RealBiz Media Group filed yesterday its first quarter (fiscal) 2016 financial results http://realbizmedia.com/investor-relations-sec-fillings/. The report begins to reflect the results of the reorganization and de-consolidation implemented during fiscal 2015.
First and most importantly, our operating loss in the three months ended January 31, 2016 decreased to $143,141, down approximately 91% from $1,665,072 in the comparable 2015 period. Much of the current operating loss was impacted in the three months ended January 31, 2016 by seasonal items related to various charges associated with our 2015 Annual Report filing. Additionally our current liabilities in the three months ended January 31, 2016 decreased to $879,833, or down approximately 46%, from $1,618,915 in the three months ended January 31, 2015.
Revenues were down slightly to $273,924 in the three months ended January 31, 2016, or approximately off 6.4% vs the comparable 2015 period. The decrease in revenues is attributable to a decrease in the volume of virtual tour videos produced, offset by a modest increase in the licensing of PowerAgent (soon to be renamed NestbuilderAgent). We had cash of $299,900 on January 31, 2016, an increase of approximately 110% from our cash of $142,204 in January 31, 2015. We anticipate our revenues to increase in the forthcoming quarters with our expected market penetration of our new NestbuilderAgent 2.0 product which was launched in late January 2016 to rave reviews.
In the marketing arena, we also announced today a very important strategic partnership with Onboard Informatics http://finance.yahoo.com/news/realbiz-media-group-inc-announces-120000678.html. They are the primary, market specific local data supplier to the entire real estate industry. Almost any real estate page you view on the web today includes some of Onboard's hyper local demographic and other data. We have struck a partnership with them that will allow us to utilize this data inside of PowerAgent. But even more importantly we have agreed to jointly market PowerAgent to our mutual client bases as well as market via blogs, webinars and direct calls to key clients.
We are on the verge of dramatic events occurring to RealBiz! Coming to fruition will mean a transformation of the company far away from the video centric enterprise you have all been a part of. Your management is very excited by the opportunities presented and looks forward to communicating our progress to you our shareholders.
Alex O. Aliksanyan
Chief Executive Officer
RealBiz Media Group Inc.