KetamineOne Capital (NEO: MEDI) released this morning its financial reports for the fiscal quarter ended October 31, 2021. The firm managed to post revenue of $2.0 million for the quarter.
The medical firm was to record revenues this quarter compared to the same comparable period last year because it transitioned from an investment issuer to a single-purpose company focused on consolidating medical clinics. The company’s contract research organization, KGK Science Inc., also contributed new business through four contracts.
However, the firm ended the quarter with a net loss of $9.2 million compared to a net loss of $0.6 million last year. This is mainly due to a year-on-year increase in expenditures, particularly a $6.2 million spend on share-based payments. The quarterly loss translates to $0.08 per share.
“We are pleased with Ketamine One’s financial results for the first quarter of the 2022 fiscal year, as revenue during the three-month period ending October 31st exceeded that for all of the 2021 fiscal year,” said Interim CEO Adam Deffett.
The company also ended the quarter with a $1.1 million in cash and cash equivalents balance, putting the balance of current assets at $2.5 million. Meanwhile, current liabilities ended at $1.9 million.
The firm reiterated its plan to “become a North American leader in mental health treatments,” relaying that it has acquired 15 clinics across the region with letters of intent signed for an additional clinic.
KetamineOne Capital last traded at $0.35 on the NEO.
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