All reports are false and should be disregarded - according to the new Auditor
quote from the most recent 8K
On October 31, 2017, upon the recommendation of the Audit Committee of Ominto, Inc. (the “Company”), the Board of Directors (the “Board”) of the Company determined that the condensed consolidated financial statements for (i) the quarter ended December 31, 2016, included in the Company’s Quarterly Report on Form 10-Q filed on February 14, 2017 (the “ Q1 Report”) and (ii) the quarter ended March 31, 2017, included in the Company’s Quarterly Report on Form 10-Q filed on May 16, 2017 (the “ Q2 Report” and together with the Q1 Report, the “Reports”) should no longer be relied upon.
The Board based its determination not to rely upon the financial statements contained in the Reports on the financial impact of treasury stock involved in the Company’s December 2016 share exchange agreement with Lani Pixels, on certain sales incentives made in the form of equity awards to non-employees and on other equity issuances made to employees.
The Audit Committee has discussed the errors in the Reports with the Company’s independent auditors, Friedman, LLP and determined that such errors were material. As a result, the Company has decided to file amendments to the Reports in which the financial statements contained therein will be restated as soon as practicable.
