Innerscope Hearing Technologies
0.0022+0.00 (+4.76%)
Oct 29, 4:00:00 PM EDT · OTC Markets OTCPK · INND · USD
Key Stats
Market Cap
107.71KP/E (TTM)
0.00Basic EPS (TTM)
2.08Dividend Yield
0%Recent Filings
10-Q
Q3 FY2020 results
InnerScope Hearing Technologies posted Q3 revenues of $47,331, down 81% y/y from $250,781, while nine-month totals fell 78% y/y to $144,318, hit hard by COVID-19 shutdowns. Gross profit shrank to $41,644 from $147,771, but operating expenses dropped 65% y/y to $349,607, yielding an operating loss of $307,963 versus $855,214 last year. Net loss narrowed to $451,013 from $1,472,047, with the gap to operating loss driven by $184,552 in debt discount amortization and $100,539 interest, offset by $126,561 derivative gains. Cash edged up to $4,736, bolstered by $262,445 in PPP funding, though free cash flow isn't disclosed in the 10-Q; convertible notes stood at $3.2M principal with $4.6M derivatives. Shares ballooned to 3.46B amid debt conversions, diluting EPS to (0.00) from (0.01). COVID lingers as a stubborn drag on clinic traffic.
10-Q
Q2 FY2020 results
InnerScope Hearing Technologies posted Q2 revenues of $15,848, down sharply 93% y/y from $219,673 amid COVID-19 disruptions, while six-month totals fell 76% y/y to $96,987; gross profit shrank to $7,898 from $120,210, with operating loss narrowing to $330,975 from $1,018,748 on slashed expenses. Yet a $3.3M derivative gain flipped the quarter to net income of $2,443,160, or $0.01 per share, versus a $1.5M loss; YTD net loss widened slightly to $3.8M, or $(0.00) per share, on $2.0B weighted shares, with convertible debt's anti-dilutive effects excluding billions more shares from EPS. Cash edged up to $10,749 on $470K financing inflows including a $262K PPP loan, but operating cash burn hit $445K and liabilities ballooned to $12.0M, signaling liquidity strain. No free cash flow disclosed in the 10-Q. COVID-19 restrictions hammered sales.
10-Q
Q1 FY2020 results
InnerScope Hearing Technologies posted Q1 2020 revenues of $81,139, down 56.5% year-over-year from $186,529, as COVID-19 disruptions hammered online sales and related-party marketing fees vanished. Gross profit shrank to $31,727 from $104,165, while operating expenses dropped sharply to $473,294 from $976,731, yielding an operating loss of $441,567 versus $872,566 last year. Yet net loss ballooned to $6.2 million from $2.0 million, driven by a $5.0 million derivative fair-value hit and $613K debt discount amortization—gaps far exceeding operating shortfalls. Cash edged up to $11,868 from $4,459, fueled by $204K in financing against $194K operating burn; convertible notes net $2.7 million, with $8.2 million in derivatives. Liquidity strains persist amid a $13.2 million current liability pile. COVID-19 fallout poses the sharpest risk.
10-K
FY2020 results
InnerScope Hearing Technologies posted FY2020 revenue of $166,111, down sharply from $847,109 in FY2019, as COVID-19 forced retail clinic closures and slashed online sales momentum. Q4 saw persistent weakness with no disclosed quarterly breakdowns, but annual trends reveal a 80.4% y/y revenue drop (derived) driven by pandemic disruptions, while cost of sales fell to $68,768 from $496,736, narrowing gross margins yet yielding an operating loss of $1,219,244 versus $3,744,827 prior year. Net loss improved to $4,953,692 from $7,924,339, cushioned by lower derivative expenses of $2,289,869 and an intangibles impairment of $775,000, though interest costs rose to $489,123 amid $3,286,270 in convertible debt. Liquidity strained with just $3,349 cash against $10.4 million liabilities, but post-year financing via notes and stock sales propped operations. No annual guidance disclosed. Substantial doubt lingers on going concern viability.
8-K
Debt forgiveness clears $3.5M
Innscope Hearing Technologies cleared $3,548,335 in debt on August 18, 2022, when GS Capital Partners forgave multiple convertible and secured promissory notes dating from 2020 to 2022. This full termination eliminates all outstanding obligations to the lender, freeing up the balance sheet from these liabilities. Debt forgiven. The move strengthens financial flexibility amid ongoing operations.
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