MIAMI BEACH, FL, March 18, 2014 /PRNewswire/ - Cre8tive Works, Inc. ("Cre8tive") (OTCPINK:FILM) has released its 2013 year end results. The December 31, 2013 financial statements along with the annual report and exhibits are available for download from the OTC Markets website at www.otcmarkets.com.
The highlights of the report are:
- Changed the business model through a merger with Rangemore Films. Corp.
- Changed company name and logo.
- Restructured the common shares.
- Current assets grew from $83,045 in 2012 to $353,809 in 2013.
- Total assets increased from $430,796 in 2012 to $662,896 in 2013.
- Current liabilities increased from $2,148 in 2012 to $114,647 in 2013. This was a result of uplifting the quotation of the common shares to the Current Information Tier as well as commencement of the development and rollout of the new business model.
- Amounts owing to management increased $99,016 over the year due to management paying expenses on behalf of the Company and not disbursing management fees.
- Notes Payable increased for $0 to $347,735. This was a result of debt consolidation. The majority of amounts are due to management and shareholders for unpaid services and expenses.
- Revenue for the 2013 year was $155,553 compared to $0 generated over the same period last year.
- Total expenses for 2013 were $522,688 compared to $156,334 in 2012. This was a result of uplifting the quotation of the common shares to the Current Information Tier as well as commencement of development and rollout of the new business model.
"2013 was a restructuring year." stated Richard Smith, Secretary & Treasurer of Cre8tive Works, Inc. "We completed a merger, we changed our business model, become a Current Information Filer, restructured our common shares, changed our corporate name twice, begun the rollout of the new business, changed our website and redid the investor presentation material. We got a lot accomplished but it really is only just the beginning. Now that we have 2013 out of the way we can continue the process of becoming fully reporting in the US and Canada. This is a priority as we need the fully reporting status to gain credibility within the investment community and get the funding in place to ramp up the development of the film projects. 2013 was a busy year but I predict 2014 to be even busier." continued Mr. Smith.
About Cre8tive Works, Inc.
Cre8tive Works, Inc. is a Miami Beach based company that specializes in the financing of compelling, production ready, independent films and documentaries. Our mandate is to identify projects that strike a balance between artistic integrity and commercial viability for the international market and to develop strong relationships with independent filmmakers that will assist them in bringing their vision to fruition while ensuring a solid financial return for our shareholders. Cre8tive Works, Inc. is a publicly traded company having its common shares quoted on the OTC Markets under the symbol FILM.
For more information please call 786-924-6579
Forward Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Cre8tive Works, Inc.'s filings with OTC Markets which may identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
SOURCE Cre8tive Works, Inc.