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The end may be near for MoviePass.

MoviePass parent Helios and Matheson Analytics Inc. (HMNY)  lost more than half its value in midday trading Friday, following the company's admission that it temporarily ran out of funds Thursday night. The company disclosed in an SEC filing that MoviePass' Thursday night outage was caused by the company running out of funds and was forced to borrow $5 million to resume operations.

The shares fell $3.83, or 56%, to $3 as of about noon New York time.

"The $5.0 million cash proceeds received from the Demand Note will be used by the Company to pay the Company's merchant and fulfillment processors," the filing said. "If the Company is unable to make required payments to its merchant and fulfillment processors, the merchant and fulfillment processors may cease processing payments for MoviePass, Inc. ('MoviePass'), which would cause a MoviePass service interruption. Such a service interruption occurred on July 26, 2018."

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MoviePass initially tweeted to users that the service interruption was "technical issues with our card-based check-in process."

Because the MoviePass allows subscribers to see up to one film a day in theaters for $9.95 a month while paying theaters full price for each ticket, the company burns $21.7 million a month according to previous SEC filings. On Wednesday, Helios and Matheson was forced to implement a massive reverse stock split that brought shares up to $21 to prevent the company from being delisted from Nasdaq.

"We feel at this point MoviePass is well on its way," Helios and Matheson CEO Ted Farnsworth told TheStreet after the stock split was announced. "We understand the cash burn and the different things that are going on with it but also the positives and how much leverage we have over a movie when we tell subscribers to go see it."

"We're not going anywhere," Farnsworth said. "We're good for the next several years."