NextPlay Technologies, Inc. (NXTP), a leading technology company, ha s announced its financial results for the nine months ended November 30, 2022. The company reported a net loss of $17.99 million and generated revenue of $1.55 million during this period.**
Financial Statements
The unaudited condensed consolidated balance sheets and statements of operations, net and comprehensive loss for NextPlay Technologies, Inc. are as follows:
Condensed Consolidated Balance Sheets (Unaudited)
The company's total assets amounted to $103.85 million as of November 30, 2022, compared to $99.75 million as of February 28, 2022. Current assets stood at $61.07 million, including cash and cash equivalents of $2.56 million and short-term investments of $305,412. Non-current assets totaled $42.78 million.
NextPlay Technologies reported total liabilities of $57.90 million, an increase from $31.89 million as of February 28, 2022. Current liabilities were $57.55 million, which included line of credit and notes payable, accounts payable and accrued expenses, and other current liabilities. Non-current liabilities amounted to $351,968.
The company generated revenue of $1.55 million for the nine months ended November 30, 2022, compared to $713,879 for the same period in 2021. The cost of revenue was $1.12 million, resulting in a gross profit of $436,443.
Operating expenses for the nine-month period amounted to $14.33 million, including general and administrative expenses, salaries and benefits, technology and development expenses, stock-based compensation, and selling and promotions expenses. The operating loss was $13.89 million.
Other income and expenses, including valuation loss, allowance for credit loss, interest income/expense, realized loss on sale of marketable securities, and other income/expense, totaled -$961,717. After considering these factors, NextPlay Technologies reported a net loss of $14.85 million before taxes from continuing operations.
The company's net loss after tax from continuing operations was $14.85 million, and the net loss after tax from discontinued operations was $5.69 million. Including the share of loss to non-controlling interests, the net loss attributable to the parent company was $17.99 million.
For the three months ended November 30, 2022, NextPlay Technologies reported changes in its stockholders' equity. The common stock shares issued for compensation and consulting services, assets acquisition, and other factors contributed to the increase in additional paid-in capital. The accumulated deficit also increased, leading to a decrease in the stockholders' equity attributable to the parent company.
NextPlay Technologies reported a net loss of $17.99 million and generated revenue of $1.55 million for the nine months ended November 30, 2022. The company experienced an increase in total assets but also an increase in total liabilities. Operating expenses and other income/expenses impacted the financial results. Despite the challenges, NextPlay Technologies remains committed to its goals and will continue to navigate the evolving market landscape.