InnerScope Hearing Technologies (OTC: INND) Posts 2021 Annual Report

Rhea-AI Summary

InnerScope Hearing Technologies Inc. (OTC: INND) reported its unaudited annual results for fiscal year 2021, showing a $7,266,146 increase in shareholder equity. Key highlights include a $62,176,999 increase in paid-in capital and a $529,192 rise in revenues. The company emphasized its growth through strategic acquisitions, notably iHear Medical and HearingAssist, enhancing its distribution network and access to valuable patents. With an expanding retail presence, including partnerships with Walmart and Rite Aid, InnerScope aims to capitalize on the emerging Direct-to-Consumer hearing aid market.

Positive

• $62,176,999 increase in paid-in capital
• $7,266,146 increase in shareholder equity
• $529,192 increase in revenues
• Strategic acquisitions of iHear Medical and HearingAssist enhancing market position
• Expansion of retail partnerships including Walmart and Rite Aid

Negative

• None.

Highlights Include $7,266,146 Increase in Shareholder Equity

ROSEVILLE, Calif., April 01, 2022 (GLOBE NEWSWIRE) -- InnerScope Hearing Technologies Inc. (OTC: INND) ("InnerScope"), an emerging and disruptive leader in the Direct-to-Consumer Hearing Technology space, today posted its unaudited annual report for the fiscal year ending December 31, 2021.

Highlights of the Fiscal Year 2021  

• $62,176,999 increase in Paid-in Capital
• $15,009,164 increase in Intangible Assets
• $7,266,146 increase in Shareholder Equity
• $2,687,580 increase of Inventory
• $529,192 increased Revenues

"I am extremely proud of our team's efforts to build a solid foundation of recurring revenue through a combination of key acquisitions and a network of major retailers and pharmacy chains," stated Matthew Moore, President and CEO of InnerScope Hearing Technologies, "InnerScope's key acquisitions in the last quarter of 2021 of iHear Medical and HearingAssist have made InnerScope a recognized emerging powerhouse in the DTC/OTC hearing aid market."

"First, the acquisition iHear Medical gave InnerScope access to 40+ hearing technology patents and an R&D team and facility. Then, acquiring HearingAssist with a 3-year track record of $72 million in gross revenues gave InnerScope a significant distribution footprint within Walmart and other large retailers. These key acquisitions have also allowed InnerScope to build an unprecedented team of highly skilled industry leaders in hearing aid technology, marketing, and distribution. As a result, we have an exciting roadmap for 2022 clearly defined ahead and after the Over-the-Counter Hearing Aid Law is enacted. We continue to add new retailers to our ever-growing distribution list, including, as previously announced, Rite Aid Pharmacy. In addition, our R&D team is working to bring new proprietary patented hearing aid products to market later this year."

About InnerScope Hearing Technologies, Inc. (OTC PINK: INND):

InnerScope Hearing Technologies Inc. is a leading Direct-to-Consumer (DTC) manufacturer and distributor of FDA-registered hearing aids, hearing assistive devices, hearing health-related products, and Personal Sound Amplifier Products (PSAPs) ("Hearing Products") dedicated to addressing the global demand for affordable hearing solutions. InnerScope's Hearing Products and its business model break through the persistent barriers that prevent access to effective hearing solutions.

InnerScope's recent acquisition of iHear Medical Inc., a  DTCcloud-based hearing solution provider, gives the Company access to over 40 patents and an FDA-registered manufacturing and R&D facility. In addition, InnerScope has acquired HearingAssist, an established leader in the direct-to-consumer hearing aid market with a customer base of over 400,000. These acquisitions, combined with a partnership with Atlazo Inc., a semiconductor innovator for next-generation A.I. smart devices, will allow InnerScope to better position itself in the direct-to-consumer hearing solutions market by selling advanced hearing products through Walmart and other major retailers.

InnerScope's full line of Hearing Health products is currently available through these multiple retail/wholesale channels: Walmart.com,  Walmart Canada, RiteAid.com, Amazon.com,  Giant Eagle, Hy-Vee, Hartig Drug, Food City, and Cardinal Health dba R.G.H. Enterprises Inc., which provides InnerScope products to FSAStore.com, HSAStore.com, & WellDeservedHealth.com. Additional in-store and online through major retailers and pharmacy chains are launching soon.

For information related to InnerScope Hearing Technologies' latest hearing aids and related hearing products, please visit:

http://iheardirect.com

http://hearingassist.com

http://innd.com  

For the most up-to-date information about InnerScope Hearing Technologies (OTC: INND), please visit and follow our official Twitter account @inndstock page:

https://twitter.com/inndstock

InnerScope Hyperlinks:

HearingAssist

hearing assist - Walmart.com

Acquisition of iHear Medical Inc.

Acquisition of HearingAssist

Self-Check Hearing Screening Kiosks

Direct-to-Consumer Hearing Products.

InnerScope's Hearing Health Flexible Subscription Plans

Safe Harbor

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 intended to be covered by the "safe harbor" created by those sections. Any statements that are not historical facts contained in this press release are also "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA). Such statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be canceled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions, the performance of management and our employees, our ability to obtain financing or maintain contractual relationships with vendors and customers, competition, general economic conditions and other factors that are detailed in our periodic reports filed with the Securities and Exchange Commission ("S.E.C."). We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA, Securities Act, and Securities Exchange Act.

Contact:

InnerScope Hearing Technologies, Inc.

Investor Relations 

ir@innd.com

833-788-0506

www.innd.com

Investor Relations Agency Contact:

Skyline Corporate Communications Group, LLC 
Lisa Gray, Senior Account Manager

One Rockefeller Plaza, 11th Floor 
New York, NY 10020 
Office: (646) 893-5835 
Email: lisa@skylineccg.com

FAQ

What were the key financial highlights for InnerScope Hearing Technologies in 2021?

InnerScope reported a $62,176,999 increase in paid-in capital, $7,266,146 increase in shareholder equity, and a $529,192 rise in revenues for the fiscal year 2021.

How did InnerScope Hearing Technologies expand its market presence?

The company expanded its market presence through strategic acquisitions of iHear Medical and HearingAssist, and by partnering with major retailers like Walmart and Rite Aid.

What impact did the acquisitions have on InnerScope Hearing Technologies?

The acquisitions provided InnerScope access to over 40 patents and a significant distribution network, positioning the company as a leader in the Direct-to-Consumer hearing aid market.

What is the stock symbol for InnerScope Hearing Technologies?

The stock symbol for InnerScope Hearing Technologies is INND.