Summary by Moomoo AI
RiskOn International, Inc. has filed a notification of late filing with the SEC for its Form 10-K, which was due for the fiscal year ended March 31, 2024. The company cited the complexity of compiling, disseminating, and reviewing the required information as the reason for the delay, stating that timely filing was impracticable without undue hardship and expense. RiskOn International expects to report $0.3 million in revenue for FY 2024, a significant increase from the previous year when it had no revenue. However, the company anticipates a gross loss of $2 million and an increased operating loss of $31 million for the same period. The increase in losses is attributed to higher selling, general, and administration expenses, impairment loss on intangible assets, and increased salaries and benefits. Despite the increased operating loss, the company estimates a lower loss from continuing operations of $25 million in FY 2024 compared to $34 million in FY 2023, due to various factors including gains from conversions and investments. The notification was signed by Chief Financial Officer Kayson Pulsipher on July 1, 2024.