ominto-logoOver 2014 and 2015 Ominto (Dubli) lost a combined $24.5 million dollars.

In 2016 Ominto’s heavy losses look set to continue, with the company’s recent 10-Q filing revealing a $1.9 million third-quarter loss.

June 30th marks nine months into Ominto’s 2016 fiscal year, with the company reporting an annual loss so far of $6.9 million (up from $4.7 million this time last year).

We have incurred substantial losses from inception through June 30, 2016.

We experienced negative net cash flows from our operating activities of approximately $5.9 million and $2.5 million for the nine (9) months ended June 30, 2016 and 2015, respectively.

Looking at Ominto’s 10-Q filing, “Membership subscription fees” and “commission income” made up the bulk of revenue ($3.2 million out of $3.9 million).

“Selling, general and administrative expenses” however came in at $4.2 million, resulting in a $1.9 million “loss from operations”.

Selling expenses dragging revenue into the red has been a consistent problem for Ominto and Dubli for years.

We will require additional financing to meet our working capital and capital expenditures requirements.

We had an accumulated deficit for the period from our inception through June 30, 2016 of approximately $56.3 million.

As a result, we had a working capital deficit of approximately $10.3 million as of June 30, 2016.

These factors raise substantial doubt about our ability to continue as a going concern.

Dubli has been around since 1999. How much longer these losses will continue on for is anyone’s guess.