Wearable Health Solutions, Inc. (OTCMKTS:WHSI) Files Form 10 As It Eyes Up List; Reaffirms $5.87 Million Guidance For Full Year 2022.

Wearable Health Solutions, Inc. (OTCMKTS: WHSI) Friday filed Form 10 and reaffirmed its $5.87 million guidance for full year 2022. It is part of WHSI’s strategy to become a fully reporting company to the SEC and up list to another trading exchange.

The Form 10 filed with the SEC on Friday follows a completed audit as part of the up list protocol. 

WHSI is forecasting volume of $5.87 million for the full year 2022. That compares to $1,394,149 actual in the prior year.

An analysis of WHSI’s Form 10 shows for the FY ended June 30, 2021, WHSI had a sharply stronger balance sheet. It had higher operating revenues, more cash on hand and an increase in cash flow provided by financing activities. 

WHSI also cut its general and administrative expenses (G&A) for the year ended June 30, 2021. It also reduced its net loss for 2021 compared to 2020.

WHSI is a manufacturer of next generation, advanced technology personal medical alarms and safety alert devices.

New telecommunications will be driving its projected 2022 sales. The key investment catalyst for WHSI is a larger market share in several remote monitoring soaring markets employing the newest technology. They include artificial intelligence (AI), Blue Tooth, Backend As A Service (Baas), IoT, Wi-Fi, Central Cloud Management and in 2022 4G telecommunications. 

WHSI’s stock closed Friday at $0.0110, off 4.35%.Trading was extremely light at 3,456,149.

WHSI’s guidance of $5.87 million for the full year 2022 compares to actual volume of $1,394,149 in 2021. 

Operating revenues for WHSI were $1,394,149 for the year ended June 30, 2021, an increase from the $1,163,337 for the comparable period the previous year.

It also reported its net loss for FY ended June 30, 2021 was $3,316,006, sharply lower than the $4,356,638 for the same period in 2020.

The Form 10 delivered statistics on WHSI’s operations, it also reaffirmed its guidance for $5.87 million volume for full year 2022.

Included in that projected number is:

• Estimated sales of $2,365,800 for Hardware devices. 
• Based on that sales total, it would receive a projected $2,306,648 for SIM Card/Portal Fee/Data recurring revenue from the monitoring and fees related to these devices. 
• Plus, it projects it would receive $1,200,000 for its IoT Platform RPM. 
• Projected volume for full year 2022 is $5.87 million. By comparison, WHSI reported FY 2021actual volume of $1,394,149, Form 10 says.

Form 10 also offers a snapshot of WHSI’s operations. WHSI gained $2,020,800 in cash flow via financing activities. As of June 30, 2021, the Company reported:

• WHSI sharply reduced its net loss to $3,316,006 for the year ended June 30, 2021 vs. $4,356,638 for the same period in 2020

• Net increase in cash in 2021 to $847,430 —  compared to $0 one year prior
• Reduced G&A expenses of $3,686,379 for FY end June 30, 2021. They had been $4,722,702 the prior fiscal year
• Higher current assets of $907,806 in 2021 compared to $146,101 in 2020
• Current liabilities of $4,258,106 in 2021
• Total working capital flat at ($3,350,300) in 2021 compared to ($3,356,295) one year prior.

WHSI reported that it is an emerging company in Form 10. It is introducing more new sophisticated technology in its ‘smart’ devices. 

WHSI’s products provide tech-forward and real-time proprietary personal home security devices and medical alarm products. It sells to the growing home security and home healthcare markets. It is now integrating the newest technology, such as voice artificial intelligence (AI), into its existing Smart products.

WHSI’s future strategy, according to an October 2021 Company Report by Globe Small Cap Research LLC, is completion of a financial audit. The goal is to become a fully reporting company with the Securities and Exchange Commission. A Form 10 filing is anticipated, a report by Globe Small Cap Research LLC says.

One of its newest products with sophisticated technology is iHelp MAX™ 4G. It is currently in the testing and production phase. It features Wi-Fi, NFC (wireless data transfer) technology and Bluetooth 4.0 Low Energy features. 

It also offers “telehealth-ready” advantages such as remote monitoring and transmission of the user’s health vitals to emergency personnel and caregivers.

It is already in the testing and production phase of iHelp MAX™4G and WHSI anticipates an early 2022 launch. WHSI’s iHelp MAX™ 4G will be ‘telehealth ready’ when it launches early next year. 

It will offer GPS tracking services plus remote patient monitoring (RPM). It will have body mounted sensors and artificial intelligence (AI). Fall detection and geofencing are other features.

The iHelp Next Generation Platform (NGP) would monitor in real time medical vitals, such as blood pressure and oxygen levels. 

Sales are made to healthcare facilities, including hospitals, home healthcare entities and direct to consumers. WHSI also sells through a global distribution network of independent dealers.

WHSI is a multiple revenue stream company. It sells high-technology wearable devices and body mounted sensors internationally. It also operates a subsidiary, Medical Alarm Concepts LLC (MAC), which works with monitoring stations.

Keep WHSI on your watch list as it integrates technology into its increasingly sophisticated monitoring products. It competes in several dynamic remote monitoring growth markets. For more information, go to wearablehealthsolutions.com

This sponsored article is part of an investor education program.