the agatha christie 26 library includes a variety of short story collections , more than 80 novels , 19 plays and a film library of over 100 made-for-television films . in the third quarter of 20 14 , acl published its first book , the monogram murders , since the death of agatha christie . our wholesale partners are broadcasters , digital outlets and major retailers in the u.s. , canada , united kingdom and australia , including , among others : amazon , barnes & noble , bet , costco , directv , hulu , itunes , netflix , pbs , showtime , target and walmart . we work closely with our wholesale partners to outline and implement release and promotional campaigns customized to the different audiences we serve and the program genres we exploit . we have a catalog of owned and long-term licensed content that is segmented into brands such as acorn ( british drama/mystery , including content produced by acl ) , rlje films ( independent feature films , action/thriller horror ) , urban movie channel ( or umc ) ( urban ) , acacia ( fitness ) , and athena ( documentaries ) . our direct-to-consumer segment includes our proprietary svod channels , such as acorn tv and umc , and the sale of video content and complementary merchandise directly to consumers through proprietary e-commerce websites and mail-order catalogs . as of december 31 , 2015 , acorn tv had over 195,000 paying subscribers . as of february 29 , 2016 , acorn tv had approximately 235,000 paying subscribers . umc , which launched in late-2014 , has been adding over 2,000 subscribers per month since december 2015 and has close to 10,000 subscribers as of february 29 , 2016. we expect the subscriber base to continue to grow in 2016 for all of our subscription-based digital channels as we add more exclusive content to the channels . rlje 's management views our operations based on these three distinctive reporting segments : ( 1 ) ip licensing ; ( 2 ) wholesale ; and ( 3 ) direct-to-consumer . operations and net assets that are not associated with any of these stated segments are reported as “ corporate ” when disclosing and discussing segment information . the ip licensing segment includes intellectual property rights that we own or create and then sublicense for exploitation worldwide . our wholesale and direct-to-consumer segments consist of the acquisition , content enhancement and worldwide exploitation of exclusive content in various formats , including broadcast , dvd and blu-ray , and digital ( which include vod , svod , streaming and downloading ) . we also sublicense certain distribution rights to others to cover territories outside the u.s. , the u.k. and australia . the wholesale segment exploits content through third-party vendors such as amazon , best buy , bet , costco , directv , netflix , showtime , target and walmart , while the direct-to-consumer segment exploits the same content and complementary merchandise directly to consumers through our proprietary svod channels , e‑commerce websites and mail-order catalogs . revenue sources net revenues by reporting segment as a percentage of total net revenues for the periods presented are as follows : replace_table_token_7_th ( 1 ) reported net revenues exclude revenues generated by our 64 % owned subsidiary , acl , which is accounted for under the equity method of accounting . revenues by geographical area as a percent of the total revenues are as follows : replace_table_token_8_th wholesale segment dvd and blu-ray our primary source of revenues within the wholesale segment continues to be from the exploitation of exclusive content on dvd and blu-ray through third-party vendors such as amazon , best buy , costco , target and walmart . 27 digital , vod and broadcast revenues derived from digital and broadcast exploitation of our content continue to grow as a percentage of revenues . net revenues derived from digital , vod , third-party svod and broadcast exploitation account for approximately 37.7 % of the segment 's revenues in 2015 versus 30.3 % in 2014. this is consistent with consumer adoption trends . as retailers continue to offer consumer-friendly devices that make access to these on-demand services easier , including allowing consumption on portable devices such as smartphones and tablets , we believe we are well-positioned to capture business in this growing distribution channel . some of our digital retailers include amazon , cinedigm , google play , hoopla , hulu , itunes , microsoft xbox , netflix , overdrive , shudder ( amc ) sony playstation , vimeo , vudu and youtube . our partners in the vod space include at & t , cablevision , comcast , directv , dish , indemand , verizon and vubiquity . other licensing we continue our efforts to acquire more programming with international rights . our key sublicensing partners , that cover territories outside the u.s. , the u.k. and australia , are with bet international , universal music group international , universal pictures australia and warner music australia . to date , most of the feature films we have acquired do not include rights outside of north america . however , given our presence in the united kingdom and australia , we are focusing our efforts to acquire more programming in all english-language markets . when appropriate , we now seek the greatest variety of distribution rights regarding acquired content in the greatest variety of formats . we believe that this will allow us to further diversify revenue streams . direct-to-consumer segment our direct-to-consumer businesses are primarily in the u.s. and u.k. and comprise approximately one-fourth of our overall revenue base . non-video revenues include the sale of retail merchandise such as attire for women and men , home furnishings and decorator items and collectables . story_separator_special_tag for comparability purposes , we made this adjustment retroactively for 2014. adjusted ebitda decreased by $ 2.0 million for the year ended december 31 , 2015 compared to the same period in 2014. the decrease is primarily driven by lower revenues from our ip licensing segment and lower equity earnings of affiliate . a reconciliation of adjusted ebitda to our net cash ( used in ) provided by operating activities as reported in our consolidated statements of cash flows is as follows : replace_table_token_14_th balance sheet analysis assets total assets at december 31 , 2015 and 2014 , were $ 151.5 million and $ 192.1 million , respectively . the decline of $ 40.6 million in assets is mostly attributed to ( i ) the goodwill impairment of $ 30.3 million , ( ii ) amortization of other intangible assets of $ 5.0 million , ( iii ) a decline in investments in content of $ 7.1 million , which is due to the amortization from the business combination 's fair value adjustments of $ 5.0 million and impairments of $ 3.2 million , ( iv ) a decline in inventories of $ 2.3 million as customers continue to shift from physical consumption ( dvd and blue-ray ) to digital ( vod and streaming ) , and ( v ) a decline in our equity investment in acl of $ 2.2 million . the decline in our equity investment is due to a combination of dividends paid of $ 3.3 million being greater than our share of net income from acl of $ 2.2 million and a weakening pound compared to the dollar . 33 offsetting these declines is an increase in accounts receivable of $ 7.6 million , which is due to a shift in our title releases for 2015 whereby more content was released in the fourth quarter this yea r compared to the same period last year . a summary of assets by segment is as follows : replace_table_token_15_th liabilities and equity the decline of liabilities and equity of $ 40.6 million is mostly attributed to the net loss of $ 55.0 million for the year ended december 31 , 2015 that is included in accumulated deficit , offset by $ 12.5 million that is related to the issuance of preferred stock and warrants . on may 20 , 2015 , we issued preferred stock and warrants for $ 31.0 million and concurrently reduced our debt obligations by $ 18.5 million , which consists of an accelerated principal payment of $ 10.0 million and $ 8.5 million of converted subordinated debt . liquidity and capital resources story_separator_special_tag become more restrictive over time . financial covenants include the following : replace_table_token_17_th we are also obligated to maintain a minimum valuation ratio computed on the outstanding principal balance of our senior debt compared to the sum of our valuations of our content library and our investment in acl . to the extent the valuation ratio exceeds the allowed threshold ; we are obligated to make an additional principal payment such that the threshold would not be exceeded after giving effect to this payment . the valuation threshold is 83 % as long as the unpaid principal balance exceeds $ 65.0 million and 75 % thereafter . the credit agreement contains events of default that include , among others , non-payment of principal , interest or fees , violation of covenants , inaccuracy of representations and warranties , bankruptcy and insolvency events , material judgments , cross defaults to certain other contracts ( including , for example , business arrangements with our u.s. distribution facilitation partner and other material contracts ) and indebtedness and events constituting a change of control or a material adverse effect in any of our results of operations or conditions ( financial or otherwise ) . the occurrence of an event of default would increase the applicable rate of interest and could result in the acceleration of our obligations under the credit agreement . the credit agreement imposes restrictions on such items as encumbrances and liens , payments of dividends , other indebtedness , stock repurchases , capital expenditures and entering into new lease obligations . additional covenants restrict our ability to make certain investments , such as loans and equity investments , or investments in content that are not in the ordinary course of business . pursuant to the amended credit agreement , we must maintain at all times a cash balance of $ 1.0 million . as of december 31 , 2015 , we were in compliance with all covenants as stipulated in the amended credit agreement . in connection with the sale of preferred stock and warrants , we used $ 10.0 million of the cash proceeds to make partial payment on the credit agreement and approximately $ 1.9 million for prepayment penalties , legal and accounting fees and other expenses associated with the transaction . 36 subordinated notes payable upon consummation of the business combination , we issued unsecured subordinated promissory notes in the aggregate principal amount of $ 14.8 million to the selling preferred stockholders of image ( or subordinated note holders ) . the subordinated promissory notes mature on the earlier of october 3 , 2018 or six months after the latest stated maturity of the senior debt issued pursuant to the credit agreement . the unsecured subordinated promissory notes currently bear an interest rate of 1.5 % per annum , of which 45 % is payable in cash annually and the balance is accrued and added to the principal , which is payable upon maturity . during the second quarter of 2014 , interest was due of $ 992,000 and added to the principal balance of these notes and the remainder was paid to the debt holders . at december 31 , 2014 , our principal balance due pursuant to these notes was $ 16.0 million . on april 15 , 2015 , we entered into an agreement to

liquidity a summary of our cash flow activities is as follows : replace_table_token_16_th at december 31 , 2015 and 2014 , our cash and cash equivalents were approximately $ 4.5 million and $ 6.7 million , respectively . during the year ended december 31 , 2015 , our cash position was impacted by the following : · we incurred a net use of cash of $ 9.2 million resulting from our operating activities . the net use of cash was largely attributable to a net increase ( or investment ) in working capital of $ 10.2 million . during 2015 , our accounts receivables increased by $ 7.9 million due to a shift in our title releases for 2015 whereby more content was released in the fourth quarter this year compared to the same period last year . we continue to have significant short-term vendor debts , which are past due and which we are in the process of paying off by making increased cash payments or modifying payment terms in the short term . bringing our vendor trade payables current continues to constrain our liquidity . during 2015 , our accounts payable and accrued liabilities decreased by $ 921,000. in 2014 , we were able to reduce accounts payable and accrued liabilities by $ 7.8 million . · our quarterly results are typically affected by : ( a ) the timing and release dates of key productions , ( b ) the seasonality of our wholesale and direct-to-consumer business which are 32 % to 35 % weighted to the fourth quarter and ( c ) we generally invest more cash on content during the first half of the year . the aggregate cash used in operating activities during the year ended december 31 , 2015 was provided by our financing activities and our cash reserves as of december 31 , 2014 , offset by cash used in investing activities .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity a summary of our cash flow activities is as follows : replace_table_token_16_th at december 31 , 2015 and 2014 , our cash and cash equivalents were approximately $ 4.5 million and $ 6.7 million , respectively . during the year ended december 31 , 2015 , our cash position was impacted by the following : · we incurred a net use of cash of $ 9.2 million resulting from our operating activities . the net use of cash was largely attributable to a net increase ( or investment ) in working capital of $ 10.2 million . during 2015 , our accounts receivables increased by $ 7.9 million due to a shift in our title releases for 2015 whereby more content was released in the fourth quarter this year compared to the same period last year . we continue to have significant short-term vendor debts , which are past due and which we are in the process of paying off by making increased cash payments or modifying payment terms in the short term . bringing our vendor trade payables current continues to constrain our liquidity . during 2015 , our accounts payable and accrued liabilities decreased by $ 921,000. in 2014 , we were able to reduce accounts payable and accrued liabilities by $ 7.8 million . · our quarterly results are typically affected by : ( a ) the timing and release dates of key productions , ( b ) the seasonality of our wholesale and direct-to-consumer business which are 32 % to 35 % weighted to the fourth quarter and ( c ) we generally invest more cash on content during the first half of the year . the aggregate cash used in operating activities during the year ended december 31 , 2015 was provided by our financing activities and our cash reserves as of december 31 , 2014 , offset by cash used in investing activities .
```    
 Suspicious Activity Report : the agatha christie 26 library includes a variety of short story collections , more than 80 novels , 19 plays and a film library of over 100 made-for-television films . in the third quarter of 20 14 , acl published its first book , the monogram murders , since the death of agatha christie . our wholesale partners are broadcasters , digital outlets and major retailers in the u.s. , canada , united kingdom and australia , including , among others : amazon , barnes & noble , bet , costco , directv , hulu , itunes , netflix , pbs , showtime , target and walmart . we work closely with our wholesale partners to outline and implement release and promotional campaigns customized to the different audiences we serve and the program genres we exploit . we have a catalog of owned and long-term licensed content that is segmented into brands such as acorn ( british drama/mystery , including content produced by acl ) , rlje films ( independent feature films , action/thriller horror ) , urban movie channel ( or umc ) ( urban ) , acacia ( fitness ) , and athena ( documentaries ) . our direct-to-consumer segment includes our proprietary svod channels , such as acorn tv and umc , and the sale of video content and complementary merchandise directly to consumers through proprietary e-commerce websites and mail-order catalogs . as of december 31 , 2015 , acorn tv had over 195,000 paying subscribers . as of february 29 , 2016 , acorn tv had approximately 235,000 paying subscribers . umc , which launched in late-2014 , has been adding over 2,000 subscribers per month since december 2015 and has close to 10,000 subscribers as of february 29 , 2016. we expect the subscriber base to continue to grow in 2016 for all of our subscription-based digital channels as we add more exclusive content to the channels . rlje 's management views our operations based on these three distinctive reporting segments : ( 1 ) ip licensing ; ( 2 ) wholesale ; and ( 3 ) direct-to-consumer . operations and net assets that are not associated with any of these stated segments are reported as “ corporate ” when disclosing and discussing segment information . the ip licensing segment includes intellectual property rights that we own or create and then sublicense for exploitation worldwide . our wholesale and direct-to-consumer segments consist of the acquisition , content enhancement and worldwide exploitation of exclusive content in various formats , including broadcast , dvd and blu-ray , and digital ( which include vod , svod , streaming and downloading ) . we also sublicense certain distribution rights to others to cover territories outside the u.s. , the u.k. and australia . the wholesale segment exploits content through third-party vendors such as amazon , best buy , bet , costco , directv , netflix , showtime , target and walmart , while the direct-to-consumer segment exploits the same content and complementary merchandise directly to consumers through our proprietary svod channels , e‑commerce websites and mail-order catalogs . revenue sources net revenues by reporting segment as a percentage of total net revenues for the periods presented are as follows : replace_table_token_7_th ( 1 ) reported net revenues exclude revenues generated by our 64 % owned subsidiary , acl , which is accounted for under the equity method of accounting . revenues by geographical area as a percent of the total revenues are as follows : replace_table_token_8_th wholesale segment dvd and blu-ray our primary source of revenues within the wholesale segment continues to be from the exploitation of exclusive content on dvd and blu-ray through third-party vendors such as amazon , best buy , costco , target and walmart . 27 digital , vod and broadcast revenues derived from digital and broadcast exploitation of our content continue to grow as a percentage of revenues . net revenues derived from digital , vod , third-party svod and broadcast exploitation account for approximately 37.7 % of the segment 's revenues in 2015 versus 30.3 % in 2014. this is consistent with consumer adoption trends . as retailers continue to offer consumer-friendly devices that make access to these on-demand services easier , including allowing consumption on portable devices such as smartphones and tablets , we believe we are well-positioned to capture business in this growing distribution channel . some of our digital retailers include amazon , cinedigm , google play , hoopla , hulu , itunes , microsoft xbox , netflix , overdrive , shudder ( amc ) sony playstation , vimeo , vudu and youtube . our partners in the vod space include at & t , cablevision , comcast , directv , dish , indemand , verizon and vubiquity . other licensing we continue our efforts to acquire more programming with international rights . our key sublicensing partners , that cover territories outside the u.s. , the u.k. and australia , are with bet international , universal music group international , universal pictures australia and warner music australia . to date , most of the feature films we have acquired do not include rights outside of north america . however , given our presence in the united kingdom and australia , we are focusing our efforts to acquire more programming in all english-language markets . when appropriate , we now seek the greatest variety of distribution rights regarding acquired content in the greatest variety of formats . we believe that this will allow us to further diversify revenue streams . direct-to-consumer segment our direct-to-consumer businesses are primarily in the u.s. and u.k. and comprise approximately one-fourth of our overall revenue base . non-video revenues include the sale of retail merchandise such as attire for women and men , home furnishings and decorator items and collectables . story_separator_special_tag for comparability purposes , we made this adjustment retroactively for 2014. adjusted ebitda decreased by $ 2.0 million for the year ended december 31 , 2015 compared to the same period in 2014. the decrease is primarily driven by lower revenues from our ip licensing segment and lower equity earnings of affiliate . a reconciliation of adjusted ebitda to our net cash ( used in ) provided by operating activities as reported in our consolidated statements of cash flows is as follows : replace_table_token_14_th balance sheet analysis assets total assets at december 31 , 2015 and 2014 , were $ 151.5 million and $ 192.1 million , respectively . the decline of $ 40.6 million in assets is mostly attributed to ( i ) the goodwill impairment of $ 30.3 million , ( ii ) amortization of other intangible assets of $ 5.0 million , ( iii ) a decline in investments in content of $ 7.1 million , which is due to the amortization from the business combination 's fair value adjustments of $ 5.0 million and impairments of $ 3.2 million , ( iv ) a decline in inventories of $ 2.3 million as customers continue to shift from physical consumption ( dvd and blue-ray ) to digital ( vod and streaming ) , and ( v ) a decline in our equity investment in acl of $ 2.2 million . the decline in our equity investment is due to a combination of dividends paid of $ 3.3 million being greater than our share of net income from acl of $ 2.2 million and a weakening pound compared to the dollar . 33 offsetting these declines is an increase in accounts receivable of $ 7.6 million , which is due to a shift in our title releases for 2015 whereby more content was released in the fourth quarter this yea r compared to the same period last year . a summary of assets by segment is as follows : replace_table_token_15_th liabilities and equity the decline of liabilities and equity of $ 40.6 million is mostly attributed to the net loss of $ 55.0 million for the year ended december 31 , 2015 that is included in accumulated deficit , offset by $ 12.5 million that is related to the issuance of preferred stock and warrants . on may 20 , 2015 , we issued preferred stock and warrants for $ 31.0 million and concurrently reduced our debt obligations by $ 18.5 million , which consists of an accelerated principal payment of $ 10.0 million and $ 8.5 million of converted subordinated debt . liquidity and capital resources story_separator_special_tag become more restrictive over time . financial covenants include the following : replace_table_token_17_th we are also obligated to maintain a minimum valuation ratio computed on the outstanding principal balance of our senior debt compared to the sum of our valuations of our content library and our investment in acl . to the extent the valuation ratio exceeds the allowed threshold ; we are obligated to make an additional principal payment such that the threshold would not be exceeded after giving effect to this payment . the valuation threshold is 83 % as long as the unpaid principal balance exceeds $ 65.0 million and 75 % thereafter . the credit agreement contains events of default that include , among others , non-payment of principal , interest or fees , violation of covenants , inaccuracy of representations and warranties , bankruptcy and insolvency events , material judgments , cross defaults to certain other contracts ( including , for example , business arrangements with our u.s. distribution facilitation partner and other material contracts ) and indebtedness and events constituting a change of control or a material adverse effect in any of our results of operations or conditions ( financial or otherwise ) . the occurrence of an event of default would increase the applicable rate of interest and could result in the acceleration of our obligations under the credit agreement . the credit agreement imposes restrictions on such items as encumbrances and liens , payments of dividends , other indebtedness , stock repurchases , capital expenditures and entering into new lease obligations . additional covenants restrict our ability to make certain investments , such as loans and equity investments , or investments in content that are not in the ordinary course of business . pursuant to the amended credit agreement , we must maintain at all times a cash balance of $ 1.0 million . as of december 31 , 2015 , we were in compliance with all covenants as stipulated in the amended credit agreement . in connection with the sale of preferred stock and warrants , we used $ 10.0 million of the cash proceeds to make partial payment on the credit agreement and approximately $ 1.9 million for prepayment penalties , legal and accounting fees and other expenses associated with the transaction . 36 subordinated notes payable upon consummation of the business combination , we issued unsecured subordinated promissory notes in the aggregate principal amount of $ 14.8 million to the selling preferred stockholders of image ( or subordinated note holders ) . the subordinated promissory notes mature on the earlier of october 3 , 2018 or six months after the latest stated maturity of the senior debt issued pursuant to the credit agreement . the unsecured subordinated promissory notes currently bear an interest rate of 1.5 % per annum , of which 45 % is payable in cash annually and the balance is accrued and added to the principal , which is payable upon maturity . during the second quarter of 2014 , interest was due of $ 992,000 and added to the principal balance of these notes and the remainder was paid to the debt holders . at december 31 , 2014 , our principal balance due pursuant to these notes was $ 16.0 million . on april 15 , 2015 , we entered into an agreement to

