MoviePass temporarily goes offline after running out of cash

MoviePass Inc., a company that offers daily access to in-theater movies for $10 a month, couldn't afford to pay for its customer's tickets on Thursday.

The company functions by charging consumers a monthly fee and then reimbursing the cost of their tickets to theaters.

On Friday, the company borrowed $5 million to cover its expenses.

The parent company of MoviePass, Helios and Matheson Analytics Inc., said they could not afford to pay for the tickets charged by MoviePass on Thursday, which resulted in a total service outage.

Since the news first came out, MoviePass' stock has continued to fall.

The stock opened at a mere $3.58 Friday morning.
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