Bright Mountain Media (BMTM) SEC Filings

Bright Mountain Media, Inc. (BMTM) dismissed WithumSmith+Brown, PC as its independent registered public accounting firm effective immediately after notifying it on September 21, 2026. The company had engaged Grassi & Co., Certified Public Accountants, P.C. on September 17, 2026, to review the quarter ending September 30, 2026, and audit the fiscal year ending December 31, 2026. The Audit Committee approved both actions.

Withum’s audit reports for the fiscal years ended December 31, 2025 and 2024 each included an explanatory paragraph regarding substantial doubt about the company’s ability to continue as a going concern. The company reported no disagreements with Withum or reportable events during the two most recent fiscal years and subsequent interim periods through September 21, 2026. It also said neither it nor anyone on its behalf consulted Grassi about specified accounting, audit-opinion, disagreement, or reportable-event matters during the two most recent fiscal years and subsequent interim period through September 17, 2026.

Bright Mountain Media, Inc. received an amended Schedule 13G/A (Amendment No. 5) from institutional investors 10th Lane Partners, LP and Centre Lane Partners Master Credit Fund II, L.P. The filing reports significant ownership of the company’s Common Stock.

10th Lane, as investment advisor to BV Agency, LLC and Centre Lane, has sole voting and dispositive power over a total of 50,179,827 shares, representing 26.8% of Bright Mountain Media’s Common Stock. Within this, BV directly holds 26,403,984 shares and Centre Lane directly holds 23,775,843 shares, with Centre Lane’s position alone equal to 12.7% of the class. These percentages are based on 186,936,398 shares of Common Stock outstanding as of July 30, 2026.

Bright Mountain Media reported second-quarter 2026 revenue of approximately $13.6 million, down 12% from $15.4 million a year earlier, as portfolio optimization and market conditions affected sales. By segment, Q2 revenue was about $6.4 million in advertising technology, $0.3 million in digital publishing, $4.9 million in consumer insights, and $2.0 million in creative and media services.

Cost controls and a gain on sale of intangible assets of about $1.1 million helped narrow the Q2 net loss to roughly $3.2 million, a 22% improvement from $4.1 million. For the first half of 2026, revenue was approximately $27.6 million, down 7%, while net loss improved 38% to $4.5 million and adjusted EBITDA rose to $2.2 million from $599,000. The company carries a related-party senior secured credit facility with a current balance of about $87.8 million, total current liabilities of about $115.3 million, and stockholders’ deficit of about $81.1 million, compared with total assets of about $34.2 million and cash and cash equivalents of about $1.0 million.

Bright Mountain Media, Inc. reported Q2 2026 revenue of $13.6 million, down from $15.4 million a year earlier, and a net loss of $3.2 million. For the first six months, revenue was $27.6 million and the net loss narrowed to $4.5 million from $7.3 million.

Lower general and administrative expenses and a $1.1 million gain on the sale of the Mom.com domain contributed to income from operations year to date before financing costs, but substantial interest on the Centre Lane Senior Secured Credit Facility kept overall results negative. As of June 30, 2026, the company owed Centre Lane $88.8 million, with total contractual payments of about $94.9 million scheduled in 2026.

The balance sheet shows $1.0 million of cash, a working capital deficit of about $99.0 million, and stockholders’ deficit of $81.1 million. Management states that existing resources are not expected to fund 12 months of operations and discloses substantial doubt about the ability to continue as a going concern while it pursues refinancing, additional capital, and cost reductions.

Bright Mountain Media, Inc. amended its senior secured credit agreement with Centre Lane Partners and other lenders to adjust upcoming payments on its Second Out Loans. A quarterly principal installment of approximately $840,000 due June 30, 2026 was deferred in full to December 20, 2026. Interest of about $210,000 for the period ended June 30, 2026 was changed to be paid in kind instead of cash, conserving liquidity.

As consideration for the amendment, the company agreed to issue 2,980,903 shares of common stock, representing 1.5% of fully diluted pro forma ownership as of June 30, 2026, to Centre Lane Partners. After this issuance, Centre Lane Partners and its affiliates beneficially own roughly 28.8% of the company’s common stock. Under the revised schedule, about $1.7 million is due under the credit agreement as of September 30, 2026, and about $93.2 million is due on the December 20, 2026 maturity date.

Bright Mountain Media, Inc. entered a material agreement to sell the www.mom.com domain and related social media accounts to Static Media, Inc. for $1.1 million through its subsidiary CL Media Holdings LLC.

Under its amended senior secured Credit Agreement with Centre Lane Partners and other lenders, the company agreed to use proceeds to prepay approximately $613,000 of First Out Loans within ten days of closing, fully satisfying the June 30, 2026 First Out amortization payment. All other amounts due on June 30, 2026, including the amortization on Second Out Loans, will be paid-in-kind rather than in cash, for an aggregate of about $1.0 million. Other terms of the Credit Agreement remain unchanged.

Bright Mountain Media, Inc. Chief Financial Officer Olgun Ari Roy received a grant of stock options covering 1,000,000 shares of Common Stock. The options carry an exercise price of $0.004 per share and expire on May 6, 2036.

The award is a compensation-related grant, not an open-market trade. According to the terms, the options will vest in four equal annual installments on May 6 of 2027, 2028, 2029, and 2030, if the vesting conditions are met.

Bright Mountain Media, Inc. had its Chief Financial Officer, Olgun Ari Roy, file an initial ownership report on Form 3. This filing establishes his status as an officer and provides a starting point for tracking any future insider transactions in the company’s stock. The report itself does not show any stock purchases, sales, or option exercises.

Bright Mountain Media Schedule 13G/A amendment reports that 10th Lane Partners and Centre Lane Partners Master Credit Fund II, L.P. together exercise voting and dispositive power over significant stakes in the company. 10th Lane is named as investment advisor with 47,257,261 shares under sole voting and dispositive power. Centre Lane directly holds 20,853,277 shares. The filing cites 183,955,495 shares outstanding as of May 7, 2026 as the basis for percentage calculations, reporting 25.7% and 11.3% ownership stakes respectively. The cover notes BV Agency, LLC directly holds 26,403,984 shares, with 10th Lane serving as advisor for BV and Centre Lane.