Singapore indie cinema The Projector owes over $1.2m to creditors
In an e-mail sent out to creditors on Aug 19 and seen by The Straits Times, Pocket Cinema listed 33 different creditors comprising individuals and organisations.
The highest amount – $382,888.03 – is owed to Overseas Movie (Private), while others named in the list include the firm's director Karen Tan, as well as other shareholders, including one of The Projector's founders, Ms Blaise Camille Trigg-Smith.
Ms Tan, also one of The Projector's founders, is owed more than $120,000, while Ms Trigg-Smith is owed slightly above $100,000.
ST has contacted Ms Tan for more information.
Other creditors include those who held memberships with The Projector that have yet to expire.
These comprise 2,295 people who are owed a total of more than $89,000.
The majority of them, or 1,566, held memberships with The Projector Fan Club.
Although membership information on the indie cinema's website has been replaced with a notice of suspension as at Aug 20, a version dated July 9 on the Internet Archive showed that it costs $85 to hold a membership through this tier.
All members are entitled to four free tickets, $2 off standard ticket prices, 10 per cent off the total bill at the Intermission bar at Golden Mile Tower and No Spoilers Bar at Cineleisure, special giveaways and prizes, as well as invites to exclusive members-only events and screenings.
Other membership tiers include The Projector Student Club, for those with valid student identification, and The Projector Senior Club, for those above the age of 55. Both cost $67.
To one 24-year-old patron of The Projector, the $7 he is owed in membership fees is but a petty sum.
The patron, who declined to give his name, said: 'I'm not really bothered about them owing money to me, since it is a relatively small amount, but more so about losing a space where I can find curated films through their various film festivals and events.
'It was also a space for many smaller organisations to host events and share stories.'
The cinephile added that he, alongside other friends who are regulars, have decided not to claim their refunds to help the now-shuttered indie cinema with their finances.
Meanwhile, those with unused tickets were also included in the list of creditors, with a total of $14,302 owed to them.
A 28-year-old moviegoer who had bought two tickets to the Aug 20 screening of Punch Drunk Love, a 2002 romantic comedy starring Adam Sandler, told ST that he too was on the list of creditors.
He said: 'Fortunately for me, the refundable amount of $23 was relatively low. I'm just surprised at the speed at which operations were shut down.'
One person has 16 unused tickets – the most, compared with others on the list.
The meeting for creditors is set for 2.30pm on Aug 29 via video conference, according to the e-mail.
The Projector's sudden closure on Aug 19 after more than a decade of operations took many by surprise, with its screenings and events scheduled after the date cancelled.
It cited rising operational costs, shifting audience habits and the global decline in cinema attendance as reasons for its closure.
Incorporated on Sept 16, 2014, Pocket Cinema's records with the Accounting and Corporate Regulatory Authority (Acra) showed that it started out as a loss-making venture.
In the financial year ending on Dec 31, 2014, it reported a loss of slightly more than $45,000 after taxes.
The company's fortunes turned in the financial year ending on Dec 31, 2016, when it made a profit of almost $166,000 after taxes, with its revenue reported to be about $1.16 million.
But its profits shrank the following year by more than 2½ times to $64,122 after taxes, despite a revenue of about $1.3 million.
Based on Acra records, the latest financial statement was filed in December 2017.
Separately, a listing on CommercialGuru showed that The Projector's 10,000 sq ft space at Golden Mile Tower was listed for rent at $33,000 a month from July 28. It has since been removed as at 11am on Aug 20.
Source: The Straits Times © SPH Media Limited. Permission required for reproduction
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