Sitestar Shows Loss in 1st Report as Internet Firm

Sitestar Corp. in Encino filed its first annual report as a diversified Internet company. The new company reported a net loss for the year ended Dec. 31 of $3.4 million on revenue of $224,000. Sitestar’s reported revenue includes only its Internet operations and does not include revenue generated from its former food distribution company. The company says it expects to generate $3 million from continuing operations in the next 12 months.

Sitestar acquires and invests in emerging Internet businesses.