Innerscope Hearing Technologies Inc (OTCMKTS: INND) is making a powerful move northbound since reversing off $0.01 last week. Continuing the move started on Friday and Monday, INND was up 33% on Tuesday on 74 million shares traded or around $1.2 million in dollar volume. The stock has a history of explosive moves running to $0.099 in early 2021 before drifting downward for month after month as while investors waited for the FDA OTC Hearing Aid Law which was recently passed and will be enacted in the middle of October. In mid-August INND hit $0.0298 which is the price to beat; a break over and its blue skies ahead for INND.
The Company recently filed their 10k for the period ended 12/31/2020 after its CPA firm, Paris, Kreit & Chiu LLP (“PKC LLP”) completed PCAOB audits of the Company’s 2019 & 2020 annual financial statements. The objectives of the audits are to provide investors with greater transparency and certainty surrounding InnerScope’s financial reporting and to receive the auditor’s expression of an opinion on the financial statements to ensure the content is fairly presented. InnerScope plans to have PKC LLP complete its 2021 and year-to-date 2022 audited financial statements with the objective of InnerScope becoming a fully reporting public company and ultimately pursuing an up-list to the NASDAQ stock exchange.
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InnerScope Hearing Technologies (OTC: INND) is a leading Direct-to-Consumer (DTC) / Over-the-Counter (OTC) manufacturer and distributor of FDA-registered Hearing Aids, Personal Sound Amplifier Products (PSAPs), Hearing Aid Accessories & Hearing Health-Related Products (“Hearing Products”) dedicated to addressing the global demand for affordable hearing solutions. InnerScope’s Hearing Products and its B2C and B2B business model break through the persistent barriers that prevent access to effective and affordable hearing solutions. INND is led by CEO Matthew Moore who literally grew up in the hearing health industry, with having internships and mentorships beginning with his grandfather who has personally helped over 20,000 hearing- impaired patients in his private hearing aid practice since the 1940s. At the age of 10, Matthew was working in the Marketing Department of his parents private hearing aid practice. By the age of 22, Matthew became a full partner in his parents hearing aid business, which then grew to one of the largest private hearing aid practices in the United States with over 70 locations and over 40,000 customers in a 10-year period. Several years ago, the family sold off the remaining locations for $14 million.
InnerScope’s recent acquisition of iHear Medical Inc., a DTC cloud-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 since 2008 in the DTC 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 AI smart devices, will allow InnerScope to better position itself in the DTC / OTC hearing aid market by selling advanced Hearing Products through Walmart and many other major retailers and pharmacy chains.
InnerScope’s full line of Hearing Products is currently available through these multiple retail/wholesale distribution channels: Walmart Vision Centers, Walmart.com, Walmart Canada, RiteAid.com, BestBuy.com, Amazon.com, Fingerhut.com, Giant Eagle, Hy-Vee, Hartig Drug, Food City, Cardinal Health™ at-Home, FSAStore.com, HSAStore.com, and WellDeservedHealth.com. More in-store and online Hearing Products will be launching soon with more major retailers and pharmacy chains.
InnerScope launched its hearIQ App in 172 countries in the Apple App Store for iOS devices and Google Play Store for Android devices. The hearIQ App is a multi-functional app, which offers to the general public a FREE Self-Administered Hearing Test to determine hearing loss (if any) and also provides a Bluetooth wireless connection (“App Controlled”) for InnerScope’s Direct-to-Consumer Self-Fitting-Self-Adjusting Hearing Aids. The hearIQ App is specifically designed to help with early detection of hearing loss for the 48+ million Americans as well as the 1.5 billion people worldwide who may have an undetected hearing loss or may be living with some degree of hearing loss, according to the World Health Organization (“WHO”). More importantly, if hearing loss is detected, the hearIQ App directly links to InnerScope’s Direct-to-Consumer Hearing Products. Since the hearIQ App became activated only nine days ago, it has already received over 440 reviews and has a FIVE-STAR RATING from Apple and Android users.
Recently in a landmark decision for the Company the FDA released the “Final Rule” for creating a new category of Over-the-Counter hearing aids for perceived mild to moderate hearing losses to be sold directly to consumers in retail stores, pharmacies and online without a medical exam or being fitted by a hearing healthcare professional. On or about October 16, 2022, sixty days after the Final Rule is published in the Federal Register the OTC Hearing Aid Law will be enacted, allowing consumers to purchase OTC Hearing Aids right off the shelf directly from multiple retailers, including Big Box retailers and pharmacy chains. Since Congress in 2017 passed a bipartisan proposal, signed into law by President Donald Trump, to allow hearing aids to be sold over the counter, InnerScope has been diligently working to put into place a network of multiple large retailers, including Walmart, Best Buy, Rite Aid with wholesale vendor agreements to sell its assortment of hearing aid products and related hearing aid supplies ahead of the OTC Hearing Aid Law being enacted.
INND operates in the booming hearing aids space; According to a report from Fortune Business Insights the global hearing aids market is set to gain impetus from the increasing adoption of telehealth among audiologists to prevent patient traffic. The report further states that the market size was USD 8.99 billion in 2019 and is projected to reach USD 13.38 billion by 2027, exhibiting a CAGR of 8.2% during the forecast period.
Recently the Company reported record Q2 revenues of $6,910,386 compared to $404,676 for first-quarter ended March 31, 2022. As a result, InnerScope recorded a $3,881,620 net profit for the three months ended June 30, 2022, and a Positive EBT of 56% for Q2 2022. Total consolidated net revenues were $7,315,062 for six months ended June 30, 2022, compared to $47,392 for six months ended June 30, 2021. The consolidated net revenues (based on the GAAP revenue booked in Q2 2022) represent approximately a 1,707% increase for Q2 2022 versus Q1 2022 and a 15,435% increase versus the same period ended June 30, 2021. In addition, based on purchase orders over $4,000,000 that have already been filled and delivered, which will be recognized as revenue for the third quarter of 2022, InnerScope projects continued record-setting revenues for the remaining six months of 2022 and beyond from the anticipated monthly replenishment purchase orders as well as new purchase orders from numerous retailers.
We are talking with Best Buy Team Members & Management about Over-the-Counter (OTC) Hearing Aids becoming effective Oct 17th & offering FREE Hearing Screenings to Everyone. 🧏♂️🦻😁 pic.twitter.com/COuuEIRKDj
— InnerScope Hearing Technologies (OTC: $INND) (@inndstock) September 27, 2022
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InnerScope’s OTC Hearing Aid Products are expected to be priced between $499 to $1,500 a pair. InnerScope believes that since most people have not had their hearing tested since grade school, tens of millions more Americans have undetected mild to moderate hearing loss. As a result, InnerScope, with its Network of Wholesale Retailers, its unique selling proposition with its in-store 3 to 5-minute Free Self-administered Automated Point of Sale Hearing Screening Kiosk and online hearing screening software for the retailers’ customers, believes it is well-positioned and poised to take be the leader in the new emerging OTC hearing aid market. The OTC Hearing Aid Law opens up a new emerging market for hearing aids sales, potentially in the tens of billions of dollars. InnerScope, with its Network of Wholesale Retailers, is ready when the OTC Hearing Aid Law is enacted to deliver its affordable OTC hearing aids to tens of millions of Americans.
On September 14 INND announced its CPA firm, Paris, Kreit & Chiu LLP (“PKC LLP”), has completed PCAOB audits of the Company’s 2019 & 2020 annual financial statements. The objectives of the audits are to provide investors with greater transparency and certainty surrounding InnerScope’s financial reporting and to receive the auditor’s expression of an opinion on the financial statements to ensure the content is fairly presented. InnerScope plans to have PKC LLP complete its 2021 and year-to-date 2022 audited financial statements with the objective of InnerScope becoming a fully reporting public company and ultimately pursuing an up-list to the NASDAQ stock exchange.
Mr. Matthew Moore, President and CEO of InnerScope, commented: “InnerScope is pleased to announce that the Company has completed and filed its 2019 and 2020 audited financial statements with the SEC. This has been our major priority for some time now, and audit completion is a critical step to becoming a fully reporting public company with the SEC. Becoming a fully reporting company is a critical and required step to ultimately listing our shares on the NASDAQ stock exchange, another important objective for InnerScope, which is currently one step nearer to being realized,” concluded Mr. Moore.
— Larry Williams (@LarryWi89862515) September 28, 2022
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Currently trading at a $93 million market valuation INND OS is 7,662,715,566 shares with 5,329,706,040 shares in the float. Management is working hard behind the scenes, looking to uplist the Company to a higher exchange, currently working with counsel to cancel minimum 216 million shares and up to 721 million shares from Crown Bridge, they are also looking to lower the authorized and recently eliminated $3.4 million in debt leaving zero convertible debt besides from the acquisition. As we have been saying INND is among the most exciting stocks in small caps that has enormous upside potential. Currently INND Hearing Assist centers are being rolled out at Walmart nationwide. The recently passed FDA OTC Hearing Aid Law will be enacted in the middle of October. This landmark ruling allows consumers to purchase OTC Hearing Aids right off the shelf directly from multiple retailers, including Big Box retailers and pharmacy chains. Over the past few years InnerScope has been diligently working to put into place a network of multiple large retailers, including Walmart, Best Buy, Rite Aid with wholesale vendor agreements to sell its assortment of hearing aid products and related hearing aid supplies ahead of the OTC Hearing Aid Law being enacted. The stock has a history of explosive moves running to $0.099 in early 2021 before drifting downward for month after month as while investors waited for the FDA OTC Hearing Aid Law which was recently passed and will be enacted in the middle of October. In mid-August INND hit $0.0298 which is the price to beat; a break over and its blue skies ahead for INND. We will be updating on INND when more details emerge so make sure you are subscribed to Microcapdaily.