Business
Brain Scientific Announces Third Quarter 2021 Results
Brain Scientific Announces Third Quarter 2021 Results.
About this update from Brain Scientific, Inc.
[{"type":"text","content":"\n NEW YORK, Nov. 18, 2021 (GLOBE NEWSWIRE) -- via InvestorWire - Brain Scientific Inc. (OTCQB: BRSF) a leader in the Medical Technology market, reported business highlights and financial results for the third quarter ended Sept. 30, 2021. Third Quarter and Recent Highlights Completed merger with Piezo Motion and announced Hassan Kotob as CEO of the combined companyRaised $5 million, inclusive of bridge financing since the signing of the merger agreement Announced a regional distribution partnership between Piezo Motion and Precise Motion to expand motion control and automation technologiesAppointed Daniel Cloutier, Thomas Olivier, and Donald MacKenzie as new independent directors to the Brain Scientific board “I’m very pleased with the fast pace of post-merger integration of Brian Scientific and Piezo Motion, said Hassan Kotob, chairman and CEO of Brain Scientific. “Since closing a little over 30-days ago, we’ve added three independent board members, completed product upgrades and advanced distribution partnerships for our neurology and Piezo offerings. In pursuit of maximizing shareholder value, we’ll continue to execute on growth momentum in company structure, product evolution and channel sales evolution.” Income Statement Highlights Product revenue for the three months ended Sept. 30, 2021, was approximately $185,000, compared to $145,000 for the prior-year period from our sales of medical equipment. Selling, general and administrative expenses were approximately $58,000 compared to $38,000 in the prior-year quarter. Research and development expenses for the quarter were $155,000 compared to $65,000 in the prior-year quarter. Total operating expenses for the quarter were $620,000 compared with $491,000 in the prior-year quarter. The Company recorded a net loss for the three months ended Sept. 30, 2021, of $318,000 compared to a net loss of $945,000 for the same period in 2020. Balance Sheet Highlights On Sept. 30, 2021, we had cash totaling $27,000 as compared to cash totaling $273,000 on Dec. 31, 2020. During the nine months ended Sept. 30, 2021, and Sept. 30, 2020, the Company used $1.2 million and $688,000, respectively, of cash in operating activities. About Brain Scientific As a commercial-stage medical technology company with multiple patents and FDA-cleared products, Brain Scientif...