Authentic Holdings, Inc.

What they do

Authentic Holdings operates through subsidiaries: Maybacks Global Entertainment, an over-the-air and platform-driven TV network with 42-56 channels, and Authentic Heroes, which produces fiber-based fan wear, vinyl records, and NFTs. The company also holds a 10-year license to a library of motion pictures and TV shows from Goliath Motion Picture Promotions, which is being converted into an acquisition. All broadcasting is outsourced to a third party, Wise DV.

Revenue drivers

• Maybacks TV advertising and channel fees — Maybacks generates revenue from insert advertisements, revenue share programs, Vast Tags, channel access fees, and barter. It reported ~$399,000 in revenue for full-year 2024.
• Whale TV partnership — Maybacks distributes content via Whale TV, an OS present in over 400 Smart TV manufacturers across 41 million+ homes, splitting ad revenue 70% to Maybacks and 30% to Whale TV.
• Authentic Heroes fan-wear and vinyl/NFT — Authentic Heroes has a patented fan-wear line and has pressed 150,000 vinyl records under 'Old is Gold' Christmas; it also minted 500,000 NFTs. This segment has generated no reported revenue to date.

Recent performance

For the year ended December 31, 2024, the company reported revenue of $398,600, up from $0 in 2023, and a net loss of $-1.3M. Operating expenses increased to $997,220 from $660,910 in 2023, driven by higher depreciation and amortization and general and administrative costs. Quarterly revenue declined from $233,932 in Q4 2024 to $97,163 in Q2 2025 and $98,448 in Q3 2025. As of September 30, 2025, cash and equivalents were only $7, total assets were $10.9M, and total liabilities were $6.4M.

Strategy

Management plans to expand Maybacks' content distribution through additional partnerships and a pending acquisition of the Goliath content library, which would enable Video on Demand and other revenue streams. The company aims to launch an Authentic Events Group for pay-per-view events. Authentic Heroes plans to release Tommy DeVito fan-wear and new vinyl releases, and the company is working to bring back 146,000 vinyl albums from China. It also intends to offer music NFTs once SEC guidelines become clear.

Risks

• Going concern — The auditors' report includes substantial doubt about the company's ability to continue as a going concern, citing the need for additional capital.
• Cash is negligible — Cash and equivalents were only $7 as of September 30, 2025, against $10.9M total assets, posing immediate liquidity risk.
• Revenue concentration and decline — All revenue comes from the Maybacks division, and quarterly revenue has declined from $233,932 to below $100,000, indicating volatility and a reliance on ad agreements.
• Competition from larger players — Maybacks competes with much larger, well-funded networks like Sling TV (DISH), and there is no assurance it can gain market share.

Outlook

Management expects continued progress in advertising agreements and content distribution, with the Goliath acquisition expected to enable new revenue streams like VOD and PPV. They are hopeful for a new vinyl release for Holiday 2025, but note ongoing tariff issues on Chinese imports. The company remains unprofitable and faces significant operational risks.