Wellbeing Digital Net Loss Continues To Grow: Q2 Reaches $5.15M, Up By 552% YoY

Wellbeing Digital Sciences Inc. KONEF MEDI SQ filed its financial results for the quarter ended January 31, 2022, which is the second quarter of the company’s 2022 fiscal year ending July 31, 2022.

Financial Highlights

• Net loss for the quarter ended January 31, 2022 was CA$6,503,311 ($5.15 million), as compared to net loss of CA$997,171 reported for the same period of the prior year, primarily due to share-based payments of CA$4,029,7765, professional fees of CA$645,473 and marketing expense of CA$549,010

• Revenue for the quarter ended January 31, 2022 reached CA$1,660,158, 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

• Gross loss for the quarter ended January 31, 2022 was CA$42,483, as compared to $nil for the same period of the prior year, due to the cost of goods sold slightly exceeding revenue for the three-month period

“The second quarter of fiscal 2022 marked our first financial period as Wellbeing Digital Sciences, which began an exciting new chapter for the company. During the period, KGK Science and IRP Health contributed appropriately and Wellbeing’s prospects for growth are encouraging,” stated Adam Deffett, interim CEO of Ketamine One.

Subsequent Highlighted Events

• KGK won contracts for 11 clinical trial service projects and 5 medical writing projects. Despite the restrictions associated with the COVID-19 pandemic, KGK was able to complete the conduct of 9 clinical trials and advanced several others towards completion.

• Delivered its First IV ketamine treatment under the Inpatient KITE Program

• Its wholly-owned subsidiary IRP Health Received Approval from Veterans Affairs Canada for Reactivation Program

• Najla Guthrie, the current chief research officer and president of KGK Science Inc. was appointed CEO of Wellbeing effective March 31, 2022.

The full set of consolidated financial statements and management discussion and analysis can be viewed by visiting the company’s website or its profile page on SEDAR.

KGK Science, a wholly-owned subsidiary of the company, has helped hundreds of companies with custom-designed clinical trials and claim substantiation strategies over the past 23 years. Equipped with state-of-the-art technologies, novel research techniques, and a seasoned team of industry experts it has extensive experience in pharmaceuticals, cannabis, natural health products, and more recently psychedelics.