Welsis Corp., a development-stage company specializing in online psychological help services, has released its Form 10-Q report for the second quarter of 2024. The report highlights significant financial improvements and strategic operational changes as the company continues to develop its telehealth platform, 'Psychologist-24'.
Financial Highlights
- Revenue: $4,400,000 for the three months ended June 30, 2024, compared to $2,000,000 for the same period in 2023, indicating a significant increase in revenue.
- Net Income (Loss): $9,359 for the nine months ended June 30, 2024, compared to a net loss of $40,700 for the same period in 2023. This improvement is primarily due to a gain on debt forgiveness of $55,000.
- Net Income (Loss) Per Share, Basic and Diluted: $(0.01) for the three months ended June 30, 2024, compared to $(0.00) for the same period in 2023. For the nine months ended June 30, 2024, it was $0.00 compared to $(0.01) for the same period in 2023.
Business Highlights
- Company Overview: Welsis Corp. is focused on providing online psychological help services, known as teletherapy or telepsychology. The company offers counseling and psychological services for adolescents and adults, including therapy for individuals, couples, and families.
- Product and Service Offering: The company has developed a telehealth platform, 'Psychologist-24', which delivers on-demand professional psychological consultations via mobile devices, the internet, video, and phone calls. The platform is functional but requires further extension and improvement.
- Customer Segments: Welsis Corp. targets a broad range of clients, including individuals with personal issues and corporate clients interested in improving the psychological climate within their organizations through group or individual sessions.
- Management Changes: On April 1, 2024, Skywest Pinnacle Limited acquired a 73% stake in Welsis Corp., leading to a change in management. Kwok Boon Kit was appointed as the new CEO, Treasurer, Secretary, and Director of the company.
- Operational Challenges: The company has faced challenges in generating revenue and has incurred losses since its inception. It is currently in a development stage with limited functionality in its service offerings.
- Future Outlook: Welsis Corp. plans to expand its service offerings and improve its platform functionality. The company anticipates requiring additional capital to meet long-term operating requirements and plans to raise funds through equity or debt securities.
SEC Filing: