##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly report under Section 13 or 15(d) of the Securities
Exchange Act of 1934
 For the quarterly period ended September 30, 2008
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act
 For the transition period from  to
 Commission File Number 001-33252
 Juniper Content Corporation
  Delaware
    
    20-2278320(State or other Jurisdiction of 
Incorporation or Organization)
    
    (I.R.S. Employer
Identification No.)
     þ o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer   o
(Do not check if a smaller reporting company)
    
    Smaller Reporting Company þ
 o þ




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##### 



Part I. Financial Information:Item 1  Financial Statements (Unaudited):Unaudited Condensed Consolidated Balance Sheets
     
        3Unaudited Condensed Consolidated Statements of Operations
     
        4Unaudited Condensed Consolidated Statement of Stockholders Equity
     
        5Unaudited Condensed Consolidated Statements of Cash Flows
     
        6Notes to Unaudited Condensed Consolidated Financial Statements
     
        7Item 2  Managements Discussion and Analysis of Financial Condition and Results of Operations
     
        17Item 3  Controls and Procedures
     
        29Part II. Other Information:Item 4  Exhibits
     
        30Signatures
     
        31EX-31.1: CERTIFICATIONEX-31.2: CERTIFICATIONEX-32: CERTIFICATIONS
  2




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##### Table of Contents



Juniper Content Corporation
 
 Condensed Consolidated Balance Sheets
 September 30,
    
    
    December 31,2008
    
    
    2007(Unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    1,553,611
    
    
    $
    5,251,163Accounts receivable, net
    
    
    303,842
    
    
    
    232,621Programming rights
    
    
    215,588
    
    
    
    153,392Prepaid expenses and other current assets
    
    
    270,223
    
    
    
    150,348Total current assets
    
    
    2,343,264
    
    
    
    5,787,524Long term assets:Programming assets, net
    
    
    27,194
    
    
    
    19,591Property and equipment, net (Note 10)
    
    
    2,421,238
    
    
    
    2,715,515Restricted cash
    
    
    95,043
    
    
    
    94,092Intangible assets, net (Note 6 and 10)
    
    
    8,008,379
    
    
    
    10,160,342Goodwill (Note 6)
    
    
    157,166
    
    
    
    157,166Other assets
    
    
    57,495
    
    
    
    57,495Programming rights long term
    
    
    300,811
    
    
    
    125,644Total assets
    
    $
    13,410,590
    
    
    $
    19,117,369LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable and accrued expenses
    
    $
    1,264,539
    
    
    $
    1,190,158Deferred revenue
    
    
    71,964
    
    
    
    44,847Programming obligations
    
    
    243,490
    
    
    
    177,642Income taxes payable
    
    
    
    
    
    
    38,803Total current liabilities
    
    
    1,579,993
    
    
    
    1,451,450Long term liabilities:Long-term debt, related party, net of debt discount of $288,623 and
$356,092, respectively (Note 8 and 10)
    
    
    2,710,055
    
    
    
    2,642,585Programming obligations
    
    
    
    
    
    
    37,125Deferred rent
    
    
    19,174
    
    
    
    9,199Deferred tax liability, net
    
    
    
    
    
    
    947,343Total liabilities
    
    
    4,309,222
    
    
    
    5,087,702Commitments and contingencies (Note 8, 9 and 10)Stockholders equity (Note 7, 9 and 10)Preferred stock, par value $.0001 per share, 2,000 shares authorized, no
shares issuedSeries A Convertible Preferred stock, par value $.0001 per share, 3,000 shares
authorized, 0 and 691 shares issued and outstanding, respectively
    
    
    
    
    
    
    Common
stock, par value $.0001 per share, 35,000,000 shares authorized, 5,618,127 shares issued and outstanding, respectively
    
    
    562
    
    
    
    562Additional paid-in-capital
    
    
    22,411,303
    
    
    
    20,174,023Accumulated deficit
    
    
    (13,310,497
    )
    
    
    (6,144,918
    )Total stockholders equity
    
    
    9,101,368
    
    
    
    14,029,667Total liabilities and stockholders equity
    
    $
    13,410,590
    
    
    $
    19,117,369
  3




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##### Table of Contents



Juniper Content Corporation
 
 Condensed Consolidated Statements of Operations
 PredecessorFor the Three
    
    
    For the Three
    
    
    For the Nine
    
    
    For the Nine
    
    
    
    For theMonths Ended
    
    
    Months Ended
    
    
    Months Ended
    
    
    Months Ended
    
    
    
    Nineteen DaySeptember
    
    
    September
    
    
    September
    
    
    September
    
    
    
    Period Ended30, 2008
    
    
    30, 2007
    
    
    30, 2008
    
    
    30, 2007
    
    
    
    January 19, 2007(Unaudited)
    
    
    (Unaudited)
    
    
    (Unaudited)
    
    
    (Unaudited)Revenues
    
    $
    675,764
    
    
    $
    628,273
    
    
    $
    1,847,522
    
    
    $
    1,717,013
    
    
    
    $
    116,692Expenses:Operating cost of services
    
    
    887,843
    
    
    
    785,597
    
    
    
    2,602,337
    
    
    
    2,040,791
    
    
    
    
    105,768Selling, general and administrative
(Note 7) (includes a non-cash
impairment charge of $137,186,
$-0-, $137,186, $-0- and $-0-,
respectively  See Note 2)
    
    
    1,095,859
    
    
    
    1,500,995
    
    
    
    4,478,236
    
    
    
    4,089,721
    
    
    
    
    93,091Advertising
    
    
    158,180
    
    
    
    171,414
    
    
    
    423,491
    
    
    
    339,826
    
    
    
    
    Depreciation and amortization
    
    
    776,966
    
    
    
    517,973
    
    
    
    2,304,611
    
    
    
    1,620,606
    
    
    
    
    25,845Loss from operations
    
    
    (2,243,084
    )
    
    
    (2,347,706
    )
    
    
    (7,961,153
    )
    
    
    (6,373,931
    )
    
    
    
    (108,012
    )Other income (expense):Other income, net
    
    
    
    
    
    
    34,571
    
    
    
    
    
    
    
    62,796
    
    
    
    
    82,621Interest income
    
    
    7,182
    
    
    
    76,802
    
    
    
    42,978
    
    
    
    315,115Interest expense
    
    
    (59,974
    )
    
    
    (37,641
    )
    
    
    (179,921
    )
    
    
    (105,056
    )
    
    
    
    (21,946
    )Total other income (expense)
    
    
    (52,792
    )
    
    
    73,732
    
    
    
    (136,943
    )
    
    
    272,855
    
    
    
    
    60,675Loss before benefit for income taxes
    
    
    (2,295,876
    )
    
    
    (2,273,974
    )
    
    
    (8,098,096
    )
    
    
    (6,101,076
    )
    
    
    
    (47,337
    )Benefit for income taxes
    
    
    178,227
    
    
    
    782,575
    
    
    
    932,516
    
    
    
    2,119,566
    
    
    
    
    Net loss
    
    $
    (2,117,649
    )
    
    $
    (1,491,399
    )
    
    $
    (7,165,580
    )
    
    $
    (3,981,510
    )
    
    
    $
    (47,337
    )Weighted average number of shares
outstanding,basic and diluted
    
    
    5,618,127
    
    
    
    5,618,127
    
    
    
    5,618,127
    
    
    
    5,545,653Loss per share, basic and diluted
    
    $
    (0.38
    )
    
    $
    (0.27
    )
    
    $
    (1.28
    )
    
    $
    (0.72
    )
  4




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##### Table of Contents



Juniper Content Corporation
 
 Unaudited Condensed Consolidated Statement of Stockholders Equity
For the Nine Months Ended September 30, 2008
 Series A Convertible
    
    AdditionalCommon Stock
    
    Preferred Stock
    
    Paid-in
    
    AccumulatedShares
    
    Amount
    
    Shares
    
    Amount
    
    Capital
    
    Deficit
    
    TotalBalance,January 1, 2008
    
    
    5,618,127
    
    
    $
    562
    
    
    
    
    
    
    $
    
    
    
    $
    20,174,022
    
    
    $
    (6,144,917
    )
    
    $
    14,029,667Share based compensation
(Note 5)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    276,026
    
    
    
    
    
    
    
    276,026Series A convertible preferred stock
issued in a private
placement (Note 9)
    
    
    
    
    
    
    
    
    
    
    691
    
    
    
    
    
    
    
    2,210,000
    
    
    
    
    
    
    
    2,210,000Transaction Fees relating
to a private placement
(Note 9)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (248,745
    )
    
    
    
    
    
    
    (248,745
    )Net loss for the period
(Unaudited)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    (7,165,580
    )
    
    
    (7,165,580
    )Balance, September 30, 2008
(Unaudited)
    
    
    5,618,127
    
    
    $
    562
    
    
    
    691
    
    
    $
    
    
    
    $
    22,411,303
    
    
    $
    (13,310,497
    )
    
    $
    9,101,368
  5




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##### Table of Contents



Juniper
Content Corporation
 
 Condensed Consolidated Statements of Cash Flows
 For the Nine
    
    
    For the Nine
    
    
    
    Predecessor ForMonths Ended
    
    
    Months Ended
    
    
    
    the Nineteen DaySeptember 30,
    
    
    September 30,
    
    
    
    Period Ended2008
    
    
    2007
    
    
    
    January 19, 2007(Unaudited)
    
    
    (Unaudited)OPERATING ACTIVITIESNet loss for the period
    
    $
    (7,165,580
    )
    
    $
    (3,981,510
    )
    
    
    $
    (47,337
    )Adjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortization
    
    
    2,304,611
    
    
    
    1,620,606
    
    
    
    
    25,845Amortization of debt discount
    
    
    67,470
    
    
    
    
    
    
    
    
    Share based compensation
    
    
    276,026
    
    
    
    324,628
    
    
    
    
    Loss on disposal of fixed assets
    
    
    10,106
    
    
    
    
    
    
    
    
    Bad debt recovery
    
    
    28,835
    
    
    
    
    
    
    
    
    Deferred income taxes
    
    
    (947,344
    )
    
    
    (2,119,566
    )
    
    
    
    Amortization of favorable leases
    
    
    89,754
    
    
    
    Impairment of employment contract based intangible asset
    
    
    137,186
    
    
    
    Amortization of discount on securities held
in Trust Fund
    
    
    
    
    
    
    (30,886
    )
    
    
    
    Changes in operating assets and liabilities (net of acquisition of Firestone):Accounts receivable
    
    
    (100,056
    )
    
    
    (46,409
    )
    
    
    
    44,222Programming rights
    
    
    (237,363
    )
    
    
    (112,115
    )
    
    
    
    10,764Programming assets
    
    
    (7,603
    )
    
    
    
    
    
    
    
    Prepaid expenses and other current assets
    
    
    (119,875
    )
    
    
    (68,891
    )
    
    
    
    315Other assets
    
    
    
    
    
    
    44
    
    
    
    
    Accounts payable and accrued expenses
    
    
    74,381
    
    
    
    (312,600
    )
    
    
    
    (80,979
    )Programming obligations
    
    
    28,723
    
    
    
    
    
    
    
    
    Deferred revenue
    
    
    27,117
    
    
    
    (15,078
    )
    
    
    
    (600
    )Deferred leases
    
    
    
    
    
    
    306,189
    
    
    
    
    Income taxes payable
    
    
    (38,803
    )
    
    
    (51,083
    )
    
    
    
    Deferred rent
    
    
    9,975
    
    
    
    
    
    
    
    
    Net cash used in operating activities
    
    
    (5,562,440
    )
    
    
    (4,486,671
    )
    
    
    
    (47,770
    )INVESTING ACTIVITIESMaturities of Securities held in Trust Fund
    
    
    
    
    
    
    15,477,888
    
    
    
    
    Purchases of property and equipment
    
    
    (102,345
    )
    
    
    (293,137
    )
    
    
    
    Proceed from sale of property and equipment
    
    
    6,929
    
    
    
    
    
    
    
    
    Merger costs paid, net of cash acquired
    
    
    
    
    
    
    (1,167,997
    )
    
    
    
    Net cash (used in) provided by investing activities
    
    
    (95,416
    )
    
    
    14,016,754
    
    
    
    
    FINANCING ACTIVITIESNet proceeds
received from series A preferred stock
    
    
    1,961,255
    
    
    
    
    
    
    
    
    500,000Net payments on line-of-credit
    
    
    
    
    
    
    
    
    
    
    
    (694,000
    )Payments on long term debt, related party
    
    
    
    
    
    
    
    
    
    
    
    (100,000
    )Restricted cash
    
    
    (951
    )
    
    
    (93,515
    )
    
    
    
    Payments for redemptions of Class B Common Stock
    
    
    
    
    
    
    (2,588,318
    )
    
    
    
    Proceeds from borrowings on long-term debt
    
    
    
    
    
    
    
    
    
    
    
    339,999Net cash provided by (used in) financing activities
    
    
    1,960,304
    
    
    
    (2,681,833
    )
    
    
    
    45,999Net (decrease) increase in cash and cash equivalents
    
    
    (3,697,552
    )
    
    
    6,848,250
    
    
    
    
    (1,771
    )Cash and Cash EquivalentsBeginning of period
    
    
    5,251,163
    
    
    
    75,501
    
    
    
    
    5,562End of period
    
    $
    1,553,611
    
    
    $
    6,923,751
    
    
    
    $
    3,791Supplemental disclosure of cash flow informationCash paid for income taxes
    
    $
    82,279
    
    
    $
    39,725
    
    
    
    $
    Cash paid for interest
    
    $
    112,451
    
    
    $
    
    
    
    
    $
    21,946Supplemental disclosure of non-cash activityValue of common stock and warrants issued in Merger
    
    $
    
    
    
    $
    6,611,750
    
    
    
    $
    
  6




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##### Table of Contents



Juniper Content Corporation
 
 Notes to Unaudited Condensed Consolidated Financial Statements
 NOTE 1  ORGANIZATION AND BUSINESS OPERATIONS
 ¡Sorpresa!
   ¡Sorpresa! ¡Sorpresa!
   ¡Sorpresa!
  7




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##### Table of Contents



¡Sorpresa!
   Interim Financial Statements
  Basis of Presentation of Unaudited Condensed Consolidated Financial Statements
  Predecessor
  8




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##### Table of Contents



NOTE 2  SIGNIFICANT ACCOUNTING POLICIES
 Revenue Recognition
 Revenue Recognition
  Television Network Subscription Revenue
  Advertising Revenue
 Television Network Advertising Revenue
  Digital Media Advertising Revenue
  9




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##### Table of Contents



Network Operations Revenue
  Production Services Revenue
  Accounting for Revenue Arrangements with Multiple Deliverables
 Estimates
  Fair Value of Financial Instruments
  10




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##### Table of Contents



Intangible Assets
   NOTE 3  BASIC AND DILUTED LOSS PER SHARE
 Earnings Per Share,
  NOTE 4  INCOME TAXES
 Income Taxes
   11




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##### Table of Contents



NOTE 5  RECENTLY ISSUED PRONOUNCEMENTS
 Fair Value Measurements
 Business Combinations, 
 SFAS No. 160 Noncontrolling Interests in Consolidated
Financial Statements  an amendment of ARB No. 51,
 Determination
of the Useful Life of Intangible Assets Goodwill and Other Intangible Assets
  12




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##### Table of Contents



NOTE 6  MERGER
  Value of 2,676,127 shares of Common Stock
    
    $
    6,529,750Value of warrants
    
    
    82,000Total value of equity issued
    
    $
    6,611,750Acquisition costs
    
    
    1,608,390Total purchase price
    
    $
    8,220,140
    Unaudited Pro FormaFor the Nine MonthsEndedSeptember 30, 2007Revenue
    
    $
    1,833,705Net loss before taxes
    
    $
    (6,250,020
    )Net loss
    
    $
    (4,130,454
    )Basic and diluted loss per share
    
    $
    (0.74
    )Weighted average common shares outstanding (basic and diluted)
    
    
    5,545,653
  13




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##### Table of Contents



NOTE 7  SHARE-BASED COMPENSATION
 Share-Based Compensation Plan
  OptionsNonvested at January 1, 2008
    
    
    862,000Granted
    
    
    174,500Forfeited
    
    
    (215,000
    )Outstanding at September 30, 2008 *
    
    
    821,500Exercisable at September 30, 2008
    
    
    388,333
 
 *
    
    The weighted average exercise price of options outstanding at September 30, 2008 was $2.73
per share.  NOTE 8  RELATED PARTY TRANSACTIONS AND LONG-TERM DEBT
  ¡Sorpresa!
  14




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##### Table of Contents



NOTE 9  CAPITAL STOCK
 Preferred Stock
  Series A Convertible Preferred Stock Private Placement
     Registration Payment Arrangements
 Accounting for Registration Payment Arrangements,
(
  Common Stock
  15




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##### Table of Contents



Warrants
  Warrants
    
    Exercise Price
    
    ExpirationFounders warrantsClass W
    
    
    812,500
    
    
    $
    5.00
    
    
    February 3, 2010Class Z
    
    
    812,500
    
    
    $
    5.00
    
    
    February 3, 2012Warrants issued in connection with UPOClass W
    
    
    2,807,500
    
    
    $
    5.00
    
    
    February 3, 2010Class Z
    
    
    2,807,500
    
    
    $
    5.00
    
    
    February 3, 2012Warrants issued in connection with MergerClass W
    
    
    125,000
    
    
    $
    5.00
    
    
    February 3, 2010Class Z
    
    
    125,000
    
    
    $
    5.00
    
    
    February 3, 2012Warrants issued in connection with private placementClass A
    
    
    345,312
    
    
    $
    0.01
    
    
    February 28, 2013Class B
    
    
    172,656
    
    
    $
    2.50
    
    
    February 28, 2013Class C
    
    
    172,657
    
    
    $
    5.00
    
    
    February 28, 2013Rebate warrants
    
    
    96,688
    
    
    $
    1.00
    
    
    February 28, 20138,277,313
 NOTE 10  SUBSEQUENT EVENT
       16




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##### Table of Contents



ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 The following discussion and analysis of our financial condition and results of operations
should be read in conjunction with our financial statements and related notes that appear elsewhere
in this report and in our annual report on Form 10-KSB for the year ended December 31, 2007. In
addition to historical consolidated financial information, the following discussion contains
forward-looking statements that reflect plans, estimates and beliefs of management of the Company.
When used in this document, the words anticipate, believe, plan, estimate and
expect and similar expressions, as they relate to the Company or its management, are intended
to identify forward-looking statements. Such statements reflect the current views of the Company
with respect to future events and are subject to certain risks, uncertainties and assumptions. Our
actual results could differ materially from those discussed in the forward-looking statements.
 Business Overview
 ¡Sorpresa!
 ¡Sorpresa! ¡Sorpresa!
  ¡Sorpresa!
 17




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##### Table of Contents



¡Sorpresa!
 Operational Overview
 ¡Sorpresa! ¡Sorpresa!
 18




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##### Table of Contents



¡Sorpresa!
 ¡Sorpresa! ¡Sorpresa!
 ¡Sorpresa!
 ¡Sorpresa! Bali, Carl 2, Back-to-School Karkú ¡Sorpresa! Bali Tweenies Lola & Virginia Girl Stuff, Boy Stuff Jungle
Book Telmo and Tula Luz, Cámara,
¡Sorpresa! Juega Como un MLS
Pro ¡Sorpresa! eporterita
 ¡Sorpresa! ¡Sorpresa!
 Sources of Revenue Overview
 Television Network Subscription and Advertising Revenue: ¡Sorpresa! . ¡Sorpresa!
 19




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##### Table of Contents



¡Sorpresa!
 ¡Sorpresa! ¡Sorpresa! ¡Sorpresa! . ¡Sorpresa! , ¡Sorpresa! , ¡Sorpresa! ¡Sorpresa!
 ¡Sorpresa!
 ¡Sorpresa! , ¡Sorpresa!
  Network Operations
   20




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##### Table of Contents



Production Services
   Expense Overview
 Operating Expenses:
 Advertising Expenses: ¡Sorpresa
 Selling, General and Administrative Expenses:
 Depreciation and Amortization Expense:
 21




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##### Table of Contents



Results of Operations
 Three and Nine Months Ended September 30, 2008 Compared to the Three and Nine Months Ended
September 30, 2007:
 Results of Operations
 Three Months Ended
    
    Three Months Ended
    
    Nine Months Ended
    
    Nine Months EndedSeptember 30, 2008
    
    September 30, 2007
    
    September 30, 2008
    
    September 30, 2007Revenues
    
    $
    675,764
    
    
    $
    628,273
    
    
    $
    1,847,522
    
    
    $
    1,717,013ExpensesOperating
    
    
    887,843
    
    
    
    785,597
    
    
    
    2,602,337
    
    
    
    2,040,791Selling, general and
administrative
    
    
    1,095,859
    
    
    
    1,500,995
    
    
    
    4,478,236
    
    
    
    4,089,721Advertising
    
    
    158,180
    
    
    
    171,414
    
    
    
    423,491
    
    
    
    339,826Depreciation and amortization
    
    
    776,966
    
    
    
    517,973
    
    
    
    2,304,611
    
    
    
    1,620,606Operating loss
    
    
    (2,243,084
    )
    
    
    (2,347,706
    )
    
    
    (7,961,153
    )
    
    
    (6,373,931
    )Net (loss)
    
    $
    (2,117,649
    )
    
    $
    (1,491,399
    )
    
    $
    (7,165,580
    )
    
    $
    (3,981,510
    )
 Revenue
   22




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##### Table of Contents



Expenses
      23




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##### Table of Contents



¡Sorpresa!
 ¡Sorpresa! ¡Sorpresa
   Other Income (Expense):
  Benefit for Income Taxes:
 24




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##### Table of Contents



Liquidity and Capital Resources
 Long-Term Debt
 ¡Sorpresa! Network
  Former Class B Common Stock Conversions
   Liquidity Assessment
  . ¡Sorpresa!
 25




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##### Table of Contents



Nine Months Ended September 30, 2008 Compared to the Nine Months Ended September 30, 2007
     Supplemental Information
 Non-Generally Accepted Accounting Principles (Non-GAAP) Basis Financial Information for the
Nine Months Ended September 30, 2008 and 2007
 26




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##### Table of Contents



HistoricalJuniper Content
    
    
    
    
    
    HistoricalHistorical
    
    Corporation
    
    (1)
    
    Juniper ContentFirestone
    
    For the
    
    Combined For
    
    CorporationNineteen
    
    Period from
    
    the Nine
    
    For the NineDays Ended
    
    January, 20 to
    
    Months Ended
    
    Months EndedJanuary
    
    September
    
    September
    
    September
    
    Changes from 2007 to 200819, 2007
    
    30, 2007
    
    30, 2007
    
    30, 2008
    
    $
    
    %Revenue
    
    $
    116,692
    
    
    $
    1,717,013
    
    
    $
    1,833,705
    
    
    $
    1,847,522
    
    
    $
    13,817
    
    
    
    0.75
    %Expenses
    
    
    224,704
    
    
    
    8,090,944
    
    
    
    8,315,648
    
    
    
    9,808,675
    
    
    
    1,493,027
    
    
    
    17.95
    %Net loss
    
    $
    (47,337
    )
    
    $
    (3,981,510
    )
    
    $
    (4,028,847
    )
    
    $
    (7,165,580
    )
    
    $
    (3,136,733
    )
    
    
    77.86
    %
 
 (1)
    
    Represents on a Non-GAAP combined basis, the sum of the results of
operations of Firestone for the nineteen days ended January 19, 2007
plus our consolidated results of operations for the nine months ended
September 30, 2007. Results of Operations for the Nine Months Ended September 30, 2008 as compared to the Non-GAAP Nine
Months Ended September 30, 2007
  Revenue
  Nine Months EndedSeptember 30,
    
    
    Changes from 2007 to 20082008
    
    
    2007
    
    
    $
    
    
    %RevenueTelevision Network
    
    $
    1,118,981
    
    
    $
    872,013
    
    
    $
    246,968
    
    
    
    28
    %Network Operations
    
    
    712,894
    
    
    
    957,025
    
    
    
    (244,131
    )
    
    
    -26
    %Production
Services
    
    
    15,647
    
    
    
    4,667
    
    
    
    10,980
    
    
    
    235
    %Total Revenue
    
    $
    1,847,522
    
    
    $
    1,833,705
    
    
    $
    13,817
    
    
    
    1
    %
 27




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##### Table of Contents



Overview
  Television Network Revenue
  ¡Sorpresa!
   Network Operations Revenue
 ¡Sorpresa!.
 Production Services Revenue
  Expenses
 28




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##### Table of Contents



¡Sorpresa! ¡Sorpresa!
  
 ITEM 3. CONTROLS AND PROCEDURES
 Evaluation of Disclosure Controls and Procedures
  29




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##### Table of Contents



Internal Control Over Financial Reporting
  Changes in Internal Control Over Financial Reporting
  
 PART II
 OTHER INFORMATION
 
 ITEM 4. EXHIBITS
      30




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##### Table of Contents



SIGNATURES
   JUNIPER CONTENT CORPORATION/s/ Stuart B. RekantStuart B. RekantChairman of the Board and Chief Executive Officer/s/ Herbert J. RobertsHerbert J. RobertsSenior Vice President, Chief Financial
     Officer and Secretary 31