Press Release: The Arena Group Generates $4.0 Million in Net Income for Third Quarter of 2024; First Ever Profitable Quarter

   liability                                    96                   46 
  Operating lease liability, 
   current portion                             247                  358 
  Contingent consideration                       -                1,571 
  Liquidating damages payable                3,153                2,924 
  Bridge notes                               8,000                7,887 
  Debt                                     102,404              102,309 
  Current liabilities from 
   discontinued operations                  98,378               47,673 
                                   ---------------       -------------- 
Total current liabilities                  247,430              236,021 
  Unearned revenue, net of 
   current portion                             357                  542 
  Operating lease liability, 
   net of current portion                    1,911                    - 
  Other long-term liabilities                   46                  406 
  Deferred tax liabilities                     692                  599 
  Simplify loan                              1,100                    - 
  Noncurrent liabilities from 
   discontinued operations                       -               10,137 
                                   ---------------       -------------- 
Total liabilities                          251,536              247,705 
                                   ---------------       -------------- 
Mezzanine equity: 
  Series G redeemable and 
   convertible preferred 
   stock, $0.01 par value, 
   $1,000 per share 
   liquidation value and 
   1,800 shares designated; 
   aggregate liquidation 
   value: $168; Series G 
   shares issued and 
   outstanding: 168; common 
   shares issuable upon 
   conversion: 8,582 at 
   September 30, 2024 and 
   December 31, 2023                           168                  168 
  Series H convertible 
  preferred stock, $0.01 par 
  value, $1,000 per share 
  liquidation value and 
  23,000 shares designated; 
  aggregate liquidation 
  value: $14,356 and $14,356; 
  Series H shares issued and 
  outstanding: none and 
  14,356; common shares 
  issuable upon conversion: 
  none and 1,981,128 at 
  September 30, 2024 and 
  December 31, 2023, 
  respectively                                   -                    - 
                                   ---------------       -------------- 
  Total mezzanine equity                       168                  168 
                                   ---------------       -------------- 
Stockholders' deficiency: 
  Common stock, $0.01 par 
   value, authorized 
   1,000,000,000 shares; 
   issued and outstanding: 
   47,448,047 and 23,836,706 
   shares at September 30, 
   2024 and December 31, 
   2023, respectively                          474                  237 
  Additional paid-in capital               348,289              319,421 
  Accumulated deficit                     (486,242)            (378,653) 
                                   ---------------       -------------- 
  Total stockholders' 
   deficiency                             (137,479)             (58,995) 
                                   ---------------       -------------- 
Total liabilities, mezzanine 
 equity and stockholders' 
 deficiency                     $          114,225    $         188,878 
                                   ===============       ============== 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241114017258/en/

 
    CONTACT:    Steve Janisse 

c-sjanisse@thearenagroup.net

404-574-9206

(END) Dow Jones Newswires

November 14, 2024 16:15 ET (21:15 GMT)