Interact-TV Incorporated (OTC Pink: ITVI) (PINKSHEETS: ITVI) is pleased to release its financial results from 2013 and announce that gross revenue for the fiscal year ended December 31, 2013 has grown 16% over the year-ended December 31, 2012 ($355,146 gross revenue during 2013 vs. $304,000 during 2012).
The company is also pleased to release its Q1 FY2014 announcement that it has achieved a fifth straight quarter of narrowing its quarterly net loss, as well as being cash flow positive three out of the past five quarters.
As disclosed in its most recent quarterly disclosure statement, published through the OTC Disclosure and News Service, certain of Interact-TV's key financial indicators have been improving, as follows:
Three Months Ended December 31, 2012 (Q4 FY2012)
Net Loss (73,920)
Net Change in Cash +$409
Three Months Ended March 31, 2013 (Q1 FY2013)
Net Loss ($64,529)
Net Change in Cash +$4,581
Three Months Ended June 30, 2013 (Q2 FY2013)
Net Loss ($48,720)
Net Change in Cash +$25,328
Three Months Ended September 30, 2013 (Q3 FY2013)
Net Loss ($45,985)
Net Change in Cash ($24,103)
Three Months Ended December 31, 2013 (Q4 FY2013)
Net Loss ($39,800)
Net Change in Cash ($6,315)
Three Months Ended March 31, 2014 (Q1 FY2014)
Net Loss ($23,248)
Net Change in Cash +$1,031
While the company's accumulated deficit continues to grow, it reports a narrowing of its net loss, quarter over quarter, for six straight quarters, as well as an increase in its cash position for four of the past six quarters.
Helping with this momentum, as Interact-TV has been reporting in its quarterly and annual disclosures, is that, beginning with the month of July 2013, company President Robert Bryan has been waiving his monthly compensation, saving the company $48,000 in added liabilities per quarter.
Mr. Bryan's contract, which began in January of 2010 at a rate of $9,000 per month, currently requires the payment of $16,000 per month in exchange for his services as President and a Director of Interact, as well as President of wholly-owned subsidiary Pocket Kid Records. Until October of 2011, Mr. Bryan received shares of common stock as compensation, in lieu of cash. Since October of 2011, however, the company's obligations have not been paid in any form, instead accruing as an account payable. Currently, $315,500 is payable to Mr. Bryan, but that amount, since July of 2013, has not and will not increase, due to Mr. Bryan's waiving of this compensation.
Remarked Mr. Bryan: "The other members of the Board [of Directors] and I agreed that with the foregoing of my compensation, we may finally be in a position to post a quarterly net income for the first time in our history within the next 2-3 quarters, and thus begin to turn around the direction of our accumulated deficit."
Giving the first indications of the company's overall financial strategies, Mr. Bryan continued: "We are committed to providing greater value to our shareholders. We believe this begins with reducing expenses where possible, such as our announcement with respect to my waiving of compensation, while continuing our recent track record of steady revenues, thus allowing us to achieve positive net income and begin reversing our accumulated deficit. We intend for this to be followed by cleaning up the balance sheet, in particular the liabilities, all of which, in so doing, are designed to increase shareholder equity."
"And finally, I don't want it to be overlooked that the reason we find ourselves in this relatively healthier position in the first place -- poised on the brink of achieving a positive net income -- is because of the diligent efforts of our Board and our consultants, who have been working tirelessly on efficiently marketing artists like Dead Sara and achieving solid revenues even during these early stages, in what are especially-competitive times in an already competitive field."
Interact-TV Incorporated, a publicly-traded Delaware corporation (OTC Pink: ITVI) (PINKSHEETS: ITVI), is a diverse entertainment company with interests in various media, including recorded music products through its wholly-owned subsidiary's subsidiary Pocket Kid Records. The company's second quarter disclosure statement, published through the OTC Disclosure and News Service, and its attendant financial statements, can both be accessed through the OTC Markets' webpage for ITVI filings, found here: http://www.otcmarkets.com/stock/ITVI/filings
About Pocket Kid Records:
Pocket Kid Records is an innovative new record company that concentrates on developing artists and providing an environment that attracts top talent by being supportive and less controlling of artists' respective visions and products than traditional multi-media companies. For more information visit www.PocketKidRecords.com.
For more information, please contact:
818-334-5225 x 100
SOURCE: Interact-TV, Inc.