For the six months ended March 31, 2012, revenues increased 717% to $49.5 million compared to $6.1 million for the six months ended March 31, 2011. Gross profit for the half year was $0.6 million, or 1% of revenue, compared to $3.6 million, or 61% of revenue, in the same period of 2011. Net loss for the first half of fiscal 2012 was $5.9 million resulting in a loss per basic and fully diluted share of $0.02, as compared to a net loss of $2.1 million, or a loss per basic and fully diluted share of $0.01 in the first half of 2011. For the first six months of fiscal 2012, the weighted average number of basic and fully diluted shares outstanding was 360,694,346 and 370,691,443, respectively as compared to the same period of 2011, when the weighted average number of basic and fully diluted shares outstanding was 246,148,800 and 248,645,221, respectively. Net loss per share for both basic and fully diluted is computed on the weighted average number of basic shares outstanding because derivatives are considered anti-dilutive to net loss.
MediaNet reports net income or loss on a GAAP and non-GAAP basis. Non-GAAP net income or loss excludes non-cash expenses for depreciation, amortization and for stock-based compensation ("SBC"). In the second fiscal quarter 2012, the charge related to SBC was $1.5 million, compared to $0.3 in the second quarter of 2011 Depreciation and amortization was $0.02 million in the second quarter of 2012, compared to $0.2 million in 2011. The result is that Non-GAAP net loss for the second quarter ended March 31, 2012 was $1.4 million compared to Non-GAAP net loss of $0.3 million for the same period in 2011 or 4.6% and 7.3% of revenues, respectively. The non-GAAP measure is reconciled to the corresponding GAAP measures in the accompanying financial tables.
About MediaNet Group Technologies, Inc.:
MediaNet Group Technologies, Inc. (OTCQB: MEDG), through its wholly-owned subsidiaries under the DubLi brand addresses consumer needs both online and offline through innovative engagement models, as well as virtual shopping experiences. Through its DubLi.com website, the company also creates tremendous opportunities by helping entrepreneurs both large and small create micro-distributor organizations by joining Dublinetwork.com. MediaNet Group Technologies main focus is to provide consumers around the world with the highest online value for their shopping and entertainment opportunities. The foundation of MediaNet Group was built upon an innovative business concept, a global presence and a consumer-centric business model that seeks to capitalize on global economic trends and changing consumer behaviors. The central hub of the MediaNet Group universe is DubLi.com, a comprehensive online shopping and entertainment community. DubLi Network is the sales and marketing engine for DubLi.com that is driven by a marketing network of Business Associates who use word-of-mouth advertising, the most effective form of direct selling, to sell a variety of memberships and packages that generate traffic to DubLi.com. DubLi Partner offers a white-label version of its DubLi.com platform giving participating organizations a professional, reliable web presence while providing access to DubLi's global online shopping and entertainment community. BSP Rewards, also known as DubLi Shopping, is responsible for the management and operations of DubLi's Shopping Mall platforms around the world. MediaNet Group is emerging as a leading provider of innovative shopping and entertainment solutions to consumers in over 100 countries.
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