The new company would be 51% owned by Helios and the remainder by EFO. By early August 2018, Helios and Matheson completed the acquisition of Emmett Furla Oasis Films assets for the MoviePass subsidiary, MoviePass Films. In August 2018, the company reported a loss of $100 million in the second quarter of 2018 with the company trading at an implied value of $30 million. In October 2018, the Attorney General of New York opened an investigation into Helios and Matheson Analytics, looking into whether it misled investors about the company's financial situation. With market perception of MoviePass affecting Helios & Matheson's stock value, in October 2018 the company revealed a preliminary plan to spin off its film industry units as MoviePass Entertainment Holdings. The plan calls for a stock dividend of a minority of the holding company's stock allowing Helios to retain a controlling interest and for listing the new company on the NASDAQ or alternative market. The company' stock was delisted on February 12, 2019, from the NASDAQ and moved to OTC Markets. On January 28, 2020, the company filed for chapter 7 bankruptcy and announced plans to liquidate its assets.