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    Novo Integrated Sciences Reports Fiscal Year 2024 Third Quarter Financial Results

    7/19/24 5:00:00 PM ET
    $NVOS
    Industrial Machinery/Components
    Industrials
    Get the next $NVOS alert in real time by email

    Novo Integrated Sciences, Inc. (NASDAQ:NVOS) (the "Company" or "Novo"), pioneering a holistic approach to patient-first health and wellness through a multidisciplinary healthcare ecosystem of multiple patient and consumer touchpoints for services and product innovation, today reported its financial results for the third fiscal quarter ended May 31, 2024.

    Robert Mattacchione, Novo's CEO and Board Chairman, stated, "The Company's fiscal year 2024 third quarter emphasized maximizing operational efficiencies for all business units. The Company continues to work with certain prospective financial partners to close previously announced non-traditional financing opportunities to raise foundational capital with repayment terms necessary to support and accelerate the further growth of Novo's three-pillar business model. The Company remains committed to the commercialization of its proprietary product offerings and the expansion and delivery of its essential services and solutions for how non-catastrophic healthcare is delivered both now and in the future."

    Financial Highlights for the three-month period ended May 31, 2024:

    • Cash and cash equivalents were $1,539,771, total assets were $35,327,000, total liabilities were $25,663,779, and total stockholders' equity was $9,956,134.
    • Revenues were $3,151,851, representing a decrease of $141,082, or 4%, from $3,292,933 for the three months ended May 31, 2023. The decrease in revenue is principally due to a decrease in product sales. Acenzia's and Terragenx's revenue for the three months ended May 31, 2024 were $884,396 and $103,399, respectively. Despite a decrease in total revenue, revenue from our healthcare services increased by 8.1% when comparing the revenue for the three months ended May 31, 2024 to the three months ended May 31, 2023.
    • Operating costs were $3,417,096, representing an increase of $672,584, or 25%, from $2,744,512 for the three months ended May 31, 2023. The increase in operating costs was primarily due to the inflationary impact on operating costs.
    • Net loss attributed to Novo Integrated Sciences, Inc. for the three months ended May 31, 2024, was $13,741,903, representing an increase of $12,244,573, or 818%, from $1,497,330 for the three months ended May 31, 2023. The increase in net loss of $12,244,573 is mainly attributed to the recognition of a $6,724,690 loss in the fair value of the derivative liability, loss from operations of $1,089,785, amortization of the debt discount of $2,748,793 and foreign currency exchange loss of $1,455,248 arising as a result of intercompany balance reconciliation.
    • On April 5, 2024, the Company executed a $6.21 million Securities Purchase Agreement and Promissory Note with Streeterville Capital LLC (the "Streeterville Note"). The interest rate on the Streeterville Note is 10.9% and it has a 12-month maturity date. A portion of the proceeds from the Streeterville Note paid the balance owed on two notes, as follows:
      • $3,228,774 (principal) and $30,571.28 (interest) on the 2023 $3.5 million Mast Hill note; and
      • $82,761 (principal) and $1,552 (interest) on the 2023 $277,777 First Fire note.

    About Novo Integrated Sciences, Inc.

    Novo Integrated Sciences, Inc. is pioneering a holistic approach to patient-first health and wellness through a multidisciplinary healthcare ecosystem of services and product innovation. Novo offers an essential and differentiated solution to deliver, or intend to deliver, these services and products through the integration of medical technology, advanced therapeutics, and rehabilitative science.

    We believe that "decentralizing" healthcare, through the integration of medical technology and interconnectivity, is an essential solution to the rapidly evolving fundamental transformation of how non-catastrophic healthcare is delivered both now and in the future. Specific to non-critical care, ongoing advancements in both medical technology and inter-connectivity are allowing for a shift of the patient/practitioner relationship to the patient's home and away from on-site visits to primary medical centers with mass-services. This acceleration of "ease-of-access" in the patient/practitioner interaction for non-critical care diagnosis and subsequent treatment minimizes the degradation of non-critical health conditions to critical conditions as well as allowing for more cost-effective healthcare distribution.

    The Company's decentralized healthcare business model is centered on three primary pillars to best support the transformation of non-catastrophic healthcare delivery to patients and consumers:

    • First Pillar: Service Networks. Deliver multidisciplinary primary care services through (i) an affiliate network of clinic facilities, (ii) small and micro footprint sized clinic facilities primarily located within the footprint of box-store commercial enterprises, (iii) clinic facilities operated through a franchise relationship with the Company, and (iv) corporate operated clinic facilities.
    • Second Pillar: Technology. Develop, deploy, and integrate sophisticated interconnected technology, interfacing the patient to the healthcare practitioner thus expanding the reach and availability of the Company's services, beyond the traditional clinic location, to geographic areas not readily providing advanced, peripheral based healthcare services, including the patient's home.
    • Third Pillar: Products. Develop and distribute effective, personalized health and wellness product solutions allowing for the customization of patient preventative care remedies and ultimately a healthier population. The Company's science-first approach to product innovation further emphasizes our mandate to create and provide over-the-counter preventative and maintenance care solutions.

    Innovation through science combined with the integration of sophisticated, secure technology assures Novo Integrated Sciences of continued cutting-edge advancement in patient-first platforms.

    For more information concerning Novo Integrated Sciences, please visit www.novointegrated.com.

    Twitter, LinkedIn, Facebook, Instagram, YouTube

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," "intend," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in Novo's filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond Novo's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects Novo's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Novo assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated by reference herein.

    NOVO INTEGRATED SCIENCES, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    As of May 31, 2024 (unaudited) and August 31, 2023

     

     

     

    May 31,

     

     

    August 31,

     

     

     

    2024

     

     

    2023

     

    ASSETS

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Current Assets:

     

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    1,539,771

     

     

    $

    416,323

     

    Accounts receivable, net

     

     

    2,251,528

     

     

     

    1,467,028

     

    Inventory, net

     

     

    1,112,068

     

     

     

    1,106,983

     

    Other receivables, current portion

     

     

    1,043,473

     

     

     

    1,051,584

     

    Prepaid expenses and other current assets

     

     

    214,436

     

     

     

    346,171

     

    Total current assets

     

     

    6,161,276

     

     

     

    4,388,089

     

     

     

     

     

     

     

     

     

     

    Property and equipment, net

     

     

    5,157,781

     

     

     

    5,390,038

     

    Intangible assets, net

     

     

    14,690,038

     

     

     

    16,218,539

     

    Right-of-use assets, net

     

     

    1,793,907

     

     

     

    1,983,898

     

    Goodwill

     

     

    7,523,998

     

     

     

    7,582,483

     

    TOTAL ASSETS

     

    $

    35,327,000

     

     

    $

    35,563,047

     

     

     

     

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Current Liabilities:

     

     

     

     

     

     

     

     

    Accounts payable

     

    $

    3,894,602

     

     

    $

    3,513,842

     

    Accrued expenses

     

     

    1,332,485

     

     

     

    1,233,549

     

    Accrued interest (including amounts to related parties)

     

     

    450,795

     

     

     

    382,666

     

    Government loans and notes payable, current portion

     

     

    93,488

     

     

     

    277,405

     

    Convertible notes payable, net of discount of $4,985,381

     

     

    1,224,619

     

     

     

    558,668

     

    Derivative liability

     

     

    14,048,576

     

     

     

    –

     

    Contingent liability

     

     

    45,968

     

     

     

    61,767

     

    Debentures, related parties

     

     

    909,753

     

     

     

    916,824

     

    Due to related parties

     

     

    262,295

     

     

     

    533,001

     

    Finance lease liability, net of current portion

     

     

    4,336

     

     

     

    11,744

     

    Operating lease liability, current portion

     

     

    409,516

     

     

     

    415,392

     

    Total current liabilities

     

     

    22,676,433

     

     

     

    7,904,858

     

     

     

     

     

     

     

     

     

     

    Government loans and notes payable, net of current portion

     

     

    63,572

     

     

     

    65,038

     

    Operating lease liability, net of current portion

     

     

    1,534,078

     

     

     

    1,693,577

     

    Deferred tax liability

     

     

    1,389,696

     

     

     

    1,400,499

     

    TOTAL LIABILITIES

     

     

    25,663,779

     

     

     

    11,063,972

     

     

     

     

     

     

     

     

     

     

    Commitments and contingencies

     

     

    –

     

     

     

    –

     

     

     

     

     

     

     

     

     

     

    STOCKHOLDERS' EQUITY

     

     

     

     

     

     

     

     

    Novo Integrated Sciences, Inc.

     

     

     

     

     

     

     

     

    Convertible preferred stock; $0.001 par value; 1,000,000 shares authorized;

    Nil shares issued and outstanding at May 31, 2024 and August 31, 2023

     

     

    –

     

     

     

    –

     

    Common stock; $0.001 par value; 499,000,000 shares authorized;

    19,054,523 and 15,759,325 shares issued and outstanding at May 31, 2024 and August 31, 2023, respectively

     

     

    19,055

     

     

     

    15,760

     

    Additional paid-in capital

     

     

    96,660,608

     

     

     

    90,973,316

     

    Common stock to be issued (1,700 and 91,138 shares at May 31, 2024 and August 31, 2023)

     

     

    25,500

     

     

     

    1,217,293

     

    Other comprehensive (loss) income

     

     

    1,452,386

     

     

     

    (357,383

    )

    Accumulated deficit

     

     

    (88,201,415

    )

     

     

    (67,033,041

    )

    Total Novo Integrated Sciences, Inc. stockholders' equity

     

     

    9,956,134

     

     

     

    24,815,945

     

    Noncontrolling interest

     

     

    (292,913

    )

     

     

    (316,870

    )

    Total stockholders' equity

     

     

    9,663,221

     

     

     

    24,499,075

     

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

     

    $

    35,327,000

     

     

    $

    35,563,047

     

    * The condensed consolidated balance sheets' common stock amounts have been retroactively adjusted to account for the Company's 1:10 reverse stock split, effective November 7, 2023.

     

    NOVO INTEGRATED SCIENCES, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

    For the Three and Nine Months Ended May 31, 2024 and 2023 (unaudited)

     

     

     

    Three Months Ended

     

    Nine Months Ended

     

     

    May 31,

     

    May 31,

     

    May 31,

     

    May 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

     

     

    (unaudited)

     

    (unaudited)

     

    (unaudited)

     

    (unaudited)

    Revenues

     

    $

    3,151,851

     

     

    $

    3,292,933

     

     

    $

    10,213,661

     

     

    $

    9,268,722

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cost of revenues

     

     

    2,254,958

     

     

     

    1,978,839

     

     

     

    6,048,664

     

     

     

    5,244,192

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross profit

     

     

    896,893

     

     

     

    1,314,094

     

     

     

    4,164,997

     

     

     

    4,024,530

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

     

     

    Selling expenses

     

     

    2,635

     

     

     

    1,877

     

     

     

    14,811

     

     

     

    9,916

     

    General and administrative expenses

     

     

    3,414,461

     

     

     

    2,742,635

     

     

     

    11,527,794

     

     

     

    9,473,802

     

    Total operating expenses

     

     

    3,417,096

     

     

     

    2,744,512

     

     

     

    11,542,605

     

     

     

    9,483,718

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loss from operations

     

     

    (2,520,203

    )

     

     

    (1,430,418

    )

     

     

    (7,377,608

    )

     

     

    (5,459,188

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

    Non operating income (expense)

     

     

     

     

     

     

     

     

     

     

     

     

    Interest income

     

     

    2,214

     

     

     

    62,397

     

     

     

    6,910

     

     

     

    6,762

     

    Interest expense

     

     

    (178,445

    )

     

     

    (9,570

    )

     

     

    (460,503

    )

     

     

    (240,520

    )

    Other expense

     

     

    (3,431

    )

     

     

    –

     

     

     

    (964,368

    )

     

     

    –

     

    Change in fair value of derivative liability

     

     

    (6,724,690

    )

     

     

    –

     

     

     

    (5,765,822

    )

     

     

    –

     

    Amortization of debt discount

     

     

    (2,904,830

    )

     

     

    (156,037

    )

     

     

    (5,095,331

    )

     

     

    (4,386,899

    )

    Exchange currency (loss) gain

     

     

    (1,406,915

    )

     

     

    48,333

     

     

     

    (1,485,861

    )

     

     

    12,652

     

    Total other expense

     

     

    (11,216,097

    )

     

     

    (54,877

    )

     

     

    (13,764,975

    )

     

     

    (4,608,005

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loss before income taxes

     

     

    (13,736,300

    )

     

     

    (1,485,295

    )

     

     

    (21,142,583

    )

     

     

    (10,067,193

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income tax expense

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net loss

     

    $

    (13,736,300

    )

     

    $

    (1,485,295

    )

     

    $

    (21,142,583

    )

     

    $

    (10,067,193

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income (loss) attributed to noncontrolling interest

     

     

    5,603

     

     

     

    12,035

     

     

     

    25,791

     

     

     

    (13,095

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net loss attributed to Novo Integrated Sciences, Inc.

     

    $

    (13,741,903

    )

     

    $

    (1,497,330

    )

     

    $

    (21,168,374

    )

     

    $

    (10,054,098

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

    Comprehensive loss:

     

     

     

     

     

     

     

     

     

     

     

     

    Net loss

     

     

    (13,736,300

    )

     

     

    (1,485,295

    )

     

     

    (21,142,583

    )

     

     

    (10,067,193

    )

    Foreign currency translation gain (loss)

     

     

    750,067

     

     

     

    (120,357

    )

     

     

    1,809,769

     

     

     

    (738,022

    )

    Comprehensive loss:

     

    $

    (12,986,233

    )

     

    $

    (1,605,652

    )

     

    $

    (19,332,814

    )

     

    $

    (10,805,215

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding - basic and diluted

     

     

    18,685,979

     

     

     

    14,360,058

     

     

     

    17,688,692

     

     

     

    8,583,229

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net loss per common share - basic and diluted

     

    $

    (0.74

    )

     

    $

    (0.10

    )

     

    $

    (1.20

    )

     

    $

    (1.17

    )

    * The condensed consolidated statements of operations and comprehensive loss's share and per share amounts have been retroactively adjusted to account for the Company's 1:10 reverse stock split, effective November 7, 2023.

     

    NOVO INTEGRATED SCIENCES, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

    For the Three and Nine Months Ended May 31, 2024 and 2023 (unaudited)

     

     

     

     

     

     

     

     

     

    Additional

     

    Common

     

    Other

     

     

     

    Total Novo

     

     

     

     

     

     

    Common Stock

     

     

    Paid-in

     

    Stock To

     

    Comprehensive

     

    Accumulated

     

    Stockholders'

     

    Noncontrolling

     

    Total

     

     

    Shares

     

     

    Amount

     

     

    Capital

     

    Be Issued

     

    Income

     

    Deficit

     

    Equity

     

    Interest

     

    Equity

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Balance, August 31, 2023

     

     

    15,759,325

     

     

    $

    15,760

     

     

    $

    90,973,316

     

     

    $

    1,217,293

     

     

    $

    (357,383

    )

     

    $

    (67,033,041

    )

     

    $

    24,815,945

     

     

    $

    (316,870

    )

     

    $

    24,499,075

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cashless exercise of warrants

     

     

    245,802

     

     

     

    246

     

     

     

    1,323,152

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    1,323,398

     

     

     

    –

     

     

     

    1,323,398

     

    Exercise of warrants for cash

     

     

    240,400

     

     

     

    240

     

     

     

    240,160

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    240,400

     

     

     

    –

     

     

     

    240,400

     

    Share issuance for convertible debt settlement

     

     

    519,845

     

     

     

    520

     

     

     

    577,002

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    577,522

     

     

     

    –

     

     

     

    577,522

     

    Issuance of common stock to be issued

     

     

    73,767

     

     

     

    74

     

     

     

    1,172,776

     

     

     

    (1,172,850

    )

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

    Common stock issued for services

     

     

    424,080

     

     

     

    424

     

     

     

    1,194,976

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    1,195,400

     

     

     

    –

     

     

     

    1,195,400

     

    Reverse stock split share rounding

     

     

    27,973

     

     

     

    28

     

     

     

    (28

    )

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

    Foreign currency translation gain

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    110,895

     

     

     

    –

     

     

     

    110,895

     

     

     

    (1,919

    )

     

     

    108,976

     

    Net loss

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    (4,680,343

    )

     

     

    (4,680,343

    )

     

     

    19,620

     

     

     

    (4,660,723

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Balance, November 30, 2023

     

     

    17,291,192

     

     

    $

    17,292

     

     

    $

    95,481,354

     

     

    $

    44,443

     

     

    $

    (246,488

    )

     

    $

    (71,713,384

    )

     

    $

    23,583,217

     

     

    $

    (299,169

    )

     

    $

    23,284,048

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Share issuance for convertible debt settlement

     

     

    457,128

     

     

     

    457

     

     

     

    453,616

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    454,073

     

     

     

    –

     

     

     

    454,073

     

    Foreign currency translation gain

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    749,869

     

     

     

    –

     

     

     

    749,869

     

     

     

    198

     

     

     

    750,067

     

    Fair value of stock options

     

     

    –

     

     

     

    –

     

     

     

    147,656

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    147,656

     

     

     

    –

     

     

     

    147,656

     

    Net loss

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    (2,746,128

    )

     

     

    (2,746,128

    )

     

     

    568

     

     

     

    (2,745,560

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Balance, February 29, 2024

     

     

    17,748,320

     

     

    $

    17,749

     

     

    $

    96,082,626

     

     

    $

    44,443

     

     

    $

    503,381

     

     

    $

    (74,459,512

    )

     

    $

    22,188,687

     

     

    $

    (298,403

    )

     

    $

    21,890,284

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Share issuance for convertible debt settlement

     

     

    1,306,203

     

     

     

    1,306

     

     

     

    577,982

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    579,288

     

     

     

    –

     

     

     

    579,288

     

    Cancellation of agreement

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    (18,943

    )

     

     

    –

     

     

     

    –

     

     

     

    (18,943

    )

     

     

    –

     

     

     

    (18,943

    )

    Foreign currency translation gain

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    949,005

     

     

     

    –

     

     

     

    949,005

     

     

     

    (113

    )

     

     

    948,892

     

    Net loss

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    (13,741,903

    )

     

     

    (13,741,903

    )

     

     

    5,603

     

     

     

    (13,736,300

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Balance, May 31, 2024

     

     

    19,054,523

     

     

    $

    19,055

     

     

    $

    96,660,608

     

     

    $

    25,500

     

     

    $

    1,452,386

     

     

    $

    (88,201,415

    )

     

    $

    9,956,134

     

     

    $

    (292,913

    )

     

    $

    9,663,221

     

     

     

     

     

     

     

     

     

     

    Additional

     

     

    Common

     

    Other

     

     

     

    Total Novo

     

     

     

     

     

     

    Common Stock

     

     

    Paid-in

     

     

    Stock To

     

    Comprehensive

     

    Accumulated

     

    Stockholders'

     

    Noncontrolling

     

    Total

     

     

    Shares

     

     

    Amount

     

     

    Capital

     

     

    Be Issued

     

    Income

     

    Deficit

     

    Equity

     

    Interest

     

    Equity

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Balance, August 31, 2022

     

     

    3,118,063

     

     

    $

    3,118

     

     

    $

    66,084,887

     

     

    $

    9,474,807

     

     

    $

    560,836

     

     

    $

    (53,818,489

    )

     

    $

    22,305,159

     

     

    $

    (257,588

    )

     

    $

    22,047,571

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Common stock issued for cash, net of offering costs

     

     

    400,000

     

     

     

    400

     

     

     

    1,794,600

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    1,795,000

     

     

     

    –

     

     

     

    1,795,000

     

    Issuance of common stock to be issued

     

     

    3,623

     

     

     

    4

     

     

     

    92,362

     

     

     

    (92,366

    )

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

    Cashless exercise of warrants

     

     

    467,399

     

     

     

    467

     

     

     

    1,138,583

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    1,139,050

     

     

     

    –

     

     

     

    1,139,050

     

    Fair value of stock options

     

     

    –

     

     

     

    –

     

     

     

    60,887

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    60,887

     

     

     

    –

     

     

     

    60,887

     

    Foreign currency translation loss

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    (417,008

    )

     

     

    –

     

     

     

    (417,008

    )

     

     

    (3,974

    )

     

     

    (420,982

    )

    Net loss

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    (3,935,413

    )

     

     

    (3,935,413

    )

     

     

    (1,323

    )

     

     

    (3,936,736

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Balance, November 30, 2022

     

     

    3,989,085

     

     

    $

    3,989

     

     

    $

    69,171,319

     

     

    $

    9,382,441

     

     

    $

    143,828

     

     

    $

    (57,753,902

    )

     

    $

    20,947,675

     

     

    $

    (262,885

    )

     

    $

    20,684,790

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Share issuance for convertible debt settlement

     

     

    9,310,940

     

     

     

    9,311

     

     

     

    9,076,740

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    9,086,051

     

     

     

    –

     

     

     

    9,086,051

     

    Exercise of warrants (Cashless Exercise)

     

     

    115,935

     

     

     

    116

     

     

     

    282,417

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    282,533

     

     

     

    –

     

     

     

    282,533

     

    Exercise of warrants for cash

     

     

    131,000

     

     

     

    131

     

     

     

    130,869

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    131,000

     

     

     

    –

     

     

     

    131,000

     

    Issuance of common stock to be issued

     

     

    320,202

     

     

     

    320

     

     

     

    8,164,828

     

     

     

    (8,165,148

    )

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

    Shares issued with convertible notes

     

     

    95,500

     

     

     

    96

     

     

     

    82,868

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    82,963

     

     

     

    –

     

     

     

    82,963

     

    Value of warrants issued with convertible notes

     

     

    –

     

     

     

    –

     

     

     

    86,327

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    86,327

     

     

     

    –

     

     

     

    86,327

     

    Fair value of stock options

     

     

    –

     

     

     

    –

     

     

     

    60,887

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    60,887

     

     

     

    –

     

     

     

    60,887

     

    Extinguishment of derivative liability due to conversion

     

     

    –

     

     

     

    –

     

     

     

    1,390,380

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    1,390,380

     

     

     

    –

     

     

     

    1,390,380

     

    Foreign currency translation loss

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    (195,821

    )

     

     

    –

     

     

     

    (195,821

    )

     

     

    (862

    )

     

     

    (196,683

    )

    Net loss

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    (4,621,355

    )

     

     

    (4,621,355

    )

     

     

    (23,807

    )

     

     

    (4,645,162

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Balance, February 28, 2023

     

     

    13,962,662

     

     

     

    13,963

     

     

     

    88,446,635

     

     

     

    1,217,293

     

     

     

    (51,993

    )

     

     

    (62,375,257

    )

     

     

    27,250,640

     

     

     

    (287,554

    )

     

     

    26,963,086

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Share issuance for convertible debt settlement

     

     

    107,594

     

     

     

    108

     

     

     

    100,170

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    100,278

     

     

     

    –

     

     

     

    100,278

     

    Exercise of warrants for cash

     

     

    320,000

     

     

     

    320

     

     

     

    319,680

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    320,000

     

     

     

    –

     

     

     

    320,000

     

    Shares issued with convertible notes

     

     

    95,500

     

     

     

    96

     

     

     

    90,037

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    90,132

     

     

     

    –

     

     

     

    90,132

     

    Value of warrants issued with convertible notes

     

     

    –

     

     

     

    –

     

     

     

    93,811

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    93,811

     

     

     

    –

     

     

     

    93,811

     

    Beneficial conversion feature upon issuance of convertible debt

     

     

    –

     

     

     

    –

     

     

     

    66,068

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    66,068

     

     

     

    –

     

     

     

    66,068

     

    Stock option expense

     

     

    –

     

     

     

    –

     

     

     

    263,561

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    263,561

     

     

     

    –

     

     

     

    263,561

     

    Foreign currency translation loss

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    (120,533

    )

     

     

    –

     

     

     

    (120,533

    )

     

     

    176

     

     

     

    (120,357

    )

    Net loss

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    –

     

     

     

    (1,497,330

    )

     

     

    (1,497,330

    )

     

     

    12,035

     

     

     

    (1,485,295

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Balance, May 31, 2023

     

     

    14,485,756

     

     

    $

    14,486

     

     

    $

    89,379,961

     

     

    $

    1,217,293

     

     

    $

    (172,526

    )

     

    $

    (63,872,587

    )

     

    $

    26,566,627

     

     

    $

    (275,343

    )

     

    $

    26,291,284

     

    * The condensed consolidated statements of stockholders' equity share amounts have been retroactively adjusted to account for the Company's 1:10 reverse stock split, effective November 7, 2023.

     

    NOVO INTEGRATED SCIENCES, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    For the Nine Months Ended May 31, 2024 and 2023 (unaudited)

     

     

     

    Nine Months Ended

     

     

    May 31,

     

    May 31,

     

     

    2024

     

    2023

     

     

    (unaudited)

     

    (unaudited)

     

     

     

     

     

    CASH FLOWS FROM OPERATING ACTIVITIES:

     

     

     

     

     

     

    Net loss

     

    $

    (21,142,583

    )

     

    $

    (10,067,193

    )

    Adjustments for non-cash items:

     

     

     

     

     

     

    Depreciation and amortization

     

     

    1,697,317

     

     

     

    1,718,388

     

    Fair value of vested stock options

     

     

    147,656

     

     

     

    385,335

     

    Change in fair value of derivative liability

     

     

    5,765,822

     

     

     

    –

     

    Cashless exercise of warrants

     

     

    1,323,398

     

     

     

    1,421,583

     

    Common stock issued for services

     

     

    1,195,400

     

     

     

    –

     

    Operating lease expense

     

     

    466,276

     

     

     

    624,246

     

    Amortization of debt discount

     

     

    5,095,331

     

     

     

    4,386,899

     

    Foreign currency transaction losses

     

     

    1,485,861

     

     

     

    (12,652

    )

    Changes in operating assets and liabilities:

     

     

     

     

     

     

    Accounts receivable

     

     

    (797,692

    )

     

     

    (308,907

    )

    Inventory

     

     

    (12,548

    )

     

     

    (92,260

    )

    Prepaid expenses and other current assets

     

     

    130,015

     

     

     

    333,724

     

    Accounts payable

     

     

    408,067

     

     

     

    154,542

     

    Accrued expenses

     

     

    76,428

     

     

     

    104,004

     

    Accrued interest

     

     

    103,605

     

     

     

    (67,634

    )

    Operating lease liability

     

     

    (466,276

    )

     

     

    (594,618

    )

    Net cash used in operating activities

     

     

    (4,523,923

    )

     

     

    (2,014,543

    )

     

     

     

     

     

     

     

    CASH FLOWS FROM INVESTING ACTIVITIES:

     

     

     

     

     

     

    Purchase of property and equipment

     

     

    (2,005

    )

     

     

    (18,870

    )

    Net cash used in investing activities

     

     

    (2,005

    )

     

     

    (18,870

    )

     

     

     

     

     

     

     

    CASH FLOWS FROM FINANCING ACTIVITIES:

     

     

     

     

     

     

    (Repayments to) proceeds from related parties

     

     

    (267,756

    )

     

     

    (56,649

    )

    Proceeds from notes payable

     

     

    274

     

     

     

    222,000

     

    Repayments of notes payable

     

     

    (184,125

    )

     

     

    –

     

    Repayments of finance leases

     

     

    (7,350

    )

     

     

    (6,435

    )

    Proceeds from issuance of convertible notes, net

     

     

    8,649,153

     

     

     

    925,306

     

    Repayment of convertible notes

     

     

    (3,311,536

    )

     

     

    (3,033,888

    )

    Proceeds from the sale of common stock, net of offering costs

     

     

    –

     

     

     

    1,795,000

     

    Proceeds from exercise of warrants

     

     

    240,400

     

     

     

    451,000

     

    Net cash provided by financing activities

     

     

    5,119,060

     

     

     

    296,334

     

     

     

     

     

     

     

     

    Effect of exchange rate changes on cash and cash equivalents

     

     

    530,316

     

     

     

    22,403

     

     

     

     

     

     

     

     

    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

     

     

    1,123,448

     

     

     

    (1,714,676

    )

     

     

     

     

     

     

     

    CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

     

     

    416,323

     

     

     

    2,178,687

     

     

     

     

     

     

     

     

    CASH AND CASH EQUIVALENTS, END OF PERIOD

     

    $

    1,539,771

     

     

    $

    464,011

     

     

     

     

     

     

     

     

    CASH PAID FOR:

     

     

     

     

     

     

    Interest

     

    $

    190,491

     

     

    $

    343,878

     

    Income taxes

     

    $

    –

     

     

    $

    –

     

     

     

     

     

     

     

     

    SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:

     

     

     

     

     

     

    Common stock issued for convertible debt settlement

     

    $

    1,610,883

     

     

    $

    9,186,329

     

    Beneficial conversion feature upon issuance of convertible notes

     

     

    –

     

     

     

    66,068

     

    Debt discount recognized on derivative liability

     

     

    –

     

     

     

    1,390,380

     

    Debt discount recognized on convertible note

     

     

    –

     

     

     

    639,993

     

    Extinguishment of derivative liability due to conversion

     

     

    –

     

     

     

    1,390,380

     

    Common stock issued with convertible notes

     

     

    –

     

     

     

    173,095

     

    Warrants issued with convertible notes

     

    $

    –

     

     

    $

    180,138

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240719320957/en/

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