Summary by Futu AI
Novo Integrated Sciences reported financial results for the quarter ended May 31, 2024, with revenues of $3,151,851, a slight decrease from $3,292,933 in the same period last year. The company's operating loss widened to $2,520,203 from $1,430,418 year-on-year, primarily due to increased operating expenses and a significant loss from the change in fair value of derivative liability. Net loss for the quarter was substantial at $13,741,903, compared to $1,497,330 in the previous year, largely impacted by the derivative liability and foreign currency exchange losses. For the nine-month period, revenues increased by 10% to $10,213,661, but the net loss also grew to $21,168,374 from $10,054,098. The company's financial performance was affected by various factors, including changes in product costs, higher operating costs, and increased interest expenses due to...Show More