Categories: News

Novo Integrated Sciences Reports Fiscal Full Year 2021 Financial Results

BELLEVUE, Wash.–(BUSINESS WIRE)–Novo Integrated Sciences, Inc. (NASDAQ:NVOS) (the “Company” or “Novo”), pioneering a holistic approach to patient-first health and wellness through a multidisciplinary healthcare ecosystem of services and product innovation, today reported its financial results for the fiscal year ended August 31, 2021.

“This has been a transformative year for Novo. We have invested in several undervalued assets that collectively are core to our differentiated platform solution for healthcare delivery that puts the patient-first. In addition, the Company invested in the necessary human capital required to commercialize our technology offerings, as well as many of our product solutions,” stated Robert Mattacchione, the Company’s CEO and Board Chairman. “We have strategically made investments in Acenzia, PRO-DIP, EK-Tech Solutions, Terragenx, and brick and mortar pharmacy locations, each of which complements our organic operations. This diverse patient offering of products and services will be overlaid on Novo Connect, our sophisticated and secure mobile application, to provide data to patients in real time. We look forward to the official launch of NovoConnect in early 2022 and making further investments in the healthcare space by expanding into new jurisdictions both in North America and overseas.”

Financial Highlights for the Fiscal Year Ended August 31, 2021:

  • As of August 31, 2021, the Company’s cash and cash equivalents were $8.3 million, total assets were $61.9 million, total liabilities were $18.2 million, and stockholders’ equity was $43.9 million.
  • Revenues for the fiscal year ended August 31, 2021 were $9.3 million, representing an increase of $1.4 million, or 18.4%, from $7.9 million for the same period in 2020, principally due to periodic easing of COVID pandemic-related restrictions and approximately $0.4 million of revenue from Acenzia from the date of acquisition (June 24, 2021) through August 31, 2021.
  • Net loss attributed to Novo Integrated Sciences, Inc. for the year ended August 31, 2021 was $4,462,147, representing a decrease of $453,007, or 9.2%, from $4,915,154 for the same period in 2020. The decrease in net loss is principally due to (i) an increase in revenues and gross profit offset by additional operating costs associated with the Acenzia acquisition, (ii) an increase in amortization of intangible assets, (iii) common stock issued for services including successful uplist to the Nasdaq Capital Markets, (iv) salary expense due to hiring of senior level executives, and (v) legal fees related to the Company’s Nasdaq listing and filing of the Company’s registration statement on Form S-3.

Operational Milestones to Date:

  • Signed letter of intent to acquire seven pharmacies in the United States that collectively generated $55 million in annualized sales in 2020.
  • Acquired majority stake in Terragenx and intellectual property for FDA and Health Canada approved water-soluble iodine micro-nutrient in an all-share transaction priced at $3.35 per share.
  • Completed acquisition of Acenzia, a company that provides nutraceutical health solutions through advanced bio-science research and development, proprietary manufacturing, and personalized diagnostics in an all-share transaction at $3.91 per share.
  • Completed the acquisition of PRO-DIP, a company that has developed an innovative, patent-pending oral pouch delivery system technology which allows for broad market applications related to nutritionally focused products and medicinal based formulations in an all-share transaction at $3.98 per share.
  • Announced joint venture with EK-Tech Solutions for enhanced telehealth platform.

Corporate Highlights for the Fiscal Year Ended August 31, 2021:

  • Uplisted to the Nasdaq Capital Market in February 2021.
  • Closed on a registered direct offering of approximately $8 million at $3.35 per share.
  • Appointed Dr. Indrajit (Indra) Sinha, Ph.D. as Chief Scientific Officer.
  • Formed a Medical Advisory Board comprised of Dr. Joseph M. Chalil, Dr. Michael G. Muhonen, and Dr. Zach P. Zachariah to provide important insight and expertise as the Company expands its personalized consumer engagement across all aspects of the patient/practitioner relationship through the integration of medical technology, advanced therapeutics, and rehabilitative sciences.
  • Appointed new President and senior leadership for Novo Healthnet Limited, Novo’s wholly owned subsidiary.
  • Increased size of Board of Directors from 4 to 7 members and appointed Michael Pope, Robert Oliva, and Alex Flesias as independent directors.
  • Formed Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee.

About Novo Integrated Sciences, Inc.

Novo 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.

We 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.

The 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:

  • First 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.
  • Second 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.
  • Third 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.

Innovation through science combined with the integration of sophisticated, secure technology assures Novo Integrated Sciences of continued cutting edge advancement in patient first platforms.

For more information concerning Novo Integrated Sciences, please visit www.novointegrated.com. For more information on NHL, please visit www.novohealthnet.com

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Forward-Looking Statements

This 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.

NOVO INTEGRATED SCIENCES, INC.

CONSOLIDATED BALANCE SHEETS

As of August 31, 2021 and 2020

 

 

 

 

 

 

 

 

 

August 31,

 

 

August 31,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,293,162

 

 

$

2,067,718

 

Accounts receivable, net

 

 

1,468,429

 

 

 

1,732,432

 

Inventory

 

 

339,385

 

 

 

 

Other receivables, current portion

 

 

814,157

 

 

 

302,664

 

Prepaid expenses and other current assets

 

 

218,376

 

 

 

191,723

 

Total current assets

 

 

11,133,509

 

 

 

4,294,537

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

6,070,291

 

 

 

353,660

 

Intangible assets, net

 

 

32,436,468

 

 

 

26,623,448

 

Right-of-use assets, net

 

 

2,543,396

 

 

 

2,810,556

 

Other receivables, net of current portion

 

 

692,738

 

 

 

287,775

 

Acquisition deposits

 

 

 

 

 

383,700

 

Goodwill

 

 

9,081,879

 

 

 

636,942

 

TOTAL ASSETS

 

$

61,958,281

 

 

$

35,390,618

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,449,784

 

 

$

883,773

 

Accrued expenses

 

 

1,129,309

 

 

 

194,708

 

Accrued interest (principally to related parties)

 

 

366,280

 

 

 

346,264

 

Government loans and notes payable, current portion

 

 

4,485,649

 

 

 

83,292

 

Due to related parties

 

 

478,920

 

 

 

528,213

 

Finance lease liability, current portion

 

 

23,184

 

 

 

 

Operating lease liability, current portion

 

 

530,797

 

 

 

563,793

 

Total current liabilities

 

 

8,463,923

 

 

 

2,600,043

 

 

 

 

 

 

 

 

 

 

Debentures, related parties

 

 

982,205

 

 

 

952,058

 

Notes payable, net of current portion

 

 

5,133,604

 

 

 

 

Finance lease liability, net of current portion

 

 

16,217

 

 

 

 

Operating lease liability, net of current portion

 

 

2,057,805

 

 

 

2,266,887

 

Deferred tax liability

 

 

1,500,372

 

 

 

 

TOTAL LIABILITIES

 

 

18,154,126

 

 

 

5,818,988

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Novo Integrated Sciences, Inc.

 

 

 

 

 

 

 

 

Convertible preferred stock; $0.001 par value; 1,000,000 shares authorized; 0 and 0 shares issued and outstanding at August 31, 2021 and 2020, respectively

 

 

 

 

 

 

Common stock; $0.001 par value; 499,000,000 shares authorized; 26,610,144 and 23,466,236 shares issued and outstanding at August 31, 2021 and 2020, respectively

 

 

26,610

 

 

 

23,466

 

Additional paid-in capital

 

 

54,579,396

 

 

 

44,905,454

 

Common stock to be issued (3,622,199 shares)

 

 

9,236,607

 

 

 

 

Other comprehensive income

 

 

991,077

 

 

 

1,199,696

 

Accumulated deficit

 

 

(20,969,274

)

 

 

(16,507,127

)

Total Novo Integrated Sciences, Inc. stockholders’ equity

 

 

43,864,416

 

 

 

29,621,489

 

Noncontrolling interest

 

 

(60,261

)

 

 

(49,859

)

Total stockholders’ equity

 

 

43,804,155

 

 

 

29,571,630

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

61,958,281

 

 

$

35,390,618

 

NOVO INTEGRATED SCIENCES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

For the Years Ended August 31, 2021 and 2020

 

 

 

 

 

 

 

 

 

Years Ended

 

 

 

August 31,

 

 

August 31,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

Revenues

 

$

9,305,255

 

 

$

7,860,567

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

5,482,257

 

 

 

4,802,195

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

3,822,998

 

 

 

3,058,372

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Selling expenses

 

 

7,525

 

 

 

4,921

 

General and administrative expenses

 

 

8,089,641

 

 

 

7,286,305

 

Write down of assets

 

 

99,351

 

 

 

29,744

 

Total operating expenses

 

 

8,196,517

 

 

 

7,320,970

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(4,373,519

)

 

 

(4,262,598

)

 

 

 

 

 

 

 

 

 

Non operating income (expense)

 

 

 

 

 

 

 

 

Interest income

 

 

45,687

 

 

 

33,627

 

Interest expense

 

 

(165,003

)

 

 

(156,662

)

Other income (expense)

 

 

21,900

 

 

 

(194,055

)

Write off of acquisition deposit

 

 

 

 

 

(344,521

)

Total other income (expense)

 

 

(97,416

)

 

 

(661,611

)

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(4,470,935

)

 

 

(4,924,209

)

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(4,470,935

)

 

$

(4,924,209

)

 

 

 

 

 

 

 

 

 

Net loss attributed to noncontrolling interest

 

 

(8,788

)

 

 

(9,055

)

 

 

 

 

 

 

 

 

 

Net loss attributed to Novo Integrated Sciences, Inc.

 

$

(4,462,147

)

 

$

(4,915,154

)

 

 

 

 

 

 

 

 

 

Comprehensive loss:

 

 

 

 

 

 

 

 

Net loss

 

 

(4,470,935

)

 

 

(4,924,209

)

Foreign currency translation (loss) gain

 

 

(208,619

)

 

 

60,777

 

Comprehensive loss:

 

$

(4,679,554

)

 

$

(4,863,432

)

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – basic and diluted

 

 

24,774,454

 

 

 

23,034,081

 

 

 

 

 

 

 

 

 

 

Net loss per common share – basic and diluted

 

$

(0.18

)

 

$

(0.21

)

NOVO INTEGRATED SCIENCES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Years Ended August 31, 2021 and 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

Additional

 

Common

Other

 

 

 

Novo

 

 

 

 

 

 

Common Stock

Paid-in

 

Stock To

Comprehensive

 

Accumulated

 

Stockholders’

 

Noncontrolling

 

Total

 

 

Shares

Amount

Capital

 

Be Issued

Income

 

Deficit

 

Equity

 

Interest

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, August 31, 2019

22,369,150

$

22,369

$

36,014,525

 

$

$

1,138,919

 

$

(11,591,973

)

$

25,583,840

 

$

(39,632

)

 

25,544,208

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash

35,437

 

35

 

113,364

 

 

 

 

 

 

 

113,399

 

 

 

 

113,399

 

Common stock issued for licensing agreement

800,000

 

800

 

5,247,200

 

 

 

 

 

 

 

5,248,000

 

 

 

 

5,248,000

 

Common stock issued for software license

96,558

 

97

 

386,134

 

 

 

 

 

 

 

386,231

 

 

 

 

386,231

 

Common stock issued for conversion of related party debt

15,091

 

15

 

226,348

 

 

 

 

 

 

 

226,363

 

 

 

 

226,363

 

Common stock issued for services

150,000

 

150

 

589,850

 

 

 

 

 

 

 

590,000

 

 

 

 

590,000

 

Fair value of modification of stock option terms

 

 

62,822

 

 

 

 

 

 

 

62,822

 

 

 

 

62,822

 

Fair value of stock options

 

 

2,265,211

 

 

 

 

 

 

 

2,265,211

 

 

 

 

2,265,211

 

Foreign currency translation gain

 

 

 

 

 

60,777

 

 

 

 

 

60,777

 

 

(1,172

)

 

59,605

 

Net loss

 

 

 

 

 

 

 

(4,915,154

)

 

(4,915,154

)

 

(9,055

)

 

(4,924,209

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, August 31, 2020

23,466,236

 

23,466

 

44,905,454

 

 

 

1,199,696

 

 

(16,507,127

)

 

29,621,489

 

 

(49,859

)

 

29,571,630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash, net of offering costs

2,409,955

 

2,410

 

7,325,170

 

 

 

 

 

 

 

7,327,580

 

 

 

 

7,327,580

 

Common stock for services

295,700

 

295

 

874,878

 

 

 

 

 

 

 

875,173

 

 

 

 

875,173

 

Common stock issued for acquisition

189,796

 

190

 

430,647

 

 

 

 

 

 

 

430,837

 

 

 

 

430,837

 

Common stock issued for intellectual property

240,000

 

240

 

875,760

 

 

 

 

 

 

 

876,000

 

 

 

 

876,000

 

Common stock to be issued for purchase of Acenzia, Inc.

 

 

 

 

9,236,607

 

 

 

 

 

9,236,607

 

 

 

 

9,236,607

 

Exercise of stock options

7,500

 

8

 

11,992

 

 

 

 

 

 

 

12,000

 

 

 

 

12,000

 

Fair value of stock options

 

 

155,496

 

 

 

 

 

 

 

155,496

 

 

 

 

155,496

 

Rounding due to stock split

957

 

1

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation loss

 

 

 

 

 

(208,619

)

 

 

 

(208,619

)

 

(1,614

)

 

(210,233

)

Net loss

 

 

 

 

 

 

 

(4,462,147

)

 

(4,462,147

)

 

(8,788

)

 

(4,470,935

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, August 31, 2021

26,610,144

$

26,610

$

54,579,396

 

$

9,236,607

$

991,077

 

$

(20,969,274

)

$

43,864,416

 

$

(60,261

)

$

43,804,155

 

NOVO INTEGRATED SCIENCES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended August 31, 2021 and 2020

 

 

 

 

 

 

 

 

 

Years Ended

 

 

 

August 31,

 

 

August 31,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net loss

 

$

(4,470,935

)

 

$

(4,924,209

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1,724,122

 

 

 

1,445,076

 

Fair value of vested stock options

 

 

155,496

 

 

 

2,265,211

 

Expense associated with modified stock option terms

 

 

 

 

 

62,822

 

Common stock issued for services

 

 

875,173

 

 

 

590,000

 

Operating lease expense

 

 

642,991

 

 

 

541,530

 

Gain on forgiveness of debt

 

 

(21,900

)

 

 

 

Write down of assets

 

 

99,351

 

 

 

29,744

 

Loss on settlement of other receivable

 

 

 

 

 

74,360

 

Write off of acquisition deposit

 

 

 

 

 

344,521

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

1,103,800

 

 

 

(229,015

)

Inventory

 

 

(147,814

)

 

 

 

Prepaid expenses and other current assets

 

 

(43,194

)

 

 

61,218

 

Accounts payable

 

 

(45,228

)

 

 

(275,895

)

Accrued expenses

 

 

(287,034

)

 

 

(15,591

)

Accrued interest

 

 

9,015

 

 

 

114,815

 

Operating lease liability

 

 

(618,645

)

 

 

(526,281

)

Net cash used in operating activities

 

 

(1,024,802

)

 

 

(441,694

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(255,949

)

 

 

(12,110

)

Cash paid for acquisition

 

 

(10,000

)

 

 

 

Cash acquired with acquisition

 

 

3,738,171

 

 

 

 

Amounts loaned for other receivables

 

 

(473,100

)

 

 

 

Payment for acquisition deposit

 

 

 

 

 

(636,985

)

Return of acquisition deposit

 

 

 

 

 

636,985

 

Collection of other receivable

 

 

 

 

 

669,240

 

Net cash provided by investing activities

 

 

2,999,122

 

 

 

657,130

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Repayments to related parties

 

 

(246,327

)

 

 

(198,778

)

Repayments of debenture, related party

 

 

 

 

 

(267,696

)

Repayments of notes payable

 

 

(2,767,519

)

 

 

 

Repayments of finance leases

 

 

(8,872

)

 

 

 

Proceeds from government loans and note payable

 

 

 

 

 

81,388

 

Proceeds from the sale of common stock, net of offering costs

 

 

7,327,580

 

 

 

113,399

 

Proceeds from exercise of stock options

 

 

12,000

 

 

 

 

Net cash provided by (used in) financing activities

 

 

4,316,862

 

 

 

(271,687

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(65,738

)

 

 

40,303

 

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

6,225,444

 

 

 

(15,948

)

 

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

 

 

2,067,718

 

 

 

2,083,666

 

 

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS, END OF YEAR

 

$

8,293,162

 

 

$

2,067,718

 

 

 

 

 

 

 

 

 

 

CASH PAID FOR:

 

 

 

 

 

 

 

 

Interest

 

$

144,987

 

 

$

95,219

 

Income taxes

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Common stock issued for intangible assets

 

$

876,000

 

 

$

5,634,231

 

Common stock issued for debt

 

$

 

 

$

226,363

 

Common stock issued for acquisition

 

$

430,837

 

 

$

 

 

Contacts

Chris David, COO-President

Novo Integrated Sciences, Inc.

chris.david@novointegrated.com
(888) 512-1195

Staff

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