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MDNT > SEC Filings for MDNT > Form 10-Q/A on 19-Aug-2013All Recent SEC Filings

Show all filings for MEDIENT STUDIOS, INC.

Form 10-Q/A for MEDIENT STUDIOS, INC.


19-Aug-2013

Quarterly Report


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

Trends and Uncertainties.

The registrant's current revenue is dependent upon a variety of factors, including the release dates of movies for domestic theatrical distribution along with home video/ DVD, VOD, pay TV, television and other rights and the timing of foreign sales, prequel, sequel and remake and other rights. These dates can vary significantly on a quarter by quarter basis. On the Studioplex is in full operation, the sales generated on a quarterly basis are expected to become more consistent.

Plan of Operations

The registrant was incorporated on September 10, 2007 in the state of Nevada. Our fiscal year end is December 31st.

The registrant has initiated building and construction of a movie studio, entertainment facility and campus on the approximately 1,500 acre property currently owned by the Effingham County Industrial Development Authority in Georgia. We have executed a memorandum of understanding with the IDA, in which we may have beneficial ownership of the property and an option to purchase legal title to the property.

Facilities will include the studios, housing, cinema and electronic games experiences with large areas providing both recreational and retailing services to the general public. Once complete the studio will be the largest movie production facility anywhere in the world outside of Asia.

The master plan has been submitted and approved by the IDA. Medient management has relocated to Savannah, GA, for the project.

We intend to obtain debt and/or equity financing to meet our ongoing operating expenses and to acquire completed theatrical release quality films as well as produce our own films. There is and can be no assurance that these events can be successfully completed. In particular there is no assurance that any such film assets will be acquired or that any stockholder will realize any return on its shares after such a transaction. Any acquisitions completed by the registrant can be expected to have a significant dilutive effect on the percentage of shares held by our current stockholders.

Results of Operations

For the three months ended June 30, 2013, we did not earn any revenues. We had general and administrative expenses of $52,674, depreciation expenses of $950, and paid professional fees of $37,750. We paid interest expenses of $59,558 and had a tax benefit

of $30,000. As a result, we had a net loss of $120,932 for the three months ended June 30, 2013.

Comparatively, for the three months ended June 30, 2012, we earned revenues of $30. We paid general and administrative expenses of $152, license fees of $1,500, and professional fees of $10,381. We paid interest expenses of $17. As a result, we had a net loss of $12,020 for the three months ended June 30, 2012.

The $108,912 difference in net loss for the three months ended June 30, 2013 and 2012 was primarily the result of increased general and administrative expenses and professional fees incurred initiating the building and construction of the Georgia movie studio.

For the six months ended June 30, 2013, we earned revenues of $1,950,000. The amortization of film assets cost $1,063,269, resulting in a gross margin of $886,731. We paid general and administrative expenses of $157,655, license fees of $2,638, depreciation expenses of $1,900, and professional fees of $47,750.
We paid interest expenses of $11,885 and tax expenses of $125,216. As a result, we had net income of $439,687 for the six months ended June 30, 2013.

For the six months ended June 30, 2012, we earned revenues of $150. We paid general and administrative expenses of $194, license fees of $3,000, and professional fees of $11,413. We paid interest expenses of $17. As a result, we had a net loss of $14,474 for the six months ended June 30, 2012.

The $454,161 difference in net income for the six months ended June 30, 2013 compared to June 30, 2012 was caused primarily from by the increase in revenues due to the sale of the prequel, sequel and remake rights for Storage 24.

Capital Resources and Sources of Liquidity

For the six months ended June 30, 2013, we paid capitalized preacquisition costs of $94,594. As a result, we had net cash used for investing activities of $94,594 for the six months ended June 30, 2013.

For the six months ended June 30, 2012, we did not pursue any investing activities.

For the six months ended June 30, 2013, we received $5,399 from the issuance of common stock. We received $2,994,601 from additional paid in capital and $141,000 from convertible notes. As a result, we had net cash provided by financing activities of $3,141,000 for the six months ended June 30, 2013.

For the six months ended June 30, 2012, we did not pursue any financing activities.

As part of the proposed $40 Million cost of the initial phase of construction of the Studioplex, We have $258,000 of commitments for capital expenditures within the next year. These include the costs of architectural design, attorneys, civil engineering, geotechnical survey, DRI development, rezoning, wetland master plan, traffic study, water distribution master plan, sanitary sewer master plan, stormwater master plan, and utility master plan.

Off-Balance Sheet Arrangements

The registrant had no material off-balance sheet arrangements as of June 30, 2013.

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