NutraFuels, Inc. (NTFU), Announces Third Quarter 2018 Results

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NutraFuels, Inc. (NTFU), Announces Third Quarter 2018 Results

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.

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