ReelTime Q1 Revenues Soar 10 Times Over Q1 2020, Exceeding 1.3 Million -- Files Annual 2020 and Q1 2021 Financial Disclosure Statements
SEATTLE, WA, June 30, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- ReelTime VR/ReelTime Media (OTC: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 100% of LoudMouth Media from CBMJ – Expanding Scope and Distribution
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.
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