Fiscal 2015 became a transformative year for RealBiz Media Group Inc. Almost all functional elements were reorganized and reconfigured, including a de-consolidation of management, financial reporting and operations from our former parent, Monaker Group, Inc. We restructured our senior management positions, including appointments of a new CEO, CFO and CTO. Nevertheless our revenues were up 12.83% for the year ended October 31, 2015 to $1,230,916 from 2014 with a 11.9% increase in our gross profit.
As this annual report covers a period commencing November 1, 2014, the new management team was not even employed by RealBiz for the 1st quarter. Our efforts did not begin to take hold until the beginning of the second half of the fiscal year. Thus the financial statements represent a blended view of RealBiz operations for 2015.
The company made much effort in building efficiency via a combination of cost cutting, asset reallocation and strategic reorganization of business units. These efforts, among other items, resulted in a reduction of our net cash used in operations from $2,306,959 in the year ended October 31, 2014 to $1,527,745 in the year ended October 31, 2015, representing a 34% reduction.
As a result of these actions and decisions, as well as the increase in net cash provided by our financing activities of $223,026 in fiscal 2015, our cash on hand increased from $20,066 in the year ended October 31, 2014 to $307,774 in the year ended October 31, 2015, representing an increase of over 1400%.
Including accounts receivable, our total current assets increased from $141,774 in the year ended October 31, 2014 to $466,726 in the comparable 2014 period. This was accomplished while we also significantly decreased our accounts payable and accrued expenses from $1,880,294 in the year ended October 31, 2014 to $743,659 in the year ended October 31, 2015, representing a decrease of $1,136,635 or approximately 60%.
Careful reading of our financial documents will show we carry into 2016 significant receivables. Our new product, PowerAgent (soon to be renamed NestbuilderAgent) was an insignificant revenue contributor for 2015, however we project strong performance during the current year.
With the reorganization and de-consolidation substantially implemented, management anticipates the full impact of these strategic actions to be demonstrated in our financial performance during fiscal 2016.
Alex O. Aliksanyan
Chief Executive Officer
RealBiz Media Group Inc.