Nutriband (US:NTRB)2024-09-03 21:12Financial Performance - Total revenue for the three months ended July 31, 2024, was $442,830, a decrease of 32.5% compared to $655,928 for the same period in 2023[5]. - Net loss for the six months ended July 31, 2024, was $3,603,542, compared to a net loss of $1,844,402 for the same period in 2023, representing an increase in loss of 95.2%[5]. - The company generated total revenue of $851,362 for the six months ended July 31, 2024, compared to $1,132,860 for the same period in 2023, representing a decrease of approximately 25%[31]. - For the six months ended July 31, 2024, the company incurred a net loss from operations of $3,603,542 and used cash flow from operations of $2,377,673[19]. - For the three months ended July 31, 2024, the net loss was $1,705,465, indicating a continued trend of losses[8]. Assets and Liabilities - Total assets as of July 31, 2024, were $13,633,709, an increase from $7,517,154 as of January 31, 2024[4]. - Total current liabilities increased to $1,103,590 as of July 31, 2024, compared to $999,093 as of January 31, 2024, reflecting a rise of 10.5%[4]. - As of July 31, 2024, total assets increased to $12,460,986, with an accumulated deficit of $(31,583,561)[8]. - The total assets of the company as of July 31, 2024, were $13,633,709, an increase from $9,793,599 as of January 31, 2023, representing a growth of approximately 39%[82]. Cash and Cash Equivalents - Cash and cash equivalents as of July 31, 2024, were $6,759,967, compared to $492,942 as of January 31, 2024, indicating a significant increase[4]. - The company reported a cash and cash equivalents balance of $6,759,967 as of the end of the period, up from $2,334,553 in the previous year[10]. - As of July 31, 2024, the Company had cash and cash equivalents of $6,759,967 and working capital of $6,144,483[19]. Research and Development - Research and development expenses for the three months ended July 31, 2024, were $773,975, an increase of 73.8% from $445,122 in the same period of 2023[5]. - Research and development expenses for 4P Therapeutics rose significantly to $1,748,510 for the six months ended July 31, 2024, compared to $845,552 in the prior year, marking an increase of about 106%[81]. - The company has incurred expenses of $1,080,329 related to the commercial development and clinical manufacturing agreement with Kindeva Drug Delivery, with an estimated total cost of $8.1 million[86]. Stock and Equity - Total stockholders' equity as of July 31, 2024, was $12,460,986, up from $6,438,235 as of January 31, 2024, showing a growth of 93.5%[6]. - The company issued 2,100,000 shares of common stock for proceeds of $8,400,000 during the six months ended July 31, 2024[6]. - The Company completed an $8,400,000 equity financing with European investors, which included two related parties investing a total of $6,420,000[61]. Expenses - Operating expenses for Pocono Pharmaceuticals increased to $321,068 for the six months ended July 31, 2024, compared to $272,283 in the same period in 2023, reflecting an increase of approximately 18%[81]. - The Company recorded interest expenses of $13,637 during the six months ended July 31, 2024, compared to $12,401 for the same period in 2023[56]. - Depreciation expenses for the six months ended July 31, 2024, were $82,475, compared to $93,936 for the same period in 2023[52]. Legal and Compliance - The company is currently involved in a lawsuit seeking over $500,000 in damages, while also pursuing counterclaims for $1,000,000 against the plaintiffs[89][90]. - The company recorded a reserve for bad debts of $118,675 related to the bankruptcy proceedings from Sorrento Therapeutics Inc.[88]. Future Outlook - The company believes it will generate sufficient funds from operations to continue as a going concern for at least one year from the date of the financial statements[20]. - The estimated cost to complete the commercial development and clinical manufacturing agreement with Kindeva is approximately $8.1 million, with an expected FDA submission in twelve to eighteen months[86].