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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Novo Integrated Sciences Inc | NASDAQ:NVOS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.5612 | 0.54 | 0.59 | 0 | 10:59:45 |
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 providing services and product innovation, today reported its financial results for the fiscal year ended August 31, 2023.
Robert Mattacchione, the Company’s CEO and Board Chairman, stated, “The 2023 fiscal year emphasized maximizing efficiencies pointed toward future cost savings and margin stability. The Company remains committed to the commercialization of its proprietary product offerings and the expansion and delivery of its essential services and solutions to the rapidly evolving fundamental transformation of how non-catastrophic healthcare is delivered both now and in the future. Specific to increasing the Company’s cash position, management is primarily focused on raising capital through non-dilutive structures and solutions.”
Financial Info for the Fiscal Year Ended August 31, 2023:
Operational Milestones for the Fiscal Year Ended August 31, 2023:
Corporate Highlights:
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:
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 . For more information on NHL, please visit www.novohealthnet.com
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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.
CONSOLIDATED BALANCE SHEETS
As of August 31, 2023 and 2022
August 31,
August 31,
2023
2022
ASSETS
Current Assets:
Cash and cash equivalents
$
416,323
$
2,178,687
Accounts receivable, net
1,467,028
1,017,405
Inventory, net
1,106,983
879,033
Other receivables
1,051,584
1,085,335
Prepaid expenses and other current assets
346,171
571,335
Total current assets
4,388,089
5,731,795
Property and equipment, net
5,390,038
5,800,648
Intangible assets, net
16,218,539
18,840,619
Right-of-use assets, net
1,983,898
2,673,934
Goodwill
7,582,483
7,825,844
TOTAL ASSETS
$
35,563,047
$
40,872,840
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$
3,513,842
$
1,800,268
Accrued expenses
1,233,549
1,116,125
Accrued interest (including amounts to related parties)
382,666
454,189
Government loans and notes payable, current portion
277,405
-
Convertible notes payable, net of discount of $459,332
558,668
9,099,654
Contingent liability
61,767
534,595
Debentures, related parties, current portion
916,824
-
Due to related parties
533,001
478,897
Finance lease liability, current portion
11,744
8,890
Operating lease liability, current portion
415,392
582,088
Total current liabilities
7,904,858
14,074,706
Debentures, related parties, net of current portion
-
946,250
Government loans and notes payable, net of current portion
65,038
161,460
Finance lease liability, net of current portion
-
12,076
Operating lease liability, net of current portion
1,693,577
2,185,329
Deferred tax liability
1,400,499
1,445,448
TOTAL LIABILITIES
11,063,972
18,825,269
Commitments and contingencies
-
-
STOCKHOLDERS’ EQUITY
Novo Integrated Sciences, Inc.
Convertible preferred stock; $0.001 par value; 1,000,000 shares authorized; 0 and 0 shares issued and outstanding at August 31, 2023 and August 31, 2022, respectively
-
-
Common stock; $0.001 par value; 499,000,000 shares authorized; 15,759,325 and 3,118,063 shares issued and outstanding at August 31, 2023 and August 31, 2022, respectively
15,760
3,118
Additional paid-in capital
90,973,316
66,084,887
Common stock to be issued (91,138 and 414,965 shares at August 31, 2023 and August 31, 2022)
1,217,293
9,474,807
Other comprehensive (loss) income
(357,383
)
560,836
Accumulated deficit
(67,033,041
)
(53,818,489
)
Total Novo Integrated Sciences, Inc. stockholders’ equity
24,815,945
22,305,159
Noncontrolling interest
(316,870
)
(257,588
)
Total stockholders’ equity
24,499,075
22,047,571
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
35,563,047
$
40,872,840
* The consolidated balance sheets’ common stock 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.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the Years Ended August 31, 2023 and 2022
Years Ended
August 31,
August 31,
2023
2022
Revenues
$
12,572,019
$
11,737,937
Cost of revenues
7,619,304
6,938,699
Gross profit
4,952,715
4,799,238
Operating expenses:
Selling expenses
15,149
20,702
General and administrative expenses
13,490,728
14,364,639
Impairment of assets
-
14,083,531
Goodwill impairment
-
1,357,043
Total operating expenses
13,505,877
29,825,915
Loss from operations
(8,553,162
)
(25,026,677
)
Non-operating income (expense)
Interest income
9,027
169,088
Interest expense
(360,571
)
(1,594,275
)
Other income
607,589
-
Amortization of debt discount
(4,757,121
)
(5,973,973
)
Foreign currency transaction losses
(215,206
)
(641,643
)
Total other income (expense)
(4,716,282
)
(8,040,803
)
Loss before income taxes
(13,269,444
)
(33,067,480
)
Income tax expense (recovery)
-
(22,302
)
Net loss
$
(13,269,444
)
$
(33,045,178
)
Net loss attributed to noncontrolling interest
(54,892
)
(195,963
)
Net loss attributed to Novo Integrated Sciences, Inc.
$
(13,214,552
)
$
(32,849,215
)
Comprehensive loss:
Net loss
(13,269,444
)
(33,045,178
)
Foreign currency translation loss
(922,609
)
(431,605
)
Comprehensive loss:
$
(14,192,053
)
$
(33,476,783
)
Weighted average common shares outstanding - basic and diluted
10,165,548
2,913,263
Net loss per common share - basic and diluted
$
(1.30
)
$
(11.28
)
* The 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.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Years Ended August 31, 2023 and 2022
Common Stock
Additional
Paid-in
Common Stock To
Other Comprehensive
Accumulated
Total Novo Stockholders’
Noncontrolling
Shares
Amount
Capital
Be Issued
Income
Deficit
Equity
Interest
Total Equity
Balance, August 31, 2021
2,661,014
$
2,661
$
54,603,345
$
9,236,607
$
991,077
$
(20,969,274
)
$
43,864,416
$
(60,261
)
$
43,804,155
Common stock for services
75,000
75
1,329,675
-
-
-
1,329,750
-
1,329,750
Common stock issued as collateral and held in escrow
200,000
200
(200
)
-
-
-
-
-
-
Common stock for conversion of convertible notes
63,653
64
1,272,930
-
-
-
1,272,994
-
1,272,994
Common stock issued for acquisitions
80,000
80
1,703,920
-
-
-
1,704,000
-
1,704,000
Common stock to be issued for acquisitions
-
-
-
1,433,475
-
-
1,433,475
-
1,433,475
Value of warrants issued with convertible notes
-
-
5,553,290
-
-
-
5,553,290
-
5,553,290
Issuance of common stock to be issued
38,396
38
1,195,237
(1,195,275
)
-
-
-
-
-
Fair value of stock options
-
-
426,690
-
-
-
426,690
-
426,690
Foreign currency translation loss
-
-
-
-
(430,241
)
-
(430,241
)
(1,364
)
(431,605
)
Net loss
-
-
-
-
-
(32,849,215
)
(32,849,215
)
(195,963
)
(33,045,178
)
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
Units issued for cash, net of offering costs
400,000
400
1,794,600
-
-
-
1,795,000
-
1,795,000
Cashless exercise of warrants
583,334
583
1,421,000
-
-
-
1,421,583
-
1,421,583
Share issuance for convertible debt settlement
10,177,834
10,178
9,957,962
-
-
-
9,968,140
-
9,968,140
Exercise of warrants for cash
532,600
533
532,067
-
-
-
532,600
-
532,600
Shares issued with convertible notes
265,167
265
247,622
-
-
-
247,887
-
247,887
Value of warrants issued with convertible notes
-
-
257,994
-
-
-
257,994
-
257,994
Beneficial conversion feature upon issuance on convertible debt
-
-
164,046
-
-
-
164,046
-
164,046
Extinguishment of derivative liability due to conversion
-
-
1,390,380
-
-
-
1,390,380
-
1,390,380
Common stock for services
358,500
359
480,233
-
-
-
480,592
-
480,592
Issuance of common stock to be issued
323,827
324
8,257,190
(8,257,514
)
-
-
-
-
-
Fair value of stock options
-
-
385,335
-
-
-
385,335
-
385,335
Foreign currency translation loss
-
-
-
-
(918,219
)
-
(918,219
)
(4,390
)
(922,609
)
Net loss
-
-
-
-
-
(13,214,552
)
(13,214,552
)
(54,892
)
(13,269,444
)
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
* The consolidated statements of stockholder’s 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.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended August 31, 2023 and 2022
Years Ended
August 31,
August 31,
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(13,269,444
)
$
(33,045,178
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
2,302,754
3,019,253
Fair value of vested stock options
385,335
426,690
Financing costs for debt extension
1,421,583
-
Default payment and interest paid through common share issuance
205,349
-
Common stock issued for services
480,592
1,329,750
Operating lease expense
797,515
852,580
Amortization of debt discount
4,757,121
5,973,973
Foreign currency transaction losses
215,206
641,643
Impairment of assets
-
14,083,531
Other receivables write-off
-
299,672
Goodwill impairment
-
1,357,043
Changes in operating assets and liabilities:
Accounts receivable
(597,191
)
457,006
Inventory
(255,781
)
(527,397
)
Prepaid expenses and other current assets
210,382
(369,647
)
Accounts payable
1,770,589
283,234
Accrued expenses
153,598
38,743
Accrued interest
(58,066
)
101,353
Operating lease liability
(762,852
)
(806,394
)
Net cash used in operating activities
(2,243,315
)
(5,884,145
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
(49,224
)
(190,168
)
Cash acquired with acquisition
-
57,489
Collection of other receivable
-
296,138
Net cash (used in) provided by investing activities
(49,224
)
163,459
CASH FLOWS FROM FINANCING ACTIVITIES:
Receipts from related parties
7,206
16,600
Proceeds from notes payable
222,780
-
Repayments of notes payable
(37,130
)
(10,591,115
)
Repayments of finance leases
(8,611
)
(18,435
)
Proceeds from issuance of convertible notes
1,285,903
15,270,000
Repayment of convertible notes
(3,033,888
)
(5,104,167
)
Proceeds from the sale of common stock, net of offering costs
1,795,000
-
Proceeds from exercise of warrants
532,600
-
Net cash provided by (used in) financing activities
763,860
(427,117
)
Effect of exchange rate changes on cash and cash equivalents
(233,685
)
33,328
NET DECREASE IN CASH AND CASH EQUIVALENTS
(1,762,364
)
(6,114,475
)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
2,178,687
8,293,162
CASH AND CASH EQUIVALENTS, END OF YEAR
$
416,323
$
2,178,687
CASH PAID FOR:
Interest
$
432,094
$
1,502,819
Income taxes
$
-
$
-
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
Common stock issued for convertible debt
$
9,968,140
$
1,272,994
Common stock issued for acquisition
$
-
$
1,704,000
Warrants issued with convertible notes
$
257,994
$
5,553,290
Beneficial conversion feature upon issuance of convertible notes
$
164,046
$
-
Debt discount recognized on derivative liability
$
1,390,380
$
-
Extinguishment of derivative liability due to conversion
$
1,390,380
$
-
Debt discount recognized on convertible note
$
975,024
$
-
Common stock issued with convertible notes
$
247,887
$
-
View source version on businesswire.com: https://www.businesswire.com/news/home/20231214983120/en/
Chris David, COO-President Novo Integrated Sciences, Inc. chris.david@novointegrated.com (888) 512-1195
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