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**UNITED  STATES****SECURITIES AND  EXCHANGE COMMISSION****WASHINGTON,  D.C. 20549**

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**FORM  10-Q**

| **       ****QUARTERLY        REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT        OF 1934**
**FOR        THE QUARTERLY PERIOD ENDED MARCH 31, 2002**

**ACTV,  INC.**(Exact  name of registrant as specified in its charter)
**DELAWARE**(State        or other jurisdiction of        incorporation or organization)**94-2907258**        (I.R.S. EmployerIdentification        No.) 
**233        PARK AVENUE SOUTH****NEW        YORK, NEW YORK**(Address        of principal executive offices)
**10003**(Zip        Code)
**(212)  497-7000**(Registrant’s  telephone number, including area code)

Indicate  by check mark whether the registrant (1) has filed all reports required to be  filed by Sections 13 or 15 (d) of the Securities Exchange Act of 1934 during  the preceding 12 months (or for such shorter period that the registrant was  required to file such reports), and (2) has been subject to such filing requirements  for the past 90 days. Yes    No 

  As of May 8, 2002, there were 55,949,958 shares of the registrant’s common  stock outstanding. 

 

**ITEM 1.       FINANCIAL  STATEMENTS**

**ACTV,  INC. AND SUBSIDIARIES  CONSOLIDATED BALANCE SHEETS**
 **MARCH        31,****2002****DECEMBER        31,****2001**    **(Unaudited)**                   ASSETS             Current assets:         Cash      and cash equivalents$54,082,513 $69,035,707    Short-term      investments 17,414,676  8,951,695    Accounts      receivable-net 1,695,099  1,319,805    Other 1,327,195  1,696,617              Total      current assets 74,519,483  81,003,824        Property and equipment-net 5,701,763  6,344,631        Other assets:         Restricted      cash 484,913  484,913    Investment      in warrant 13,795,482  16,255,355    Investments—other 7,397,776  7,397,776    Patents      and patents pending 8,335,063  8,425,889    Software      development costs 5,637,524  5,310,100    Goodwill 12,935,701  12,935,701    Other 1,359,156  1,429,132              Total      other assets 49,945,615  52,238,866                Total      assets$130,166,861 $139,587,321                           LIABILITIES        AND STOCKHOLDERS’ EQUITY             Current liabilities:         Accounts      payable and accrued expenses$3,650,704 $5,664,088    Deferred      revenue 3,886,755  4,068,450              Total      current liabilities 7,537,459  9,732,538        Deferred revenue 66,061,685  66,966,638 Minority interest 9,311,838  10,100,654        Stockholders’      equity:         Common      stock, $0.10 par value, 200,000,000 shares authorized: issuedand              outstanding      55,886,982 at March 31, 2002, and 55,881,938 at        December      31, 2001 5,588,698  5,588,194    Additional      paid-in capital 304,594,970  310,611,698    Stockholder      loans (305,281 ) (339,035 )   Accumulated      deficit (262,622,508 ) (263,073,366 )             Total      stockholders’ equity 47,255,879  52,787,491                Total      liabilities and stockholders’ equity$130,166,861 $139,587,321    
**SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.**

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**ACTV,  INC. AND SUBSIDIARIES****CONSOLIDATED  STATEMENTS OF OPERATIONS****(UNAUDITED)**
 **THREE      MONTHS****ENDED MARCH 31,**    **2002** **2001**    Revenues$3,186,421 $3,273,442        Costs and      expenses:         Selling,      general and administrative expenses 6,050,416  14,089,135    Stock-based      compensation (income)/expense (6,002,831 ) 1,302,494    Depreciation      and amortization 1,305,461  1,419,522    Amortization      of goodwill —  418,498              Total      costs and expenses 1,353,046  17,229,649           Income/(loss)      from operations 1,833,375  (13,956,207 )       Interest income 288,540  1,620,408        Other expense 2,459,873  8,735,412            Loss before      minority interest and cumulative effect of accounting change (337,958 ) (21,071,211 )       Minority interest-subsidiaries 788,816  694,615           Income/(loss)      before cumulative effect of accounting change 450,858  (20,376,596 )       Cumulative      transition effect of adopting SFAS No. 133 —  (58,732,197 )          Net income/(loss)$450,858 $(79,108,793 )          Net income/(loss)      per share         Basic            Before      cumulative effect of accounting change$0.01 $(0.39 )      Cumulative      transition effect of adopting SFAS No. 133 —  (1.12 )          Basic      net income/(loss) per share$0.01 $(1.51 )              Diluted            Before      cumulative effect of accounting change$0.01 $(0.39 )      Cumulative      transition effect of adopting SFAS No. 133 —  (1.12 )          Diluted      net income/(loss) per share$0.01 $(1.51 )   Shares used      in basic calculations 55,883,934  52,358,579        Shares used      in diluted calculations 56,862,945  52,358,579 
**SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.**

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**ACTV,  INC. AND SUBSIDIARIES****CONSOLIDATED  STATEMENTS OF CASH FLOWS****(UNAUDITED)**
 **THREE      MONTHS****ENDED MARCH 31,**    **2002** **2001**    Cash flows      from operating activities:      Net income/(loss)$450,858 $      (79,108,793 )   Adjustments      to reconcile net loss to net cash used in operations:         Cumulative      transition effect of adopting SFAS No. 133 —  58,732,197    Change      in fair value of warrant 2,459,873  8,735,412    Depreciation      and amortization 1,305,461  1,838,019    Amortization      of deferred revenue (904,953 ) (904,953 )   Deferred      revenue (181,695 ) (147,334 )   Stock-based      compensation (6,002,831 ) 1,302,494    Common      stock issued in lieu of cash payment —  1,767,275    Minority      interest (788,816 ) (694,615 )       Changes in      assets and liabilities:         Accounts      receivable (375,294 ) (1,152,241 )   Other      assets 386,543  (995,571 )   Accounts      payable and accrued expenses (2,013,383 ) (4,914,100 )         Net      cash used in operating activities (5,664,237 ) (15,542,210 )           Cash flows      from investing activities:         Investment      in short-term investments (8,462,981 ) —    Investment      in patents (71,689 ) (182,357 )   Investment      in property and equipment (265,099 ) (3,804,775 )   Investment      in software development costs (509,549 ) (747,446 )   Strategic      investments —  (118,460 )          Net      cash used in investing activities (9,309,318 ) (4,853,038 )          Cash flows      from financing activities:         Transfer      to restricted cash —  (1,157,030 )   Net      proceeds from equity financings 1,611  74,972    Repayment      of stockholder loans 18,750  35,910           Net      cash provided by/(used) financing activities 20,361  (1,046,148 )           Net decrease      in cash and cash equivalents (14,953,194 ) (21,441,396 )      Cash      and cash equivalents, beginning of period 69,035,707  122,488,041           Cash      and cash equivalents, end of period$54,082,513 $101,046,645    
**SUPPLEMENTAL  DISCLOSURE TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS**

The following  schedule provides additional information concerning acquisitions: 
 **FOR      THE THREE MONTHS ENDED MARCH 31,******    **2002********2001**    Retirement      of common stock$15,004 $— Purchase acquisitions:         Assets      acquired (excluding cash) — 1,948,392    Liabilities      assumed — 2,744,148    Market      value of shares issued — 27,475,090 
**SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.**

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**ACTV,  INC. AND SUBSIDIARIES   CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY   (UNAUDITED)**
 **COMMON      STOCK**   ****         **ADDITIONAL**          **STOCKHOLDER** **PAID      IN** **ACCUMULATED**    **SHARES** **AMOUNT** **LOAN** **CAPITAL** **DEFICIT** **TOTAL**        December 31,      200155,881,938 $5,588,194 $(339,035 )$310,611,698 $(263,073,366 )$52,787,491 Issuance of      shares in connection with           exercise of stock options & warrants6,711  671  —  940  —  1,611 Adjustment      in deferred stock compensation—  —  —  (6,002,831 ) —  (6,002,831 )Rescission/repayment      of shareholder loans—  —  33,754  —  —  33,754 Retirement      of stock(1,667 ) (167 ) —  (14,837 ) —  (15,004 )Net income—  —  —  —  450,858  450,858        Balance      at March 31, 200255,886,982 $5,588,698 $        (305,281      )$304,594,970 $        (262,622,508      )$47,255,879        
**SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.**

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED MARCH 31, 2002 AND 2001**

**1.** **BASIS OF PRESENTATION**

     The results of operations for the three months ended March 31, 2002 and 2001 are not necessarily indicative of a full year’s operations. In the opinion of management, theaccompanying consolidated financial statements include all adjustments of a normal recurring nature, which are necessary to present fairly such financial statements. 

     All significant intercompany balances and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in the financial statementsprepared in accordance with generally accepted accounting principles have been condensed or omitted. 

     These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in our annual report on Form 10-K for theyear ended December 31, 2001. 

     We consider all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. 

     Certain reclassifications have been made to the prior years’ financial statements to conform to the 2002 presentation. 

**2.** **RECENT ACCOUNTING PRONOUNCEMENTS**

     In July 2001, the FASB issued Statement of Financial Accounting Standard No. 142 (“SFAS 142”), Goodwill and Other Intangible Assets, effective forfiscal years beginning after December 15, 2001. Under SFAS 142, goodwill and intangible assets deemed to have indefinite lives will no longer be amortized but will be subject to annual impairment tests. Other intangible assets will continue to beamortized over their useful lives. We adopted SFAS 142 beginning on January 1, 2002. We will perform the first of the required impairment tests of goodwill using the methodology prescribed by SFAS 142 by June 30, 2002. We have not yet determined thefinal expected effect the adoption of SFAS 142 will have on our statement of financial condition, but do not believe it will be material. 

     The following pro forma information for the three months ended March 31, 2001 presents net loss and loss per common share adjusted to exclude goodwillamortization expense of $418,498 recognized during the period. 
Net loss:    As reported$(79,108,793)Pro forma (78,690,295)Loss per common share—Basic and Diluted:  As reported$ (1.51)Pro forma  (1.50)
**3.** **INTANGIBLE ASSETS AND GOODWILL**

     Goodwill totaled $12.9 million at March 31, 2002 and December 31, 2001. Our other intangible assets consist of patents, which as of March 31, 2002 and December31, 2001 were as follows: 
  
**Gross****Intangible****Assets**
 **Accumulated****Amortization** **Net      Intangible****Assets**   March 31,      2002        Patents$10,104,845 $(1,769,782)$8,335,063         December 31,      2001        Patents$10,033,157 $(1,607,268)$8,425,889
     Amortization expense related to patents totaled $162,515 and $149,240 million during the three months ended March 31, 2002 and 2001. The estimated aggregate future amortization expense forintangible assets remaining as of March 31, 2002 is as follows: 
Remainder of 2002  $502,442    2003  667,378    2004  667,378    2005  667,378    2006  667,378    Thereafter  5,163,109       Total $8,335,063    
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**4.** **FINANCIAL INSTRUMENTS**

 	     Effective January 1, 2001, we adopted Statement of Financial Accounting Standards (“SFAS”) No. 133, “Accounting for Derivative Instruments and Hedging Activities”(“SFAS 133”), as amended by SFAS 137 and 138. SFAS 133 requires that all derivative financial instruments be recorded on the balance sheet at fair value. The provisions of SFAS 133 affected accounting for 2.5 million restricted warrants ofLiberty Livewire Corporation held by us. Prior to the adoption of SFAS 133, we carried the warrants at cost. With the adoption of SFAS 133, we now record the warrants at fair value. The adoption of SFAS 133 resulted in our recording a cumulativeeffect transition adjustment loss of $58.7 million at January 1, 2001. Beginning in the first quarter of 2001, we have recorded subsequent changes in the fair value of the warrants in our statements of operations. 

 	     There may be periods with significant non-cash increases or decreases to our net income/loss related to the changes in the fair value of the Livewire investment. The carrying value of ourderivative instrument approximates fair value. We determine the fair value of the Livewire warrants by reference to underlying market values of Liberty Livewire’s common stock as reported by Nasdaq, and on estimates using the Black-Scholesvaluation model. 

**5.** **MERGER AND ACQUISITION ACTIVITY**

**     ACQUISITION**

 	     In March 2001, we acquired all of the assets and business of Intellocity, Inc., a technology and engineering solutions provider focusing on the interactive television market. Theaggregate purchase price of $27.5 million consisted of 4,007,890 shares of our common stock, aggregating $23.2 million, and options to purchase 762,665 shares of our common stock, valued at $4.3 million. The purchase agreement provided for a futurepayment by us of up to 1.5 million shares and options that was contingent upon Intellocity’s achieving certain performance targets for the year ended December 31, 2001. Intellocity failed to meet those targets, thereby releasing us from thisadditional payment obligation. Intellocity shareholders are subject to provisions restricting the sale of the ACTV stock; these restrictions range over 4 years. The acquisition was accounted for in the first quarter of 2001 under the purchase method of accounting. 

 	     The fair value of assets acquired and liabilities assumed in the acquisition of Intellocity amounted to approximately $1.5 million. We calculated goodwill, representing the excess costover the fair value of net assets acquired, to be $26.4 million. Through December 31, 2001, we were amortizing this amount over a seven-year period. In connection with our year-end review of 2001 results, we conducted a study of the realizability ofthe goodwill value attributed to Intellocity at December 31, 2001. As a result of this study, we recorded an impairment charge to goodwill of $11.2 million during the fourth quarter of 2001, adjusting the asset value of such goodwill from $23.2million to $12.0 million.

     We adopted SFAS 142 as of January 1, 2002 and accordingly recorded no amortization of goodwill for the quarter ended March 31, 2002 (See Note 2). The resultsof Intellocity's operations are included in our consolidated results from the date of acquisition. 

     The following table presents the pro forma results of operations had the acquisition of Intellocity been completed as of January 1, 2001. The pro forma results are shown for illustrativepurposes only and do not purport to be indicative of the results that would have been reported if the business combination had occurred on the date indicated or that may occur in the future. These pro forma amounts include estimates and assumptionsthat we believe are reasonable. 
 **For        the Three Months****Ended****March 31, 2001**       Revenues$4,489,730   Loss before      minority interest and cumulative effect of     accounting      change$(21,918,915)  Loss before      cumulative effect of accounting change$(21,224,300)  Net loss$(79,956,497)  Basic and      diluted   Loss per share      before cumulative effect of accounting change (0.25 )Cumulative      effect of accounting change$(1.11)  Basic and      diluted loss per share$(1.36 )   
**6.** **MINORITY INTEREST**

     We  record a minority interest benefit resulting from Digital ADCO, in which third  parties hold a minority equity position. Digital ADCO was formed in November  1999 by co-founders ACTV, Inc. and Motorola Broadband. Digital ADCO develops  applications for the delivery of addressable advertising. Under the terms of  our agreement with Motorola Broadband, we licensed five of our patents to Digital  ADCO and Motorola Broadband licensed six of its patents and made a capital commitment  to Digital ADCO. During August 2000, OpenTV made a capital contribution and  contributed patents on a non-exclusive basis to Digital ADCO. Additionally,  we formed Digital ADCO International to license and distribute products and  services outside of North America and other western hemisphere countries. Digital  ADCO, Inc.’s issued and outstanding shares of capital stock presently consist  of Class A common stock, having one vote per share, and Class B common stock,  having 25 votes per share. Open TV currently owns all of the issued and outstanding  Class A common shares. Motorola Broadband and we together own all of the issued  and outstanding Class B common shares. We currently exercise voting control  of the venture. 

     For the three months ended March 31, 2002 and 2001, we allocated losses in the amount of $685,559 and $694,615, respectively, from Digital ADCO to its minority shareholders. 

     We also record a minority interest benefit from one other subsidiary, Advision LLC, in which we currently hold 51% equity ownership. For the three months ended March 31, 2002, weallocated losses in the amount of $103,257 to the minority shareholders of this subsidiary. 

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**7.** **SEGMENT INFORMATION**

     We have two principal business segments, the Digital Television segment and the Enhanced Media segment. 

     Information concerning our business segments for the three months ending March 31, 2002 and 2001 are as follows: 
 **For      the Three Months Ended March 31,**  ********  **2002** **2001**    Revenues      Digital Television$856,109 $723,316 Enhanced Media 2,330,312  2,550,126    Total$3,186,421 $3,273,442           Depreciation      & Amortization      Digital Television$744,497 $689,001 Enhanced Media 306,530  418,715 Unallocated      Corporate 254,434  730,304      Total$1,305,461 $1,838,020           Interest Income      Digital Television$11,652 $114,158 Enhanced Media 9,119  2,807 Unallocated      Corporate 267,769  1,503,443    Total$288,540 $1,620,408           Net Income/(Loss)      Digital Television$(1,538,746)$(1,832,434)Enhanced Media (1,920,274) (2,736,374)Unallocated      Corporate 3,909,878  (74,539,985)   Total$450,858 $(79,108,793)          Capital Expenditures      Digital Television$182,498 $1,541,673 Enhanced Media —  54,176 Unallocated      Corporate 82,601  2,208,926      Total$265,099 $3,804,775         **Balance      Sheet Accounts as of****March      31, 2002** **December      31, 2001**    Current Assets      Digital Television$4,407,139 $4,061,843 Enhanced Media 5,431,673  4,735,475 Unallocated      corporate 64,680,671  72,206,506    Total$74,519,483 $81,003,824                  Total Assets      Digital Television 12,148,495 $12,022,462 Enhanced Media 22,424,077  24,471,782 Unallocated      corporate 95,594,289  103,093,077    Total$130,166,861 $139,587,321    
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**8.**      **EXECUTIVE  INCENTIVE COMPENSATION**

       We  incurred executive incentive compensation expense related to an executive bonus  of $2,300,000 for the three months ended March 31, 2001. This expense, which  related to an executive incentive compensation provision that subsequently was  cancelled in the second quarter of 2001, was based on changes in the market  value of our common stock and paid in unregistered securities. The compensation  recognized was contingent on continued employment of the executive and subject  to forfeiture. 

**9.**      ******INVESTMENT  IN WARRANT**

       ACTV  and Liberty Livewire LLC, a unit of Livewire (formerly known as Todd AO Corporation),  entered into a joint marketing venture “HyperTV(R) with Livewire”  in April 2000. HyperTV with Livewire has the right to use our patented HyperTV  convergence technology in providing to advertisers, TV programmers, studios  and networks such services as application hosting, web authoring, data management,  and e-commerce. 

       In  connection with our entering into the joint marketing agreement, we received  warrants to acquire 2,500,000 shares of Livewire at $30 per share. The warrants,  which become exercisable at the rate of 500,000 shares per year, beginning April  13, 2001, include certain registration rights and may be exercised until March  31, 2015. With certain exceptions, the warrants are not transferable. We previously  recorded an investment and corresponding deferred revenue in the amount of $76,016,175,  the estimated value of the warrants as of April 2000. We amortize the deferred  revenue into income over a period of 21 years, the contractual term of the joint  marketing agreement.

     The estimated fair value of the warrants at March 31, 2002 was $13.8 million. We perform fair value estimates of the warrants using Black-Scholes pricingmodel. Currently, we account for the warrants under SFAS No. 133 (See Note 4).

**10.      ****NET  INCOME/(LOSS) PER SHARE**

      The  following table sets forth the computation of basic and diluted loss per share:  
 **Three      Months Ended March 31,**    **2002** **2001**    Numerator:      Income/(loss)      before cumulative effect of accounting change$450,858 $        (20,376,596 )   Cumulative      transition effect of adopting SFAS No. 133— (58,732,197)      Net      income/(loss)$450,858 $        (79,108,793 )      Denominator:     Basic      weighted-average shares outstanding55,883,934 52,358,579    Weighted-average      options outstanding 979,011  —       Diluted      weighted-average shares outstanding56,862,945 52,358,579    Net income/(loss)      per share  Basic     Before      cumulative effect of accounting change$0.01 $(0.39)   Cumulative      transition effect of adopting SFAS No. 133— (1.12 )         Basic      net income/(loss) per share$0.01 $(1.51)      Diluted     Before      cumulative effect of accounting change$0.01 $(0.39)   Cumulative      transition effect of adopting SFAS No. 133— (1.12 )         Diluted      net income/(loss) per share$0.01 $(1.51)   
**11.       CORPORATE  RESTRUCTURING**

       During  the third and fourth quarter 2001, we completed certain restructuring initiatives.  The restructuring charges totaled $6.6 million and related to the surrender  of real estate leases and employee severance expenses. At March 31, 2002, we  had $0.1 million remaining in accrued restructuring charges to be paid out during  the second quarter of 2002. 

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**12.       SUPPLEMENTAL  DISCLOSURE OF CASH AND NON-CASH ACTIVITIES**

       We  recorded a reduction in stock-based compensation expense in the amount of $6,002,831  for the three months ended March 31, 2002, and recorded non-cash, stock-based  compensation expense in connection with vested variable options of $1,302,494 for the three months ended March 31, 2001. In the first quarter of 2002, we rescinded the applicable option exercise provisions that resulted in the variable option accounting treatment forsuch options in our financial statements. 

      During both the quarter ended March 31, 2002 and the quarter ended March 31, 2001, we recorded revenue of $904,954 from amortization of the deferred revenue recognized in connection withthe Liberty Livewire warrants (See Note 9).

      In  January 2002, we canceled outstanding options totaling 2,093,334 shares at exercise  prices of $6.50 to $13.50 and, in their place, granted new options totaling  1,046,667 shares at an exercise price of $2.00 per share, which was above the  market value of such shares at the time of grant. The grantees are all present  or former employees of ours.

     The newly granted options will be subject to variable option accounting treatment. That is, if the closing market price of our common stock is greater than$2.00 per share at any reporting date, we will recognize a non-cash compensation expense equal to the difference between such market price and $2.00 times the number of outstanding option shares subject to variable accounting treatment. To theextent that we are carrying an accrued expense of this type at any given reporting date and there is a decline in the market price of our stock at the end of the subsequent reporting period, we will recognize a reduction in expense for thesubsequent period. 

     Our March 31, 2002 consolidated financial statements reflect no expense related to the 1,046,667 variable options, since the closing market price of our commonstock at March 31, 2002 was less than the option exercise price of $2.00 per share. 

**13.       SUBSEQUENT  EVENT**

       As  of May 3, 2002, we signed a letter agreement with Liberty Media Corporation  regarding a possible acquisition of all outstanding shares of ACTV common stock.  Under the terms of the letter agreement, Liberty, which currently owns approximately  16% of our outstanding shares, would purchase all remaining shares at a price  of $2.00 per share. Such purchase price would be payable in either cash, shares  of Liberty Series A common stock, or the publicly traded common stock of a Liberty  subsidiary or affiliate. We have entered into a 65-day exclusive negotiating  period with Liberty with respect to the possible transaction, during which Liberty  will conduct due diligence and negotiate definitive terms with us. Should the  exclusive period end without either a signed definitive agreement between the  parties, or a decision by either party not to proceed with the possible transaction,  Liberty may elect, for a period of one day following the end of the exclusive  period, to acquire the remaining outstanding shares of our common stock at a  price of $2.00 per share. Neither Liberty nor we can provide any assurances  that a definitive agreement will be reached, or that a transaction ultimately  will be consummated. Any potential transaction calling for the acquisition of  all outstanding shares of our common stock would require the board approval  of Liberty Media and ACTV as well as our shareholder approval. 

**ITEM 2.       MANAGEMENT’S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**OVERVIEW**

       You  should read the following discussion together with our consolidated financial  statements and related notes included elsewhere. The results discussed below  are not necessarily indicative of the results to be expected in any future periods.  To the extent that the information presented in this discussion addresses financial  projections, information or expectations about our products or markets or otherwise  makes statements about future events, such statements are forward-looking and  are subject to a number of risks and uncertainties that could cause actual results  to differ materially from the statements made. For further information about  forward-looking statements, see “Special Note Regarding Forward-Looking  Statements” in our annual report on Form 10-K for the year ended December  31, 2001. 

       We  are a digital media company that provides proprietary technologies, tools, and  technical and creative services for interactive TV advertising, programming,  and enhanced media applications. We have two operating business segments, which  we call Digital TV and Enhanced Media. 

       We  believe that our Digital TV technologies are unique in providing targeting,  interactivity and accountability for television commercials, and in giving viewers  the ability to instantly customize their viewing experiences for a wide variety  of programming applications. Our Enhanced Media technologies allow both for  the enhancement of video and audio content, including standard TV programming,  with Web-based information and interactivity. 

       We  believe the expansion of digital TV transmission systems and the emergence of  platforms providing the simultaneous delivery of video and Internet content  (convergence programming), will allow television distributors, advertisers and  programmers to bring interactivity to a mass audience. We believe that our proprietary  technologies, tools, and expertise in providing technical and creative services  position us to capitalize on this growth. 

       We  have received strategic investments from Liberty Media Corporation, our largest  shareholder, and Motorola Broadband Communications Sector. 

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**RESULTS OF OPERATIONS**

**COMPARISON OF THREE-MONTH PERIODS ENDED MARCH 31, 2002 AND MARCH 31, 2001**

*      Revenues*.  During the three-month period ended March 31, 2002, our revenues decreased 3%,  to $3,186,421, compared with $3,273,442 in the three-month period ended March  31, 2001. The decrease was the result of a decline in revenues of our Enhanced  Media business. 

*      Total  Selling, General, and Administrative Expenses*. Total selling, general and administrative expenses decreased  approximately 57% in the first quarter of 2002, to $6,050,416, from $14,089,135  in the first quarter of 2001. The decrease reflects significantly reduced personnel,  occupancy and related expenses in the more recent quarter as a result of our  corporate restructuring implemented in the second half of 2001 (See Note 12).  

*      Stock-Based  Compensation*.  We realized a reduction of stock-based compensation expense of $6.0 million  for the three months ended March 31, 2002, compared with a stock-based compensation  expense of $1.3 million for the three months ended March 31, 2001. We had been  recording a charge to or reduction of stock-based compensation expense in relation  to increases and decreases in the market value of the our common stock above  the exercise price of certain employee options. These options were subject to  variable option accounting treatment. In the first quarter of 2002, we rescinded  the applicable option exercise provisions that resulted in the variable option  accounting treatment of such options and, as a consequence, reversed the accrued  stock-based compensation expense at December 31, 2001, of approximately $6.0  million. 

*      Depreciation  and Amortization.*Depreciation  and amortization expense decreased 29% in the first quarter of 2002, to $1,305,461,  from $1,838,020 in the first quarter of 2001. The decrease is due principally  to our adoption of SFAS 142 as of January 1, 2002, resulting in no amortization  expense for goodwill in the three months ended March 31, 2002. 

*      Other  Expense.*  Other expense comprises the change in fair value of warrants held by us, which  we currently account for as a derivative instrument, pursuant to the requirements  of SFAS No. 133. For the three months ended March 31, 2002, we recorded a decrease  in the value of the warrants of $2.5 million, compared with a decrease of $8.7  million for the three months ended March 31, 2001. 

*      Interest  Income.*Interest  income in first quarter of 2002 was $288,540, compared with $1,620,408 in the  first quarter of 2001. The decrease was the result of significantly reduced  prevailing interest rates and lower average cash balances during the more recent  quarter. We incurred no interest expense in the first quarter of 2002 or 2001.  

*      Cumulative  Transition Effect of Change in Accounting Principle.*January 1, 2001, we adopted Statement of Financial Accounting  Standards (“SFAS”) No. 133, “Accounting for Derivative Instruments  and Hedging Activities” (“SFAS 133”), as amended by SFAS 137  and 138. SFAS 133 requires that all derivative financial instruments be recorded  on the balance sheet at fair value. The provisions of SFAS 133 affected accounting  for 2.5 million restricted warrants of Liberty Livewire Corporation held by  us. Prior to the adoption of SFAS 133, we carried the warrants at cost. With  the adoption of SFAS 133, we now record the warrants at fair value. The adoption  of SFAS 133 resulted in our recording a cumulative effect transition adjustment  loss of $58.7 million at January 1, 2001. Beginning in the first quarter of  2001, we have recorded subsequent changes in the fair value of the warrants  in our statements of operations. 

*      Net  Income/(Loss).*For  the three months ended March 31, 2002, our net income was $450,858 or $0.01  per basic and diluted share, compared to a net loss of $79,108,793 or $1.51  per basic and diluted share for the three months ended March 31, 2001. 

**LIQUIDITY AND CAPITAL RESOURCES**

       Since  our inception, we have not generated revenues sufficient to fund our operations  and have incurred operating losses. Through March 31, 2002, we had an accumulated  deficit of $262.6 million. Our cash position on March 31, 2002 (including short-term  investments) was $71.4 million, compared with $77.9 million on December 31,  2001. 

     *Net Cash Used In Operating Activities.*During the three month period March 31, 2002,we used cash of $5.7 million for operations, compared with $15.5 million for the three months ended March 31, 2001. The decrease in net cash used by operating activities principally relates to lower operating losses and decreased working capitaluses. 

     *Net Cash Used In Investing Activities and Capital Expenditures.*For the three monthperiod ended March 31, 2002, we used cash for investing activities of $9.3 million, compared with $4.9 million, for the three months ended March 31, 2001. The increase in cash used in investing activities is due to an increase in our short-terminvestments. 

     *Net Cash Provided By (Used In) Financing Activities.*We had no significant cash usedor provided by financing activities for either the first three months of 2002 or 2001. We have and continue to fund our cash requirements from the net proceeds of a public, follow-on offering completed in February 2000. Through a group ofunderwriters, we sold total of $4.6 million common shares, resulting in net proceeds of $129.4 million. In addition, on March 27, 2000, Liberty Digital, Inc. invested an additional $20 million in us by exercising a warrant granted in March 1999, andOpenTV invested $10 million in our Digital ADCO subsidiary.

10

**CRITICAL ACCOUNTING POLICIES**

       The  cost of patents which represent patent acquisition costs and legal costs relating  to patents pending, is being amortized on a straight-line basis over the estimated  economic lives of the respective patents (averaging 10 years), which is less  than the statutory life of each patent. 

       We  capitalize costs incurred for the development of software products when economic  and technological feasibility of such products has been established. Capitalized  software costs are amortized on a straight-line basis over the estimated useful  lives of the respective products 

       We  recorded a charge or a credit to stock-based compensation expense for increases  or decreases, in the market value of the our common stock in excess of the exercise  price of certain employee options, which were subject to variable option accounting  treatment. We recorded a credit in stock-based compensation for the quarter  ended March 31, 2002 as the market price of our common stock declined in the  first quarter 2002 as compared to its value as of December 31, 2001. We recorded  an increase in stock-based compensation expense for the quarter ended March 31, 2001  as the market price of our common stock declined in first quarter 2001 as compared to  its value as of December 31, 2000.

       The  preparation of financial statements in conformity with generally accepted accounting  principles requires us to make estimates and assumptions that affect the reported  amount of assets and liabilities and disclosures of contingent assets and liabilities  at the date of the financial statements and the reported amounts of revenues  and expenses during the reporting period. Our actual results could differ from  these estimates. 

**IMPACT OF INFLATION**

       Inflation  has not had any significant effect on the Company’s operating costs. 

**ITEM 3.       QUANTITATIVE  AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

       Our  interest income is affected by changes in the general level of U.S. interest  rates. Changes in U.S. interest rates could affect the interest earned on our  cash equivalents and investments. Currently, changes in U.S. interest rates  would not have a material effect on the interest earned on our cash equivalents  and investments. A majority of these cash equivalents and investments earn a  fixed rate of interest while the remaining portion earns interest at a variable  rate. We do not anticipate that exposure to interest rate market risk will have  a material impact on us due to the nature of our investments. 

       During  April 2000, we received a warrant to acquire 2,500,000 shares of Livewire, a  publicly traded company. The warrant becomes exercisable at the rate of 500,000  shares per year, commencing on April 13, 2001, includes certain registration  rights and may be exercised until March 31, 2015. The warrant is not transferable,  except in certain circumstances. We estimated the value of the warrant to be  $76,016,175 at the date it was received, using the Black-Scholes pricing model,  with a risk free rate of 6.5%, a volatility of 80% and assuming no cash dividends.  The estimated value of the warrant at December 31, 2000 was $17.3 million, using  the same assumptions. As of January 1, 2001, changes in fair value in the investment  in warrant were recorded to the statement of operations as we adopted SFAS No.  133. We expect the value of the warrant to fluctuate based on the underlying  stock price of Livewire. We do not currently expect to exercise or register  shares in the coming year. 

       We  recorded stock-based compensation expense based on increases and decreases in  the market price of our common stock above the exercise price of certain employee  options, which were subject to variable option accounting treatment. To the  extent that we had a stock-based compensation obligation at the beginning of  a given reporting period, we recognized a reduction in stock-based compensation  expense related to unexercised variable options for that period based on a reduction  of the market price for our stock at the end of the period. The obligation would  increase as the market price for our common stock increases at the end of a  reporting period. 

     In January 2002, we canceled outstanding options totaling 2,093,334 shares at exercise prices of $6.50 to $13.50 and, in their place, granted new optionstotaling 1,046,667 shares at an exercise price of $2.00 per share. The grantees are all present or former employees of ours. The newly granted options will be subject to variable option accounting treatment. That is, if the closing market price ofour common stock is greater than $2.00 per share at any reporting date, we will recognize a non-cash compensation expense equal to the difference between such market price and $2.00 times the number of outstanding option shares subject to variableaccounting treatment. To the extent that we are carrying an accrued expense of this type at any given reporting date and there is a decline in the market price of our stock at the end of the subsequent reporting period, we will recognize a reductionin expense for the subsequent period. 

11
**PART  II.       OTHER INFORMATION**

**ITEM 1.       LEGAL  PROCEEDINGS**

      	ACTV, Inc. and its wholly-owned subsidiary HyperTV Networks, Inc. are co-plaintiffs in a civil action filed against The Walt Disney Co., ABC, Inc. and ESPN,Inc. in December, 2000, which action alleges that the defendants’ “Enhanced TV” system synchronizing a web site application to, amongst others, ESPN Sunday Night and ABC Monday Night Football telecasts, has infringed and is continuingto infringe certain of the plaintiffs’ patents. That action is continuing in the U.S. District Court, Southern District of New York. 

**ITEM 2.       CHANGES  IN SECURITIES**

                      Not  applicable 

**ITEM 3.       DEFAULTS  UPON SENIOR SECURITIES**

                      Not  applicable. 

**ITEM 4.       SUBMISSION  OF MATTERS TO A VOTE OF STOCKHOLDERS**

                      None.  

**ITEM 5.       OTHER  INFORMATION**

                      None.  

**ITEM 6.       EXHIBITS  AND REPORTS ON FORM 8-K**

                     (a)          Exhibits

                                     11            Computation  of Net (loss)/income per share - See Note 11

                     (b)           Reports on Form 8-K:    None.

 

 

12  

**SIGNATURES**

      Pursuant to the requirements of the Securities Exchange Act of 1934,  the registrant has duly caused this report to be signed on its behalf by the  undersigned thereunto duly authorized. 
   **ACTV,        INC.**   Registrant        Date:May      15, 2002 /s/        David Reese      David Reese   Chairman,      Chief Executive Officer   and Director    Date:May      15, 2002 /s/        Christopher C. Cline      Christopher      C. Cline   Chief Financial      Officer   (principal      financial and accounting officer)
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