Novo Integrated Sciences Reports Fiscal Year 2023 Third Quarter Financial Results
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 multiple patient and consumer touchpoints for services and product innovation, today reported its financial results for the third fiscal quarter ended May 31, 2023.
Robert Mattacchione, Novo'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 of how non-catastrophic healthcare is delivered both now and in the future. During the fiscal year 2023 third quarter period, the Company announced the signing of agreements for an unsecured, non-dilutive 15-year debt instrument, with a principal sum of $70,000,000, which provides for the Company to receive net proceeds of approximately $55,000,000 after fees. In today's environment of tight capital markets and expensive capital raises, this cash infusion is consequential and will provide the Company with the foundational capital and repayment terms required to support and accelerate the further implementation and growth of Novo's three-pillar business model. "
Financial Highlights for the three month period ended May 31, 2023:
Cash and cash equivalents were $464,011, total assets were $35.7 million, total liabilities were $9.5 million, and stockholders' equity was $26.5 million. Revenues were $3,292,933, representing a decrease of $10,558,950, or 76%, from $13,851,883 for the same period in 2022. The decrease in revenue is principally due to the decrease in outsourced product sales and IoNovo Iodine. Acenzia's and Terragenx's revenue for the three months ended May 31, 2023 was $896,405 and $5,866, respectively. Revenue from our healthcare services decreased by 8% when comparing the revenue for the three months ended for the same period in 2022. Operating costs were $2,744,512, representing a decrease of $867,116, or 24%, from $3,611,628 for the same period in 2022. The decrease in operating costs was principally due to the decrease in overhead expenses and depreciation and amortization. Net loss attributed to the Company was $1,497,330, representing a decrease of $2,312,724, or 61%, from $3,810,054 for the same period in 2022. The decrease in net loss was principally due to the decrease in operating expenses. On March 21, 2023, the Company issued a $573,000 promissory note (12% per annum interest rate) and completed the related Securities Purchase Agreement with FirstFire Global Opportunities Fund, LLC ("FirstFire") for gross proceeds of $515,700. The Company granted 5-year warrants with an exercise price of $0.25 per share and issued 955,000 restricted shares to FirstFire. On April 26, 2023, the Company entered into a securities purchase agreement with RC Consulting Group LLC in favor of SCP Tourbillion Monaco or registered assigns pursuant to which the Company issued an unsecured 15-year promissory note to the RC Noteholder (the "RC Note") with a maturity date of April 26, 2038, in the principal sum of $70,000,000, which amount represents the $57,000,000 purchase price plus a yield (non-compounding) of 1.52% (zero coupon) per annum from April 26, 2023 until the same becomes due and payable as provided in the RC Note. Subsequent to the period ended May 31, 2023, on June 20, 2023, the Company issued a $445,000 promissory note (12% per annum interest rate) and completed the related Securities Purchase Agreement with Mast Hill Fund, L.P. for gross proceeds of $400,500. The Company granted 5-year warrants with an exercise price of $0.25 per share and issued 776,614 restricted shares to Mast Hill Fund, L.P.
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.
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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.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of May 31, 2023 (unaudited) and August 31, 2022
May 31, August 31,
2023 2022
---------------------------------------- ----------------------------------------
(unaudited)
ASSETS
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current Assets:
$ 464,011 $ 2,178,687
Cash and cash equivalents
1,327,613 1,017,405
Accounts receivable, net
938,940 879,033
Inventory, net
1,046,080 1,085,335
Other receivables
221,414 571,335
Prepaid expenses and other current assets
-------------------- -------------------- -------------------- --------------------
3,998,058 5,731,795
Total current assets
Property and equipment, net 5,411,438 5,800,648
Intangible assets, net 16,696,363 18,840,619
Right-of-use assets, net 2,096,376 2,673,934
Goodwill 7,542,795 7,825,844
-------------------- -------------------- -------------------- --------------------
$ 35,745,030 $ 40,872,840
TOTAL ASSETS
==================== ==================== ==================== ====================
LIABILITIES AND STOCKHOLDERS' EQUITY
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current Liabilities:
$ 1,896,040 $ 1,800,268
Accounts payable
1,178,245 1,116,125
Accrued expenses
350,831 454,189
Accrued interest (including amounts to related parties)
312,672 -
Government loans and notes payable, current portion
651,477 9,099,654
Convertible notes payable, net of discount of $494,523
57,933 534,595
Contingent liability
406,683 478,897
Due to related parties
912,025 -
Debentures, related parties, current portion
13,814 8,890
Finance lease liability, current portion
428,951 582,088
Operating lease liability, current portion
-------------------- -------------------- -------------------- --------------------
6,208,671 14,074,706
Total current liabilities
Debentures, related parties, net of current portion - 946,250
Government loans and notes payable, net of current portion 64,946 161,460
Finance lease liability, net of current portion - 12,076
Operating lease liability, net of current portion 1,786,961 2,185,329
Deferred tax liability 1,393,168 1,445,448
-------------------- -------------------- -------------------- --------------------
9,453,746 18,825,269
TOTAL LIABILITIES
-------------------- -------------------- -------------------- --------------------
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 May 31, 2023 and August 31, 2022, respectively
144,857 31,181
Common stock; $0.001 par value; 499,000,000 shares authorized; 144,857,518 and 31,180,603 shares issued and outstanding at May 31, 2023 and August 31, 2022, respectively
89,249,590 66,056,824
Additional paid-in capital
1,217,293 9,474,807
Common stock to be issued (911,392 and 4,149,633 shares at May 31, 2023 and August 31, 2022, respectively)
(172,526 ) 560,836
Other comprehensive (loss) income
(63,872,587 ) (53,818,489 )
Accumulated deficit
-------------------- -------------------- -------------------- --------------------
26,566,627 22,305,159
Total Novo Integrated Sciences, Inc. stockholders' equity
Noncontrolling interest (275,343 ) (257,588 )
-------------------- -------------------- -------------------- --------------------
26,291,284 22,047,571
Total stockholders' equity
-------------------- -------------------- -------------------- --------------------
NOVO INTEGRATED SCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the Three and Nine Months Ended May 31, 2023 and 2022 (unaudited)
Three Months Ended Nine Months Ended
------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------
May 31, May 31, May 31, May 31,
2023 2022 2023 2022
---------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------------
Revenues $ 3,292,933 $ 13,851,883 $ 9,268,722 $ 19,883,033
Cost of revenues 1,978,839 11,443,001 5,244,192 14,991,331
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Gross profit 1,314,094 2,408,882 4,024,530 4,891,702
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Operating expenses:
1,877 9,802 9,916 36,340
Selling expenses
2,742,635 3,601,826 9,473,802 9,542,443
General and administrative expenses
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
2,744,512 3,611,628 9,483,718 9,578,783
Total operating expenses
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Loss from operations (1,430,418 ) (1,202,746 ) (5,459,188 ) (4,687,081 )
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Non-operating income (expense)
62,397 8,355 6,762 25,233
Interest income
(9,570) (513,398 ) (240,520 ) (1,808,310 )
Interest expense
(156,037 ) (2,133,890 ) (4,386,899 ) (3,654,752 )
Amortization of debt discount
48,333 97,654 12,652 (303,714 )
Foreign currency transaction gain (loss)
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
(54,877 ) (2,541,279 ) (4,608,005 ) (5,741,543 )
Total other expense
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Loss before income taxes (1,485,295 ) (3,744,025 ) (10,067,193 ) (10,428,624 )
Income tax expense - - - -
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Net loss $ (1,485,295 ) $ (3,744,025 ) $ (10,067,193 ) $ (10,428,624 )
Net loss attributed to noncontrolling interest 12,035 66,029 (13,095 ) (6,816 )
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Net loss attributed to Novo Integrated Sciences, Inc. (1,497,330 ) (3,810,054 ) (10,054,098 ) (10,421,808 )
==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
Comprehensive loss:
(1,485,295 ) (3,744,025 ) (10,067,193 ) (10,428,624 )
Net loss
(120,357 ) 13,711 (738,022 ) 24,916
Foreign currency translation (loss) gain
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Comprehensive loss: $ (1,605,652 ) $ (3,730,314 ) $ (10,805,215 ) $ (10,403,708 )
==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
Weighted average common shares outstanding - basic and diluted 143,600,541 29,817,999 85,832,252 28,498,414
==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
NOVO INTEGRATED SCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Three and Nine Months Ended May 31, 2023 and 2022 (unaudited)
Common Stock Additional Common Other Accumulated Novo Noncontrolling Total
Paid-in Stock To Comprehensive Stockholders'
------------------------------------------------------------------------------------------------------------------------
Shares Amount Capital Be Issued Income Deficit Equity Interest Equity
---------------------------------------- ---------------------------------------- ---------------------------------------- ---------------------------------------- ---------------------------------------- ---------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------------
Balance, August 31, 2022 31,180,603 $ 31,181 $ 66,056,824 $ 9,474,807 $ 560,836 $ (53,818,489 ) $ 22,305,159 $ (257,588 ) $ 22,047,571
Units issued for cash, net of offering costs 4,000,000 4,000 1,791,000 - - - 1,795,000 - 1,795,000
Issuance of common stock to be issued 36,222 36 92,330 (92,366 ) - - - - -
Cashless exercise of warrants 4,673,986 4,674 1,134,376 - - - 1,139,050 - 1,139,050
Fair value of stock options - - 60,887 - - - 60,887 - 60,887
Foreign currency translation loss - - - - (417,008 ) - (417,008 ) (3,974 ) (420,982 )
Net loss - - - - - (3,935,413 ) (3,935,413 ) (1,323 ) (3,936,736 )
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Balance, November 30, 2022 39,890,811 $ 39,891 $ 69,135,417 $ 9,382,441 $ 143,828 $ (57,753,902 ) $ 20,947,675 $ (262,885 ) $ 20,684,790
Share issuance for convertible debt settlement 93,109,398 93,110 8,992,941 - - - 9,086,051 - 9,086,051
Cashless exercise of warrants 1,159,348 1,159 281,374 - - - 282,533 - 282,533
Exercise of warrants for cash 1,310,000 1,310 129,690 - - - 131,000 - 131,000
Issuance of common stock to be issued 3,202,019 3,201 8,161,947 (8,165,148 ) - - - - -
Shares issued with convertible notes 955,000 955 82,008 - - - 82,963 - 82,963
Value of warrants issued with convertible notes - - 86,327 - - - 86,327 - 86,327
Fair value of stock options - - 60,887 - - - 60,887 - 60,887
Extinguishment of derivative liability due to conversion - - 1,390,380 - - - 1,390,380 - 1,390,380
Foreign currency translation loss - - - - (195,821 ) - (195,821 ) (862 ) (196,683 )
Net loss - - - - - (4,621,355 ) (4,621,355 ) (23,807 ) (4,645,162 )
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Balance, February 28, 2023 139,626,576 $ 139,626 $ 88,320,971 $ 1,217,293 $ (51,993 ) $ (62,375,257 ) $ 27,250,640 $ (287,554 ) $ 26,963,086
Share issuance for convertible debt settlement 1,075,942 1,076 99,202 - - - 100,278 - 100,278
Exercise of warrants for cash 3,200,000 3,200 316,800 - - - 320,000 - 320,000
Shares issued with convertible notes 955,000 955 89,177 - - - 90,132 - 90,132
Value of warrants issued with convertible notes - - 93,811 - - - 93,811 - 93,811
Beneficial conversion feature upon issuance on convertible debt - - 66,068 - - - 66,068 - 66,068
Stock option expense - - 263,561 - - - 263,561 - 263,561
Foreign currency translation loss - - - - (120,533 ) - (120,533 ) 176 (120,357 )
Net loss - - - - - (1,497,330 ) (1,497,330 ) 12,035 (1,485,295 )
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Balance, May 31, 2023 144,857,518 $ 144,857 $ 89,249,590 $ 1,217,293 $ (172,526 ) $ (63,872,587 ) $ 26,566,627 $ (275,343 ) $ 26,291,284
==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
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
Common stock for services 35,000 35 64,715 - - - 64,750 - 64,750
Common stock issued as collateral and held in escrow 2,000,000 2,000 (2,000 ) - - - - - -
Common stock to be issued for purchase of Terragenx - - - 983,925 - - 983,925 97,311 1,081,236
Common stock to be issued for purchase of Mullin assets - - - 188,925 - - 188,925 - 188,925
Value of warrants issued with convertible notes - - 295,824 - - - 295,824 - 295,824
Fair value of stock options - - 154,135 - - - 154,135 - 154,135
Foreign currency translation loss - - - - (103,533 ) - (103,533 ) (855 ) (104,388 )
Net loss - - - - - (1,806,587 ) (1,806,587 ) (9,808 ) (1,816,395 )
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Balance, November 30, 2021 28,645,144 $ 28,645 $ 55,092,070 $ 10,409,457 $ 887,544 $ (22,775,861 ) $ 43,641,855 $ 26,387 $ 43,668,242
==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
Common stock for services 240,000 240 297,760 - - - 298,000 - 298,000
Value of warrants issued with convertible notes - - 5,257,466 - - - 5,257,466 - 5,257,466
Fair value of stock options - - 44,427 - - - 44,427 - 44,427
Foreign currency translation gain - - - - 114,738 - 114,738 355 115,093
Net loss - - - - - (4,805,167 ) (4,805,167 ) (63,037 ) (4,868,204 )
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Balance, February 28, 2022 28,885,144 $ 28,885 $ 60,691,723 $ 10,409,457 $ 1,002,282 $ (27,581,028 ) $ 44,551,319 $ (36,295 ) $ 44,515,024
Common stock issued for services 125,000 125 313,875 - - - 314,000 - 314,000
Share issuance for convertible debt settlement 623,929 624 1,247,225 - - - 1,247,849 - 1,247,849
Common stock issued for acquisition 800,000 800 1,703,200 - - - 1,704,000 - 1,704,000
Common stock to be issued for acquisitions - - - 260,625 - - 260,625 25,402 286,027
Issuance of common stock to be issued 225,000 225 573,525 (573,750 ) - - - - -
Fair value of stock options - - 91,330 - - - 91,330 - 91,330
Foreign currency translation gain - - - - 13,711 - 13,711 51 13,762
Net Loss (3,810,054 ) (3,810,054 ) 66,029 (3,744,025 )
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
NOVO INTEGRATED SCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended May 31, 2023 and 2022 (unaudited)
Nine Months Ended
------------------------------------------------------------------------------------------------------------------------
May 31, May 31,
2023 2022
---------------------------------------- ----------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
$ (10,067,193 ) $ (10,428,624 )
Net loss
Adjustments to reconcile net loss to net cash used in operating activities:
1,718,388 2,349,434
Depreciation and amortization
385,335 289,892
Fair value of vested stock options
- 676,750
Common stock issued for services
1,421,583 -
Financing costs for debt extension
624,246 418,188
Operating lease expense
4,386,899 3,654,752
Amortization of debt discount
(12,652 ) 303,714
Foreign currency transaction (gain) loss
Changes in operating assets and liabilities:
(308,907 ) (3,650,069 )
Accounts receivable
(92,260 ) (263,539 )
Inventory
333,724 (150,632 )
Prepaid expenses and other current assets
154,542 117,056
Accounts payable
104,004 (68,871 )
Accrued expenses
(67,634) 598,904
Accrued interest
(594,618 ) (406,862 )
Operating lease liability
-------------------- -------------------- -------------------- --------------------
Net cash used in operating activities (2,014,543 ) (6,559,907 )
-------------------- -------------------- -------------------- --------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
(18,870 ) (190,973 )
Purchase of property and equipment
- 57,489
Cash acquired with acquisition
- 296,138
Payments received from other receivables
-------------------- -------------------- -------------------- --------------------
Net cash (used in) provided by investing activities (18,870 ) 162,654
-------------------- -------------------- -------------------- --------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
(56,649) (21,932 )
Repayments to related parties
(6,435 ) (14,797 )
Repayments of finance leases
222,000 (4,430,794 )
Proceeds from (repayments of) notes payable
1,795,000 -
Proceeds from the sale of common stock, net of offering costs
451,000 -
Proceeds from exercise of warrants
(3,033,888 ) -
Repayment of convertible notes
925,306 15,270,000
Proceeds from issuance of convertible notes, net
-------------------- -------------------- -------------------- --------------------
Net cash provided by financing activities 296,334 10,802,477
-------------------- -------------------- -------------------- --------------------
Effect of exchange rate changes on cash and cash equivalents 22,403 (20,940 )
-------------------- -------------------- -------------------- --------------------
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,714,676 ) 4,384,284
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 2,178,687 8,293,162
-------------------- -------------------- -------------------- --------------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 464,011 $ 12,677,446
==================== ==================== ==================== ====================
CASH PAID FOR:
$ 343,878 $ 1,294,912
Interest
==================== ==================== ==================== ====================
$ - $ -
Income taxes
==================== ==================== ==================== ====================
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
$ 9,186,329 $ 1,247,849
Common stock issued for convertible debt settlement
==================== ==================== ==================== ====================
$ - $ 188,925
Common stock to be issued for intangible assets
==================== ==================== ==================== ====================
$ - $ 1,244,550
Common stock to be issued for acquisition
==================== ==================== ==================== ====================
$ - $ 1,704,000
Common stock issued for acquisition
==================== ==================== ==================== ====================
$ 66,068 $ -
Beneficial conversion feature upon issuance of convertible notes
==================== ==================== ==================== ====================
$ 1,390,380 $ -
Debt discount recognized on derivative liability
==================== ==================== ==================== ====================
$ 639,993 $ -
Debt discount recognized on convertible note
==================== ==================== ==================== ====================
$ 1,390,380 $ -
Extinguishment of derivative liability due to conversion
==================== ==================== ==================== ====================
$ 173,095 $ -
Common stock issued with convertible notes
==================== ==================== ==================== ====================
View source version on businesswire.com: https://www.businesswire.com/news/home/20230717025947/en/
SOURCE: Novo Integrated Sciences, Inc.">
Chris David, COO-President Novo Integrated Sciences, Inc. chris.david@novointegrated.com (888) 512-1195
COMTEX_436956236/1006/2023-07-17T16:15:04