NanoTech Entertainment, an entertainment technology company, announced today through its annual financial reporting that it has achieved its first quarterly profit. Projected quarterly revenues surpassed management expectations by 10% for the period ending June 30, 2013.
NanoTech attributes its success to expansion into the gaming and media industries. Jeff Foley, CEO of NanoTech, said that he expects continued revenue growth into the next quarter. “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.”
NanoTech is poised for continued expansion with the recent acquisition of new products. Total revenue from the fiscal fourth quarter showed an extraordinary increase of 217% to $818,185 from $257,551 in the previous quarter. NanoTech continues to perk up its balance sheet by reducing liabilities. Liabilities for the fiscal fourth quarter were reduced to $115,931, down from $1,435,590 in the previous quarter.
NanoTech Entertainment focuses on several aspects of the gaming industry through its operation of five technology business units, concentrating on 3D, Gaming, Media & IPTV, Mobile Apps, and Manufacturing. The company has a unique business model by developing and licensing its games to third parties thereby keeping its overhead lower while streamlining operations.
NanoTech Entertainment’s annual financial statements for the year ending June 30, 2013, is available at www.otcmarkets.com/stock/NTEK/filings.
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