Wellbeing Digital Reports 4Q Finances, 'Three Key Pillars' Stay Strong

Wellbeing Digital Sciences Inc. KONEF filed its financial results for the quarter ended July 31, 2022 and provided some insight on their most recent businesses.

Numbers for the selected period showed:

• Total revenue of $872.731 (CA$1,160,547), representing a 2.5% increase compared to 2021’s same quarter.

• Total net loss of $3.050.587 (CA$4,056,632), compared to greater loss of $20.310.689 (CA$27,008,896) for the same period in 2021, noticing a $9.268.399 (CA$12,324,999) provision for consideration paid in excess of net liabilities acquired from acquisitions and impairment of goodwill 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) in July 31, 2021, mainly attributable to a decreased in cash and cash equivalents.

Throughout 2021 and 2022 so far, Wellbeing is focused on offering ketamine clinic treatments throughout its 15 facilities across North America. “We are building the critical infrastructure needed to provide breakthrough and life-changing mental wellness treatments through existing clinics, experienced professionals and advanced technology,” stated CEO Najla Guthrie.

Guthrie said that the company’s three main assets -clinical network, contract research organization and digital therapeutics platform- “have demonstrated the scalability and versatility of the Wellbeing ecosystem,” while they are currently expecting to complete research and consulting contracts “with significant revenues expected within the next twelve to eighteen months.”

Wellbeing’s wholly-owned subsidiary clinical research business KGK Sciences Inc. will soon move to a new London, Ontario facility equipped with novel technologies, research techniques, and an industry-experienced team.

Specifically, the company will track key vital signs before, during and after psychedelic-assisted therapies via its proprietary wearable technologies, expecting to build objective data around the patient experience to further refine and adjust processes and facilitate psychedelic therapy research.

Photo courtesy of Geralt on Pixabay and Wikimedia Commons.