Business Highlights Within the Three-Month ended September 30, 2022:
Ms. Marshini Moodley, CEO and CFO, said, “We recorded an increase in both the revenue and gross profit for the period ended
Three-month Ending September 30, 2022, Financial Results:
Three Months Ended September 30, | ||||||||
2022 | 2021 | |||||||
Revenues | $ | 1,368,677 | $ | 687,523 | ||||
Gross Profit | $ | 798,262 | $ | 358,173 |
Improved Balance Sheet Results
September 30, 2022 | 2022 | |||||||
Cash | $ | 28,921 | $ | 185,782 | ||||
Total Assets | $ | 8,980,404 | $ | 14,193,235 | ||||
Total Liabilities | $ | 2,678,754 | $ | 9,099,623 | ||||
Total Stockholders’ Equity | $ | 6,301,650 | $ | 5,093,612 |
Marshini Moodley added, “Our quarterly performance reflecting decreased total asset portfolio and total liabilities mainly as result of the sale of three subsidiaries of the group that included mostly the land, properties and loans related with those properties. Due to that, the working capital is improved as there was a working capital deficit of $83,884 on
Strategies for Growth
During this financial year we continue to undertake several key activities aimed to improve the overall performance of
- Continue to consolidate the operations of
Prema Life with that ofTugun Compounding Pharmacy to drive cost reduction and efficiencies across both operations. - Launch Health Script telehealth platform for naturopaths globally with key markets focus
Australia and theUSA . - Continue with smaller acquisitions that can contribute to revenue growth and synergies across the group. We expect that the acquisitions made to date will contribute to significant revenue and profit growth this financial year.
These activities are being worked on and we will communicate their completions as we achieve them.
Disclosure Regarding the Financial Reports Provided in the Form 10-Q
The auditor’s review for current version of the Form 10Q has not been completed due to the fact that the valuation report for the acquisition of the business of
Once the auditor’s review is ready, the Company will file an amendment to its Form 10-Q.
About
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SAFE HARBOR
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, are subject to Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbors created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
Company Contact:
Investor Relations
ir@rayont.com
Source:
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