Palo Alto, California, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Rayont Inc. ("Rayont" or the "Company") (OTC PINK: RAYT), an international personalized natural healthcare company, today reported financial results for the three-month ended September 30, 2022.
Business Highlights Within the Three-Month ended September 30, 2022:
Ms. Marshini Moodley, CEO and CFO, said, "We recorded an increase in both the revenue and gross profit for the period ended September 30, 2022 compared to same period last year, mainly due to acquisition of the business of No More Knots Pty Ltd, No More Knots (Newmarket) Pty Ltd, No More Knots (Taringa) Pty Ltd, Ipswich Massage Pty Ltd and Tugun Compounding Pharmacy Pty Ltd.
Three-month Ending September 30, 2022, Financial Results:
| Three Months Ended September 30, | ||||||||
| 2022 | 2021 | |||||||
| Revenues | $ | 1,368,677 | $ | 687,523 | ||||
| Gross Profit | $ | 798,262 | $ | 358,173 | ||||
Improved Balance Sheet Results
| September 30, 2022 | June 30, 2022 | |||||||
| Cash | $ | 28,921 | $ | 185,782 | ||||
| Total Assets | $ | 8,980,404 | $ | 14,193,235 | ||||
| Total Liabilities | $ | 2,678,754 | $ | 9,099,623 | ||||
| Total Stockholders' Equity | $ | 6,301,650 | $ | 5,093,612 |
Marshini Moodley added, "Our quarterly performance reflecting decreased total asset portfolio and total liabilities mainly as result of the sale of three subsidiaries of the group that included mostly the land, properties and loans related with those properties. Due to that, the working capital is improved as there was a working capital deficit of $83,884 on June 30, 2022 and working capital of $1,730,581 on September 30, 2022. Our cash reserves have decreased due to capital investments and servicing loan interest received to cover different investments done from the Company during the quarter".
Strategies for Growth
During this financial year we continue to undertake several key activities aimed to improve the overall performance of Rayont Inc namely:
- Continue to consolidate the operations of Prema Life with that of Tugun Compounding Pharmacy to drive cost reduction and efficiencies across both operations.
- Launch Health Script telehealth platform for naturopaths globally with key markets focus Australia and the USA.
- Continue with smaller acquisitions that can contribute to revenue growth and synergies across the group. We expect that the acquisitions made to date will contribute to significant revenue and profit growth this financial year.
These activities are being worked on and we will communicate their completions as we achieve them.
Disclosure Regarding the Financial Reports Provided in the Form 10-Q
The auditor's review for current version of the Form 10Q has not been completed due to the fact that the valuation report for the acquisition of the business of Ipswich Massage Pty Ltd, Prema Life Pty Ltd and Tugun Compounding Pharmacy Pty Ltd by an independent expert that not been completed. The company is in process of procuring these reports.
Once the auditor's review is ready, the Company will file an amendment to its Form 10-Q.
About Rayont Inc.
Rayont, Inc. (RAYT) is a public traded company incorporated in Nevada, USA since its inception in 2011. In 2018, the Company repositioned itself to focus on personalized natural healthcare industry.
Rayont uses scientific tools such as DNA, microbiome, iridology and other tests to personalize diagnoses, prescription and treatments of natural complementary and alternative medicine products, services and treatments to our patients in the markets we operate.
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SAFE HARBOR
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, are subject to Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbors created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
Company Contact:
Investor Relations
ir@rayont.com