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.
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
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SOURCE Independent Film Development Corporation