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Chicken Soup for the Soul Entertainment, which acquired the movie rental service Redbox in 2022, has filed for Chapter 11 bankruptcy protection, Deadline reports. The company recently disclosed net losses of $636.6 million for 2023 in a SEC filing, and Deadline reported just a few days ago that it had suspended medical benefits and missed payroll, leaving employees without their paychecks for a week already. In a message to employees on Saturday, Chicken Soup for the Soul Entertainment said it had applied for a debtor-in-possession loan in an attempt to remedy the situation. Upon court approval, we expect payroll to be funded early in the week and funding for this upcoming weeks payroll to also be secured, the message said, per Deadline. We also expect to have the funds to reinstate medical benefits back to May 14, 2024 and going forward. The $375 million deal to acquire Redbox brought with it a ton of debt, and according to The Verge, Chicken Soup for the Soul Entertainment owes money to a slew of retailers, studios, and streaming platforms including Walmart, Universal and Sony as well as other creditors. Its total debts come to about $970 million. Chicken Soup for the Soul Entertainment also owns the streaming service Crackle and a few other film and TV brands, in addition to selling the long-running self-help books its best known for.This article originally appeared on Engadget at https://www.engadget.com/the-owner-of-redbox-has-filed-for-chapter-11-bankruptcy-172124081.html?src=rss
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NASA and Boeing plan to spend the next few weeks conducting tests on the ground in order to better understand issues with the Starliner spacecrafts thrusters before giving its crew the go-ahead to fly back to Earth. But, officials insisted in a press conference Friday afternoon, astronauts Butch Wilmore and Suni Williams are not stranded on the International Space Station. Were not in a rush to come home, said Steve Stich, manager of NASAs Commercial Crew Program. Starliner has been docked with the ISS since June 6 for what was meant to be a 10-day flight test all in all. During its approach of the orbiting lab, however, the craft experienced problems with five of its thrusters, and a known helium leak appeared to worsen. NASA and Boeing have been working together to evaluate the issues ever since. On Friday, representatives for the two said they arent yet setting a date for the return flight, and will instead wait until the ground tests have been completed and all analyses run. The first thruster tests, which will be conducted at the White Sands Missile Range in New Mexico, are expected to begin as soon as Tuesday. It was initially stated that Starliner could only stay docked at the ISS for a maximum of 45 days due to limitations with its batteries, but Stich said during the conference that these batteries are being recharged by the space station, so this can be extended. I want to make it very clear that Butch and Suni are not stranded in space, Stich said. Our plan is to continue to return them on Starliner and return them home at the right time. Starliner is performing well while docked, and the craft could still be used as a lifeboat to bring the astronauts home if necessary in the case of an emergency, the officials said. Mark Nappi, VP and program manager of Boeings Commercial Crew Program, reiterated Stichs comments, saying, Were not stuck on the ISS, the crew is not in any danger, and theres no increased risk when we decide to bring Suni and Butch back to Earth.This article originally appeared on Engadget at https://www.engadget.com/nasa-and-boeing-say-starliner-astronauts-are-not-stranded-but-will-be-on-the-iss-for-a-few-more-weeks-154407704.html?src=rss
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While people who own and sell cryptocurrency have always had to pay taxes on their earnings, a new rule finalized by the US Treasury Department can ensure that they're paying the proper amount on their sales. The new rule will require cryptocurrency platforms like exchanges and payment processors to report their users' transactions to the Internal Revenue Service. According to The Wall Street Journal, authorities are hoping that the measure can deter tax evasion, seeing as the IRS would know exactly how much a taxpayer owes. At the same time, the rule will make it much easier for people for declare their earnings because their brokers will now have to provide them with a 1099 form. The IRS released a draft form of 1099-DA (Digital Asset Proceeds From Broker Transaction) made especially to track crypto transactions last year and will make the final version available soon. To note, the rule sets a threshold of $10,000 to report on transactions involving stablecoin, which are cryptocurrencies that track fiat money like the US dollar. "[I]nvestors in digital assets and the IRS will have better access to the documentation they need to easily file and review tax returns, Aviva Aron-Dine, the Treasurys acting assistant secretary for tax policy, said in a statement. By implementing the laws reporting requirements, these final regulations will help taxpayers more easily pay taxes owed under current law, while reducing tax evasion by wealthy investors. The new rule will only apply to platforms that take possession of digital assets, such as Coinbase or Binance. It doesn't cover decentralized ones, which will have to comply with a separate rule that's expected to be finalized later this year. Brokers will have to start reporting sales proceeds on digital assets in 2026 for all transactions accomplished in 2025, which means crypto traders are still on their own for 2024. This article originally appeared on Engadget at https://www.engadget.com/us-treasury-finalizes-crypto-rules-to-prevent-tax-evasion-143051676.html?src=rss
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