Business
Wellbeing Digital Reports Financial Results for the Fourth Fiscal Quarter
Wellbeing Digital Reports Financial Results for the Fourth Fiscal Quarter.
About this update from Wellbeing Digital Sciences Inc.
[{"type":"text","content":"\nWellbeing Digital Sciences Inc. (“Wellbeing” or the “Company”) (NEO: MEDI) (OTC: KONEF) (FRA: SQ2), an evidence-based mental healthcare company focused on the development and implementation of innovative clinical solutions, including psychedelic medicine and digital therapeutics as supported by clinical research, announces that it has filed its financial results for the quarter ended July 31, 2022, the highlights of which are included in this news release. The full set of consolidated Financial Statement and Management Discussion and Analysis can be viewed by visiting the Company’s profile page on SEDAR at www.sedar.com.\n\nFinancial Highlights (all amounts expressed in Canadian Dollars unless otherwise noted)\n\n\nRevenue for the quarter ended July 31, 2022 was $1,160,547, which was an increase of 2.5% over the revenue of $1,131,171 in the same quarter in 2021;\n\n\nNet loss for the quarter ended July 31, 2022 was $4,056,632, as compared to a much higher loss of $27,008,896 for the same period of the prior year, largely due to a $12,324,999 provision for consideration paid in excess of net liabilities acquired from acquisitions and impairment of goodwill of $8,905,830;\n\n\nTotal assets at July 31, 2022 decreased by 21.5% to $17,217,108 from $21,921,195 at July 31, 2021, which was mainly attributable to a decreased in cash and cash equivalents.\n\n\nManagement Commentary\n\n“Our three key pillars of our Clinical Network, our Contract Research Organization and our Digital Therapeutics platform have demonstrated the scalability and versatility of the Wellbeing ecosystem. We have projected to complete several research and consulting contracts with significant revenues expected within the next twelve to eighteen months,” stated Najla Guthrie, CEO.\n\nSubsequent Highlighted Events (all amounts expressed in Canadian Dollars unless otherwise noted)\n\n\nChange of Financial Year End: On August 11, 2022, announced that the Company had changed its financial year end from July 31st to October 31st. The transitional October 31, 2022 will be a 15-month period.\n\n\nOutlook (excerpt from the Company’s Management Discussion & Analysis for the Period Ended July 31, 2022 and 2021)\n\nThe Company is dedicated to becoming a leader in clinical offerings of ketamine-enhanced treatments across No...