COCONUT CREEK, Fla., Nov. 14, 2018 (GLOBE NEWSWIRE) -- NutraFuels, Inc. (“NTFU” or the “Company”), a manufacturer and distributor of CBD and nutritional spray products and tinctures, announces its financial results for the three (3) and nine (9) month period ended September 30, 2018 with revenue of $1,062,146 and $2,870,462 respectively compared to $652,385 and $1,027,727 for the three (3) and nine (9) month period ended September 30, 2017.
NUTRAFUELS, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
| September 30, 2018 | September 30, 2017 | September 30, 2018 | September 30, 2017 | ||||||||||||||
| Revenue | $ | 1,062,146 | $ | 652,385 | $ | 2,870,462 | $ | 1,029,727 | |||||||||
| Cost of sales | 775,191 | 334,699 | 1,503,468 | 617,958 | |||||||||||||
| Gross Profit | 286,955 | 317,686 | 1,366,994 | 411,769 | |||||||||||||
| OPERATING EXPENSES: | |||||||||||||||||
| Sales, advertising and promotion | 139,890 | 266 | 178,064 | 51,151 | |||||||||||||
| Officer salaries | 87,000 | 25,000 | 239,000 | 221,330 | |||||||||||||
| Noncash compensation | 183,453 | 8,493,180 | 1,167,290 | 19,134,686 | |||||||||||||
| General and administrative expenses | 547,956 | 308,226 | 1,190,180 | 815,035 | |||||||||||||
| Depreciation expense | 10,824 | 17,622 | 96,852 | 50,841 | |||||||||||||
| Total operating expenses | 969,123 | 8,844,294 | 2,871,386 | 20,273,043 | |||||||||||||
| LOSS FROM OPERATIONS | (682,168 | ) | (8,526,608 | ) | (1,504,392 | ) | (19,861,274 | ) | |||||||||
| OTHER INCOME AND (EXPENSE) | |||||||||||||||||
| Other income | 8,928 | - | 12,537 | - | |||||||||||||
| Other expense | (10,407 | ) | - | (10,407 | ) | - | |||||||||||
| Gain on settlement of debt | - | - | - | 717 | |||||||||||||
| Induced debt conversion loss | - | - | (18,004 | ) | (3,117,125 | ) | |||||||||||
| Finance costs | (24,030 | ) | - | (24,030 | ) | - | |||||||||||
| Interest expense | (9,450 | ) | (583 | ) | (9,937 | ) | (224,530 | ) | |||||||||
| Total other income (expense) | (34,959 | ) | (583 | ) | (49,841 | ) | (3,340,677 | ) | |||||||||
| Net loss before income taxes | (717,127 | ) | (8,527,191 | ) | (1,554,233 | ) | (23,202,212 | ) | |||||||||
| Income tax expense | - | - | - | - | |||||||||||||
| Net loss | $ | (717,127 | ) | $ | (8,527,191 | ) | $ | (1,554,233 | ) | $ | (23,202,212 | ) | |||||
| Loss per weighted average common | |||||||||||||||||
| share - basic and diluted | $ | (0.01 | ) | $ | (0.12 | ) | $ | (0.02 | ) | $ | (0.33 | ) | |||||
| Number of weighted average common | |||||||||||||||||
| shares outstanding - basic and diluted | 88,635,101 | 73,403,796 | 85,997,383 | 70,266,530 | |||||||||||||
NUTRAFUELS, INC.
Condensed Consolidated Balance Sheets
| | |||||||
| ASSETS | September 30, 2018 | December 31, 2017 | |||||
| (Unaudited) | |||||||
| CURRENT ASSETS | |||||||
| Cash and cash equivalents | $ | 210,190 | $ | 172,948 | |||
| Accounts receivable, net | 20,537 | - | |||||
| Inventory | 429,605 | 162,194 | |||||
| Prepaid expenses and other current assets | 164,856 | 332,460 | |||||
| Total current assets | 825,188 | 667,602 | |||||
| PROPERTY AND EQUIPMENT | |||||||
| Furniture, fixtures and equipment | 1,251,293 | 425,005 | |||||
| Leasehold improvements | 422,105 | 154,842 | |||||
| Total property and equipment | 1,673,398 | 579,847 | |||||
| Less accumulated depreciation | (390,168 | ) | (293,317 | ) | |||
| Property and equipment, net | 1,283,230 | 286,530 | |||||
| Total Assets | $ | 2,108,418 | $ | 954,132 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| CURRENT LIABILITIES | |||||||
| Accounts payable | $ | 292,401 | $ | 87,504 | |||
| Accrued expenses | 421,602 | 206,105 | |||||
| Customer deposits | 202,832 | - | |||||
| Current portion of capital leases | 959 | - | |||||
| Liability for shares to be issued | 74,637 | - | |||||
| Total current liabilities | 992,431 | 293,609 | |||||
| LIABILITIES | |||||||
| Capital leases, net of current portion | 18,220 | - | |||||
| Convertible note, net of unamortized discount of $299,495 and $0 | 80,504 | - | |||||
| Total liabilities | 1,091,155 | 293,609 | |||||
| STOCKHOLDERS’ EQUITY | |||||||
| Preferred stock, $0.0001 par value, authorized 10,000 shares; 1,000 shares issued and outstanding | - | - | |||||
| Common stock, $0.0001 par value, authorized 499,990,000 shares; 90,067,069 and 81,448,561 issued and outstanding shares | 9,007 | 8,144 | |||||
| Additional paid-in capital | 35,321,409 | 33,411,300 | |||||
| Accumulated deficit | (34,313,153 | ) | (32,758,921 | ) | |||
| Total stockholders’ equity | 1,017,263 | 660,523 | |||||
| Total Liabilities and Stockholders’ Equity | $ | 2,108,418 | $ | 954,132 | |||
Forward Looking Statements
This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as “may,” “will,” “except,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “future” or other similar expressions. NutraFuels, Inc. (“NTFU” or the “Company”) has based these forward-looking statements largely on the Company’s current expectations and projections about future events and financial trends that the Company believes may affect Company’s financial condition, results of operations, business strategy and financial needs. There is no assurance that Company’s current expectations and projections are accurate. All forward-looking statements in this press release are based on information available to the Company on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to differ materially from those implied by the forward-looking statements. More detailed information about these risk factors are set forth in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the Section entitled “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission on April 17, 2018. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law.
Contact:
NutraFuels, Inc.
6601 Lyons Road, Suite L-6
Coconut Creek, FL 33073
Telephone 888-509-8901
www.NutraFuels.com
www.NutraHempCBD.com