Rayont Inc- RAYT- Reports 10-Q for the Nine -Month Ending March 31, 2022, Financial Results.
Palo Alto, California, May 17, 2022 (GLOBE NEWSWIRE) -- Rayont Inc. (“Rayont” or the “Company”) (OTC PINK: RAYT), an international healthcare company specializing in the manufacturing, distribution of alternative medicine products and services across the entire value chain, today reported financial results for the nine-month ended March 31, 2022.
Business Highlights Within the Nine-Month ended March 31, 2022:
Ms. Marshini Moodley, CEO and CFO, said, “We recorded a decline in both the revenue and gross profit for the period ended 31 March 2022 compared to same period last year, mainly due to increase in cost of raw materials and lead time of supply chain in Prema Life operations. We also disposed Rayont Technologies operations in Australia and Malaysia resulting in drop of revenues and gross profit.”
Nine-month Ending March 31, 2022, Financial Results:
| Nine Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Revenues | $ | 1,826,585 | $ | 2,147,704 | ||||
| Gross Profit | $ | 826,679 | $ | 1,282,589 | ||||
Improved Balance Sheet Results
| March 31, 2022 | June 30, 2021 | |||||||
| Cash | $ | 37,845 | $ | 243,610 | ||||
| Total Assets | $ | 8,251,552 | $ | 7,157,352 | ||||
| Total Liabilities | $ | 3,695,650 | $ | 3,430,326 | ||||
| Total Stockholders’ Equity | $ | 4,555,902 | $ | 3,727,026 | ||||
Marshini Moodley added, “Our quarterly performance reflecting increased total asset portfolio and total stockholders’ equity. The debt ratio decreased from 48% that was on June 30, 2021, to 45% as of March 31, 2022. Our cash reserves have decreased due to capital investments and servicing short term loan interest. The focus this quarter is to refinance the properties from short term loans with private lenders to long term loans with competitive interest rates.”
Strategies for Growth
During this financial year we continue to undertake several key activities aimed to improve the overall performance of Rayont Inc namely:
- Launch Health Script telehealth platform for naturopaths globally with key markets focus Australia and the USA.
- Launch Rayont Coin as global reward platform for our consumers aimed to enhance customer experience and loyalty.
- Start operations of Prema Life USA aimed to grow overall revenues and expand into the USA market.
These activities are being worked on and we will communicate their completions as we achieve them.
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 healthcare including the manufacturing and, distribution of alternative medicine products and services across the entire value chain, as well as ground-breaking cancer treatment technology
Longer term, it has also invested in a groundbreaking cancer treatment technology through an exclusive license arrangement for the Sub-Saharan African territories.
Headquartered in Australia with expanding operations internationally, Rayont`s purpose is “Making Natural Products to Improve People`s Health”. We do this by investing in early research and development, establishing high quality manufacturing assets for regional distribution and operating across the alternative medicine value chain.
Our underlying strategy is to grow organically, selectively acquire, scale profitable assets and improve efficiency through digitalization.
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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.
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