"We are honoured to receive the nomination to the AMAA awards as this is the biggest recognition a film can receive in the continent," founder and producer Luzuko Dilima said in a statement.
The film was nominated in several categories at the awards to be held in Bayelsa state, Nigeria, later this month.
These included best film, best director, best actor in a leading role, best actor in a supporting role, best actress in a supporting role, best young or promising actor, and achievements in editing, screenplay, sound, cinematography, visual effects, soundtrack, and production design.
"This bodes very well for not just New Brighton Pictures, the director, and crew, but the film industry in South Africa," said Dilima.
Shot in black and white, the film was directed by East London born, award-winning film director Jahmil XT Qubeka and was released in August last year.
The controversial film, which centres around a male high school teacher in rural South Africa who has an affair with a female pupil, was originally banned by the Film and Publication Board, in terms of the Film and Publications Act 1996.
This was based on a scene between the teacher and pupil that the board said constituted child pornography.
Qubeka appeared on stage with his mouth taped as a sign of protest and the ban was eventually overturned and the film was classified as suitable for viewers aged 16 or over.
"Of Good Report" also won seven other awards at the South African Film and Television Awards (SAFTA) last month.
"This... brought the tally of accolades to 28 since its release last year," said Dilima.
The production company had also partnered with music and movie store Musica, to distribute the film nationally, as the company was already accredited as a vendor to Musica.
"The film is expected to hit the shelves shortly after the AMAA's as the awards will need to be added into the list featured in the DVD sleeve," said Dilima.
The production company had also received a film distribution licence and was expected to be the first black-owned distribution company to acquire a licence in the Eastern Cape.
"The distribution licence will see us restore the love of film especially in non-traditional markets," said Dilima.
The current film distribution model excluded millions of people who could not afford the prices charged in cinemas and they relied mainly on free-to-air television and movie hiring stores.
"Through non-conventional distribution methods, we will bring quality films back to the people," said Dilima.