0001493152-17-012607.txt : 20171108 0001493152-17-012607.hdr.sgml : 20171108 20171108163120 ACCESSION NUMBER: 0001493152-17-012607 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 36 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171108 DATE AS OF CHANGE: 20171108 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: 171187018 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 form10-q.htm

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, 2017

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, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in 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]

			Emerging growth company	[ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

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 6, 2017 the registrant had outstanding 2,520,554 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	3

	Condensed Consolidated Balance Sheets as of September 30, 2017 (unaudited) and December 31, 2016	3

	Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2017 and 2016 (unaudited)	4

	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and 2016 (unaudited)	5

	Notes to Condensed Consolidated Financial Statements (unaudited)	6

2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	10

3.	Quantitative and Qualitative Disclosures About Market Risk	17

4.	Controls and Procedures	17

	PART II

1.	Legal Proceedings	18

1A.	Risk Factors	18

2.	Unregistered Sales of Equity Securities and Use of Proceeds	18

3.	Defaults Upon Senior Securities	18

4.	Mine Safety Disclosures	19

5.	Other Information	19

6.	Exhibits	19

	Signatures	20

PART I

Item 1. Financial Statements.

NTN BUZZTIME, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value amount)

(unaudited)

	September 30,			December 31,
	2017			2016
ASSETS
Current Assets:
Cash and cash equivalents	$	4,464		$	5,686
Accounts receivable, net of allowances of $585 and $376, respectively		627			928
Site equipment to be installed		4,654			2,998
Prepaid expenses and other current assets		1,000			1,050
Total current assets		10,745			10,662
Fixed assets, net		3,485			3,101
Software development costs, net of accumulated amortization of $2,578 and $2,641, respectively		1,365			970
Deferred costs		869			904
Goodwill		1,012			937
Intangible assets, net		-			29
Other assets		87			92
Total assets	$	17,563		$	16,695

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	579		$	247
Accrued compensation		417			1,060
Accrued expenses		711			697
Sales taxes payable		89			142
Income taxes payable		3			4
Current portion of long-term debt (Note 4)		5,162			2,988
Current portion of obligations under capital leases		156			155
Current portion of deferred revenue		3,714			1,059
Other current liabilities		106			291
Total current liabilities		10,937			6,643
Long-term debt (Note 4)		92			5,123
Long-term obligations under capital leases		142			259
Long-term deferred revenue		85			219
Deferred rent		231			371
Other liabilities		18			12
Total liabilities		11,505			12,627
Commitments and contingencies

Shareholders' Equity:
Series A convertible preferred stock, $.005 par value, 156 and 5,000 shares designated at September 30, 2017 and December 31, 2016, respectively; $156 liquidation preference and 156 shares issued and outstanding at September 30, and December 31, 2016,		1			1
Common stock, $.005 par value, 15,000 and 168,000 shares authorized at September 30, 2017 and December 31, 2016, respectively; 2,516 and 2,261 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively		13			11
Treasury stock, at cost, 10 shares at September 30, 2017 and December 31, 2016		(456	)		(456	)
Additional paid-in capital		134,613			132,315
Accumulated deficit		(128,472	)		(128,026	)
Accumulated other comprehensive income		359			223
Total shareholders' equity		6,058			4,068
Total liabilities and shareholders' equity	$	17,563		$	16,695

See accompanying notes to unaudited condensed consolidated financial statements.

NTN BUZZTIME, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except per share amounts)

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Revenues:
Subscription revenue	$	4,279		$	4,378		$	12,737		$	13,107
Sales-type lease revenue		116			142			524			839
Other revenue		803			923			2,717			2,386
Total Revenue		5,198			5,443			15,978			16,332
Operating expenses:
Direct operating costs (includes depreciation and amortization of $509 and $601 for the three months ended September 30, 2017 and 2016, respectively, and $1,466 and $1,864 for the nine months ended September 30, 2017 and 2016, respectively)		1,539			1,747			5,013			5,623
Selling, general and administrative		3,636			4,007			11,628			12,360
Depreciation and amortization (excluding depreciation and amortization included in direct operating costs)		76			103			250			327
Total operating expenses		5,251			5,857			16,891			18,310
Operating loss		(53	)		(414	)		(913	)		(1,978	)
Other (expense) income, net		(122	)		(152	)		496			(455	)
Loss before income taxes		(175	)		(566	)		(417	)		(2,433	)
Provision for income taxes		(9	)		(7	)		(21	)		(31	)
Net loss	$	(184	)	$	(573	)	$	(438	)	$	(2,464	)

Net loss per common share - basic and diluted	$	(0.07	)	$	(0.31	)	$	(0.18	)	$	(1.34	)

Weighted average shares outstanding - basic and diluted (Note 2)		2,505			1,839			2,419			1,839

Comprehensive loss
Net loss	$	(184	)	$	(573	)	$	(438	)	$	(2,464	)
Foreign currency translation adjustment		80			(25	)		136			90
Total comprehensive loss	$	(104	)	$	(598	)	$	(302	)	$	(2,374	)

See accompanying notes to unaudited condensed consolidated financial statements.

NTN BUZZTIME, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

	Nine months ended September 30,
	2017			2016
Cash flows provided by operating activities:
Net loss	$	(438	)	$	(2,464	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		1,716			2,191
Provision for doubtful accounts		47			67
Excess and obsolete site equipment to be installed expense		30			38
Stock-based compensation		347			331
Amortization of debt issuance costs		39			27
Issuance of common stock in lieu of cash compensation		178			-
Impairment of capitalized software		5			-
Loss from disposition of equipment		8			16
Changes in assets and liabilities:
Accounts receivable		254			(46	)
Site equipment to be installed		(3,047	)		26
Prepaid expenses and other assets		37			224
Accounts payable and accrued liabilities		(350	)		(194	)
Income taxes		(2	)		(12	)
Deferred costs		36			281
Deferred revenue		2,521			36
Deferred rent		(140	)		(125	)
Other liabilities		(185	)		(424	)
Net cash provided by (used in) operating activities		1,056			(28	)
Cash flows used in investing activities:
Capital expenditures		(562	)		(306	)
Software development expenditures		(556	)		(378	)
Net cash used in investing activities		(1,118	)		(684	)
Cash flows (used in) provided by financing activities:
Proceeds from long-term debt		-			2,114
Payments on long-term debt		(2,857	)		(1,568	)
Debt issuance costs on long-term debt		(22	)		(8	)
Principal payments on capital lease		(116	)		(63	)
Net proceeds from issuance of common stock related to registered direct offering		1,773			-
Payments to cashed-out stockholders in connection with reverse/forward stock split		-			(3	)
Payment of preferred stockholders dividends		(8	)		(8	)
Net cash (used in) provided by financing activities		(1,230	)		464
Net decrease in cash and cash equivalents		(1,292	)		(248	)
Effect of exchange rate on cash		70			41
Cash and cash equivalents at beginning of year		5,686			3,223
Cash and cash equivalents at end of year	$	4,464		$	3,016

Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest	$	301		$	357

Income taxes	$	33		$	45

Supplemental disclosure of non-cash investing and financing activities:

Site equipment transferred to fixed assets	$	1,361		$	1,087

Site equipment transferred to other current assets	$	-		$	176

Equipment acquired under capital lease	$	-		$	279

See accompanying notes to unaudited condensed consolidated financial statements.

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. Customers license the Company’s customizable solution to differentiate themselves via competitive fun by offering guests trivia, card, sports and single player games, nationwide competitions, and by offering 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. Built on an extended network platform, the Company’s 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. The Company’s current platform, which it refers 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. The Company continues to enhance its network architecture and the BEOND tablet platform and player engagement paradigms. The Company also continues to support its legacy network product line, which it refers to as Classic.

The Company currently generates revenue by charging subscription fees for its service to its network subscribers, by leasing equipment (including tablets used in its 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 by pay-to-play single player games.

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, 2016. The accompanying condensed balance sheet as of December 31, 2016 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, 2017 are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2017, or any other period.

(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 (“EPS”) excludes the dilutive effects of options, warrants and other convertible securities. Diluted EPS 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 393,000 and 455,000 shares as of September 30, 2017 and 2016, respectively, as their effect was anti-dilutive.

(3) STOCKHOLDERS’ EQUITY

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 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. The Amended 2010 Plan provides for the grant of up to 240,000 share-based awards and expires in February 2020. As of September 30, 2017, approximately 104,000 share-based awards were available to be issued under the Amended 2010 Plan. The 2014 Plan, which provides for the grant of up to 85,000 share-based awards to a new employee as an inducement material to the new employee entering into employment with the Company, was approved by the nominating and corporate governance/compensation committee of the Company’s board of directors (the “Committee”) in September 2014 in connection with the appointment of Ram Krishnan as the Company’s Chief Executive Officer. As of September 30, 2017, there were no share-based awards available to be granted under the 2014 Plan. The Company’s stock-based compensation plans are administered by 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 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, 2017 and 2016 under the ASC No. 718 requirements.

	Three months ended September 30,					Nine months ended September 30,
	2017			2016		2017			2016
Weighted average risk-free rate		2.22	%		--		1.77	%		1.20	%
Weighted average volatility		114.12	%		--		114.56	%		111.02	%
Dividend yield		0.00	%		--		0.00	%		0.00	%
Expected life		7.29 years			--		7.26 years			6.17 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, 2017 and 2016 was $113,000 and $108,000, respectively, and $347,000 and $331,000 for the nine months ended September 30, 2017 and 2016, respectively, and is expensed in selling, general and administrative expenses and credited to additional paid-in-capital. The Company granted stock options to purchase approximately 1,000 shares of common stock during the three months ended September 30, 2017. There were no stock options granted for the three months ended September 30, 2016. The Company granted stock options to purchase approximately 5,000 and 35,000 shares of common stock during the nine months ended September 30, 2017 and 2016, respectively. No options were exercised during either of the three and nine months ended September 30, 2017 or 2016.

(4) DEBT

Revolving Line of Credit

In April 2015, the Company entered into a loan and security agreement with East West Bank, or EWB, which was amended in March 2016, December 2016 and February 2017. The Company refers to the loan and security agreement as amended in March 2016, December 2016 and February 2017 as the EWB credit facility. Under the EWB credit facility, the Company may request advances in an aggregate outstanding amount at any time up to the lesser of (a) $7,500,000, which the Company refers to as the revolving line, or (b) the sum of $2,000,000 (which the Company refers to as the “sublimit”) plus the amount equal to its borrowing base, in each case, less the aggregate outstanding principal amount of prior advances. On June 15, 2017, the sublimit became zero. 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 3.25% (which decreases to 1.75% at the earlier of June 15, 2017 or such time the Company pays off in full in cash the $2.0 million sublimit), or (B) at a fixed rate per annum equal to the LIBOR Rate for the interest period for the advance plus 6.00% (which, after the Company repaid the sublimit in April 2017, decreased to 4.50% on all amounts then outstanding and on any subsequent borrowings). 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 EWB may accept or decline. All advances are due on January 15, 2018. The Company uses the proceeds available under this credit facility to fund strategic growth initiatives and for general working capital purposes.

The Company’s borrowing base under the EWB credit facility 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 our average churn rate for the immediately preceding three months (not to exceed zero); times (c) 300%. For this purpose, the Company’s monthly recurring revenue is limited to all recurring subscription revenue attributable to software that the Company sold or licensed and all recurring revenue relating to services it delivered and 50% of all revenue attributable to the Company’s “Stump” product line. Because the amount of the Company’s monthly recurring revenue and how much each source contributes to it will change from month to month, the Company’s borrowing base will fluctuate accordingly.

Under the EWB credit facility, 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 EWB credit facility. 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 EWB, other one-time charges, plus (h) to the extent approved by EWB, any losses arising from the sale, exchange, transfer or other disposition of assets not in the ordinary course of business. Compliance with the adjusted EBITDA target is measured as of the last day of each fiscal quarter with respect to the immediately prior three-month period. Through January 31, 2017, compliance with the churn rate target was measured on a monthly and trailing three-month basis. In February 2017, compliance began to be measured only on a trailing three-month basis.

The EWB credit facility also requires the Company to maintain, at June 15, 2017, or if earlier, at such time that the $2.0 million sublimit has been paid off, a balance on deposit with EWB equal to 100% of the aggregate outstanding principal amount of the advances at the applicable measurement time.

As of September 30, 2017, the Company borrowed $6,500,000 in the aggregate under the EWB credit facility, of which $4,450,000 remained outstanding after paying in full the $2,000,000 outstanding under the sublimit in April 2017 and $50,000 on the revolving line. The remaining $4,450,000 is recorded in current portion of long-term debt on the accompanying consolidated balance sheet. As of September 30, 2017, and based on the Company’s borrowing base calculated as of that date, approximately $84,000 was available to borrow. As a result of paying the sublimit in full, the Company was required to have a balance on deposit with EWB equal to 100% of the aggregate outstanding principal amount of the advances at that time, and the Company complied with this covenant. The Company was also in compliance with all other covenants as of September 30, 2017.

The Company used approximately $3,381,000 of the total $6,500,000 borrowed under the EWB credit facility to pay down indebtedness that was then owed to an equipment lender and to pay related prepayment fees. Under the EWB credit facility, the amount the Company may owe under its current credit facility with that equipment lender is not limited to any specified amount. With EWB’s consent, the Company may incur additional indebtedness of up to $2,000,000 in the aggregate with other equipment lenders for equipment financing. Subject to the foregoing, the EWB credit facility prohibits the Company from borrowing additional amounts from other lenders.

The Company paid $37,500 to EWB as a facility fee at the time of closing in April 2014, and has incurred approximately $31,000 for fees associated with the amendments. 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 January 15, 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 of 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 funds to purchase certain equipment. Initially, the maximum amount the Company could borrow under this financing arrangement was $500,000. Over time, the lender increased that maximum amount, and as of September 30, 2017, the maximum amount was $9,690,000, all of which has been borrowed.

As of September 30, 2017, approximately $804,000 of principal remained outstanding under this financing arrangement, of which $712,000 is recorded in current portion of long-term debt on the accompanying consolidated balance sheet.

The Company was able to borrow up to the maximum amount available under this financing arrangement in tranches as needed. Each tranche borrowed through August 2015 incurred interest at 8.32% per annum; the interest for tranches borrowed thereafter was reduced to rates between 7.32% to 8.05% 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 is payable in 35 equal monthly installments. The Company granted the lender a first security interest in the equipment purchased with the funds borrowed. This equipment lender entered into a subordination agreement with EWB.

(5) 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, 2017 and December 31, 2016, $359,000 and $223,000 of foreign currency translation adjustments were recorded in accumulated other comprehensive income, respectively.

(6) RECENT ACCOUNTING PRONOUNCEMENTS

Management has considered all recent accounting pronouncements issued since the last reporting 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.

(7) CONCENTRATIONS OF RISK

Significant Customer

For the three months ended September 30, 2017 and 2016, the Company generated approximately $2,033,000 and $2,047,000, respectively, of total revenue from Buffalo Wild Wings corporate-owned restaurants and its franchisees, which represented approximately 39% and 38% of total revenue for those periods, respectively. For the nine months ended September 30, 2017 and 2016, the Company generated approximately $6,517,000 and $6,512,000, respectively, of total revenue from Buffalo Wild Wings corporate-owned restaurants and its franchisees, which represented approximately 41% and 40% of total revenue for those periods, respectively. As of September 30, 2017 and December 31, 2016, approximately $183,000 and $261,000, respectively, was included in accounts receivable from Buffalo Wild Wings corporate-owned restaurants and its franchisees.

Equipment Suppliers

The Company currently purchases the tablets, cases and charging trays used in its BEOND platform from one unaffiliated third-party manufacturer. The Company currently does not have an alternative manufacturer for its tablets or an alternative manufacturer or device for the tablet cases or tablet charging trays. The Company no longer purchases playmakers for its Classic platform.

As of September 30, 2017, approximately $497,000 was included in accounts payable or accrued expenses for the tablet equipment purchased from its sole supplier. There were no amounts outstanding in accounts payable or accrued expenses as of December 31, 2016 related to the sole supplier.

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 ability to maintain or improve 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 on favorable terms; we have borrowed substantially all amounts available to us under existing credit facilities and, subject to limited exceptions, our loan and security agreement with East West Bank prohibits us from borrowing additional amounts from other lenders, (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, 2016, and described in other documents we file from time to time with the Securities and Exchange Commission, or SEC, including this report and our other 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.

INTRODUCTION

Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to the accompanying unaudited condensed consolidated financial statements and notes, included in Item 1 of this Quarterly Report on Form 10-Q, to help provide an understanding of our financial condition, the changes in our financial condition and our results of operations. Our discussion is organized as follows:

	●	Overview and Highlights. This section provides a general description of our business and significant events and transactions that we believe are important in understanding our financial condition and results of operations.

	●	Critical Accounting Policies. This section provides a listing of our significant accounting policies, including any material changes in our critical accounting policies, estimates and judgments during the three and nine months ended September 30, 2017 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, 2016.

	●	Results of Operations. This section provides an analysis of our results of operations presented in the accompanying unaudited condensed consolidated statements of operations by comparing the results for the three and nine months ended September 30, 2017 to the results for the three and nine months ended September 30, 2016.

	●	Liquidity and Capital Resources. This section provides an analysis of our historical cash flows, as well as our future capital requirements.

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. Customers license our customizable solution to differentiate themselves via competitive fun by offering guests trivia, card, sports and single player games, nationwide competitions, and by offering 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 tablet 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 by pay-to-play single player games.

Over 136 million games were played on our network during 2016, and as of September 30, 2017, approximately 55% of our network subscriber venues are affiliated with national and regional restaurant brands, including Buffalo Wild Wings, Buffalo Wings & Rings, Old Chicago, Native Grill & Wings, Houlihans, Beef O’Brady’s, Boston Pizza, and Arooga’s.

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.

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 locations 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 hospitality locations, and (d) to “hospitality locations,” “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 Current Highlights

Below is a discussion of our strategy and highlights of accomplishments and milestones achieved during 2017:

Scale digital menu and payment functionality. We continue focusing on delivering digital menu and payment functionality on the tablet platform, which we believe will improve the operational and marketing value of our product offering. This expanded functionality will help us deliver an enhanced guest experience. Rolling out this functionality will continue to be a key focus for us for the rest of 2017 and for 2018. As previously announced in March 2017, we have expanded our relations with Buffalo Wild Wings, who chose us to be its provider of digital menu, order, and payment functionality, and since that time, we have continued making progress on the software integration. We expect our inventory balances to increase as we prepare to expand and support this relationship. We expect to begin rolling out our improved tablet platform system at certain Buffalo Wild Wings locations in the first quarter of 2018, and after the initial set of locations is running smoothly, we anticipate rolling out our system throughout the rest of Buffalo Wild Wings corporate and franchise locations with which we have partnered.

Improve value and price for our “independent” customers. During 2017, we continue to make progress on our hardware design and quality in order to reduce expense, while expanding capabilities, retaining consistency in the design and giving us the ability to offer flexibility in our pricing for quality independent customers.

Refine our commercial execution. We are focused on increasing our site count of both independent customers and chain customers. Receiving a reference from a national chain account, such as Buffalo Wild Wings, is critical to our chain efforts, and our ability to demonstrate Buffalo Wild Wings as a strategic user of the menu, order and pay functionality is critical to receiving that reference. For our independent customers, we continue to model and test our go-to-market efforts by improving our sales processes, technology and people.

Expand revenue opportunities. We intend to grow the consumer audience by engaging them more with improved entertainment experiences and providing premium content that we can monetize through direct payment. In addition, we have been researching and testing our services within adjacent markets, such as senior centers, car dealerships and casinos. As we announced earlier this year, we entered into a licensing agreement with Scientific Games to license our trivia games for installation on casino slot machines where we will earn a per game license fee for each slot machine that has one of our trivia games installed on it. We have completed our software integration and sales training, and we are excited about the value we feel we can bring to this market. We also continue to monetize the network through local and national advertising revenue streams. During the third quarter of 2017, we partnered with The Chive, a digital media company, to expand the size and reach of our network, which we believe will allow us to expand our advertising revenues.

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, 2017 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, 2016.

RESULTS OF OPERATIONS

Three and nine months ended September 30, 2017 compared to the three and nine months ended September 30, 2016

We generated a net loss of $184,000 and $438,000 for the three and nine months ended September 30, 2017, respectively, compared to a net loss of $573,000 and $2,464,000 for the three and nine months ended September 30, 2016, respectively.

Revenue

The table below summarizes the type and amount of revenue we generated for the three and nine months ended September 30, 2017 and 2016:

	Three months ended September 30,
	2017					2016
	$		% of Total Revenue			$		% of Total Revenue			$ Change			% Change
Subscription revenue		4,279,000		82.3	%		4,378,000		80.4	%		(99,000	)		(2.3	%)
Sales-type lease revenue		116,000		2.2	%		142,000		2.6	%		(26,000	)		(18.3	%)
Other revenue		803,000		15.5	%		923,000		17.0	%		(120,000	)		(13.0	%)
Total		5,198,000		100.0	%		5,443,000		100.0	%		(245,000	)		(4.5	%)

	Nine months ended September 30,
	2017					2016
	$		% of Total Revenue			$		% of Total Revenue			$ Change			% Change
Subscription revenue		12,737,000		79.7	%		13,107,000		80.3	%		(370,000	)		(2.8	%)
Sales-type lease revenue		524,000		3.4	%		839,000		5.1	%		(315,000	)		(37.5	%)
Other revenue		2,717,000		16.9	%		2,386,000		14.6	%		331,000			13.9	%
Total		15,978,000		100.0	%		16,332,000		100.0	%		(354,000	)		(2.2	%)

Subscription revenue decreased for the three and nine months ended September 30, 2017 primarily due to lower average site count when compared to the same periods in 2016. During the three and nine months ended September 30, 2017, equipment lease revenue recognized under sales-type lease arrangements decreased due to fewer installations of our BEOND platform for certain customers under sales-type lease arrangements when compared to the same periods in 2016. Equipment lease revenue is recognized when we lease the 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. We expect the amount of equipment lease revenue to continue fluctuating in correlation with customer contracts under sales-type lease arrangements. Other revenue decreased for the three months ended September 30, 2017 due primarily to a decrease in non-recurring professional services, offset by increased premium games revenue and our live hosted events when compared to the same period in 2016. For the nine months ended September 30, 2017, other revenue increased due to increases in non-recurring professional services, premium games revenue and our live hosted events when compared to the same period in 2016.

Geographic breakdown of our network subscribers is as follows:

	Network Subscribers as of September 30,
	2017		2016
United States		2,599		2,687
Canada		135		161
Total		2,734		2,848

Direct Costs and Gross Margin

A comparison of direct costs and gross margin for the three and nine months ended September 30, 2017 and 2016 is shown in the table below:

	For the three months ended September 30,						For the nine months ended September 30,
	2017			2016			2017			2016
Revenues	$	5,198,000		$	5,443,000		$	15,978,000		$	16,332,000
Direct Costs		1,539,000			1,747,000			5,013,000			5,623,000
Gross Margin	$	3,659,000		$	3,696,000		$	10,965,000		$	10,709,000

Gross Margin Percentage		70	%		68	%		69	%		66	%

The decrease in direct costs for the three and nine months ended September 30, 2017 compared to the same periods in 2016 was primarily due to decreased depreciation expense for capitalized site equipment and software development programs of $91,000 and $398,000, respectively, decreased equipment expense of approximately $54,000 and $189,000, respectively, which was related to lower sale-type lease revenue offset by increased repair expense, and decreased service provider fees of $56,000 and $239,000, respectively. These decreases were primarily offset by an increase in freight expense of approximately $33,000 and $212,000, respectively, for the three and nine months ended September 30, 2017 when compared to the same periods in 2016. At this time, we believe we have addressed the challenges we experienced in the past with our Gen II tablet platform equipment for which we previously recognized repair expense.

Operating Expenses

	For the three months ended September 30,							For the nine months ended September 30,
	2017		2016		Change			2017		2016		Change
Selling, general and administrative	$	3,636,000	$	4,007,000	$	(371,000	)	$	11,628,000	$	12,360,000	$	(732,000	)

Depreciation and amortization (non-direct)	$	76,000	$	103,000	$	(27,000	)	$	250,000	$	327,000	$	(77,000	)

Selling, General and Administrative Expenses

The decrease in selling, general and administrative expenses for the three months ended September 30, 2017 was primarily due to decreased payroll and related expense of $165,000, decreased marketing expense of approximately $61,000, decreased equipment expense of $57,000, decreased professional fees of $38,000 and decreased bad debt expense of $35,000 when compared to the same period in 2016.

The decrease in selling, general and administrative expenses for the nine months ended September 30, 2017 was primarily due to decreased payroll and related expense of $242,000, decreased marketing expense of approximately $199,000, decreased equipment expense of $91,000, decreased shareholder relations expense of $70,000, decreased occupancy fees of $68,000 and decreased service and professional fees of $57,000 when compared to the same period in 2016.

We anticipate that selling, general and administrative expenses will be just under $16.0 million for the full year 2017.

Depreciation and Amortization Expense

The decrease in depreciation and amortization expense for the three and nine months ended September 30, 2017 compared to the same periods in 2016 is primarily due to assets becoming fully depreciated or amortized sooner than we are replenishing with new assets.

Other Income (Expense), Net

	For the three months ended September 30,						Increase in		For the nine months ended September 30,					Increase in
	2017			2016			expense, net		2017		2016			income net
Total other (expense) income, net	$	(122,000	)	$	(152,000	)	$	30,000	$	496,000	$	(455,000	)	$	951,000

The decrease in other expense, net for the three months ended September 30, 2017 was primarily due to less interest expense due to less outstanding long-term debt, offset by increased foreign currency transaction losses when compared to the same period in 2016. For the nine months ended September 30, 2017, the increase in total other income, net is primarily due to a one-time payment from a supplier as well as less interest expense due to less long-term debt outstanding. The one-time payment related to a supply chain matter that was resolved in exchange for such payment and which we do not expect to receive again.

Income Taxes

	For the three months ended September 30,						For the nine months ended September 30,
	2017			2016			2017			2016
Provision for income taxes	$	(9,000	)	$	(7,000	)	$	(21,000	)	$	(31,000	)

We expect to incur state income tax liability in 2017 related to our U.S. operations. We also expect to pay income taxes in Canada due to profitability of our Canadian subsidiary. 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—Consolidated Operations

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 calculation in accordance with GAAP.

The reconciliation of our consolidated net loss calculated in accordance with GAAP to EBITDA for the three and nine months ended September 30, 2017 and 2016 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,
	2017			2016			2017			2016
Net loss per GAAP	$	(184,000	)	$	(573,000	)	$	(438,000	)	$	(2,464,000	)
Interest expense, net		106,000			150,000			388,000			430,000
Income tax provision		9,000			7,000			21,000			31,000
Depreciation and amortization		586,000			704,000			1,716,000			2,191,000
EBITDA		517,000			288,000			1,687,000			188,000

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2017, we had cash and cash equivalents of $4,464,000 compared to $5,686,000 as of December 31, 2016.

As of September 30, 2017, we borrowed $6,500,000 in the aggregate under the EWB credit facility, of which $4,450,000 remained outstanding after paying in full the $2,000,000 outstanding under the sublimit in April 2017 and $50,000 on the revolving line. The remaining $4,450,000 is recorded in current portion of long-term debt on the accompanying consolidated balance sheet. As of September 30, 2017 and based on our borrowing base calculated as of that date, approximately $84,000 was available to borrow. All advances are due on January 15, 2018. Under the EWB credit facility, we are required to meet a minimum adjusted EBITDA target and churn rate targets. We were in compliance with these covenants as of September 30, 2017. As a result of paying the sublimit in full in April 2017, we were required to have a balance on deposit with EWB equal to 100% of the aggregate outstanding principal amount of the advances at that time. We complied with this covenant. For other information regarding the EWB credit facility, including how our borrowing base is determined, see “Note 4—Debt” to the Notes to Condensed Consolidated Financial Statements included in this report.

We have another financing arrangement with an equipment lender under which we may request funds to finance the purchase of certain capital equipment. The lender determines whether to extend such funds on a case-by-case basis, taking into account such factors as the lender considers relevant, including the amount outstanding under this financing arrangement. Through September 30, 2017, we borrowed $9,690,000 under this financing arrangement, and as of September, 2017, $804,000 remained outstanding. We currently do not expect the lender to lend any additional funds under this financing arrangement, and other than the EWB credit facility, we currently do not have any other source of debt financing. In addition, other than up to $2,000,000 in the aggregate that we may borrow for equipment financing with EWB’s consent, the EWB credit facility prohibits us from borrowing additional amounts from other lenders.

In connection with preparing the financial statement as of and for the three and nine months ended September 30, 2017, we evaluated whether there are conditions and events, considered in the aggregate, that are known and reasonably knowable that would raise substantial doubt about our ability to continue as a going concern within one year after the date that such financial statements are issued. As a result of such evaluation, we believe we will have sufficient cash to meet our operating cash requirements and to fulfill our debt obligations for at least the next twelve months from the issuance date of such financial statements. To increase the likelihood that we will be able to successfully execute our operating and strategic plan and to position us to better take advantage of market opportunities for growth, we are continuing to evaluate additional financing alternatives, including additional equity financings and alternative sources of debt. 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 raise capital on terms that are not as favorable to us as they otherwise might be. 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, 2017, we had negative working capital (current liabilities in excess of current assets) of $192,000 compared to working capital (current assets in excess of current liabilities) of $4,019,000 as of December 31, 2016. The following table shows our change in working capital from December 31, 2016 to September 30, 2017.

	Increase (Decrease)
Working capital as of December 31, 2016	$	4,019,000
Changes in current assets:
Cash and cash equivalents		(1,222,000	)
Accounts receivable, net of allowance		(301,000	)
Site equipment to be installed		1,656,000
Prepaid expenses and other current assets		(50,000	)
Change in total current assets		83,000
Changes in current liabilities:
Accounts payable		332,000
Accrued compensation		(643,000	)
Accrued expenses		14,000
Sales taxes payable		(53,000	)
Income taxes payable		(1,000	)
Current portion of long-term debt		2,174,000
Current portion of obligations under capital leases		1,000
Deferred revenue		2,655,000
Other current liabilities		(185,000	)
Change in total current liabilities		4,294,000
Net change in working capital		(4,211,000	)
Working capital as of September 30, 2017	$	(192,000	)

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,
	2017			2016
Cash provided by (used in):
Operating activities	$	1,056,000		$	(28,000	)
Investing activities		(1,118,000	)		(684,000	)
Financing activities		(1,230,000	)		464,000
Effect of exchange rates		70,000			41,000
Net decrease in cash and cash equivalents	$	(1,222,000	)	$	(207,000	)

Net cash provided by operating activities. The $1,084,000 increase in cash provided by operating activities was due to a net decrease in net loss of $1,726,000, after giving effect to adjustments made for non-cash transactions, and an increase in operating assets and liabilities of $642,000 during the nine months ended September 30, 2017 compared to the same period in 2016. The increase in operating assets and liabilities was primarily due to increased purchases of site equipment to be installed of $3,073,000 in preparation of expanding our relationship with Buffalo Wild Wings and to support that expansion. These purchases were offset by an increase in deferred revenue of $2,485,000, which was primarily related to a prepayment from Buffalo Wild Wings for equipment and services to be delivered in the future.

Our largest use of cash is payroll and related costs. Cash used for payroll and related costs decreased approximately $89,000 to $7,825,000 for the nine months ended September 30, 2017 from $7,914,000 during the same period in 2016.

Our primary source of cash is cash we generate from customers. Cash received from customers increased $3,412,000 to $20,724,000 for the nine months ended September 30, 2017 from $17,312,000 during the same period in 2016. This increase was primarily related to a prepayment from Buffalo Wild Wings for equipment and services to be delivered in the future.

Net cash used in investing activities. The $434,000 increase in cash used in investing activities was primarily due to increased software development expenditures and capital expenditures.

Net cash (used in) provided by financing activities. The $1,694,000 increase in cash used in financing activities was primarily attributable to the following:

	●	During the nine months ended September 30, 2016, we received proceeds from long-term debt of $2,114,000; there was no similar event during the same period in 2017;

	●	During the nine months ended September 30, 2017, our payments on long-term debt increased by $1,289,000 compared to the same period in 2016; and

	●	During the nine months ended September 30, 2017, we received net proceeds of $1,773,000 from our common stock offerings in March 2017 and April 2017; there were no similar events during the same period in 2016.

RECENT ACCOUNTING PRONOUNCEMENTS

We have considered all recent accounting pronouncements issued since the last reporting of our consolidated financial statements, and we believe that these recent pronouncements will not have a material effect on our consolidated financial statements.

OFF-BALANCE SHEET ARRANGEMENTS

We have no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in our financial condition, expenses, results of operations, liquidity, capital expenditures or capital resources.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Under Securities and Exchange Commission, or 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.

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, 2016 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 this report or 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 stated below.

Although we have regained compliance with the continued listing standards of the NYSE American (formerly NYSE MKT) with which we were previously not compliant, if we are again determined to be non-compliant with any of its continued listing standards within twelve months of May 12, 2017, depending on the nature of such non-compliance, NYSE Regulation may truncate the compliance procedures available to us or immediately initiate delisting proceedings.

On May 12, 2017, as previously reported, we received a letter from NYSE Regulation Inc. notifying us that we have regained compliance with Sections 1003(a)(ii) and (iii) of the NYSE American Company Guide. As previously reported, NYSE Regulation previously notified us that we were not in compliance with Section 1003(a)(iii) because we reported stockholders’ equity of less than $6 million as of September 30, 2015 and had net losses in five of our most recent fiscal years ended December 31, 2014 and that we were not in compliance with Section 1003(a)(ii) because we reported stockholders’ equity of less than $4 million as of December 31, 2015 and had net losses in three of our four most recent fiscal years ended December 31, 2015.

We will continue to be subject to NYSE Regulations’ normal monitoring. In accordance with Section 1009(h) of the Company Guide, if we are again determined to be below any of the continued listing standards within twelve months of May 12, 2017, NYSE Regulation will examine the relationship between the two incidents of noncompliance and re-evaluate our method of financial recovery from the first incident. NYSE Regulation will then take appropriate action, which, depending on the circumstances, may include truncating the compliance procedures described in Section 1009 of the Company Guide or immediately initiating delisting proceedings.

We can give no assurances that we will be able to maintain the listing of our common stock on the NYSE American. Our common stock could be delisted because we fall below compliance with any NYSE American listing standards. In addition, we may determine to pursue business opportunities or grow our business at levels or on timelines that reduces our stockholders’ equity below the level required to maintain compliance with NYSE American continued listing standards. The delisting of our common stock for whatever reason could, among other things, substantially impair our ability to raise additional capital; result in a loss of institutional investor interest and fewer financing opportunities for us; and/or result in potential breaches of representations or covenants of our warrants or other agreements pursuant to which we made representations or covenants relating to our compliance with applicable listing requirements. Claims related to any such breaches, with or without merit, could result in costly litigation, significant liabilities and diversion of our management’s time and attention and could have a material adverse effect on our financial condition, business and results of operations. In addition, 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.

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

Item 6. Exhibits.

Exhibit	Description	Incorporated By Reference
3.1(a)	Restated Certificate of Incorporation	Exhibit to Form 10-Q filed on August 14, 2013

3.1(b)	Certificate of Amendment to the Restated Certificate of Incorporation (reverse/forward split)	Exhibit to Form 8-K filed on June 17, 2016

3.1(c)	Certificate of Decrease of the Series A Convertible Preferred Stock	Exhibit to Form 8-K filed on April 12, 2017

3.1(d)	Certificate of Amendment to the Restated Certificate of Incorporation (decrease in authorized capital stock)	Exhibit to Form 8-K filed on June 9, 2017

3.2	Bylaws, as amended	Exhibit to Form 10-K filed on March 26, 2008

31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith

31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith

32.1#	Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith

32.2#	Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith

101.INS	XBRL Instance Document	Filed herewith

101.SCH	XBRL Taxonomy Extension Schema Document	Filed herewith

101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document	Filed herewith

101.DEF	XBRL Taxonomy Extension Definition Linkbase Document	Filed herewith

101.LAB	XBRL Taxonomy Extension Label Linkbase Document	Filed herewith

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.

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 8, 2017	By:	/s/ Allen Wolff
		Allen Wolff
		Chief Financial Officer and Executive Vice President
		(on behalf of the Registrant, and as its Principal Financial Officer)

EX-31.1 2 ex31-1.htm

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 8, 2017	/s/ Ram Krishnan
	Ram Krishnan
	Chief Executive Officer
	NTN Buzztime, Inc.

EX-31.2 3 ex31-2.htm

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.;

	(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: November 8, 2017	/s/ Allen Wolff
	Allen Wolff
	Chief Financial Officer and Executive Vice President
	NTN Buzztime, Inc.

EX-32.1 4 ex32-1.htm

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, 2017 (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 8, 2017	/s/ Ram Krishnan
	Ram Krishnan
	Chief Executive Officer
	NTN Buzztime, Inc.

EX-32.2 5 ex32-2.htm

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, 2017 (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 8, 2017	/s/ Allen Wolff
	Allen Wolff
	Chief Financial Officer and Executive Vice President
	NTN Buzztime, Inc.

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(4) DEBT   Revolving Line of Credit   In April 2015, the Company entered into a loan and security agreement with East West Bank, or EWB, which was amended in March 2016, December 2016 and February 2017. The Company refers to the loan and security agreement as amended in March 2016, December 2016 and February 2017 as the EWB credit facility. Under the EWB credit facility, the Company may request advances in an aggregate outstanding amount at any time up to the lesser of (a) $7,500,000, which the Company refers to as the revolving line, or (b) the sum of $2,000,000 (which the Company refers to as the “sublimit”) plus the amount equal to its borrowing base, in each case, less the aggregate outstanding principal amount of prior advances. On June 15, 2017, the sublimit became zero. 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 3.25% (which decreases to 1.75% at the earlier of June 15, 2017 or such time the Company pays off in full in cash the $2.0 million sublimit), or (B) at a fixed rate per annum equal to the LIBOR Rate for the interest period for the advance plus 6.00% (which, after the Company repaid the sublimit in April 2017, decreased to 4.50% on all amounts then outstanding and on any subsequent borrowings). 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 EWB may accept or decline. All advances are due on January 15, 2018. The Company uses the proceeds available under this credit facility to fund strategic growth initiatives and for general working capital purposes.   The Company’s borrowing base under the EWB credit facility 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 our average churn rate for the immediately preceding three months (not to exceed zero); times (c) 300%. For this purpose, the Company’s monthly recurring revenue is limited to all recurring subscription revenue attributable to software that the Company sold or licensed and all recurring revenue relating to services it delivered and 50% of all revenue attributable to the Company’s “Stump” product line. Because the amount of the Company’s monthly recurring revenue and how much each source contributes to it will change from month to month, the Company’s borrowing base will fluctuate accordingly.   Under the EWB credit facility, 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 EWB credit facility. 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 EWB, other one-time charges, plus (h) to the extent approved by EWB, any losses arising from the sale, exchange, transfer or other disposition of assets not in the ordinary course of business. Compliance with the adjusted EBITDA target is measured as of the last day of each fiscal quarter with respect to the immediately prior three-month period. Through January 31, 2017, compliance with the churn rate target was measured on a monthly and trailing three-month basis. In February 2017, compliance began to be measured only on a trailing three-month basis.   The EWB credit facility also requires the Company to maintain, at June 15, 2017, or if earlier, at such time that the $2.0 million sublimit has been paid off, a balance on deposit with EWB equal to 100% of the aggregate outstanding principal amount of the advances at the applicable measurement time.   As of September 30, 2017, the Company borrowed $6,500,000 in the aggregate under the EWB credit facility, of which $4,450,000 remained outstanding after paying in full the $2,000,000 outstanding under the sublimit in April 2017 and $50,000 on the revolving line. The remaining $4,450,000 is recorded in current portion of long-term debt on the accompanying consolidated balance sheet. As of September 30, 2017, and based on the Company’s borrowing base calculated as of that date, approximately $84,000 was available to borrow. As a result of paying the sublimit in full, the Company was required to have a balance on deposit with EWB equal to 100% of the aggregate outstanding principal amount of the advances at that time, and the Company complied with this covenant. The Company was also in compliance with all other covenants as of September 30, 2017.   The Company used approximately $3,381,000 of the total $6,500,000 borrowed under the EWB credit facility to pay down indebtedness that was then owed to an equipment lender and to pay related prepayment fees. Under the EWB credit facility, the amount the Company may owe under its current credit facility with that equipment lender is not limited to any specified amount. With EWB’s consent, the Company may incur additional indebtedness of up to $2,000,000 in the aggregate with other equipment lenders for equipment financing. Subject to the foregoing, the EWB credit facility prohibits the Company from borrowing additional amounts from other lenders.   The Company paid $37,500 to EWB as a facility fee at the time of closing in April 2014, and has incurred approximately $31,000 for fees associated with the amendments. 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 January 15, 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 of 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 funds to purchase certain equipment. Initially, the maximum amount the Company could borrow under this financing arrangement was $500,000. Over time, the lender increased that maximum amount, and as of September 30, 2017, the maximum amount was $9,690,000, all of which has been borrowed.   As of September 30, 2017, approximately $804,000 of principal remained outstanding under this financing arrangement, of which $712,000 is recorded in current portion of long-term debt on the accompanying consolidated balance sheet.   The Company was able to borrow up to the maximum amount available under this financing arrangement in tranches as needed. Each tranche borrowed through August 2015 incurred interest at 8.32% per annum; the interest for tranches borrowed thereafter was reduced to rates between 7.32% to 8.05% 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 is payable in 35 equal monthly installments. The Company granted the lender a first security interest in the equipment purchased with the funds borrowed. This equipment lender entered into a subordination agreement with EWB.

(6) RECENT ACCOUNTING PRONOUNCEMENTS   Management has considered all recent accounting pronouncements issued since the last reporting 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.

(7) CONCENTRATIONS OF RISK   Significant Customer   For the three months ended September 30, 2017 and 2016, the Company generated approximately $2,033,000 and $2,047,000, respectively, of total revenue from Buffalo Wild Wings corporate-owned restaurants and its franchisees, which represented approximately 39% and 38% of total revenue for those periods, respectively. For the nine months ended September 30, 2017 and 2016, the Company generated approximately $6,517,000 and $6,512,000, respectively, of total revenue from Buffalo Wild Wings corporate-owned restaurants and its franchisees, which represented approximately 41% and 40% of total revenue for those periods, respectively. As of September 30, 2017 and December 31, 2016, approximately $183,000 and $261,000, respectively, was included in accounts receivable from Buffalo Wild Wings corporate-owned restaurants and its franchisees.   Equipment Suppliers   The Company currently purchases the tablets, cases and charging trays used in its BEOND platform from one unaffiliated third-party manufacturer. The Company currently does not have an alternative manufacturer for its tablets or an alternative manufacturer or device for the tablet cases or tablet charging trays. The Company no longer purchases playmakers for its Classic platform.   As of September 30, 2017, approximately $497,000 was included in accounts payable or accrued expenses for the tablet equipment purchased from its sole supplier. There were no amounts outstanding in accounts payable or accrued expenses as of December 31, 2016 related to the sole supplier.

The following weighted-average assumptions were used for grants issued during the three and nine months ended September 30, 2017 and 2016 under the ASC No. 718 requirements.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Three months ended September 30,</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Nine months ended September 30,</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2016</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2016</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; line-height: 107%">Weighted average risk-free rate</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 12%; text-align: right; line-height: 107%">2.22</td> <td style="width: 1%; line-height: 107%">%</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 12%; text-align: right; line-height: 107%">--</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 12%; text-align: right; line-height: 107%">1.77</td> <td style="width: 1%; line-height: 107%">%</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 12%; text-align: right; line-height: 107%">1.20</td> <td style="width: 1%; line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Weighted average volatility</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">114.12</td> <td style="line-height: 107%">%</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">--</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">114.56</td> <td style="line-height: 107%">%</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">111.02</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Dividend yield</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.00</td> <td style="line-height: 107%">%</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">--</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.00</td> <td style="line-height: 107%">%</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.00</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Expected life</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">7.29 years</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">--</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">7.26 years</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">6.17 years</td> <td style="line-height: 107%"> </td></tr> </table>

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(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. Customers license the Company’s customizable solution to differentiate themselves via competitive fun by offering guests trivia, card, sports and single player games, nationwide competitions, and by offering 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. Built on an extended network platform, the Company’s 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. The Company’s current platform, which it refers 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. The Company continues to enhance its network architecture and the BEOND tablet platform and player engagement paradigms. The Company also continues to support its legacy network product line, which it refers to as Classic.   The Company currently generates revenue by charging subscription fees for its service to its network subscribers, by leasing equipment (including tablets used in its 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 by pay-to-play single player games.   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, 2016. The accompanying condensed balance sheet as of December 31, 2016 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, 2017 are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2017, or any other period.

(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 (“EPS”) excludes the dilutive effects of options, warrants and other convertible securities. Diluted EPS 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 393,000 and 455,000 shares as of September 30, 2017 and 2016, respectively, as their effect was anti-dilutive.

(3) STOCKHOLDERS’ EQUITY   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 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. The Amended 2010 Plan provides for the grant of up to 240,000 share-based awards and expires in February 2020. As of September 30, 2017, approximately 104,000 share-based awards were available to be issued under the Amended 2010 Plan. The 2014 Plan, which provides for the grant of up to 85,000 share-based awards to a new employee as an inducement material to the new employee entering into employment with the Company, was approved by the nominating and corporate governance/compensation committee of the Company’s board of directors (the “Committee”) in September 2014 in connection with the appointment of Ram Krishnan as the Company’s Chief Executive Officer. As of September 30, 2017, there were no share-based awards available to be granted under the 2014 Plan. The Company’s stock-based compensation plans are administered by 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 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, 2017 and 2016 under the ASC No. 718 requirements.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Three months ended September 30,</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Nine months ended September 30,</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2016</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">2016</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; line-height: 107%">Weighted average risk-free rate</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 12%; text-align: right; line-height: 107%">2.22</td> <td style="width: 1%; line-height: 107%">%</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 12%; text-align: right; line-height: 107%">--</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 12%; text-align: right; line-height: 107%">1.77</td> <td style="width: 1%; line-height: 107%">%</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 12%; text-align: right; line-height: 107%">1.20</td> <td style="width: 1%; line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Weighted average volatility</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">114.12</td> <td style="line-height: 107%">%</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">--</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">114.56</td> <td style="line-height: 107%">%</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">111.02</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Dividend yield</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.00</td> <td style="line-height: 107%">%</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">--</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.00</td> <td style="line-height: 107%">%</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.00</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Expected life</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">7.29 years</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">--</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">7.26 years</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">6.17 years</td> <td style="line-height: 107%"> </td></tr> </table>   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, 2017 and 2016 was $113,000 and $108,000, respectively, and $347,000 and $331,000 for the nine months ended September 30, 2017 and 2016, respectively, and is expensed in selling, general and administrative expenses and credited to additional paid-in-capital. The Company granted stock options to purchase approximately 1,000 shares of common stock during the three months ended September 30, 2017. There were no stock options granted for the three months ended September 30, 2016. The Company granted stock options to purchase approximately 5,000 and 35,000 shares of common stock during the nine months ended September 30, 2017 and 2016, respectively. No options were exercised during either of the three and nine months ended September 30, 2017 or 2016.

(5) 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, 2017 and December 31, 2016, $359,000 and $223,000 of foreign currency translation adjustments were recorded in accumulated other comprehensive income, respectively.

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Document and Entity Information - shares	Sep. 30, 2017	Nov. 06, 2017
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, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		2,520,554
Trading Symbol	NTN
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2017

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Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current Assets:
Cash and cash equivalents	$ 4,464	$ 5,686
Accounts receivable, net of allowances of $585 and $376, respectively	627	928
Site equipment to be installed	4,654	2,998
Prepaid expenses and other current assets	1,000	1,050
Total current assets	10,745	10,662
Fixed assets, net	3,485	3,101
Software development costs, net of accumulated amortization of $2,578 and $2,641, respectively	1,365	970
Deferred costs	869	904
Goodwill	1,012	937
Intangible assets, net		29
Other assets	87	92
Total assets	17,563	16,695
Current Liabilities:
Accounts payable	579	247
Accrued compensation	417	1,060
Accrued expenses	711	697
Sales taxes payable	89	142
Income taxes payable	3	4
Current portion of long-term debt (Note 4)	5,162	2,988
Current portion of obligations under capital leases	156	155
Current portion of deferred revenue	3,714	1,059
Other current liabilities	106	291
Total current liabilities	10,937	6,643
Long-term debt (Note 4)	92	5,123
Long-term obligations under capital leases	142	259
Long-term deferred revenue	85	219
Deferred rent	231	371
Other liabilities	18	12
Total liabilities	11,505	12,627
Commitments and contingencies
Shareholders' Equity:
Series A convertible preferred stock, $.005 par value, 156 and 5,000 shares designated at September 30, 2017 and December 31, 2016, respectively; $156 liquidation preference and 156 shares issued and outstanding at September 30, 2017 and December 31, 2016,	1	1
Common stock, $.005 par value, 15,000 and 168,000 shares authorized at September 30, 2017 and December 31, 2016, respectively; 2,516 and 2,261 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	13	11
Treasury stock, at cost, 10 shares at September 30, 2017 and December 31, 2016	(456)	(456)
Additional paid-in capital	134,613	132,315
Accumulated deficit	(128,472)	(128,026)
Accumulated other comprehensive income	359	223
Total shareholders' equity	6,058	4,068
Total liabilities and shareholders' equity	$ 17,563	$ 16,695

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Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts - accounts receivable	$ 585	$ 376
Software accumulated amortization	$ 2,578	$ 2,641
Preferred Stock Series A par value per share	$ .005	$ .005
Preferred Stock Series A shares designated	156	5,000
Preferred Stock Series A liquidation preference	$ 156	$ 156
Preferred Stock Series A shares issued	156	156
Preferred Stock Series A shares outstanding	156	156
Common stock par value	$ 0.005	$ 0.005
Common stock shares authorized	15,000	168,000
Common stock shares issued	2,516	2,261
Common stock shares outstanding	2,516	2,261
Treasury stock shares	10	10

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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Subscription revenue	$ 4,279	$ 4,378	$ 12,737	$ 13,107
Sales-type lease revenue	116	142	524	839
Other revenue	803	923	2,717	2,386
Total Revenue	5,198	5,443	15,978	16,332
Operating expenses:
Direct operating costs (includes depreciation and amortization of $509 and $601 for the three months ended September 30, 2017 and 2016, respectively, and $1,466 and $1,864 for the nine months ended September 30, 2017 and 2016, respectively)	1,539	1,747	5,013	5,623
Selling, general and administrative	3,636	4,007	11,628	12,360
Depreciation and amortization (excluding depreciation and amortization included in direct operating costs)	76	103	250	327
Total operating expenses	5,251	5,857	16,891	18,310
Operating loss	(53)	(414)	(913)	(1,978)
Other (expense) income, net	(122)	(152)	496	(455)
Loss before income taxes	(175)	(566)	(417)	(2,433)
Provision for income taxes	(9)	(7)	(21)	(31)
Net loss	$ (184)	$ (573)	$ (438)	$ (2,464)
Net loss per common share - basic and diluted	$ (0.07)	$ (0.31)	$ (0.18)	$ (1.34)
Weighted average shares outstanding - basic and diluted (Note 2)	2,505	1,839	2,419	1,839
Comprehensive loss
Net loss	$ (184)	$ (573)	$ (438)	$ (2,464)
Foreign currency translation adjustment	80	(25)	136	90
Total comprehensive loss	$ (104)	$ (598)	$ (302)	$ (2,374)

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Depreciation and amortization - part of direct operating costs	$ 509	$ 601	$ 1,466	$ 1,864

XML 17 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows provided by operating activities:
Net loss	$ (438)	$ (2,464)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	1,716	2,191
Provision for doubtful accounts	47	67
Excess and obsolete site equipment to be installed expense	30	38
Stock-based compensation	347	331
Amortization of debt issuance costs	39	27
Issuance of common stock in lieu of cash compensation	178
Impairment of capitalized software	5
Loss from disposition of equipment	8	16
Changes in assets and liabilities:
Accounts receivable	254	(46)
Site equipment to be installed	(3,047)	26
Prepaid expenses and other assets	37	224
Accounts payable and accrued liabilities	(350)	(194)
Income taxes	(2)	(12)
Deferred costs	36	281
Deferred revenue	2,521	36
Deferred rent	(140)	(125)
Other liabilities	(185)	(424)
Net cash provided by (used in) operating activities	1,056	(28)
Cash flows used in investing activities:
Capital expenditures	(562)	(306)
Software development expenditures	(556)	(378)
Net cash used in investing activities	(1,118)	(684)
Cash flows (used in) provided by financing activities:
Proceeds from long-term debt		2,114
Payments on long-term debt	(2,857)	(1,568)
Debt issuance costs on long-term debt	(22)	(8)
Principal payments on capital lease	(116)	(63)
Net proceeds from issuance of common stock related to registered direct offering	1,773
Payments to cashed-out stockholders in connection with reverse/forward stock split		(3)
Payment of preferred stockholders dividends	(8)	(8)
Net cash (used in) provided by financing activities	(1,230)	464
Net decrease in cash and cash equivalents	(1,292)	(248)
Effect of exchange rate on cash	70	41
Cash and cash equivalents at beginning of year	5,686	3,223
Cash and cash equivalents at end of year	4,464	3,016
Supplemental disclosures of cash flow information: Cash paid during the period for:
Interest	301	357
Income taxes	33	45
Supplemental disclosure of non-cash investing and financing activities:
Site equipment transferred to fixed assets	1,361	1,087
Site equipment transferred to other current assets		176
Equipment acquired under capital lease		$ 279

XML 18 R7.htm IDEA: XBRL DOCUMENT

Basis of Presentation

9 Months Ended

Sep. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

(1) BASIS OF PRESENTATION

Description of Business

Basis of Accounting Presentation

XML 19 R8.htm IDEA: XBRL DOCUMENT

Basic and Diluted Earnings Per Common Share

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Common Share

(2) Basic and Diluted Earnings Per Common Share

XML 20 R9.htm IDEA: XBRL DOCUMENT

Stockholders' Equity

9 Months Ended

Sep. 30, 2017

Shareholders' Equity:

Stockholders' Equity

(3) STOCKHOLDERS’ EQUITY

Stock-based Compensation

The following weighted-average assumptions were used for grants issued during the three and nine months ended September 30, 2017 and 2016 under the ASC No. 718 requirements.

	Three months ended September 30,					Nine months ended September 30,
	2017			2016		2017			2016
Weighted average risk-free rate		2.22	%		--		1.77	%		1.20	%
Weighted average volatility		114.12	%		--		114.56	%		111.02	%
Dividend yield		0.00	%		--		0.00	%		0.00	%
Expected life		7.29 years			--		7.26 years			6.17 years

XML 21 R10.htm IDEA: XBRL DOCUMENT

Debt

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Debt

(4) DEBT

Revolving Line of Credit

Equipment Notes Payable

XML 22 R11.htm IDEA: XBRL DOCUMENT

Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2017

Shareholders' Equity:

Accumulated Other Comprehensive Income

(5) ACCUMULATED OTHER COMPREHENSIVE INCOME

XML 23 R12.htm IDEA: XBRL DOCUMENT

Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2017

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

(6) RECENT ACCOUNTING PRONOUNCEMENTS

XML 24 R13.htm IDEA: XBRL DOCUMENT

Concentrations of Risk

9 Months Ended

Sep. 30, 2017

Risks and Uncertainties [Abstract]

Concentrations of Risk

(7) CONCENTRATIONS OF RISK

Significant Customer

Equipment Suppliers

XML 25 R14.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2017

Shareholders' Equity:

Schedule of Weighted Average Assumptions

The following weighted-average assumptions were used for grants issued during the three and nine months ended September 30, 2017 and 2016 under the ASC No. 718 requirements.

	Three months ended September 30,					Nine months ended September 30,
	2017			2016		2017			2016
Weighted average risk-free rate		2.22	%		--		1.77	%		1.20	%
Weighted average volatility		114.12	%		--		114.56	%		111.02	%
Dividend yield		0.00	%		--		0.00	%		0.00	%
Expected life		7.29 years			--		7.26 years			6.17 years

XML 26 R15.htm IDEA: XBRL DOCUMENT

Basic and Diluted Earnings Per Common Share (Details Narrative) - shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Antidilutive shares excluded from earnings per share	393,000	455,000

XML 27 R16.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Stock-based compensation	$ 113	$ 108	$ 347	$ 331
Stock options to purchase shares of common stock	1,000		5,000	35,000
Option exercised during period, value
Amended 2010 Plan [Member]
Number of option available for grants	104,000		104,000
Share-based awards, expiration date			Feb. 29, 2020
Maximum [Member] \| Amended 2010 Plan [Member]
Number of option available for grants	240,000		240,000
Maximum [Member] \| 2014 Inducement Plan [Member] \| New Employee [Member]
Number of option available for grants	85,000		85,000

XML 28 R17.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Weighted Average Assumptions (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted average risk-free rate	2.22%	0.00%	1.77%	1.20%
Weighted average volatility	114.12%	0.00%	114.56%	111.02%
Dividend yield	0.00%	0.00%	0.00%	0.00%
Expected life	7 years 3 months 15 days	0 years	7 years 3 months 4 days	6 years 2 months 1 day

XML 29 R18.htm IDEA: XBRL DOCUMENT

Debt (Details Narrative) - USD ($)	1 Months Ended		9 Months Ended
Debt (Details Narrative) - USD ($)	Apr. 30, 2017	Apr. 30, 2015	Sep. 30, 2017	Dec. 31, 2016	May 31, 2013
Current portion of long term debt			$ 5,162,000	$ 2,988,000
Debt principal amount			$ 804,000
Equipment Notes Payable [Member]
Line of credit facility interest rate			24.00%
Line of credit interest rate			8.32% per annum; the interest for tranches borrowed thereafter was reduced to rates between 7.32% to 8.05% per annum.
Current portion of long term debt			$ 712,000
Maximum borrowing capacity			$ 9,690,000		$ 500,000
Wall Street Journal [Member]
Payments of line of credit		$ 2,000,000
Prime Rate [Member] \| Wall Street Journal [Member]
Line of credit facility interest rate		3.25%
LIBOR Rate [Member] \| Wall Street Journal [Member]
Line of credit facility interest rate		6.00%
Minimum [Member] \| Prime Rate [Member] \| Wall Street Journal [Member]
Line of credit facility interest rate		1.75%
Minimum [Member] \| LIBOR Rate [Member] \| Wall Street Journal [Member]
Line of credit facility interest rate		4.50%
East West Bank [Member]
Credit line amount outstanding		$ 7,500,000
Line of credit facility, description		Under the EWB credit facility, the Company may request advances in an aggregate outstanding amount at any time up to the lesser of (a) $7,500,000, which the Company refers to as the revolving line, or (b) the sum of $2,000,000 (which the Company refers to as the “sublimit”) plus the amount equal to its borrowing base, in each case, less the aggregate outstanding principal amount of prior advances.
Line of credit facility interest rate			100.00%
Increase the revolving line of credit		$ 2,500,000
Advance due date		Jan. 15, 2018
Percentage of churn rate		300.00%
Line of credit interest rate		The EWB credit facility also requires the Company to maintain, at June 15, 2017, or if earlier, at such time that the $2.0 million sublimit has been paid off, a balance on deposit with EWB equal to 100% of the aggregate outstanding principal amount of the advances at the applicable measurement time.
Proceeds from line of credit			$ 6,500,000
Line of credit			4,450,000
Line of credit facility, periodic payment, principal	$ 2,000,000		50,000
Current portion of long term debt			4,450,000
Line of credit remaining borrowing capacity			84,000
Proceeds to pay down existing indebtedness			3,381,000
Maximum borrowing capacity			6,500,000
Facility fee to lender			$ 37,500
Increase in the revolving line times percentage			0.50%
Line of credit principal and interest payments due			$ 1,095
Percentage of pays an unused line fee			0.50%
East West Bank [Member] \| Amended Loan Agreement [Member]
Facility fee to lender			$ 31,000
East West Bank [Member] \| Sublimit [Member]
Line of credit facility, periodic payment, principal	$ 2,000,000
East West Bank [Member] \| Stump Product Line [Member]
Concentration risk percentage		50.00%
East West Bank [Member] \| Minimum [Member]
Credit line amount outstanding		$ 2,000,000
Equipment Notes Payable [Member] \| Tranches One [Member]
Maximum borrowing capacity			$ 1,000,000
Line of credit, installment term			36 months
Equipment Notes Payable [Member] \| Tranches Two [Member]
Maximum borrowing capacity			$ 1,000,000
Line of credit, installment term			35 months

XML 30 R19.htm IDEA: XBRL DOCUMENT

Accumulated Other Comprehensive Income (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Shareholders' Equity:
Accumulated foreign currency translation adjustments	$ 359	$ 223

XML 31 R20.htm IDEA: XBRL DOCUMENT

Concentrations of Risk (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Accounts receivable from customer	$ 627		$ 627		$ 928
Sales Revenue, Net [Member] \| Buffalo Wild Wings Corporate-owned Restaurants and Its Franchisees [Member]
Revenues	$ 2,033	$ 2,047	$ 6,517	$ 6,512
Supplier Concentration Risk [Member]
Concentration risk percentage	39.00%	38.00%	41.00%	40.00%
Accounts payable	$ 497		$ 497
Accounts Receivable \| Buffalo Wild Wings Corporate-owned Restaurants and Its Franchisees [Member]
Accounts receivable from customer	$ 183		$ 183		$ 261

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