Business
InnerScope Hearing Technologies (OTCQB: INND) Reports Second Quarter 2019 Financial Results & Update on Key Revenue Growth Initiatives
InnerScope Hearing Technologies (OTCQB: INND) Reports Second Quarter 2019 Financial Results & Update on Key Revenue Growth Initiatives.
About this update from Innerscope Hearing Technologies, Inc.
[{"type":"text","content":"\n ROSEVILLE, Calif., Aug. 30, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- InnerScope Hearing Technologies Inc. (OTCQB: INND) (\"InnerScope\") a manufacturer and Direct-to-Consumer (\"DTC\") distributor/retailer of FDA-Registered Hearing Aids, Personal Sound Amplifiers Products, (\"Hearing Products\") Hearing Related Treatment Therapies, Doctor-Formulated Dietary Hearing Supplements and proprietary CBD Oil (\"Hearing Health Products\") (collectively \"Hearing Product Portfolio\"), today announced its unaudited second quarter ended June 30, 2019 (\"Q2 2019\") and an update on key revenue growth initiatives. Second Quarter 2019 Financial Results Achieved revenue of $219,673 with $120,210 of gross profit and an additional $71,409 in Customer Orders not delivered as of June 30th, which will be recognized in the third quarter ending September 30, 2019 (\"Q3 2019\").Achieved an incremental increase in Net Revenue of 18% over first quarter ended March 31, 2019 (\"Q1 2019\") and 439% increase versus the same quarter in 2018.Q2 2019 showed a Net Loss of $1,505,411 equal to $0.01 basic and diluted loss per share, which was mainly due to interest expenses of $728,456, and Non-Cash Stock based Compensation of $233,793. Other contributing factors were the One-Time Costs associated with opening 4 additional Audiological Hearing Aid Retail Clinics in Q2 2019. The Q2 2019 Net Loss was also a 25% decrease compared to Q1 2019 and a 19% decrease versus the same quarter in 2018. Second Quarter 2019 Business Highlights InnerScope Successfully Opened 4 Brick and Mortar Audiological Hearing Aid Retail Clinics.InnerScope Launched its own Proprietary CBD Oil Product, primarily marketed to the 50 million people in the U.S. who suffer from Tinnitus symptoms.After 9-Months of Research and Development with its Technology Partners, InnerScope Launched the NEXUS, (the \"NEXUS\") one of the world's first receiver-in-ear (\"RIC\") DTC Self-fitting Hearing Aids.InnerScope developed its own Proprietary Dietary Hearing & Tinnitus Supplements which has been approved to be sold on Walmart.com, Kmart.com, & Sears.com. Additionally, InnerScope has been working with other numerous \"Big Box\" retailers including national and local vitamin shops and pharmacy chains to carrying its complete line of Hearing Health Products.InnerScope signed an Agreement with Sears...