Firm reports $3.6M loss while ramping up operations


A Springfield financial firm reported a net loss of about $3.6 million for the first nine months this year, as company officials said their focus has been on developing new products.

HUTN, INC. whose subsidiaries include EF Hutton Inc. and Megga Inc., also reported approximately $269,000 in revenue for a nine-month period that ended on Sept. 30 this year, according to documents filed with the OTC Markets Group. Company officials said the losses reflected the firm’s investments in its first year as it has begun to ramp up its operations. The firm is a financial services company that opened in downtown Springfield last fall in the former Credit Life Building.

RELATED: Springfield-based EF Hutton reports $2.1M loss

The firm’s latest financial statements filed with the OTC show the company had about $900,000 cash on hand at the end of the quarter ending Sept. 30.

“The money that we have spent year-to-date reflects our investments in talent, technology and the infrastructure necessary to deliver the products and services of EF Hutton Inc. and Megga, Inc., the subsidiaries of HUTN,” said Jeff Kursman, a spokesman for the company. “Rather than being perceived as a loss, which is a financial term, that money that we’ve spent has truly been an investment in our business, an investment in our future consumers and an investment in the community of Springfield.”

The firm’s total assets are listed at about $21.3 million. The company took over two downtown buildings and previously said it plans to invest $22 million and add up to 400 new jobs in downtown Springfield over five years. Company officials said in the fall they plan to hire close to 40 new workers as part of a plan to roughly double the workforce by early next year.

The company recently announced the launch of Megga, Inc. a new social media platform company officials said will also allow users to save money for retirement. Megga Inc. will generate advertising revenue and deposit a portion into a trust overseen by independent third-party trustees, based on the number of points users accrue. Meggalife users will be able to redeem those points at the age of 68 to provide additional funds for their retirement, according to a news release.

“It’s a very strategic investment in building a product that we are proud to put the 110-year-legacy of EF Hutton’s name on,” Kursman said.

The company’s most recent financial statements also describe several subsidiaries under HUTN, Inc.

Those include HUTN Group, Inc. an operating holding company that owns several subsidiaries and provides administrative services to those subsidiaries. They also list EF Hutton Investments, LLC, which is described as an investment advisor offering traditional investment accounts as well as specialized accounts including 529 plans, individual retirement accounts and 401-k accounts.

Along with Megga, Inc., the documents also list Vyral Media, which “is to provide digital media products and services commencing in the fourth quarter of 2017.”

An additional subsidiary is listed as Vibrant Mobile, Inc., which will “provide mobile communications services commencing in the fourth quarter of 2017. Vibrant has developed a set of proprietary mobile plan features for subscribers that it bundles together with communication services of its telecommunications business partners.”



Reader Comments ...


Next Up in Community News

70 years of focusing on diplomacy, global affairs
70 years of focusing on diplomacy, global affairs

For 70 years, the Dayton Council on World Affairs has been working to engage and educate in our region on the intricacies and importance of global events. As the group readies for its anniversary celebration, we spoke with Monica Schultz, its board president, and board member Carolyn Rice about the history and mission of the council. To learn more...
Senate fails to pass budget; government shutdown now official 
Senate fails to pass budget; government shutdown now official 

WASHINGTON (AP) — The Latest on the budget battle in Congress (all times local): 12:00 a.m. The government shutdown is now official, as the deadline has been reached with no deal in place. The White House released a statement on what they are calling the ‘Schumer Shutdown:’ “Senate Democrats own the Schumer Shutdown. Tonight...
Drake makes surprise appearance at Memphis nightclub
Drake makes surprise appearance at Memphis nightclub

He may have started from the bottom, but rapper Drake is making headlines after doing one dance that started in the Bluff City. According to party promoter Curtis Givens, the Grammy winner called him wanting to have a private party at In LOVE Memphis, a popular nightclub. Givens said it was a last minute call, but he and his business partner were up...
Woman dies after falling from balcony of Carnival cruise ship
Woman dies after falling from balcony of Carnival cruise ship

A woman died Friday after falling from the balcony of a room on the Jacksonville-based Carnival Elation cruise ship. The woman fell from the balcony to several decks below, Carnival said in a statement. Carnival Elation departed Jacksonville on Thursday for a four-day cruise to the Bahamas. Carnival sent the following statement to Action News Jax:"...
Scientists worry brain-wasting 'zombie deer' disease could spread to humans
Scientists worry brain-wasting 'zombie deer' disease could spread to humans

Deer across North America are dying from a mysterious disease that gradually destroys the animals’ nervous systems. And scientists are concerned that the infection could make its way to humans.  Chronic wasting disease — or “zombie deer disease” — was first observed in 1967 in Fort Collins, Colorado, and has since...
More Stories