November 23, 2022

Wellbeing Digital Reports 4Q Finances, ‘Three Key Pillars’ Stay Strong – Wellbeing Digital (OTC: KONEF)

Wellness Digital Sciences Inc. KONEF filed its financial results for quarter ended July 31, 2022 and gave an overview of their most recent activities.

Numbers for the selected period showed:

  • Total income of $872,731 (CA$1,160,547), an increase of 2.5% compared to the same quarter of 2021.

  • Total net loss of $3,050,587 (CA$4,056,632), compared to a larger loss of $20,310,689 (CA$27,008,896) for the same period in 2021, noting a provision of $9,268,399 (CA$12,324,999 CA$) for the consideration paid in excess of net liabilities acquired from acquisitions and goodwill impairment of $6,697,184 (CA$8,905,830).

  • Total assets decreased by 21.5% to $12,947,265 (CA$17,217,108) from $16,484,738 (CA$21,921,195) as at July 31, 2021, primarily due to a decrease in cash and cash equivalents.

Throughout 2021 and 2022 so far, wellness is focused on supply ketamine clinics at its 15 facilities across North America. “We are building the critical infrastructure needed to deliver groundbreaking, life-changing mental wellness treatments through existing clinics, experienced professionals and cutting-edge technology,” said CEO Najla Guthrie.

Guthrie said the company three core assets – clinical network, contract research organization and digital therapy platform – “have demonstrated the scalability and versatility of the wellness ecosystem”, while they currently expect to enter into research and consultancy contracts “with revenues expected in the next twelve to eighteen months.

100% subsidiary of Wellbeing clinical research company KGK Sciences Inc. will soon be moving to a new facility in London, Ontario, equipped with new technologies, research techniques and an industry-experienced team.

Concretely, the company will track key vital signs before, during and after psychedelic therapies via its proprietary wearable technologiesin hopes of creating objective data around the patient experience to refine and adjust processes and facilitate research into psychedelic therapies.

Photo courtesy of Geralt on Pixabay and Wikimedia Commons.