NUTRAFUELS INC

CIK:0001563463|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Sales	$ 115,149	$ 70,655	$ 251,462	$ 246,124
Cost of Sales	20,587	43,568	148,377	175,852
Gross Profit	94,562	27,087	103,085	70,272
Operating expenses
Advertising and Promotion	4,690	6,386	18,822	14,452
Stock-based compensation		120,000	390,515	2,514,514
General and administrative	473,265	406,918	1,309,813	1,306,192
Depreciation and amortization	61,867	33,691	207,880	93,099
Total operating expenses	539,822	566,995	1,927,030	3,928,257
Loss from operations	(445,260)	(539,908)	(1,823,945)	(3,857,985)
Other Income (Expense)
Other income (expense)	257	1,446	26,171	3,444
Income from sublease	55,400	30,000	84,100	50,000
Income from debt forgiveness				244,700
Finance costs	(788,378)	(179,795)	(1,448,958)	(1,440,173)
Total other income (expense)	(732,721)	(148,349)	(1,338,687)	(1,142,029)
Loss before income taxes	(1,177,981)	(688,257)	(3,162,632)	(5,000,014)
Income tax expense
Net loss	$ (1,177,981)	$ (688,257)	$ (3,162,632)	$ (5,000,014)
Net loss per weighted average common share - basic and diluted	$ (0.01)	$ (0.00)	$ (0.01)	$ (0.03)
Number of weighted average shares outstanding - basic and diluted	175,721,138	167,747,292	174,989,060	163,246,035

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
OPERATING ACTIVITIES
Net loss	$ (3,162,632)	$ (5,000,014)
Adjustments to reconcile net loss to net cash used in operating activities:
Income from debt forgiveness		(244,700)
Depreciation	37,044	44,372
Warrants issued in connection with finance costs	429,165	962,176
Warrants issued in connection with revenue share agreements	571,227
Stock-based compensation	390,515	2,514,514
Amortization of debt discount	200,900	297,325
Amortization of right of use asset	137,486	157,104
Amortization of intangible asset	31,946	48,726
Amortization of license	138,890
Bad debt recoveries	(11,800)
Changes in operating assets and liabilities:
Accounts receivable	7,325	67,279
Inventories	(63,870)	(3,030)
Prepaid expenses	9,079
Accounts payable	(90,896)	29,816
Accrued expenses	420,797	191,575
Deferred revenue	(45,476)	160,816
Customer deposits		(22,700)
Operating lease liabilities	(141,123)	(162,545)
Net Cash Used in Operating Activities	(1,141,333)	(959,286)
INVESTING ACTIVITIES
Purchase of property and equipment	(3,200)
Purchase of license	(1,000,000)
Purchase of investment	(225,000)
Net cash used in Investing Activities	(1,228,200)
FINANCING ACTIVITIES
Proceeds from SBA financing		243,275
Proceeds from debt issuances	449,010	512,500
Proceeds from revenue share agreements	2,360,000
Common stock and warrants issued for cash	110,000	348,000
Payments on revenue share agreements	(5,198)
Payments of debt	(230,060)
Payments on finance leases	(18,275)	(14,729)
Net Cash Provided by Financing Activities	2,665,477	1,089,046
NET CHANGE IN CASH AND CASH EQUIVALENTS	295,944	129,760
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	135,769	742
CASH AND CASH EQUIVALENTS AT END OF PERIOD	431,713	130,502
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes
Cash paid for interest
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES
Right of use asset addition under ASC 842	209,044
Operating lease liabilities under ASC 842	209,044
Debt and accrued interest converted to equity	38,055	159,784
Warrants issued for the issuance of debt	$ 450,034	$ 370,267

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 431,713	$ 135,769
Accounts receivable, net of allowance for doubtful accounts in the amount of $0 and $0	48,717	44,198
Inventories	373,204	309,334
Prepaid and other current assets	19,918	28,997
Total current assets	873,552	518,298
Property and equipment, net	2,231,352	2,265,196
Operating lease right-of-use assets	520,713	449,155
Investments	1,283,326	383,326
Deposit on equity and license agreement		675,000
License, net	861,110
Intangible asset, net	227,704	525,150
Other assets	35,000	35,000
Total Assets	6,032,757	4,851,125
Current Liabilities:
Accounts payable	192,268	283,164
Accrued expenses (related party $266,041 and $148,552)	1,433,443	1,043,891
Deferred revenue	25,045	70,521
Liability for stock to be issued		265,500
Current portion of finance leases		17,161
Current portion of operating lease liability	218,860	141,911
Notes payable, net of unamortized discount of $52,084 and $200,542 (related party $1,000,000 and $1,000,000)	2,548,067	2,621,506
Other current liabilities	33,000	33,000
Total current liabilities	4,450,683	4,476,654
Long-term Liabilities:
Notes payable - SBA, net of current portion	10,000	10,000
Operating lease liability, net of current portion	341,859	350,887
Revenue share agreements payable	3,545,502	725,000
Finance leases, net of current portion		1,114
Total liabilities	8,348,044	5,563,655
Mezzanine Equity
Preferred stock; $0.0001 par value, authorized 10,000 shares, 1,000 shares Series A issued and outstanding	1	1
Stockholders’ Equity
Preferred stock value
Common stock; $0.0001 par value, 499,990,000 authorized shares; 176,623,223 and 171,398,834 shares issued and outstanding	17,656	17,133
Additional paid-in-capital	48,387,996	46,828,644
Accumulated deficit	(50,720,940)	(47,558,308)
Total stockholders’ deficit	(2,315,287)	(712,530)
Total Liabilities, Mezzanine Equity, and Stockholders’ Deficit	$ 6,032,757	$ 4,851,125