Mon, Sep 16, 9:15 PM (95 days ago)
For the quarter ended May 31, 2024, NextTrip, Inc. (formerly Sigma Additive Solutions, Inc.) reported significant financial challenges, including a net loss of $1,989,405, up from $1,095,371 in the same quarter of 2023. Revenue surged to $188,793, an 865% increase year-over-year, primarily driven by the integration of the BookIt asset and Expedia into its booking engine, NXT 2.0. However, operating expenses also escalated to $1,967,613, a 90.7% rise, mainly due to costs associated with the launch of NXT 2.0 and professional service fees related to the reverse acquisition. The company faced a working capital deficit of $2,109,148 and cash reserves dwindled to $36,679, raising substantial doubts about its ability to continue operations without additional funding. Cash used in operating activities increased significantly to $1,151,220, reflecting a 94.7% rise. Despite these challenges, the company is focused on expanding its travel technology solutions and enhancing its market position. Future financing remains uncertain, with no current arrangements in place, potentially impacting operational viability.