SEC Form NT 10-Q filed by Chicken Soup for the Soul Entertainment Inc.
| UNITED STATES | |||
| SECURITIES AND EXCHANGE COMMISSION | |||
| Washington, D.C. 20549 | OMB APPROVAL | ||
| OMB Number: | 3235-0058 | ||
| FORM 12b-25 | Expires: | April 30, 2025 | |
| Estimated average burden | |||
| Hours per form | 2.50 | ||
| NOTIFICATION OF LATE FILING | SEC FILE NUMBER | |
| 001-38125 | ||
| CUSIP NUMBER | ||
| 16842Q100 |
(Check One): ¨ Form 10-K ¨ Form 20-F ¨ Form 11-K x Form 10-Q ¨ Form 10-D ¨ Form N-SAR ¨ Form N-CSR
For Period Ended: March 31, 2024
¨ Transition Report on Form 10-K
¨ Transition Report on Form 20-F
¨ Transition Report on Form 11-K
¨ Transition Report on Form 10-Q
¨ Transition Report on Form N-SAR
For the Transition Period Ended:
| Read Instructions (on back page) Before
Preparing Form. Please Print or Type. Nothing in this form shall be construed to imply that the Commission has verified any information contained herein. |
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates: N/A
PART I – REGISTRANT INFORMATION
Chicken Soup for the Soul Entertainment, Inc.
Full Name of Registrant
N/A
Former Name if Applicable
132 E. Putnam Ave.
Address of Principal Executive Office (Street and Number)
Cos Cob, Connecticut 06807
City, State and Zip Code
PART II – RULES 12b-25 (b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
| (a) | The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense; | |
| x | (b) | The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and |
| (c) | The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable. |
PART III – NARRATIVE
State below in reasonable detail the reasons why the Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period. (Attach extra sheets if needed)
Chicken Soup for the Soul Entertainment, Inc. (the “Company”) has determined that it is unable, without unreasonable effort or expense, to file its Annual Report on Form 10-Q for the quarter ended March 31, 2024 (“Form 10-Q”) by the prescribed due date because preparation of the 10-Q would have diverted the attention of the Company’s management from certain important strategic efforts it has been undertaking including and in connection with the Forbearance Agreement with its largest creditor, as described in the Company’s Current Report on Form 8-K and Preliminary Information Statement on Schedule 14C filed with the Securities and Exchange Commission May 3, 2024. Such strategic undertakings have required a significant amount of management's time that was to have been utilized for the preparation of the Form 10-Q. As a result, the Company requires additional time to complete analysis relating to its quarter-end financial reporting processes and compile and verify the data required to be included in the Form 10-Q.
PART IV – OTHER INFORMATION
| (1) | Name and telephone number of person to contact in regard to this notification |
| Jason Meier | (203) | 861-4000 | |||
| (Name) | (Area Code) | (Telephone Number) |
| (2) | Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s). | ¨ Yes x No |
| The Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 was filed December 22, 2023. The Company’s Annual Report on Form 10-K for the year ended December 31, 2023 was filed April 19, 2024. | ||
| (3) | Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? | x Yes ¨ No |
|
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
Due to insufficient working capital and lack of new content in 2024, Net revenue is expected to be approximately $27 million or, $82 million lower than the first quarter of 2023. Net loss available to common shareholders is expected to be approximately $(53) million and a loss per common share of $(1.63). | ||
Chicken Soup for the Soul Entertainment, Inc.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 15, 2024 | By: | /s/ Jason Meier |
| Jason Meier, CFO |
INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative’s authority to sign on behalf of the registrant shall be filed with the form.
| ATTENTION Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001). |