OmniReliant Holdings Inc. announced earnings results for the year ended June 30, 2009. Net loss for the fiscal year was $2.63 million, up from $15.40 million for the previous fiscal year.

OmniReliant Holdings Inc. filed its 10-K on October 09, 2009 for the period ending June 30, 2009. In this report its auditor, KBL, LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

OmniReliant Holdings, Inc., in a filing with the Securities and Exchange Commission said that, the company will have to raise additional capital in order to continue as a going concern. The company said, “The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates continuing operations, realization of assets and liquidation of liabilities in the ordinary course of business. Our ability to continue as a going concern is dependent upon its ability to raise sufficient capital to implement a successful business plan and to generate profits sufficient to become financially viable. To the extent that it becomes necessary to raise additional cash in the future as our current cash and working capital resources are depleted, we will seek to raise it through the public or private sale of debt or equity securities, the procurement of advances on contracts or licenses, funding from joint-venture or strategic partners, debt financing or short-term loans, or a combination of the foregoing. We also may seek to satisfy indebtedness without any cash outlay through the private issuance of debt or equity securities.”