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

 

 
   
ASSETSSeptember 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.

Contact:
NutraFuels, Inc.
6601 Lyons Road, Suite L-6
Coconut Creek, FL  33073
Telephone 888-509-8901
www.NutraFuels.com
www.NutraHempCBD.com

 

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