Skip to main content

Novo Integrated Sciences Reports Fiscal Full Year 2022 Financial Results

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, 2022.

Robert Mattacchione, the Company’s CEO and Board Chairman, stated, “The Company’s fiscal year 2022 revenue increase of 26% compared to fiscal year 2021 revenue includes an adjustment, from gross sales to net sales, reducing Novo’s total reflected fiscal year 2022 3rd quarter outsourced product sales by approximately $9.4m. The Company elected to apply the adjustment based on the inconsistent and sporadic nature of outsourced product sales and the significant capital required to support the sales cycle. 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, 2022:

  • As of August 31, 2022, the Company’s cash and cash equivalents were $2.178 million, total assets were $40.872 million, total liabilities were $18.825 million, and stockholders’ equity was $22.305 million.
  • Revenues for the year ended August 31, 2022 were $11,737,937, representing an increase of $2,432,682, or 26%, from $9,305,255 for the same period in 2021. The increase in revenue is principally due to an increase in product sales which resulted in an increase in revenue of $756,428. Acenzia’s and Terragenx’s revenue for the year ended August 31, 2022 was $3,067,772 and $266,635, respectively.
  • Net loss attributed to Novo Integrated Sciences for the year ended August 31, 2022 was $32,849,215, representing an increase of $28,387,068, or 636%, from $4,462,147 for the same period in 2021. The increase in net loss is principally due to (i) an increase in impairment of intangible assets, (ii) an increase in the amortization of debt discount, (iii) an increase in the impairment of goodwill, (iv) an increase in depreciation amortization, (v) an increase in interest expense, and (vi) an increase in overhead expenses associated with the operations of Acenzia, PRO-DIP, and Terragenx.
  • On December 14, 2021, Novo Integrated issued two senior secured convertible notes payable for a total of $16,666,666 (the “$16.66m notes”) with each note having a face amount of $8,333,333. During the year ended August 31, 2022, the Company made cash payments in the aggregate amount of $4,307,555 which includes a monthly Amortization Payment amount of $4,166,667 in principal and $140,888 in interest. Subsequent to the end of fiscal year 2022, the $16.66m notes have been paid in full.
  • On November 17, 2021, Terragenx, a 91% owned subsidiary of the Company, issued two convertible notes payable for a total of $1,875,000 (the “$1.875m notes”) with each note having a face amount of $937,500.
  • On June 1, 2022, the Company paid the balance owed on the first of two $1.875m notes for an aggregate payment of $948,874, including all principal and interest owed.
  • On June 1, 2022, the Company made an interest payment on the second of two $1.875 million convertible notes for a payment of $192,188. On June 1, 2022, the Company and the note holder agreed to extend the maturity date to November 29, 2022 with a principal amount face value of $937,500. Subsequent to the end of fiscal year 2022, the second of two $1.875m notes was paid in full.

Operational Milestones for Fiscal Year 2022:

  • Acquired 91% of Terragenx and the intellectual property portfolio, in an all-share transaction priced at $3.35 per share, for the unique formulation and manufacturing capability to produce a water-soluble iodine micro-nutrient that is FDA and Health Canada approved for over-the-counter and e-commerce distribution.
  • Completed Acquisition of Clinical Consultants International LLC (CCI).
  • PRO-DIP® issued U.S. Patent for oral pouch delivery system technology.
  • Completed acquisition of 2 multi-disciplinary clinics in Ontario Canada.
  • Completed an amended and restated Master Facility License Agreement with LA Fitness in Canada.
  • IoNovo Iodide and IoNovo for Kids Pure Iodine oral sprays granted Natural Product Number (NPN) by Health Canada to compliment NPN issued products IoNovo GO Iodine and IoNovo Pure.
  • Established a 50/50 joint venture company, MiTelemed+, with EK-Tech Solutions Inc. to operate, support, and expand access and functionality of EK-Tech’s enhanced proprietary Telehealth platform (“iTelemed”). MiTelemed+, through the iTelemed platform, allows Novo to offer the patient and the practitioner a sophisticated and enhanced telehealth interaction. Through the interface of sophisticated peripheral based diagnostic tools operated by skilled support workers in the patient’s remote location, the practitioner’s ability and comfort to provide a uniquely comprehensive evaluation, diagnosis, and treatment solution is dramatically elevated.
  • NovoConnect is in limited commercialization through certain of the Company’s corporate owned clinics with expanded commercialization intended to launch in 2023.

Corporate Highlights for the Fiscal Year Ended August 31, 2022:

  • Chief Medical Officer, Dr. Joseph M. Chalil, Selected as Top Physician of the Year by IAOTP for outstanding leadership, dedication, and innovation medical contributions.

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 . For more information on NHL, please visit www.novohealthnet.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.

CONSOLIDATED BALANCE SHEETS

As of August 31, 2022 and 2021

 

 

 

August 31,

 

 

August 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,178,687

 

 

$

8,293,162

 

Accounts receivable, net

 

 

1,017,405

 

 

 

1,468,429

 

Inventory, net

 

 

879,033

 

 

 

339,385

 

Other receivables, current portion

 

 

1,085,335

 

 

 

814,157

 

Prepaid expenses and other current assets

 

 

571,335

 

 

 

218,376

 

Total current assets

 

 

5,731,795

 

 

 

11,133,509

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

5,800,648

 

 

 

6,070,291

 

Intangible assets, net

 

 

18,840,619

 

 

 

32,029,499

 

Right-of-use assets, net

 

 

2,673,934

 

 

 

2,543,396

 

Other receivables, net of current portion

 

 

-

 

 

 

692,738

 

Goodwill

 

 

7,825,844

 

 

 

9,488,848

 

TOTAL ASSETS

 

$

40,872,840

 

 

$

61,958,281

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,800,268

 

 

$

1,449,784

 

Accrued expenses

 

 

1,116,125

 

 

 

1,129,309

 

Accrued interest (including amounts to related parties)

 

 

454,189

 

 

 

366,280

 

Government loans and notes payable, current portion

 

 

-

 

 

 

4,485,649

 

Convertible notes payable, net of discount of $2,851,048

 

 

9,099,654

 

 

 

-

 

Contingent liability

 

 

534,595

 

 

 

-

 

Due to related parties

 

 

478,897

 

 

 

478,920

 

Finance lease liability, current portion

 

 

8,890

 

 

 

23,184

 

Operating lease liability, current portion

 

 

582,088

 

 

 

530,797

 

Total current liabilities

 

 

14,074,706

 

 

 

8,463,923

 

 

 

 

 

 

 

 

 

 

Debentures, related parties

 

 

946,250

 

 

 

982,205

 

Government loans and notes payable, net of current portion

 

 

161,460

 

 

 

5,133,604

 

Finance lease liability, net of current portion

 

 

12,076

 

 

 

16,217

 

Operating lease liability, net of current portion

 

 

2,185,329

 

 

 

2,057,805

 

Deferred tax liability

 

 

1,445,448

 

 

 

1,500,372

 

TOTAL LIABILITIES

 

 

18,825,269

 

 

 

18,154,126

 

 

 

 

 

 

 

 

 

 

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, 2022 and August 31, 2021, respectively

 

 

-

 

 

 

-

 

Common stock; $0.001 par value; 499,000,000 shares authorized; 31,180,603 and 26,610,144 shares issued and outstanding at August 31, 2022 and August 31, 2021, respectively

 

 

31,181

 

 

 

26,610

 

Additional paid-in capital

 

 

66,056,824

 

 

 

54,579,396

 

Common stock to be issued (4,149,633 and 3,622,199 shares at August 31, 2022 and August 31, 2021)

 

 

9,474,807

 

 

 

9,236,607

 

Other comprehensive income

 

 

560,836

 

 

 

991,077

 

Accumulated deficit

 

 

(53,818,489

)

 

 

(20,969,274

)

Total Novo Integrated Sciences, Inc. stockholders’ equity

 

 

22,305,159

 

 

 

43,864,416

 

Noncontrolling interest

 

 

(257,588

)

 

 

(60,261

)

Total stockholders’ equity

 

 

22,047,571

 

 

 

43,804,155

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

40,872,840

 

 

$

61,958,281

 

NOVO INTEGRATED SCIENCES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

For the Years Ended August 31, 2022 and 2021

 

 

 

Years Ended

 

 

August 31,

 

August 31,

 

 

2022

 

 

2021

 

 

 

 

 

 

Revenues

 

$

11,737,937

 

 

$

9,305,255

 

 

 

 

 

 

 

 

Cost of revenues

 

 

6,938,699

 

 

 

5,482,257

 

 

 

 

 

 

 

 

Gross profit

 

 

4,799,238

 

 

 

3,822,998

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Selling expenses

 

 

20,702

 

 

 

7,525

 

General and administrative expenses

 

 

14,364,639

 

 

 

8,089,641

 

Impairment of assets

 

 

14,083,531

 

 

 

-

 

Goodwill impairment

 

 

1,357,043

 

 

 

99,351

 

Total operating expenses

 

 

29,825,915

 

 

 

8,196,517

 

 

 

 

 

 

 

 

Loss from operations

 

 

(25,026,677

)

 

 

(4,373,519

)

 

 

 

 

 

 

 

Non-operating income (expense)

 

 

 

 

 

 

Interest income

 

 

169,088

 

 

 

45,687

 

Interest expense

 

 

(1,594,275

)

 

 

(165,003

)

Other income

 

 

-

 

 

 

21,900

 

Amortization of debt discount

 

 

(5,973,973

)

 

 

-

 

Foreign currency transaction losses

 

 

(641,643

)

 

 

-

 

Total other income (expense)

 

 

(8,040,803

)

 

 

(97,416

)

 

 

 

 

 

 

 

Loss before income taxes

 

 

(33,067,480

)

 

 

(4,470,935

)

 

 

 

 

 

 

 

Income tax expense

 

 

(22,302

)

 

 

-

 

 

 

 

 

 

 

 

Net loss

 

$

(33,045,178

)

 

$

(4,470,935

)

 

 

 

 

 

 

 

Net loss attributed to noncontrolling interest

 

 

(195,963

)

 

 

(8,788

)

 

 

 

 

 

 

 

Net loss attributed to Novo Integrated Sciences, Inc.

 

$

(32,849,215

)

 

$

(4,462,147

)

 

 

 

 

 

 

 

Comprehensive loss:

 

 

 

 

 

 

Net loss

 

 

(33,045,178

)

 

 

(4,470,935

)

Foreign currency translation loss

 

 

(431,605

)

 

 

(210,233

)

Comprehensive loss:

 

$

(33,476,783

)

 

$

(4,681,168

)

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic and diluted

 

 

29,122,621

 

 

 

24,774,454

 

 

 

 

 

 

 

 

Net loss per common share - basic and diluted

 

$

(1.13

)

 

$

(0.18

 

NOVO INTEGRATED SCIENCES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Years Ended August 31, 2022 and 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

Additional

 

Common

 

Other

 

 

 

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, 2020

 

 

23,466,236

 

 

23,466

 

 

44,905,454

 

 

 

-

 

 

 

1,199,696

 

 

 

(16,507,127

)

 

 

29,621,489

 

 

 

(49,859

)

 

 

29,571,630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash, net of offering costs

 

 

2,409,955

 

 

2,410

 

 

7,325,170

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7,327,580

 

 

 

-

 

 

 

7,327,580

 

Common stock for services

 

 

295,700

 

 

295

 

 

874,878

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

875,173

 

 

 

-

 

 

 

875,173

 

Common stock issued for acquisition

 

 

189,796

 

 

190

 

 

430,647

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

430,837

 

 

 

-

 

 

 

430,837

 

Common stock issued for intellectual property

 

 

240,000

 

 

240

 

 

875,760

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

876,000

 

 

 

-

 

 

 

876,000

 

Common stock to be issued for purchase of Acenzia, Inc.

 

 

-

 

 

-

 

 

-

 

 

 

9,236,607

 

 

 

-

 

 

 

-

 

 

 

9,236,607

 

 

 

-

 

 

 

9,236,607

 

Exercise of stock options

 

 

7,500

 

 

8

 

 

11,992

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,000

 

 

 

-

 

 

 

12,000

 

Fair value of stock options

 

 

-

 

 

-

 

 

155,496

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

155,496

 

 

 

-

 

 

 

155,496

 

Rounding due to stock split

 

 

957

 

 

1

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Foreign currency translation loss

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

 

(208,619

)

 

 

-

 

 

 

(208,619

)

 

 

(1,614

)

 

 

(210,233

)

Net loss

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,462,147

)

 

 

(4,462,147

)

 

 

(8,788

)

 

 

(4,470,935

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, August 31, 2021

 

 

26,610,144

 

$

26,610

 

$

54,579,396

 

 

$

9,236,607

 

 

$

991,077

 

 

$

(20,969,274

)

 

$

43,864,416

 

 

$

(60,261

)

 

$

43,804,155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock for services

 

 

750,000

 

 

750

 

 

1,329,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,329,750

 

 

 

-

 

 

 

1,329,750

 

Common stock issued as collateral and held in escrow

 

 

2,000,000

 

 

2,000

 

 

(2,000

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Common stock for conversion of convertible notes

 

 

636,501

 

 

637

 

 

1,272,357

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,272,994

 

 

 

-

 

 

 

1,272,994

 

Common stock issued for acquisitions

 

 

800,000

 

 

800

 

 

1,703,200

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

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

 

 

383,958

 

 

384

 

 

1,194,891

 

 

 

(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

 

 

31,180,603

 

$

31,181

 

$

66,056,824

 

 

$

9,474,807

 

 

$

560,836

 

 

$

(53,818,489

)

 

$

22,305,159

 

 

$

(257,588

)

 

$

22,047,571

 

NOVO INTEGRATED SCIENCES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended August 31, 2022 and 2021

 

 

 

 

 

 

 

Years Ended

 

 

August 31,

 

August 31,

 

 

2022

 

 

2021

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(33,045,178

)

 

$

(4,470,935

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

3,019,253

 

 

 

1,724,122

 

Fair value of vested stock options

 

 

426,690

 

 

 

155,496

 

Common stock issued for services

 

 

1,329,750

 

 

 

875,173

 

Operating lease expense

 

 

852,580

 

 

 

642,991

 

Amortization of debt discount

 

 

5,973,973

 

 

 

-

 

Foreign currency transaction losses

 

 

641,643

 

 

 

-

 

Gain on forgiveness of debt

 

 

-

 

 

 

(21,900

)

Impairment of assets

 

 

14,083,531

 

 

 

-

 

Other receivables write-off

 

 

299,672

 

 

 

-

 

Goodwill impairment

 

 

1,357,043

 

 

 

99,351

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

457,006

 

 

 

1,103,800

 

Inventory

 

 

(527,397

)

 

 

(147,814

)

Prepaid expenses and other current assets

 

 

(369,647

)

 

 

(43,194

)

Accounts payable

 

 

283,234

 

 

 

(45,228

)

Accrued expenses

 

 

38,743

 

 

 

(287,034

)

Accrued interest

 

 

101,353

 

 

 

9,015

 

Operating lease liability

 

 

(806,394

)

 

 

(618,645

)

Net cash used in operating activities

 

 

(5,884,145

)

 

 

(1,024,802

)

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchase of property and equipment

 

 

(190,168

)

 

 

(255,949

)

Cash paid for acquisition

 

 

-

 

 

 

(10,000

)

Cash acquired with acquisition

 

 

57,489

 

 

 

3,738,171

 

Amounts loaned for other receivables

 

 

-

 

 

 

(473,100

)

Collection of other receivable

 

 

296,138

 

 

 

-

 

Net cash provided by investing activities

 

 

163,459

 

 

 

2,999,122

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Receipts from (repayments to) related parties

 

 

16,600

 

 

 

(246,327

)

Repayments of notes payable

 

 

(10,591,115

)

 

 

(2,767,519

)

Repayments of finance leases

 

 

(18,435

)

 

 

(8,872

)

Proceeds from issuance of convertible notes

 

 

15,270,000

 

 

 

-

 

Repayment of convertible notes

 

 

(5,104,167

)

 

 

-

 

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

 

 

-

 

 

 

7,327,580

 

Proceeds from exercise of stock options

 

 

-

 

 

 

12,000

 

Net cash (used in) provided by financing activities

 

 

(427,117

)

 

 

4,316,862

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(33,328

)

 

 

(65,738

)

 

 

 

 

 

 

 

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

 

 

(6,114,475

)

 

 

6,225,444

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

 

 

8,293,162

 

 

 

2,067,718

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS, END OF YEAR

 

$

2,178,687

 

 

$

8,293,162

 

 

 

 

 

 

 

 

CASH PAID FOR:

 

 

 

 

 

 

Interest

 

$

1,502,819

 

 

$

144,987

 

Income taxes

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:

 

 

 

 

 

 

Common stock issued for intangible assets

 

$

-

 

 

$

876,000

 

Common stock issued for convertible debt

 

$

1,272,994

 

 

$

-

 

Common stock issued for acquisition

 

$

1,704,000

 

 

$

430,837

 

Warrants issued with convertible notes

 

$

5,553,290

 

 

$

-

 

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.