DUBLIN, IRELAND / ACCESSWIRE / April 24, 2024 / Helo Corp. (OTC PINK:HLOC) ("Helo" or the "Company"), a data-driven wellness technology company, announces its annual 2023 results.
Helo Corp Annual Results
| 2023 | 2022 | Change | ||||||||||
Revenue from Continuing Operations | $ | 4,553,764 | $ | 1,221 | NM | |||||||
Revenue from Discontinued Operations | $ | 2,899,378 | $ | 31,320,280 | NM | |||||||
Total Revenue | $ | 7,453,142 | $ | 31,321,501 | (76 | )% | ||||||
Cost of Goods Sold* | $ | 3,146,350 | $ | 7,031,066 | (55 | )% | ||||||
Gross Profit* | 58 | % | 78 | % | (25 | )% | ||||||
SG&A* | $ | 8,679,374 | $ | 25,266,079 | (66 | )% | ||||||
Operating Loss* | $ | (4,372,582 | ) | $ | (975,644 | ) | 348 | % | ||||
Operating Margin* | (59 | )% | (3 | )% | NM | |||||||
Net Income (Loss)* | $ | 8,783,435 | $ | (463,731 | ) | NM | ||||||
EPS - Basic* | $ | 0.10 | $ | 0.00 | NM | |||||||
EPS - Diluted* | $ | 0.03 | $ | 0.00 | NM | |||||||
* - includes results from continuing and discontinued operations
NM - the percentage change was not meaningful
"In 2023 and into 2024, we executed our restructuring initiatives to significantly reduce our cost structure, leverage our existing technology and refocus Helo on the development of our NutraMatic and Helo AIplatform," said Sean McVeigh, Chief Executive Officer. "As we are currently tight on cash, we are seeking additional capital to fund the development and launch of these exciting innovations, which we believe will position us for substantial growth."
"2023 revenue from continuing operations was $4.6 million and from discontinued operations was $2.9 million, bringing our annual revenue for 2023 to $7.5 million, a decrease of 76% over the prior-year period," added David Ufheil, Chief Financial Officer. "Net Income for 2023 was $8.8 million, reflecting a $15.2 million increase in the fair value of VSC Coins that were issued to Helo in 2023, subject to a 24-month lock. We ended the year with total net assets of $19.1 million, and cash and cash equivalents of $0.3 million. The overall decline in results for 2023 reflects our shift in strategy to a new platform. In April 2024, we entered into an agreement to sell our Vyvo-focused subsidiaries. Accordingly, we have classified these operations as discontinued in our annual filing."
About Helo Corp.
Helo Corp. (OTC:HLOC) is a data-driven wellness technology company. Helo® wearables and other smart devices are built on Helo's Life Sensing Technology®, which uses state-of-the-art sensors, enhanced signal processing, and algorithms to collect and process specific bio-parameters. Helo is developing the NutraMatic and Helo AI platform to leverage artificial intelligence and other technologies to analyze wearer data, provide personalized nutrition and recommendations, support the adoption of healthier lifestyle choices and drive human wellness transformation.
For more information please visit helocorp.com.
The Company's disclosure statements and financial statements are available at OTC: HLOC.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "believes," and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the OTC Markets and the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.
Investors Contact:
investors@helocorp.com
650-646-2193
SOURCE: Helo Corp.
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