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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended August 31, 2024
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission
file number: 001-38015
NEXTTRIP,
INC.
(Exact
name of registrant as specified in its charter)
nevada |
|
27-1865814 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(IRS
Employer
Identification
No.) |
3900
Paseo del Sol
Santa
Fe, NM 87507
(Address
of principal executive offices)
(954)
526-9688
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
symbol |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.001 per share |
|
NTRP |
|
The
NASDAQ Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post
such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large
accelerated filer |
☐ |
Accelerated
Filer |
☐ |
|
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
Emerging
growth company |
☐ |
|
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of October
14, 2024, the issuer had 1,421,427 shares of common stock outstanding.
NEXTTRIP, INC.
FORM
10-Q
TABLE
OF CONTENTS
PART
I. FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS.
NEXTTRIP,
INC. (FORMERLY SIGMA ADDITIVE SOLUTIONS, INC.)
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
August 31, 2024
(unaudited) | | |
February 29, 2024 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Cash and cash equivalents | |
$ | 102,006 | | |
$ | 323,805 | |
Promissory note receivable, net | |
| 1,000,000 | | |
| 1,000,000 | |
Accounts receivable, net | |
| 11,201 | | |
| 34,082 | |
Prepaid expenses and other current assets | |
| 244,870 | | |
| 340,921 | |
Total Current Assets | |
| 1,358,077 | | |
| 1,698,808 | |
Non-Current assets | |
| | | |
| | |
Property and equipment, net | |
| 6,703 | | |
| 6,642 | |
Intangible assets, net | |
| 2,310,927 | | |
| 2,173,420 | |
Security deposit | |
| 45,167 | | |
| 42,167 | |
Goodwill | |
| 1,167,805 | | |
| 1,167,805 | |
Total Non-Current Assets | |
| 3,530,602 | | |
| 3,390,034 | |
Total Assets | |
$ | 4,888,679 | | |
$ | 5,088,842 | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
$ | 1,145,536 | | |
$ | 531,847 | |
Accrued expenses | |
| 880,585 | | |
| 460,768 | |
Deferred revenue | |
| 138,067 | | |
| 139,921 | |
Notes payable | |
| 140,000 | | |
| - | |
Notes payable - related parties | |
| 2,718,594 | | |
| 828,277 | |
Total Current Liabilities | |
| 5,022,782 | | |
| 1,960,813 | |
| |
| | | |
| | |
Total Liabilities | |
| 5,022,782 | | |
| 1,960,813 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholder’s Equity | |
| | | |
| | |
Preferred Stock, $0.001 par value, 10,000,000 shares authorized; 93,295 and 472,996 shares issued and outstanding, respectively | |
| 94 | | |
| 474 | |
Common Stock, $0.001 par value, 250,000,000 and 1,200,000 shares authorized, respectively; 1,388,641 and 936,430 shares issued and outstanding, respectively | |
| 1,389 | | |
| 936 | |
Additional Paid in Capital | |
| 27,550,296 | | |
| 27,277,758 | |
Accumulated deficit | |
| (27,685,882 | ) | |
| (24,151,139 | ) |
Total Stockholders’ Equity | |
| (134,103 | ) | |
| 3,128,029 | |
Total Liabilities and Stockholders’ Equity | |
$ | 4,888,679 | | |
$ | 5,088,842 | |
See
accompanying notes to condensed financial statements.
NEXTTRIP,
INC. (FORMERLY SIGMA ADDITIVE SOLUTIONS, INC.)
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
Three Months Ended
August 31, | | |
Six Months Ended
August 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 154,498 | | |
$ | 27,663 | | |
$ | 343,291 | | |
$ | 47,225 | |
Cost of revenue (exclusive of depreciation and amortization, shown separately below) | |
| 155,455 | | |
| 23,734 | | |
| 329,036 | | |
| 41,452 | |
Gross profit (loss) | |
| (957 | ) | |
| 3,929 | | |
| 14,255 | | |
| 5,773 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses: | |
| | | |
| | | |
| | | |
| | |
Salaries and benefits | |
| 628,759 | | |
| 360,947 | | |
| 1,255,511 | | |
| 768,555 | |
Stock based compensation | |
| 13,841 | | |
| - | | |
| 30,235 | | |
| - | |
General and administrative | |
| 21,677 | | |
| 128,955 | | |
| 49,231 | | |
| 198,058 | |
Sales and marketing | |
| 51,347 | | |
| 49,758 | | |
| 207,536 | | |
| 90,539 | |
Professional service fees | |
| 372,027 | | |
| 125,934 | | |
| 895,900 | | |
| 260,304 | |
Technology | |
| 141,022 | | |
| 83,786 | | |
| 325,691 | | |
| 119,680 | |
Organization costs | |
| 80,452 | | |
| - | | |
| 109,189 | | |
| - | |
Depreciation and amortization | |
| 95,414 | | |
| 331,549 | | |
| 383,000 | | |
| 667,889 | |
Other expenses | |
| 63,796 | | |
| 10,001 | | |
| 179,655 | | |
| 17,731 | |
Total Operating Expenses | |
| 1,468,335 | | |
| 1,090,930 | | |
| 3,435,948 | | |
| 2,122,756 | |
Operating loss | |
| (1,469,292 | ) | |
| (1,087,001 | ) | |
| (3,421,693 | ) | |
| (2,116,983 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other Income (Expenses) | |
| | | |
| | | |
| | | |
| | |
Interest income (expense), net | |
| (64,227 | ) | |
| (73,762 | ) | |
| (99,452 | ) | |
| (139,151 | ) |
Total Other Income (Expense) | |
| (64,227 | ) | |
| (73,762 | ) | |
| (99,452 | ) | |
| (139,151 | ) |
Provision for income taxes | |
| - | | |
| - | | |
| - | | |
| - | |
Net loss from continuing operations | |
$ | (1,533,519 | ) | |
$ | (1,160,763 | ) | |
$ | (3,521,145 | ) | |
$ | (2,256,134 | ) |
Net gain (loss) from discontinued operations, net of taxes | |
| (1,131 | ) | |
| - | | |
| 7,778 | | |
$ | - | |
Net loss | |
$ | (1,534,650 | ) | |
$ | (1,160,763 | ) | |
$ | (3,513,367 | ) | |
$ | (2,256,134 | ) |
Preferred dividends | |
| (10,688 | ) | |
| - | | |
| (21,376 | ) | |
| - | |
Net Loss Applicable to Common Stockholders | |
$ | (1,545,338 | ) | |
$ | (1,160,763 | ) | |
$ | (3,534,743 | ) | |
$ | (2,256,134 | ) |
Basic and diluted loss per common share from continuing operations (*) | |
$ | (1.13 | ) | |
$ | (13.92 | ) | |
$ | (2.67 | ) | |
$ | (27.06 | ) |
Basic and diluted loss per common share from discontinued operations (*) | |
$ | (0.01 | ) | |
$ | - | | |
$ | (0.01 | ) | |
$ | - | |
Basic and diluted loss per common share (*) | |
$ | (1.14 | ) | |
$ | (13.92 | ) | |
$ | (2.68 | ) | |
$ | (27.06 | ) |
Basic and diluted weighted average number of common shares (*) | |
| 1,359,126 | | |
| 83,371 | | |
| 1,319,146 | | |
| 83,371 | |
* |
83,371
shares of Sigma Additive
Solutions, Inc. common stock in exchange for 100%
of the issued and outstanding capital stock of NextTrip at the time of the reverse acquisition. The Company has reflected this transaction
retroactively in these financial statements. |
See
accompanying notes to condensed financial statements.
NEXTTRIP,
INC. (FORMERLY SIGMAADDITIVE SOLUTIONS, INC.)
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
For
the Three Months and Six Months Ended August 31, 2024, and August 31, 2023
(Unaudited)
For
the Three Months Ended August 31, 2024, and August 31, 2023
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred Stock | | |
Common Stock | | |
Additional | | |
| | |
| |
| |
Shares
Outstanding | | |
Preferred
Stock | | |
Shares
Outstanding | | |
Common
Stock | | |
Paid-in
Capital | | |
Accumulated
Deficit | | |
Total | |
Balances, May 31, 2024 | |
| 63,494 | | |
$ | 64 | | |
| 1,345,932 | | |
$ | 1,346 | | |
$ | 27,304,840 | | |
$ | (26,140,544 | ) | |
$ | 1,165,706 | |
Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,534,650 | ) | |
| (1,534,650 | ) |
Preferred Stock Dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| 10,688 | | |
| (10,688 | ) | |
| - | |
Issuance of Convertible Preferred Shares | |
| 29,801 | | |
| 30 | | |
| - | | |
| - | | |
| 89,970 | | |
| - | | |
| 90,000 | |
Common Shares Issued for Third party Services | |
| - | | |
| - | | |
| 42,709 | | |
| 43 | | |
| 130,957 | | |
| - | | |
| 131,000 | |
Stock Options Issued to Employees | |
| - | | |
| - | | |
| - | | |
| - | | |
| 13,841 | | |
| - | | |
| 13,841 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, August 31, 2024 | |
| 93,295 | | |
$ | 94 | | |
| 1,388,641 | | |
$ | 1,389 | | |
$ | 27,550,296 | | |
$ | (27,685,882 | ) | |
$ | (134,103 | ) |
| |
Preferred Stock | | |
Common Stock | | |
Additional | | |
| | |
| |
| |
Shares
Outstanding | | |
Preferred
Stock | | |
Shares
Outstanding | | |
Common
Stock | | |
Paid-in
Capital | | |
Accumulated
Deficit | | |
Total | |
Balances, May 31, 2023(*) | |
| - | | |
$ | - | | |
| 83,371 | | |
$ | 83 | | |
$ | 17,295,890 | | |
$ | (17,907,234 | ) | |
$ | (611,261 | ) |
Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,160,763 | ) | |
| (1,160,763 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, August 31, 2023(*) | |
| - | | |
$ | - | | |
| 83,371 | | |
$ | 83 | | |
$ | 17,295,890 | | |
$ | (19,067,997 | ) | |
$ | (1,772,024 | ) |
* |
83,371
shares of Sigma Additive
Solutions, Inc. common stock in exchange for 100%
of the issued and outstanding capital stock of NextTrip at the time of the reverse acquisition. The Company has reflected this transaction
retroactively in these financial statements. |
For
the Six Months Ended August 31, 2024, and August 31, 2023
| |
Preferred Stock | | |
Common Stock | | |
Additional | | |
| | |
| |
| |
Shares Outstanding | | |
Preferred
Stock | | |
Shares Outstanding | | |
Common
Stock | | |
Paid-in
Capital | | |
Accumulated Deficit | | |
Total | |
Balances, February 29, 2024 | |
| 472,996 | | |
$ | 474 | | |
| 936,430 | | |
$ | 936 | | |
$ | 27,277,758 | | |
$ | (24,151,139 | ) | |
$ | 3,128,029 | |
Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,513,367 | ) | |
| (3,513,367 | ) |
Preferred Stock Dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| 21,376 | | |
| (21,376 | ) | |
| - | |
Issuance of Convertible Preferred Shares | |
| 29,801 | | |
| 30 | | |
| - | | |
| - | | |
| 89,970 | | |
| - | | |
| 90,000 | |
Common Shares Issued for Conversion of Preferred Stock | |
| (409,502 | ) | |
| (410 | ) | |
| 409,502 | | |
| 410 | | |
| - | | |
| - | | |
| - | |
Issuance of Common Shares for Third Party Services | |
| - | | |
| - | | |
| 42,709 | | |
| 43 | | |
| 130,957 | | |
| - | | |
| 131,000 | |
Stock Options Issued to Employees | |
| - | | |
| - | | |
| - | | |
| - | | |
| 30,235 | | |
| - | | |
| 30,235 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, August 31, 2024 | |
| 93,295 | | |
$ | 94 | | |
| 1,388,641 | | |
$ | 1,389 | | |
$ | 27,550,296 | | |
$ | (27,685,882 | ) | |
$ | (134,103 | ) |
| |
Preferred Stock | | |
Common Stock | | |
Additional | | |
| | |
| |
| |
Shares
Outstanding | | |
Preferred
Stock | | |
Shares
Outstanding | | |
Common
Stock | | |
Paid-in
Capital | | |
Accumulated
Deficit | | |
Total | |
Balances, February 28, 2023(*) | |
| - | | |
$ | - | | |
| 83,371 | | |
$ | 83 | | |
$ | 17,295,890 | | |
$ | (16,811,863 | ) | |
$ | 484,110 | |
Balances | |
| - | | |
$ | - | | |
| 83,371 | | |
$ | 83 | | |
$ | 17,295,890 | | |
$ | (16,811,863 | ) | |
$ | 484,110 | |
Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,256,134 | ) | |
| (2,256,134 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, August 31, 2023(*) | |
| - | | |
$ | - | | |
| 83,371 | | |
$ | 83 | | |
$ | 17,295,890 | | |
$ | (19,067,997 | ) | |
$ | (1,772,024 | ) |
Balances | |
| - | | |
$ | - | | |
| 83,371 | | |
$ | 83 | | |
$ | 17,295,890 | | |
$ | (19,067,997 | ) | |
$ | (1,772,024 | ) |
* |
83,371
shares of Sigma Additive
Solutions, Inc. common stock in exchange for 100%
of the issued and outstanding capital stock of NextTrip at the time of the reverse acquisition. The Company has reflected this transaction
retroactively in these financial statements. |
See
accompanying notes to condensed financial statements.
NEXTTRIP,
INC. (FORMERLY SIGMA ADDITIVE SOLUTIONS, INC.)
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
| | |
| |
| |
Six Months Ended | |
| |
August 31, 2024 | | |
August 31, 2023 | |
OPERATING ACTIVITIES | |
| | | |
| | |
Net Loss – Continuing Operations | |
$ | (3,521,145 | ) | |
$ | (2,256,134 | ) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | |
| | | |
| | |
Noncash Expenses: | |
| | | |
| | |
Depreciation and amortization – property and equipment and intangibles | |
| 383,000 | | |
| 667,889 | |
Depreciation of right of use asset | |
| - | | |
| 74,848 | |
Stock-based compensation | |
| 30,235 | | |
| - | |
| |
| | | |
| | |
Change in Assets and Liabilities: | |
| | | |
| | |
Accounts receivable | |
| 22,881 | | |
| (5,000 | ) |
Prepaid expenses | |
| 96,051 | | |
| (34,114 | ) |
Promissory note receivable | |
| - | | |
| (8,722 | ) |
Accounts payable and accrued expenses | |
| 1,033,506 | | |
| 110,959 | |
Deferred revenue | |
| (1,854 | ) | |
| 57,156 | |
Security deposit | |
| (3,000 | ) | |
| - | |
NET CASH USED IN OPERATING ACTIVITIES FROM CONTINUING OPERATIONS | |
| (1,960,326 | ) | |
| (1,393,118 | ) |
NET CASH PROVIDED IN OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS | |
| 7,778 | | |
| - | |
NET CASH USED IN OPERATING ACTIVITIES | |
| (1,952,548 | ) | |
| (1,393,118 | ) |
| |
| | | |
| | |
INVESTING ACTIVITIES | |
| | | |
| | |
Capitalized software development costs | |
| (389,568 | ) | |
| (345,807 | ) |
NET CASH USED IN INVESTING ACTIVITIES | |
| (389,568 | ) | |
| (345,807 | ) |
| |
| | | |
| | |
FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from issuance of convertible notes | |
| - | | |
| 1,269,852 | |
Proceeds from issuance of convertible preferred shares | |
| 90,000 | | |
| - | |
Notes payable | |
| 140,000 | | |
| - | |
Advances from related parties | |
| 1,890,317 | | |
| 292,500 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | |
| 2,120,317 | | |
| 1,562,352 | |
| |
| | | |
| | |
NET CHANGE IN CASH FOR PERIOD | |
| (221,799 | ) | |
| (176,573 | ) |
| |
| | | |
| | |
CASH AT BEGINNING OF PERIOD | |
| 323,805 | | |
| 282,475 | |
| |
| | | |
| | |
CASH AT END OF PERIOD | |
$ | 102,006 | | |
$ | 105,902 | |
| |
| | | |
| | |
Supplemental Disclosures: | |
| | | |
| | |
Noncash Investing and Financing Activities Disclosure: | |
| | | |
| | |
Issuance of common shares for services | |
$ | 131,000 | | |
$ | - | |
Preferred stock dividends | |
$ | 21,736 | | |
$ | - | |
Disclosure of Cash Paid for: | |
| | | |
| | |
Interest | |
$ | 8,620 | | |
$ | 410 | |
Income Taxes | |
$ | - | | |
$ | - | |
See
accompanying notes to condensed financial statements.
NEXTTRIP,
INC.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
August
31, 2024
NOTE
1 - Business Description and Going Concern
Sigma
Additive Solutions, Inc. (“Sigma”), the legal acquiror of NextTrip, was initially incorporated as Messidor Limited in Nevada
on December 23, 1985, and changed its name to Framewaves Inc. in 2001. On September 27, 2010, the name was changed to Sigma Labs, Inc.
On May 17, 2022, Sigma Labs, Inc. began doing business as Sigma Additive Solutions, and on August 9, 2022, changed its name to Sigma
Additive Solutions, Inc.
On
March 11, 2024, Sigma filed a Certificate of Amendment to its Amended and Restated Articles of Incorporation, as amended, with the Secretary
of State of the State of Nevada, pursuant to which, effective as of 12:01 a.m. Pacific time on March 13, 2024, among other things, Sigma’s
corporate name was changed from Sigma Additive Solutions, Inc. to “NextTrip, Inc.”
The
Company’s corporate office is located at 3900 Paseo del Sol, Santa Fe, NM 87507 The consolidated financial statements include the
accounts of the Company’s wholly owned subsidiaries, NextTrip Holdings Inc. incorporated October 22, 2015, and Extraordinary Vacations
USA, Inc. incorporated on June 24, 2002.
Prior
to the Exchange Agreement as described below, NextTrip Holdings, Inc. (“NextTrip”) was a wholly owned subsidiary of NextTrip
Group, LLC (“Group”), which in turn, was a wholly owned subsidiary of NextPlay Technologies, Inc. (“NextPlay”).
All of the business operations of Group were conducted through its subsidiaries. On January 25, 2023, NextPlay and Group entered into
an Amended and Restated Separation Agreement (“Separation Agreement”), Amended and Restated Operating Agreement (“Operating
Agreement”), and Exchange Agreement (“Exchange Agreement”, and together, the “Agreements”), whereby NextPlay
transferred their interest in the travel business to Group. Pursuant to the Exchange Agreement, NextPlay exchanged 1,000,000 Membership
Units of Group for 400,000 Preferred Units of Group, with a value of $10 per unit. Prior to the exchange for Preferred Units, Group had
a payable due to NextPlay of $17,295,873, representing cash advances and payment of expenses by NextPlay on behalf of Group, while NextPlay
had obligations to provide ongoing support to NextTrip. Such liability was settled by the issuance of the Preferred Units and the waiver
of all of NextPlay’s ongoing support obligations except for a $1.5 million advance remaining under a promissory note and as such
NextTrip recorded the payable as contributed capital.
The
Company provides travel technology solutions with sales originating in the United States, with a primary emphasis on hotels, air, and
all-inclusive travel packages. Our proprietary booking engine, branded as NextTrip 2.0, provides travel distributors access to a sizeable
inventory.
The
Company owns 50% of Next Innovation LLC (Joint Venture) and this entity is in the process of a first structure plan. No activities nor
operations occurred in 2023 or 2024 for this entity, and NextTrip, Inc. does not have control of the company and therefore no minority
interest was recorded.
Reverse
Acquisition
On
October 12, 2023, Sigma entered into a Share Exchange Agreement (as amended, the “Exchange Agreement”) with NextTrip, Group,
and William Kerby (the “NextTrip Representative”). Under the terms of the Exchange Agreement, the parties agreed that Group
would sell and transfer to Sigma all of the issued and outstanding shares of NextTrip in exchange for 156,007 restricted shares of Sigma
common stock (the “Closing Shares”), issuable at closing, and the right to receive up to an additional 5,843,993 restricted
shares of Sigma common stock upon satisfaction of certain milestones set forth in the Exchange Agreement (the “Contingent Shares,”
and together with the Closing Shares, the “Restricted Shares”), which Restricted Shares are issuable to the members of Group,
on a pro rata basis, under the terms of the Exchange Agreement, subject to certain closing conditions (the “Acquisition”).
Upon the closing of the Acquisition on December 29, 2023, NextTrip became a wholly owned subsidiary of Sigma.
The
Contingent Shares, together with the Closing Shares, will not exceed 6,000,000 shares of Sigma common stock, or approximately 90.2% of
the issued and outstanding shares of Sigma common stock immediately prior to the closing. The Acquisition will likely result in a change
of control, with the members of Group receiving an aggregate number of shares that exceeds the number of shares that held by the legacy
shareholders of Sigma. As a result, the Acquisition is accounted for as a reverse acquisition of NextTrip by Sigma, whereby Sigma is
treated as the legal acquirer and NextTrip is treated as the accounting acquirer. As a result, the historical financial information presented
is that of NextTrip.
In
accordance with ASC 805-40-45-1, the consolidated financial statements prepared following a reverse acquisition
are issued under the name of the legal parent (NextTrip, Inc., f/k/a Sigma Additive Solutions, Inc.) but described in the notes to the
financial statements as a continuation of the financial statements of the legal subsidiary (NextTrip), with one adjustment, which
is to retroactively adjust the accounting acquirer’s legal capital to reflect the legal capital of the accounting acquiree. That
adjustment is required to reflect the capital of the legal parent. Comparative information presented in the consolidated financial statements
also is retroactively adjusted to reflect the legal capital of the legal parent.
Under
ASC 805-40-45-2, the consolidated financial statements represent the continuation of the legal subsidiary
except for the capital structure, as follows:
|
(a) |
The
assets and liabilities of the legal subsidiary recognized and measured at their pre-combination carrying amounts; |
|
|
|
|
(b) |
The
assets and liabilities of the legal parent recognized and measured in accordance with the guidance in this topic applicable to business
combinations (ASC 805); |
|
|
|
|
(c) |
The
retained earnings and other equity balances of the legal subsidiary before the business combination; |
|
|
|
|
(d) |
The
amount required to be recognized as issued equity interests in the consolidated financial statements determined by adding the issued
equity interest of the legal subsidiary outstanding immediately before the business combination to the fair value of the legal parent
determined in accordance with the guidance in ASC 805 applicable to business combinations. However, the equity structure reflects
the equity structure of the legal parent, including the equity interests the legal parent issued to affect the combination. Accordingly,
the equity structure of the legal subsidiary is restated using the exchange ratio established in the acquisition agreement to reflect
the number of shares of the legal parent issued in the reverse acquisition. |
The
assets and liabilities of Sigma Additive Solutions, Inc. were recognized at fair value pursuant to ASC 805.
Going
Concern – The Company has sustained losses and had negative cash flows from operating activities since its inception.
The
Company currently does not have sufficient cash and working capital to fund its operations and will require additional funding in the
public or private markets in the near-term to be able to continue operations. The Company currently has no understanding or agreement
to obtain such funding, and there is no assurance that we will be successful in obtaining additional funding. If we fail to obtain sufficient
funding when needed, we will be forced to delay, scale back or eliminate all or a portion of our commercialization efforts and operations.
As a result, there is substantial doubt about our ability to continue as a going concern.
NOTE
2 – Summary of Significant Accounting Policies
Basis
of Presentation - The accompanying financial statements have been prepared by the Company in accordance with Generally
Accepted Accounting Principles (“GAAP”) in the United States of America. The financial statements have been prepared on
a consolidated basis with those of the Company’s wholly owned subsidiaries. All intercompany transactions and balances have
been eliminated in consolidation. In the opinion of management, all adjustments (which include only normal recurring adjustments)
necessary to present fairly the financial position, results of operations and cash flows at August 31, 2024 and 2023 and for the
periods then ended have been made. Certain information and footnote disclosures normally included in financial statements prepared
in accordance with GAAP have been condensed or omitted. The Company suggests these condensed financial statements be read in
conjunction with the February 29, 2024 audited financial statements and notes thereto included in the Company’s Annual Report
on Form 10-K filed with the Securities and Exchange Commission on September 4, 2024. The results of operations for the period ended August 31, 2024 are not necessarily indicative of the operating
results for the full year.
Reclassification
Certain
prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on the
net earnings (loss) or financial position.
Promissory
Note Receivable
NextPlay
is in default under the terms of its promissory note to NextTrip, and as a result, an allowance for doubtful accounts of $1,567,665 was
established as of February 29, 2024, as collectability of the entire receivable is uncertain. During the three and six months ended August
31, 2024, and 2023, there was no bad debt expense recorded related to the allowance account, and the allowance is unchanged as of August
31, 2024. As of August 31, 2023, no allowance for doubtful accounts was established.
Loss
Per Share – The computation of loss per share is based on the weighted average number of shares outstanding during the period
in accordance with ASC Topic No. 260, “Earnings Per Share.” Shares underlying the Company’s outstanding warrants, options
and preferred stock were excluded due to the anti-dilutive effect they would have on the computation. At August 31, 2024 and 2023 the
Company had the following common shares underlying these instruments:
Schedule of Underlying Common Shares Excluded from Computation of Loss Per Share
| |
2024 | | |
2023 | |
| |
August 31, | |
| |
2024 | | |
2023 | |
Warrants | |
| 78,877 | | |
| - | |
Stock Options | |
| 484,063 | | |
| - | |
Preferred Stock | |
| 96,238 | | |
| - | |
Total Underlying Common Shares | |
| 659,178 | | |
| - | |
The
following table shows the amounts used in computing loss per share and the effect on net loss and the weighted average number of shares
of dilutive potential common stock for the periods three and six months ended August 31, 2024, and 2023:
Schedule
of Amounts Used In Computing Loss Per Share and Effect On Net Loss and Weighted Average Number Of Shares
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months Ended
August 31, | | |
Six Months Ended
August 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Loss from continuing operations | |
$ | (1,533,519 | ) | |
$ | (1,160,763 | ) | |
$ | (3,521,145 | ) | |
$ | (2,256,134 | ) |
Preferred dividends | |
$ | (10,688 | ) | |
$ | - | | |
$ | (21,376 | ) | |
$ | - | |
Loss from continuing operations applicable to common stockholders | |
| (1,544,207 | ) | |
| (1,160,763 | ) | |
| (3,542,521 | ) | |
| (2,256,134 | ) |
Gain (loss) from discontinued operations applicable to common stockholders | |
| (1,131 | ) | |
| - | | |
| 7,778 | | |
| - | |
Net loss applicable to common stockholders | |
$ | (1,545,338 | ) | |
$ | (1,160,763 | ) | |
$ | (3,534,743 | ) | |
| (2,256,134 | ) |
Weighted average number of common shares outstanding used in loss per share during the period (denominator) | |
| 1,359,126 | | |
| 83,371 | | |
| 1,319,146 | | |
| 83,371 | |
Dilutive
loss per share was not presented, as the Company’s outstanding warrants, stock options and preferred stock
common equivalent shares for the periods presented would have had an anti-dilutive effect. At August 31, 2024, the Company had outstanding
warrants to purchase 484,063 shares of common stock, stock options exercisable for 78,877 shares of common stock, 316 shares of Series
E Preferred Stock, which could be converted into 3,259 shares of common stock, 33,000 shares of Series H Preferred Stock, convertible
into 33,000 shares of common stock, and 59,979 shares of Series I Preferred Stock, convertible into 59,979 shares of common stock, resulting
in a potential total additional 659,178 shares of common stock outstanding in the future. At August 31, 2023, the Company had no outstanding
potentially dilutive securities.
Accounting
Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect certain reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the
financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from
those estimated by management. Significant accounting estimates that may materially change in the near future are impairment of long-lived
assets, values of stock compensation awards and stock equivalents granted as offering costs, and allowance for bad debts and inventory
obsolescence.
Revenue
Recognition – The Company recognizes revenue in accordance with ASC Topic No. 606. In May 2014, the Financial Accounting Standards
Board (FASB) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive
revenue recognition standard that superseded nearly all existing revenue recognition guidance under prior U.S. GAAP and replaced it with
a principles-based approach for determining revenue recognition. The core principle of the standard is the recognition of revenue upon
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to
be entitled in exchange for those goods or services. In general, we determine revenue recognition by: (1) identifying the contract, or
contracts, with our customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4)
allocating the transaction price to performance obligations in the contract; and (5) recognizing revenue when, or as, we satisfy performance
obligations by transferring the promised goods or services.
The
Company recognizes revenue when the customer has purchased the product, the occurrence of the earlier of date of travel or the date of
cancellation has expired, as satisfaction of the performance obligation, the sales price is fixed or determinable and collectability
is reasonably assured. Revenue for customer travel packages purchased directly from the Company is recorded gross (the amount paid to
the Company by the customer is shown as revenue and the cost of providing the respective travel package is recorded to cost of revenues).
The
Company generates revenues from sales directly to customers as well as through other distribution channels of tours and activities at
destinations throughout the world.
The
Company controls the specified travel product before it is transferred to the customer and is therefore a principal, based on but not
limited to, the following:
|
●
|
The
Company is primarily responsible for fulling the promise to provide such travel product. |
|
|
|
|
●
|
The
Company has inventory risk before the specified travel product has been transferred to a customer or after transfer of control to
a customer. |
|
|
|
|
●
|
The
Company has discretion in establishing the price for the specified travel product. |
Payments
for tours or activities received in advance of services being rendered are recorded as deferred revenue and recognized as revenue at
the earlier of the date of travel or the last date of cancellation (i.e., the customer’s refund privileges lapse).
NOTE
3 – Intangible Assets
Intangible
assets as of August 31, 2024, and February 29, 2024 consisted of the following:
Schedule
of Intangible Assets
| |
August 31,
2024 | | |
February 29,
2024 | |
Software Development | |
$ | 7,122,596 | | |
$ | 6,602,028 | |
Software Licenses | |
| 789,576 | | |
| 789,576 | |
Trademark | |
| 6,283 | | |
| 6,283 | |
Total | |
| 7,918,455 | | |
| 7,397,887 | |
Accumulated amortization | |
| (5,607,528 | ) | |
| (5,224,467 | ) |
Intangible assets, net of amortization | |
$ | 2,310,927 | | |
$ | 2,173,420 | |
Amortization
expense for the six months ended August 31, 2024, and 2023 was $383,061 and $657,389, respectively.
During
the three and six months ended August 31, 2024, and 2023, the Company recorded no impairment losses associated with the carrying value
exceeding its recoverable amount.
The
estimated aggregate amortization expense for years ending February 28 is as follows:
Schedule
of Estimated Aggregate Amortization Expense
| |
| | |
2025 (Remaining) | |
$ | 200,232 | |
2026 | |
| 313,329 | |
2027 | |
| 270,728 | |
2028 | |
| 2,957 | |
Thereafter | |
| - | |
Total | |
$ | 787,246 | |
NOTE
4 – Goodwill
The
legal acquisition of NextTrip Holdings, Inc. by Sigma Additive Solutions, Inc. on December 29, 2023 was determined to be a reverse acquisition,
with NextTrip as the accounting acquirer, using the acquisition method of accounting in accordance with ASC 805, Business Combinations.
Under this method of accounting, the purchase price is allocated to the assets acquired and liabilities assumed based upon their estimated
fair values at the date of consummation of the transaction.
Pursuant
to ASC 350-20, the Company assigned its goodwill to reporting units and is required to test each reporting unit’s goodwill for
impairment at least on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than
not reduce the fair value of a reporting unit below its carrying amount. The goodwill resulting from the reverse acquisition is primarily
attributable to NextTrip’s objective to obtain access to public markets to provide funding wherewithal to fund business growth.
NextTrip’s benefit in paying for these synergies in the reverse acquisition transaction are to avoid the time and expense of organizing
and executing an Initial Public Offering (“IPO”) transaction. In the reverse acquisition, $1,167,805 of goodwill was allocated
to the NextTrip Reporting Unit under the acquisition method of accounting.
NOTE
5 - Related Party Transactions
On
March 18, 2024, the Company’s wholly-owned subsidiary, NextTrip, entered into an unsecured promissory note for a line of credit
with Donald Monaco and William Kerby, the Company’s Chairman of the board of directors and Chief Executive Officer, respectively,
for the aggregate principal amount of $500,000 with an initial advance of $125,000, provided that the aggregate principal amount of the
note does not exceed $500,000 at any time. Under the terms of the note, advances under the line of credit may be made at the Company’s
request until August 31, 2024. The note bears an annual interest rate of 7.5% and matures on February 28, 2025, and may be prepaid by
the Company at any time prior to maturity without penalty. As of August 31, 2024, the full principal amount of the note had been advanced
to the Company.
On
April 23, 2024, the Company’s board of directors approved the Company’s wholly-owned subsidiary, NextTrip, to enter into
a series of unsecured promissory notes with certain related parties, including investors, directors, officers and employees, who may
individually provide funds for the aggregate principal amount of $1,000,000. The notes bear an annual interest rate of 7.5% and shall
mature one year from the date of each note’s execution, and may be prepaid by the Company at any time prior to maturity without
penalty. On August 14, 2024, at a joint meeting of the Audit Committee and the board of directors, the directors unanimously approved
an increase in the principal amount of the related party line of credit to $2,000,000 on the same terms and conditions as previously
approved. As of August 31, 2024, $1,411,414 had been advanced to the Company.
On
May 21, 2024, NextTrip issued an unsecured promissory note, in the principal amount of $455,000 (the “Promissory Note”),
to Mr. Monaco to memorialize the terms and conditions of certain working capital advances made by Mr. Monaco to NextTrip. As of August
31, 2024, the outstanding principal balance of the Line of Credit Promissory Note was $405,000. The Promissory Note accrues interest
at a rate equal to 7.5% simple interest per annum, and will automatically mature and become due and payable in full on February 28, 2025,
subject to certain limited exceptions. The Promissory Note, or any portion thereof, may be prepaid by NextTrip without any penalty. Mr.
Monaco serves as Chairman of the Company’s board of directors. The Promissory Note was approved by the Company’s Board of
Directors, including the independent members thereof.
The
total amounts due to related parties at August 31, 2024 and February 29, 2024 totaled $2,718,594 and $828,277, respectively.
NOTE
6 – Notes Payable
On
May 24, 2024, the Company issued an unsecured promissory note for $100,000 to an investor upon receipt of proceeds. The note bears an
annual interest rate of 7.5% and will mature and be due and payable on the earlier date of the completion of a public financing or October 31, 2024, unless extended by the written consent of the investor. The note can be prepaid at any time by the Company without penalty.
On
July 11, 2024, the Company issued an unsecured promissory note for $40,000 to an investor upon receipt of proceeds. The note bears an
annual interest rate of 7.5% and will mature and be due and payable on June 25, 2025, unless extended by the written consent of the investor. The note can be prepaid at any time by the Company without penalty.
NOTE
7 - Leases
On
January 25, 2023, as part of the separation agreement with NextPlay Technologies Inc., the Company assumed control of a lease arrangement
for office space in Florida.
The
Company adopted ASU 2016-02 (Topic ASC 842) Leases, which requires a lessee to recognize a lease asset and a leases liability for operating
leases arrangements greater than twelve (12) months.
We
determined that the arrangement was an operating lease at inception and included it in operating lease ROU assets, operating lease liabilities
- current, and operating lease liabilities - noncurrent on the balance sheet as of February 28, 2023. The office facility was occupied
by NextTrip employees through March 16, 2023, when the landlord informed NextTrip that it would not recognize NextTrip as the tenant.
The Company continued to negotiate the assumption of the lease with the landlord, but was ultimately unsuccessful, and as a result derecognized
the lease in the financial statements as of February 29, 2024. No restatement was made for fiscal year 2023 as the Company had use of
the offices at that time and was in negotiations to assume the lease from NextPlay Technologies, Inc. No payments have been made on the
lease and no expense has been recognized for the three and six months ended August 31, 2024. Rent expense for the three and six months
ended August 31, 2023 totaled $37,822 and $74,847, respectively.
The
Company leases approximately 350 square feet of space for its principal executive offices at 3900 Paseo del Sol, Santa Fe, New Mexico
87507. The lease has a 6-month term which ends on December 31, 2024. The landlord can terminate the lease upon 30 days written notice
and NextTrip can terminate the lease upon 45 days written notice. Therefore, the Company has elected the short-term lease recognition
exemption, whereby leases are not recorded on the Company’s balance sheet and lease payments are recognized as lease expense on
a straight-line basis over the lease term. Rent expense related to this lease for the three and six months ended August 31, 2024 was
$1,650 and $3,300, respectively, and $0 for the same periods in 2023.
NOTE
8 - Stockholders’ Equity
Common
Stock
On
March 8, 2024, at a special meeting of stockholders, the Company received approval to increase its authorized shares of common stock
from 1,200,000 to 250,000,000 (the “Increase in Authorized”). On March 11, 2024, the Company filed a Certificate of Amendment
to its amended and restated articles of incorporation, as amended, with the Secretary of State of the State of Nevada, pursuant to which,
effective as of 12:01 a.m. Pacific time on March 13, 2024, the Increase in Authorized was implemented.
In
the first quarter of 2024, the Company issued 100,000 shares of common stock upon conversion of 100,000 shares of Series G Convertible
Preferred Stock, 117,000 shares of common stock upon conversion of 117,000 shares of Series H Convertible Preferred Stock, and 192,502
shares of common stock upon conversion of 192,502 shares of Series I Convertible Preferred Stock.
In
the second quarter of 2024, the Company issued 42,709
shares of common stock to a service provider as partial compensation for development work related to Compass.tv, the
Company’s Free-Ad Supported TV (“FAST”) channel.
Preferred
Stock
Under
our amended and restated articles of incorporation, as amended (“Articles”), our board of directors has the authority, without further action by
stockholders, to designate one or more series of preferred stock and to fix the voting powers, designations, preferences,
limitations, restrictions and relative rights granted to or imposed upon the preferred stock, including dividend rights, conversion
rights, voting rights, rights and terms of redemption, liquidation preference and sinking fund terms, any or all of which may be
preferential to or greater than the rights of the common stock.
Our
board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting
power or other rights of the holders of the common stock. The issuance of preferred stock, while providing flexibility in connection
with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing
a change in our control and may adversely affect the market price of the common stock and the voting and other rights of the holders
of common stock.
The
Company is authorized to issue 10,000,000 shares of preferred stock, $0.001 par value. An aggregate of 93,295 and 472,996 shares of preferred
stock were issued and outstanding at August 31, 2024 and February 29, 2024, respectively.
Series
E Convertible Preferred Stock
Under
the Certificate of Designations for the Series E Preferred Stock, the Series E Preferred Shares have an initial stated value of
$1,500
per share (the “Stated Value”). Dividends at the initial rate of 9%
per annum will accrue and, on a monthly basis, shall be payable in kind by the increase of the Stated Value of the Series E
Preferred Stock by said amount. The holders of the Series E Preferred Shares have the right at any time to convert all or a portion
of the Series E Preferred Shares (including, without limitation, accrued and unpaid dividends and make-whole dividends through the
third anniversary of the closing date) into shares of the Company’s common stock at an initial conversion rate determined by
dividing the Conversion Amount by the Conversion Price ($0.13
above the consolidated closing bid price for the trading day prior to the execution of the relates stock purchase agreement). The
Conversion Amount is the sum of the Stated Value of the Series E Preferred Shares then being converted plus any other unpaid amounts
payable with respect to the Series E Preferred Shares being converted, plus the “Make Whole Amount” (the amount of any
dividends that, but for the conversion, would have accrued at the dividend rate for the period through the third anniversary of the
initial issuance date). The Conversion Rate is also subject to adjustment for stock splits, dividends recapitalizations and similar
events.
At
August 31, 2024, 316 shares of the issued Series E Convertible Preferred Stock were outstanding, which if converted as of August 31,
2024, including the make-whole dividends, would have resulted in the issuance of 3,259 shares of common stock.
Series
F Convertible Preferred Stock
On
January 4, 2024, the Company filed a Certificate of Designation of Series F Convertible Preferred Stock (the “Series F Certificate
of Designation”) with the Secretary of State of the State of Nevada, designating 5,843,993 shares of the Company’s preferred
stock as Series F Convertible Preferred Stock, par value $0.001 per share (the “Series F Preferred”). The Series F Preferred
was designated by the Company in connection with its acquisition of NextTrip, and, in the event that the Company does not have
sufficient shares of common stock available to fulfill its obligations pursuant to the Share Exchange Agreement governing the terms of
the acquisition, shares of Series F Preferred shall be issued to the previous equity holders of NextTrip in lieu of shares of Company
common stock.
The
terms and conditions set forth in the Series F Certificate of Designation are summarized below:
Ranking.
The Series F Preferred rank pari passu to the Company’s common stock.
Dividends.
Holders of Series F Preferred will be entitled to dividends, on an as-converted basis, equal to dividends actually paid, if any,
on shares of Company common stock.
Voting.
Except as provided by the Articles, or as
otherwise required by the Nevada Revised Statutes, holders of Series F Preferred are entitled to vote with the holders of outstanding
shares of Company common stock, voting together as a single class, with respect to all matters presented to the Company’s stockholders
for their action or consideration. In any such vote, each holder is entitled to a number of votes equal to the number of shares of common
stock into which the Series F Preferred held by such holder is convertible. The Company may not, without the consent of holders of a
majority of the outstanding shares of Series F Preferred, (i) alter or change adversely the powers, preferences or rights given to the
Series F Preferred or alter or amend the Series F Certificate of Designation, (ii) amend its Articles or other charter documents in any
manner that adversely effects any rights of the holders of the Series F Preferred, or (iii) enter into any agreement with respect to
the foregoing.
Conversion.
On such date that the Company amends its Articles to increase the number of shares of common stock authorized for issuance thereunder,
to at least the extent required to convert all of the outstanding Series F Preferred, each outstanding share of Series F Preferred shall
automatically be converted into one share of Company common stock (subject to adjustment under certain limited circumstances) (the “Conversion
Ratio”).
Liquidation.
In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary (each, a “Liquidation”),
holders of Series F Preferred will be entitled to participate, on an as-converted-to-common stock basis calculate based on the Conversion
Ratio, with holders of Company common stock in any distribution of assets of the Company to holders of the Company’s common stock.
At
August 31, 2024, no shares of the Series F Convertible Preferred Stock were outstanding.
Series
G Convertible Preferred Stock
On
January 26, 2024, the Company filed a Certificate of Designation of Series G Convertible Preferred Stock (the “Series G
Certificate of Designation”) with the Secretary of State of the State of Nevada, designating 100,000
shares of the Company’s preferred stock as Series G Preferred Stock, par value $0.001
per share (the “Series G Preferred”).
The
terms and conditions set forth in the Series G Certificate of Designation are summarized below:
Ranking.
The Series G Preferred rank pari passu to the Company’s common stock.
Dividends.
Holders of Series G Preferred will be entitled to dividends, on an as-converted basis, equal to dividends actually paid, if any,
on shares of Company common stock.
Voting.
Except as provided by the Company’s Articles or as otherwise required by the Nevada Revised Statutes, holders of Series G Preferred
are entitled to vote with the holders of outstanding shares of Company common stock, voting together as a single class, with respect
to all matters presented to the Company’s stockholders for their action or consideration. In any such vote, each holder is entitled
to a number of votes equal to the number of shares of common stock into which the Series G Preferred held by such holder is convertible.
The Company may not, without the consent of holders of a majority of the outstanding shares of Series G Preferred, (i) alter or change
adversely the powers, preferences or rights given to the Series G Preferred or alter or amend the Series G Certificate of Designation,
(ii) amend its Articles or other charter documents in any manner that adversely effects any rights of the holders of the Series G Preferred,
or (iii) enter into any agreement with respect to the foregoing.
Conversion.
On such date that the Company amends its Articles to increase the number of shares of common stock authorized for issuance thereunder,
to at least the extent required to convert all of the outstanding Series G Preferred, each outstanding share of Series G Preferred shall
automatically be converted into one share of Company common stock (subject to adjustment under certain limited circumstances) (the “Series
G Conversion Ratio”).
Liquidation.
In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary, holders of Series G Preferred
will be entitled to participate, on an as-converted-to-common stock basis calculate based on the Series G Conversion Ratio, with holders
of Company common stock in any distribution of assets of the Company to holders of the Company’s common stock.
Redemption
Right. The Company shall have the right to redeem up to 50% of the Series G Preferred Stock for an aggregate price of $1.00 in accordance
with the terms of the Perpetual License Agreement.
At
August 31, 2024, no shares of the issued Series G Convertible Preferred Stock were outstanding.
Series
H Convertible Preferred Stock
On
January 26, 2024, the Company filed a Certificate of Designation of Series H Convertible Preferred Stock (the “Series H
Certificate of Designation”) with the Secretary of State of the State of Nevada, designating 150,000
shares of the Company’s preferred stock as Series H Preferred Stock, par value $0.001
per share (the “Series H Preferred”).
The
terms and conditions set forth in the Series H Certificate of Designation are summarized below:
Ranking.
The Series H Preferred rank pari passu to the Company’s common stock.
Dividends.
Holders of Series H Preferred will be entitled to dividends, on an as-converted basis, equal to dividends actually paid, if any,
on shares of Company common stock.
Voting.
Except as provided by the Company’s Articles or as otherwise required by the Nevada Revised Statutes, holders of Series H Preferred
are entitled to vote with the holders of outstanding shares of Company common stock, voting together as a single class, with respect
to all matters presented to the Company’s stockholders for their action or consideration. In any such vote, each holder is entitled
to a number of votes equal to the number of shares of common stock into which the Series H Preferred held by such holder is convertible.
The Company may not, without the consent of holders of a majority of the outstanding shares of Series H Preferred, (i) alter or change
adversely the powers, preferences or rights given to the Series H Preferred or alter or amend the Series H Certificate of Designation,
(ii) amend its Articles or other charter documents in any manner that adversely effects any rights of the holders of the Series H Preferred,
or (iii) enter into any agreement with respect to the foregoing.
Conversion.
On such date that the Company amends its Articles to increase the number of shares of common stock authorized for issuance thereunder,
to at least the extent required to convert all of the outstanding Series H Preferred, each outstanding share of Series H Preferred shall
automatically be converted into one share of Company common stock (subject to adjustment under certain limited circumstances) (the “Series
H Conversion Ratio”).
Liquidation.
In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary, holders of Series H Preferred
will be entitled to participate, on an as-converted-to-common stock basis calculate based on the Series H Conversion Ratio, with holders
of Company common stock in any distribution of assets of the Company to holders of the Company’s common stock.
At
August 31, 2024, 33,000 shares of the issued Series H Convertible Preferred Stock were outstanding, which if converted as of August 31,
2024, would have resulted in the issuance of 33,000 shares of common stock.
Series
I Convertible Preferred Stock
On
February 22, 2024, the Company filed a Certificate of Designation of Series I Convertible Preferred Stock (the “Series I
Certificate of Designation”) with the Secretary of State of the State of Nevada, designating 331,124
shares of the Company’s preferred stock as Series I Convertible Preferred Stock, par value $0.001
per share (the “Series I Preferred”).
The
terms and conditions set forth in the Series I Certificate of Designation are summarized below:
Ranking.
The Series I Preferred rank pari passu to the Company’s common stock.
Dividends.
Holders of Series I Preferred will be entitled to dividends, on an as-converted basis, equal to dividends actually paid, if any,
on shares of Company common stock.
Voting.
Except as provided by the Articles, or as otherwise required by the Nevada Revised Statutes, holders of Series I Preferred are entitled
to vote with the holders of outstanding shares of Company common stock, voting together as a single class, with respect to all matters
presented to the Company’s stockholders for their action or consideration. In any such vote, each holder is entitled to a number
of votes equal to the number of shares of common stock into which the Series I Preferred held by such holder is convertible. The Company
may not, without the consent of holders of a majority of the outstanding shares of Series I Preferred, (i) alter or change adversely
the powers, preferences or rights given to the Series I Preferred or alter or amend the Series I Certificate of Designation, (ii) amend
its Articles or other charter documents in any manner that adversely effects any rights of the holders of the Series I Preferred, or
(iii) enter into any agreement with respect to the foregoing.
Conversion.
On such date that the Company amends its Articles to increase the number of shares of common stock authorized for issuance thereunder,
to at least the extent required to convert all of the outstanding shares of Series I Preferred, each outstanding share of Series I Preferred
shall automatically be converted into one share of Company common stock (subject to adjustment under certain limited circumstances) (the
“Series I Conversion Ratio”).
Liquidation.
In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary, holders of Series I Preferred
will be entitled to participate, on an as-converted-to-common stock basis calculated based on the Series I Conversion Ratio, with holders
of Company common stock in any distribution of assets of the Company to holders of the Company’s common stock.
On
August 15, 2024, the Company entered into a securities purchase agreement with an investor for the sale of 4,967
shares of Series I Convertible Preferred Stock, at $3.02
per share, resulting in gross proceeds to the Company of $15,000.
On
August 31, 2024, the Company entered into a securities purchase agreement with an investor for the sale of 24,834
shares of Series I Convertible Preferred Stock at $3.02
per share, resulting in gross proceeds to the Company of $75,000.
At
August 31, 2024, 59,979
shares of the issued Series I Convertible Preferred Stock were outstanding, which if converted as of August 31, 2024, would have
resulted in the issuance of 59,979
shares of common stock.
Stock
Options
On
December 28, 2023, at the Annual Meeting of Stockholders of the Company, the Company’s stockholders approved the adoption of the
NextTrip 2023 Equity Incentive Plan (the “2023 Plan”). 7,000,000 shares of common stock have been reserved for issuance under
the 2023 Plan., and as of August 31, 2024, all of such shares are available for issuance.
The
Company’s 2013 Equity Incentive Plan expired on March 15, 2023. As such, no new grants may be made under the 2013 Plan. At
August 31, 2024, there were 78,877
shares of common stock reserved for issuance upon exercise of outstanding stock options issued under the 2013 Plan prior to its
expiration.
There
were no
issuances of stock options for the six months ended August 31, 2024 or August 31, 2023.
The
Company generally grants stock options to employees and directors at exercise prices equal to the fair market value of the Company’s
common stock on the grant date, but not less than 100% of the fair market value. Stock options are typically granted throughout the year
and generally vest over a period from one to three years of service and expire five years from the grant date, unless otherwise specified.
The Company recognizes compensation expense for the fair value of the stock options over the vesting period for each stock option award.
Total
stock-based compensation expense included in the statements of operations for the three and six months ended August 31, 2024 was $13,841
and $30,235, respectively, all of which was related to stock options. There was no stock-based compensation included in the statements
of operations for the three or six months ended August 31, 2023.
Option
activity for the six months ended August 31, 2024 and the year ended February 29, 2024 was as follows:
Schedule of Stock Option Activity
| |
Options | | |
Weighted Average Exercise Price ($) | | |
Weighted Average Remaining Contractual Life (Yrs.) | | |
Aggregate Intrinsic Value ($) | |
| |
| | |
| | |
| | |
| |
Options outstanding at February 28, 2023 | |
| - | | |
| - | | |
| - | | |
| - | |
Options assumed pursuant to reverse acquisition | |
| 86,642 | | |
| 61.43 | | |
| 2.68 | | |
| - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (1,342 | ) | |
| 120.87 | | |
| - | | |
| - | |
Options outstanding at February 29, 2024 | |
| 85,300 | | |
| 60.50 | | |
| 2.52 | | |
| - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (6,423 | ) | |
| 87.06 | | |
| - | | |
| - | |
Options outstanding August 31, 2024 | |
| 78,877 | | |
| 58.19 | | |
| 2.03 | | |
| - | |
Options expected to vest in the future as of August 31, 2024 | |
| 1,432 | | |
| 32.25 | | |
| 3.10 | | |
| - | |
Options exercisable at August 31, 2024 | |
| 77,445 | | |
| 58.67 | | |
| 2.01 | | |
| - | |
Options vested, exercisable, and options expected to vest at August 31, 2024 | |
| 78,877 | | |
| 58.19 | | |
| 2.03 | | |
| - | |
The
aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the market price of
our common stock for those awards that have an exercise price below the market price of our common stock. At August 31, 2024, no option
had an exercise price below the $2.59 closing price of our common stock as reported on the Nasdaq Capital Market.
At
August 31, 2024, there was $16,139 of unrecognized stock-based compensation expense related to unvested stock options with a weighted
average remaining recognition period of 0.74 years.
Stock
Appreciation Rights
The
purposes of the 2020 Stock Appreciation Rights Plan (the “SAR Plan”) are to: (i) enable the Company to attract and retain
the types of employees, consultants, and directors (collectively, “Service Providers”) who will contribute to the Company’s
long-range success; (ii) provide incentives that align the interests of Service Providers with those of the stockholders of the Company;
and (iii) promote the success of the Company’s business. The SAR Plan provides for incentive awards only in the form of stock appreciation
rights payable in cash (“SARs”) and no shares of common stock are reserved or will be issued pursuant to the SAR Plan.
SARs
may be granted to any Service Provider. A SAR is the right to receive an amount equal to the Spread with respect to a share of the Company’s
common stock (“Share”) upon the exercise of the SAR. The “Spread” is the difference between the exercise price
per share specified in a SAR agreement on the date of grant and the fair market value per share on the date of exercise of the SAR. The
exercise price per share will not be less than 100% of the fair market value of a share of common stock on the date of grant of the SAR.
The administrator of the SAR Plan will have the authority to, among other things, prescribe the terms and conditions of each SAR, including,
without limitation, the exercise price and vesting provisions, and to specify the provisions of the SAR Agreement relating to such grant.
The
Company did not grant any SAR’s during the six months ended August 31, 2024 or August 31, 2023.
The
Company recognizes compensation expense and a corresponding liability for the fair value of the SARs over the vesting period for each
SAR award. The SARs are revalued at each reporting date in accordance with ASC 718 “Compensation-Stock Compensation,” and
any changes in fair value are reflected in the Statement of Operations as of the applicable reporting date.
SARs
activity for the six months ended August 31, 2024 and the year ended February 29, 2024 was as follows:
Schedule of Stock
Appreciation Rights Activity
| |
SARs | | |
Weighted Average Exercise Price ($) | | |
Weighted Average Remaining Contractual Life (Yrs.) | | |
Aggregate Intrinsic Value ($) | |
| |
| | |
| | |
| | |
| |
SARs outstanding at February 28, 2023 | |
| - | | |
| - | | |
| - | | |
| - | |
SARs assumed pursuant to reverse acquisition | |
| 40,390 | | |
| 44.77 | | |
| 2.99 | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
SARs outstanding at February 29, 2024 | |
| 40,390 | | |
| 44.77 | | |
| 2.99 | | |
| - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (167 | ) | |
| 37.40 | | |
| - | | |
| - | |
SARs outstanding August 31, 2024 | |
| 40,223 | | |
| 44.80 | | |
| 2.49 | | |
| - | |
SARs expected to vest in the future as of August 31, 2024 | |
| 5,645 | | |
| 29.37 | | |
| 2.84 | | |
| - | |
SARs exercisable at August 31, 2024 | |
| 34,578 | | |
| 47.31 | | |
| 2.43 | | |
| - | |
SARs vested, exercisable, and SARs expected to vest at August 31, 2024 | |
| 40,223 | | |
| 44.80 | | |
| 2.49 | | |
| - | |
The
aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the market price of
our common stock for those awards that have an exercise price below the market price of our common stock. At August 31, 2024, no SAR
had an exercise price below the $2.59 closing price of our common stock as reported on the Nasdaq Capital Market.
At
August 31, 2024, there was $943 of unrecognized stock-based compensation expense related to unvested SARs with a weighted average remaining
recognition period of 0.64 years.
Warrants
Warrant
activity for the six months ended August 31, 2024 and the year ended February 29, 2024 was as follows:
Schedule of Warranty Activity
| |
Warrants | | |
Weighted Average Exercise Price ($) | | |
Weighted Average Remaining Contractual Life (Yrs.) | |
Warrants outstanding at February 28, 2023 | |
| - | | |
| - | | |
| - | |
Warrants assumed pursuant to reverse acquisition | |
| 217,593 | | |
| 21,01 | | |
| 1.86 | |
Granted | |
| 268,572 | | |
| 3.02 | | |
| 2.17 | |
Exercised | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| - | | |
| - | | |
| - | |
Warrants outstanding at February 29, 2024 | |
| 486,165 | | |
| 9.94 | | |
| 1.96 | |
Granted | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (2,102 | ) | |
| 322.00 | | |
| - | |
Warrants outstanding at August 31, 2024 | |
| 484,063 | | |
| 8.58 | | |
| 1.46 | |
NOTE
9 - Subsequent Events
Related Party Advances
Between
September 1, 2024 and October 11, 2024, additional net related party advances totaled $84,060, and the aggregate outstanding principal
balance of related party advances was $2,802,654.
On
September 13, 2024, the Company’s board of directors approved the conversion of up to 100% of the outstanding principal balance
of the promissory notes held by Messrs. Kerby and Monaco into shares of a series of non-redeemable convertible preferred stock preferred
stock yet to be designated. Messrs. Kerby and Monaco have agreed to initially convert $1,500,000, or 56.3% of their total outstanding
principal balance of $2,666,790 into the new series of convertible preferred stock, and, at their discretion, may convert up to the remaining
principal balance, or any portion thereof, into additional shares of such convertible preferred stock at a future date. The conversion
remains subject to completion of final documentation for the transaction, including the filing of the certificate of designation for
the new series of convertible preferred stock with the Nevada Secretary of State.
Nasdaq Listing Requirement Deficiency Notice
On
September 18, 2024, the Company received a notification letter (the “Notice”) from the Nasdaq Listing Qualifications Staff
(the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that its amount of stockholders’
equity has fallen below the $2,500,000 required minimum for continued listing set forth in Nasdaq Listing Rule 5550(b)(1). The Notice
also noted that the Company does not meet the alternatives of market value of listed securities or net income from continuing operations,
and therefore, the Company no longer complies with Nasdaq’s Listing Rules.
Under
Nasdaq Listing Rules, the Company has until November 4, 2024 to provide Nasdaq with a specific plan to achieve and sustain compliance.
If Nasdaq accepts the Company’s plan to regain compliance, Nasdaq may grant an extension of up to 180 calendar days from the date
of the Notice to evidence compliance. If Nasdaq does not accept the Company’s plan to regain compliance, the Company will have
the opportunity to appeal the decision to a Nasdaq Hearings Panel. A hearing request will stay the suspension and delisting of the Company’s
securities pending the Nasdaq Hearings Panel’s decision.
The
Notice has no immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market, and, therefore, the Company’s
listing remains fully effective.
The
Company is evaluating various courses of action to achieve compliance with Nasdaq Listing Rule 5550(b)(1). There can be no assurance
that the Company will regain compliance with Nasdaq Listing Rule 5550(b)(1) or that the Company will be able meet the continued listing
requirements during any compliance period that may be granted by Nasdaq.
On
September 18, 2024, the Company also received a letter from the Staff of Nasdaq indicating that the Staff has determined that the Company
has regained compliance with the periodic filing requirements set forth in Nasdaq Listing Rule 5250(c)(1) because the Company filed its
Annual Report on Form 10-K for the fiscal year ended February 29, 2024 and the Quarterly Report on Form 10-Q for the quarter ended May
31, 2024.
Accordingly,
the Company has regained full compliance with the periodic filing requirement deficiency, which the Company disclosed in those Current
Reports on Form 8-K filed with the Securities and Exchange Commission on June 21, 2024 and July 19, 2024, and Nasdaq has informed the
Company in writing that the matter is now closed.
September 2024 Alumni Capital Transactions
On
September 19, 2024 the Company entered into a securities purchase agreement (the “Note & Warrant SPA”) with Alumni
Capital LP (Alumni Capital”) for the sale of a short-term promissory note (the “Alumni Note”) and warrants (the
“Warrants”) to Alumni Capital for total consideration of $250,000.
After deducting commissions, net proceeds to the Company were $230,000.
The
Alumni Note is in the principal amount of $300,000
with an original issue discount of $50,000
and guaranteed interest on the principal amount of ten percent (10%)
per annum which shall be due and payable on December
19, 2024. In the event of a failure to re-pay the Alumni Note on or before December 19, 2024, the interest rate will increase
to the lesser of twenty-two percent (22%)
per annum or the maximum amount permitted under law from the due date thereof until the same is paid. The Alumni Note is convertible
into common stock of the Company only upon an event of default.
Upon
such an event of default, Alumni shall have the right to convert all or any part of the outstanding and unpaid principal, interest, penalties,
and all other amounts under the Alumni Note into fully paid and non-assessable shares of the Company’s common stock at a conversion
price of eighty percent (80%) of the lowest traded price of the common stock during the twenty (20) business days prior to Alumni’s
delivery of a notice of conversion (the “Conversion Price’), subject to adjustment in the event the Company is no longer
DWAC eligible, is subject to a DTC “chill” and/or the Company ceases to be a reporting issuer. Notwithstanding the foregoing,
conversions will be subject to limitation whereby such conversion would result in beneficial ownership by Alumni and its affiliates of
more than 9.99% of the outstanding shares of Company’s common stock (the “Beneficial Ownership Limitation”) or would
exceed 19.99% of the Company’s outstanding common stock as of September 19, 2024 (the “Exchange Cap”).
In
conjunction with the issuance of the Alumni Note to Alumni, the Company also issued Warrants to purchase 96,774 shares of common stock
at a price per share of $3.10, which represents 100% warrant coverage on the principal amount of the Alumni Note. The Warrants are exercisable
on or prior to the five (5) year anniversary of the date of issuance.
On
September 19, 2024, the Company also entered into a Common Stock Securities Purchase Agreement (the “Common Stock SPA”) with
Alumni Capital. Pursuant to the Common Stock SPA, the Company has the right, but not the obligation to cause Alumni Capital to purchase
up to $10 million shares of common stock (the “Commitment Amount”) at the Purchase Price (defined below) during the period
beginning on the execution date of the Common Stock SPA and ending on the earlier of (i) the date on which Alumni Capital has purchased
$10 million shares of common stock pursuant to the Common Stock SPA or (ii) December 31, 2025. Pursuant
to the Common Stock SPA, the “Purchase Price” means the lowest traded price of Company common stock during the five (5) business
days prior a closing date multiplied by eighty nine percent (89%). No Purchase Notice will be made without an effective registration
statement and no Purchase Notice will be in an amount greater than $500,000.
In
consideration for Alumni Capital’s execution and delivery of, and performance under, the Common Stock SPA, the Company (i) issued
and delivered 32,786 shares of Company common stock to Alumni Capital on September 19, 2024, and (ii) within one (1) business day from
the date off effectiveness of the S-1 Registration Statement registering shares issuable pursuant to the Common Stock SPA, the Company
shall cause its transfer agent to issue and deliver as DWAC or DRS shares to Alumni Capital that number of shares of common stock equal
to two percent (2.00%) of the Commitment Amount divided by the VWAP for the Company’s common stock for the business day prior to
the notice of effectiveness.
October
2024 Preferred Stock Sale
On
October 1, 2024, the Company entered into a securities purchase agreement with an investor for the sale of 66,225 shares of Series I
Convertible Preferred Stock at $3.02 per share, for total consideration of $200,000.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Forward-looking
statements
This
Quarterly Report contains “Forward-Looking Statements.” All statements other than statements of historical fact are “Forward-Looking
Statements” including but not limited to, statements regarding our expectations about development and commercialization of our
technology, any projections of revenues or statements regarding our anticipated revenues or other financial items, any statements of
the plans and objectives of management for future operations, any statements concerning proposed new products or services, any statements
regarding future economic conditions or performance, and any statements of assumptions underlying any of the foregoing. All Forward-Looking
Statements included in this Quarterly Report are made as of the date hereof and are based on information available to us as of such date.
We assume no obligation to update any Forward-Looking Statement. In some cases, Forward-Looking Statements can be identified by the use
of terminology such as “may,” “will,” “expects,” “plans,” “anticipates,”
“intends,” “believes,” “estimates,” “potential,” or “continue,” or the negative
thereof or other comparable terminology. Although we believe that the expectations reflected in the Forward-Looking Statements contained
herein are reasonable, there can be no assurance that such expectations or any of the Forward-Looking Statements will prove to be correct,
and actual results could differ materially from those projected or assumed in the Forward-Looking Statements. Future financial condition
and results of operations, as well as any Forward-Looking Statements are subject to inherent risks and uncertainties, including factors
referred to in our press releases and reports filed with the Securities and Exchange Commission (“SEC”). All subsequent Forward-Looking
Statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary
statements. Additional factors that may have a direct bearing on our operating results are described under the caption “Risk Factors”
in our Annual Report on Form 10-K for the year ended February 29, 2024 and elsewhere in this Quarterly Report.
Corporation
Information
Sigma
Additive Solutions, Inc. (“Sigma”), the legal acquiror of NextTrip, was initially incorporated as Messidor Limited in Nevada
on December 23, 1985, and changed its name to Framewaves Inc. in 2001. On September 27, 2010, the name was changed to Sigma Labs, Inc.
On May 17, 2022, Sigma Labs, Inc. began doing business as Sigma Additive Solutions, and on August 9, 2022, changed its name to Sigma
Additive Solutions, Inc.
On
March 11, 2024, Sigma filed a Certificate of Amendment to its Amended and Restated Articles of Incorporation, as amended to date, with
the Secretary of State of the State of Nevada, pursuant to which, effective as of 12:01 a.m. Pacific time on March 13, 2024, among other
things, Sigma’s corporate name was changed from Sigma Additive Solutions, Inc. to “NextTrip, Inc.”
Our
principal executive offices are located at 3900 Paseo del Sol, Santa Fe, New Mexico 87507, and our telephone number is (954) 526-9688.
Our website address is www.nexttrip.com. The Company’s annual reports, quarterly reports, current reports on Form 8-K and
amendments to such reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and other information related to the Company, are available, free of charge, on our website. The Company’s
website and the information contained therein, or connected thereto, are not and are not intended to be incorporated into this Quarterly
Report.
Prior
to the Exchange Agreement, as described below, NextTrip Holdings, Inc. (“NextTrip”) was a wholly owned subsidiary of NextTrip
Group, LLC (“Group”), which in turn, was a wholly owned subsidiary of NextPlay Technologies, Inc. (“NextPlay”).
All business operations of Group were conducted through its subsidiaries. On January 25, 2023, NextPlay and Group entered into an Amended
and Restated Separation Agreement (“Separation Agreement”), Amended and Restated Operating Agreement (“Operating Agreement”),
and Exchange Agreement (“Exchange Agreement”, and together the “Agreements”), whereby NextPlay transferred their
interest in the travel business to Group. Pursuant to the Exchange Agreement, NextPlay exchanged 1,000,000 Membership Units of Group
for 400,000 Preferred Units of Group, with a value of $10 per unit. Prior to the exchange for Preferred Units, Group had a payable due
to NextPlay of $17,295,873, representing cash advances and payment of expenses by NextPlay on behalf of Group, while NextPlay had obligations
to provide ongoing support to NextTrip. Such liability was settled by the issuance of the Preferred Units and the waiver of all of NextPlay’s
ongoing support obligations except for a $1.5 million advance remaining under a promissory note, and as such NextTrip recorded the payable
as contributed capital.
The
Company provides travel technology solutions with sales originating in the United States, with a primary emphasis on hotels, air, and
all-inclusive travel packages. Our proprietary booking engine, branded as NextTrip 2.0, provides travel distributors access to a sizeable
inventory.
The
Company owns 50% of Next Innovation LLC (Joint Venture) and this entity is in the process of a first structure plan. No activities nor
operations occurred in 2024 or 2023 for this entity and NextTrip, Inc. does not have control of the company and therefore no minority
interest was recorded.
Reverse
Acquisition
On
October 12, 2023, Sigma entered into a Share Exchange Agreement (as amended, the “Exchange Agreement”) with NextTrip, Group,
and William Kerby (the “NextTrip Representative”). Under the terms of the Exchange Agreement, the parties agreed that Group
would sell and transfer to Sigma all of the issued and outstanding shares of NextTrip in exchange for 156,007 restricted shares of Sigma
common stock (the “Closing Shares”), issuable at closing, and the right to receive up to an additional 5,843,993 restricted
shares of Sigma common stock upon satisfaction of certain milestones set forth in the Exchange Agreement (the “Contingent Shares,”
and together with the Closing Shares, the “Restricted Shares”), which Restricted Shares are issuable to the members of Group,
on a pro rata basis, under the terms of the Exchange Agreement, subject to certain closing conditions (the “Acquisition”).
Upon the closing of the Acquisition on December 29, 2023, NextTrip became a wholly owned subsidiary of Sigma.
The
Contingent Shares, together with the Closing Shares, will not exceed 6,000,000 shares of Sigma common stock, or approximately 90.2% of
the issued and outstanding shares of Sigma common stock immediately prior to the closing. The Acquisition will likely result in a change
of control, with the members of Group receiving an aggregate number of shares that exceeds the number of shares that held by the legacy
shareholders of Sigma. As a result, the Acquisition is accounted for as a reverse acquisition of NextTrip by Sigma, whereby Sigma is
treated as the legal acquirer and NextTrip is treated as the accounting acquirer. As a result, the historical financial information presented
is that of NextTrip.
In
accordance with ASC 805-40-45-1, the consolidated financial statements prepared following a reverse acquisition
are issued under the name of the legal parent (NextTrip, Inc., f/k/a Sigma Additive Solutions, Inc.) but described in the notes to the
financial statements as a continuation of the financial statements of the legal subsidiary (NextTrip), with one adjustment, which
is to retroactively adjust the accounting acquirer’s legal capital to reflect the legal capital of the accounting acquiree. That
adjustment is required to reflect the capital of the legal parent. Comparative information presented in the consolidated financial statements
also is retroactively adjusted to reflect the legal capital of the legal parent.
Under
ASC 805-40-45-2, the consolidated financial statements represent the continuation of the legal subsidiary
except for the capital structure, as follows:
|
(a) |
The
assets and liabilities of the legal subsidiary recognized and measured at their pre-combination carrying amounts; |
|
|
|
|
(b) |
The
assets and liabilities of the legal parent recognized and measured in accordance with the guidance in this topic applicable to business
combinations (ASC 805); |
|
|
|
|
(c) |
The
retained earnings and other equity balances of the legal subsidiary before the business combination; |
|
|
|
|
(d) |
The
amount required to be recognized as issued equity interests in the consolidated financial statements determined by adding the issued
equity interest of the legal subsidiary outstanding immediately before the business combination to the fair value of the legal parent
determined in accordance with the guidance in ASC 805 applicable to business combinations. However, the equity structure reflects
the equity structure of the legal parent, including the equity interests the legal parent issued to affect the combination. Accordingly,
the equity structure of the legal subsidiary is restated using the exchange ratio established in the acquisition agreement to reflect
the number of shares of the legal parent issued in the reverse acquisition. |
The
assets and liabilities of Sigma Additive Solutions, Inc. were recognized at fair value under ASC 805 as described in NOTE 4– Goodwill.
Critical
Accounting Policies and Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”)
requires management to make estimates and assumptions that affect the reported assets, liabilities, sales and expenses in the accompanying
financial statements. Critical accounting policies are those that require the most subjective and complex judgments, often employing
the use of estimates about the effect of matters that are inherently uncertain. By their nature, changes in these assumptions and estimates
could significantly affect our financial position or results of operations. Significant accounting estimates that may materially change
in the near future are revenue recognition, impairment of long-lived assets, values of stock compensation awards and stock equivalents
granted as offering costs, and allowance for bad debts and inventory obsolescence. Such critical accounting policies, including the assumptions
and judgments underlying them, are disclosed in Note 1 of the Notes to Financial Statements included in this Quarterly Report. However,
we do not believe that there are any alternative methods of accounting for our operations that would have a material effect on our financial
statements.
The
critical accounting policies and estimates addressed below reflect our most significant judgements and estimates used in the preparation
of our financial statements.
Revenue
Recognition – The Company recognizes revenue in accordance with ASC 606 which involves identifying the contracts with customers,
identifying performance obligations in the contracts, determining transactions price, allocating transaction price to the performance
obligation and recognizing revenue when the performance obligation is satisfied.
The
Company recognizes revenue when the customer has purchased the product, the occurrence of the earlier of date of travel or the date of
cancellation has expired, as satisfaction of the performance obligation, the sales price is fixed or determinable and collectability
is reasonably assured. Revenue for customer travel packages purchased directly from the Company are recorded gross (the amount paid to
the Company by the customer is shown as revenue and the cost of providing the respective travel package is recorded to cost of revenues).
The
Company generates revenues from sales directly to customers as well as through other distribution channels of tours and activities at
destinations throughout the world.
The
Company controls the specified travel product before it is transferred to the customer and is therefore a principal, based on but not
limited to, the following:
|
●
|
The
Company is primarily responsible for fulling the promise to provide such travel product. |
|
|
|
|
●
|
The
Company has inventory risk before the specified travel product has been transferred to a customer or after transfer of control to
a customer. |
|
|
|
|
●
|
The
Company has discretion in establishing the price for the specified travel product. |
Payments
for tours or activities received in advance of services being rendered are recorded as deferred revenue and recognized as revenue at
the earlier of the date of travel or the last date of cancellation (i.e., the customer’s refund privileges lapse).
Promissory
Note Receivable
NextPlay
is in default under the terms of its promissory note to NextTrip, and as a result, an allowance for doubtful accounts of $1,567,665 was
established as of February 29, 2024 as collectability of the entire receivable is uncertain. During the six months ended August 31, 2024
and 2023, there was no bad debt expense recorded related to the allowance account, and the allowance is unchanged as of August 31, 2024.
As of August 31, 2023, no allowance for doubtful accounts was established.
Business
Overview
NextTrip,
Inc. (the “Company,” “NextTrip,” “we,” “us” and “our”) is an innovative
technology company that is building next generation solutions to power the travel industry. NextTrip, through its subsidiaries,
provides travel technology solutions with sales originating in the United States, leisure travel, business travel, groups travel,
media and tech. We connect people to new places and discoveries by utilizing digital media engagement, seasoned planning expertise,
and unique inventory to curate custom vacations and business travel across the globe. Our proprietary booking engine, branded as NXT
2.0, provides travel distributors access to a sizeable inventory.
Our
vision is to drive the evolution of the travel industry by merging advanced digital solutions with personalized travel services. Our
core technology – a fully integrated travel booking platform – focuses on untapped and underserved sectors of the travel
industry, intending to capture new markets. We expect that our future growth will be accelerated by interactive technology, immersive
media and unparalleled travel industry expertise.
We
believe NextTrip will revolutionize the travel industry by combining advanced digital technologies with personalized travel services.
Our mission is to become the premier travel, media, and lifestyle brand, inspiring and empowering individuals to explore the world. Through
our brands, including NextTrip Vacations, Travel Magazine, and Compass.tv, we aim to create a unique ecosystem that reduces dependency
on traditional marketing methods, where major travel companies spend billions to attract customers.
Our
strategy focuses on both the Media and Travel divisions working together to draw users into our ecosystem by offering the following benefits:
|
● |
Access
to a wealth of highly relevant travel videos and articles for research. |
|
|
|
|
● |
The
ability to plan and save future travel destinations and activities on personalized profiles. |
|
|
|
|
● |
Options
to share travel ideas and communicate with others. |
|
|
|
|
● |
Assistance
from our concierge help desk and AI-powered solutions. |
|
|
|
|
● |
The
convenience of booking travel online or through a call center. |
|
|
|
|
● |
Access
to customer support before, during, and after travel. |
|
|
|
|
● |
The
opportunity to earn rewards that encourage repeat bookings. |
Our
ecosystem is built on four key pillars:
|
1. |
NextTrip:
A comprehensive travel booking platform that offers curated, personalized, and seamless travel experiences for every budget and interest.
Powered by the NXT 2.0 booking platform, NextTrip serves as our direct-to-consumer transactional hub, providing users with detailed
scheduling, pricing, and availability information for airlines, hotels, rental cars, and other travel products. We also offer dynamically
assembled travel packages and provide valuable content, including destination information, maps, and travel details, all supported
by our customer call center. |
|
|
|
|
2. |
Travel
Magazine: A trusted source of captivating travel inspiration, offering authentic stories, practical advice, and diverse
perspectives to fuel wanderlust and create lasting vacation memories. Travel Magazine will launch My Bucket List, a platform
designed for travelers to build and share their travel bucket lists with personalized suggestions, booking support, and local
insights. The launch is currently anticipated to be early 2025. |
|
|
|
|
3. |
Compass.tv:
Our Free Ad-supported Streaming TV (“FAST”) channel, which we soft-launched on October 1, 2024. Compass.tv will offer over 1,000
hours of travel shows and long-form travel content at launch. To draw users into the NextTrip ecosystem, the launch will be supported
by travel influencers, promoted to our multi-million strong email list, and marketed to major streaming platforms like Roku and YouTube.
Compass.tv plans to use artificial intelligence to personalize content, convert blogs and articles to video, and enable users to
create custom videos. This platform will allow users to create fully customized FAST channels featuring vacation opportunities that
can be explored and booked directly through the NextTrip booking engine. |
|
|
|
|
4. |
PrometheanTV:
A unique influencer-led platform that drives advertising revenue and content-to-commerce. We have secured a perpetual license with
Promethean TV, Inc., the developer of the Ignite TV interactive video platform. This technology will power Compass.tv and video
content on Travel Magazine/My Bucket List, allowing for targeted advertising via video overlays, enabling viewers to purchase travel
directly from their screens. This integration is designed to enhance customer engagement, drive ad-supported revenue, and increase
travel transactions. |
By
integrating the NextTrip booking platform across all our media platforms, we will enable users to research and book travel seamlessly
from any of our offerings. Our ecosystem will encompass leisure travel, wellness travel, business travel, alternative lodging, and innovative
technology and media solutions. We will engage with consumers throughout the entire travel planning journey, from initial research to
post-travel, offering robust product options and preferred rates in top global destinations. We believe that NextTrip stands apart from
other travel companies, providing users with the tools to create personalized vacation packages and travel solutions, resulting in a
more rewarding experience than traditional pre-packaged offerings. This ensures a thriving and growing ecosystem that drives both travel
transactions and targeted advertising revenue while supporting consumers on their travel journeys—truly a next-generation travel
company.
NextTrip is launching a pilot program featuring a successful travel discovery
app to deliver AI-driven and user-generated video content to its Travel Magazine and Compass.tv platforms. In addition, NextTrip will
curate exclusive leisure offers for the discovery app and implement enhanced marketing strategies to boost bookings and viewership.
Organizational
History
Historical
Monaker Group Business
NextTrip’s
travel business was the principal business of NextPlay (then, Monaker Group, Inc. (“Monaker”)) until June 30, 2020, when
Monaker entered into a share exchange transaction with HotPlay Enterprise Limited (“HotPlay”), resulting in HotPlay becoming
a wholly owned subsidiary of Monaker and HotPlay’s business becoming the principal business of Monaker. Prior to this share exchange,
the primary focus of Monaker had been its travel business, which included the sale of vacation rentals, and in particular, ALRs, to consumers
through its proprietary booking engine. To support its travel offerings, Monaker introduced travelmagazine.com, featuring travel and
lifestyle content to appeal to travelers researching destinations and planning future vacations. In January 2023, NextPlay spun the NextTrip
business out to its founders to separate it from NextPlay’s primary business.
COVID-era
Transition and Technology Development
The
spread of the COVID-19 virus globally beginning in January 2020 severely impacted our business. Beginning in March 2020, many U.S. states
and foreign countries began issuing “stay-at-home” orders and closed their borders to interstate and international travel.
Such restrictions on travel, together with other measures implemented by governments around the world, severely restricted the level
of economic activity around the world and had an unprecedented effect on the global travel industry. The public’s ability to travel
was severely curtailed through border closures, mandated travel restrictions and limited operations of hotels, airlines, and additional
voluntary or mandated closures of travel-related businesses from December 2019 through the beginning of 2022 (and beyond in some jurisdictions).
Measures implemented during the COVID-19 pandemic led to unprecedented levels of temporary and permanent business closures, cancellations
and limited new travel bookings, having a severe negative impact on our business, financial condition and results of operations.
Due
to the significant decrease in demand for the travel related services provided by us during the peak of the COVID-19 pandemic, we shifted
our focus to developing and enhancing our program offerings. For example, we began to develop our online media platform -TravelMagazine.com
allowing consumers to research future travel options as well as enhancing the functionality of our booking engines, including developing
a booking engine platform that allows customers to book packaged vacations and wellness programs along with the development of a platform
to arrange and manage business travel.
Acquisition
of Bookit.com Asset
Following
NextTrip’s separation from NextPlay, our team focused on the continued technological development of its booking platform. As
part of this development, we acquired a travel platform in June 2022 to help power our proprietary NXT 2.0 booking technology.
Previously, this technology powered the Bookit.com business, a well-established online leisure travel agent generating over $400
million in annual sales as recently as 2019 (pre-pandemic). As part of the acquisition of the assets of Bookit.com, we were not only
able to acquire a proven technology platform that could be integrated with our core travel sectors, but we were also able to secure
the Bookit.com database with millions of past travelers and opt-in consumers.
Since
2022, and the acquisition of the Bookit.com business, we have been focused on the holistic development and integration of the NXT
2.0 technology platform, which serves as a base for current and future technology projects as well as proprietary system
enhancements. This integration includes re-engaging with and re-negotiating more than 250 contracts with hotel, airline, and cruise
suppliers, and securing unique product inventory of more than 3 million lodging, air and tour product suppliers at exceptional rates
to over 2,100 destinations in 200+ countries worldwide.
Through
this strategic offering, we will focus on key areas of opportunity in the travel sector and drive enhanced booking conversion rates.
Our proprietary technology, when combined with media, product offerings and customer service, provides a unique lane to serve mid- to
luxury travelers.
Recent
Developments
Launch
of Compass.tv
On
October 1, 2024, we announced the launch of our owned and operated Compass.tv travel discovery channel and app. The platform initially
features over a thousand hours of travel video content designed to seamlessly convert into commerce opportunities, allowing viewers to
book vacations directly through the channel using the NextTrip Booking Engine. In partnership with Dooya Media Group, the Company intends
to expand Compass.tv’s offerings by collaborating with influencers who have millions of travel-focused followers, creating a unique
and comprehensive travel hub.
The
platform showcases authentic experiences through popular social media influencers, appealing to viewers who prefer real, relatable content
over polished productions. With influencer-promoted, destination-focused content, the Company believes that Compass.tv will serve as
a premier travel discovery tool, inspiring viewers to plan their next adventure. Its Content Creator Program incentivizes influencers
with a competitive revenue-sharing model, while integrating content-to-commerce funnels with targeted ads and affiliate travel offers.
As part of the NextTrip ecosystem, Compass.tv works in tandem with NextTrip’s website, tools, and exclusive deals to drive bookings
and set a new standard for advertiser engagement with a dynamic, travel-driven audience.
Launch
of Group Booking Technology Platform
On
July 30, 2024, we announced the launch of a new Group Booking Platform (“Platform”), a proprietary technology for its direct-to-consumer
travel booking website offering travelers and facilitators a flexible and versatile solution for group travel.
NextTrip’s
Platform streamlines front-end booking flow for customers, empowering each traveler to book their own travel while still remaining part
of a group. This versatility allows travelers to book travel when it is most convenient for them. For group leaders, our Platform reduces
the workload by eliminating the need to follow up with travelers for details such as travel dates, flight information and room category.
Guests can also easily include pre- and post-stays and book activities. Access to the Platform can be sent in email invitations and implemented
on a variety of sites, such as conference and other customized websites. Future versions will include additional destination flexibility,
customization, and white label capabilities.
Launch
of FlexPay Travel Payment Options
On
July 11, 2024, we announced the launch of FlexPay, a proprietary technology for our direct-to-consumer travel booking website giving
customers new flexible payment options and exclusive deals.
FlexPay
is a flexible form of short-term financing that allows customers to pay for accommodations over time through interest-free installments.
FlexPay differentiates itself from other travel booking sites with flexible payment and deposit options, exclusive deals, and does not
run credit checks or charge interest. Offered as a payment option at checkout, travelers can now book their vacation for as little as
$1.00 down at eligible properties.
Acquisition
by Sigma; Name Change
In
December 2023, we completed the Acquisition, which resulted in NextTrip becoming a wholly-owned subsidiary of a public company and the
principal business of the Company moving forward. To align the new business with NextTrip’s travel-focused business model, the
Company recently changed its name to “NextTrip, Inc.”
Our
Fully Integrated Travel Booking Platform
We
have established a direct-to-consumer presence though a number of websites, powered by the NXT 2.0 booking platform. Today, the
primary leisure platform is hosted on nexttrip.com and the media platform is hosted on travelmagazine.com.
NextTrip
sells travel services to leisure and corporate customers across these websites. Our primary focus is our current offerings of scheduling,
pricing and availability information for booking reservations for airlines, hotels, rental cars, as well as other travel products such
as transfers, sightseeing tours, shows and event tickets. NextTrip sells these travel services both individually and as components of
dynamically assembled packaged travel vacations and trips. In addition, we provide content that presents travelers with information about
travel destinations, maps and other travel details.
Our
online travel publication, travelmagazine.com, provides travelers around the world with inspiration for future vacation destinations
and trips. The publication offers written articles, videos, and podcasts. The website is expected to be supported by advertising and
allow for research and booking of vacation products.
Travel
Products and Services
We
are building an ecosystem with technology and product offerings that will include leisure travel, wellness travel, business travel, alternative
lodging, technology and media solutions. We engage with consumers and distributors throughout the travel planning journey from planning
through post-travel. Through direct relationships, we have established robust product offerings and preferred rates across the top destinations
world-wide. Our primary product offerings are as follows:
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NextTrip
Leisure brings travel solutions and a proprietary booking engine that allows customers to book customized travel, including vacation
packages, airline tickets, hotel reservations, tours and activities, curated journeys, cruises, wellness and group travel. |
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NextTrip
Solutions offers technology solutions for product and inventory management as well as white label offerings including NextTrip products
under their brand, and technology solutions. We are also developing a travel agent portal to drive bookings and travel agent brand
loyalty. |
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NextTrip
Media includes Travel Magazine and the Compass.tv experience, which is currently in development. These digital solutions engage consumers
at the initial phases of travel planning, offering relevant content, destination information and immersive online experiences as
well as solutions for travel suppliers. This ecosystem, once fully developed, is expected to allow users to create their own fully
customized FAST channel featuring vacation journey opportunities that customers can explore prior to booking the actual vacation. |
Products
and Services for Travelers
Search
Tools and Ability to Compare. Our online marketplace nexttrip.com provides travelers with the tools to search for and filter several
travel products including air, car, accommodations, and activities based on various criteria, such as destination, travel
dates, type of property, number of bedrooms, amenities, price, or keywords.
Traveler
Login. Travelers are able to create accounts on our website(s) that give them access to their booking activity through the website.
Members will also have access to special rates and discounts on the NextTrip product.
Travel
Blog. Travel guides, videos and pictures as well as travel articles can be accessed through travelmagazine.com.
Security.
We use a combination of technology and human review to evaluate the content of listings and to screen for inaccuracies or fraud with
the goal of providing only accurate and trustworthy information to travelers. NextTrip is Payment Card Industry compliant to ensure the
safety and security of its customer credit card data.
Communication.
Travelers who create an account on our websites will receive regular communications, including notices about places of interest,
special offers, new listings, and an email newsletter. The newsletter will be available to any traveler who agrees to receive it and
offers introductions to new destinations and properties, as well as tips and useful information when traveling.
Since
the COVID-19 pandemic arose, we have primarily focused on developing our booking engine and establishing relationships with suppliers
to increase the size of our instantly bookable inventory. The booking engine has produced little revenue to date because of, among other
reasons, the efforts that have been taken to integrate the NextTrip travel platforms with the Bookit.com technology since its acquisition
in the summer of 2022. The new platform was launched in beta in May 2023 with a limited number of hotel properties in Mexico and the
Caribbean. We have expanded our distribution since launch to include over one million hotel properties worldwide and completed a
full launch of the leisure travel website in August 2024.
Key
Revenue Drivers
NextTrip’s
fully integrated travel booking platform serves as the foundation of our revenue-generating business. The platform contains a robust
booking engine with merchandising capabilities that drive increased conversions and higher per revenue transactions. We plan to leverage
the bookit.com foundational travel database consisting of several million customers to further drive revenues. Those revenues consist
primarily of commissions and bookings but are expanding to include affiliate commerce, advertising and sponsored content (via Compass.tv
and Travel Magazine).
In
addition, as the booking platform expands, it establishes an opportunity for product expansion and revenue from technology licensing,
including white-labeling key technology. A monthly software-as-a-service (“SaaS”) model is being established around key technology
developments and innovative platforms, including turn-key booking solutions, product management and targeted audience offerings.
Advancing
Travel: Future Research & Development Driving Growth
As
we expand the reach of our booking platforms, including to different underserved areas of the travel industry, we plan to focus on future
technologies to drive growth by investing in research and development.
Compass.tv
As
FAST gains momentum globally, we are in the process of developing Compass.tv, which was soft launched on October 1, 2024. Our innovative
travel channel is being developed in conjunction with our perpetual license with Promethean discussed above. With over 1,000 hours of
relevant travel content secured, Compass.tv intends to utilize artificial intelligence (“AI”) to personalize content, convert
blogs and articles to video, and empower users to create custom travel channels. Integration with the NextTrip Concierge desk will enable
seamless booking and assistance.
NextTrip
recognizes the pivotal role of video in promoting travel sales and engagement, hence our focus on incorporating video across platforms.
To maximize effectiveness, NextTrip has entered into the license with Promethean enabling targeted advertising and transactional capabilities
without interrupting content.
Travel
Magazine
We
are transforming our Travel Magazine website into a social media platform catering to all things travel. The site was re-launched
mid-2024, and features enhanced media capabilities and targeted advertising using the Promethean solution. A private consumer
section called “My Bucket List,” is targeted for release in early 2025 and will feature connectivity to booking
engines, AI travel planner assist and AI-driven content creation.
My
Bucket List
With
My Bucket List, NextTrip is building a technology solution catered to travelers to build and share their own travel bucket list with
personalized suggestions, booking support and local insights.
Results
of Operations
Three
Months Ended August 31, 2024 and August 31, 2023
During
the three months ended August 31, 2024, we recognized revenue of $154,498, as compared to $27,663 in the same period in 2023, an increase
of $126,835, or 459%. The increase was primarily due to the implementation of the BookIt asset as well as the integration of Expedia
into our booking engine, NXT 2.0. Expedia significantly increased our product offering from 12-15 hotel chains to over 250,000 properties
worldwide, including hotels, resorts, and alternative accommodations.
Our
cost of revenue for the three months ended August 31, 2024 was $155,455, as compared to $23,734 for the same period in 2023, an increase
of $131,721, or 555%. The increase was primarily attributable to a rise in sales from the launch of NXT 2.0 in the second quarter of
2024 as compared to the second quarter of 2023.
Our
total operating expenses for the three months ended August 31, 2024 were $1,468,335, as compared to $1,090,930 for the same period in
2023, an increase of $377,405, or 35%. The increase was primarily attributable to the relaunch of the NXT 2.0 booking engine in March
of 2024, as well as the integration of Sigma Additive Solutions, and the transition to public company status.
Salary
and benefits costs were $628,759 for the three months ended August 31, 2024, as compared to $360,947 for the same period in 2023, an
increase of $267,812, or 74%. The increase was comprised of an increase in salaries and benefits of $234,255 due to the conversion
of booking engine contractors to employees and the addition of new accounting staff, an increase in taxes and benefits of
$30,672, and an increase in stock appreciation rights of $2,885.
Stock-based
compensation was $13,841 for the three months ended August 31, 2024, as compared to $0 for the same period in 2023, an increase of $13,841.
This increase was a result of the assumption of employee stock options in connection with the reverse acquisition of Sigma Additive Solutions
in December 2023.
We
incurred general and administrative costs of $21,677 during the three months ended August 31, 2024, as compared to $128,955 in the
same period in 2023, a decrease of $107,278, or 83%. The decrease was primarily the result of a decrease in rent expense in 2023 of
$34,587, a decrease in broker fees of $36,746, a decrease in administrative services fees of $27,784, a decrease in travel expense
of $3,469 and a decrease in telephone expense of $5,150.
We
incurred marketing costs of $51,347 during the three months ended August 31, 2024, as compared to $49,758 during the same period in 2023.
The increase of $1,589, or 3%, was primarily due to an increase of $25,475 in third party contractor expenses associated with the relaunch
of the NXT 2.0 booking engine in March of 2024. Partially offsetting the increase was a decrease in marketing and advertising expenses
of $9,656, and expenses associated with Travel Magazine of $14,230 as resources were shifted towards NXT 2.0.
We
incurred technology costs of $141,022 during the three months ended August 31, 2024, as compared to $83,786 during the same period in
2023. The increase of $57,236, or 68%, was primarily attributable to an increase in dues and subscription services for external travel
services used in connection with our booking engine, and cloud database and software expenses to host the booking engine.
Professional
service fees incurred during the three months ended August 31, 2024 were $372,027, as compared to $125,934 incurred during the same period
in 2023, an increase of $246,093, or 195%. This increase was a result of: (a) an increase in investor relations expenses of $88,458;
(b) an increase in accounting fees of $85,448 for audit and related financial services; (c) an increase in consultants contracted for
services of $82,602 for management and administrative services related to the company’s media initiatives, special projects including
establishing travel related partnerships, and maintenance and bug fixes with the booking engine. Partially offsetting the increases was
a decrease in legal expenses of $10,415.
Organizational
costs for the three months ended August 31, 2024 were $80,452, as compared to $0 for the same period in 2023, an increase of $80,452.
The increase resulted primarily from directors’ compensation, and shareholder services expenses including transfer agent fees,
and filing services.
Depreciation
and amortization expense for the three months ended August 31, 2024 was $95,414, as compared to $331,549 for the same period in 2023,
a decrease of $236,135, or 71%. The decrease was primarily due to no new equipment purchases and an increase in fully amortized intangible
assets as compared to the same period in 2023.
Other
operating expenses were $63,796 for the three months ended August 31, 2024, as compared to $ 10,001 for the same period in 2023. The
$53,795 increase was primarily due to an increase in insurance expense of $35,921, and an increase in bank and merchant processing fees
of $17,873.
In
the three months ended August 31, 2024, we realized net other expense of $64,227, as compared to net other expense of $73,762 in the
same period in 2023. The decrease in net other income of $9,535 was primarily due to a decrease in interest expense associated with convertible
loans as a result of their conversion in December 2023.
Preferred
dividends for the three months ended August 31, 2024 were $10,688, as compared to $0 for the same period in 2023. The increase was due
to dividends associated with outstanding shares of Series E convertible preferred stock assumed in the reverse acquisition of Sigma.
In
the three months ended August 31, 2024, the net loss from continuing operations totaled $1,533,519 as compared to a net loss from continuing
operations of $1,160,763 for the same period in 2023. The operating loss component increased by $382,291 in 2024, partially offset by
a decrease in the other loss component of $9,535.
The
net loss from discontinued operations of $1,131 for the three months ended August 31, 2024 was attributable to the termination of an annual contract
of $4,131 from a legacy Sigma subscription. Partially offsetting the loss was a gain of $3,000 from the final payment due from a legacy
Sigma customer.
Our
net loss applicable to common stockholders for the three months ended August 31, 2024, was $1,545,338, as compared to $1,160,763 for the
same period in 2023, an increase of $384,575, or 33%. The increase was primarily attributable to an increase in operating loss from continued
operations of 382,291, an increase in preferred dividends of $10,688, and a loss from discontinued operations of $1,131, partially offset
by a decrease in other expense of $9,535.
Six
Months Ended August 31, 2024 and August 31, 2023
During
the six months ended August 31, 2024, we recognized revenue of $343,291, as compared to $47,225 in the same period in 2023, an increase
of $296,066, or 627%. The increase was primarily due to the implementation of the BookIt asset as well as the integration of Expedia
into our booking engine, NXT 2.0. Expedia significantly increased our product offering from 12-15 hotel chains to over 250,000 properties
worldwide, including hotels, resorts, and alternative accommodations.
Our
cost of revenue for the six months ended August 31, 2024 was $329,036, as compared to $41,452 for the same period in 2023, an increase
of $287,584, or 694%. The increase was primarily attributable to the increase in sales from the launch of NXT 2.0 in the second quarter
of 2024 as compared to the second quarter of 2023.
Our
total operating expenses for the six months ended August 31, 2024 were $3,435,948, as compared to $2,122,756 for the same period in 2023,
an increase of $1,313,192, or 62%. The increase was primarily attributable to the relaunch of the NXT 2.0 booking engine in March of
2024, as well as the integration of Sigma, and the transition to public company status.
Salary
and benefits costs were $1,255,511 for the six months ended August 31, 2024, as compared to $768,555 for the same period in 2023, an
increase of $486,956, or 63%. The increase was comprised of an increase in salaries and benefits of $446,629 due to the conversion
of contractors to employees and new accounting staff, and an increase in taxes and benefits of $59,824. Partially offsetting the
increase was a decrease in SAR expense of $19,497 due to the revaluation
in March of 2024.
Stock-based
compensation was $30,235 for the six months ended August 31, 2024, as compared to $0 for the same period in 2023, an increase of $30,235.
This increase was a result of the assumption of employee stock options in connection with the reverse acquisition of Sigma in December
2023.
We
incurred general and administrative costs of $49,231 during the six months ended August 31, 2024, as compared to $198,058 in the same
period in 2023, a decrease of $148,827, or 75%. The decrease was primarily the result of a decrease in rent expense of $68,027, broker
fees of $36,746, administrative fees of $34,860, telephone expenses of $8,772 and travel expenses of $4,859. Partially offsetting the
decrease was an increase in licenses and filing fees of $4,437.
We
incurred marketing costs of $207,536 during the six months ended August 31, 2024, as compared to $90,539 during the same period in
2023. The increase of $116,997, or 129%, was primarily due to the relaunch of our NXT 2.0 booking engine in March of 2024 and
ongoing maintenance with Travel Magazine. Marketing and advertising expenses increased by $40,870, third party contracted marketing
services increased by $74,590, and Travel Magazine costs increased by $1,537.
We
incurred technology costs of $325,691 during the six months ended August 31, 2024, as compared to $119,680 during the same period in
2023. The increase of $206,011, or 172%, was primarily attributable to an increase in dues and subscription services of $157,621 for external
travel services used in connection with our booking engine, and an increase cloud database and software expenses of $48,790 to host the
booking engine.
Professional
service fees incurred in the six months ended August 31, 2024 were $895,900, as compared to $260,304 incurred during the same period
in 2023, an increase of $635,596, or 244%. This increase was a result of: (a) an increase in investor relations expenses of
$209,946; (b) an increase in legal expense of $163,495 due to the reverse acquisition and associated transactions; (c) an increase
in accounting fees of $110,510 for audit and related financial services; and (d) an increase in consultants contracted for services
of $151,645 for management and administrative services related to the company’s media initiatives, special projects including
establishing travel related partnerships,
Organizational
costs for the six months ended August 31, 2024, were $109,189, as compared to $0 for the same period in 2023, an increase of $109,189.
The increase resulted primarily from directors compensation, and shareholder services expenses including transfer agent fees, and filing
services.
Depreciation
and amortization expense for the six months ended August 31, 2024 was $383,000, as compared to $667,889 for the same period in 2023,
a decrease of $284,889, or 43%. The decrease was primarily due to no new equipment purchases and an increase in fully amortized intangible
assets as compared to the same period in 2023.
Other
operating expenses were $179,655 for the six months ended August 31, 2024, as compared to $17,731 for the same period in 2023. The $161,924
increase was primarily due to the additional cost for insurance of $124,079, an increase in merchant processing fees of $33,765, and
an increase in filing and other fees of $4,080.
In
the six months ended August 31, 2024, we realized net other expense of $99,452, as compared to net other expense of $139,151 in the same
period in 2023. The decrease in net other income of $39,699 was primarily due to a decrease in interest expense associated with convertible
loans due to their conversion in December 2023.
Preferred
dividends for the six months ended August 31, 2024 were $21,376, as compared to $0 for the same period in 2023. The increase was due
to dividends associated with outstanding shares of Series E Preferred Stock assumed in the reverse acquisition of Sigma.
In
the six months ended August 31, 2024, the net loss from continuing operations totaled $3,521,145, as compared to a net loss from continuing
operations of $2,256,134 for the same period in 2023. The operating loss component increased by $1,304,710 in 2024, partially offset
by a decrease in the other loss component of $39,699.
The
net gain from discontinued operations of $7,778 for the six months ended August 31, 2024 consisted primarily of revenue of $14,731 from
legacy Sigma customers, and a gain of $6,011 from the settlement of a trade accounts payable at a discount, partially offset by expenses
of $12,964 consisting of legal expenses, termination of a subscription contract, and Sigma’s legacy investor relations website.
Our
net loss applicable to common stockholders for the six months ended August 31, 2024 was $3,534,743, as compared to $2,256,134 for the
same period in 2023, an increase of $1,278,609, or 57%. The increase was primarily attributable to an increase in operating loss from
continued operations of $1,304,710 and an increase in preferred dividends of $21,376, partially offset by a gain from discontinued operations
of $7,778, and a decrease in other expense of $39,699.
Liquidity
and Capital Resources
Due
to uncertainties regarding our ability to meet our current and future operating and capital expenses, there is substantial doubt about
our ability to continue as a going concern for 12 months from the date of the filing of this Quarterly Report,
As
of August 31, 2024, we had $102,006 in cash and a working capital deficit of $3,664,705, as compared with $323,805 in cash and a working
capital deficit of $262,005 as of February 29, 2024. Additionally, at August 31, 2024, the amount due under our notes payable to related
parties totaled $2,718,594.
Between
September 1, 2024 and October 11, 2024, additional net related party advances totaled $80,060, and the aggregate outstanding principal
balance of related party advances as of October 11, 2024 was $2,802,654.
On
September 13, 2024, the Company’s board of directors approved the conversion of up to 100% of the outstanding principal balance
of the promissory notes held by Messrs. Kerby and Monaco into shares of a series of non-redeemable convertible preferred stock preferred
stock yet to be designated. Messrs. Kerby and Monaco have agreed to initially convert $1,500,000, or 56.3% of their total outstanding
principal balance of $2,666,790 into the new series of convertible preferred stock, and, at their discretion, may convert up to the remaining
principal balance, or any portion thereof, into additional shares of such convertible preferred stock at a future date. The conversion
remains subject to completion of final documentation for the transaction, including the filing of the certificate of designation for
the new series of convertible preferred stock with the Nevada Secretary of State.
On
September 19, 2024 the Company entered into a securities purchase agreement (the “Note & Warrant SPA”) with Alumni
Capital LP (“Alumni Capital”) for the sale of a short-term promissory note (the “Alumni Note”) and warrants
(“Warrants”) to Alumni Capital for total consideration of $250,000. After deducting commissions, net proceeds to the
Company were $230,000.
The
Alumni Note is in the principal amount of $300,000 with an original issue discount of $50,000 and guaranteed interest on the
principal amount of ten percent (10%) per annum which shall be due and payable on December 19, 2024. In the event of a failure to
re-pay the Alumni Note on or before December 19, 2024, the interest rate will increase to the lesser of twenty-two percent (22%) per
annum or the maximum amount permitted under law from the due date thereof until the same is paid. The Alumni Note is convertible
into common stock of the Company only upon an event of default.
On
September 19, 2024, the Company also entered into a Common Stock Securities Purchase Agreement (the “Common Stock SPA”) with
Alumni Capital. Pursuant to the Common Stock SPA, the Company has the right, but not the obligation to cause Alumni Capital to purchase
up to $10 million shares of common stock (the “Commitment Amount”) at the Purchase Price (defined below) during the period
beginning on the execution date of the Common Stock SPA and ending on the earlier of (i) the date on which Alumni Capital has purchased
$10 million shares of common stock pursuant to the Common Stock SPA or (ii) December 31, 2025. Pursuant
to the Common Stock SPA, the “Purchase Price” means the lowest traded price of Company common stock during the five (5) business
days prior a closing date multiplied by eighty nine percent (89%). No Purchase Notice will be made without an effective registration
statement and no Purchase Notice will be in an amount greater than $500,000.
On
October 1, 2024, the Company entered into a securities purchase agreement with an investor for the sale of 66,225 shares of Series I
Convertible Preferred Stock at $3.02 per share, for total consideration of $200,000.
Our
major sources of funding have been proceeds from private offerings of our securities, advances from related parties, and issuance of
convertible and non-convertible debt. We will need to raise additional amounts to fund our operations, maintain compliance with the Nasdaq
continued listing requirements and implement our business plan. We currently have no arrangement to obtain any additional financing,
and there is no assurance as to the amount and availability of any required future financing or the terms thereof. Any such financing,
if in the form of equity, may be highly dilutive to our existing stockholders and may otherwise include onerous terms. If in the form
of debt, such financing may include covenants and repayment obligations which may be difficult to meet and that could adversely affect
our business and operations. To the extent that funds are not available to us, we may be required to delay, limit, or terminate our business
and operations and/or lose our Nasdaq listing.
Our
existing cash on hand and anticipated revenues are not sufficient to fund our anticipated operating costs. We estimate that we will need
to raise a minimum of $5.5 million in net proceeds to continue operation for the next twelve months. We have based this estimate on assumptions
that may prove to be wrong, and we could exhaust our capital resources sooner than we expect, or extend such resources longer than we
expect.
Because
of the numerous risks and uncertainties associated with the research, development, and commercialization of our products, however, we
are unable to estimate the exact amount of our working capital requirements. Our future capital requirements will depend on many factors,
including without limitation:
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The
cost of developing and maintaining our proprietary software and NXT 2.0 booking engine; |
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The
effect of competing technological and market developments; |
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The
revenue from the sales of our existing and future products; and |
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The
cost of operating as a public company. |
The
effects of a U.S. or global recession, while difficult to predict, could result in some customers delaying or cancelling planned travel.
Net
Cash Used in Operating Activities
Net
cash used in operating activities from continuing operations for the six months ended August 31, 2024 totaled $1,960,326, as compared
to $1,393,118 during the same period in 2023, an increase of $567,208, or 41%.
During
the six months ended August 31, 2024, the net cash used in operating activities was the result of a net loss of $3,521,145 before preferred
dividends, partially offset by changes in working capital of $1,147,584, and non-cash expenses of $413,235 related to depreciation and
amortization of $383,000 and stock-based compensation of $30,235. Changes in working capital were driven by a decrease in accounts receivable
of $22,881, a decrease in prepaid expenses of $96,051, and an increase in accounts payable and accrued expenses of $1,033,506, partially
offset by an increase in security deposits of $3,000 and a decrease in deferred revenue of $1,854.
During
the six months ended August 31, 2023, the net cash used in operating activities was the result of a net loss of $2,256,134, partially
offset by changes inworking capital of $120,279, and non-cash expenses of $742,737 related to depreciation and amortization. Changes
in working capital were driven by an increase in accounts payable and accrued expenses of $110,959 and an increase in deferred revenue
of $57,156, partially offset by an increase in accounts receivable of $5,000, an increase of $34,114 in prepaid expenses, and a decrease
in notes receivable of $8,722.
Net
Cash Used in Investing Activities
Net
cash used in investing activities during the six months ended August 31, 2024 was $389,568, which compares to $345,807 of cash used in
investing activities during the same period of 2023, an increase of $43,761, or 13%. The increase resulted from an increase in capitalized
software development costs during the period.
Net
Cash Provided by Financing Activities
Net
cash provided by financing activities for the six months ended August 31, 2024 was $2,120,317, as compared to $1,562,352 for the same
period in 2023. The increase of $557,965, or 36%, was due to an increase in advances from related parties of $1,597,817, the issuance
of promissory notes for $140,000 to investors, and the issuance of preferred shares to investors for $90,000, partially offset by a decrease
in the issuance of convertible notes of $1,269,852.
Our
ability to continue to fund our working capital needs will be dependent upon the success of our efforts to generate revenues from
our operations, and by obtaining additional capital from the sale of securities or by borrowing funds from lenders to fulfill our
business plans. If we issue additional equity or debt securities, stockholders may experience additional dilution or the new equity
securities may have rights, preferences or privileges senior to those of existing holders of our common stock. There is no assurance
that we will be successful in obtaining additional funding. The Company is unable to predict the effect a global recession or
geopolitical events, including the on-going conflicts in Ukraine and Israel/Palestine, may have on its access to the financing markets. If we fail to
obtain sufficient funding when needed, we may be forced to delay, scale back or eliminate all or a portion of our commercialization
efforts and operations.
Other
than the related party promissory notes as described in Notes 5, 6 and 9 to the financial statements included
elsewhere in this Quarterly Report, we have no lines of credit or other financing arrangements.
Inflation,
changing prices and rising interest rates have had no material effect on our continuing operations over our two most recent fiscal years.
However, continued unfavorable trends may affect the prices we pay for materials and other goods and services necessary to our business,
thus increasing our use of cash.
We
have no off-balance sheet arrangements as defined in Item 303(a) of Regulation S-K.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Not
applicable.
ITEM
4. CONTROLS AND PROCEDURES.
Evaluation
of disclosure controls and procedures and changes in internal controls over financial reporting.
Rule
13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), defines the term “disclosure
controls and procedures” as those controls and procedures designed to ensure that information required to be disclosed by a company
in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the SEC rules and forms and that such information is accumulated and communicated to the company’s management, including
its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions
regarding required disclosure.
Based
upon an evaluation of the effectiveness of our disclosure controls and procedures performed by our management, with the participation
of our President and Chief Executive Officer, and our Chief Financial Officer and Treasurer, as of the end of the period covered by this
quarterly report, management identified a material weakness in disclosure controls and procedures related to a lack of personnel with
sufficient expertise in generally accepted accounting principles (“GAAP”). Specifically, the Company did not have individuals
with extensive GAAP experience to adequately assess and apply GAAP requirements in the preparation and review of financial disclosures.
As a result of this material weakness, management has concluded that, as of August 31, 2024 the Company’s disclosure controls and
procedures were not effective.
During
the six months ended August 31, 2024, management took steps to remediate the material weakness discussed above by hiring additional personnel
with GAAP expertise, in particular the Company’s Controller, and engaging external consultants with subject matter expertise as
necessary. Management also began implementing several enhancements to its control over financial reporting (as defined in Rule 13a-15(f)
under the Exchange Act), including, but not limited to, establishing a monthly financial closing process, implementing account reconciliations,
ensuring proper segregation of duties, and implementing new financial control software. These remediation efforts were completed by August
31, 2024.
As
a result of these enhancements, management believes that the consolidated financial statements included in this Quarterly Report
fairly present, in all material respects, the financial condition, results of operations, and cash flows of the Company as of and
for the periods presented.
PART
II
OTHER
INFORMATION
ITEM
1. LEGAL PROCEEDINGS.
Not
applicable.
ITEM
1A. RISK FACTORS.
You
should consider the “Risk Factors” included under Item 1A of our Annual Report on Form 10-K for the year ended February 29,
2024 filed with the SEC on September 4, 2024, as well as the following updated Risk Factor:
As
of August 31, 2024, we had $102,006 in cash and a working capital deficit of $3,664,705. Our existing cash on hand and anticipated revenues
are not sufficient to fund our anticipated operating costs. We will need to raise additional financing to fund our operations, maintain
compliance with the Nasdaq continued listing requirements and implement our business plan. There is no assurance as to the amount and
availability of any required future financing or the terms thereof. Such financing, if in the form of equity, may be highly dilutive
to our existing stockholders and may otherwise include onerous terms. If in the form of debt, such financing may include covenants and
repayment obligations which may be difficult to meet and that could adversely affect our business operations. We have no current understanding
or arrangement to obtain any additional financing. To the extent that funds are not available to us, we may be required to delay, limit,
or terminate our business operations and may lose our Nasdaq listing.
In
light of the foregoing, there is substantial doubt about our ability to continue as a going concern for 12 months from the date of the
filing of this Quarterly Report,
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
On
August 15, 2024, the Company entered into a securities purchase agreement with an investor for the sale of 4,967 shares of Series I Convertible
Preferred Stock, at $3.02 per share, resulting in gross proceeds to the Company of $15,000.
On
August 31, 2024, the Company entered into a securities purchase agreement with an investor for the sale of 24,834 shares of Series I
Convertible Preferred Stock, at $3.02 per share, resulting in gross proceeds to the Company of $75,000.
In
the second quarter of 2024, the Company issued 42,709 shares of common stock to a service provider as partial compensation for development
work related to Compass.tv, the Company’s FAST channel.
The
aforementioned securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or
any state securities laws, and were issued to the respective recipients in transactions exempt from registration under the Securities
Act in reliance upon the exemption from registration provided by Section 4(a)(2) under the Securities Act and/or Regulation D promulgated
thereunder. Accordingly, the securities constitute “restricted securities” within the meaning of Rule 144 under the Securities
Act.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES.
Not
applicable.
ITEM
4. MINE SAFETY DISCLOSURES.
Not
applicable.
ITEM
5. OTHER INFORMATION.
Rule
10b5-1 Trading Plans
During
the three months ended August 31, 2024, none of our directors or officers entered into, modified or terminated a “Rule 10b5-1 trading
arrangement” or “non-Rule 10b5-1 trading arrangement,” that were intended to satisfy the affirmative defense conditions
of Rule 10b5-1, in each case as defined in Item 408 of Regulation S-K.
ITEM
6. EXHIBITS.
2.1 |
|
Share Exchange Agreement dated as of October 12, 2023 among Sigma Additive Solutions, Inc., NextTrip Holdings, Inc., NextTrip Group, LLC and the NextTrip Representative (filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on October 13, 2023 and incorporated by reference herein). |
3.1 |
|
Amended and Restated Articles of Incorporation of the Company, as amended (previously filed by the Company as Exhibit 3.1 to the Company’s Form 10-K filed on March 24, 2022 and incorporated herein by reference). |
3.2 |
|
Certificate of Amendment to Amended and Restated Articles of Incorporation, as amended (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed August 12, 2022, and incorporated herein by reference). |
3.3 |
|
Amended and Restated Bylaws of the Company, as amended. (filed by the Company as Exhibit 3.12 to the Company’s Form 10-K, filed on March 24, 2021, and incorporated herein by reference). |
3.4 |
|
Amendment No. 3 to Amended and Restated By-Laws of Sigma Additive Solutions, Inc. (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed December 16, 2022, and incorporated herein by reference). |
3.5 |
|
Certificate of Change Pursuant to NRS 78.209 (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed September 22, 2023 and incorporated herein by reference). |
3.6 |
|
Certificate of Designation of Series F Convertible Preferred Stock (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed January 9, 2024 and incorporated herein by reference). |
3.7 |
|
Certificate of Designation of Series G Convertible Preferred Stock (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed January 30, 2024 and incorporated herein by reference). |
3.8 |
|
Certificate of Designation of Series H Convertible Preferred Stock (filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K filed January 30, 2024 and incorporated herein by reference). |
3.9 |
|
Certificate of Designation of Series I Convertible Preferred Stock (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed February 22, 2024 and incorporated herein by reference). |
3.10 |
|
Certificate of Amendment, effective March 13, 2024 (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed March 12, 2024 and incorporated herein by reference). |
4.1 |
|
Form of Common Stock Purchase Warrant (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed April 6, 2018, and incorporated herein by reference). |
4.2 |
|
Form of Placement Agent Warrants (filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K filed April 6, 2018, and incorporated herein by reference). |
4.3 |
|
Form of Common Stock Purchase Warrant.(filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed June 26, 2018, and incorporated herein by reference). |
4.4 |
|
Form of Common Stock Purchase Warrant (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed March 14, 2019, and incorporated herein by reference). |
4.5 |
|
Form of Unit Purchase Option (filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K filed March 14, 2019, and incorporated herein by reference). |
4.6 |
|
Form of Common Stock Purchase Warrant.(filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed May 8, 2019, and incorporated herein by reference). |
4.7 |
|
Form of Placement Agent Warrant (filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K filed May 8, 2019, and incorporated herein by reference). |
4.8 |
|
Form of Institutional Common Warrant (filed as Exhibit 10.4 to the Company’s Current Report on Form 8-K, filed January 30, 2020, and incorporated herein by reference). |
4.9 |
|
Form of Class A Warrant(filed as Exhibit 10.8 to the Company’s Current Report on Form 8-K, filed January 30, 2020, and incorporated herein by reference). |
4.10 |
|
Form of Common Stock Purchase Warrants (filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K filed April 3, 2020, and incorporated herein by reference). |
4.11 |
|
Form of Underwriter Common Stock Purchase Warrant (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed January 12, 2021, and incorporated herein by reference). |
4.12 |
|
Form of Warrant to Purchase Common Stock (filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K filed January 12, 2021, and incorporated herein by reference). |
4.13 |
|
Form of Warrant to Purchase Common Stock (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed March 30, 2021, and incorporated herein by reference). |
4.14 |
|
Form of Placement Agent Warrant (filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K filed March 30, 2021, and incorporated herein by reference). |
4.15 |
|
Warrant to Purchase Common Stock issued January 26, 2023 (filed as Exhibit 4.15 to the Company’s Annual Report on Form 10-K filed on September 4, 2024, and incorporated by reference herein). |
4.16 |
|
Form of Warrant (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on February 22, 2024 and incorporated by reference herein). |
4.17 |
|
Warrant by and between the Company and Alumni Capital LP, dated September 19, 2024 (filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on September 25, 2024, and incorporated by reference herein). |
10.1 |
|
Unsecured Promissory Note by and between NextTrip Holdings, Inc. and William Kerby, dated as of February 29, 2024 (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 1, 2024 and incorporated by reference herein). |
10.2 |
|
Unsecured Line of Credit Promissory Note by and between NextTrip Holdings, Inc. and William Kerby and Donald Monaco, dated as of March 18, 2024 (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 22, 2024 and incorporated by reference herein). |
10.3 |
|
Securities Purchase Agreement by and between the Company and Alumni Capital LP, dated September 19, 2024 (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on September 25, 2024, and incorporated herein by reference).
|
10.4 |
|
Promissory Note by and between the Company and Alumni Capital LP, dated September 19, 2024 (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on September 25, 2024, and incorporated herein by reference). |
10.5 |
|
Securities Purchase Agreement by and between the Company and Alumni Capital LP, dated September 19, 2024 (filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on September 25, 2024, and incorporated herein by reference). |
31.1 |
|
Rule 13a-14(a) Certification of Principal Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |
31.2 |
|
Rule 13a-14(a) Certification of Principal Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |
32.1 |
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** |
101.INS |
|
Inline
XBRL Instance Document with Embedded Linkbase Documents. |
101.SCH |
|
Inline
XBRL Schema Document. |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
*
Filed herewith.
**
Furnished herewith and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
NEXTTRIP, INC. |
|
|
|
October
15, 2024 |
By: |
/s/
William Kerby |
|
|
William
Kerby |
|
|
Chief
Executive Officer
(Principal
Executive Officer) |
|
|
|
October
15, 2024 |
By: |
/s/
Frank Orzechowski |
|
|
Frank
Orzechowski |
|
|
Chief
Financial Officer and Treasurer
(Principal
Financial and Accounting Officer) |
Exhibit
31.1
Certification
of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I,
William Kerby, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of NextTrip, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this quarterly report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
October 15, 2024
|
By: |
/s/
William Kerby |
|
Name: |
William
Kerby |
|
Title: |
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit
31.2
Certification
of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I,
Frank Orzechowski, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of NextTrip, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this quarterly report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
October 15, 2024
|
By: |
/s/
Frank Orzechowski |
|
Name: |
Frank
Orzechowski |
|
Title: |
Chief
Financial Officer, Treasurer
(Principal
Financial and Accounting Officer) |
Exhibit
32.1
Certification
Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, William Kerby, the Chief Executive Officer,
and Frank Orzechowski, the Chief Financial Officer, of NextTrip, Inc. (the “Company”), hereby certify, that, to their knowledge:
1.
The Quarterly Report on Form 10-Q for the quarter ended August 31, 2024 (the “Report”) of the Company fully complies with
the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
/s/
William Kerby |
|
/s/
Frank Orzechowski |
William
Kerby |
|
Frank
Orzechowski |
Chief
Executive Officer
(Principal
Executive Officer) |
|
Chief
Financial Officer, Treasurer
(Principal
Financial and Accounting Officer) |
|
|
|
October
15, 2024 |
|
October
15, 2024 |
v3.24.3
Cover - shares
|
6 Months Ended |
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Aug. 31, 2024 |
Oct. 14, 2024 |
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Document Fiscal Year Focus |
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Current Fiscal Year End Date |
--02-28
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Entity File Number |
001-38015
|
|
Entity Registrant Name |
NEXTTRIP,
INC.
|
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Entity Central Index Key |
0000788611
|
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Entity Tax Identification Number |
27-1865814
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Entity Incorporation, State or Country Code |
NV
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3900
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526-9688
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Common
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v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
|
Aug. 31, 2024 |
Feb. 29, 2024 |
ASSETS |
|
|
Cash and cash equivalents |
$ 102,006
|
$ 323,805
|
Promissory note receivable, net |
1,000,000
|
1,000,000
|
Accounts receivable, net |
11,201
|
34,082
|
Prepaid expenses and other current assets |
244,870
|
340,921
|
Total Current Assets |
1,358,077
|
1,698,808
|
Non-Current assets |
|
|
Property and equipment, net |
6,703
|
6,642
|
Intangible assets, net |
2,310,927
|
2,173,420
|
Security deposit |
45,167
|
42,167
|
Goodwill |
1,167,805
|
1,167,805
|
Total Non-Current Assets |
3,530,602
|
3,390,034
|
Total Assets |
4,888,679
|
5,088,842
|
Current Liabilities |
|
|
Accounts payable |
1,145,536
|
531,847
|
Accrued expenses |
880,585
|
460,768
|
Deferred revenue |
138,067
|
139,921
|
Total Current Liabilities |
5,022,782
|
1,960,813
|
Total Liabilities |
5,022,782
|
1,960,813
|
Commitments and Contingencies |
|
|
Stockholder’s Equity |
|
|
Preferred Stock, $0.001 par value, 10,000,000 shares authorized; 93,295 and 472,996 shares issued and outstanding, respectively |
94
|
474
|
Common Stock, $0.001 par value, 250,000,000 and 1,200,000 shares authorized, respectively; 1,388,641 and 936,430 shares issued and outstanding, respectively |
1,389
|
936
|
Additional Paid in Capital |
27,550,296
|
27,277,758
|
Accumulated deficit |
(27,685,882)
|
(24,151,139)
|
Total Stockholders’ Equity |
(134,103)
|
3,128,029
|
Total Liabilities and Stockholders’ Equity |
4,888,679
|
5,088,842
|
Nonrelated Party [Member] |
|
|
Current Liabilities |
|
|
Notes payable - related parties |
140,000
|
|
Related Party [Member] |
|
|
Current Liabilities |
|
|
Notes payable - related parties |
$ 2,718,594
|
$ 828,277
|
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v3.24.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Aug. 31, 2024 |
Feb. 29, 2024 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock, shares issued |
93,295
|
472,996
|
Preferred stock, shares outstanding |
93,295
|
472,996
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
250,000,000
|
1,200,000
|
Common stock, shares issued |
1,388,641
|
936,430
|
Common stock, shares outstanding |
1,388,641
|
936,430
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Aug. 31, 2024 |
Aug. 31, 2023 |
Aug. 31, 2024 |
Aug. 31, 2023 |
Income Statement [Abstract] |
|
|
|
|
|
Revenue |
|
$ 154,498
|
$ 27,663
|
$ 343,291
|
$ 47,225
|
Cost of revenue (exclusive of depreciation and amortization, shown separately below) |
|
155,455
|
23,734
|
329,036
|
41,452
|
Gross profit (loss) |
|
(957)
|
3,929
|
14,255
|
5,773
|
Operating Expenses: |
|
|
|
|
|
Salaries and benefits |
|
628,759
|
360,947
|
1,255,511
|
768,555
|
Stock based compensation |
|
13,841
|
|
30,235
|
|
General and administrative |
|
21,677
|
128,955
|
49,231
|
198,058
|
Sales and marketing |
|
51,347
|
49,758
|
207,536
|
90,539
|
Professional service fees |
|
372,027
|
125,934
|
895,900
|
260,304
|
Technology |
|
141,022
|
83,786
|
325,691
|
119,680
|
Organization costs |
|
80,452
|
|
109,189
|
|
Depreciation and amortization |
|
95,414
|
331,549
|
383,000
|
667,889
|
Other expenses |
|
63,796
|
10,001
|
179,655
|
17,731
|
Total Operating Expenses |
|
1,468,335
|
1,090,930
|
3,435,948
|
2,122,756
|
Operating loss |
|
(1,469,292)
|
(1,087,001)
|
(3,421,693)
|
(2,116,983)
|
Other Income (Expenses) |
|
|
|
|
|
Interest income (expense), net |
|
(64,227)
|
(73,762)
|
(99,452)
|
(139,151)
|
Total Other Income (Expense) |
|
(64,227)
|
(73,762)
|
(99,452)
|
(139,151)
|
Net loss from continuing operations before taxes |
|
(1,533,519)
|
(1,160,763)
|
(3,521,145)
|
(2,256,134)
|
Provision for income taxes |
|
|
|
|
|
Net loss from continuing operations |
|
(1,533,519)
|
(1,160,763)
|
(3,521,145)
|
(2,256,134)
|
Net gain (loss) from discontinued operations, net of taxes |
|
(1,131)
|
|
7,778
|
|
Net loss |
|
(1,534,650)
|
(1,160,763)
|
(3,513,367)
|
(2,256,134)
|
Preferred dividends |
|
(10,688)
|
|
(21,376)
|
|
Net Loss Applicable to Common Stockholders |
|
$ (1,545,338)
|
$ (1,160,763)
|
$ (3,534,743)
|
$ (2,256,134)
|
Basic loss per common share from continuing operations |
[1] |
$ (1.13)
|
$ (13.92)
|
$ (2.67)
|
$ (27.06)
|
Diluted loss per common share from continuing operations |
[1] |
(1.13)
|
(13.92)
|
(2.67)
|
(27.06)
|
Basic loss per common share from discontinued operations |
[1] |
(0.01)
|
|
(0.01)
|
|
Diluted loss per common share from discontinued operations |
[1] |
(0.01)
|
|
(0.01)
|
|
Basic loss per common share |
[1] |
(1.14)
|
(13.92)
|
(2.68)
|
(27.06)
|
Diluted loss per common share |
[1] |
$ (1.14)
|
$ (13.92)
|
$ (2.68)
|
$ (27.06)
|
Weighted average number of shares outstanding basic |
[1] |
1,359,126
|
83,371
|
1,319,146
|
83,371
|
Weighted nverage number of shares outstanding diluted |
[1] |
1,359,126
|
83,371
|
1,319,146
|
83,371
|
|
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.24.3
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balances at Feb. 28, 2023 |
[1] |
|
$ 83
|
$ 17,295,890
|
$ (16,811,863)
|
$ 484,110
|
Balance, shares at Feb. 28, 2023 |
[1] |
|
83,371
|
|
|
|
Net Loss |
|
|
|
|
(2,256,134)
|
(2,256,134)
|
Balances at Aug. 31, 2023 |
[2] |
|
$ 83
|
17,295,890
|
(19,067,997)
|
(1,772,024)
|
Balance, shares at Aug. 31, 2023 |
[2] |
|
83,371
|
|
|
|
Balances at May. 31, 2023 |
[2] |
|
$ 83
|
17,295,890
|
(17,907,234)
|
(611,261)
|
Balance, shares at May. 31, 2023 |
[2] |
|
83,371
|
|
|
|
Net Loss |
|
|
|
|
(1,160,763)
|
(1,160,763)
|
Balances at Aug. 31, 2023 |
[2] |
|
$ 83
|
17,295,890
|
(19,067,997)
|
(1,772,024)
|
Balance, shares at Aug. 31, 2023 |
[2] |
|
83,371
|
|
|
|
Balances at Feb. 29, 2024 |
|
$ 474
|
$ 936
|
27,277,758
|
(24,151,139)
|
3,128,029
|
Balance, shares at Feb. 29, 2024 |
|
472,996
|
936,430
|
|
|
|
Balances at May. 31, 2024 |
|
$ 64
|
$ 1,346
|
27,304,840
|
(26,140,544)
|
1,165,706
|
Balance, shares at May. 31, 2024 |
|
63,494
|
1,345,932
|
|
|
|
Balances at Feb. 29, 2024 |
|
$ 474
|
$ 936
|
27,277,758
|
(24,151,139)
|
3,128,029
|
Balance, shares at Feb. 29, 2024 |
|
472,996
|
936,430
|
|
|
|
Net Loss |
|
|
|
|
(3,513,367)
|
(3,513,367)
|
Preferred Stock Dividends |
|
|
|
21,376
|
(21,376)
|
|
Issuance of Convertible Preferred Shares |
|
30
|
|
89,970
|
|
90,000
|
Issuance of Convertible Preferred Shares, shares |
|
|
29,801
|
|
|
|
Issuance of Common Shares for Third Party Services |
|
|
$ 43
|
130,957
|
|
131,000
|
Issuance of Common Shares for Third Party Services, Shares |
|
|
42,709
|
|
|
|
Stock Options Issued to Employees |
|
|
|
30,235
|
|
30,235
|
Common Shares Issued for Conversion of Preferred Stock |
|
$ (410)
|
$ 410
|
|
|
|
Common Shares Issued for Conversion of Preferred Stock, shares |
|
(409,502)
|
409,502
|
|
|
|
Balances at Aug. 31, 2024 |
|
$ 94
|
$ 1,389
|
27,550,296
|
(27,685,882)
|
(134,103)
|
Balance, shares at Aug. 31, 2024 |
|
93,295
|
1,388,641
|
|
|
|
Balances at May. 31, 2024 |
|
$ 64
|
$ 1,346
|
27,304,840
|
(26,140,544)
|
1,165,706
|
Balance, shares at May. 31, 2024 |
|
63,494
|
1,345,932
|
|
|
|
Net Loss |
|
|
|
|
(1,534,650)
|
(1,534,650)
|
Preferred Stock Dividends |
|
|
|
10,688
|
(10,688)
|
|
Issuance of Convertible Preferred Shares |
|
$ 30
|
|
89,970
|
|
90,000
|
Issuance of Convertible Preferred Shares, shares |
|
29,801
|
|
|
|
|
Issuance of Common Shares for Third Party Services |
|
|
$ 43
|
130,957
|
|
131,000
|
Issuance of Common Shares for Third Party Services, Shares |
|
|
42,709
|
|
|
|
Stock Options Issued to Employees |
|
|
|
13,841
|
|
13,841
|
Balances at Aug. 31, 2024 |
|
$ 94
|
$ 1,389
|
$ 27,550,296
|
$ (27,685,882)
|
$ (134,103)
|
Balance, shares at Aug. 31, 2024 |
|
93,295
|
1,388,641
|
|
|
|
|
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v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Aug. 31, 2024 |
Aug. 31, 2023 |
OPERATING ACTIVITIES |
|
|
Net Loss – Continuing Operations |
$ (3,521,145)
|
$ (2,256,134)
|
Noncash Expenses: |
|
|
Depreciation and amortization – property and equipment and intangibles |
383,000
|
667,889
|
Depreciation of right of use asset |
|
74,848
|
Stock-based compensation |
30,235
|
|
Change in Assets and Liabilities: |
|
|
Accounts receivable |
22,881
|
(5,000)
|
Prepaid expenses |
96,051
|
(34,114)
|
Promissory note receivable |
|
(8,722)
|
Accounts payable and accrued expenses |
1,033,506
|
110,959
|
Deferred revenue |
(1,854)
|
57,156
|
Security deposit |
(3,000)
|
|
NET CASH USED IN OPERATING ACTIVITIES FROM CONTINUING OPERATIONS |
(1,960,326)
|
(1,393,118)
|
NET CASH PROVIDED IN OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS |
7,778
|
|
NET CASH USED IN OPERATING ACTIVITIES |
(1,952,548)
|
(1,393,118)
|
INVESTING ACTIVITIES |
|
|
Capitalized software development costs |
(389,568)
|
(345,807)
|
NET CASH USED IN INVESTING ACTIVITIES |
(389,568)
|
(345,807)
|
FINANCING ACTIVITIES |
|
|
Proceeds from issuance of convertible notes |
|
1,269,852
|
Proceeds from issuance of convertible preferred shares |
90,000
|
|
Notes payable |
140,000
|
|
Advances from related parties |
1,890,317
|
292,500
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
2,120,317
|
1,562,352
|
NET CHANGE IN CASH FOR PERIOD |
(221,799)
|
(176,573)
|
CASH AT BEGINNING OF PERIOD |
323,805
|
282,475
|
CASH AT END OF PERIOD |
102,006
|
105,902
|
Noncash Investing and Financing Activities Disclosure: |
|
|
Issuance of common shares for services |
131,000
|
|
Preferred stock dividends |
21,736
|
|
Disclosure of Cash Paid for: |
|
|
Interest |
8,620
|
410
|
Income Taxes |
|
|
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v3.24.3
Pay vs Performance Disclosure - USD ($)
|
3 Months Ended |
6 Months Ended |
Aug. 31, 2024 |
Aug. 31, 2023 |
Aug. 31, 2024 |
Aug. 31, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
Net Income (Loss) |
$ (1,534,650)
|
$ (1,160,763)
|
$ (3,513,367)
|
$ (2,256,134)
|
X |
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v3.24.3
Business Description and Going Concern
|
6 Months Ended |
Aug. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Business Description and Going Concern |
NOTE
1 - Business Description and Going Concern
Sigma
Additive Solutions, Inc. (“Sigma”), the legal acquiror of NextTrip, was initially incorporated as Messidor Limited in Nevada
on December 23, 1985, and changed its name to Framewaves Inc. in 2001. On September 27, 2010, the name was changed to Sigma Labs, Inc.
On May 17, 2022, Sigma Labs, Inc. began doing business as Sigma Additive Solutions, and on August 9, 2022, changed its name to Sigma
Additive Solutions, Inc.
On
March 11, 2024, Sigma filed a Certificate of Amendment to its Amended and Restated Articles of Incorporation, as amended, with the Secretary
of State of the State of Nevada, pursuant to which, effective as of 12:01 a.m. Pacific time on March 13, 2024, among other things, Sigma’s
corporate name was changed from Sigma Additive Solutions, Inc. to “NextTrip, Inc.”
The
Company’s corporate office is located at 3900 Paseo del Sol, Santa Fe, NM 87507 The consolidated financial statements include the
accounts of the Company’s wholly owned subsidiaries, NextTrip Holdings Inc. incorporated October 22, 2015, and Extraordinary Vacations
USA, Inc. incorporated on June 24, 2002.
Prior
to the Exchange Agreement as described below, NextTrip Holdings, Inc. (“NextTrip”) was a wholly owned subsidiary of NextTrip
Group, LLC (“Group”), which in turn, was a wholly owned subsidiary of NextPlay Technologies, Inc. (“NextPlay”).
All of the business operations of Group were conducted through its subsidiaries. On January 25, 2023, NextPlay and Group entered into
an Amended and Restated Separation Agreement (“Separation Agreement”), Amended and Restated Operating Agreement (“Operating
Agreement”), and Exchange Agreement (“Exchange Agreement”, and together, the “Agreements”), whereby NextPlay
transferred their interest in the travel business to Group. Pursuant to the Exchange Agreement, NextPlay exchanged 1,000,000 Membership
Units of Group for 400,000 Preferred Units of Group, with a value of $10 per unit. Prior to the exchange for Preferred Units, Group had
a payable due to NextPlay of $17,295,873, representing cash advances and payment of expenses by NextPlay on behalf of Group, while NextPlay
had obligations to provide ongoing support to NextTrip. Such liability was settled by the issuance of the Preferred Units and the waiver
of all of NextPlay’s ongoing support obligations except for a $1.5 million advance remaining under a promissory note and as such
NextTrip recorded the payable as contributed capital.
The
Company provides travel technology solutions with sales originating in the United States, with a primary emphasis on hotels, air, and
all-inclusive travel packages. Our proprietary booking engine, branded as NextTrip 2.0, provides travel distributors access to a sizeable
inventory.
The
Company owns 50% of Next Innovation LLC (Joint Venture) and this entity is in the process of a first structure plan. No activities nor
operations occurred in 2023 or 2024 for this entity, and NextTrip, Inc. does not have control of the company and therefore no minority
interest was recorded.
Reverse
Acquisition
On
October 12, 2023, Sigma entered into a Share Exchange Agreement (as amended, the “Exchange Agreement”) with NextTrip, Group,
and William Kerby (the “NextTrip Representative”). Under the terms of the Exchange Agreement, the parties agreed that Group
would sell and transfer to Sigma all of the issued and outstanding shares of NextTrip in exchange for 156,007 restricted shares of Sigma
common stock (the “Closing Shares”), issuable at closing, and the right to receive up to an additional 5,843,993 restricted
shares of Sigma common stock upon satisfaction of certain milestones set forth in the Exchange Agreement (the “Contingent Shares,”
and together with the Closing Shares, the “Restricted Shares”), which Restricted Shares are issuable to the members of Group,
on a pro rata basis, under the terms of the Exchange Agreement, subject to certain closing conditions (the “Acquisition”).
Upon the closing of the Acquisition on December 29, 2023, NextTrip became a wholly owned subsidiary of Sigma.
The
Contingent Shares, together with the Closing Shares, will not exceed 6,000,000 shares of Sigma common stock, or approximately 90.2% of
the issued and outstanding shares of Sigma common stock immediately prior to the closing. The Acquisition will likely result in a change
of control, with the members of Group receiving an aggregate number of shares that exceeds the number of shares that held by the legacy
shareholders of Sigma. As a result, the Acquisition is accounted for as a reverse acquisition of NextTrip by Sigma, whereby Sigma is
treated as the legal acquirer and NextTrip is treated as the accounting acquirer. As a result, the historical financial information presented
is that of NextTrip.
In
accordance with ASC 805-40-45-1, the consolidated financial statements prepared following a reverse acquisition
are issued under the name of the legal parent (NextTrip, Inc., f/k/a Sigma Additive Solutions, Inc.) but described in the notes to the
financial statements as a continuation of the financial statements of the legal subsidiary (NextTrip), with one adjustment, which
is to retroactively adjust the accounting acquirer’s legal capital to reflect the legal capital of the accounting acquiree. That
adjustment is required to reflect the capital of the legal parent. Comparative information presented in the consolidated financial statements
also is retroactively adjusted to reflect the legal capital of the legal parent.
Under
ASC 805-40-45-2, the consolidated financial statements represent the continuation of the legal subsidiary
except for the capital structure, as follows:
|
(a) |
The
assets and liabilities of the legal subsidiary recognized and measured at their pre-combination carrying amounts; |
|
|
|
|
(b) |
The
assets and liabilities of the legal parent recognized and measured in accordance with the guidance in this topic applicable to business
combinations (ASC 805); |
|
|
|
|
(c) |
The
retained earnings and other equity balances of the legal subsidiary before the business combination; |
|
|
|
|
(d) |
The
amount required to be recognized as issued equity interests in the consolidated financial statements determined by adding the issued
equity interest of the legal subsidiary outstanding immediately before the business combination to the fair value of the legal parent
determined in accordance with the guidance in ASC 805 applicable to business combinations. However, the equity structure reflects
the equity structure of the legal parent, including the equity interests the legal parent issued to affect the combination. Accordingly,
the equity structure of the legal subsidiary is restated using the exchange ratio established in the acquisition agreement to reflect
the number of shares of the legal parent issued in the reverse acquisition. |
The
assets and liabilities of Sigma Additive Solutions, Inc. were recognized at fair value pursuant to ASC 805.
Going
Concern – The Company has sustained losses and had negative cash flows from operating activities since its inception.
The
Company currently does not have sufficient cash and working capital to fund its operations and will require additional funding in the
public or private markets in the near-term to be able to continue operations. The Company currently has no understanding or agreement
to obtain such funding, and there is no assurance that we will be successful in obtaining additional funding. If we fail to obtain sufficient
funding when needed, we will be forced to delay, scale back or eliminate all or a portion of our commercialization efforts and operations.
As a result, there is substantial doubt about our ability to continue as a going concern.
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v3.24.3
Summary of Significant Accounting Policies
|
6 Months Ended |
Aug. 31, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
NOTE
2 – Summary of Significant Accounting Policies
Basis
of Presentation - The accompanying financial statements have been prepared by the Company in accordance with Generally
Accepted Accounting Principles (“GAAP”) in the United States of America. The financial statements have been prepared on
a consolidated basis with those of the Company’s wholly owned subsidiaries. All intercompany transactions and balances have
been eliminated in consolidation. In the opinion of management, all adjustments (which include only normal recurring adjustments)
necessary to present fairly the financial position, results of operations and cash flows at August 31, 2024 and 2023 and for the
periods then ended have been made. Certain information and footnote disclosures normally included in financial statements prepared
in accordance with GAAP have been condensed or omitted. The Company suggests these condensed financial statements be read in
conjunction with the February 29, 2024 audited financial statements and notes thereto included in the Company’s Annual Report
on Form 10-K filed with the Securities and Exchange Commission on September 4, 2024. The results of operations for the period ended August 31, 2024 are not necessarily indicative of the operating
results for the full year.
Reclassification
Certain
prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on the
net earnings (loss) or financial position.
Promissory
Note Receivable
NextPlay
is in default under the terms of its promissory note to NextTrip, and as a result, an allowance for doubtful accounts of $1,567,665 was
established as of February 29, 2024, as collectability of the entire receivable is uncertain. During the three and six months ended August
31, 2024, and 2023, there was no bad debt expense recorded related to the allowance account, and the allowance is unchanged as of August
31, 2024. As of August 31, 2023, no allowance for doubtful accounts was established.
Loss
Per Share – The computation of loss per share is based on the weighted average number of shares outstanding during the period
in accordance with ASC Topic No. 260, “Earnings Per Share.” Shares underlying the Company’s outstanding warrants, options
and preferred stock were excluded due to the anti-dilutive effect they would have on the computation. At August 31, 2024 and 2023 the
Company had the following common shares underlying these instruments:
Schedule of Underlying Common Shares Excluded from Computation of Loss Per Share
| |
2024 | | |
2023 | |
| |
August 31, | |
| |
2024 | | |
2023 | |
Warrants | |
| 78,877 | | |
| - | |
Stock Options | |
| 484,063 | | |
| - | |
Preferred Stock | |
| 96,238 | | |
| - | |
Total Underlying Common Shares | |
| 659,178 | | |
| - | |
The
following table shows the amounts used in computing loss per share and the effect on net loss and the weighted average number of shares
of dilutive potential common stock for the periods three and six months ended August 31, 2024, and 2023:
Schedule
of Amounts Used In Computing Loss Per Share and Effect On Net Loss and Weighted Average Number Of Shares
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months Ended
August 31, | | |
Six Months Ended
August 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Loss from continuing operations | |
$ | (1,533,519 | ) | |
$ | (1,160,763 | ) | |
$ | (3,521,145 | ) | |
$ | (2,256,134 | ) |
Preferred dividends | |
$ | (10,688 | ) | |
$ | - | | |
$ | (21,376 | ) | |
$ | - | |
Loss from continuing operations applicable to common stockholders | |
| (1,544,207 | ) | |
| (1,160,763 | ) | |
| (3,542,521 | ) | |
| (2,256,134 | ) |
Gain (loss) from discontinued operations applicable to common stockholders | |
| (1,131 | ) | |
| - | | |
| 7,778 | | |
| - | |
Net loss applicable to common stockholders | |
$ | (1,545,338 | ) | |
$ | (1,160,763 | ) | |
$ | (3,534,743 | ) | |
| (2,256,134 | ) |
Weighted average number of common shares outstanding used in loss per share during the period (denominator) | |
| 1,359,126 | | |
| 83,371 | | |
| 1,319,146 | | |
| 83,371 | |
Dilutive
loss per share was not presented, as the Company’s outstanding warrants, stock options and preferred stock
common equivalent shares for the periods presented would have had an anti-dilutive effect. At August 31, 2024, the Company had outstanding
warrants to purchase 484,063 shares of common stock, stock options exercisable for 78,877 shares of common stock, 316 shares of Series
E Preferred Stock, which could be converted into 3,259 shares of common stock, 33,000 shares of Series H Preferred Stock, convertible
into 33,000 shares of common stock, and 59,979 shares of Series I Preferred Stock, convertible into 59,979 shares of common stock, resulting
in a potential total additional 659,178 shares of common stock outstanding in the future. At August 31, 2023, the Company had no outstanding
potentially dilutive securities.
Accounting
Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect certain reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the
financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from
those estimated by management. Significant accounting estimates that may materially change in the near future are impairment of long-lived
assets, values of stock compensation awards and stock equivalents granted as offering costs, and allowance for bad debts and inventory
obsolescence.
Revenue
Recognition – The Company recognizes revenue in accordance with ASC Topic No. 606. In May 2014, the Financial Accounting Standards
Board (FASB) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive
revenue recognition standard that superseded nearly all existing revenue recognition guidance under prior U.S. GAAP and replaced it with
a principles-based approach for determining revenue recognition. The core principle of the standard is the recognition of revenue upon
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to
be entitled in exchange for those goods or services. In general, we determine revenue recognition by: (1) identifying the contract, or
contracts, with our customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4)
allocating the transaction price to performance obligations in the contract; and (5) recognizing revenue when, or as, we satisfy performance
obligations by transferring the promised goods or services.
The
Company recognizes revenue when the customer has purchased the product, the occurrence of the earlier of date of travel or the date of
cancellation has expired, as satisfaction of the performance obligation, the sales price is fixed or determinable and collectability
is reasonably assured. Revenue for customer travel packages purchased directly from the Company is recorded gross (the amount paid to
the Company by the customer is shown as revenue and the cost of providing the respective travel package is recorded to cost of revenues).
The
Company generates revenues from sales directly to customers as well as through other distribution channels of tours and activities at
destinations throughout the world.
The
Company controls the specified travel product before it is transferred to the customer and is therefore a principal, based on but not
limited to, the following:
|
●
|
The
Company is primarily responsible for fulling the promise to provide such travel product. |
|
|
|
|
●
|
The
Company has inventory risk before the specified travel product has been transferred to a customer or after transfer of control to
a customer. |
|
|
|
|
●
|
The
Company has discretion in establishing the price for the specified travel product. |
Payments
for tours or activities received in advance of services being rendered are recorded as deferred revenue and recognized as revenue at
the earlier of the date of travel or the last date of cancellation (i.e., the customer’s refund privileges lapse).
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v3.24.3
Intangible Assets
|
6 Months Ended |
Aug. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets |
NOTE
3 – Intangible Assets
Intangible
assets as of August 31, 2024, and February 29, 2024 consisted of the following:
Schedule
of Intangible Assets
| |
August 31,
2024 | | |
February 29,
2024 | |
Software Development | |
$ | 7,122,596 | | |
$ | 6,602,028 | |
Software Licenses | |
| 789,576 | | |
| 789,576 | |
Trademark | |
| 6,283 | | |
| 6,283 | |
Total | |
| 7,918,455 | | |
| 7,397,887 | |
Accumulated amortization | |
| (5,607,528 | ) | |
| (5,224,467 | ) |
Intangible assets, net of amortization | |
$ | 2,310,927 | | |
$ | 2,173,420 | |
Amortization
expense for the six months ended August 31, 2024, and 2023 was $383,061 and $657,389, respectively.
During
the three and six months ended August 31, 2024, and 2023, the Company recorded no impairment losses associated with the carrying value
exceeding its recoverable amount.
The
estimated aggregate amortization expense for years ending February 28 is as follows:
Schedule
of Estimated Aggregate Amortization Expense
| |
| | |
2025 (Remaining) | |
$ | 200,232 | |
2026 | |
| 313,329 | |
2027 | |
| 270,728 | |
2028 | |
| 2,957 | |
Thereafter | |
| - | |
Total | |
$ | 787,246 | |
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v3.24.3
Goodwill
|
6 Months Ended |
Aug. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill |
NOTE
4 – Goodwill
The
legal acquisition of NextTrip Holdings, Inc. by Sigma Additive Solutions, Inc. on December 29, 2023 was determined to be a reverse acquisition,
with NextTrip as the accounting acquirer, using the acquisition method of accounting in accordance with ASC 805, Business Combinations.
Under this method of accounting, the purchase price is allocated to the assets acquired and liabilities assumed based upon their estimated
fair values at the date of consummation of the transaction.
Pursuant
to ASC 350-20, the Company assigned its goodwill to reporting units and is required to test each reporting unit’s goodwill for
impairment at least on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than
not reduce the fair value of a reporting unit below its carrying amount. The goodwill resulting from the reverse acquisition is primarily
attributable to NextTrip’s objective to obtain access to public markets to provide funding wherewithal to fund business growth.
NextTrip’s benefit in paying for these synergies in the reverse acquisition transaction are to avoid the time and expense of organizing
and executing an Initial Public Offering (“IPO”) transaction. In the reverse acquisition, $1,167,805 of goodwill was allocated
to the NextTrip Reporting Unit under the acquisition method of accounting.
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v3.24.3
Related Party Transactions
|
6 Months Ended |
Aug. 31, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
NOTE
5 - Related Party Transactions
On
March 18, 2024, the Company’s wholly-owned subsidiary, NextTrip, entered into an unsecured promissory note for a line of credit
with Donald Monaco and William Kerby, the Company’s Chairman of the board of directors and Chief Executive Officer, respectively,
for the aggregate principal amount of $500,000 with an initial advance of $125,000, provided that the aggregate principal amount of the
note does not exceed $500,000 at any time. Under the terms of the note, advances under the line of credit may be made at the Company’s
request until August 31, 2024. The note bears an annual interest rate of 7.5% and matures on February 28, 2025, and may be prepaid by
the Company at any time prior to maturity without penalty. As of August 31, 2024, the full principal amount of the note had been advanced
to the Company.
On
April 23, 2024, the Company’s board of directors approved the Company’s wholly-owned subsidiary, NextTrip, to enter into
a series of unsecured promissory notes with certain related parties, including investors, directors, officers and employees, who may
individually provide funds for the aggregate principal amount of $1,000,000. The notes bear an annual interest rate of 7.5% and shall
mature one year from the date of each note’s execution, and may be prepaid by the Company at any time prior to maturity without
penalty. On August 14, 2024, at a joint meeting of the Audit Committee and the board of directors, the directors unanimously approved
an increase in the principal amount of the related party line of credit to $2,000,000 on the same terms and conditions as previously
approved. As of August 31, 2024, $1,411,414 had been advanced to the Company.
On
May 21, 2024, NextTrip issued an unsecured promissory note, in the principal amount of $455,000 (the “Promissory Note”),
to Mr. Monaco to memorialize the terms and conditions of certain working capital advances made by Mr. Monaco to NextTrip. As of August
31, 2024, the outstanding principal balance of the Line of Credit Promissory Note was $405,000. The Promissory Note accrues interest
at a rate equal to 7.5% simple interest per annum, and will automatically mature and become due and payable in full on February 28, 2025,
subject to certain limited exceptions. The Promissory Note, or any portion thereof, may be prepaid by NextTrip without any penalty. Mr.
Monaco serves as Chairman of the Company’s board of directors. The Promissory Note was approved by the Company’s Board of
Directors, including the independent members thereof.
The
total amounts due to related parties at August 31, 2024 and February 29, 2024 totaled $2,718,594 and $828,277, respectively.
|
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v3.24.3
Notes Payable
|
6 Months Ended |
Aug. 31, 2024 |
Debt Disclosure [Abstract] |
|
Notes Payable |
NOTE
6 – Notes Payable
On
May 24, 2024, the Company issued an unsecured promissory note for $100,000 to an investor upon receipt of proceeds. The note bears an
annual interest rate of 7.5% and will mature and be due and payable on the earlier date of the completion of a public financing or October 31, 2024, unless extended by the written consent of the investor. The note can be prepaid at any time by the Company without penalty.
On
July 11, 2024, the Company issued an unsecured promissory note for $40,000 to an investor upon receipt of proceeds. The note bears an
annual interest rate of 7.5% and will mature and be due and payable on June 25, 2025, unless extended by the written consent of the investor. The note can be prepaid at any time by the Company without penalty.
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v3.24.3
Leases
|
6 Months Ended |
Aug. 31, 2024 |
Leases |
|
Leases |
NOTE
7 - Leases
On
January 25, 2023, as part of the separation agreement with NextPlay Technologies Inc., the Company assumed control of a lease arrangement
for office space in Florida.
The
Company adopted ASU 2016-02 (Topic ASC 842) Leases, which requires a lessee to recognize a lease asset and a leases liability for operating
leases arrangements greater than twelve (12) months.
We
determined that the arrangement was an operating lease at inception and included it in operating lease ROU assets, operating lease liabilities
- current, and operating lease liabilities - noncurrent on the balance sheet as of February 28, 2023. The office facility was occupied
by NextTrip employees through March 16, 2023, when the landlord informed NextTrip that it would not recognize NextTrip as the tenant.
The Company continued to negotiate the assumption of the lease with the landlord, but was ultimately unsuccessful, and as a result derecognized
the lease in the financial statements as of February 29, 2024. No restatement was made for fiscal year 2023 as the Company had use of
the offices at that time and was in negotiations to assume the lease from NextPlay Technologies, Inc. No payments have been made on the
lease and no expense has been recognized for the three and six months ended August 31, 2024. Rent expense for the three and six months
ended August 31, 2023 totaled $37,822 and $74,847, respectively.
The
Company leases approximately 350 square feet of space for its principal executive offices at 3900 Paseo del Sol, Santa Fe, New Mexico
87507. The lease has a 6-month term which ends on December 31, 2024. The landlord can terminate the lease upon 30 days written notice
and NextTrip can terminate the lease upon 45 days written notice. Therefore, the Company has elected the short-term lease recognition
exemption, whereby leases are not recorded on the Company’s balance sheet and lease payments are recognized as lease expense on
a straight-line basis over the lease term. Rent expense related to this lease for the three and six months ended August 31, 2024 was
$1,650 and $3,300, respectively, and $0 for the same periods in 2023.
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.24.3
Stockholders’ Equity
|
6 Months Ended |
Aug. 31, 2024 |
Equity [Abstract] |
|
Stockholders’ Equity |
NOTE
8 - Stockholders’ Equity
Common
Stock
On
March 8, 2024, at a special meeting of stockholders, the Company received approval to increase its authorized shares of common stock
from 1,200,000 to 250,000,000 (the “Increase in Authorized”). On March 11, 2024, the Company filed a Certificate of Amendment
to its amended and restated articles of incorporation, as amended, with the Secretary of State of the State of Nevada, pursuant to which,
effective as of 12:01 a.m. Pacific time on March 13, 2024, the Increase in Authorized was implemented.
In
the first quarter of 2024, the Company issued 100,000 shares of common stock upon conversion of 100,000 shares of Series G Convertible
Preferred Stock, 117,000 shares of common stock upon conversion of 117,000 shares of Series H Convertible Preferred Stock, and 192,502
shares of common stock upon conversion of 192,502 shares of Series I Convertible Preferred Stock.
In
the second quarter of 2024, the Company issued 42,709
shares of common stock to a service provider as partial compensation for development work related to Compass.tv, the
Company’s Free-Ad Supported TV (“FAST”) channel.
Preferred
Stock
Under
our amended and restated articles of incorporation, as amended (“Articles”), our board of directors has the authority, without further action by
stockholders, to designate one or more series of preferred stock and to fix the voting powers, designations, preferences,
limitations, restrictions and relative rights granted to or imposed upon the preferred stock, including dividend rights, conversion
rights, voting rights, rights and terms of redemption, liquidation preference and sinking fund terms, any or all of which may be
preferential to or greater than the rights of the common stock.
Our
board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting
power or other rights of the holders of the common stock. The issuance of preferred stock, while providing flexibility in connection
with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing
a change in our control and may adversely affect the market price of the common stock and the voting and other rights of the holders
of common stock.
The
Company is authorized to issue 10,000,000 shares of preferred stock, $0.001 par value. An aggregate of 93,295 and 472,996 shares of preferred
stock were issued and outstanding at August 31, 2024 and February 29, 2024, respectively.
Series
E Convertible Preferred Stock
Under
the Certificate of Designations for the Series E Preferred Stock, the Series E Preferred Shares have an initial stated value of
$1,500
per share (the “Stated Value”). Dividends at the initial rate of 9%
per annum will accrue and, on a monthly basis, shall be payable in kind by the increase of the Stated Value of the Series E
Preferred Stock by said amount. The holders of the Series E Preferred Shares have the right at any time to convert all or a portion
of the Series E Preferred Shares (including, without limitation, accrued and unpaid dividends and make-whole dividends through the
third anniversary of the closing date) into shares of the Company’s common stock at an initial conversion rate determined by
dividing the Conversion Amount by the Conversion Price ($0.13
above the consolidated closing bid price for the trading day prior to the execution of the relates stock purchase agreement). The
Conversion Amount is the sum of the Stated Value of the Series E Preferred Shares then being converted plus any other unpaid amounts
payable with respect to the Series E Preferred Shares being converted, plus the “Make Whole Amount” (the amount of any
dividends that, but for the conversion, would have accrued at the dividend rate for the period through the third anniversary of the
initial issuance date). The Conversion Rate is also subject to adjustment for stock splits, dividends recapitalizations and similar
events.
At
August 31, 2024, 316 shares of the issued Series E Convertible Preferred Stock were outstanding, which if converted as of August 31,
2024, including the make-whole dividends, would have resulted in the issuance of 3,259 shares of common stock.
Series
F Convertible Preferred Stock
On
January 4, 2024, the Company filed a Certificate of Designation of Series F Convertible Preferred Stock (the “Series F Certificate
of Designation”) with the Secretary of State of the State of Nevada, designating 5,843,993 shares of the Company’s preferred
stock as Series F Convertible Preferred Stock, par value $0.001 per share (the “Series F Preferred”). The Series F Preferred
was designated by the Company in connection with its acquisition of NextTrip, and, in the event that the Company does not have
sufficient shares of common stock available to fulfill its obligations pursuant to the Share Exchange Agreement governing the terms of
the acquisition, shares of Series F Preferred shall be issued to the previous equity holders of NextTrip in lieu of shares of Company
common stock.
The
terms and conditions set forth in the Series F Certificate of Designation are summarized below:
Ranking.
The Series F Preferred rank pari passu to the Company’s common stock.
Dividends.
Holders of Series F Preferred will be entitled to dividends, on an as-converted basis, equal to dividends actually paid, if any,
on shares of Company common stock.
Voting.
Except as provided by the Articles, or as
otherwise required by the Nevada Revised Statutes, holders of Series F Preferred are entitled to vote with the holders of outstanding
shares of Company common stock, voting together as a single class, with respect to all matters presented to the Company’s stockholders
for their action or consideration. In any such vote, each holder is entitled to a number of votes equal to the number of shares of common
stock into which the Series F Preferred held by such holder is convertible. The Company may not, without the consent of holders of a
majority of the outstanding shares of Series F Preferred, (i) alter or change adversely the powers, preferences or rights given to the
Series F Preferred or alter or amend the Series F Certificate of Designation, (ii) amend its Articles or other charter documents in any
manner that adversely effects any rights of the holders of the Series F Preferred, or (iii) enter into any agreement with respect to
the foregoing.
Conversion.
On such date that the Company amends its Articles to increase the number of shares of common stock authorized for issuance thereunder,
to at least the extent required to convert all of the outstanding Series F Preferred, each outstanding share of Series F Preferred shall
automatically be converted into one share of Company common stock (subject to adjustment under certain limited circumstances) (the “Conversion
Ratio”).
Liquidation.
In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary (each, a “Liquidation”),
holders of Series F Preferred will be entitled to participate, on an as-converted-to-common stock basis calculate based on the Conversion
Ratio, with holders of Company common stock in any distribution of assets of the Company to holders of the Company’s common stock.
At
August 31, 2024, no shares of the Series F Convertible Preferred Stock were outstanding.
Series
G Convertible Preferred Stock
On
January 26, 2024, the Company filed a Certificate of Designation of Series G Convertible Preferred Stock (the “Series G
Certificate of Designation”) with the Secretary of State of the State of Nevada, designating 100,000
shares of the Company’s preferred stock as Series G Preferred Stock, par value $0.001
per share (the “Series G Preferred”).
The
terms and conditions set forth in the Series G Certificate of Designation are summarized below:
Ranking.
The Series G Preferred rank pari passu to the Company’s common stock.
Dividends.
Holders of Series G Preferred will be entitled to dividends, on an as-converted basis, equal to dividends actually paid, if any,
on shares of Company common stock.
Voting.
Except as provided by the Company’s Articles or as otherwise required by the Nevada Revised Statutes, holders of Series G Preferred
are entitled to vote with the holders of outstanding shares of Company common stock, voting together as a single class, with respect
to all matters presented to the Company’s stockholders for their action or consideration. In any such vote, each holder is entitled
to a number of votes equal to the number of shares of common stock into which the Series G Preferred held by such holder is convertible.
The Company may not, without the consent of holders of a majority of the outstanding shares of Series G Preferred, (i) alter or change
adversely the powers, preferences or rights given to the Series G Preferred or alter or amend the Series G Certificate of Designation,
(ii) amend its Articles or other charter documents in any manner that adversely effects any rights of the holders of the Series G Preferred,
or (iii) enter into any agreement with respect to the foregoing.
Conversion.
On such date that the Company amends its Articles to increase the number of shares of common stock authorized for issuance thereunder,
to at least the extent required to convert all of the outstanding Series G Preferred, each outstanding share of Series G Preferred shall
automatically be converted into one share of Company common stock (subject to adjustment under certain limited circumstances) (the “Series
G Conversion Ratio”).
Liquidation.
In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary, holders of Series G Preferred
will be entitled to participate, on an as-converted-to-common stock basis calculate based on the Series G Conversion Ratio, with holders
of Company common stock in any distribution of assets of the Company to holders of the Company’s common stock.
Redemption
Right. The Company shall have the right to redeem up to 50% of the Series G Preferred Stock for an aggregate price of $1.00 in accordance
with the terms of the Perpetual License Agreement.
At
August 31, 2024, no shares of the issued Series G Convertible Preferred Stock were outstanding.
Series
H Convertible Preferred Stock
On
January 26, 2024, the Company filed a Certificate of Designation of Series H Convertible Preferred Stock (the “Series H
Certificate of Designation”) with the Secretary of State of the State of Nevada, designating 150,000
shares of the Company’s preferred stock as Series H Preferred Stock, par value $0.001
per share (the “Series H Preferred”).
The
terms and conditions set forth in the Series H Certificate of Designation are summarized below:
Ranking.
The Series H Preferred rank pari passu to the Company’s common stock.
Dividends.
Holders of Series H Preferred will be entitled to dividends, on an as-converted basis, equal to dividends actually paid, if any,
on shares of Company common stock.
Voting.
Except as provided by the Company’s Articles or as otherwise required by the Nevada Revised Statutes, holders of Series H Preferred
are entitled to vote with the holders of outstanding shares of Company common stock, voting together as a single class, with respect
to all matters presented to the Company’s stockholders for their action or consideration. In any such vote, each holder is entitled
to a number of votes equal to the number of shares of common stock into which the Series H Preferred held by such holder is convertible.
The Company may not, without the consent of holders of a majority of the outstanding shares of Series H Preferred, (i) alter or change
adversely the powers, preferences or rights given to the Series H Preferred or alter or amend the Series H Certificate of Designation,
(ii) amend its Articles or other charter documents in any manner that adversely effects any rights of the holders of the Series H Preferred,
or (iii) enter into any agreement with respect to the foregoing.
Conversion.
On such date that the Company amends its Articles to increase the number of shares of common stock authorized for issuance thereunder,
to at least the extent required to convert all of the outstanding Series H Preferred, each outstanding share of Series H Preferred shall
automatically be converted into one share of Company common stock (subject to adjustment under certain limited circumstances) (the “Series
H Conversion Ratio”).
Liquidation.
In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary, holders of Series H Preferred
will be entitled to participate, on an as-converted-to-common stock basis calculate based on the Series H Conversion Ratio, with holders
of Company common stock in any distribution of assets of the Company to holders of the Company’s common stock.
At
August 31, 2024, 33,000 shares of the issued Series H Convertible Preferred Stock were outstanding, which if converted as of August 31,
2024, would have resulted in the issuance of 33,000 shares of common stock.
Series
I Convertible Preferred Stock
On
February 22, 2024, the Company filed a Certificate of Designation of Series I Convertible Preferred Stock (the “Series I
Certificate of Designation”) with the Secretary of State of the State of Nevada, designating 331,124
shares of the Company’s preferred stock as Series I Convertible Preferred Stock, par value $0.001
per share (the “Series I Preferred”).
The
terms and conditions set forth in the Series I Certificate of Designation are summarized below:
Ranking.
The Series I Preferred rank pari passu to the Company’s common stock.
Dividends.
Holders of Series I Preferred will be entitled to dividends, on an as-converted basis, equal to dividends actually paid, if any,
on shares of Company common stock.
Voting.
Except as provided by the Articles, or as otherwise required by the Nevada Revised Statutes, holders of Series I Preferred are entitled
to vote with the holders of outstanding shares of Company common stock, voting together as a single class, with respect to all matters
presented to the Company’s stockholders for their action or consideration. In any such vote, each holder is entitled to a number
of votes equal to the number of shares of common stock into which the Series I Preferred held by such holder is convertible. The Company
may not, without the consent of holders of a majority of the outstanding shares of Series I Preferred, (i) alter or change adversely
the powers, preferences or rights given to the Series I Preferred or alter or amend the Series I Certificate of Designation, (ii) amend
its Articles or other charter documents in any manner that adversely effects any rights of the holders of the Series I Preferred, or
(iii) enter into any agreement with respect to the foregoing.
Conversion.
On such date that the Company amends its Articles to increase the number of shares of common stock authorized for issuance thereunder,
to at least the extent required to convert all of the outstanding shares of Series I Preferred, each outstanding share of Series I Preferred
shall automatically be converted into one share of Company common stock (subject to adjustment under certain limited circumstances) (the
“Series I Conversion Ratio”).
Liquidation.
In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary, holders of Series I Preferred
will be entitled to participate, on an as-converted-to-common stock basis calculated based on the Series I Conversion Ratio, with holders
of Company common stock in any distribution of assets of the Company to holders of the Company’s common stock.
On
August 15, 2024, the Company entered into a securities purchase agreement with an investor for the sale of 4,967
shares of Series I Convertible Preferred Stock, at $3.02
per share, resulting in gross proceeds to the Company of $15,000.
On
August 31, 2024, the Company entered into a securities purchase agreement with an investor for the sale of 24,834
shares of Series I Convertible Preferred Stock at $3.02
per share, resulting in gross proceeds to the Company of $75,000.
At
August 31, 2024, 59,979
shares of the issued Series I Convertible Preferred Stock were outstanding, which if converted as of August 31, 2024, would have
resulted in the issuance of 59,979
shares of common stock.
Stock
Options
On
December 28, 2023, at the Annual Meeting of Stockholders of the Company, the Company’s stockholders approved the adoption of the
NextTrip 2023 Equity Incentive Plan (the “2023 Plan”). 7,000,000 shares of common stock have been reserved for issuance under
the 2023 Plan., and as of August 31, 2024, all of such shares are available for issuance.
The
Company’s 2013 Equity Incentive Plan expired on March 15, 2023. As such, no new grants may be made under the 2013 Plan. At
August 31, 2024, there were 78,877
shares of common stock reserved for issuance upon exercise of outstanding stock options issued under the 2013 Plan prior to its
expiration.
There
were no
issuances of stock options for the six months ended August 31, 2024 or August 31, 2023.
The
Company generally grants stock options to employees and directors at exercise prices equal to the fair market value of the Company’s
common stock on the grant date, but not less than 100% of the fair market value. Stock options are typically granted throughout the year
and generally vest over a period from one to three years of service and expire five years from the grant date, unless otherwise specified.
The Company recognizes compensation expense for the fair value of the stock options over the vesting period for each stock option award.
Total
stock-based compensation expense included in the statements of operations for the three and six months ended August 31, 2024 was $13,841
and $30,235, respectively, all of which was related to stock options. There was no stock-based compensation included in the statements
of operations for the three or six months ended August 31, 2023.
Option
activity for the six months ended August 31, 2024 and the year ended February 29, 2024 was as follows:
Schedule of Stock Option Activity
| |
Options | | |
Weighted Average Exercise Price ($) | | |
Weighted Average Remaining Contractual Life (Yrs.) | | |
Aggregate Intrinsic Value ($) | |
| |
| | |
| | |
| | |
| |
Options outstanding at February 28, 2023 | |
| - | | |
| - | | |
| - | | |
| - | |
Options assumed pursuant to reverse acquisition | |
| 86,642 | | |
| 61.43 | | |
| 2.68 | | |
| - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (1,342 | ) | |
| 120.87 | | |
| - | | |
| - | |
Options outstanding at February 29, 2024 | |
| 85,300 | | |
| 60.50 | | |
| 2.52 | | |
| - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (6,423 | ) | |
| 87.06 | | |
| - | | |
| - | |
Options outstanding August 31, 2024 | |
| 78,877 | | |
| 58.19 | | |
| 2.03 | | |
| - | |
Options expected to vest in the future as of August 31, 2024 | |
| 1,432 | | |
| 32.25 | | |
| 3.10 | | |
| - | |
Options exercisable at August 31, 2024 | |
| 77,445 | | |
| 58.67 | | |
| 2.01 | | |
| - | |
Options vested, exercisable, and options expected to vest at August 31, 2024 | |
| 78,877 | | |
| 58.19 | | |
| 2.03 | | |
| - | |
The
aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the market price of
our common stock for those awards that have an exercise price below the market price of our common stock. At August 31, 2024, no option
had an exercise price below the $2.59 closing price of our common stock as reported on the Nasdaq Capital Market.
At
August 31, 2024, there was $16,139 of unrecognized stock-based compensation expense related to unvested stock options with a weighted
average remaining recognition period of 0.74 years.
Stock
Appreciation Rights
The
purposes of the 2020 Stock Appreciation Rights Plan (the “SAR Plan”) are to: (i) enable the Company to attract and retain
the types of employees, consultants, and directors (collectively, “Service Providers”) who will contribute to the Company’s
long-range success; (ii) provide incentives that align the interests of Service Providers with those of the stockholders of the Company;
and (iii) promote the success of the Company’s business. The SAR Plan provides for incentive awards only in the form of stock appreciation
rights payable in cash (“SARs”) and no shares of common stock are reserved or will be issued pursuant to the SAR Plan.
SARs
may be granted to any Service Provider. A SAR is the right to receive an amount equal to the Spread with respect to a share of the Company’s
common stock (“Share”) upon the exercise of the SAR. The “Spread” is the difference between the exercise price
per share specified in a SAR agreement on the date of grant and the fair market value per share on the date of exercise of the SAR. The
exercise price per share will not be less than 100% of the fair market value of a share of common stock on the date of grant of the SAR.
The administrator of the SAR Plan will have the authority to, among other things, prescribe the terms and conditions of each SAR, including,
without limitation, the exercise price and vesting provisions, and to specify the provisions of the SAR Agreement relating to such grant.
The
Company did not grant any SAR’s during the six months ended August 31, 2024 or August 31, 2023.
The
Company recognizes compensation expense and a corresponding liability for the fair value of the SARs over the vesting period for each
SAR award. The SARs are revalued at each reporting date in accordance with ASC 718 “Compensation-Stock Compensation,” and
any changes in fair value are reflected in the Statement of Operations as of the applicable reporting date.
SARs
activity for the six months ended August 31, 2024 and the year ended February 29, 2024 was as follows:
Schedule of Stock
Appreciation Rights Activity
| |
SARs | | |
Weighted Average Exercise Price ($) | | |
Weighted Average Remaining Contractual Life (Yrs.) | | |
Aggregate Intrinsic Value ($) | |
| |
| | |
| | |
| | |
| |
SARs outstanding at February 28, 2023 | |
| - | | |
| - | | |
| - | | |
| - | |
SARs assumed pursuant to reverse acquisition | |
| 40,390 | | |
| 44.77 | | |
| 2.99 | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
SARs outstanding at February 29, 2024 | |
| 40,390 | | |
| 44.77 | | |
| 2.99 | | |
| - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (167 | ) | |
| 37.40 | | |
| - | | |
| - | |
SARs outstanding August 31, 2024 | |
| 40,223 | | |
| 44.80 | | |
| 2.49 | | |
| - | |
SARs expected to vest in the future as of August 31, 2024 | |
| 5,645 | | |
| 29.37 | | |
| 2.84 | | |
| - | |
SARs exercisable at August 31, 2024 | |
| 34,578 | | |
| 47.31 | | |
| 2.43 | | |
| - | |
SARs vested, exercisable, and SARs expected to vest at August 31, 2024 | |
| 40,223 | | |
| 44.80 | | |
| 2.49 | | |
| - | |
The
aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the market price of
our common stock for those awards that have an exercise price below the market price of our common stock. At August 31, 2024, no SAR
had an exercise price below the $2.59 closing price of our common stock as reported on the Nasdaq Capital Market.
At
August 31, 2024, there was $943 of unrecognized stock-based compensation expense related to unvested SARs with a weighted average remaining
recognition period of 0.64 years.
Warrants
Warrant
activity for the six months ended August 31, 2024 and the year ended February 29, 2024 was as follows:
Schedule of Warranty Activity
| |
Warrants | | |
Weighted Average Exercise Price ($) | | |
Weighted Average Remaining Contractual Life (Yrs.) | |
Warrants outstanding at February 28, 2023 | |
| - | | |
| - | | |
| - | |
Warrants assumed pursuant to reverse acquisition | |
| 217,593 | | |
| 21,01 | | |
| 1.86 | |
Granted | |
| 268,572 | | |
| 3.02 | | |
| 2.17 | |
Exercised | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| - | | |
| - | | |
| - | |
Warrants outstanding at February 29, 2024 | |
| 486,165 | | |
| 9.94 | | |
| 1.96 | |
Granted | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (2,102 | ) | |
| 322.00 | | |
| - | |
Warrants outstanding at August 31, 2024 | |
| 484,063 | | |
| 8.58 | | |
| 1.46 | |
|
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v3.24.3
Subsequent Events
|
6 Months Ended |
Aug. 31, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
NOTE
9 - Subsequent Events
Related Party Advances
Between
September 1, 2024 and October 11, 2024, additional net related party advances totaled $84,060, and the aggregate outstanding principal
balance of related party advances was $2,802,654.
On
September 13, 2024, the Company’s board of directors approved the conversion of up to 100% of the outstanding principal balance
of the promissory notes held by Messrs. Kerby and Monaco into shares of a series of non-redeemable convertible preferred stock preferred
stock yet to be designated. Messrs. Kerby and Monaco have agreed to initially convert $1,500,000, or 56.3% of their total outstanding
principal balance of $2,666,790 into the new series of convertible preferred stock, and, at their discretion, may convert up to the remaining
principal balance, or any portion thereof, into additional shares of such convertible preferred stock at a future date. The conversion
remains subject to completion of final documentation for the transaction, including the filing of the certificate of designation for
the new series of convertible preferred stock with the Nevada Secretary of State.
Nasdaq Listing Requirement Deficiency Notice
On
September 18, 2024, the Company received a notification letter (the “Notice”) from the Nasdaq Listing Qualifications Staff
(the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that its amount of stockholders’
equity has fallen below the $2,500,000 required minimum for continued listing set forth in Nasdaq Listing Rule 5550(b)(1). The Notice
also noted that the Company does not meet the alternatives of market value of listed securities or net income from continuing operations,
and therefore, the Company no longer complies with Nasdaq’s Listing Rules.
Under
Nasdaq Listing Rules, the Company has until November 4, 2024 to provide Nasdaq with a specific plan to achieve and sustain compliance.
If Nasdaq accepts the Company’s plan to regain compliance, Nasdaq may grant an extension of up to 180 calendar days from the date
of the Notice to evidence compliance. If Nasdaq does not accept the Company’s plan to regain compliance, the Company will have
the opportunity to appeal the decision to a Nasdaq Hearings Panel. A hearing request will stay the suspension and delisting of the Company’s
securities pending the Nasdaq Hearings Panel’s decision.
The
Notice has no immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market, and, therefore, the Company’s
listing remains fully effective.
The
Company is evaluating various courses of action to achieve compliance with Nasdaq Listing Rule 5550(b)(1). There can be no assurance
that the Company will regain compliance with Nasdaq Listing Rule 5550(b)(1) or that the Company will be able meet the continued listing
requirements during any compliance period that may be granted by Nasdaq.
On
September 18, 2024, the Company also received a letter from the Staff of Nasdaq indicating that the Staff has determined that the Company
has regained compliance with the periodic filing requirements set forth in Nasdaq Listing Rule 5250(c)(1) because the Company filed its
Annual Report on Form 10-K for the fiscal year ended February 29, 2024 and the Quarterly Report on Form 10-Q for the quarter ended May
31, 2024.
Accordingly,
the Company has regained full compliance with the periodic filing requirement deficiency, which the Company disclosed in those Current
Reports on Form 8-K filed with the Securities and Exchange Commission on June 21, 2024 and July 19, 2024, and Nasdaq has informed the
Company in writing that the matter is now closed.
September 2024 Alumni Capital Transactions
On
September 19, 2024 the Company entered into a securities purchase agreement (the “Note & Warrant SPA”) with Alumni
Capital LP (Alumni Capital”) for the sale of a short-term promissory note (the “Alumni Note”) and warrants (the
“Warrants”) to Alumni Capital for total consideration of $250,000.
After deducting commissions, net proceeds to the Company were $230,000.
The
Alumni Note is in the principal amount of $300,000
with an original issue discount of $50,000
and guaranteed interest on the principal amount of ten percent (10%)
per annum which shall be due and payable on December
19, 2024. In the event of a failure to re-pay the Alumni Note on or before December 19, 2024, the interest rate will increase
to the lesser of twenty-two percent (22%)
per annum or the maximum amount permitted under law from the due date thereof until the same is paid. The Alumni Note is convertible
into common stock of the Company only upon an event of default.
Upon
such an event of default, Alumni shall have the right to convert all or any part of the outstanding and unpaid principal, interest, penalties,
and all other amounts under the Alumni Note into fully paid and non-assessable shares of the Company’s common stock at a conversion
price of eighty percent (80%) of the lowest traded price of the common stock during the twenty (20) business days prior to Alumni’s
delivery of a notice of conversion (the “Conversion Price’), subject to adjustment in the event the Company is no longer
DWAC eligible, is subject to a DTC “chill” and/or the Company ceases to be a reporting issuer. Notwithstanding the foregoing,
conversions will be subject to limitation whereby such conversion would result in beneficial ownership by Alumni and its affiliates of
more than 9.99% of the outstanding shares of Company’s common stock (the “Beneficial Ownership Limitation”) or would
exceed 19.99% of the Company’s outstanding common stock as of September 19, 2024 (the “Exchange Cap”).
In
conjunction with the issuance of the Alumni Note to Alumni, the Company also issued Warrants to purchase 96,774 shares of common stock
at a price per share of $3.10, which represents 100% warrant coverage on the principal amount of the Alumni Note. The Warrants are exercisable
on or prior to the five (5) year anniversary of the date of issuance.
On
September 19, 2024, the Company also entered into a Common Stock Securities Purchase Agreement (the “Common Stock SPA”) with
Alumni Capital. Pursuant to the Common Stock SPA, the Company has the right, but not the obligation to cause Alumni Capital to purchase
up to $10 million shares of common stock (the “Commitment Amount”) at the Purchase Price (defined below) during the period
beginning on the execution date of the Common Stock SPA and ending on the earlier of (i) the date on which Alumni Capital has purchased
$10 million shares of common stock pursuant to the Common Stock SPA or (ii) December 31, 2025. Pursuant
to the Common Stock SPA, the “Purchase Price” means the lowest traded price of Company common stock during the five (5) business
days prior a closing date multiplied by eighty nine percent (89%). No Purchase Notice will be made without an effective registration
statement and no Purchase Notice will be in an amount greater than $500,000.
In
consideration for Alumni Capital’s execution and delivery of, and performance under, the Common Stock SPA, the Company (i) issued
and delivered 32,786 shares of Company common stock to Alumni Capital on September 19, 2024, and (ii) within one (1) business day from
the date off effectiveness of the S-1 Registration Statement registering shares issuable pursuant to the Common Stock SPA, the Company
shall cause its transfer agent to issue and deliver as DWAC or DRS shares to Alumni Capital that number of shares of common stock equal
to two percent (2.00%) of the Commitment Amount divided by the VWAP for the Company’s common stock for the business day prior to
the notice of effectiveness.
October
2024 Preferred Stock Sale
On
October 1, 2024, the Company entered into a securities purchase agreement with an investor for the sale of 66,225 shares of Series I
Convertible Preferred Stock at $3.02 per share, for total consideration of $200,000.
|
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v3.24.3
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Aug. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation - The accompanying financial statements have been prepared by the Company in accordance with Generally
Accepted Accounting Principles (“GAAP”) in the United States of America. The financial statements have been prepared on
a consolidated basis with those of the Company’s wholly owned subsidiaries. All intercompany transactions and balances have
been eliminated in consolidation. In the opinion of management, all adjustments (which include only normal recurring adjustments)
necessary to present fairly the financial position, results of operations and cash flows at August 31, 2024 and 2023 and for the
periods then ended have been made. Certain information and footnote disclosures normally included in financial statements prepared
in accordance with GAAP have been condensed or omitted. The Company suggests these condensed financial statements be read in
conjunction with the February 29, 2024 audited financial statements and notes thereto included in the Company’s Annual Report
on Form 10-K filed with the Securities and Exchange Commission on September 4, 2024. The results of operations for the period ended August 31, 2024 are not necessarily indicative of the operating
results for the full year.
|
Reclassification |
Reclassification
Certain
prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on the
net earnings (loss) or financial position.
|
Promissory Note Receivable |
Promissory
Note Receivable
NextPlay
is in default under the terms of its promissory note to NextTrip, and as a result, an allowance for doubtful accounts of $1,567,665 was
established as of February 29, 2024, as collectability of the entire receivable is uncertain. During the three and six months ended August
31, 2024, and 2023, there was no bad debt expense recorded related to the allowance account, and the allowance is unchanged as of August
31, 2024. As of August 31, 2023, no allowance for doubtful accounts was established.
|
Loss Per Share |
Loss
Per Share – The computation of loss per share is based on the weighted average number of shares outstanding during the period
in accordance with ASC Topic No. 260, “Earnings Per Share.” Shares underlying the Company’s outstanding warrants, options
and preferred stock were excluded due to the anti-dilutive effect they would have on the computation. At August 31, 2024 and 2023 the
Company had the following common shares underlying these instruments:
Schedule of Underlying Common Shares Excluded from Computation of Loss Per Share
| |
2024 | | |
2023 | |
| |
August 31, | |
| |
2024 | | |
2023 | |
Warrants | |
| 78,877 | | |
| - | |
Stock Options | |
| 484,063 | | |
| - | |
Preferred Stock | |
| 96,238 | | |
| - | |
Total Underlying Common Shares | |
| 659,178 | | |
| - | |
The
following table shows the amounts used in computing loss per share and the effect on net loss and the weighted average number of shares
of dilutive potential common stock for the periods three and six months ended August 31, 2024, and 2023:
Schedule
of Amounts Used In Computing Loss Per Share and Effect On Net Loss and Weighted Average Number Of Shares
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months Ended
August 31, | | |
Six Months Ended
August 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Loss from continuing operations | |
$ | (1,533,519 | ) | |
$ | (1,160,763 | ) | |
$ | (3,521,145 | ) | |
$ | (2,256,134 | ) |
Preferred dividends | |
$ | (10,688 | ) | |
$ | - | | |
$ | (21,376 | ) | |
$ | - | |
Loss from continuing operations applicable to common stockholders | |
| (1,544,207 | ) | |
| (1,160,763 | ) | |
| (3,542,521 | ) | |
| (2,256,134 | ) |
Gain (loss) from discontinued operations applicable to common stockholders | |
| (1,131 | ) | |
| - | | |
| 7,778 | | |
| - | |
Net loss applicable to common stockholders | |
$ | (1,545,338 | ) | |
$ | (1,160,763 | ) | |
$ | (3,534,743 | ) | |
| (2,256,134 | ) |
Weighted average number of common shares outstanding used in loss per share during the period (denominator) | |
| 1,359,126 | | |
| 83,371 | | |
| 1,319,146 | | |
| 83,371 | |
Dilutive
loss per share was not presented, as the Company’s outstanding warrants, stock options and preferred stock
common equivalent shares for the periods presented would have had an anti-dilutive effect. At August 31, 2024, the Company had outstanding
warrants to purchase 484,063 shares of common stock, stock options exercisable for 78,877 shares of common stock, 316 shares of Series
E Preferred Stock, which could be converted into 3,259 shares of common stock, 33,000 shares of Series H Preferred Stock, convertible
into 33,000 shares of common stock, and 59,979 shares of Series I Preferred Stock, convertible into 59,979 shares of common stock, resulting
in a potential total additional 659,178 shares of common stock outstanding in the future. At August 31, 2023, the Company had no outstanding
potentially dilutive securities.
|
Accounting Estimates |
Accounting
Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect certain reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the
financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from
those estimated by management. Significant accounting estimates that may materially change in the near future are impairment of long-lived
assets, values of stock compensation awards and stock equivalents granted as offering costs, and allowance for bad debts and inventory
obsolescence.
|
Revenue Recognition |
Revenue
Recognition – The Company recognizes revenue in accordance with ASC Topic No. 606. In May 2014, the Financial Accounting Standards
Board (FASB) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive
revenue recognition standard that superseded nearly all existing revenue recognition guidance under prior U.S. GAAP and replaced it with
a principles-based approach for determining revenue recognition. The core principle of the standard is the recognition of revenue upon
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to
be entitled in exchange for those goods or services. In general, we determine revenue recognition by: (1) identifying the contract, or
contracts, with our customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4)
allocating the transaction price to performance obligations in the contract; and (5) recognizing revenue when, or as, we satisfy performance
obligations by transferring the promised goods or services.
The
Company recognizes revenue when the customer has purchased the product, the occurrence of the earlier of date of travel or the date of
cancellation has expired, as satisfaction of the performance obligation, the sales price is fixed or determinable and collectability
is reasonably assured. Revenue for customer travel packages purchased directly from the Company is recorded gross (the amount paid to
the Company by the customer is shown as revenue and the cost of providing the respective travel package is recorded to cost of revenues).
The
Company generates revenues from sales directly to customers as well as through other distribution channels of tours and activities at
destinations throughout the world.
The
Company controls the specified travel product before it is transferred to the customer and is therefore a principal, based on but not
limited to, the following:
|
●
|
The
Company is primarily responsible for fulling the promise to provide such travel product. |
|
|
|
|
●
|
The
Company has inventory risk before the specified travel product has been transferred to a customer or after transfer of control to
a customer. |
|
|
|
|
●
|
The
Company has discretion in establishing the price for the specified travel product. |
Payments
for tours or activities received in advance of services being rendered are recorded as deferred revenue and recognized as revenue at
the earlier of the date of travel or the last date of cancellation (i.e., the customer’s refund privileges lapse).
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v3.24.3
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Aug. 31, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Underlying Common Shares Excluded from Computation of Loss Per Share |
Schedule of Underlying Common Shares Excluded from Computation of Loss Per Share
| |
2024 | | |
2023 | |
| |
August 31, | |
| |
2024 | | |
2023 | |
Warrants | |
| 78,877 | | |
| - | |
Stock Options | |
| 484,063 | | |
| - | |
Preferred Stock | |
| 96,238 | | |
| - | |
Total Underlying Common Shares | |
| 659,178 | | |
| - | |
|
Schedule of Amounts Used In Computing Loss Per Share and Effect On Net Loss and Weighted Average Number Of Shares |
The
following table shows the amounts used in computing loss per share and the effect on net loss and the weighted average number of shares
of dilutive potential common stock for the periods three and six months ended August 31, 2024, and 2023:
Schedule
of Amounts Used In Computing Loss Per Share and Effect On Net Loss and Weighted Average Number Of Shares
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months Ended
August 31, | | |
Six Months Ended
August 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Loss from continuing operations | |
$ | (1,533,519 | ) | |
$ | (1,160,763 | ) | |
$ | (3,521,145 | ) | |
$ | (2,256,134 | ) |
Preferred dividends | |
$ | (10,688 | ) | |
$ | - | | |
$ | (21,376 | ) | |
$ | - | |
Loss from continuing operations applicable to common stockholders | |
| (1,544,207 | ) | |
| (1,160,763 | ) | |
| (3,542,521 | ) | |
| (2,256,134 | ) |
Gain (loss) from discontinued operations applicable to common stockholders | |
| (1,131 | ) | |
| - | | |
| 7,778 | | |
| - | |
Net loss applicable to common stockholders | |
$ | (1,545,338 | ) | |
$ | (1,160,763 | ) | |
$ | (3,534,743 | ) | |
| (2,256,134 | ) |
Weighted average number of common shares outstanding used in loss per share during the period (denominator) | |
| 1,359,126 | | |
| 83,371 | | |
| 1,319,146 | | |
| 83,371 | |
|
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v3.24.3
Intangible Assets (Tables)
|
6 Months Ended |
Aug. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Intangible Assets |
Intangible
assets as of August 31, 2024, and February 29, 2024 consisted of the following:
Schedule
of Intangible Assets
| |
August 31,
2024 | | |
February 29,
2024 | |
Software Development | |
$ | 7,122,596 | | |
$ | 6,602,028 | |
Software Licenses | |
| 789,576 | | |
| 789,576 | |
Trademark | |
| 6,283 | | |
| 6,283 | |
Total | |
| 7,918,455 | | |
| 7,397,887 | |
Accumulated amortization | |
| (5,607,528 | ) | |
| (5,224,467 | ) |
Intangible assets, net of amortization | |
$ | 2,310,927 | | |
$ | 2,173,420 | |
|
Schedule of Estimated Aggregate Amortization Expense |
The
estimated aggregate amortization expense for years ending February 28 is as follows:
Schedule
of Estimated Aggregate Amortization Expense
| |
| | |
2025 (Remaining) | |
$ | 200,232 | |
2026 | |
| 313,329 | |
2027 | |
| 270,728 | |
2028 | |
| 2,957 | |
Thereafter | |
| - | |
Total | |
$ | 787,246 | |
|
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v3.24.3
Stockholders’ Equity (Tables)
|
6 Months Ended |
Aug. 31, 2024 |
Equity [Abstract] |
|
Schedule of Stock Option Activity |
Option
activity for the six months ended August 31, 2024 and the year ended February 29, 2024 was as follows:
Schedule of Stock Option Activity
| |
Options | | |
Weighted Average Exercise Price ($) | | |
Weighted Average Remaining Contractual Life (Yrs.) | | |
Aggregate Intrinsic Value ($) | |
| |
| | |
| | |
| | |
| |
Options outstanding at February 28, 2023 | |
| - | | |
| - | | |
| - | | |
| - | |
Options assumed pursuant to reverse acquisition | |
| 86,642 | | |
| 61.43 | | |
| 2.68 | | |
| - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (1,342 | ) | |
| 120.87 | | |
| - | | |
| - | |
Options outstanding at February 29, 2024 | |
| 85,300 | | |
| 60.50 | | |
| 2.52 | | |
| - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (6,423 | ) | |
| 87.06 | | |
| - | | |
| - | |
Options outstanding August 31, 2024 | |
| 78,877 | | |
| 58.19 | | |
| 2.03 | | |
| - | |
Options expected to vest in the future as of August 31, 2024 | |
| 1,432 | | |
| 32.25 | | |
| 3.10 | | |
| - | |
Options exercisable at August 31, 2024 | |
| 77,445 | | |
| 58.67 | | |
| 2.01 | | |
| - | |
Options vested, exercisable, and options expected to vest at August 31, 2024 | |
| 78,877 | | |
| 58.19 | | |
| 2.03 | | |
| - | |
|
Schedule of Stock Appreciation Rights Activity |
SARs
activity for the six months ended August 31, 2024 and the year ended February 29, 2024 was as follows:
Schedule of Stock
Appreciation Rights Activity
| |
SARs | | |
Weighted Average Exercise Price ($) | | |
Weighted Average Remaining Contractual Life (Yrs.) | | |
Aggregate Intrinsic Value ($) | |
| |
| | |
| | |
| | |
| |
SARs outstanding at February 28, 2023 | |
| - | | |
| - | | |
| - | | |
| - | |
SARs assumed pursuant to reverse acquisition | |
| 40,390 | | |
| 44.77 | | |
| 2.99 | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| - | | |
| - | | |
| - | | |
| - | |
SARs outstanding at February 29, 2024 | |
| 40,390 | | |
| 44.77 | | |
| 2.99 | | |
| - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (167 | ) | |
| 37.40 | | |
| - | | |
| - | |
SARs outstanding August 31, 2024 | |
| 40,223 | | |
| 44.80 | | |
| 2.49 | | |
| - | |
SARs expected to vest in the future as of August 31, 2024 | |
| 5,645 | | |
| 29.37 | | |
| 2.84 | | |
| - | |
SARs exercisable at August 31, 2024 | |
| 34,578 | | |
| 47.31 | | |
| 2.43 | | |
| - | |
SARs vested, exercisable, and SARs expected to vest at August 31, 2024 | |
| 40,223 | | |
| 44.80 | | |
| 2.49 | | |
| - | |
|
Schedule of Warranty Activity |
Warrant
activity for the six months ended August 31, 2024 and the year ended February 29, 2024 was as follows:
Schedule of Warranty Activity
| |
Warrants | | |
Weighted Average Exercise Price ($) | | |
Weighted Average Remaining Contractual Life (Yrs.) | |
Warrants outstanding at February 28, 2023 | |
| - | | |
| - | | |
| - | |
Warrants assumed pursuant to reverse acquisition | |
| 217,593 | | |
| 21,01 | | |
| 1.86 | |
Granted | |
| 268,572 | | |
| 3.02 | | |
| 2.17 | |
Exercised | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| - | | |
| - | | |
| - | |
Warrants outstanding at February 29, 2024 | |
| 486,165 | | |
| 9.94 | | |
| 1.96 | |
Granted | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (2,102 | ) | |
| 322.00 | | |
| - | |
Warrants outstanding at August 31, 2024 | |
| 484,063 | | |
| 8.58 | | |
| 1.46 | |
|
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v3.24.3
Business Description and Going Concern (Details Narrative) - USD ($)
|
Oct. 12, 2023 |
Jan. 25, 2023 |
Aug. 31, 2024 |
Next Innovation LLC [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Ownership percentage |
|
|
50.00%
|
Next Play Technologies Inc [Member] | Share Exchange Agreement [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Share price per share |
|
$ 10
|
|
Next Play Technologies Inc [Member] | Share Exchange Agreement [Member] | Membership Units [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Number of common stock issued |
|
1,000,000
|
|
Next Play Technologies Inc [Member] | Share Exchange Agreement [Member] | Preferred Units [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Number of common stock issued |
|
400,000
|
|
Number of common stock issued, value |
|
$ 17,295,873
|
|
NextTrip Group, LLC [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Contributed capital |
|
$ 1,500,000
|
|
NextTrip Group, LLC [Member] | Share Exchange Agreement [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Percentage for issued and outstanding capital stock |
90.20%
|
|
|
NextTrip Group, LLC [Member] | Share Exchange Agreement [Member] | Maximum [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Restricted shares issuable in reverse acquisition |
6,000,000
|
|
|
NextTrip Group, LLC [Member] | Share Exchange Agreement [Member] | Closing Shares [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Restricted shares issuable in reverse acquisition |
156,007
|
|
|
NextTrip Group, LLC [Member] | Share Exchange Agreement [Member] | Contingent Shares [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Restricted shares issuable in reverse acquisition |
5,843,993
|
|
|
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v3.24.3
Schedule of Amounts Used In Computing Loss Per Share and Effect On Net Loss and Weighted Average Number Of Shares (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Aug. 31, 2024 |
Aug. 31, 2023 |
Aug. 31, 2024 |
Aug. 31, 2023 |
Accounting Policies [Abstract] |
|
|
|
|
|
Loss from continuing operations |
|
$ (1,533,519)
|
$ (1,160,763)
|
$ (3,521,145)
|
$ (2,256,134)
|
Preferred dividends |
|
(10,688)
|
|
(21,376)
|
|
Loss from continuing operations applicable to common stockholders |
|
(1,544,207)
|
(1,160,763)
|
(3,542,521)
|
(2,256,134)
|
Gain (loss) from discontinued operations applicable to common stockholders |
|
(1,131)
|
|
7,778
|
|
Net Loss Applicable to Common Stockholders |
|
$ (1,545,338)
|
$ (1,160,763)
|
$ (3,534,743)
|
$ (2,256,134)
|
Weighted average number of common shares outstanding used in loss per share during the period (denominator) |
[1] |
1,359,126
|
83,371
|
1,319,146
|
83,371
|
|
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v3.24.3
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
|
Aug. 31, 2023 |
Aug. 31, 2024 |
Aug. 31, 2023 |
Aug. 31, 2024 |
Aug. 31, 2023 |
Feb. 29, 2024 |
Shares issuable upon exercisable of options |
|
77,445
|
|
77,445
|
|
|
Potentially dilutive securities |
0
|
|
|
|
|
|
Series E Preferred Stock [Member] |
|
|
|
|
|
|
Number of shares converted |
|
|
|
316
|
|
|
Common stock issuable upon conversion |
|
|
|
3,259
|
|
|
Series H Preferred Stock [Member] |
|
|
|
|
|
|
Number of shares converted |
|
|
|
33,000
|
|
|
Common stock issuable upon conversion |
|
|
|
33,000
|
|
|
Series I Preferred Stock [Member] |
|
|
|
|
|
|
Number of shares converted |
|
|
|
59,979
|
|
|
Common stock issuable upon conversion |
|
|
|
59,979
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
Shares issuable upon exercisable of options |
|
78,877
|
|
78,877
|
|
|
Warrant [Member] |
|
|
|
|
|
|
Warrants outstanding to purchase common stock |
|
484,063
|
|
484,063
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
Potentially dilutive securities |
|
|
|
659,178
|
|
|
Next Play Technologies Inc [Member] |
|
|
|
|
|
|
Allowance for doubtful accounts |
$ 0
|
|
$ 0
|
|
$ 0
|
$ 1,567,665
|
Provision for doubtful accounts |
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
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- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.24.3
Schedule of Intangible Assets (Details) - USD ($)
|
Aug. 31, 2024 |
Feb. 29, 2024 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Total |
$ 7,918,455
|
$ 7,397,887
|
Accumulated amortization |
(5,607,528)
|
(5,224,467)
|
Intangible assets, net of amortization |
2,310,927
|
2,173,420
|
Software Development [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Total |
7,122,596
|
6,602,028
|
Software Licenses [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Total |
789,576
|
789,576
|
Trademarks [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Total |
$ 6,283
|
$ 6,283
|
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- DefinitionAccumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
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- DefinitionAmount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.
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v3.24.3
Related Party Transactions (Details Narrative) - USD ($)
|
Aug. 31, 2024 |
Mar. 18, 2024 |
Aug. 14, 2024 |
Jul. 11, 2024 |
May 24, 2024 |
May 21, 2024 |
Apr. 23, 2024 |
Feb. 29, 2024 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Annual interest rate |
|
|
|
7.50%
|
7.50%
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Notes payable - related parties |
$ 2,718,594
|
|
|
|
|
|
|
$ 828,277
|
Board of Directors and Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Principal amount |
|
$ 500,000
|
|
|
|
|
|
|
Line of credit |
|
$ 125,000
|
|
|
|
|
|
|
Annual interest rate |
|
7.50%
|
|
|
|
|
|
|
Maturity date |
|
Feb. 28, 2025
|
|
|
|
|
|
|
Investors,Directors,Officers and Employees [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Principal amount |
$ 1,411,414
|
|
$ 2,000,000
|
|
|
|
$ 1,000,000
|
|
Annual interest rate |
|
|
|
|
|
|
7.50%
|
|
Donald Monaco [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
$ 455,000
|
|
|
Annual interest rate |
7.50%
|
|
|
|
|
|
|
|
Maturity date |
Feb. 28, 2025
|
|
|
|
|
|
|
|
Outstanding principal amount |
$ 405,000
|
|
|
|
|
|
|
|
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v3.24.3
Schedule of Stock Option Activity (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Aug. 31, 2024 |
Feb. 29, 2024 |
Equity [Abstract] |
|
|
Number of Options Outstanding, Balance |
85,300
|
|
Weighted Average Exercise Price Outstanding, Balance |
$ 60.50
|
|
Aggregate Intrinsic Value Outstanding |
|
|
Number of Options, Assumed pursuant to reverse acquisition |
|
86,642
|
Weighted Average Exercise Price, Assumed pursuant to reverse acquisition |
|
$ 61.43
|
Weighted Average Remaining Contractual Life Years, Life, Assumed pursuant to reverse acquisition |
|
2 years 8 months 4 days
|
Aggregate Intrinsic Value, Assumed pursuant to reverse acquisition |
|
|
Number of Options, Granted |
|
|
Weighted Average Exercise Price, Granted |
|
|
Aggregate Intrinsic Value, Granted |
|
|
Number of Options, Exercised |
(0)
|
(0)
|
Weighted Average Exercise Price, Exercised |
|
|
Aggregate Intrinsic Value, Exercised |
|
|
Number of Options, Forfeited or cancelled |
(6,423)
|
(1,342)
|
Weighted Average Exercise Price, Forfeited or cancelled |
$ 87.06
|
$ 120.87
|
Aggregate Intrinsic Value, Forfeited or cancelled |
|
|
Weighted Average Remaining Contractual Life Years, Outstanding Balance |
2 years 10 days
|
2 years 6 months 7 days
|
Number of Options Outstanding, Balance |
78,877
|
85,300
|
Weighted Average Exercise Price Outstanding, Balance |
$ 58.19
|
$ 60.50
|
Aggregate Intrinsic Value Outstanding |
|
|
Number of Options, Expected to Vest in the Future Ending Balance |
1,432
|
|
Weighted Average Exercise Price, Expected to Vest |
$ 32.25
|
|
Weighted Average Remaining Contractual Life Years, Expected to Vest |
3 years 1 month 6 days
|
|
Aggregate Intrinsic Value, Outstanding, Expected of Vest |
|
|
Number of Options, Exercisable |
77,445
|
|
Weighted Average Exercise Price, Exercisable |
$ 58.67
|
|
Weighted Average Remaining Contractual Life Years, Exercisable |
2 years 3 days
|
|
Aggregate Intrinsic Value, Outstanding, Exercisable |
|
|
Number of Options, Vested, Exercisable and Options Expected to Vest, Balance |
78,877
|
|
Weighted Average Exercise Price, Vested, Exercisable and Options Expected to Vest |
$ 58.19
|
|
Weighted Average Remaining Contractual Life (Yrs.), Vested, Exercisable and Options Expected to Vest |
2 years 10 days
|
|
Aggregate Intrinsic Value, Outstanding,Exercisable and Options Expected to Vest |
|
|
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v3.24.3
Schedule of Stock Appreciation Rights Activity (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Aug. 31, 2024 |
Feb. 29, 2024 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of Options Outstanding, Balance |
85,300
|
|
Weighted Average Exercise Price Outstanding, Balance |
$ 60.50
|
|
Aggregate Intrinsic Value Outstanding |
|
|
Options, Assumed pursuant to reverse acquisition |
|
86,642
|
Weighted Average Exercise Price, Assumed pursuant to reverse acquisition |
|
$ 61.43
|
Weighted Average Remaining Contractual Life (Yrs.), Assumed pursuant to reverse acquisition |
|
2 years 8 months 4 days
|
Aggregate Intrinsic Value, Assumed pursuant to reverse acquisition |
|
|
Options, Exercised |
(0)
|
(0)
|
Weighted Average Exercise Price, Exercised |
|
|
Aggregate Intrinsic Value, Exercised |
|
|
Options, Forfeited or cancelled |
(6,423)
|
(1,342)
|
Weighted Average Exercise Price, Forfeited or cancelled |
$ 87.06
|
$ 120.87
|
Aggregate Intrinsic Value, Forfeited or cancelled |
|
|
Weighted Average Remaining Contractual Life (Yrs.), Outstanding Balance |
2 years 10 days
|
2 years 6 months 7 days
|
Options, Granted |
|
|
Weighted Average Exercise Price, Granted |
|
|
Aggregate Intrinsic Value, Granted |
|
|
Number of Options Outstanding, Balance |
78,877
|
85,300
|
Weighted Average Exercise Price Outstanding, Balance |
$ 58.19
|
$ 60.50
|
Aggregate Intrinsic Value Outstanding |
|
|
Number of Options, Expected to Vest in the Future Ending Balance |
1,432
|
|
Weighted Average Exercise Price, Expected to Vest |
$ 32.25
|
|
Weighted Average Remaining Contractual Life (Yrs.), Expected to Vest |
3 years 1 month 6 days
|
|
Aggregate Intrinsic Value, Outstanding, Expected of Vest |
|
|
Number of Options, Exercisable |
77,445
|
|
Weighted Average Exercise Price, Exercisable |
$ 58.67
|
|
Weighted Average Remaining Contractual Life (Yrs.), Exercisable |
2 years 3 days
|
|
Aggregate Intrinsic Value, Outstanding, Exercisable |
|
|
Number of Options, Vested, Exercisable and Options Expected to Vest, Balance |
78,877
|
|
Weighted Average Exercise Price, Vested, Exercisable and Options Expected to Vest |
$ 58.19
|
|
Weighted Average Remaining Contractual Life (Yrs.), Vested, Exercisable and Options Expected to Vest |
2 years 10 days
|
|
Aggregate Intrinsic Value, Outstanding,Exercisable and Options Expected to Vest |
|
|
Stock Appreciation Rights [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of Options Outstanding, Balance |
40,390
|
|
Weighted Average Exercise Price Outstanding, Balance |
$ 44.77
|
|
Aggregate Intrinsic Value Outstanding |
|
|
Options, Assumed pursuant to reverse acquisition |
|
40,390
|
Weighted Average Exercise Price, Assumed pursuant to reverse acquisition |
|
$ 44.77
|
Weighted Average Remaining Contractual Life (Yrs.), Assumed pursuant to reverse acquisition |
|
2 years 11 months 26 days
|
Aggregate Intrinsic Value, Assumed pursuant to reverse acquisition |
|
|
Options, Exercised |
|
|
Weighted Average Exercise Price, Exercised |
|
|
Aggregate Intrinsic Value, Exercised |
|
|
Options, Forfeited or cancelled |
(167)
|
|
Weighted Average Exercise Price, Forfeited or cancelled |
$ 37.40
|
|
Aggregate Intrinsic Value, Forfeited or cancelled |
|
|
Weighted Average Remaining Contractual Life (Yrs.), Outstanding Balance |
2 years 5 months 26 days
|
2 years 11 months 26 days
|
Options, Granted |
|
|
Weighted Average Exercise Price, Granted |
|
|
Aggregate Intrinsic Value, Granted |
|
|
Number of Options Outstanding, Balance |
40,223
|
40,390
|
Weighted Average Exercise Price Outstanding, Balance |
$ 44.80
|
$ 44.77
|
Aggregate Intrinsic Value Outstanding |
|
|
Number of Options, Expected to Vest in the Future Ending Balance |
5,645
|
|
Weighted Average Exercise Price, Expected to Vest |
$ 29.37
|
|
Weighted Average Remaining Contractual Life (Yrs.), Expected to Vest |
2 years 10 months 2 days
|
|
Aggregate Intrinsic Value, Outstanding, Expected of Vest |
|
|
Number of Options, Exercisable |
34,578
|
|
Weighted Average Exercise Price, Exercisable |
$ 47.31
|
|
Weighted Average Remaining Contractual Life (Yrs.), Exercisable |
2 years 5 months 4 days
|
|
Aggregate Intrinsic Value, Outstanding, Exercisable |
|
|
Number of Options, Vested, Exercisable and Options Expected to Vest, Balance |
40,223
|
|
Weighted Average Exercise Price, Vested, Exercisable and Options Expected to Vest |
$ 44.80
|
|
Weighted Average Remaining Contractual Life (Yrs.), Vested, Exercisable and Options Expected to Vest |
2 years 5 months 26 days
|
|
Aggregate Intrinsic Value, Outstanding,Exercisable and Options Expected to Vest |
|
|
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v3.24.3
Schedule of Warranty Activity (Details) - $ / shares
|
6 Months Ended |
12 Months Ended |
Aug. 31, 2024 |
Feb. 29, 2024 |
Equity [Abstract] |
|
|
Warrants Outstanding, Beginning Balance |
486,165
|
|
Weighted Average Exercise Price Outstanding, Beginning Balance |
$ 9.94
|
|
Warrants, Assumed pursuant to reverse acquisition |
|
217,593
|
Weighted Average Exercise Price, Assumed pursuant to reverse acquisition |
|
$ 21.01
|
Weighted Average Remaining Contractual Life (Yrs.), Assumed pursuant to reverse acquisition |
|
1 year 10 months 9 days
|
Warrants, Granted |
|
268,572
|
Weighted Average Exercise Price, Granted |
|
$ 3.02
|
Weighted Average Remaining Contractual Life (Yrs.), Granted |
|
2 years 2 months 1 day
|
Warrants, Exercised |
|
|
Weighted Average Exercise Price, Exercised |
|
|
Warrants, Forfeited or cancelled |
(2,102)
|
|
Weighted Average Exercise Price, Forfeited or cancelled |
$ 322.00
|
|
Weighted Average Remaining Contractual Life (Yrs.) Outstanding |
1 year 5 months 15 days
|
1 year 11 months 15 days
|
Warrants Outstanding, Ending Balance |
484,063
|
486,165
|
Weighted Average Exercise Price Outstanding, Ending Balance |
$ 8.58
|
$ 9.94
|
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v3.24.3
Stockholders’ Equity (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
|
|
|
Aug. 31, 2024 |
Aug. 15, 2024 |
Aug. 31, 2024 |
May 31, 2024 |
Aug. 31, 2024 |
Aug. 31, 2023 |
Feb. 29, 2024 |
Mar. 08, 2024 |
Mar. 07, 2024 |
Feb. 22, 2024 |
Jan. 26, 2024 |
Jan. 04, 2024 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
250,000,000
|
|
250,000,000
|
|
250,000,000
|
|
1,200,000
|
250,000,000
|
1,200,000
|
|
|
|
Preferred stock, shares authorized |
10,000,000
|
|
10,000,000
|
|
10,000,000
|
|
10,000,000
|
|
|
|
|
|
Preferred stock, par value |
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
|
|
|
|
|
Preferred stock, shares issued |
93,295
|
|
93,295
|
|
93,295
|
|
472,996
|
|
|
|
|
|
Preferred stock, shares outstanding |
93,295
|
|
93,295
|
|
93,295
|
|
472,996
|
|
|
|
|
|
Common stock reserved for future issuance |
78,877
|
|
78,877
|
|
78,877
|
|
|
|
|
|
|
|
Number of options issued |
|
|
|
|
|
|
|
|
|
|
|
|
Options exercise price |
|
|
|
|
$ 2.59
|
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of options issued |
|
|
|
|
0
|
0
|
|
|
|
|
|
|
Stock based compensation |
|
|
$ 13,841
|
|
$ 30,235
|
$ 0
|
|
|
|
|
|
|
Unrecognized stock-based compensation expense |
$ 16,139
|
|
16,139
|
|
$ 16,139
|
|
|
|
|
|
|
|
Weighted average remaining recognition period |
|
|
|
|
8 months 26 days
|
|
|
|
|
|
|
|
Stock Appreciation Rights [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of options issued |
|
|
|
|
|
|
|
|
|
|
|
|
Options exercise price |
|
|
|
|
$ 2.59
|
|
|
|
|
|
|
|
Unrecognized stock-based compensation expense |
$ 943
|
|
$ 943
|
|
$ 943
|
|
|
|
|
|
|
|
Weighted average remaining recognition period |
|
|
|
|
7 months 20 days
|
|
|
|
|
|
|
|
2023 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock reserved for future issuance |
7,000,000
|
|
7,000,000
|
|
7,000,000
|
|
|
|
|
|
|
|
Dooya Media Group Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock issued |
|
|
42,709
|
|
|
|
|
|
|
|
|
|
Series G Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock issued |
|
|
|
100,000
|
|
|
|
|
|
|
|
|
Number of shares converted |
|
|
|
100,000
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
100,000
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
Preferred stock, shares outstanding |
0
|
|
0
|
|
0
|
|
|
|
|
|
|
|
Preferred stock redemption right, description |
|
|
|
|
The Company shall have the right to redeem up to 50% of the Series G Preferred Stock for an aggregate price of $1.00 in accordance
with the terms of the Perpetual License Agreement
|
|
|
|
|
|
|
|
Series H Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock issued |
|
|
|
117,000
|
|
|
|
|
|
|
|
|
Number of shares converted |
|
|
|
117,000
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
150,000
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
Preferred stock, shares issued |
33,000
|
|
33,000
|
|
33,000
|
|
|
|
|
|
|
|
Preferred stock, shares outstanding |
33,000
|
|
33,000
|
|
33,000
|
|
|
|
|
|
|
|
Converted issuance of shares of common stock |
33,000
|
|
33,000
|
|
33,000
|
|
|
|
|
|
|
|
Series I Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock issued |
|
|
|
192,502
|
|
|
|
|
|
|
|
|
Number of shares converted |
|
|
|
192,502
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
331,124
|
|
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
Preferred stock, shares issued |
59,979
|
|
59,979
|
|
59,979
|
|
|
|
|
|
|
|
Preferred stock, shares outstanding |
59,979
|
|
59,979
|
|
59,979
|
|
|
|
|
|
|
|
Converted issuance of shares of common stock |
59,979
|
|
59,979
|
|
59,979
|
|
|
|
|
|
|
|
Series I Convertible Preferred Stock [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, shares |
24,834
|
4,967
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, shares price |
$ 3.02
|
$ 3.02
|
$ 3.02
|
|
$ 3.02
|
|
|
|
|
|
|
|
Sale of stock proceeds |
$ 75,000
|
$ 15,000
|
|
|
|
|
|
|
|
|
|
|
Series E Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value |
$ 1,500
|
|
$ 1,500
|
|
$ 1,500
|
|
|
|
|
|
|
|
Preferred stock, shares issued |
316
|
|
316
|
|
316
|
|
|
|
|
|
|
|
Preferred stock, shares outstanding |
316
|
|
316
|
|
316
|
|
|
|
|
|
|
|
Dividends percentage |
|
|
|
|
9.00%
|
|
|
|
|
|
|
|
Conversion price per share |
$ 0.13
|
|
$ 0.13
|
|
$ 0.13
|
|
|
|
|
|
|
|
Converted issuance of shares of common stock |
3,259
|
|
3,259
|
|
3,259
|
|
|
|
|
|
|
|
Series F Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
|
5,843,993
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
Preferred stock, shares outstanding |
0
|
|
0
|
|
0
|
|
|
|
|
|
|
|
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v3.24.3
Subsequent Events (Details Narrative) - USD ($)
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
|
Oct. 01, 2024 |
Sep. 19, 2024 |
Sep. 13, 2024 |
Aug. 31, 2024 |
Aug. 15, 2024 |
Oct. 11, 2024 |
May 31, 2024 |
Aug. 31, 2024 |
Aug. 31, 2023 |
Sep. 18, 2024 |
Jul. 11, 2024 |
May 24, 2024 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds |
|
|
|
|
|
|
|
$ 140,000
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
|
|
|
7.50%
|
7.50%
|
Series I Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
192,502
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Series I Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, shares |
|
|
|
24,834
|
4,967
|
|
|
|
|
|
|
|
Sale of stock, shares price |
|
|
|
$ 3.02
|
$ 3.02
|
|
|
$ 3.02
|
|
|
|
|
Sale of stock proceeds |
|
|
|
$ 75,000
|
$ 15,000
|
|
|
|
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Related party advances |
|
|
|
|
|
$ 84,060
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
$ 2,802,654
|
|
|
|
|
|
|
Conversion percentage |
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
Stockholders equity minimum required |
|
|
|
|
|
|
|
|
|
$ 2,500,000
|
|
|
Debt instrument description |
|
Company’s common stock at a conversion
price of eighty percent (80%) of the lowest traded price of the common stock during the twenty (20) business days prior to Alumni’s
delivery of a notice of conversion (the “Conversion Price’), subject to adjustment in the event the Company is no longer
DWAC eligible, is subject to a DTC “chill” and/or the Company ceases to be a reporting issuer. Notwithstanding the foregoing,
conversions will be subject to limitation whereby such conversion would result in beneficial ownership by Alumni and its affiliates of
more than 9.99% of the outstanding shares of Company’s common stock (the “Beneficial Ownership Limitation”) or would
exceed 19.99% of the Company’s outstanding common stock
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase of common stock |
|
96,774
|
|
|
|
|
|
|
|
|
|
|
Exercise price per share |
|
$ 3.10
|
|
|
|
|
|
|
|
|
|
|
Warrants exercise term |
|
5 years
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
$ 300,000
|
|
|
|
|
|
|
|
|
|
|
Total consideration |
|
250,000
|
|
|
|
|
|
|
|
|
|
|
Net proceeds |
|
230,000
|
|
|
|
|
|
|
|
|
|
|
Original issue discount |
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
Dec. 19, 2024
|
|
|
|
|
|
|
|
|
|
|
Number of purchase of shares |
|
$ 10,000,000
|
|
|
|
|
|
|
|
|
|
|
Sale of stock description |
|
Pursuant
to the Common Stock SPA, the “Purchase Price” means the lowest traded price of Company common stock during the five (5) business
days prior a closing date multiplied by eighty nine percent (89%). No Purchase Notice will be made without an effective registration
statement and no Purchase Notice will be in an amount greater than $500,000.
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
32,786
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Series I Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, shares |
66,225
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, shares price |
$ 3.02
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock proceeds |
$ 200,000
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
22.00%
|
|
|
|
|
|
|
|
|
|
|
Number of purchase of shares |
|
$ 10,000,000
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Messrs Kerby And Monaco [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Conversion percentage |
|
|
56.30%
|
|
|
|
|
|
|
|
|
|
Converted amount |
|
|
$ 1,500,000
|
|
|
|
|
|
|
|
|
|
Outstanding principal amount |
|
|
$ 2,666,790
|
|
|
|
|
|
|
|
|
|
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