NEW YORK, NY--(Marketwired - May 21, 2014) - IFLM (OTCQB: IFLM), with a plan of operations to develop genre themed resorts, announced today that for the six months ended March 31, 2014, IFLM recognized net income of $957,366 or $0.01 per share.
"This is another step in the turnaround of IFLM," said CEO David Garland. "Although it was an accounting profit, it is still another concrete example of the positive steps we're taking to execute on our plan, to clean up our balance sheet, and to build a highly profitable company for the long term."
The income stems from the default judgment by the Central District Court of California in the case Independent Film Dev. Corp vs. Junior Capital, Inc. In granting the default judgment, the court rescinded all debentures and releases the Company from all obligations due to Junior Capital, Inc., Editor Newswire, Inc., and iBacking Corp, including any and all accrued interest and penalties. As a result of the release of liabilities the Company has recognized a gain on the extinguishment of debt of $1,358,637, which resulted in a net income of $957,366.
"Since our executive and strategic transition at the beginning of the year, not only are we focusing on operational improvements, but we've also made a concerted effort to address outstanding issues on our balance sheet," said IFLM CFO Rachel Boulds. "I'm excited about the direction we're headed in."
Based in New York, NY, Independent Film Development Corporation has developed a business plan of operations of developing genre themed resorts, and real estate 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.