Compensation        
Stock-based compensation expense $ 123 $ 68 $ 341 $ 180
Stock options granted 10,000 3,828,000 2,115,000 5,328,000
Number of options exercised 0   82,000  
Common stock issued upon option exercises 2,000   2,000 18,000
Proceeds from options exercised $ 1 $ 22 $ 1 $ 44
Stock purchased from proceeds of options exercised   87,000   185,000
Intrinsic value exercised   $ 20 $ 7 $ 60
2010 Plan [Member]        
Stock Based Compensation        
Shares available for grant 7,634,000   7,634,000  
Shares authorized under plan 12,000,000   12,000,000  
2014 Plan [Member]        
Stock Based Compensation        
Shares available for grant 0   0  
Shares authorized under plan 4,250,000   4,250,000