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Tuesday, November 29, 2022

Innerscope Hearing Technologies Inc (OTCMKTS: INND) On Watch as Hearing Aid Pioneer Launches Line of 4 OTC Hearing Aid Models to Retailers & Pharmacy Chains

Innerscope Hearing Technologies Inc (OTCMKTS: INND) is one of the most exciting stocks on the bulletin boards that has been heating up ever since the new FDA OTC Hearing Aid Law was enacted allowing hearing aids to be sold over the counter without a prescription. InnerScope has already launched a line of 4 OTC hearing aid models priced between $499.99 to $999.99 now being shipped out to the Company’s extensive distribution network of major retailers and pharmacy chains including Walmart Vision Centers, RiteAid.com, BestBuy.com, and Amazon.com just to name a few. The stock is coming back strong on Wednesday after a shake to a low of $0.0127. 

InnerScope, along with its wholly-owned subsidiary HearingAssist has been a leader in the direct-to-consumer hearing space since 2008, with nearly 500,000 customers. As a result, InnerScope is confident that it is in a prime position for this new emerging OTC hearing aid market. Currently InnerScope’s CPA firm, Paris, Kreit & Chiu LLP is preparing the Company’s 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. The Company’s CEO Matthew Moore made a presentation on Wednesday afternoon at the Emerging Growth Conference. 

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InnerScope Hearing Technologies (OTC: INND)i s a manufacturer and distributor of OTC Hearing Aids, Hearing Aid Accessories & Hearing Health-Related Products (“Hearing Products”) dedicated to addressing the global demand for affordable hear ing 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. 

InnerScope’s recent acquisition of iHEAR Medical Inc., a Direct-to-Consumer (“DTC”) cloud-based hearing solution provider, gives the Company access to over 40 patents and an 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 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 soon launch 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. 

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. 

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In October InnerScope launched its new line of affordable Over-the-Counter (OTC) rechargeable hearing aids for its iHEAR brand which includes app-controlled models with full wireless audio streaming of music and hands-free phone calling (“iHEAR OTC Hearing Aids”). The launch of iHEAR OTC Hearing Aids coincides with the Food and Drug Administration (“FDA”) finalizing the rule that started on October 17, 2022, which allows OTC hearing aids to be sold online and in major retail stores and pharmacy chains without a prescription or a need to see a medical or hearing professional from the Over-the-Counter Hearing Aid Act of 2017.   

InnerScope, along with its wholly-owned subsidiary HearingAssist has been a leader in the direct-to-consumer hearing space since 2008, with nearly 500,000 customers. As a result, InnerScope is confident that it is in a prime position for this new emerging OTC hearing aid market, beginning with the launch of iHEAR OTC Hearing Aids and its well-established wholesale distribution network of major retailers and pharmacy chains. iHEAR OTC Hearing Aid Rechargeable Models are:  

  • * matriX – Premium Technology ($999.99 / pair) – Everyday Wear – Receiver in Canal (RIC) 
  • * linX – Premium Technology ($699.99 / pair) Occasional Wear – Modern Earbud Design 
  • * aXis – Advanced Technology ($799.99 / pair) – Everyday Wear – Receiver in Canal (RIC) 
  • * Xplore – Essential Technology ($499.99 / pair) – Everyday Wear – Receiver in Canal (RIC)  

InnerScope initially launched iHEAR OTC Hearing Aids with two model types and four levels of technology. The model types and levels of technology are for the individual to choose based on their lifestyle and current or desired listening environments. Prices range from $499.99 to $999.99. InnerScope has begun shipping the iHEAR OTC Hearing Aids to its wholesale distribution network of major retailers and pharmacy chains. InnerScope has developed a quick and easy online guide for consumers to select the proper iHEAR OTC Hearing Aids and technology level. To find out which iHEAR OTC Hearing Aid is right for you, please visit: https://innd.outgrow.us/innd-97 

InnerScope CEO Matthew Moore stated: “We designed these models and technology features in iHEAR’s new OTC Hearing Aids for all different or desired lifestyles and individual hearing needs. For example, the Premium Technology is for someone often in challenging listening environments, i.e., parties, large gatherings, and sporting events. The Advance Technology is for more moderate listening environments, i.e., restaurants, attending meetings, or religious services. The Essential Technology is for low-noise environments, i.e., family conversations around the dinner table. Our team of R&D engineers and our technology partners worldwide are continuing to develop new next-generation OTC hearing aids with voice-activated AI smart technology for the 48+ million Americans who are reported to have untreated hearing loss but could never afford the high cost of traditional prescription hearing aids.” 

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Currently trading at a $110 million market valuation INND OS is 7,461,001,280 shares with 5,329,706,040 shares in the float. Management is working hard behind the scenes, looking to uplist the Company Nasdaq as well as 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 enacted FDA OTC Hearing Aid Law 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. InnerScope has already launched a line of 4 OTC hearing aid models priced between $499.99 to $999.99 now being shipped out to the Company’s extensive distribution network. INND has a large and fast growing shareholder base that swears this one goes way higher. INND ran to highs of just under $0.10 in early 2021. We will be updating on INND when more details emerge so make sure you are subscribed to Microcapdaily.

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Disclosure: we hold no position in INND either long or short and we have not been compensated for this article

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