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 April 30, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

IDW MEDIA HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware		26-4831346
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

520 Broad Street, Newark, New Jersey		07102
(Address of principal executive offices)		(Zip Code)

973-438-3385

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b)-2 of the Exchange Act:

Title of each Class		Trading Symbol		Name of exchange of which registered
Class B common stock, $0.01 par value; authorized shares		IDW		NYSE American

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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ☒ No ☐

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

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
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 ☒

As of June 14, 2022 the registrant had the following shares outstanding:

Class B common stock, $0.01 par value:	13,534,148 shares (excluding 519,360 treasury shares)
Class C common stock, $0.01 par value:	545,360 shares

IDW MEDIA HOLDINGS, INC.

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

	Item 1.	Financial Statements (Unaudited)

		CONDENSED CONSOLIDATED BALANCE SHEETS	1

		CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	2

		CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)	3

		CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY	4

		CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	6

		NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

	Item 3	Quantitative and Qualitative Disclosures About Market Risks	31

	Item 4	Controls and Procedures	31

PART II. OTHER INFORMATION

	Item 1.	Legal Proceedings	32

	Item 1A.	Risk Factors	32

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32

	Item 3.	Defaults upon Senior Securities	32

	Item 4.	Mine Safety Disclosures	32

	Item 5.	Other Information	32

	Item 6.	Exhibits	33

SIGNATURES			34

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

IDW MEDIA HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)	April 30, 2022 (unaudited)			October 31, 2021
Assets
Current assets:
Cash and cash equivalents	$	13,681		$	17,532
Trade accounts receivable, net		4,758			5,431
Inventory		3,291			3,090
Prepaid expenses		2,226			2,270
Total current assets		23,956			28,323
Non-current assets
Property and equipment, net		447			347
Right-of-use assets, net		58			302
Intangible assets, net		831			679
Goodwill		199			199
Television costs, net		1,538			1,487
Other assets		84			61
Total assets	$	27,113		$	31,398
Liabilities and Stockholders’ Equity
Current liabilities:
Trade accounts payable	$	1,565		$	1,141
Accrued expenses		3,315			3,786
Production costs payable		72			2,010
Deferred revenue		8			2,045
Operating lease obligations – current portion		47			348
Total current liabilities		5,007			9,330
Non-current liabilities
Operating lease obligations – long term portion		13			20
Total liabilities	$	5,020		$	9,350
Stockholders’ equity (see note 3):
Preferred stock, $.01 par value; authorized shares – 500; no shares issued at April 30, 2022 and October 31, 2021		-			-
Class B common stock, $0.01 par value; authorized shares – 20,000; 14,053 and 12,938 shares issued and 13,534 and 12,419 shares outstanding at April 30, 2022 and October 31, 2021, respectively		134			123
Class C common stock, $0.01 par value; authorized shares – 2,500; 545 shares issued and outstanding at April 30, 2022 and October 31, 2021		5			5
Additional paid-in capital		104,117			103,819
Accumulated deficit		(80,967	)		(80,703	)
Treasury stock, at cost, consisting of 519 shares of Class B common stock at April 30, 2022 and October 31, 2021		(1,196	)		(1,196	)
Total stockholders’ equity		22,093			22,048
Total liabilities and stockholders’ equity	$	27,113		$	31,398

See accompanying notes to condensed consolidated financial statements.

IDW MEDIA HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended						Six Months Ended
(in thousands, except per share data)	April 30, 2022			April 30, 2021			April 30, 2022			April 30, 2021

Revenues	$	6,053		$	10,140		$	17,902		$	18,552

Costs and expenses:
Direct cost of revenues		3,597			4,726			8,387			13,959
Selling, general and administrative		4,600			4,921			9,591			9,160
Depreciation and amortization		100			60			184			120
Total costs and expenses		8,297			9,707			18,162			23,239
(Loss) income from operations		(2,244	)		433			(260	)		(4,687	)

Interest income (expense), net		-			156			(10	)		142
Other(expense) income, net		(9	)		(12	)		6			(13	)
Net (loss) income from continuing operations		(2,253	)		577			(264	)		(4,558	)

Loss from discontinued operations, net		-			(159	)		-			(1,280	)
Gain on sale of discontinued operations		-			2,123			-			2,123
Net gain on discontinued operations		-			1,964			-			843
Net (loss) income	$	(2,253	)	$	2,541		$	(264	)	$	(3,715	)

Basic and diluted (loss) income per share (note 2):
Continuing operations	$	(0.17	)	$	0.06		$	(0.02	)	$	(0.45	)
Discontinued operations, net		-			0.20						0.08
Net (loss) income	$	(0.17	)	$	0.25		$	(0.02	)	$	(0.37	)

Weighted-average number of shares used in the calculation of basic and diluted (loss) income per share:		12,906			9,972			12,895			9,962

See accompanying notes to condensed consolidated financial statements.

IDW MEDIA HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited)

	Three Months Ended					Six Months Ended
(in thousands)	April 30, 2022			April 30, 2021		April 30, 2022			April 30, 2021
Net (loss) income	$	(2,253	)		2,541	$	(264	)	$	(3,715	)
Foreign currency translation adjustments		-			51		-			39
Sale of discontinued operations		-			21		-			21
Total comprehensive (loss) income	$	(2,253	)		2,613	$	(264	)	$	(3,655	)

See accompanying notes to condensed consolidated financial statements

IDW Media Holdings, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

Six Months Ended April 30, 2022 and 2021

(in thousands)

(Unaudited)

	Class B Common Stock				Class C Common Stock							Accumulated Other						Treasury Stock, at Cost					Total
(in thousands)	Number of Shares		Amount		Number of Shares		Amount		Additional Paid In Capital			Comprehensive Loss			Accumulated Deficit			Number of Shares		Amount			Stockholders’ Equity
Balance October 31, 2021		12,938	$	123		545	$	5	$	103,819		$	-		$	(80,703	)		519	$	(1,196	)	$	22,048
Stock based compensation										309														309
Issuance of common stock		1,115		11		-		-		(11	)		-			-			-		-			-
Comprehensive loss
Net Income		-		-		-		-		-			-			(264	)		-		-			(264	)
Total comprehensive loss		-		-		-		-		-			-			(264	)		-		-			(264	)
Balance April 30, 2022		14,053	$	134		545	$	5	$	104,117		$	-		$	(80,967	)		519	$	(1,196	)	$	22,093

Balance October 31, 2020		9,987	$	93		545	$	5	$	111,379		$	(60	)	$	(91,996	)		519	$	(1,196	)	$	18,225
Stock based compensation		-		-		-		-		159			-			-			-		-			159
Issuance of common stock		37		1		-		-		24			-			-			-		-			25
Comprehensive loss
Sale of discontinued operations		-		-		-		-		(17,295	)		21			17,274			-		-			-
Net Loss		-		-		-		-		-			-			(3,715	)		-		-			(3,715	)
Other comprehensive income		-		-		-		-		-			39						-		-			39
Total comprehensive loss		-		-		-		-		-			60			(3,715	)		-		-			(3,655	)
Balance April 30, 2021		10,024	$	94		545	$	5	$	94,267		$	-		$	(78,437	)		519	$	(1,196	)	$	14,733

See accompanying notes to condensed consolidated financial statements.

IDW Media Holdings, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

Three Months Ended April 30, 2022 and 2021

(in thousands)

(Unaudited)

	Class B Common Stock				Class C Common Stock							Accumulated Other						Treasury Stock, at Cost					Total
(in thousands)	Number of Shares		Amount		Number of Shares		Amount		Additional Paid In Capital			Comprehensive Loss			Accumulated Deficit			Number of Shares		Amount			Stockholders’ Equity
Balance January 31, 2021		12,950	$	123		545	$	5	$	103,963		$	-		$	(78,714	)		519	$	(1,196	)	$	24,181
Stock based compensation		-		-		-		-		165			-			-			-		-			165
Issuance of common stock		1,103		11		-		-		(11	)		-			-			-		-			-
Comprehensive loss
Net Income		-		-		-		-		-			-			(2,253	)		-		-			(2,253	)
Total comprehensive loss		-		-		-		-		-			-			(2,253	)		-		-			(2,253	)
Balance April 30, 2022		14,053	$	134		545	$	5	$	104,117		$	-		$	(80,967	)		519	$	(1,196	)	$	22,093

Balance January 31, 2021		10,008	$	94		545	$	5	$	111,467		$	(72	)	$	(98,252	)		519	$	(1,196	)	$	12,046
Stock based compensation		-		-		-		-		95			-			-			-		-			95
Issuance of common stock		16		-		-		-		-			-			-			-		-			-
Comprehensive loss
Sale of discontinued operations		-		-		-		-		(17,295	)		21			17,274			-		-			-
Net Income		-		-		-		-		-			-			2,541			-		-			2,541
Other comprehensive income		-		-		-		-		-			51			-			-		-			51
Total comprehensive income		-		-		-		-		-			72			2,541			-		-			2,613
Balance April 30, 2021		10,024	$	94		545	$	5	$	94,267		$	-		$	(78,437	)		519	$	(1,196	)	$	14,733

See accompanying notes to condensed consolidated financial statements.

IDW MEDIA HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended
(in thousands)	April 30, 2022			April 30, 2021
Operating activities:
Net loss	$	(264	)	$	(3,715	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		184			307
Amortization of finance leases		-			108
Bad debt recovery		-			(97	)
Stock based compensation		309			159
Amortization of right-of-use asset		244			513
Gain on extinguishment of PPP Loans		-			(68	)
Gain on sale of discontinued operations		-			(2,123	)
Changes in operating assets and liabilities:
Trade accounts receivable		673			847
Inventory		(201	)		88
Prepaid expenses and other assets		21			(589	)
Television costs		(51	)		1,656
Operating lease liability		(308	)		(269	)
Trade accounts payable, accrued expenses, production costs payable and other current liabilities		(1,985	)		1,239
Deferred revenue		(2,037	)		(260	)
Gain on disposal of ROU assets		-			(97	)
Net cash used in operating activities		(3,415	)		(2,301	)
Investing activities:
Disposal of discontinued operations		-			(902	)
Capital expenditures		(436	)		(72	)
Net cash used in investing activities		(436	)		(974	)
Financing activities:
Proceeds from issuance of common stock		-			25
Repayments of finance lease obligations		-
Proceeds from government loans		-			1,196
Repayments of bank loans		-			(2,540	)
Net cash used in financing activities		-			(1,319	)
Effect of exchange rate changes on cash and cash equivalents		-			39
Net decrease in cash and cash equivalents		(3,851	)		(4,555	)
Cash and cash equivalents at beginning of period		17,532			12,162
Cash and cash equivalents at end of period	$	13,681		$	7,607

See accompanying notes to condensed consolidated financial statements.

IDW MEDIA HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1—Basis of Presentation and Summary of Significant Accounting Policies

Overview

IDW Media Holdings, Inc. (“IDWMH”) together with its subsidiaries (collectively, the “Company”) is a diversified media company with operations in publishing and television entertainment. The terms “Company,” “we,” “us,” and “our” are used in this report to refer collectively to the parent company and the subsidiaries through which various businesses are conducted.

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain information and footnote disclosures normally included in our annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted consistent with Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting principally of normal recurring accruals) considered necessary for a fair presentation have been included. Interim results of operations are not necessarily indicative of the results for the full year or for any future period. These financial statements should be read in conjunction with the annual consolidated financial statements and notes thereto also included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. All amounts in these condensed consolidated financial statements and notes to the condensed consolidated financial statements are reflected on a consolidated basis for all periods presented.

The Company’s fiscal year ends on October 31^st. Each reference below to a fiscal year refers to the fiscal year ending in the calendar year indicated (e.g., fiscal 2021 refers to the fiscal year ended October 31, 2021).

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates.

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic, which continues to spread throughout the World. The Company is actively monitoring the COVID-19 pandemic, the restrictive measures imposed to combat its spread and their potential impact on each of our operating segments. While we believe that through the first two quarters of fiscal 2022, there has been significant improvement due to global and domestic vaccination efforts, there is uncertainty around the duration and ongoing impact, if any, of COVID-19 related to both known and unknown risks, including future quarantines, closures and other restrictions resulting from the outbreak, and our operations and our customers and partners may continue to be impacted. The Company has considered information available to it as of the date of issuance of these condensed consolidated financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgements, or an adjustment to the carrying value of its assets or liabilities. The accounting estimates and other matters assessed include, but were not limited to, goodwill and other long-lived assets, and revenue recognition. These estimates may change as new events occur and additional information becomes available. Actual results could differ materially from these estimates.

IDW MEDIA HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Segment Information

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 280 (“ASC 280”), Segment Reporting, establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance.

The Company’s chief operating decision maker is the Chief Executive Officer, who reviews the financial performance and the results of operations of the segments prepared in accordance with U.S. GAAP when making decisions about allocating resources and assessing performance of the Company (see Note 5).

Our principal business consists of the following segments:

IDWP Publishing (“IDWP”) creates comic books, graphic novels, digital content and games through its imprints IDW, Top Shelf Productions and Artist’s Editions; and

ii.

IDW Entertainment (“IDWE”) acts as a production company and studio that develops, produces and distributes content based on IDWP’s original IP for a variety of formats including film and television.

Prior to February 15, 2021, we also owned CTM Media Group (CTM), a company that develops and distributes print and digital-based advertising and information advertising for tourist destinations in targeted tourist markets in 32 states / provinces in the US and Canada. On February 15, 2021, we consummated the sale of CTM to an assignee of Howard Jonas, the Company’s Chairman in exchange for (i) the cancelation of $3.75 million of indebtedness we owed to our Chairman’s designee, (ii) a contingent payment of up to $3.25 million based upon a recovery of quarterly revenues of CTM to 90% of its fiscal 2019 levels during the 18-month period following the sale, and (iii) a contingent payment if CTM is sold within 36 months of the sale for more than $4.5 million. As of July 31, 2020, CTM was reported as a discontinued operation and CTM’s operations have since been included in the condensed consolidated financial statements as discontinued operations (see Note 14).

Trade Accounts Receivable, Net

Trade accounts receivables are recorded at the invoiced amount and are generally unsecured as they are uncollateralized. The Company provides an allowance for doubtful accounts to reduce receivables to their estimated net realizable value. Judgement is exercised in establishing allowances and estimates are based on the tenants’ payment history and liquidity. Any amounts that were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense included in selling, general and administrative expense in the accompanying condensed consolidated statements of operations. The Company had an allowance for doubtful accounts of $0 as of April 30, 2022 and October 31, 2021.

Television Costs

We expense television production, participation and residual costs over the applicable product life cycle based upon the ratio of the current period’s revenues to the estimated remaining total revenues (Ultimate Revenues) for each production. If our estimate of Ultimate Revenues decreases, amortization of film and television costs may be accelerated. Conversely, if our estimate of Ultimate Revenues increases, film and television cost amortization may be slowed. For television series, Ultimate Revenues include revenues that are expected to be earned within ten years from delivery of the first episode, or if still in production, five years from delivery of the most recent episode. IDWE capitalized cost of production and amortized it over the applicable product life cycle based upon the ratio of the current period’s revenues to the estimated remaining total Ultimate Revenues for each production. Advertising, marketing, and general and administrative costs are expensed as incurred.

Every quarter, the Company prepares analyses to support its content amortization expense. Critical assumptions used in determining content amortization include: (i) determining the grouping of contents (ii) the application of an ultimate revenue forecast model based on the contracts of televisions, (iii) gathering the schedules of delivered television episodes from the relative customers, (iv) calculating current period amortization, (v) assessing the accuracy of the Company’s forecasts. The Company continually reviews its estimates and contracts and revises its assumptions if necessary. Any material adjustments from the Company’s review of the amortization are applied prospectively in the period of the change for assets.

IDW MEDIA HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

With respect to television series or other television productions intended for broadcast, the most sensitive factors affecting estimates of Ultimate Revenues are program ratings and the strength of the advertising market. Television development costs for projects that have been abandoned or have not been set for production within three years are generally written off in the relevant period.

Television costs are stated at the lower of cost less accumulated amortization or fair value. The Company evaluates impairment by the fair value of television costs at the individual level by considering expected future revenue generation, when an event or change in circumstances indicates a change in the expected revenue of the television costs or that the fair value of a film or film group may be less than unamortized costs.

IDWE regularly enters into agreements for the production of its television shows. The agreements provide for the rights and obligations related to the agreement including timing, delivery and payments. IDWE capitalizes the resulting production costs under the agreements in production cost inventory as payments are made or when the products or services are delivered. Amortization of television costs during the three months ended April 30, 2022 and 2021 were $0 and $1,385,0000, respectively. Amortization of television costs during the six months ended April 30, 2022 and 2021 were $999,000 and $5,341,0000, respectively.

Variable Interest Entities

The Company, through its subsidiary IDWE has arrangements with seven special-purpose entities (“SPEs”) Some SPEs were formed for the sole purpose of providing production services of a television pilot and series in Canada, and other SPEs were formed for production and writing purposes. The SPEs are independently owned companies that are effectively controlled by IDWE and are parties to the related bank production financing arrangements. The Company has determined that SPEs are variable interest entities (“VIEs”) and that the Company is the primary beneficiary of the SPEs activities and was the obligor on the SPEs’ debt. All financial activity of the SPEs has been included in IDWE’s financial statements, which are part of these consolidated financial statements. IDWE is not obligated to provide any support to the VIE’s and therefore, potential losses are not foreseen. The SPEs have finished all of the productions and these shows have been delivered. The outstanding loans have been paid off. The carrying amounts and classification of the VIEs’ assets are presented below:

(in thousands)		April 30, 2022				October 31, 2021
Cash and cash equivalents		$	75			$	78

Revenue Recognition

The Company applies the five-step approach as described in ASC 606, Revenue from Contracts with Customers, which consists of the following: (i) identifying the contract with a customer, (ii) identifying the performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the performance obligations in the contract and (v) recognizing revenue when (or as) the entity satisfies a performance obligation.

IDWP generates revenue primarily from the sale and licensing of comic books, graphic novels, digital content, and games through IDWP’s imprints IDW Publishing, IDW Games, Top Shelf, and Artist’s Editions. Revenue from the direct sale of comic books, graphic novels and games is recognized, net of an allowance for estimated sales returns, at the time of shipment of its graphic novels, comic books and games by IDWP’s distributors to its customers. Licensing revenues are recognized upon execution of the agreement for such rights, and other creative revenues are recognized upon completion of services rendered on a contractual basis.

IDWE generates revenue primarily from the licensing and distribution of content across various platforms and formats to audiences globally including television series and films. IDWE’s revenue is recognized when evidence of a sale or licensing arrangement exists, the product is complete, has been delivered or is available for immediate and unconditional delivery, the license period has begun, the fee is fixed or determinable, and collection is reasonably assured.

IDW MEDIA HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

IDWE enters into production agreements which provide for the rights and obligations related to the agreement including timing, delivery and payments. In certain productions in which IDWE is the distributor and IDWE has the obligation to pay artist, director and writer guilds for residuals for the creative writers of content. In addition, IDWE has the right to receive participation rights recoupment based on viewership of the cumulative production. The Company is unable to make an estimate as the recoupment is based on future viewership and therefore revenue will be recognized at a future date once the amount is known.

IDWE’s production activities included some of those provided by Canadian SPEs, and some of those productions qualify for tax credits in Canada. These credits are recorded as reductions in production cost when the SPEs becomes entitled to the Canadian tax credits. The Canada Revenue Agency (“CRA”) has completed the audit on these productions and the related tax refunds are no longer estimates. There are possible additional tax credits the Company may be

SEC Form 10-Q filed by IDW Media Holdings