Nutriband (NTRB) - 2024 Q4 - Annual Report

Revenue and Financial Performance - For the year ended January 31, 2024, the company generated revenue of $2,085,314, a slight increase from $2,079,609 in the previous year, with costs of revenue at $1,223,209 compared to $1,329,200[178]. - The company reported a net loss of $5,485,314, or $(0.69) per share, for the year ended January 31, 2024, compared to a loss of $4,483,474, or $(0.53) per share, for the previous year[183]. - For the year ended January 31, 2024, the Company incurred a net loss from operations of $4,871,926 and used cash flow from operations of $3,527,509[191]. - The company’s total revenue from contract manufacturing services was $1,920,280 for the year ended January 31, 2024[178]. Expenses - The company incurred research and development expenses of $1,960,425 for its Aversa Fentanyl product, up from $982,227 in the previous year[181]. - Selling, general and administrative expenses decreased to $3,773,606 for the year ended January 31, 2024, from $3,916,041 in the prior year[179]. - The company recorded bad debt expenses of $118,364 for doubtful accounts related to accounts receivable for the year ended January 31, 2024[201]. - The company’s interest expense increased to $75,815 for the year ended January 31, 2024, compared to $6,289 in the previous year[183]. - The company recorded an impairment expense of $327,326 in the previous year due to a write-down of goodwill related to its Pocono acquisition[180]. Cash and Financing - As of January 31, 2024, the company had cash and cash equivalents of $492,942, down from $1,985,440 a year earlier[184]. - The company completed an $8,400,000 equity financing with European investors on April 19, 2024, consisting of 2,100,000 units at a price of $4.00 per unit[177]. - The Company entered into a three-year $5,000,000 Credit Line Note facility to fund research and development of its Aversa product[191]. - The Company recorded proceeds of $8,400,000 from a private placement of its common stock on April 19, 2024[191]. Inventory and Assets - As of January 31, 2024, total inventory was $168,605, a decrease from $229,335 as of January 31, 2023[204]. - Goodwill amounted to $5,021,713 as of January 31, 2024, unchanged from the previous year[207]. Future Outlook - The Company believes it will generate sufficient funds from operations to continue for one year from the date of the financial statements[192]. - The Company has generated operating losses since inception and has relied on sales of securities and debt issuance to support cash flow[191]. - Research and development costs are expensed as incurred, reflecting the Company's commitment to innovation[214]. Capital Requirements - The company has a capital requirement of approximately $13 million for the research and development of its abuse deterrent fentanyl transdermal system[169].