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Nutriband (NTRB) - 2024 Q4 - Annual Report
NTRBNutriband (NTRB)2024-04-30 22:51

Revenue and Financial Performance - For the year ended January 31, 2024, the company generated revenue of 2,085,314,aslightincreasefrom2,085,314, a slight increase from 2,079,609 in the previous year, with costs of revenue at 1,223,209comparedto1,223,209 compared to 1,329,200[178]. - The company reported a net loss of 5,485,314,or5,485,314, or (0.69) per share, for the year ended January 31, 2024, compared to a loss of 4,483,474,or4,483,474, 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 4,871,926andusedcashflowfromoperationsof4,871,926 and used cash flow from operations of 3,527,509[191]. - The company’s total revenue from contract manufacturing services was 1,920,280fortheyearendedJanuary31,2024[178].ExpensesThecompanyincurredresearchanddevelopmentexpensesof1,920,280 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 982,227inthepreviousyear[181].Selling,generalandadministrativeexpensesdecreasedto982,227 in the previous year[181]. - Selling, general and administrative expenses decreased to 3,773,606 for the year ended January 31, 2024, from 3,916,041intheprioryear[179].Thecompanyrecordedbaddebtexpensesof3,916,041 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 75,815fortheyearendedJanuary31,2024,comparedto75,815 for the year ended January 31, 2024, compared to 6,289 in the previous year[183]. - The company recorded an impairment expense of 327,326inthepreviousyearduetoawritedownofgoodwillrelatedtoitsPoconoacquisition[180].CashandFinancingAsofJanuary31,2024,thecompanyhadcashandcashequivalentsof327,326 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 1,985,440ayearearlier[184].Thecompanycompletedan1,985,440 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 4.00perunit[177].TheCompanyenteredintoathreeyear4.00 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 8,400,000fromaprivateplacementofitscommonstockonApril19,2024[191].InventoryandAssetsAsofJanuary31,2024,totalinventorywas8,400,000 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 229,335asofJanuary31,2023[204].Goodwillamountedto229,335 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].