ReelTime Reports $1,129,025 Debt Extinction with Zero Dilution, $2,094,981 Net Income Increase and an Operating Expense Decrease of $600,648 due to Reduction of Stock Based Compensation for its’ CEO and Others

Rhea-AI Summary

ReelTime VR/ReelTime Media (RLTR) reported significant financial improvements for the nine months ended September 30, 2023, compared to the same period in 2022. The company achieved a debt extinction of $1,129,025 without dilution, a net income increase of $2,094,981, and a $600,648 decrease in operating expenses due to reduced stock-based compensation for its CEO and others. These positive results reflect the company's efforts to enhance shareholder value, reduce debt, minimize dilution, increase revenues, and expand its business operations.

Positive

• ReelTime VR/ReelTime Media (RLTR) achieved a debt extinction of $1,129,025 without dilution.
• The company reported a net income increase of $2,094,981 for the nine months ended September 30, 2023, compared to a net loss of $609,238 in the same period in 2022.
• Operating expenses decreased by $600,648, primarily due to a reduction in stock-based compensation and professional fees for the CEO.
• ReelTime CEO Barry Henthorn emphasized the company's commitment to increasing shareholder value, reducing debt, minimizing dilution, and expanding its business operations.

Negative

• None.

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
ceo@reeltime.com

SOURCE: ReelTime Rentals Inc,

View the original press release on accesswire.com

FAQ

What were ReelTime VR/ReelTime Media's (RLTR) financial results for the nine months ended September 30, 2023, compared to the same period in 2022?

ReelTime VR/ReelTime Media (RLTR) reported a debt extinction of $1,129,025 without dilution, a net income increase of $2,094,981, and a $600,648 decrease in operating expenses.

How did ReelTime VR/ReelTime Media (RLTR) achieve a net income increase of $2,094,981?

The net income increase of $2,094,981 for ReelTime VR/ReelTime Media (RLTR) was primarily due to debt extinguishments of $1,857,524 and improved financial performance.

What led to the decrease in operating expenses by $600,648 for ReelTime VR/ReelTime Media (RLTR)?

The decrease in operating expenses for ReelTime VR/ReelTime Media (RLTR) was mainly attributed to reduced stock-based compensation and professional fees for the CEO.

What is ReelTime CEO Barry Henthorn's outlook on the company's financial results?

ReelTime CEO Barry Henthorn expressed commitment to increasing shareholder value, reducing debt, minimizing dilution, and expanding business operations in the future.