Independent Film Development Corp. (IFLM)

[druzela]

You CAN'T make this up.

Independent Film Development Corporation (OTCBB: IFLM), a development stage international sales and distributor of digital films, producers and crowd funders to the multibillion dollar Independent Film Industry, announced today that on Friday August 17, 2012 the company announced its financials for its quarterly period ending June 30, 2012.

The company became revenue producing for the first time in its history this quarter resulting from the launch of the Indiebacker brand (www.Indiebackers.com) and while the revenue was extremely small for the quarter at $3770 management is extremely enthusiastic for the brand and plans call for it to come out of beta this quarter and begin marketing the brand more aggressively.

Additionally, assets for the company grew to $821,000 largely attributed to the build out of the company's web properties while liabilities also grew to $1,544,960 largely attributed to derivative accounting liabilities and convertible debt instruments.

Management is increasingly enthusiastic with the company expanding beyond development stage and building out its operational landscape and scaling its developed verticals.