Rangemore releases third quarter results
MIAMI BEACH, FL, Nov. 15, 2013 /PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK:RANF) announces its 2013 third quarter results. The September 30, 2013 financial statements along with a quarterly report are available for download from the OTC Markets website at www.otcmarkets.com.
The highlights of the report are:
- Current assets have grown from $195 at September 2012 to $374,521 at September 2013, an increase of $374,326 over a one year period. This is as a result of the operations merged in on March 31, 2013.
- Total assets have increased from $443,919 at September 2012 to $691,523 at September 2013.
- Accounts payable increased from $0.00 at September 2012 to $39,293 at September 2013. This is a result of sustaining the existing operations and uplifting the quotation of the common shares as well as commencement of expansion of both the studio and film funding operations.
- Amounts owing to management increased to $55,876 due to management paying corporate expenses.
- Due to stockholder's liability has decreased $96,283 as a result of settlement.
- Common stock issued increased by 87,530,070 during the period. This was a result of debt settlement. $87,530 of debt was settled at $0.001 par value and subject to Rule 144 restriction. This was double the current market price at the time.
- Notes Payable increased for $0 to $382,735. This was a result of debt consolidation. The majority of amounts are due to management and shareholders for expenses and services.
- Revenue for the nine months ended September 2013 was $155,553 compared to $0 generated over the same period last year.
During the third quarter of 2013 management continued to execute on its previously announced six month goals. It sourced and begun reviewing one television and four independent film projects. It is currently developing the corporate and funding structures for these projects. It also continued its due diligence on the identified film studio properties targeted for acquisition. This process is ongoing.
Now that the third quarter is completed, the management is starting the process to become fully reporting in the United States. This involves a two year audit and filing a Form 10. Once this has been cleared by the SEC, an application to list on the CNSX will be completed and submitted along with a Prospectus filed with the BCSC.
About Rangemore Film Productions Corp. (Formerly Auctions International
Rangemore Film Productions Corp. is a publicly traded company in the business of operating film studios and co-producing independent film productions.
Rangemore is currently in the process of identifying and acquiring studio suitable properties in four key markets: Asia; South Africa; Europe and North America. Potential acquisition sites will have to meet certain criteria including: a low cost per square foot; easy conversion into usable studio space; established local infrastructure; establish local film industry; limited or non-existent competition; available government tax incentives and mortgage financeable. The identified acquisitions will be either purchased outright utilizing debt funding and tax credit incentive programs or leased on a long term basis.
Along with the studio operations, Rangemore will be actively investing in and co-producing independent film productions. Currently Rangemore has a preliminary agreement to participate in the royalties of an independent film production being developed in the United Kingdom. The agreed upon terms will allow Rangemore to purchase interest in the film royalties in exchange preferred shares for up to a maximum of 10% of the total royalties. The final terms and a definitive agreement are in the process of being prepared.
Rangemore Film Productions Corp. is a Development Stage Company, as defined by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 915, Development Stage Entities, and has not yet generated significant revenues from their intended business activities.
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 Rangemore Film Productions Corp's filings with OTCMarkets which may identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
SOURCE Rangemore Film Productions Corp.