Wellbeing Digital Sciences (NEO:MEDI.AQN, OTCQB:KONEF) Inc said its revenue in the nine months ending April 30, 2022, came in at C$5,280,640 from nil in the corresponding period of 2021 as the firm transitioned from an investment issuer to a company focused on consolidating medical clinics.
"2022 will be foundational year that will set the stage for Wellbeing to execute on its strategy in the future," Najla Guthrie, Wellbeing's chief executive officer said in a statement.
"We are focused on developing and expanding our leadership team, closing additional clinical and digital acquisitions as well as evaluating strategic capital market opportunities to build shareholder value,” Guthrie added.
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The company, which aims to become a North American leader in mental health treatments, said its gross loss for the quarter ended April 30, 2022, was C$150,648, compared to nil for the same period of the previous year, as the cost of goods sold slightly exceeded revenue for the nine-month period.
Net loss for the quarter ended April 30, 2022, was C$21,149,109, compared to a net loss of C$4,905,255 reported for the same period of the prior year, primarily due to share-based payments of C$13,945,132, general and administrative expenses of C$1,575,930, marketing expenses of C$1,522,853 and professional fees of C$2,225,604.
Total assets for the quarter decreased by 19% to C$17,714,820 from C$21,921,195 for the year ended July 31, 2021, mainly due to a decrease in cash and cash equivalents and amortization of certain non-current assets, the company said.
“As we build upon the three core pillars of our success, Drug Development, Digital Therapeutics, and our North American Clinical Network, we are focused on the development and implementation of effective mental health therapies for a growing patient base,” CEO Guthrie concluded.
The company also updated on its corporate progress since 4Q 2021, noting that it had appointed a chartered professional accountant, Terry Zimaro, as its chief financial officer. His extensive financial experience, combined with his strong leadership skills will enable him to make an immediate impact on our business, the company saidd.
Additionally, the firm appointed Dr Michael Ho as the new medical director of its MindScape Ketamine & Infusion Therapy Clinic in Houston, Texas. Since MindScape was purchased by Wellbeing on April 21, 2021, the clinic has administered over 600 low-dose ketamine infusions to patients, which the company views as a significant milestone.
Also during the period, Wellbeing became a founding member of the Women in Psychedelics Network to make a long-term impact on the psychedelic space.
Wellbeing Digital Sciences is an evidence-based mental healthcare company focused on the development and implementation of innovative clinical treatment solutions, including psychedelic medicine and digital therapeutics, as supported by clinical research.
Contact the author at jon.hopkins@proactiveinvestors.com