NanoTech Entertainment announced that it has released its Annual Financials for the period ending June 30.
The report shows the most recent quarterly revenues are up 10 percent over projections and that the company has sustained its first quarter of profits.
Jeff Foley, CEO of NanoTech, stated, "We are extremely excited about the increase in revenue over our projections. We have been expanding in both the gaming and media industries, and we anticipate revenues to continue increase in the next quarter." Foley said the report is a positive indicator to the investment community about the direction of the company. "We expect to continue to grow as we increase the number of streaming television channels that we offer, featuring both original and licensed content. We are also excited about the upcoming release of new products from each of our divisions." The new products combined with the recent acquisitions are paving the path for continued expansion of NanoTech.
Director Ted Campbell added "We are very optimistic about our future strength as we continue to improve the balance sheet combined with our reduction in share overhead. We believe that we have entered a new phase for NanoTech, strengthening the company and putting it firmly on solid ground."
According to a release, total revenue for the fiscal fourth quarter was $818,185, which compares with $257,551 in the previous quarter. Liabilities for the fiscal fourth quarter were reduced to $115,931, down from $1,435,590 in the previous quarter. Net income for the quarter was $172,644, showing the companies first quarter of profits. NanoTech Entertainment annual financial statements for the year ending June 30, are available at otcmarkets.com/stock/NTEK/ filings.
Headquartered in San Jose, CA, NanoTech Entertainment is a technology company that focuses on all aspects of the entertainment industry. The company includes five technology business units, focusing on 3D, Gaming, Media & IPTV, Mobile Apps, and Manufacturing.
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