Cannabis Wellness Co. OMID Holdings Reports Record Revenue For Q4 & FY 2021

OMID Holdings, Inc. OMID reported an initial financial review of its fourth-quarter operations.

“OMID’s financial highlights, which detail record revenues for both the fourth quarter and the year of 2021, convey a narrative of profitable growth organically-fueled by business operations,” said Adam Frank, chairman and CEO of the New Jersey-based companty. 

“We inherited an ‘Accumulated Deficit’ as a direct result of our reverse merger with AVOP, and I’m proud to say that we’ve converted this term on our balance sheet into ‘Retained Earnings’ - a goal of mine since day one. Having officially pulled this off, our future ambitions begin with an uplist to the OTCQB,” Frank added.

Q4 2021 Financial Highlights

• Revenue was $1.18 million compared to $1.08 million for the third quarter of 2021, a 9% improvement. Quarterly revenue increased by $690,263 or 141% year-over-year.
• Gross profit was $590,749 compared to $488,397 for the prior period, a 21% improvement. In addition, gross profit increased by $303,663 or 106% year-over-year.  
• Net income, before income taxes, was $469,034, compared to $422,729 for the previous quarter, an 11% improvement. Year-over-year, net income rose by $228,510 or 95% from $240,524 for in the prior period.

FY 2021 Financial Highlights

• Revenue was $2.77 million, up by 108% year-over-year.                                 
• Gross profit totaled $1.35 compared to $649,435 for the prior year, a 108% improvement.                                     
• Net income, before income taxes, was $994,521, compared to $425,757 for the prior year, a 134% improvement.

Photo: Courtesy of Chris Briggs on Unsplash