Business
Kaya, Inc. Announces Preliminary Results of Operations for the First Four Months of 2022
Kaya, Inc. Announces Preliminary Results of Operations for the First Four Months of 2022.
About this update from Nugl, Inc.
[{"type":"text","content":"\n LOS ANGELES and KINGSTON, Jamaica, May 17, 2022 (GLOBE NEWSWIRE) -- NUGL Inc. (“NUGL”) (OTC: NUGL), a global cannabis lifestyle brand and technology-based multimedia platform, announced today the Kaya Group (\"Kaya\") posted preliminary revenues of $741,003.00 for the first four months of 2022. For the first four months of Fiscal 2022, which include January through April, Kaya, Inc. had unaudited revenues of $741,003.00 and adjusted EBITDA of -$104,275.00. For the month of April, Kaya had unaudited revenues of $215,341.00 and positive adjusted EBITDA of $47,534.00. For the Fiscal Year ending December 31, 2021, Kaya posted unaudited gross revenues of $2.2 million, with gross margins of 61%. Adjusted EBITDA for Fiscal 2021 showed a small loss of $71,000.00. Nearing the middle of 2022, Kaya is now approaching its 4 1/2-year anniversary. Moving forward, the company plans to increase revenues by opening new markets for its cannabis brand. The combined NUGL and Kaya are currently working with a PCAOB auditor to provide audited financial statements, which will be filed on the SEC EDGAR system. Bali Vaswani, Chief Executive Officer of NUGL and Founder of Kaya, commented, \"We are very pleased with the revenues we achieved and the progress we are making building the Kaya brand. Kaya is synonymous with quality, and we plan to tap into the network NUGL has built over the years to expand into new markets. We ramped up quickly after slowing down during Covid, and we owe a tremendous amount of gratitude to the extra hours of hard work our Kaya team put in to make it possible. Our employees and our customers are truly our greatest asset.\"          On April 05, 2022 NUGL Inc. completed the previously announced acquisition of Kaya, Inc. in an all-stock transaction. Kaya continues to be at the forefront of the legal medical ganja industry since the Jamaican government issued the company one of two licenses for research and development in 2015. Upon receiving this license, Kaya built Jamaica’s first cultivation and extraction facility at the University of Technology. In 2018 Kaya became the first medical cannabis brand from the Caribbean to open a retail medical marijuana dispensary and herb house for the selling and consumption of cannabis on premise. In November 2021 Kaya Farms made t...