Business
Ketamine One Reports Audited Financial Results for the 2021 Fiscal Year
Ketamine One Reports Audited Financial Results for the 2021 Fiscal Year.
About this update from Wellbeing Digital Sciences Inc.
[{"type":"text","content":"\n VANCOUVER, British Columbia, Dec. 13, 2021 (GLOBE NEWSWIRE) -- KetamineOne Capital Limited (“Ketamine One” or the “Company”) (NEO: MEDI) (OTC: KONEF) (Frankfurt: MY0), a company focused on consolidating medical clinics and becoming a North American leader in mental health treatments, is pleased to announce that it has filed its audited financial results for the fiscal year ending July 31, 2021, the highlights of which are included in this news release. The full set of Consolidated Financial Statements and Management Discussion and Analysis can be viewed by visiting the Company’s website at www.ketamine.one or its profile page on SEDAR at www.sedar.com. Financial Highlights (all amounts expressed in Canadian Dollars unless otherwise noted) Revenue for the year period ended July 31, 2021 reached $1,131,171, as compared to $nil for the same period of the prior year, which was primarily due transitioning from an investment issuer to a single-purpose company focused on consolidating medical clinics and becoming a North American leader in mental health treatments.Gross profit for the year ended July 31, 2021 was $793,166, as compared to $nil for the same period of the prior year, due to the aforementioned reason.Net loss for the year ended July 31, 2021 was $31,914,151, as compared to net income of $1,126,874 reported for the same period of the prior year, primarily due to non-cash expenses of $5,226,365 of share-based payments, $12,324,999 for consideration paid in excess of net liabilities acquired from acquisitions and $8,905,830 of impairment loss on goodwill.Total assets for the year ended July 31, 2021 increased by 346% to $21,921,195 from $4,919,093 for the same period of the prior year, which was mainly attributable to its acquisition of KGK Science Inc. Management Commentary “The 2021 fiscal year was our first as a public issuer and, therefore, was a transformative one as the Company went public, rebranded to Ketamine One, became a single-purpose entity and completed multiple acquisitions. We have accomplished a great deal this year to build a strong foundation as one of the top mental health and digital therapeutic platforms in North America,” said Adam Deffett, Interim CEO of Ketamine One. “We are assembling a talented team and a unique platform of synergistic assets to adv...