May 20, 2022

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Brain Scientific Announces Fourth Quarter and Full Year 2021 Results

5 min read
Brain Scientific Inc.

Mind Scientific Inc.

LAKEWOOD Ranch, Fla., April 01, 2022 (World NEWSWIRE) — by means of InvestorWire – Brain Scientific (OTCQB: BRSF), an modern firm concentrating on the Health care Technologies industry, stories its company highlights and money effects for the fourth quarter and comprehensive year ended Dec. 31, 2021.

Fourth Quarter and The latest Highlights

  • Concluded merger with Piezo Motion and declared Hassan Kotob as CEO of the merged company

  • Appointed new independent administrators Daniel Cloutier, Thomas Olivier, and Donald MacKenzie as to the Mind Scientific board

  • Appointed two senior executives to guide profits generation attempts

  • Declared international partnership with a world wide master agent, advancing impressive neurodiagnostic products

  • Partnered with Benson Engineering to supply affordable micro-precision motors and motion management answers to the southern U.S.

  • Hosted a webinar on March 17 talking about how its miniature precision motors can be disruptive in the sector by giving very affordable piezoelectric know-how

  • Introduced a whitepaper outlining the purpose of its RAS rotary motor in the clinical machine and high-tech software markets

  • Collaborated with Electroline Profits, Inc. to give disruptive motion handle technology to Electroline Product sales, Inc.’s assorted shopper foundation

  • Partnered with Movement & Regulate Profits, Ltd to unite its motion goods with charge-effective automation alternatives

  • Entered into an arrangement with Utilized Mechatronics to deliver very affordable micro-precision motors and movement control solutions to the West Coast

  • Joined forces with STXi Movement to enter the precision motor marketplace in Israel

  • Fashioned a distribution partnership with Highly developed Motion Methods to carry its progressive micro-precision motors to Superior Motion’s buyer foundation

  • Partnered with CNBEST Tech to develop obtain to very affordable piezoelectric motor alternatives in the Asian marketplaces

  • Entered into distribution settlement with iMotion Inc.

  • Announced a regional distribution partnership concerning Piezo Motion and Exact Movement to broaden movement manage and automation systems

“2021 was a transformative calendar year, culminating in the merger of Mind Scientific and Piezo Motion,“ claimed Hassan Kotob, chairman and CEO of Mind Scientific. “The merger resulted in the creation of a MedTech enterprise with two chopping-edge product traces: neurology products and precision motors, and contains two 510(k) Food and drug administration-cleared EEG goods. We carry on executing an intense go-to-marketplace system that involves an energetic channel program with 15 not long ago signed associates and a world wide distribution settlement, to acquire obtain to potentially 1000’s of health-related device distributors all around the earth.”

“In addition, in March 2022 we additional a vice president of income for our health-related products, Felicia Maher, and a vice president of profits focusing on our precision movement technology, Todd Bertrand, to direct earnings era efforts,” Kotob continued. “Both are seasoned executives who deliver thriving small business technology professions spanning product sales to non-public, public and armed service entities. Completely, and to optimize shareholder price, we’ve crafted a strong basis for our future technology of healthcare products.”

Earnings Statement Highlights

Full revenues for the 12 months finished Dec. 31, 2021, have been close to $265,747, when compared to $93,664 for the prior 12 months time period. Selling, common and administrative expenditures were being close to $8,739,705 when compared to $2,819,390 in the prior calendar year. Investigate and improvement fees for the 12 months were $329,425 when compared to $210,706 in the prior calendar year.

The Corporation recorded a net reduction for the calendar year finished Dec. 31, 2021, of $9,100,686 when compared to a web reduction of $2,803,029 for the same period of time in 2020.

Equilibrium Sheet Highlights

On Dec. 31, 2021, we experienced hard cash totaling $785,363 as compared to dollars totaling $68,943 on Dec. 31, 2020.

In the course of the several years finished Dec. 31, 2021, and Dec. 31, 2020, the Company utilised $5,794,792 and $931,664, respectively, of money in working routines.

About Mind Scientific
As a professional-stage clinical technological know-how enterprise with multiple patents and Fda-cleared merchandise, Mind Scientific is dedicated to building future-gen solutions that advance the long run of neurodiagnostic and OEM clinical devices. Mind Scientific has two product strains masking neurology and precision motion. The NeuroCap and NeuroEEG are good neurological diagnostic equipment that simplify administration, shorten scan time and lower fees. The Piezo Movement solution line is made up of extremely-efficient compact precision motors that will travel the subsequent era of healthcare equipment. To master far more about Brain Scientific’s company method, goods, or trader relations, make sure you check out brainscientific.com.

Forward-On the lookout Statements
Any statements contained in this push release that do not explain historical facts might represent forward-looking statements. Ahead-seeking statements may possibly contain, without the need of limitation, statements regarding (i) the plans and aims of administration for upcoming functions, such as plans or targets relating to the layout, progress and commercialization of EEG products and expert services and piezo motor technological innovation, (ii) a projection of cash flow (which include profits/reduction), earnings (together with earnings/decline) for every share, money expenses, dividends, cash framework or other economical merchandise, (iii) the Firm’s long term monetary functionality, (iv) the productive integration of Piezo Movement with and into Mind Scientific and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) over. These types of forward-hunting statements are not meant to forecast or assure true results, overall performance, activities or situation and may possibly not be recognized since they are based on the Firm’s recent projections, programs, goals, beliefs, expectations, estimates and assumptions and are subject matter to a variety of dangers and uncertainties and other influences, a lot of of which the Enterprise has no manage over. Genuine success and the timing of particular gatherings and conditions could differ materially from all those described by the ahead-wanting statements as a result of these challenges and uncertainties. Aspects that might influence or contribute to the inaccuracy of the forward-wanting statements or cause real benefits to differ materially from expected or wished-for success could include, without having limitation, the Firm’s lack of ability to receive added financing, the considerable length of time and means affiliated with the development of products and solutions and related insufficient cash flows and ensuing illiquidity, the Firm’s inability to increase the Company’s organization, considerable governing administration regulation of health-related units and the health care industry, deficiency of item diversification, volatility in the price of the Firm’s raw components, and the failure to put into practice the Firm’s organization designs or techniques, including as a end result of the closing of the merger with Piezo Movement. Some of these and other elements are identified and described in a lot more detail in the Firm’s filings with the SEC. The Organization does not undertake to update these forward-searching statements.

CONTACTS

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MEDIA
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Company Communications:
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310.299.1717 Office
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