News and Announcements
Omni Market Tide Limited Half Yearly Financial Report; Exclusive Alliance with Boardroom Limited; Launch of Omni LOOP App
- Published September 05, 2016 10:41AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
31st August 2016, ASX Anouncemennt
Review of Operations
The result for the overall operations of the Group for the six-month period to 30 June 2016 was a consolidated loss of $2,464,739 (2015: Parent loss of $325,594).
The following is a summary of the key developments in the Company’s operations during the half year ended 30 June 2016:
- On 23 March 2016, the Company announced that it had entered into an exclusive alliance with Boardroom Limited to integrate the Company’s unique mobile stakeholder engagement applications into Boardroom’s digital solutions portfolio. Boardroom is a leading international share registry and professional services provider in the Asia Pacific region. The alliance built on an alliance between the Company and Boardroom’s Australian subsidiary entered into in September 2015.
- On 6 April 2016 the Company launched its Omni LOOP App on both the Apple Store and the Google Play Store
- On 30 May 2016 the Company utilised the Omni LOOP App for engagement and voting at its 2016 Annual General Meeting representing the first occasion in Australia that shareholders have been able to exercise a direct vote, attend an annual general meeting via a live stream and ask questions in real time via a mobile application.
As indicated above, the Company achieved a number of significant milestones in the development of its stakeholder engagement application during the half year. Whilst there has been considerable interest in the applications from a range of potential customers, conversion of sales leads into revenue generating contracts has been slower than anticipated. Taking these factors into consideration it was determined by the Company’s directors, in accordance with the provision of AASB138 Intangible Assets, to impair the previously capitalised intangible assets relating to capitalised developments costs resulting in an impairment charge of $520,816 being in the Consolidated Statement of Profit and Loss and Other Comprehensive Income in the half year.
To read the full Half Yearly Report and Accounts, please click on the button below.
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