Published On: Fri, Dec 30th, 2016

SeanieMac International Ltd (OTCMKTS:BETS) Files Form 10-Q

SeanieMac International Ltd (OTCMKTS:BETS) reported that Gross gaming revenues during the quarter closed September 30, 2016 and 2015 came at $7,480 and $10,621, in that order. The decline in gross gaming revenues for the quarter closed September 30, 2016 over the quarter closed September 30, 2015 can be attributed to losses from web sports betting activities in the reported period.

The highlights

SeanieMac International Ltd (OTCMKTS:BETS) reported that promotional allowances in the quarter closed September 30, 2016 came at $24,300, as against the promotional allowances of $11,438 for the same period in 2015, a jump of $12,862. The jump in promotional allowances highlights the cost of customer’s bonuses and promotions, comprising free bets.

Operating costs during the quarter closed September 30, 2016 came at $541,737, as against operating costs of $131,449 for the same period in 2015, a jump of $410,288. The jump in operating costs highlights an increase in S, G & A costs comprising platform expenses of $271,703.

SeanieMac International Ltd (OTCMKTS:BETS) reported that operating loss in the quarter closed September 30, 2016 came at $626,018, as against the operating loss of $132,266 for the same period in FY2015. The jump in operating loss for the quarter closed September 30, 2016 over the quarter closed September 30, 2015 of $493,752 can be attributed to the jump in operating costs.

Other expenses surged to over $2.230 million compared to $613,019 for the quarter closed September 30, 2016. The jump in other costs is mainly due to change in derivative liabilities fair value, partially offset by a decline on debt modification and a jump in interest expense.

Net loss in the reported period came at over $2.856 million, a jump of $2.110 million, against a net loss of $745,375 for the quarter closed September 30, 2015, again following the reasons stated above.

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