Omni Health Inc (OMHE)

[lesgetrich]

ROTFLMAO You're comparing apples and oranges. The six month statement includes two months of Vitacig results and only one month of Omni/Malecon results. To make things clearer for investors, the 2FQ17 10-Q also contains a pro-forma statement that shows the results as if the acquisition had taken place as of May 1, 2016 and only included Omni results...

Omni 2FQ17 10-Q

In accordance with ASC 805-10-50, the Company is providing the following unaudited pro-forma to present a summary of the combined results of the Company’s consolidated operations with the acquisition as if the acquisition had been completed as of the beginning of the reporting period.

Malecon/Omni actually had $1,626,687 in real revenue from operations during 1FQ17 and $1,619,113 in net income for the first six months. The fact that $1 million of the income came from discontinued operations is in conformance with GAAP accounting rules and was properly reported and available for all investors to see in each quarterly financial report. The gain came from the return of VTCQ/OMHE stock by mCig in exchange for the VitaCig product line. You gave the following link but conveniently left out the fact that Omni specifically pointed out that $1 million in net profit was from discontinued operations, leaving $500,000 in operational income. There was no deception...

Omni Health, Inc. Reports $1.0M Net Income and a $1.6M Consolidated Proforma Income for 1st Quarter of Fiscal Year 2017

MIAMI, FL--(Marketwired - Jan 23, 2017) - Omni Health, Inc. (OTC PINK: OMHE), a pharmaceutical company, filed today its first quarter results for fiscal year 2017, ending July 31, 2016. OMHE recorded a $1.08M net income, which incorporated Malecon Pharmacy, Inc., a wholly owned subsidiary of OMHE as of June 22, 2016. In addition to the results, and in accordance with ASC 805-10-50, the Company provided the results of net income of the combined results of the Company's consolidated operations with the acquisition as if the acquisition had been completed as of the beginning of the reporting period. As such, the proforma results was $1.6M Net Income. The Company recognized a one-time sale of discontinue operations of VitaCig to mCig, Inc. (OTC: MCIG), in the amount of $1.1M leaving a $500K adjusted proforma net income for the consolidated quarter.

Operational net income has been adversely affected by costs involved in Omni becoming a public company. These one time costs should be alleviated in upcoming quarters and as revenues increase.

Too little accounting knowledge can be a dangerous thing

Debunked Again