American Picture House Corp

Going-concern micro-cap film financier with ~$124 of cash, negative working capital and a ~$7.8M accumulated deficit.

Strengths

• 100% reported gross margin and small library of owned screenplays / recoupment positions
• Some titles released in 2025 generating contractual participation

Risks

• Explicit going-concern doubt, negative operating capital, near-zero cash
• Heavy dilution risk from convertible/equity-linked instruments; CEO controls ~98% of votes
• One project loan already written off; deeply negative operating (-66%) and net (-63%) margins

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Net lossNet loss (net margin -62.7%)
• Weak liquidityCurrent ratio 0.73 (<1)
• Customer concentration~100% of revenue from one customer/distributor — The amendment establishes an inter-party revenue collection and allocation waterfall under which the Company is entitled to receive one hundred percent (100%) of Net Revenues until the Company has rec
• Revenue declineRevenue -99.9% YoY