Business
RealBiz Media Group, Inc. Announces Fiscal Year End 2015 Financials
RealBiz Media Group, Inc. Announces Fiscal Year End 2015 Financials.
About this update from Verus International, Inc.
[{"type":"text","content":"\n \n \n RealBiz Media Group, Inc. Announces Fiscal Year End 2015 Financials\n \n \nRealBiz Media Group, Inc. Announces Fiscal Year End 2015 Financials\n\n2015 Revenues Were up as the Company Cut Its Annual Loss Substantially and Introduced New Products\n\n \n NEW YORK, NY--(Marketwired - Feb 19, 2016) - RealBiz Media Group, Inc. (OTCQB: RBIZ), a video technology provider for the real estate industry, announced today the release of its fiscal year 2015 financials.\n Fiscal 2015 became a transformative year for RealBiz Media Group Inc. Almost all functional elements were reorganized and reconfigured, including a de-consolidation of management, financial reporting and operations from our former parent, Monaker Group, Inc. We restructured our senior management positions, including appointments of a new CEO, CFO and CTO. Nevertheless our revenues were up 12.83% for the year ended October 31, 2015 to $1,230,916 from 2014 with a 11.9% increase in our gross profit.\n The company made much effort in building efficiency via a combination of cost cutting, asset reallocation and strategic reorganization of business units. These efforts, among other items, resulted in a reduction of our net cash used in operations from $2,306,959 in the year ended October 31, 2014 to $1,527,745 in the year ended October 31, 2015, representing a 34% reduction.\n As a result of these actions and decisions, as well as the increase in net cash provided by our financing activities of $223,026 in fiscal 2015, our cash on hand increased from $20,066 in the year ended October 31, 2014 to $307,774 in the year ended October 31, 2015, representing an increase of over 1400%.\n Including accounts receivable, our total current assets increased from $141,774 in the year ended October 31, 2014 to $466,726 in the comparable 2014 period. This was accomplished while we also significantly decreased our accounts payable and accrued expenses from $1,880,294 in the year ended October 31, 2014 to $743,659 in the year ended October 31, 2015, representing a decrease of $1,136,635 or approximately 60%.\n With the reorganization and de-consolidation substantially implemented, management anticipates the full impact of these strategic actions to be demonstrated in our financial performance during fiscal 2016.\n About RealBiz Media Group, Inc.\n RealBiz Media Group, Inc. is a real estate...