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NextTrip Inc. (NTRP+1.00%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports a decrease in revenue to $74,635 for the three months ended November 30, 2024, compared to $205,789 in the same period of 2023. The decrease is attributed to reduced marketing efforts due to limited funding.
Cost of revenue decreased to $76,751 from $162,072 in the same period of 2023, reflecting lower sales and marketing activities.
Operating expenses increased to $1,771,411 from $1,274,820 in the prior year, driven by the relaunch of the NXT 2.0 booking engine and transition to public company status.
The company reported a net loss of $2,009,829 from continuing operations for the quarter, compared to a net loss of $1,308,262 in the previous year.
Net cash used in operating activities was $3,143,697 for the nine months ended November 30, 2024, compared to $2,265,048 in the same period of 2023.
NextTrip's liquidity concerns are highlighted with a working capital deficit of $4,869,586 as of November 30, 2024, and the company acknowledges substantial doubt about its ability to continue as a going concern.
The filing details various financing activities, including the issuance of convertible preferred stock and promissory notes to raise funds.
NextTrip plans to continue focusing on its travel technology solutions and expanding its product offerings, while seeking additional funding to support operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NextTrip Inc. quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.