NEW YORK, NY--(NewMediaWire - 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.
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.
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.
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%.
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%.
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.
About RealBiz Media Group, Inc.
RealBiz Media Group, Inc. is a real estate digital media and
technology company whose proprietary video processing technology
makes it one of the leaders in providing home video tours to the
real estate industry. Its client base reaches more than 350,000
real estate agents and brokers. The company provides a series of
products including a consumer portal at http://www.nestbuilder.com, an agent-only
platform known as Nestbuilder Agent 2.0, an agent social media and
marketing solution known as ReachFactor, a growing MVA network,
virtual tours and mobile apps. The company enjoys access to many of
the nation's largest real estate companies with numerous approved
vendors and national contracts.
Safe Harbor Statement
This news release contains forward-looking statements as defined by
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plan,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulation, and other risks described in statements filed from time
to time with the Securities and Exchange Commission. All such
forward-looking statements whether written or oral, and whether
made by or on behalf of the Company, are expressly qualified by the
cautionary statements that may accompany the forward-looking
statements. In addition, the Company disclaims any obligation to
update any forward-looking statements to reflect events or
circumstances after the date hereof.