NVOS Novo Integrated Sciences Inc

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 first fiscal quarter ended November 30, 2023.

Robert Mattacchione, Novo’s CEO and Board Chairman, stated, “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. During the fiscal year 2024 first quarter period, the Company continued to work with certain prospective financial partners to close previously announced non-traditional financing opportunities for the Company’s business capital needs, including (i) an unsecured, non-dilutive 15-year debt instrument, with a principal sum of $70,000,000, which provides for net proceeds to the Company of approximately $52,000,000, after fees; (ii) the acquisition and monetization of the Ophir collection, a certain collection of 43 gemstones, 42 of which are certified by the Gemological Institute of America (the “Ophir Collection”); and (iii) a collateral transfer agreement of a One Billion Dollar gold-backed bond for the purpose and general use of monetization by Novo for a period of up to 15 years. In today’s environment of tight capital markets and expensive capital raises, these pending transactions would allow the Company access to the foundational capital and repayment terms necessary to support and accelerate the further implementation and growth of Novo’s three-pillar business model.”

Financial Highlights for the three month period ended November 30, 2023:

• Cash and cash equivalents were $1,640,007, total assets were $37,244,384, total liabilities were $13,960,336, and stockholders’ equity was $23,284,048.
• Revenues were $3,891,218, representing an increase of $471,938, or 14%, from $3,419,280 for the same period in 2022. The increase in revenue was principally due to an increase in product sales. Acenzia’s and Terragenx’s revenue for the three months ended November 30, 2023 were $1,683,850 and $16,971, respectively. Revenue from our healthcare services increased by 1.2% when comparing the revenue for the same period in 2022.
• Operating costs were $5,261,655, representing an increase of $1,280,162, or 32%, from $3,981,493 for the same period in 2022. The increase in operating costs was principally due to common stock issuance for services and cashless warrant exercise.
• Net loss attributed to the Company was $4,680,343, representing an increase of $744,930, or 19%, from $3,935,413 for the same period in 2022. The increase in net loss was principally due to the increase in operating expenses.
• On September 12, 2023, the Company issued a $3,500,000 promissory note (12% per annum interest rate) with a purchase price of $3,150,000 and completed the related Securities Purchase Agreement with Mast Hill Fund, L.P. (“Mast Hill”). No warrants or shares were issued under the terms and conditions of this transaction with Mast Hill.
• On September 18, 2023, the Company issued a $277,778 promissory note (12% per annum interest rate) with a purchase price of $250,000 and completed the related Securities Purchase Agreement with FirstFire Global Opportunities Fund, LLC (“FirstFire”). No warrants or shares were issued under the terms and conditions of this transaction with FirstFire.
• On September 21, 2023, the total principal and interest of $577,521 owed on the $573,000 FirstFire promissory note, dated March 21, 2023, was converted to 519,845 restricted shares of the Company’s common stock and paid in full.

Corporate and Operational Highlights for the three month period ended November 30, 2023:

• On November 6, 2023, the Company effectuated a 1-for-10 reverse stock split (the “Reverse Stock Split”). The Company’s common stock began trading on the Nasdaq Capital Market on a Reverse Stock Split-adjusted basis on November 7, 2023.
• On November 21, 2023, the Company entered into a Purchase and Sale Agreement (“Ophir Agreement”) between the Company and Blake Alsbrook, solely in his capacity as Court-appointed successor receiver (the “Successor Receiver”) in Ocean Thermal Energy Corporation v. C. Robert Coe II, et al., United States District Court for the Central District of California (the “Court”) Case No. 2:19-cv-04299 VAP (JPRx). Pursuant to the terms of the Ophir Agreement, the Company agreed to purchase, and the Successor Receiver agreed to sell to the Company, the Ophir Collection, subject to the contingencies outlined in the Ophir Agreement, including Court approval, which was received on December 1, 2023. All parties involved in this Ophir Agreement continue to work toward closing the transactions contemplated by the Ophir Agreement. Upon closing of the acquisition of the Ophir Collection, the Company intends to monetize the Ophir Collection.
• On November 22, 2023, the Company received notice from The Nasdaq Stock Market, LLC (“Nasdaq”) informing the Company that it had regained compliance with the minimum bid price requirement as set forth under Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market.

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.

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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.

CONDENSED CONSOLIDATED BALANCE SHEETS

As of November 30, 2023 (unaudited) and August 31, 2023

 

 

 

November 30,

 

 

August 31,

 

 

 

2023

 

 

2023

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,640,007

 

 

$

416,323

 

Accounts receivable, net

 

 

2,636,174

 

 

 

1,467,028

 

Inventory, net

 

 

1,270,835

 

 

 

1,106,983

 

Other receivables

 

 

1,047,742

 

 

 

1,051,584

 

Prepaid expenses and other current assets

 

 

213,812

 

 

 

346,171

 

Total current assets

 

 

6,808,570

 

 

 

4,388,089

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

5,306,613

 

 

 

5,390,038

 

Intangible assets, net

 

 

15,704,218

 

 

 

16,218,539

 

Right-of-use assets, net

 

 

1,870,204

 

 

 

1,983,898

 

Goodwill

 

 

7,554,779

 

 

 

7,582,483

 

TOTAL ASSETS

 

$

37,244,384

 

 

$

35,563,047

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

3,403,634

 

 

$

3,513,842

 

Accrued expenses

 

 

1,300,549

 

 

 

1,233,549

 

Accrued interest (including amounts to related parties)

 

 

480,719

 

 

 

382,666

 

Government loans and notes payable, current portion

 

 

93,488

 

 

 

277,405

 

Convertible notes payable, net of discount of $3,118,819

 

 

1,103,959

 

 

 

558,668

 

Derivative liability

 

 

2,686,260

 

 

 

-

 

Contingent liability

 

 

52,749

 

 

 

61,767

 

Debentures, related parties

 

 

913,474

 

 

 

916,824

 

Due to related parties

 

 

458,266

 

 

 

533,001

 

Finance lease liability

 

 

8,907

 

 

 

11,744

 

Operating lease liability, current portion

 

 

413,506

 

 

 

415,392

 

Total current liabilities

 

 

10,915,511

 

 

 

7,904,858

 

 

 

 

 

 

 

 

 

 

Government loans and notes payable, net of current portion

 

 

63,777

 

 

 

65,038

 

Operating lease liability, net of current portion

 

 

1,585,667

 

 

 

1,693,577

 

Deferred tax liability

 

 

1,395,381

 

 

 

1,400,499

 

TOTAL LIABILITIES

 

 

13,960,336

 

 

 

11,063,972

 

 

 

 

 

 

 

 

 

 

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 November 30, 2023 and August 31, 2023, respectively

 

 

-

 

 

 

-

 

Common stock; $0.001 par value; 499,000,000 shares authorized; 17,291,192 and 15,759,325 shares issued and outstanding at November 30, 2023 and August 31, 2023, respectively

 

 

17,292

 

 

 

15,760

 

Additional paid-in capital

 

 

95,481,354

 

 

 

90,973,316

 

Common stock to be issued (17,375 and 91,138 shares at November 30, 2023 and August 31, 2023)

 

 

44,443

 

 

 

1,217,293

 

Other comprehensive loss

 

 

(246,488

)

 

 

(357,383

)

Accumulated deficit

 

 

(71,713,384

)

 

 

(67,033,041

)

Total Novo Integrated Sciences, Inc. stockholders’ equity

 

 

23,583,217

 

 

 

24,815,945

 

Noncontrolling interest

 

 

(299,169

)

 

 

(316,870

)

Total stockholders’ equity

 

 

23,284,048

 

 

 

24,499,075

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

37,244,384

 

 

$

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.

The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements.

NOVO INTEGRATED SCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

For the Three Months Ended November 30, 2023 and 2022 (unaudited)

 

 

Three Months Ended

 

 

November 30,

 

November 30,

 

 

2023

 

 

2022

 

 

 

 

 

 

Revenues

 

$

3,891,218

 

 

$

3,419,280

 

 

 

 

 

 

 

 

Cost of revenues

 

 

1,947,200

 

 

 

1,679,747

 

 

 

 

 

 

 

 

Gross profit

 

 

1,944,018

 

 

 

1,739,533

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Selling expenses

 

 

9,586

 

 

 

7,332

 

General and administrative expenses

 

 

5,252,069

 

 

 

3,974,161

 

Total operating expenses

 

 

5,261,655

 

 

 

3,981,493

 

 

 

 

 

 

 

 

Loss from operations

 

 

(3,317,637

)

 

 

(2,241,960

)

 

 

 

 

 

 

 

Non-operating income (expense)

 

 

 

 

 

 

Interest income

 

 

2,219

 

 

 

2,281

 

Interest expense

 

 

(143,374

)

 

 

(167,243

)

Other expense

 

 

(652,174

)

 

 

-

 

Change in fair value of derivative liability

 

 

585,529

 

 

 

-

 

Amortization of debt discount

 

 

(1,075,928

)

 

 

(1,490,513

)

Foreign currency transaction losses

 

 

(59,358

)

 

 

(39,301

)

Total non-operating expense

 

 

(1,343,086

)

 

 

(1,694,776

)

 

 

 

 

 

 

 

Loss before income taxes

 

 

(4,660,723

)

 

 

(3,936,736

)

 

 

 

 

 

 

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

Net loss

 

$

(4,660,723

)

 

$

(3,936,736

)

 

 

 

 

 

 

 

Net income (loss) attributed to noncontrolling interest

 

 

19,620

 

 

 

(1,323

)

 

 

 

 

 

 

 

Net loss attributed to Novo Integrated Sciences, Inc.

 

$

(4,680,343

)

 

$

(3,935,413

)

 

 

 

 

 

 

 

Comprehensive loss:

 

 

 

 

 

 

Net loss

 

 

(4,660,723

)

 

 

(3,936,736

)

Foreign currency translation gain (loss)

 

 

108,976

 

 

 

(420,982

)

Comprehensive loss:

 

$

(4,551,747

)

 

$

(4,357,718

)

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic and diluted

 

 

16,726,308

 

 

 

3,385,508

 

 

 

 

 

 

 

 

Net loss per common share - basic and diluted

 

$

(0.28

)

 

$

(1.16

)

 

* 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.

The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements.

NOVO INTEGRATED SCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Three Months Ended November 30, 2023 and 2022 (unaudited)

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Common

Stock To

 

 

Other

Comprehensive

 

Accumulated

 

Total Novo

Stockholders’

 

Noncontrolling

 

Total

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Be Issued

 

 

(Loss) 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

 

Rounding due to stock split

 

 

27,973

 

 

 

28

 

 

 

(28

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Foreign currency translation gain

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

110,895

 

 

 

-

 

 

 

110,895

 

 

 

(1,919

)

 

 

108,976

 

Net (loss) income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

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

 

 

* 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.

The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements.

NOVO INTEGRATED SCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Three Months Ended November 30, 2023 and 2022 (unaudited)

 

 

 

Three Months Ended

 

 

 

November 30,

 

 

November 30,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net loss

 

$

(4,660,723

)

 

$

(3,936,736

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

572,404

 

 

 

586,166

 

Fair value of vested stock options

 

 

-

 

 

 

60,887

 

Financing costs for debt extension

 

 

1,323,398

 

 

 

1,139,050

 

Common stock issued for services

 

 

1,195,400

 

 

 

-

 

Operating lease expense

 

 

149,877

 

 

 

209,846

 

Amortization of debt discount

 

 

1,075,928

 

 

 

1,490,513

 

Foreign currency transaction losses

 

 

59,358

 

 

 

39,301

 

Change in fair value of derivative liability

 

 

(585,529

)

 

 

-

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(1,168,350

)

 

 

28,174

 

Inventory

 

 

(166,476

)

 

 

(157,118

)

Prepaid expenses and other current assets

 

 

130,584

 

 

 

1,471

 

Accounts payable

 

 

(98,996

)

 

 

321,961

 

Accrued expenses

 

 

71,214

 

 

 

149,945

 

Accrued interest

 

 

99,430

 

 

 

(9,232

)

Operating lease liability

 

 

(149,877

)

 

 

(202,465

)

Net cash used in operating activities

 

 

(2,152,358

)

 

 

(278,237

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Repayments to related parties

 

 

(72,402

)

 

 

(48,480

)

Repayments of notes payable

 

 

(183,100

)

 

 

-

 

Repayments of finance leases

 

 

(2,779

)

 

 

(2,763

)

Proceeds from issuance of convertible notes

 

 

3,314,153

 

 

 

-

 

Repayment of convertible notes

 

 

-

 

 

 

(2,777,778

)

Proceeds from the sale of units, net of offering costs

 

 

-

 

 

 

1,795,000

 

Proceeds from exercise of warrants

 

 

240,400

 

 

 

-

 

Net cash provided by (used in) financing activities

 

 

3,296,272

 

 

 

(1,034,021

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

79,770

 

 

 

12,271

 

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

1,223,684

 

 

 

(1,299,987

)

 

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

 

416,323

 

 

 

2,178,687

 

 

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS, END OF PERIOD

 

$

1,640,007

 

 

$

878,700

 

 

 

 

 

 

 

 

 

 

CASH PAID FOR:

 

 

 

 

 

 

 

 

Interest

 

$

45,321

 

 

$

186,911

 

Income taxes

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Debt discount recognized on derivative liability

 

$

3,071,653

 

 

$

1,390,380

 

Common stock issued for convertible debt settlement

 

$

577,522

 

 

$

-

 

Debt discount recognized on convertible note

 

$

3,735,414

 

 

$

-

 

 

The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240122216090/en/

Chris David, COO-President Novo Integrated Sciences, Inc. chris.david@novointegrated.com (888) 512-1195