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OFFON

BROOKLYN IMMUNOTHERAPEUTICS, INC.

(BTX)
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11/12/2021 | 04:58pm EST

FORM 10-Q


(Mark One)
? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

OF 1934

For the quarterly period ended September 30, 2021

                                       or

? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

For the transition period from _________ to _____________

                       Commission file number: 001-11460

                           [[Image Removed: graphic]]

                       Brooklyn ImmunoTherapeutics, Inc.
             (Exact name of registrant as specified in its charter)

        Delaware                        31-1103425
(State of incorporation)   (I.R.S. Employer Identification No.)



140 58th Street, Suite 2100, Brooklyn, New York 11220

   (Address of principal executive offices)       (Zip Code)



                                 (212) 582-1199
              (Registrant's telephone number, including area code)

          Securities registered pursuant to Section 12(b) of the Act:
   Title of each class           Trading symbol         Name of each exchange on
                                                            which registered
Common stock, $0.005 par               BTX               The Nasdaq Stock Market
     value per share                                               LLC



Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ? No ?

Indicate by check mark whether the registrant has submitted electronically every interactive data file required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ? No ?

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer ? Accelerated filer ? Non-accelerated filer ? Smaller reporting company ?

                          Emerging growth company   ?


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ?

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ? No ?

As of November 8, 2021, the registrant had outstanding 52,043,818 shares of common stock, $0.005 par value per share.

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                               TABLE OF CONTENTS

                                                                                 Page
PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements (unaudited)
           Condensed Consolidated Balance Sheets as of September 30, 2021
         (unaudited) and December 31, 2020                                          1
           Condensed Consolidated Statements of Operations for the three and
         nine months ended September 30, 2021 and 2020 (unaudited)                  2
           Condensed Consolidated Statements of Changes in Stockholders' and
         Members' Equity (Deficit) for the three and nine months ended September
         30, 2021 and 2020 (unaudited)                                              3
           Condensed Consolidated Statements of Cash Flows for the nine months
         ended September 30, 2021 and 2020 (unaudited)                              4
           Notes to Condensed Consolidated Financial Statements (unaudited)         5

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

         Results of Operations                                                     22
Item 3.    Quantitative and Qualitative Disclosures About Market Risk              34
Item 4.    Controls and Procedures                                                 34

PART II - OTHER INFORMATION
Item 1.    Legal Proceedings                                                       35
Item 1A.   Risk Factors                                                            35
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds             36
Item 6.    Exhibits                                                                37
  Signatures                                                                       38


In this report, "Brooklyn" refers to Brooklyn ImmunoTherapeutics, Inc. (formerly known as NTN Buzztime, Inc.) and "Brooklyn LLC" refers to Brooklyn ImmunoTherapeutics LLC, a wholly owned subsidiary of Brooklyn. All references to "our company," "we," "us" or "our" mean Brooklyn. and its subsidiaries, including Brooklyn LLC, unless stated otherwise or the context otherwise requires.


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Table of Contents

              CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, as codified in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts could be deemed forward-looking statements. We have tried, whenever possible, to identify these statements by using words such as "believes," "estimates," "anticipates," "expects," "intends," "plans," "seeks," or words of similar meaning, or future or conditional verbs, such as "may," "will," "should," "could," "aims," "intends" or "projects," and similar expressions, whether in the negative or the affirmative. Forward-looking statements reflect management's beliefs and assumptions, are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties. Forward-looking statements by their nature address matters that are, to different degrees, subject to risks and uncertainties that could cause actual results to differ materially and adversely from those expressed in any forward-looking statement.

We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in our forward-looking statements. We have identified important factors in the cautionary statements included, or incorporated by reference, in this report, particularly in "Item 1A. Risk Factors" in Part II of this report, that we believe could cause actual results or events to differ materially from our forward-looking statements.

We intend forward-looking statements to speak only as of the time they are made. Except as required by law, we do not undertake, and expressly disclaim any obligation, to disseminate, after the date hereof, any updates or revisions to any such forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based.


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Table of Contents

© Edgar Online, source Glimpses

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