ReelTime Files Annual 2020 and Q1 2021 Financial Disclosure Statements - Q1 Revenues Soar 10 Times Over Q1 2020 Exceeding 1.3 Million
ReelTime VR (OTC PINK:RLTR) has filed its 2020 Annual Report and Q1 2021 Quarterly Report with OTC Markets. This milestone is critical for upgrading its designation to 'Current Information' on OTC Markets, which requires comprehensive financial disclosures. The company has also achieved a significant revenue increase, reporting Q1 revenues at over $13 million, ten times higher than Q1 2020. Additionally, ReelTime plans to uplist to NASDAQ, with a new ticker (NASDAQ:RT) reserved. The company has engaged Pinnacle Accountancy Group for an independent audit per NASDAQ requirements and has reduced potential share dilution by 20 million shares.
- Q1 2021 revenues exceeded $13 million, representing a 10x increase over Q1 2020.
- Successfully filed 2020 Annual Report and Q1 2021 Quarterly Report, paving the way for an upgrade to 'Current Information' status.
- Reduced potential dilution by 20 million shares through a negotiated settlement.
- Plans to uplist to NASDAQ with a new ticker symbol (NASDAQ:RT) reserved.
- None.
SEATTLE, WA / ACCESSWIRE / June 30, 2021 / ReelTime VR/ReelTime Media (OTC PINK:RLTR) has completed and filed to OTC Markets its 2020 Annual Report and its Q1 2021 Quarterly Report pursuant to basic disclosure guidelines. www.otcmarkets.com.
The latest Quarterly filing is the final set of Financials and Disclosures (which incorporate consolidated financials post the "DAB" acquisition) required in a series of filings that the company has been posting as it prepares to upgrade its designation on the OTC Markets and beyond.
OTC Markets Group segments PINK companies based on the information they provide to investors into Current, Limited or No Information. The PINK Market is for professional and sophisticated investors with a high risk-tolerance for trading companies with limited information available and limited regulatory oversight. Investors are strongly advised to proceed with caution and thoroughly research companies before making any investment decisions.
Barry Henthorn - CEO stated: 'This is a very important step in ReelTime's ability to upgrade its designation and to prepare for its uplisting. Now that we have completed this milestone we can move forward with our audit and in meeting other requirements needed to move to a senior exchange.'
ReelTime has now completed and filed to OTC Markets its Q1 2021 Quarterly Report pursuant to basic disclosure guidelines. www.otcmarkets.com. The latest filing is the final financial report required to upgrade its designation to "Current Information" the highest of all designations on the OTC Markets "PINK" tier. To qualify for Current Information, a non-reporting Pink company may subscribe to the OTC Disclosure & News Service and publish current information pursuant to OTC Markets' Pink Basic Disclosure Guidelines. All current information is made publicly available on www.otcmarkets.com. More information on each of these steps is available as noted below:
Companies will be processed for "Current Information" once all required documentation has been submitted:
- Financial Statements: Two most recent Annual reports and any subsequent Quarterly Report
- Disclosure Statement: Most recent Annual and any subsequent Quarterly Reports
- Attorney Letter covering all relevant information for non-audited companies
- The Company Profile has been verified through OTCIQ
All filings will now be reviewed by council and if accepted an "Attorney Letter with Respect to Current Information" will be submitted which if accepted by OTC Markets will likely allow ReelTime to be upgraded.
All recently filed financials incorporate an enhanced level of disclosure that is intended to meet the criteria of the highest levels of the OTC Markets and beyond. The Company expects to have completed all its filings to allow it to be upgraded within the next week or so.
Other recent news:
ReelTime has reduced the potential dilution by 20 million shares as a result of a successful negotiated settlement with one of its strongest supporters.
ReelTime Acquires
ReelTime TV Channels Adding 40 million Apple TV Users to Potentially Reach Over 140 Million Monthly Active Users
ReelTime TV Channels Adding 50 Million Amazon Fire TV Users to Roku's 51.2 Million Monthly Active Users, Exceeding Cable, Satellite Potential Reach Combined
ReelTime to Launch Roku Channel ReelTime TV to 51.2 Million Monthly Active Users, Expanding Content Distribution and Advertising Revenues Using Technology
ReelTime has formally submitted an application as a Seasoned Company Seeking to Transfer Equity and/or Debt Securities from Another U.S. Exchange to be listed on the NASDAQ Capital Market Exchange. The application has been logged in the NASDAQ Listing Center, all applicable fees have been paid, and a listing analyst has been assigned to ReelTime to assist throughout the process. In addition, the request for a new symbol (NASDAQ:RT) to be reserved for ReelTime to trade under once the Company has met all quantitative and qualitative criteria, including certain corporate governance requirements, has been approved. ReelTime will continue to submit additional information and documentation as it is required based on comments from its assigned Listing Analyst and others at NASDAQ who will be assisting ReelTime, assuring that they satisfy all the required qualifications for NASDAQ Capital Markets securities in Rule 4300 and or any other applicable regulatory requirements. ReelTime will also need to adhere to the corporate governance standards set by NASDAQ. In addition, ReelTime must comply with NASDAQ's requirements relating to audit committees, the director nomination process, the compensation of officers, board composition, executive sessions, quorum, and code of conduct, among others.
ReelTime will continue to trade on the OTC Markets under the symbol (OTC:RLTR) throughout the process and up until the move to the NASDAQ Capital Market becomes effective, at which time the ticker symbol will become (NASDAQ:RT).
The NASDAQ Capital Market provides companies the required capital in order to grow their business. The NASDAQ Capital Market also provides a listing venue that promises to accommodate the different stages of corporate lives of the companies. All companies that are listed on NASDAQ Capital Market need to satisfy all the required qualifications for NASDAQ securities in Rule 4300. The companies also need to adhere to the corporate governance standards set by NASDAQ.
ReelTime has engaged Pinnacle Accountancy Group of Utah ('Pinnacle' a dba of the PCAOB-registered audit firm Heaton & Company, PLLC) to perform an independent audit of the Company's financial statements. The audit will be performed according to the guidelines set forth by the NASDAQ Listing Requirements and the Public Company Accounting Oversight Board auditing standards. Pinnacle is one of the leading firms in and throughout the United States and abroad. Its partners and staff have provided audit services for SEC registrants since 2001 and are highly experienced dealing with the complex auditing and accounting challenges facing public companies.
ReelTime Media reached a technology/software license and development agreement with Baristas (OTC:BCCI) 'Munchie Magic.' The licensing agreement secures Munchie Magic global perpetual, exclusive access to use the technology and methodologies developed by ReelTime that allow the virtual restaurants to integrate with its partners, onboarding, marketing, and administrative functions for use with the Munchie Magic Virtual Restaurant or other convenience store delivery concepts. The agreement also allows for Munchie Magic to develop in concert with ReelTime or independently derivatives and/or stand-alone methodologies. In exchange for the global perpetual, exclusive license from ReelTime for the Munchie Magic concept and convenience store derivative Virtual Restaurants, ReelTime will receive a per transaction license fee of $.35 in perpetuity in conjunction with the terms of the agreement beginning on Jan. 1st, 2021. Baristas 'Munchie Magic' has opened more than 50 locations in the past nine months delivering Ben & Jerry's ice cream, snacks, and hot foods to customers via delivery partners DoorDash, GrubHub, and Uber Eats. www.munchiemagic.com in WA State and has now expanded into Oregon, California, Illinois, and Arizona as well.
ReelTime VR (OTC PINK:RLTR) confirmed that the patent application number 15/654,613, titled Simultaneous Spherical Panorama Image and Video Capturing System, has officially been issued as U.S. Patent Number 10,761,303 September 1, 2020. The term of the patent is 20 years and 247 days from the earliest filing date of the patent application, calculated to be March 23, 2038. Although the original technology allows any cell phone or other camera to instantaneously capture 360 X 360 Virtual Reality Video or pictures without any need for stitching, the patent provides protection from infringement from any capturing of a plurality of images utilizing at least one mirror. This spans a wide range of industries and uses.
About NASDAQ Capital Markets: Nasdaq is a global technology company serving the capital markets and other industries. Its diverse offering of data, analytics, software, and services enables clients to optimize and execute their business vision with confidence. A diverse selection of over 4,000 companies choose to list on Nasdaq's U.S., Nordic and Baltic exchanges, representing industries such as retail, health care, finance, and technology. In the U.S., Nasdaq is the listing venue of choice for many of the world's most exciting companies. The Nasdaq Stock Market has three distinctive tiers: The Nasdaq Global Select Market®, The Nasdaq Global Market®, and The Nasdaq Capital Market®. Applicants must satisfy certain financial, liquidity, and corporate governance requirements to be approved for listing on any of these market tiers.
About ReelTime Rentals, Inc. d/b/a ReelTime Media: www.reeltime.com is a publicly-traded company based in Seattle, WA (OTCPK: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 is in the business of developing, producing and distributing Virtual Reality Content and technologies. We have an end to end production, editing, and distribution capabilities for internal and external projects. ReelTime Currently produces three ongoing series for the Samsung Gear VR platform and distributes them over numerous VR delivery portals, including Gear VR, Oculus, Veer VR, HTC Vive, YouTube 360, Facebook, and others. ReelTime Media also publishes the book 'It Was Always Me! Edward Edwards, the Most Prolific Serial Killer of All Time,' which has been the subject of a cover story on People Magazine, Rolling Stone, In Touch, and a six-part series on Paramount network, www.itwasalwaysme.com.
CONTACT:
Barry Henthorn
ceo@reeltime.com
SOURCE: ReelTime Rentals Inc
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