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CFO of MoviePass parent resigns to take another job

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CFO of MoviePass parent resigns to take another job

The CFO and secretary of MoviePass Inc. parent is leaving the embattled company, effective March 22.

Stuart Benson, who was appointed CFO of Helios and Matheson Analytics Inc. in November 2016, is leaving the company to take another job, the company said in a March 15 SEC filing, without disclosing Benson's new "employment opportunity."

Benson's departure comes just a few days after Helios said in another SEC filing that it revised its financials for the third quarter of 2018 because MoviePass had miscalculated how many people were actually subscribed to its movie subscription service in the third quarter.

Helios said it overstated subscription revenues for MoviePass in third quarter by including roughly $5.9 million of revenue from certain "MoviePass subscriptions that were in a suspended state due to changes made to the MoviePass subscription service that had not yet been consented to by the applicable subscribers." In addition, Helios recognized about $700,000 of revenues from MoviePass subscriptions that had been refunded by Costco Wholesale Corp.

These errors resulted in an understatement of the net loss by roughly $6.6 million. The company's total revenues came at $74.7 million in the third quarter of 2018, versus the $81.3 million it previously reported.