Revenue and Financial Performance - NextTrip recognized revenue of $458,752 for the year ended February 29, 2024, an increase of $75,920, or 19.8%, compared to $382,832 in the same period in 2023[167]. - Cost of revenue for the year ended February 29, 2024, was $397,532, reflecting an increase of $42,611, or 12%, from $354,921 in the same period in 2023[168]. - Operating expenses increased by $760,811, or 15.3%, totaling $5,740,577 for the year ended February 29, 2024, compared to $4,979,766 for the previous year[169]. - Net loss from continuing operations totaled $6,656,837 for the year ended February 29, 2024, compared to a net loss of $5,033,496 for the previous year[181]. - Total net cash used in operating activities increased by $1,938,809, totaling $5,731,409 for the year ended February 29, 2024[191]. - NextTrip raised $4,791,804 in net proceeds during the year ended February 29, 2024, compared to $8,134,955 in the previous year[194]. - The company estimates a minimum requirement of $5.5 million to continue operations for the next twelve months[187]. Accounts Receivable and Allowances - Trade accounts receivable as of February 29, 2024, were $34,082, compared to $0 as of February 28, 2023[154]. - An allowance for doubtful accounts of $1,567,665 was established due to uncertainty in collectability from NextPlay under a promissory note[154]. - The loss on the promissory note receivable was $1,567,665, with a total outstanding balance of $2,567,665 from NextPlay, which is in default[172]. Expenses and Compensation - Salaries and stock-based compensation expenses decreased by $519,809, or 24.5%, totaling $1,604,487 for the year ended February 29, 2024[170]. - Stock-based compensation totaled $116,512 for the year ended February 29, 2024, compared to $0 for the previous year, due to the assumption of Sigma's stock options[171]. - General and administrative expenses decreased by $57,455, totaling $152,106 for the year ended February 29, 2024[173]. - Professional service fees increased by $806,076, or 131%, totaling $1,421,508 for the year ended February 29, 2024[174]. Business Developments and Strategy - NextTrip's proprietary booking engine, NXT2.0, was built upon a platform acquired in June 2022, which previously powered Bookit.com, generating over $400 million in annual sales in 2019[142]. - The company has shifted focus to enhancing its program offerings, including developing a booking engine platform for packaged vacations and business travel management[146]. - NextTrip completed the reverse acquisition of Sigma on December 29, 2023, with 13,001 closing shares issued to NextPlay and 486,999 contingent shares to be issued upon achieving business milestones[148]. - The company is focused on integrating the NXT2.0 technology platform to enhance booking conversion rates and serve mid- to luxury travelers[143]. Accounting Policies - NextTrip's financial statements are prepared on a consolidated basis with its wholly owned subsidiaries, following U.S. GAAP[152]. - NextTrip's revenue recognition follows ASC 606, recognizing revenue when the customer has purchased the product and the performance obligation is satisfied[162].
Sigma Additive Solutions(SASI) - 2024 Q4 - Annual Report