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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.
NutraFuels Inc.



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

 

 
     
ASSETS September 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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