BOTHELL, WA / ACCESSWIRE / April 17, 2024 / ReelTime VR/ReelTime Media (OTCPK:RLTR) reported positive results in its latest financials. The improvement in the Company's financial condition reported are all for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 respectively and is attributable to the following as well as additional factors disclosed in the financials. The complete financials as posted can be viewed at https://www.otcmarkets.com/otcapi/company/financial-report/397734/content
During this period ReelTime issued a total of zero shares and a total of zero shares were converted from restricted to free trading.
The increase in net income of $2,094,981 resulted from net income of $1,485,743 compared to a net loss of $609,238 and includes debt extinguishments of $1,857,524. The operating expense decrease of $600,648 was primarily attributable to an approximate $113,000 decrease in professional fees for our Company CEO and approximately $441,000 decrease in stock-based compensation from the cancellation of two contracts during January 2023.
ReelTime CEO Barry Henthorn declared: "The positive financial results reflect our commitment to increase shareholder value by reducing debt, minimizing potential dilution, increasing net revenues, and expanding our business. We will continue to tighten our share structure, increase transparency, and grow our income and asset base. Our progress in these and other areas will be reflected in our future filings and announcements."
About ReelTime Rentals, Inc. d/b/a ReelTime Media/ReelTime VR: www.reeltime.com is a publicly-traded company based in Seattle, WA (OTC PINK:RLTR). ReelTime Media provides end-to-end production capabilities and discount media purchasing that is redefining how companies are evaluating and purchasing their TV, radio, print, and other new media. ReelTime is also in the business of developing, producing, and distributing Virtual Reality Content and technologies. We have end-to-end production, editing, and distribution capabilities for internal and external projects.
CONTACT:
Barry Henthorn
[email protected]
SOURCE: ReelTime Rentals Inc,