LOS ANGELES, Aug. 20, 2012 /PRNewswire/ -- 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.
About the Independent Film Development Corp.
Based in Los Angeles
California, Independent Film Development Corporation is
developing a multi-pronged approach to integrate the multi-billion
dollar independent film market to include Finance, Web, Sales and
Distribution and Development.
Forward-Looking Statements:
This press release includes forward-looking statements
concerning the future performance of our business, its operations
and its financial performance and condition, and also includes
selected operating results presented without the context of
accompanying financial results. These forward-looking statements
include, among others, statements with respect to our objectives
and strategies to achieve those objectives, as well as statements
with respect to our beliefs, plans, expectations, anticipations,
estimates or intentions. These forward-looking statements are based
on our current expectations. We caution that all forward-looking
information is inherently uncertain and actual results may differ
materially from the assumptions, estimates or expectations
reflected or contained in the forward-looking information, and that
actual future performance will be affected by a number of factors,
including economic conditions, technological change, regulatory
change and competitive factors, many of which are beyond our
control. Therefore, future events and results may vary
significantly from what we currently foresee. We are under no
obligation (and we expressly disclaim any such obligation) to
update or alter the forward-looking statements whether as a result
of new information, future events or otherwise.
Contact : Independent Film Development Corp. www.iFilmsinc.com
Email Contact: ir@ifilmsinc.com
Twitter: www.twitter.com/ifilmsinc
SOURCE Independent Film Development Corporation
