Novo Integrated Sciences Reports 2024 Fiscal Year Financial Results

Business Wire12-19

BELLEVUE, Wash., December 18, 2024--(BUSINESS WIRE)--Novo Integrated Sciences, Inc. (OTC Pink:NVOS) (the "Company" or "Novo"), pioneering a holistic approach to patient-first health and wellness ...

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(OTC Pink:NVOS) (the \"Company\" or \"Novo\"), pioneering a holistic approach to patient-first health and wellness ...</p>\n\n<a href=\"https://finance.yahoo.com/news/novo-integrated-sciences-reports-2024-210500508.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Novo Integrated Sciences Reports 2024 Fiscal Year Financial Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNovo Integrated Sciences Reports 2024 Fiscal Year Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-19 05:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/novo-integrated-sciences-reports-2024-210500508.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BELLEVUE, Wash., December 18, 2024--(BUSINESS WIRE)--Novo Integrated Sciences, Inc. (OTC Pink:NVOS) (the \"Company\" or \"Novo\"), pioneering a holistic approach to patient-first health and wellness ...</p>\n\n<a href=\"https://finance.yahoo.com/news/novo-integrated-sciences-reports-2024-210500508.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"NVOS","symbol_name":"Novo Integrated Sciences, Inc.","start_time":0,"source_url":"https://finance.yahoo.com/news/novo-integrated-sciences-reports-2024-210500508.html","article_id":"2492562154","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/iixwRJHvsf85syV_TeAh_A--~B/aD0yNzA7dz00ODA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/78d5e4ef3e197612aa0435fc1002f0db"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2492562154","pubTimestamp":1734555900,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"BELLEVUE, Wash., December 18, 2024----Novo Integrated Sciences, Inc.  , pioneering a holistic approach to patient-first health and wellness through a multidisciplinary healthcare ecosystem of multiple patient and consumer touchpoints providing services and product innovation, today reported its financial results for the fiscal year ended August 31, 2024.Robert Mattacchione, the Company’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 to the rapidly evolving fundamental transformation of how non-catastrophic healthcare is delivered both now and in the future. Specific to increasing the Company’s cash position, management continues to focus on raising capital through non-dilutive structures and solutions.\". Operating costs for the year ended August 31, 2024 were $15,818,802, representing an increase of $2,312,925, or 17%, from $13,505,877 fo","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"NVOS":"Novo Integrated Sciences, Inc.","BK4196":"保健护理服务"},"translate_title":"Novo Integrated Sciences报告2024财年财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVOS":0.9},"content_text":"BELLEVUE, Wash., December 18, 2024--(BUSINESS WIRE)--Novo Integrated Sciences, Inc. (OTC Pink: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 providing services and product innovation, today reported its financial results for the fiscal year ended August 31, 2024.\nRobert Mattacchione, the Company’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 to the rapidly evolving fundamental transformation of how non-catastrophic healthcare is delivered both now and in the future. Specific to increasing the Company’s cash position, management continues to focus on raising capital through non-dilutive structures and solutions.\"\nFinancial Information for the Fiscal Year Ended August 31, 2024:\n\nAs of August 31, 2024, the Company’s cash and cash equivalents were $844,584, total assets were $32,141,276, total liabilities were $17,527,351 and total Company stockholders’ equity was $14,892,621.\nRevenues for the year ended August 31, 2024 were $13,294,357, representing an increase of $722,338, or 6%, from $12,572,019 for the same period in 2023. The increase in revenue is principally due to an increase in product sales. Acenzia’s and Terragenx’s revenue for the year ended August 31, 2024 was $4,713,940 and $122,154, respectively. Revenue from our healthcare services increased by 1%, when comparing the revenue for the year ended August 31, 2024 to the same period in 2023.\nOperating costs for the year ended August 31, 2024 were $15,818,802, representing an increase of $2,312,925, or 17%, from $13,505,877 for the same period in 2023. The increase in operating costs was principally due to (i) impairment of intangible assets and goodwill being recognized; and (ii) an increase in overhead expenses associated with the operations.\nNet loss attributed to Novo Integrated Sciences for the year ended August 31, 2024 was $16,166,744, representing an increase of $2,952,192, or 22%, from $13,214,552 for the same period in 2023. The increase in net loss was principally due to (i) impairment of intangible assets and goodwill being recognized; (ii) foreign currency exchange loss arising as a result of intercompany balance reconciliation; and (iii) amortization of debt discount as compared to the previous year.\nOn April 5, 2024, the Company executed a $6.21 million Securities Purchase Agreement and Note (the \"Streeterville Note\") with Streeterville Capital LLC (\"Streeterville\"). The Streeterville Note annual interest is 10.9% with a 12-month maturity date and is secured by Acenzia’s land/building. This Streeterville Note has no warrants or commitment type shares related to the transaction.\nOn July 8, 2024, the Company filed a registration statement on Form S-1 relating to the resale of up to 3,500,000 shares of the Company’s common stock by Streeterville issuable by the Company upon conversion of the Streeterville Note. The prices at which Streeterville may sell the common stock will be determined by the prevailing market price for the shares or in negotiated transactions.\nOn October 8, 2024, Streeterville notified the Company that it would redeem $950,000 of the Streeterville Note. In lieu of payment by the Company to Streeterville of $950,000, the Company and Streeterville agreed to a one-time fee in the amount of $142,500 (representing 15% of the $950,000 redemption amount) payable by the Company to Streeterville. Such amount was added to the outstanding balance under the Streeterville Note. On October 16, 2024, Streeterville submitted a redemption notice in the amount of $142,500. On October 21, 2024, the Company issued 675,724 shares of common stock to Streeterville in payment of the $142,500 redemption amount. Following such issuance, the outstanding balance under the Streeterville Note was $6,579,658.\n\nAbout Novo Integrated Sciences, Inc.\nNovo 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.\nWe 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.\nThe 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:\n\nFirst 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.\nSecond 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.\nThird 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.\n\nInnovation through science combined with the integration of sophisticated, secure technology assures Novo Integrated Sciences of continued cutting edge advancement in patient first platforms.\nFor more information concerning Novo Integrated Sciences, please visit www.novointegrated.com. For more information on NHL, please visit www.novohealthnet.com.\nTwitter, LinkedIn, Facebook, Instagram, YouTube\nForward-Looking Statements\nThis 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.\n\n\n\n \n\n\nNOVO INTEGRATED SCIENCES, INC.CONSOLIDATED BALANCE SHEETSAs of August 31, 2024 and 2023\n\n\n\n\n\n\n \n\n\n\n\nAugust 31,\n\nAugust 31,\n\n\n\n\n2024\n\n2023\n\n\nASSETS\n\n\n\n\n\n\n\n\nCurrent Assets:\n\n\n\n\n\n\n\n\nCash and cash equivalents\n\n$\n844,584\n\n\n$\n416,323\n\n\n\nAccounts receivable, net\n\n\n1,916,819\n\n\n\n1,467,028\n\n\n\nInventory, net\n\n\n1,000,742\n\n\n\n1,106,983\n\n\n\nOther receivables\n\n\n1,235,423\n\n\n\n1,051,584\n\n\n\nPrepaid expenses and other current assets\n\n\n417,282\n\n\n\n346,171\n\n\n\nTotal current assets\n\n\n5,414,850\n\n\n\n4,388,089\n\n\n\n\n\n\n\n\n\n\n\n\nProperty and equipment, net\n\n\n5,110,776\n\n\n\n5,390,038\n\n\n\nIntangible assets, net\n\n\n13,369,868\n\n\n\n16,218,539\n\n\n\nRight-of-use assets, net\n\n\n1,691,309\n\n\n\n1,983,898\n\n\n\nGoodwill\n\n\n6,554,473\n\n\n\n7,582,483\n\n\n\nTOTAL ASSETS\n\n$\n32,141,276\n\n\n$\n35,563,047\n\n\n\n\n\n\n\n\n\n\n\n\nLIABILITIES AND STOCKHOLDERS’ EQUITY\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCurrent Liabilities:\n\n\n\n\n\n\n\n\nAccounts payable\n\n$\n3,235,800\n\n\n$\n3,513,842\n\n\n\nAccrued expenses\n\n\n1,592,288\n\n\n\n1,233,549\n\n\n\nAccrued interest (including amounts to related parties)\n\n\n624,287\n\n\n\n382,666\n\n\n\nGovernment loans and notes payable, current portion\n\n\n45,681\n\n\n\n277,405\n\n\n\nConvertible notes payable, net of discount of $3,505,849\n\n\n2,704,151\n\n\n\n558,668\n\n\n\nDerivative liability\n\n\n4,685,198\n\n\n\n-\n\n\n\nContingent liability\n\n\n13,836\n\n\n\n61,767\n\n\n\nDebentures, related parties, current portion\n\n\n913,598\n\n\n\n916,824\n\n\n\nDue to related parties\n\n\n356,928\n\n\n\n533,001\n\n\n\nFinance lease liability, current portion\n\n\n4,354\n\n\n\n11,744\n\n\n\nOperating lease liability, current portion\n\n\n403,291\n\n\n\n415,392\n\n\n\nTotal current liabilities\n\n\n14,579,412\n\n\n\n7,904,858\n\n\n\n\n\n\n\n\n\n\n\n\nGovernment loans and notes payable, net of current portion\n\n\n112,001\n\n\n\n65,038\n\n\n\nOperating lease liability, net of current portion\n\n\n1,440,367\n\n\n\n1,693,577\n\n\n\nDeferred tax liability\n\n\n1,395,571\n\n\n\n1,400,499\n\n\n\nTOTAL LIABILITIES\n\n\n17,527,351\n\n\n\n11,063,972\n\n\n\n\n\n\n\n\n\n\n\n\nCommitments and contingencies\n\n\n-\n\n\n\n-\n\n\n\n\n\n\n\n\n\n\n\n\nSTOCKHOLDERS’ EQUITY\n\n\n\n\n\n\n\n\nNovo Integrated Sciences, Inc.\n\n\n\n\n\n\n\n\nConvertible preferred stock; $0.001 par value; 1,000,000 shares authorized; Nil shares issued and outstanding at August 31, 2024 and August 31, 2023\n\n\n-\n\n\n\n-\n\n\n\nCommon stock; $0.001 par value; 499,000,000 shares authorized; 19,054,523 and 15,759,325 shares issued and outstanding at August 31, 2024 and August 31, 2023, respectively\n\n\n19,055\n\n\n\n15,760\n\n\n\nAdditional paid-in capital\n\n\n96,660,607\n\n\n\n90,973,316\n\n\n\nCommon stock to be issued (1,700 and 91,138 shares at August 31, 2024 and August 31, 2023)\n\n\n25,500\n\n\n\n1,217,293\n\n\n\nOther comprehensive (loss) income\n\n\n1,387,244\n\n\n\n(357,383\n)\n\n\nAccumulated deficit\n\n\n(83,199,785\n)\n\n\n(67,033,041\n)\n\n\nTotal Novo Integrated Sciences, Inc. stockholders’ equity\n\n\n14,892,621\n\n\n\n24,815,945\n\n\n\nNoncontrolling interest\n\n\n(278,696\n)\n\n\n(316,870\n)\n\n\nTotal stockholders’ equity\n\n\n14,613,925\n\n\n\n24,499,075\n\n\n\nTOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY\n\n$\n32,141,276\n\n\n$\n35,563,047\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n* The consolidated balance sheets’ common stock share amounts have been retroactively adjusted to account for the Company’s 1:10 reverse stock split, effective November 7, 2023.\n\n\n\n\n\n\n\n\n\nNOVO INTEGRATED SCIENCES, INC.CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSSFor the Years Ended August 31, 2024 and 2023\n\n\n\n\n \n\n\n\n\nYears Ended\n\n\n\n\nAugust 31,\n\nAugust 31,\n\n\n\n\n2024\n\n2023\n\n\n\n\n\n\n\n\n\nRevenues\n\n$\n13,294,357\n\n\n$\n12,572,019\n\n\n\n\n\n\n\n\n\n\n\n\nCost of revenues\n\n\n7,551,853\n\n\n\n7,619,304\n\n\n\n\n\n\n\n\n\n\n\n\nGross profit\n\n\n5,742,504\n\n\n\n4,952,715\n\n\n\n\n\n\n\n\n\n\n\n\nOperating expenses:\n\n\n\n\n\n\n\n\nSelling expenses\n\n\n17,137\n\n\n\n15,149\n\n\n\nGeneral and administrative expenses\n\n\n14,039,265\n\n\n\n13,490,728\n\n\n\nImpairment of assets\n\n\n761,067\n\n\n\n-\n\n\n\nGoodwill impairment\n\n\n1,001,333\n\n\n\n-\n\n\n\nTotal operating expenses\n\n\n15,818,802\n\n\n\n13,505,877\n\n\n\n\n\n\n\n\n\n\n\n\nLoss from operations\n\n\n(10,076,298\n)\n\n\n(8,553,162\n)\n\n\n\n\n\n\n\n\n\n\n\nNon-operating income (expense)\n\n\n\n\n\n\n\n\nInterest income\n\n\n202,525\n\n\n\n9,027\n\n\n\nInterest expense\n\n\n(652,398\n)\n\n\n(360,571\n)\n\n\nOther (expense) income\n\n\n(1,032,620\n)\n\n\n607,589\n\n\n\nChange in fair value of derivative liability\n\n\n3,594,171\n\n\n\n-\n\n\n\nAmortization of debt discount\n\n\n(6,574,862\n)\n\n\n(4,757,121\n)\n\n\nForeign currency transaction losses\n\n\n(1,589,088\n)\n\n\n(215,206\n)\n\n\nTotal other income (expense)\n\n\n(6,052,272\n)\n\n\n(4,716,282\n)\n\n\n\n\n\n\n\n\n\n\n\nLoss before income taxes\n\n\n(16,128,570\n)\n\n\n(13,269,444\n)\n\n\n\n\n\n\n\n\n\n\n\nIncome tax expense (recovery)\n\n\n-\n\n\n\n-\n\n\n\n\n\n\n\n\n\n\n\n\nNet loss\n\n$\n(16,128,570\n)\n\n$\n(13,269,444\n)\n\n\n\n\n\n\n\n\n\n\n\nNet loss attributed to noncontrolling interest\n\n\n38,174\n\n\n\n(54,892\n)\n\n\n\n\n\n\n\n\n\n\n\nNet loss attributed to Novo Integrated Sciences, Inc.\n\n$\n(16,166,744\n)\n\n$\n(13,214,552\n)\n\n\n\n\n\n\n\n\n\n\n\nComprehensive loss:\n\n\n\n\n\n\n\n\nNet loss\n\n\n(16,128,570\n)\n\n\n(13,269,444\n)\n\n\nForeign currency translation loss\n\n\n(1,744,627\n)\n\n\n(922,609\n)\n\n\nComprehensive loss:\n\n$\n(17,873,197\n)\n\n$\n(14,192,053\n)\n\n\n\n\n\n\n\n\n\n\n\nWeighted average common shares outstanding - basic and diluted\n\n\n18,032,015\n\n\n\n10,165,548\n\n\n\n\n\n\n\n\n\n\n\n\nNet loss per common share - basic and diluted\n\n$\n(0.89\n)\n\n$\n(1.30\n)\n\n\n\n\n\n\n\n\n\n\n \n\n\n* The consolidated statements of operations and comprehensive loss’s share and per share amounts have been retroactively adjusted to account for the Company’s 1:10 reverse stock split, effective November 7, 2023.\n\n\n\n\n\n\n\n\n\nNOVO INTEGRATED SCIENCES, INC.CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITYFor the Years Ended August 31, 2024 and 2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nCommon Stock\n\nAdditionalPaid-in\n\nCommon Stock To\n\nOther Comprehensive\n\nAccumulated\n\nTotal Novo Stockholders’\n\nNoncontrolling\n\nTotal\n\n\n\nShares\n\nAmount\n\nCapital\n\nBe Issued\n\nIncome\n\nDeficit\n\nEquity\n\nInterest\n\nEquity\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBalance, August 31, 2022\n\n3,118,063\n\n$\n3,118\n\n$\n66,084,887\n\n\n$\n9,474,807\n\n\n$\n560,836\n\n\n$\n(53,818,489\n)\n\n$\n22,305,159\n\n\n$\n(257,588\n)\n\n$\n22,047,571\n\n\n\nUnits issued for cash, net of offering costs\n\n400,000\n\n\n400\n\n\n1,794,600\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n1,795,000\n\n\n\n-\n\n\n\n1,795,000\n\n\n\nCashless exercise of warrants\n\n583,334\n\n\n583\n\n\n1,421,000\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n1,421,583\n\n\n\n-\n\n\n\n1,421,583\n\n\n\nShare issuance for convertible debt settlement\n\n10,177,834\n\n\n10,178\n\n\n9,957,962\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n9,968,140\n\n\n\n-\n\n\n\n9,968,140\n\n\n\nExercise of warrants for cash\n\n532,600\n\n\n533\n\n\n532,067\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n532,600\n\n\n\n-\n\n\n\n532,600\n\n\n\nShares issued with convertible notes\n\n265,167\n\n\n265\n\n\n247,622\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n247,887\n\n\n\n-\n\n\n\n247,887\n\n\n\nValue of warrants issued with convertible notes\n\n-\n\n\n-\n\n\n257,994\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n257,994\n\n\n\n-\n\n\n\n257,994\n\n\n\nBeneficial conversion feature upon issuance on convertible debt\n\n-\n\n\n-\n\n\n164,046\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n164,046\n\n\n\n-\n\n\n\n164,046\n\n\n\nExtinguishment of derivative liability due to conversion\n\n-\n\n\n-\n\n\n1,390,380\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n1,390,380\n\n\n\n-\n\n\n\n1,390,380\n\n\n\nCommon stock for services\n\n358,500\n\n\n359\n\n\n480,233\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n480,592\n\n\n\n-\n\n\n\n480,592\n\n\n\nIssuance of common stock to be issued\n\n323,827\n\n\n324\n\n\n8,257,190\n\n\n\n(8,257,514\n)\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\nFair value of stock options\n\n-\n\n\n-\n\n\n385,335\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n385,335\n\n\n\n-\n\n\n\n385,335\n\n\n\nForeign currency translation loss\n\n-\n\n\n-\n\n\n-\n\n\n\n-\n\n\n\n(918,219\n)\n\n\n-\n\n\n\n(918,219\n)\n\n\n(4,390\n)\n\n\n(922,609\n)\n\n\nNet loss\n\n-\n\n\n-\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n(13,214,552\n)\n\n\n(13,214,552\n)\n\n\n(54,892\n)\n\n\n(13,269,444\n)\n\n\nBalance, August 31, 2023\n\n15,759,325\n\n$\n15,760\n\n$\n90,973,316\n\n\n$\n1,217,293\n\n\n$\n(357,383\n)\n\n$\n(67,033,041\n)\n\n$\n24,815,945\n\n\n$\n(316,870\n)\n\n$\n24,499,075\n\n\n\nCashless exercise of warrants\n\n245,802\n\n\n246\n\n\n1,323,152\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n1,323,398\n\n\n\n-\n\n\n\n1,323,398\n\n\n\nExercise of warrants for cash\n\n240,400\n\n\n240\n\n\n240,160\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n240,400\n\n\n\n-\n\n\n\n240,400\n\n\n\nShares issued for convertible debt settlement\n\n2,283,176\n\n\n2,283\n\n\n1,608,600\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n1,610,883\n\n\n\n-\n\n\n\n1,610,883\n\n\n\nIssuance of common stock to be issued\n\n73,767\n\n\n74\n\n\n1,172,776\n\n\n\n(1,172,850\n)\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\nCommon stock issued for services\n\n424,080\n\n\n424\n\n\n1,194,976\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n1,195,400\n\n\n\n-\n\n\n\n1,195,400\n\n\n\nReverse stock split share rounding\n\n27,973\n\n\n28\n\n\n(28\n)\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\nFair value of stock options\n\n-\n\n\n-\n\n\n147,655\n\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n147,655\n\n\n\n-\n\n\n\n147,655\n\n\n\nCancellation of agreement\n\n-\n\n\n-\n\n\n-\n\n\n\n(18,943\n)\n\n\n-\n\n\n\n-\n\n\n\n(18,943\n)\n\n\n-\n\n\n\n(18,943\n)\n\n\nForeign currency translation loss\n\n-\n\n\n-\n\n\n-\n\n\n\n-\n\n\n\n1,744,627\n\n\n\n-\n\n\n\n1,744,627\n\n\n\n-\n\n\n\n1,744,627\n\n\n\nNet loss\n\n-\n\n\n-\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n(16,166,744\n)\n\n\n(16,166,744\n)\n\n\n38,174\n\n\n\n(16,128,570\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBalance, August 31, 2024\n\n19,054,523\n\n$\n19,055\n\n$\n96,660,607\n\n\n$\n25,500\n\n\n$\n1,387,244\n\n\n$\n(83,199,785\n)\n\n$\n14,892,621\n\n\n$\n(278,696\n)\n\n$\n14,613,925\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n* The consolidated statements of stockholder’s equity share amounts have been retroactively adjusted to account for the Company’s 1:10 reverse stock split, effective November 7, 2023.\n\n\n\n\n\n\n\n\n\nNOVO INTEGRATED SCIENCES, INC.CONSOLIDATED STATEMENTS OF CASH FLOWSFor the Years Ended August 31, 2024 and 2023\n\n\n\n\n\n\n\n\n\n\n\nYears Ended\n\n\n\n\nAugust 31,\n\nAugust 31,\n\n\n\n\n2024\n\n2023\n\n\n\n\n\n\n\n\n\nCASH FLOWS FROM OPERATING ACTIVITIES:\n\n\n\n\n\n\n\n\nNet loss\n\n$\n(16,128,570\n)\n\n$\n(13,269,444\n)\n\n\nAdjustments to reconcile net loss to net cash used in operating activities:\n\n\n\n\n\n\n\n\nDepreciation and amortization\n\n\n2,261,519\n\n\n\n2,302,754\n\n\n\nFair value of vested stock options\n\n\n147,656\n\n\n\n385,335\n\n\n\nFinancing costs for debt extension\n\n\n-\n\n\n\n1,421,583\n\n\n\nChange in fair value of derivative liability\n\n\n(3,594,171\n)\n\n\n-\n\n\n\nDefault payment and interest paid through common share issuance\n\n\n-\n\n\n\n205,349\n\n\n\nCashless exercise of warrants\n\n\n1,323,398\n\n\n\n-\n\n\n\nCommon stock issued for services\n\n\n1,195,400\n\n\n\n480,592\n\n\n\nOperating lease expense\n\n\n616,799\n\n\n\n797,515\n\n\n\nCancellation of shares to be issued\n\n\n62,130\n\n\n\n-\n\n\n\nAmortization of debt discount\n\n\n6,574,862\n\n\n\n4,757,121\n\n\n\nForeign currency transaction losses\n\n\n1,589,088\n\n\n\n215,206\n\n\n\nImpairment of assets\n\n\n761,067\n\n\n\n-\n\n\n\nAssets write off\n\n\n321,872\n\n\n\n-\n\n\n\nGoodwill impairment\n\n\n1,001,333\n\n\n\n-\n\n\n\nChanges in operating assets and liabilities:\n\n\n\n\n\n\n\n\nAccounts receivable\n\n\n(453,252\n)\n\n\n(597,191\n)\n\n\nInventory\n\n\n(210,883\n)\n\n\n(255,781\n)\n\n\nPrepaid expenses and other current assets\n\n\n(259,972\n)\n\n\n210,382\n\n\n\nAccounts payable\n\n\n(267,211\n)\n\n\n1,770,589\n\n\n\nAccrued expenses\n\n\n330,276\n\n\n\n153,598\n\n\n\nAccrued interest\n\n\n275,618\n\n\n\n(58,066\n)\n\n\nOperating lease liability\n\n\n(616,799\n)\n\n\n(762,852\n)\n\n\nNet cash used in operating activities\n\n\n(5,069,840\n)\n\n\n(2,243,315\n)\n\n\n\n\n\n\n\n\n\n\n\nCASH FLOWS FROM INVESTING ACTIVITIES:\n\n\n\n\n\n\n\n\nPurchase of property and equipment\n\n\n(5,034\n)\n\n\n(49,224\n)\n\n\n\n\n\n\n\n\n\n\n\nNet cash (used in) provided by investing activities\n\n\n(5,034\n)\n\n\n(49,224\n)\n\n\n\n\n\n\n\n\n\n\n\nCASH FLOWS FROM FINANCING ACTIVITIES:\n\n\n\n\n\n\n\n\n(Repayments to) receipt from related parties\n\n\n(396,418\n)\n\n\n7,206\n\n\n\nProceeds from notes payable\n\n\n402\n\n\n\n222,780\n\n\n\nRepayments of notes payable\n\n\n(183,725\n)\n\n\n(37,130\n)\n\n\nRepayments of finance leases\n\n\n(7,334\n)\n\n\n(8,611\n)\n\n\nProceeds from issuance of convertible notes\n\n\n8,649,153\n\n\n\n1,285,903\n\n\n\nRepayment of convertible notes\n\n\n(3,311,536\n)\n\n\n(3,033,888\n)\n\n\nProceeds from the sale of common stock, net of offering costs\n\n\n-\n\n\n\n1,795,000\n\n\n\nProceeds from exercise of warrants\n\n\n240,400\n\n\n\n532,600\n\n\n\nNet cash provided by financing activities\n\n\n4,990,942\n\n\n\n763,860\n\n\n\n\n\n\n\n\n\n\n\n\nEffect of exchange rate changes on cash and cash equivalents\n\n\n512,193\n\n\n\n(233,685\n)\n\n\n\n\n\n\n\n\n\n\n\nNET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS\n\n\n428,261\n\n\n\n(1,762,364\n)\n\n\n\n\n\n\n\n\n\n\n\nCASH AND CASH EQUIVALENTS, BEGINNING OF YEAR\n\n\n416,323\n\n\n\n2,178,687\n\n\n\n\n\n\n\n\n\n\n\n\nCASH AND CASH EQUIVALENTS, END OF YEAR\n\n$\n844,584\n\n\n$\n416,323\n\n\n\n\n\n\n\n\n\n\n\n\nCASH PAID FOR:\n\n\n\n\n\n\n\n\nInterest\n\n$\n190,491\n\n\n$\n432,094\n\n\n\nIncome taxes\n\n$\n-\n\n\n$\n-\n\n\n\n\n\n\n\n\n\n\n\n\nSUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:\n\n\n\n\n\n\n\n\nCommon stock issued for convertible debt\n\n$\n1,610,883\n\n\n$\n9,968,140\n\n\n\nCommon stock issued for acquisition\n\n$\n-\n\n\n$\n-\n\n\n\nWarrants issued with convertible notes\n\n$\n-\n\n\n$\n257,994\n\n\n\nBeneficial conversion feature upon issuance of convertible notes\n\n$\n-\n\n\n$\n164,046\n\n\n\nDebt discount recognized on derivative liability\n\n$\n-\n\n\n$\n1,390,380\n\n\n\nExtinguishment of derivative liability due to conversion\n\n$\n-\n\n\n$\n1,390,380\n\n\n\nDebt discount recognized on convertible note\n\n$\n-\n\n\n$\n975,024\n\n\n\nCommon stock issued with convertible notes\n\n$\n-\n\n\n$\n247,887\n\n\n\nCommon stock issued for services\n\n$\n1,195,400\n\n\n$\n-\n\n\n\nCashless exercise of warrants\n\n$\n1,323,398\n\n\n$\n-\n\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241218007774/en/\nContacts\nChris David, COONovo Integrated Sciences, Inc.chris.david@novointegrated.com (888) 512-1195","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2492562154"}