Rowlett, TX, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Right on Brands, Inc. (OTC PINK: RTON), a fully reporting SEC filer and developer of hemp-based products, is pleased to announce the following updates. When our 10K was filed, and it showed great progress during the year ended March 31, 2022, we generated revenue of $997,100. Our cost of goods sold was $557,088, resulting in a gross margin of $440,012. We incurred total operating expenses of $495,697, consisting of general and administrative expenses of $349,980, legal, and professional fees of $111,599, advertising and promotion costs of $28,518, and depreciation and amortization of $5,600. In addition, we incurred an interest expense of $25,636, amortization of debt discount of $966, a gain on the change in fair value of derivative liabilities of $100,209, and a loss on the settlement of liabilities of $274,938. Our net loss for the year ended March 31, 2022, was $257,016. The great news we filed our first quarter 10Q ending June 30, 2022, showing our first profit of over $190,000. We believe we have turned the corner and with the three new stores coming on board we look to be profitable again.
Our Franchising deal with FMS franchise is still moving forward. Chris Conner President of FMS Franchise says, “We are still very excited about Endo Dispensary and Wellness and are anticipating great results by the end of the year.” If anyone would like to learn more about being a store owner, contact jerry@rightonbrands.com
Update on other store openings. Miami is back on track after a delay in its new location. They anticipate opening in mid-September, and Ester Castleman is very excited to open. We have a new location in Houston, Texas which will be located at 3343 Louetta Rd Spring Texas. The store will be operated by Dennis and Belinda Dooley. We have another new store that will open at 601 W Parker Road Plano Texas it will be operated By Maddy Grisaffi Grand Daughter of Jerry Grisaffi. We are planning to add 2 company stores to the Dallas area very soon.
We have engaged www.tigusa.com and J Preston Walsh to vet locations in Dallas and other cities in Texas. The real estate market for CBD stores and stores that handle hemp-derived products is very difficult to navigate. The professionalism of the TIG group and the Walsh team have us excited to work with them.
We have engaged a new bookkeeping service to post all transactions faster to alleviate the problems we have had in the past. We are also in the process of securing a new CFO who will work closely with our auditors and accountants. We will announce this new hire soon. We would like to thank David Youssefyeh for his service to the company, and we wish him well on his new endeavors.
If you know anyone that would like to know more about becoming an Endo Dispensary store, please contact us at info@endodispensaryrowlett.com or jerry@rightonbrands.com
About Right on Brands: Right on Brands, Inc., (OTC Pink: RTON) is a Dallas-based, consumer goods company specializing in the brand development and distribution of hemp-based foods, beverages, smokables, oils and topical products. Right on Brands, Inc. is a developer of a broad line of hemp-based smokables, beverages, tinctures, and topical products including products infused with CBD, Delta-8, Delta-10, THCV, CBDV, THCO and Delta-9 (below the federal limit) and the all new HHC vapes, gummies and tinctures (and soon an HHC drink). About ENDO Brands: ENDO Brands™, Humbly Hemp®, and ENDO Dispensary & Wellness™ All share the same goal of providing our customers with the best products in the health and wellness space. As the field of health and wellness products expand, Right on Brands will be there with industry-leading Food and Beverage and Wellness Products.
To learn more, please visit: https://rightonbrands.com/ www.endobrands.com www.ENDOdispensaryrowlett.com
email: mike@rightonbrands.com, Corporate Sales: Mike Brown (214) 736-7252
ENDO Brands Corporate Store:
ENDO Brands at Lakeview Plaza 6501 Dalrock Road Suite 100 Rowlett, Texas 75089 214-299-9528
AUSTIN LOCATION 12412 Limerick Avenue Austin, Texas 78758 www.endoofaustin.com 512-621-0649
LAREDO LOCATION ENDO Laredo 2413 Jacaman Rd, Laredo, Texas www.endolaredo.com 956-568-2300
