What changed in this filing

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Item 4. Controls and Procedures

2013-05-14 compared with 2012-11-19 · 8 added, 38 removed, 12 unchanged (79% of the section changed)

6 unchanged sentences

13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q.

Based on that evaluation and

the material weakness described below, Hollywood Media’s management, including the Chief Executive Officer and Chief Financial

Officer and Chief Accounting Officer, have concluded that Hollywood Media’s disclosure controls and procedures were not

effective, as of September 30, 2012, to ensure that information required to be disclosed by Hollywood Media in reports that it

files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified

in the rules and forms of the Securities and Exchange Commission and (ii) accumulated and communicated to Hollywood Media’s

management, including the Chief Executive Officer and Chief Financial Officer and Chief Accounting Officer, to allow timely decisions

regarding required disclosure.

As previously reported

in Hollywood Media’s Annual Report on Form 10-K for the year ended December 31, 2011, as amended, which was filed with the

Securities and Exchange Commission on April 16, 2012 and was amended on April 30, 2012, management assessed the effectiveness

of Hollywood Media’s internal control over financial reporting as of December 31, 2011 and included its Report on Internal

Control Over Financial Reporting in such Annual Report on Form 10-K for the year ended December 31, 2011, as amended.

on Internal Control over Financial Reporting concluded the following deficiencies in the Company’s CinemasOnline and Intellectual

Properties businesses constitute material weaknesses in the Company’s internal control over financial reporting:

insufficient internal controls over the advertising sales process within its U.K.

based CinemasOnline business, including inadequate

systems to allow for processing of advertising sales and deferred advertising sales;

and deferred tax assets and insufficient

internal controls over its disbursements of funds and recording of related assets and expenses in the CinemasOnline business .

See Note 3 “Discontinued Operations”

in the Notes to the Condensed Consolidated Financial Statements included in Part

I, Item I of this Quarterly Report on Form 10-Q for information on the Company’s sale of CinemasOnline on May 1, 2012.

Identified insufficient

internal controls over the book development and book licensing process within its Intellectual Properties Division, including

inadequate systems to allow for processing of book development and book licensing revenue and deferred revenue;

and insufficient

internal controls over its disbursements of funds and recording of related assets and expenses in the Intellectual Properties

A material weakness

in internal control over financial reporting is a control deficiency (within the meaning of the Public Company Accounting Oversight

Board Auditing Standard No.

5), or a combination of control deficiencies, such that there is a reasonable possibility that a material

misstatement of the annual or interim financial statements will not be prevented or detected.

As of September 30, 2012, Hollywood

Media had not remediated these material weaknesses.

Based on that evaluation,

Hollywood Media’s management, including the Chief Executive Officer and Chief Financial Officer and Chief Accounting Officer,

have concluded that Hollywood Media’s disclosure controls and procedures were effective, as of March 31, 2013, to ensure

that information required to be disclosed by Hollywood Media in reports that it files or submits under the Exchange Act is (i)

recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange

Commission and (ii) accumulated and communicated to Hollywood Media’s management, including the Chief Executive Officer

and Chief Financial Officer and Chief Accounting Officer, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial

3 unchanged sentences

likely to materially affect, Hollywood Media’s internal control over financial reporting.

PART II - OTHER INFORMATION

LEGAL PROCEEDINGS

Not required.

PART II - OTHER

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 4. Controls and Procedures