ReelTime Reports Positive Financial Leap in 2023 Results

ReelTime Rentals Inc. (OTCPK:RLTR), also known as ReelTime VR/ReelTime Media, revealed significant financial improvements for the nine months ending September 30, 2023. The Bothell-based company reported a substantial increase in net income, considerable debt reduction, and decreased operating expenses compared to the same period in the previous year. These enhancements are detailed in their latest financial report available on the OTC Markets website.

Key financial achievements included an increase in net income to $2,094,981, a reversal from the net loss of $609,238 reported in the previous year. This improvement was largely due to $1,857,524 in debt extinguishment. Additionally, the company achieved a reduction in operating expenses amounting to $600,648, primarily from lowered professional fees and significant cuts in stock-based compensation following the cancellation of two key contracts in January 2023.

Barry Henthorn, CEO of ReelTime, commented on the results, emphasizing the company's strategies to enhance shareholder value through careful financial management and business expansion. He outlined ongoing efforts to tighten share structure and enhance transparency as part of ReelTime's growth strategy.