“2022 will be foundational year that will set the stage for Wellbeing to execute on its strategy in the future,” said
Corporate Updates During and Subsequent to the Fourth Quarter 2021:
Appointment of
Founding member of the Women in Psychedelics Network - The formation of WIP is to make a long-term impact on the psychedelic space, by bringing together a diverse group of women in this space and to be a voice for all women going forward regarding their developments, achievements and challenges. Information sharing, expertise and collaboration are a few of the many elements that the founders of WIP believe will help advocate and represent the women who are part of the psychedelic medicine industry. WIP will look to recruit healthcare representatives, scientists, and company leaders, as well as sponsorships from companies that may not be led by women but are support WIP.
Welcoming
Financial Highlights (all amounts expressed in Canadian Dollars unless otherwise noted)
- Revenue for the nine-month quarter ended
April 30, 2022 , reached$5,280,640 , as compared to $nil for the same period of the prior year, which was primarily due to transitioning from an investment issuer to a single-purpose company focused on consolidating medical clinics and becoming a North American leader in mental health treatments; - Gross loss for the quarter ended
April 30, 2022 was$150,648 , as compared to $nil for the same period of the prior year, due to cost of goods sold slightly exceeding revenue for the nine-month period ended; - Net loss for the quarter ended
April 30, 2022 was$21,149,109 , as compared to net loss of$4,905,255 reported for the same period of the prior year, primarily due to share based payments of$13,945,132 (2021 -$2,087,678 ), general and administrative expenses of$1,575,930 (2021 -$41,521 ), marketing expenses of$1,522,853 (2021 - $Nil) and professional fees of$2,225,604 (2021 -$328,806 ). - Total assets for the quarter ended
April 30, 2022 decreased by 19% to$17,714,820 from$21,921,195 for the year endedJuly 31, 2021 , which was mainly attributable to a decreased in cash and cash equivalents and amortization of certain non-current assets.
The full set of Consolidated Financial Statements and Management Discussion and Analysis can be viewed by visiting its profile page on SEDAR at www.sedar.com.
About Wellbeing Digital Science
On behalf of:
Chief Executive Officer
For further information, please contact:
VP of Marketing & Investment Relations
Email: ir@wellbeingdigital.co
Twitter: @Wellbeing_IR
Notice Regarding Forward-Looking Information:
This news release contains forward-looking statements including but not limited to statements regarding the Company’s business, assets or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and prospects of the Company.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
Source:
2022 GlobeNewswire, Inc., source