NutraLife Biosciences, Inc Reports 2018 Year End Financial Results
Announcement posted by ACN Newswire 23 Apr 2019
Coconut Creek, FL, Apr 4, 2019 - (ACN Newswire) - via NEWMEDIAWIRE -- NutraLife Biosciences Inc. (NutraLife Biosciences or NLBS) (OTCQB: NLBS), a developer, manufacturer and distributor of nutraceutical and CBD products, today announced the filing of its Form 10-K and financial results for the fiscal year ended December 31st, 2018.
Highlights from the Company's financial results reported in its Form 10-K for the year ended December 31, 2018 include:
* Sales increased to $3,711,327 for the year ended December 31, 2018 compared to $1,790,168 for the year ended December 31, 2017, an increase of approximately 107.3%.
* Cost of sales was $2,211,039 compared to $1,055,042 for the years ended December 31, 2018 and 2017, respectively, or a 109.6% increase.
* Net Loss decreased approximately 91.3% to $2,074,537 in the year ended December 31, 2018 from $23,629,117 in 2017.
* Gross margin for the year ended December 31, 2018 was $1,500,288, a 104.1% increase over the year ended December 31, 2017.
* For the year ended December 31, 2018, Loss from Operations decreased approximately 90.6% from 2017 ($1,906,044 compared to $20,289,624).
* Cash provided by financing activities for the year ended December 31, 2018 decreased approximately 19.4% from 2017.
* General and Administrative Expenses increased for the year ended December 31, 2018 to $2,070,714 or approximately 17.6% from $1,760,148 for the year ended December 31, 2017.
* New Debt increased in the year ended December 31, 2018 to $480,000.
* The annual loss for the year ended December 31, 2018 includes approximately $1,200,000 of non-cash charges relating to the conversion of debt and shares issued for services.
"NutraLife BioSciences is pleased to report its 2018 year-end financials and announced that its revenues have improved more than approximately 107% over 2017," said Edgar Ward, NLBS's CEO. "The notable increase in our revenue is a direct result of increased business and reorder production over this past year. NLBS's net loss reflects non-recurring additional paid in capital as non-cash and is in the form of stock issued at fixed prices for debt conversions and for services rendered throughout the year. NLBS has entered phase two of its build-out of its new 20,000 square foot manufacturing facility in Deerfield Beach, Florida. We look forward to the increased capacity and efficiencies that will come with our new state of the art facility. We plan to move into the new facility by the end of the second quarter."
The financial information contained in this press release is qualified in its entirety by the audited financial statements and financial statement notes included in the Company's Form 10-K for the year ended December 31, 2018, filed with the Securities & Exchange Commission on April 2, 2019.
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. NutraLife BioSciences, Inc. ("NLBS") 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 the Company's current expectations and projections are accurate. 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, 2018 filed with the Securities and Exchange Commission on April 2, 2019.
Source: NutraLife BioSciences, Inc.
Highlights from the Company's financial results reported in its Form 10-K for the year ended December 31, 2018 include:
* Sales increased to $3,711,327 for the year ended December 31, 2018 compared to $1,790,168 for the year ended December 31, 2017, an increase of approximately 107.3%.
* Cost of sales was $2,211,039 compared to $1,055,042 for the years ended December 31, 2018 and 2017, respectively, or a 109.6% increase.
* Net Loss decreased approximately 91.3% to $2,074,537 in the year ended December 31, 2018 from $23,629,117 in 2017.
* Gross margin for the year ended December 31, 2018 was $1,500,288, a 104.1% increase over the year ended December 31, 2017.
* For the year ended December 31, 2018, Loss from Operations decreased approximately 90.6% from 2017 ($1,906,044 compared to $20,289,624).
* Cash provided by financing activities for the year ended December 31, 2018 decreased approximately 19.4% from 2017.
* General and Administrative Expenses increased for the year ended December 31, 2018 to $2,070,714 or approximately 17.6% from $1,760,148 for the year ended December 31, 2017.
* New Debt increased in the year ended December 31, 2018 to $480,000.
* The annual loss for the year ended December 31, 2018 includes approximately $1,200,000 of non-cash charges relating to the conversion of debt and shares issued for services.
"NutraLife BioSciences is pleased to report its 2018 year-end financials and announced that its revenues have improved more than approximately 107% over 2017," said Edgar Ward, NLBS's CEO. "The notable increase in our revenue is a direct result of increased business and reorder production over this past year. NLBS's net loss reflects non-recurring additional paid in capital as non-cash and is in the form of stock issued at fixed prices for debt conversions and for services rendered throughout the year. NLBS has entered phase two of its build-out of its new 20,000 square foot manufacturing facility in Deerfield Beach, Florida. We look forward to the increased capacity and efficiencies that will come with our new state of the art facility. We plan to move into the new facility by the end of the second quarter."
The financial information contained in this press release is qualified in its entirety by the audited financial statements and financial statement notes included in the Company's Form 10-K for the year ended December 31, 2018, filed with the Securities & Exchange Commission on April 2, 2019.
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. NutraLife BioSciences, Inc. ("NLBS") 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 the Company's current expectations and projections are accurate. 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, 2018 filed with the Securities and Exchange Commission on April 2, 2019.
Source: NutraLife BioSciences, Inc.