on the positive side, the new website is up. It looks good actually, Ominto might be able to fool enough new subscribers, for s limited time of course.
Unsurprisingly, Ominto continues to delay its quaterly reports.
And here is why:
The Company's results of operations for the quarter ended March 31, 2016 are significantly different than its results for the quarter ended March 31, 2015. Specifically, selling, general, and administrative expense has increased from approximately $3.0 million in the 2015 fiscal first quarter to approximately $3.3 million in the 2016 fiscal first quarter. Losses from continuing operations increased from $2.0 million in the quarter ended March 31, 2015 to approximately $2.3 million in the quarter ended March 31, 2016. The primary cause for the increased loss from continuing operations was higher selling, general, and administrative costs mostly attributed to higher payroll and severance costs for executive level employees.
In other words, business as usual, losses upon losses. We will probably see another dilution this quareter.
