The Las Vegas-based streaming startup carries a going concern warning, an accumulated deficit of nearly $346,000, and has yet to generate any operating income since its 2022 incorporation.

April 10, 2026

TV Channels Network Inc., a Nevada-incorporated entertainment and streaming technology company based in Las Vegas, disclosed its annual results for the fiscal year ended December 31, 2025, reporting no revenue, a net loss of $131,954, and cash on hand of just $191. The company’s auditors issued a going concern opinion, citing substantial doubt about the company’s ability to continue operations without additional financing.

The company was incorporated in August 2022 and has spent the intervening years developing a business plan, acquiring content licenses, and building a pay-per-view streaming platform. As of the report date, it had not yet launched commercial operations or generated any income from its planned services. Its accumulated deficit stood at $345,945 as of year-end 2025, up from $213,991 a year earlier.

Financial Snapshot

Total assets at year-end were $143,607, consisting almost entirely of a right-of-use lease asset valued at $137,866 and a $5,550 deposit. On the liability side, total liabilities reached $488,452, including $336,207 in accounts payable — the vast majority of which represents accumulated advances from CEO Darryl Payne for operating expenses. The company’s stockholders’ deficit deepened to $344,845 from $212,891 a year prior.

Operating expenses for 2025 totaled $131,954, down modestly from $138,812 in 2024. These consisted entirely of general and administrative costs, with rent accounting for $66,854, legal and professional fees for $48,080, utilities for $6,302, and other operating expenses for $10,718. No financing activities generated cash during either year.

Listing and Ownership

The company has applied to list its common stock on the Nasdaq Capital Market under the ticker symbol TVCN, though no approval has been granted. As of April 9, 2026, the company had 43,396,100 shares outstanding. On June 30, 2025, the aggregate market value of shares held by non-affiliates was approximately zero, reflecting the absence of a public trading market. CEO Darryl Payne controls approximately 80% of the outstanding shares, making the company a controlled company under Nasdaq’s rules.

Content Library and Business Plan

The company’s business plan centers on becoming a major streaming entertainment content provider, with aspirations to offer more than 300 live national TV channels and 100 live video concert channels. Its current content library is built around several licensing agreements, most of which involve properties connected to its CEO.

These include a six-year exclusive license from Darryl Payne Films for the Legends of Classic Soul concert series, featuring performances by groups such as The Four Tops, The Whispers, The Chi-Lites, and Harold Melvin’s Blue Notes. A separate six-year exclusive license from Payne covers 26 episodes of The Judy Garland Show, a CBS variety program from the 1960s. The company also holds a perpetual license for the PBS On Tour concert series, purchased for $50,000 plus 25,000 shares of stock. Additionally, the company has an agreement for World Class Pro Wrestling content and claims access to approximately 10,000 audio recordings produced by Payne.

A dealer agreement with NetCom.TV, signed in 2022, grants the company a five-year license to establish and manage programming packages for streaming customers, with successive five-year renewals.

Competition and Staffing

The company lists Amazon Prime, Hulu, Netflix, Disney+, and Live Nation among its competitors, acknowledging that many of these rivals have significantly larger customer bases and financial resources. As of the filing date, the company reported having two full-time employees and approximately twenty contract professionals. No executive compensation was paid during 2025 or 2024.

Leadership

The board of directors consists of five members. Payne serves as CEO, President, Treasurer, Secretary, and Chairman. Other board members include director Darryl Johnson, who focuses on media buying; Steven George, the Director of Sales and Marketing and a former iHeartRadio on-air personality; Marshall Thompson, a member of The Chi-Lites who received a star on the Hollywood Walk of Fame in 2021; and Okechukwu Ukah, a Brooklyn-based rapper and producer. Jorge Verar, a CPA based in Houston, serves as Chief Financial Officer. George, Thompson, and Ukah are considered independent directors under Nasdaq’s standards.

Controls and Outlook

The company’s internal controls over financial reporting were assessed as ineffective due to its small size and lack of segregation of duties. Management acknowledged that continued growth depends on beginning to generate revenue and securing additional financing. The financial statements were audited by Suri & Co., Chartered Accountants, based in Mumbai, India.

The filing noted that the company has approximately 20 acquisition deals it intends to close once full funding is completed, and that it plans to launch national TV advertising and social media campaigns following the close of its offering. However, no assurance was given that the offering would be completed or that the company would achieve profitability.