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Silo Wellness Submits Annual Filings After Completion of Audited Financials; Management Commentary
Springfield, Oregon--(Newsfile Corp. - April 6, 2023) - Silo Wellness Inc. (CSE: SILO) (OTCQB: ...
About this update from Silo Wellness Inc
[{"type":"text","content":"Silo Wellness Submits Annual Filings After Completion of Audited Financials; Management CommentarySpringfield, Oregon--(Newsfile Corp. - April 6, 2023) - Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) (FSE: 3K7A), announced the filing of the Company's audited annual financial statements and corresponding management's discussion and analysis (\"MD&A\") for the year ended October 31, 2022, (collectively, the \"Annual Filings\"). The Annual Filings are available for download from the Company's SEDAR profile.The filling of the Annual Filings is an automatic application to the Ontario Securities Commission to revoke the previously-disclosed Failure to File Cease Trade Order (the \"FFCTO\"). Trading is expected to resume on the Canadian Securities Exchange (\"CSE\") shortly after the revocation of the FFCTO. Management Commentary\"The 2022 year-end audit has been an extensive process primarily due to the low materiality threshold because of the small size of our market cap, the complexity of the April 2022 debt financing, and all the recent debt restructuring. I'd like to thank our CFO Winfield Ding and our auditors at Zeifmans for their work to get this over the finish line and the patience of our shareholders and other interested parties,\" said Mike Arnold, Silo Wellness founder and CEO. Arnold continued, \"With the audit process firmly behind us, our focus continues to be on continuing revenue-generating operations in Jamaica and moving forward our Oregon psilocybin strategy.\" 2022 Annual Filings HighlightsComparison of 2022 vs. 2021Sales revenue for the year ended October 31, 2022, was $335,811, showing a significant increase of 179% from the previous year, which reported $120,120. The cost of goods sold for the year 2022 was $212,849, indicating a decrease of 45% from the previous year, which reported $388,614. As a result, the Company's gross margin was $122,962, compared to a loss of $268,494 in 2021, representing a significant improvement in the gross margin of 145%. The Company reported total expenses of $5,544,819, representing an increase of 16% compared to $4,789,543 in 2021, reflecting an increase in advertising and promotion fees, consultant fees, and management fees. The advertising and promotion fees were $3,643,165 in 2022, representing a growth of 140% compared to $1,517,336 in 2021. The advertising and promotio...