Simlatus Corp (OTCMKTS:SIML) submitted Form 10-Q wherein it stated that for the quarter closed June 30, 2016, the revenue came at $5,347 compared to revenue of $0 in the prior year quarter. This increase in revenue can be attributed to new product sales. Cost of revenue during the same period came at $30,948 compared to cost of revenues of $0 in the quarter closed June 30, 2015.
Simlatus gross profit came at $(25,601) for the quarter closed June 30, 2016 against gross profit of $0 in the comparable period. Operating expenses surged to $421,975 from $250,425 posted in the prior year quarter. These expenses comprised primarily of management fees, consulting fees, preparing reports and office expenses, and SEC filings pertaining to being a public firm. The increase in operating expenses can be primarily attributed to jump in consulting fees and general and administrative costs.
Simlatus’ net loss from operations for the quarter closed June 30, 2016 came at $(447,576) compared to and $(250,425) in the same quarter, a year ago. The increase in loss was due to jump in operating expenses.
Simlatus reported that it intends to become a leader in the ‘Immersive Technologies Device Industry’. Bob Stillwaugh, the Chairman said that they have some of the most brilliant minds in the respective industry. The company is well positioned to thrive in the immersive technologies markets with existing sales of their visual/audio support systems and commercial broadcasting. They are structuring the R&D segment for immersive technologies products to advance a strategic technology roadmap. It will eventually allow the firm to excel into high-growth over-the-top (OTT) and digital television markets.
These offerings are being designed for Simlatus’ existing clients and newer markets. Simlatus’ planned list of new products will include SyncPal, Augmented Reality, SocialCast AR and Virtual Reality Content Server offerings for major markets. In addition, the target technologies cover Immersive Technologies, Audio Content Recognition, OTT API Integration and Audio/Video Codecs into Key Platforms.
The CEO added that the latest immersive technologies offerings will reshape overall industry. This market is lucrative with a high potential offering. Many new application and platforms are still unexplored. In an attempt to lead the peers, Simlatus plans to invest on dedicated R&D team for both business and technical innovations.