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 services and product innovation, today reported its financial results for the fiscal year ended August 31, 2021.
“This has been a transformative year for Novo. We have invested in several undervalued assets that collectively are core to our differentiated platform solution for healthcare delivery that puts the patient-first. In addition, the Company invested in the necessary human capital required to commercialize our technology offerings, as well as many of our product solutions,” stated Robert Mattacchione, the Company’s CEO and Board Chairman. “We have strategically made investments in Acenzia, PRO-DIP, EK-Tech Solutions, Terragenx, and brick and mortar pharmacy locations, each of which complements our organic operations. This diverse patient offering of products and services will be overlaid on Novo Connect, our sophisticated and secure mobile application, to provide data to patients in real time. We look forward to the official launch of NovoConnect in early 2022 and making further investments in the healthcare space by expanding into new jurisdictions both in North America and overseas.”
Financial Highlights for the Fiscal Year Ended August 31, 2021:
- As of August 31, 2021, the Company’s cash and cash equivalents were $8.3 million, total assets were $61.9 million, total liabilities were $18.2 million, and stockholders’ equity was $43.9 million.
- Revenues for the fiscal year ended August 31, 2021 were $9.3 million, representing an increase of $1.4 million, or 18.4%, from $7.9 million for the same period in 2020, principally due to periodic easing of COVID pandemic-related restrictions and approximately $0.4 million of revenue from Acenzia from the date of acquisition (June 24, 2021) through August 31, 2021.
- Net loss attributed to Novo Integrated Sciences, Inc. for the year ended August 31, 2021 was $4,462,147, representing a decrease of $453,007, or 9.2%, from $4,915,154 for the same period in 2020. The decrease in net loss is principally due to (i) an increase in revenues and gross profit offset by additional operating costs associated with the Acenzia acquisition, (ii) an increase in amortization of intangible assets, (iii) common stock issued for services including successful uplist to the Nasdaq Capital Markets, (iv) salary expense due to hiring of senior level executives, and (v) legal fees related to the Company’s Nasdaq listing and filing of the Company’s registration statement on Form S-3.
Operational Milestones to Date:
- Signed letter of intent to acquire seven pharmacies in the United States that collectively generated $55 million in annualized sales in 2020.
- Acquired majority stake in Terragenx and intellectual property for FDA and Health Canada approved water-soluble iodine micro-nutrient in an all-share transaction priced at $3.35 per share.
- Completed acquisition of Acenzia, a company that provides nutraceutical health solutions through advanced bio-science research and development, proprietary manufacturing, and personalized diagnostics in an all-share transaction at $3.91 per share.
- Completed the acquisition of PRO-DIP, a company that has developed an innovative, patent-pending oral pouch delivery system technology which allows for broad market applications related to nutritionally focused products and medicinal based formulations in an all-share transaction at $3.98 per share.
- Announced joint venture with EK-Tech Solutions for enhanced telehealth platform.
Corporate Highlights for the Fiscal Year Ended August 31, 2021:
- Uplisted to the Nasdaq Capital Market in February 2021.
- Closed on a registered direct offering of approximately $8 million at $3.35 per share.
- Appointed Dr. Indrajit (Indra) Sinha, Ph.D. as Chief Scientific Officer.
- Formed a Medical Advisory Board comprised of Dr. Joseph M. Chalil, Dr. Michael G. Muhonen, and Dr. Zach P. Zachariah to provide important insight and expertise as the Company expands its personalized consumer engagement across all aspects of the patient/practitioner relationship through the integration of medical technology, advanced therapeutics, and rehabilitative sciences.
- Appointed new President and senior leadership for Novo Healthnet Limited, Novo’s wholly owned subsidiary.
- Increased size of Board of Directors from 4 to 7 members and appointed Michael Pope, Robert Oliva, and Alex Flesias as independent directors.
- Formed Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee.
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, 2021 and 2020 |
||||||||
|
|
|
|
|
|
|
||
|
|
August 31, |
|
|
August 31, |
|
||
|
|
2021 |
|
|
2020 |
|
||
|
|
|
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
8,293,162 |
|
|
$ |
2,067,718 |
|
Accounts receivable, net |
|
|
1,468,429 |
|
|
|
1,732,432 |
|
Inventory |
|
|
339,385 |
|
|
|
- |
|
Other receivables, current portion |
|
|
814,157 |
|
|
|
302,664 |
|
Prepaid expenses and other current assets |
|
|
218,376 |
|
|
|
191,723 |
|
Total current assets |
|
|
11,133,509 |
|
|
|
4,294,537 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
6,070,291 |
|
|
|
353,660 |
|
Intangible assets, net |
|
|
32,436,468 |
|
|
|
26,623,448 |
|
Right-of-use assets, net |
|
|
2,543,396 |
|
|
|
2,810,556 |
|
Other receivables, net of current portion |
|
|
692,738 |
|
|
|
287,775 |
|
Acquisition deposits |
|
|
- |
|
|
|
383,700 |
|
Goodwill |
|
|
9,081,879 |
|
|
|
636,942 |
|
TOTAL ASSETS |
|
$ |
61,958,281 |
|
|
$ |
35,390,618 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,449,784 |
|
|
$ |
883,773 |
|
Accrued expenses |
|
|
1,129,309 |
|
|
|
194,708 |
|
Accrued interest (principally to related parties) |
|
|
366,280 |
|
|
|
346,264 |
|
Government loans and notes payable, current portion |
|
|
4,485,649 |
|
|
|
83,292 |
|
Due to related parties |
|
|
478,920 |
|
|
|
528,213 |
|
Finance lease liability, current portion |
|
|
23,184 |
|
|
|
- |
|
Operating lease liability, current portion |
|
|
530,797 |
|
|
|
563,793 |
|
Total current liabilities |
|
|
8,463,923 |
|
|
|
2,600,043 |
|
|
|
|
|
|
|
|
|
|
Debentures, related parties |
|
|
982,205 |
|
|
|
952,058 |
|
Notes payable, net of current portion |
|
|
5,133,604 |
|
|
|
- |
|
Finance lease liability, net of current portion |
|
|
16,217 |
|
|
|
- |
|
Operating lease liability, net of current portion |
|
|
2,057,805 |
|
|
|
2,266,887 |
|
Deferred tax liability |
|
|
1,500,372 |
|
|
|
- |
|
TOTAL LIABILITIES |
|
|
18,154,126 |
|
|
|
5,818,988 |
|
|
|
|
|
|
|
|
|
|
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, 2021 and 2020, respectively |
|
|
- |
|
|
|
- |
|
Common stock; $0.001 par value; 499,000,000 shares authorized; 26,610,144 and 23,466,236 shares issued and outstanding at August 31, 2021 and 2020, respectively |
|
|
26,610 |
|
|
|
23,466 |
|
Additional paid-in capital |
|
|
54,579,396 |
|
|
|
44,905,454 |
|
Common stock to be issued (3,622,199 shares) |
|
|
9,236,607 |
|
|
|
- |
|
Other comprehensive income |
|
|
991,077 |
|
|
|
1,199,696 |
|
Accumulated deficit |
|
|
(20,969,274 |
) |
|
|
(16,507,127 |
) |
Total Novo Integrated Sciences, Inc. stockholders’ equity |
|
|
43,864,416 |
|
|
|
29,621,489 |
|
Noncontrolling interest |
|
|
(60,261 |
) |
|
|
(49,859 |
) |
Total stockholders’ equity |
|
|
43,804,155 |
|
|
|
29,571,630 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
61,958,281 |
|
|
$ |
35,390,618 |
|
NOVO INTEGRATED SCIENCES, INC. |
||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
||||||||
For the Years Ended August 31, 2021 and 2020 |
||||||||
|
|
|
|
|
|
|
||
|
|
Years Ended |
|
|||||
|
|
August 31, |
|
|
August 31, |
|
||
|
|
2021 |
|
|
2020 |
|
||
|
|
|
|
|
|
|
||
Revenues |
|
$ |
9,305,255 |
|
|
$ |
7,860,567 |
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
5,482,257 |
|
|
|
4,802,195 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
3,822,998 |
|
|
|
3,058,372 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling expenses |
|
|
7,525 |
|
|
|
4,921 |
|
General and administrative expenses |
|
|
8,089,641 |
|
|
|
7,286,305 |
|
Write down of assets |
|
|
99,351 |
|
|
|
29,744 |
|
Total operating expenses |
|
|
8,196,517 |
|
|
|
7,320,970 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(4,373,519 |
) |
|
|
(4,262,598 |
) |
|
|
|
|
|
|
|
|
|
Non operating income (expense) |
|
|
|
|
|
|
|
|
Interest income |
|
|
45,687 |
|
|
|
33,627 |
|
Interest expense |
|
|
(165,003 |
) |
|
|
(156,662 |
) |
Other income (expense) |
|
|
21,900 |
|
|
|
(194,055 |
) |
Write off of acquisition deposit |
|
|
- |
|
|
|
(344,521 |
) |
Total other income (expense) |
|
|
(97,416 |
) |
|
|
(661,611 |
) |
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(4,470,935 |
) |
|
|
(4,924,209 |
) |
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,470,935 |
) |
|
$ |
(4,924,209 |
) |
|
|
|
|
|
|
|
|
|
Net loss attributed to noncontrolling interest |
|
|
(8,788 |
) |
|
|
(9,055 |
) |
|
|
|
|
|
|
|
|
|
Net loss attributed to Novo Integrated Sciences, Inc. |
|
$ |
(4,462,147 |
) |
|
$ |
(4,915,154 |
) |
|
|
|
|
|
|
|
|
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
Net loss |
|
|
(4,470,935 |
) |
|
|
(4,924,209 |
) |
Foreign currency translation (loss) gain |
|
|
(208,619 |
) |
|
|
60,777 |
|
Comprehensive loss: |
|
$ |
(4,679,554 |
) |
|
$ |
(4,863,432 |
) |
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - basic and diluted |
|
|
24,774,454 |
|
|
|
23,034,081 |
|
|
|
|
|
|
|
|
|
|
Net loss per common share - basic and diluted |
|
$ |
(0.18 |
) |
|
$ |
(0.21 |
) |
NOVO INTEGRATED SCIENCES, INC. |
|||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY |
|||||||||||||||||||||||||||
For the Years Ended August 31, 2021 and 2020 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
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, 2019 |
22,369,150 |
$ |
22,369 |
$ |
36,014,525 |
|
$ |
- |
$ |
1,138,919 |
|
$ |
(11,591,973 |
) |
$ |
25,583,840 |
|
$ |
(39,632 |
) |
|
25,544,208 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common stock issued for cash |
35,437 |
|
35 |
|
113,364 |
|
|
- |
|
- |
|
|
- |
|
|
113,399 |
|
|
- |
|
|
113,399 |
|
||||
Common stock issued for licensing agreement |
800,000 |
|
800 |
|
5,247,200 |
|
|
- |
|
- |
|
|
- |
|
|
5,248,000 |
|
|
- |
|
|
5,248,000 |
|
||||
Common stock issued for software license |
96,558 |
|
97 |
|
386,134 |
|
|
- |
|
- |
|
|
- |
|
|
386,231 |
|
|
- |
|
|
386,231 |
|
||||
Common stock issued for conversion of related party debt |
15,091 |
|
15 |
|
226,348 |
|
|
- |
|
- |
|
|
- |
|
|
226,363 |
|
|
- |
|
|
226,363 |
|
||||
Common stock issued for services |
150,000 |
|
150 |
|
589,850 |
|
|
- |
|
- |
|
|
- |
|
|
590,000 |
|
|
- |
|
|
590,000 |
|
||||
Fair value of modification of stock option terms |
- |
|
- |
|
62,822 |
|
|
- |
|
- |
|
|
- |
|
|
62,822 |
|
|
- |
|
|
62,822 |
|
||||
Fair value of stock options |
- |
|
- |
|
2,265,211 |
|
|
- |
|
- |
|
|
- |
|
|
2,265,211 |
|
|
- |
|
|
2,265,211 |
|
||||
Foreign currency translation gain |
- |
|
- |
|
- |
|
|
- |
|
60,777 |
|
|
|
|
|
60,777 |
|
|
(1,172 |
) |
|
59,605 |
|
||||
Net loss |
- |
|
- |
|
- |
|
|
- |
|
- |
|
|
(4,915,154 |
) |
|
(4,915,154 |
) |
|
(9,055 |
) |
|
(4,924,209 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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 |
|
||||
NOVO INTEGRATED SCIENCES, INC. |
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
For the Years Ended August 31, 2021 and 2020 |
||||||||
|
|
|
|
|
|
|
||
|
|
Years Ended |
|
|||||
|
|
August 31, |
|
|
August 31, |
|
||
|
|
2021 |
|
|
2020 |
|
||
|
|
|
|
|
|
|
||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,470,935 |
) |
|
$ |
(4,924,209 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,724,122 |
|
|
|
1,445,076 |
|
Fair value of vested stock options |
|
|
155,496 |
|
|
|
2,265,211 |
|
Expense associated with modified stock option terms |
|
|
- |
|
|
|
62,822 |
|
Common stock issued for services |
|
|
875,173 |
|
|
|
590,000 |
|
Operating lease expense |
|
|
642,991 |
|
|
|
541,530 |
|
Gain on forgiveness of debt |
|
|
(21,900 |
) |
|
|
- |
|
Write down of assets |
|
|
99,351 |
|
|
|
29,744 |
|
Loss on settlement of other receivable |
|
|
- |
|
|
|
74,360 |
|
Write off of acquisition deposit |
|
|
- |
|
|
|
344,521 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
1,103,800 |
|
|
|
(229,015 |
) |
Inventory |
|
|
(147,814 |
) |
|
|
- |
|
Prepaid expenses and other current assets |
|
|
(43,194 |
) |
|
|
61,218 |
|
Accounts payable |
|
|
(45,228 |
) |
|
|
(275,895 |
) |
Accrued expenses |
|
|
(287,034 |
) |
|
|
(15,591 |
) |
Accrued interest |
|
|
9,015 |
|
|
|
114,815 |
|
Operating lease liability |
|
|
(618,645 |
) |
|
|
(526,281 |
) |
Net cash used in operating activities |
|
|
(1,024,802 |
) |
|
|
(441,694 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(255,949 |
) |
|
|
(12,110 |
) |
Cash paid for acquisition |
|
|
(10,000 |
) |
|
|
- |
|
Cash acquired with acquisition |
|
|
3,738,171 |
|
|
|
- |
|
Amounts loaned for other receivables |
|
|
(473,100 |
) |
|
|
- |
|
Payment for acquisition deposit |
|
|
- |
|
|
|
(636,985 |
) |
Return of acquisition deposit |
|
|
- |
|
|
|
636,985 |
|
Collection of other receivable |
|
|
- |
|
|
|
669,240 |
|
Net cash provided by investing activities |
|
|
2,999,122 |
|
|
|
657,130 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Repayments to related parties |
|
|
(246,327 |
) |
|
|
(198,778 |
) |
Repayments of debenture, related party |
|
|
- |
|
|
|
(267,696 |
) |
Repayments of notes payable |
|
|
(2,767,519 |
) |
|
|
- |
|
Repayments of finance leases |
|
|
(8,872 |
) |
|
|
- |
|
Proceeds from government loans and note payable |
|
|
- |
|
|
|
81,388 |
|
Proceeds from the sale of common stock, net of offering costs |
|
|
7,327,580 |
|
|
|
113,399 |
|
Proceeds from exercise of stock options |
|
|
12,000 |
|
|
|
- |
|
Net cash provided by (used in) financing activities |
|
|
4,316,862 |
|
|
|
(271,687 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(65,738 |
) |
|
|
40,303 |
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
|
6,225,444 |
|
|
|
(15,948 |
) |
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |
|
|
2,067,718 |
|
|
|
2,083,666 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, END OF YEAR |
|
$ |
8,293,162 |
|
|
$ |
2,067,718 |
|
|
|
|
|
|
|
|
|
|
CASH PAID FOR: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
144,987 |
|
|
$ |
95,219 |
|
Income taxes |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Common stock issued for intangible assets |
|
$ |
876,000 |
|
|
$ |
5,634,231 |
|
Common stock issued for debt |
|
$ |
- |
|
|
$ |
226,363 |
|
Common stock issued for acquisition |
|
$ |
430,837 |
|
|
$ |
- |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20211214006339/en/
Contacts
Chris David, COO-President
Novo Integrated Sciences, Inc.
chris.david@novointegrated.com
(888) 512-1195
