TURBINE TRUCK ENGINES INC

CIK:0001138978|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Income Statement [Abstract]
Revenues	$ 13,294,357	$ 12,572,019
Cost of revenues	7,551,853	7,619,304
Gross profit	5,742,504	4,952,715
Operating expenses:
Selling expenses	17,137	15,149
General and administrative expenses	14,039,265	13,490,728
Impairment of assets	761,067
Goodwill impairment	1,001,333
Total operating expenses	15,818,802	13,505,877
Loss from operations	(10,076,298)	(8,553,162)
Non-operating income (expense)
Interest income	202,525	9,027
Interest expense	(652,398)	(360,571)
Other (expense) income	(1,032,620)	607,589
Change in fair value of derivative liability	3,594,171
Amortization of debt discount	(6,574,862)	(4,757,121)
Foreign currency transaction losses	(1,589,088)	(215,206)
Total other income (expense)	(6,052,272)	(4,716,282)
Loss before income taxes	(16,128,570)	(13,269,444)
Income tax expense (recovery)
Net loss	(16,128,570)	(13,269,444)
Net loss attributed to noncontrolling interest	38,174	(54,892)
Net loss attributed to Novo Integrated Sciences, Inc.	(16,166,744)	(13,214,552)
Comprehensive loss:
Net loss	(16,128,570)	(13,269,444)
Foreign currency translation loss	(1,744,627)	(922,609)
Comprehensive loss:	$ (17,873,197)	$ (14,192,053)
Weighted average common shares outstanding - basic	18,032,015	10,165,548
Weighted average common shares outstanding - diluted	18,032,015	10,165,548
Net loss per common share - basic	$ (0.89)	$ (1.30)
Net loss per common share - diluted	$ (0.89)	$ (1.30)

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Aug. 31, 2024	Aug. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (16,128,570)	$ (13,269,444)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,261,519	2,302,754
Fair value of vested stock options	147,656	385,335
Financing costs for debt extension		1,421,583
Change in fair value of derivative liability	(3,594,171)
Default payment and interest paid through common share issuance		205,349
Cashless exercise of warrants	1,323,398
Common stock issued for services	1,195,400	480,592
Operating lease expense	616,799	797,515
Cancellation of shares to be issued	62,130
Amortization of debt discount	6,574,862	4,757,121
Foreign currency transaction losses	1,589,088	215,206
Impairment of assets	761,067
Assets write off	321,872
Goodwill impairment	1,001,333
Changes in operating assets and liabilities:
Accounts receivable	(453,252)	(597,191)
Inventory	(210,883)	(255,781)
Prepaid expenses and other current assets	(259,972)	210,382
Accounts payable	(267,211)	1,770,589
Accrued expenses	330,276	153,598
Accrued interest	275,618	(58,066)
Operating lease liability	(616,799)	(762,852)
Net cash used in operating activities	(5,069,840)	(2,243,315)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(5,034)	(49,224)
Net cash (used in) provided by investing activities	(5,034)	(49,224)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Repayments to) receipt from related parties	(396,418)	7,206
Proceeds from notes payable	402	222,780
Repayments of notes payable	(183,725)	(37,130)
Repayments of finance leases	(7,334)	(8,611)
Proceeds from issuance of convertible notes	8,649,153	1,285,903
Repayment of convertible notes	(3,311,536)	(3,033,888)
Proceeds from the sale of common stock, net of offering costs		1,795,000
Proceeds from exercise of warrants	240,400	532,600
Net cash provided by financing activities	4,990,942	763,860
Effect of exchange rate changes on cash and cash equivalents	512,193	(233,685)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	428,261	(1,762,364)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	416,323	2,178,687
CASH AND CASH EQUIVALENTS, END OF YEAR	844,584	416,323
CASH PAID FOR:
Interest	190,491	432,094
Income taxes
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
Common stock issued for convertible debt	$ 1,610,883	$ 9,968,140
Common stock issued for acquisition
Warrants issued with convertible notes		257,994
Beneficial conversion feature upon issuance of convertible notes		$ 164,046
Debt discount recognized on derivative liability		1,390,380
Extinguishment of derivative liability due to conversion		1,390,380
Debt discount recognized on convertible note		975,024
Common stock issued with convertible notes		247,887
Common stock issued for services	1,195,400
Cashless exercise of warrants	$ 1,323,398

Consolidated Balance Sheets - USD ($)	Aug. 31, 2024	Aug. 31, 2023
Current Assets:
Cash and cash equivalents	$ 844,584	$ 416,323
Accounts receivable, net	1,916,819	1,467,028
Inventory, net	1,000,742	1,106,983
Other receivables	1,235,423	1,051,584
Prepaid expenses and other current assets	417,282	346,171
Total current assets	5,414,850	4,388,089
Property and equipment, net	5,110,776	5,390,038
Intangible assets, net	13,369,868	16,218,539
Right-of-use assets, net	1,691,309	1,983,898
Goodwill	6,554,473	7,582,483
TOTAL ASSETS	32,141,276	35,563,047
Current Liabilities:
Accounts payable	3,235,800	3,513,842
Accrued expenses	1,592,288	1,233,549
Accrued interest (including amounts to related parties)	624,287	382,666
Government loans and notes payable, current portion	45,681	277,405
Convertible notes payable, net of discount of $3,505,849	2,704,151	558,668
Derivative liability	4,685,198
Contingent liability	13,836	61,767
Finance lease liability, current portion	4,354	11,744
Operating lease liability, current portion	403,291	415,392
Total current liabilities	14,579,412	7,904,858
Government loans and notes payable, net of current portion	112,001	65,038
Operating lease liability, net of current portion	1,440,367	1,693,577
Deferred tax liability	1,395,571	1,400,499
TOTAL LIABILITIES	17,527,351	11,063,972
Commitments and contingencies
Novo Integrated Sciences, Inc.
Convertible preferred stock; $0.001 par value; 1,000,000 shares authorized; Nil shares issued and outstanding at August 31, 2024 and August 31, 2023
Common stock; $0.001 par value; 499,000,000 shares authorized; 19,054,523 and 15,759,325 shares issued and outstanding at August 31, 2024 and August 31, 2023, respectively	19,055	15,760
Additional paid-in capital	96,660,607	90,973,316
Common stock to be issued (1,700 and 91,138 shares at August 31, 2024 and August 31, 2023)	25,500	1,217,293
Other comprehensive (loss) income	1,387,244	(357,383)
Accumulated deficit	(83,199,785)	(67,033,041)
Total Novo Integrated Sciences, Inc. stockholders’ equity	14,892,621	24,815,945
Noncontrolling interest	(278,696)	(316,870)
Total stockholders’ equity	14,613,925	24,499,075
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	32,141,276	35,563,047
Related Party [Member]
Current Liabilities:
Debentures, related parties, current portion	913,598	916,824
Due to related parties	$ 356,928	$ 533,001