But the company Friday reported an increase in gross profit to $101,000 compared to a year-ago loss of $395,000. ITVN said because of a $11.8 million change in the fair value of warrants and options, it posted net income of $7.6 million in the last quarter, ending Sept. 30. Last year, ITVN had a net loss of $1.4 million in the three-month period.
In the filing ITVN, once known as Radium Ventures, also said it struck a deal with Universal Pictures to make available movies to subscribers by next week. The company, which offers a plethora of mainstream fare, struck a deal earlier in the year to offer 15 channels of Starz programming.
XTV offers more than 150 adult channels from a long list of well-known adult brand names, including Wicked Pictures and Danni.
With its proprietary video-on-demand technology, ITVN customers connect a set-top box to an existing broadband router, plug in the set-top connector to a television set and subscribe to the VOD channels.
While prices vary for its offerings, XTV adult-channel bundles cost $29.95 a month, with an additional $99.95 for the set-top box.
ITVN markets XTV and other products in the U.S., Asia, the U.K. and Germany.