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InnerScope Hearing Technologies (OTC: INND) Announces Profitable Year-End 2022 Financial Results
InnerScope Hearing Technologies (OTC: INND) Announces Profitable Year-End 2022 Financial Results.
About this update from Innerscope Hearing Technologies, Inc.
[{"type":"text","content":"\n\n\n\nInnerScope Hearing Technologies (OTC: INND) Announces Profitable Year-End 2022 Financial Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nInnerScope Hearing Technologies (OTC: INND) Announces Profitable Year-End 2022 Financial Results\nPR Newswire\nROSEVILLE, Calif., April 3, 2023\n\n\n\nInnerScope Hearing Technologies (OTC: INND) Announces Profitable Year-End 2022 Financial Results\nFull-Year 2022 Financial Highlights:\nConsolidated Net Revenues: $15,284,327Gross Profit: $9,079,335Net Profit: $5,575,892Net Profit from Operations: $909,135Positive EBITA of 36%ROSEVILLE, Calif., April 3, 2023 /PRNewswire/ -- InnerScope Hearing Technologies Inc. (OTC: INND) (\"InnerScope\"), an emerging and disruptive leader in the Over-the-Counter (OTC) hearing aid space, announced today its unaudited financial results for the full year ended December 31, 2022 (\"2022 Full-Year\"). InnerScope reported consolidated net revenues of $15,284,327, with a net profit of $5,575,892 and a positive EBITA (Earnings Before Taxes) of 36% for the 2022 Full-Year.\nInnerScope's annual financial report has been filed with the OTC Markets and is available to view at:https://www.otcmarkets.com/otcapi/company/financial-report/363918/content\nFull-Year 2022 Financial Result Highlights\nConsolidated Net Revenues of $15,284,327 were largely driven by wholesale distribution agreements from InnerScope's acquisitions of Hearing Assist II Inc. (\"HearingAssist\") and iHear Medical Inc. (\"iHEAR\") in late 2021. HearingAssist was Walmart's largest supplier of hearing aids online and in selected stores, and iHEAR has a team of electrical and biomedical engineers, hearing aid-related patents, and wholesale partners.Gross Profit of $9,079,335 is from an increase in gross margin with suppliers from a substantially increased number of hearing aids sold, which resulted in providing better technology at a lower price.Profit from Operations of $909,135 is from a substantial increase in the number of hearing aids sold.Net Profit of $5,575,892 is primarily from the gain on debt extinguishment and derivative lia...