MoviePass out of money?
MoviePass customers discovered on Thursday that they couldn't get tickets. The service lets you see (mostly) unlimited movies for a flat fee (even though it has notoriously bad customer service). MoviePass tweeted that it was experiencing "technical issues."
In a Securities and Exchange Commission filing on Friday, the owner of MoviePass, Helios and Matheson Analytics, disclosed that it had borrowed $5 million in cash following a "service interruption" on Thursday because the company was unable to make certain required payments.
In other words: On Thursday it ran out of cash, at least temporarily.
"The $5.0 million cash proceeds received from the Demand Note will be used by the Company to pay the Company's merchant and fulfillment processors," the filing said. "If the Company is unable to make required payments to its merchant and fulfillment processors, the merchant and fulfillment processors may cease processing payments for MoviePass, Inc. ('MoviePass'), which would cause a MoviePass service interruption. Such a service interruption occurred on July 26, 2018."
As of Friday morning, many MoviePass subscribers still couldn't use the full functionality of the app.
https://www.thisisinsider.com/moviepass-outage-caused-by-company-temporarily-running-out-of-cash-2018-7
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If you can't take credit cards over the internet, you're basically out of business.
I don't use this ap so I don't have an opinion on their services. They seem pretty popular though.
