Nutriband (NTRB) 10-Q 14 Sep 16 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 31, 2016	Sep. 13, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Nutriband Inc.
Entity Central Index Key	1,676,047
Amendment Flag	false
Current Fiscal Year End Date	--01-31
Document Type	10-Q
Document Period End Date	Jul. 31, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		22,375,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jul. 31, 2016	Jan. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 6,229	$ 100
Inventories	27,986
VAT receivable	237	230
Total Current Assets	34,452	330
TOTAL ASSETS	34,452	330
CURRENT LIABILITIES:
Short-term debt to related parties	16,654	9,015
Current portion of long-term debt	900	900
Accounts payable and accrued expenses	16,142	1,199
Total Current Liabilities	33,696	11,114
Long-term debt- less current portion	275	686
Total Liabilities	33,971	11,800
Commitments and Contingencies
STOCKHOLDERS' EQUITY (DEFICIENCY):
Preferred stock, $.001 par value, 10,000,000 shares authorized, -0- outstanding
Common stock, $.001 par value, 100,000,000 shares authorized; 22,375,000 and 21,875,000 shares issued and outstanding at July 31, 2016 and January 31, 2016, respectively	22,375	21,875
Additional paid-in-capital	90,719	(8,781)
Accumulated other comprehensive income	1,295	1,640
Accumulated deficit	(113,908)	(26,204)
Total Stockholders' Equity (Deficiency)	481	(11,470)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)	$ 34,452	$ 330

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2016	Jan. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	22,375,000	21,875,000
Common stock, shares outstanding	22,375,000	21,875,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income(Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015
Income Statement [Abstract]
Revenue
Costs and expenses:
Selling, general and administrative expenses	35,623		87,704
Loss from operations before provision for income taxes	(35,623)		(87,704)
Provision for income taxes
Net loss	$ (35,623)		$ (87,704)
Net Loss per common share-basic and diluted	$ 0	$ 0	$ 0	$ 0
Weighted average common shares outstanding
- basic and diluted	22,375,000		22,325,549
Other Comprehensive Income (Loss):
Net loss	$ (35,623)		$ (87,704)
Foreign currency translation adjustment	262		(345)
Total Comprehensive Loss	$ (35,361)		$ (88,049)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Cash flows from operating activities:
Net loss	$ (87,704)
Adjustments to reconcile net loss to net cash used in operating activities:
Expenses paid on behalf of Company by related party	458
Changes in operating assets and liabilities:
Inventories	(27,986)
Accounts payable and accrued expenses	14,913
Net Cash Used In Operating Activities	(100,319)
Cash flows from investing activities:
Net Cash Provided by Investing Activities
Cash flows from financing activities:
Proceeds from sale of common stock	100,000
Payment of long-term debt	(458)
Proceeds from related parties	7,500
Payment of related party payables	(600)
Net Cash Provided by Financing Activities	106,442
Effect of exchange rate on cash	6
Net increase (decrease) in cash	6,129
Cash and cash equivalents - Beginning of period	100
Cash and cash equivalents - End of period	6,229
Cash paid for:
Interest
Income taxes

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jul. 31, 2016
Description of Business and Summary of Significant Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated balance sheet as of July 31, 2016 and the consolidated statements of operations, stockholders' deficiency and cash flows for the periods presented have been prepared by Nutriband, Inc. and Subsidiary (the "Company" or "Nutriband") and are unaudited. The consolidated financial statements are prepared in accordance with the requirements for unaudited interim periods, and consequently, do not include all disclosures required to be made in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial position, results of operations, changes in stockholders' deficiency and cash flows for all periods presented have been made. The information for the consolidated balance sheet as of January 31, 2016 was derived from audited financial statements of the Company. Organization Nutriband Inc. (the “Company” or “Nutriband”) was incorporated in the State of Nevada in January 2016. In January 2016, the Company acquired Nutriband Ltd. (“Nutriband Ltd”), a company registered in Dublin, Ireland, to enter the health supplement market with new applications of transdermal patches for delivery of supplements. Nutriband Ltd. moved manufacturing and operations to the United States during 2016. The product line consists of three products: an Energy Patchline, Weight Management Patchline, and a Multivitamin Patchline. Going Concern The consolidated financial statements for the six months ended July 31, 2016 have been prepared on a going concern basis which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company has a past history of recurring losses from operations. The Company will require additional funding to execute its future strategic business plan. Successful business operations and its transition to attaining profitability are dependent upon obtaining additional financing and achieving a level of revenue to support its cost structure. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management acquired Nutriband Ltd. in 2016 to enter the health supplement market. The Company is also exploring some acquisition opportunities which would expand the Company’s operations into the pharmaceutical field, although no agreements have been consummated at this time. Management believes these acquisitions will be profitable and the cash flows from these operations will enable the Company to fund the operations of the consolidated group over the next twelve months. Therefore, the annual financial statements continue to be prepared on a going concern basis. Significant Accounting Policies The Company’s significant accounting policies are summarized in Note 1 of the Company’s Annual Report on Form 10 for the period January 4, 2016 (Date of Formation) through January 31, 2016. There were no significant changes to these accounting policies during the six months ended July 31, 2016 and the Company does not expect that the adoption of other recent accounting pronouncements will have a material effect on its financial statements.

Acquisition of Business

Acquisition of Business	6 Months Ended
	Jul. 31, 2016
Acquisition of Business [Abstract]
ACQUISITION OF BUSINESS	2. ACQUISITION OF BUSINESS On January 16, 2016, the Company acquired 100% of Nutriband Ltd., an entity under common control, in exchange for 2,500,000 shares of the Company’s common stock, valued at $13,094, the net liability historical value. Details of the acquisition are as follows: Accounts receivable $ 230 Liabilities (13,324 ) Net liabilities incurred (13,094 ) Satisfied by: Common stock issued $ 13,094

Inventories

Inventories	6 Months Ended
	Jul. 31, 2016
Inventories [Abstract]
INVENTORIES	3. INVENTORIES Inventories are valued at the lower of cost and realizable value determined using the first-in, first-out (FIFO) method. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. The cost of finished goods and work in progress is comprised of material costs, direct labor costs and other direct costs and related production overheads (based on normal operating capacity). July 31, 2016 Finished goods $ 27,986 Work in progress - Raw materials - 27,986

Debt

Debt	6 Months Ended
	Jul. 31, 2016
Debt [Abstract]
DEBT	4. DEBT Short-term debt-related parties as of April 30, 2016, consists of loans from officers and related parties, that are interest free and due on demand. As of July 31, 2016, short-term debt amounted to $16,654. Long-term debt as of July 31, 2016, consists of a loan from South County Dublin Council that is interest free with monthly payments of $75. The loan is due October 2017. As of July 31, 2016, the current portion of long-term debt amounted to $900. The balance of $275 is included in long-term debt.

Stockholders' Equity (Deficienc

Stockholders' Equity (Deficiency)	6 Months Ended
	Jul. 31, 2016
Stockholder's Equity (deficiency) [Abstract]
STOCKHOLDERS' EQUITY (DEFICIENCY)	5. STOCKHOLDERS' EQUITY (DEFICIENCY) On May 12, 2016, a majority of shareholders of the Company approved an amendment to the Articles of Incorporation. Each share of the Company’s issued and outstanding common stock shall be subject to a 5-for-1 forward stock split. All shares and per share amounts in the consolidated financial statements have been retroactively restated to reflect the forward stock split. In February 2016, the Company issued Nociota Holdings Limited 500,000 shares of common stock in exchange for proceeds of $100,000. In connection with the transaction, the Company issued a warrant to purchase 500,000 shares of common of the Company at an exercise price of $0.70 per share not sooner than one year from the execution of the transaction and not later than three years from the closing of the transaction. At a Board meeting held on January 15, 2016, the Company’s Board approved the issuance of 19,375,000 shares to be issued to founders, valued at $19,375. At a Board meeting held January 15, 2016, the Company’s Board approved the form of a Share Exchange Agreement between the Company and Gareth Sheridan, Chief Executive Officer and a Director of the Company, the purchase of all the outstanding shares and ownership interests of Nutriband Ltd. in exchange for the issuance to Gareth Sheridan of 2,500,000 shares of the Company’s common stock, valued at $13,094, the net liability historical value.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jul. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	6. RELATED PARTY TRANSACTIONS a) As of July 31, 2016, Ann Sheridan, mother of the Chief Executive Officer and a Director of Nutriband Limited (Irelend), advanced the Company $9,654 for operating capital. The advance is interest free and due on demand. b) On January 15, 2016 the Company approved a Share Exchange Agreement between the Company and Gareth Sheridan for the purchase of all the outstanding shares of Nutriband Ltd. in exchange for the issuance to Gareth Sheridan of 2,500,000 shares of the Company’s common stock valued at $13,094. c) During the six months ended July 31, 2016, the Company’s Chief Financial Officer advanced the Company $7,000 for operating capital. The advance is interest free and due on demand.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 31, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	7. EARNINGS PER SHARE Basic earnings per common share are computed by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per common share are computed by dividing net earnings by the weighted average number of common shares and potential common shares outstanding during the period. As of July 31, 2016, there were 500,000 potential common shares outstanding, but their effect would be antidilutive.

Warrants

Warrants	6 Months Ended
	Jul. 31, 2016
Warrants [Abstract]
WARRANTS	8. WARRANTS The following table summarizes the changes in warrants outstanding and the related price of the shares of the Company’s common stock issued to non-employees of the Company. The warrants were granted in connection with the proceeds of the sale of common stock with Nocioto Holdings Limited in February, 2016. The fair value of the warrants issued amounted to $77,315. Exercise Remaining Intrinsic Shares Price Life Value Outstanding, February 1, 2016 - $ - - Granted 500,000 0.70 3.0 Expired/Cancelled - Exercised - Outstanding-period ending July 31, 2016 500,000 $ 0.70 2.5 years $ - Exercisable - period ending July 31, 2016 - $ - 2.5 years $ -

Acquisition of Business (Tables

Acquisition of Business (Tables)	6 Months Ended
	Jul. 31, 2016
Acquisition of Business [Abstract]
Schedule of business acquisitions	Accounts receivable $ 230 Liabilities (13,324 ) Net liabilities incurred (13,094 ) Satisfied by: Common stock issued $ 13,094

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 31, 2016
Inventories [Abstract]
Schedule of Inventories	July 31, 2016 Finished goods $ 27,986 Work in progress - Raw materials - 27,986

Warrants (Tables)

Warrants (Tables)	6 Months Ended
	Jul. 31, 2016
Warrants [Abstract]
Schedule of warrants	Exercise Remaining Intrinsic Shares Price Life Value Outstanding, February 1, 2016 - $ - - Granted 500,000 0.70 3.0 Expired/Cancelled - Exercised - Outstanding-period ending July 31, 2016 500,000 $ 0.70 2.5 years $ - Exercisable - period ending July 31, 2016 - $ - 2.5 years $ -

Acquisition of Business (Detail

Acquisition of Business (Details)	Jul. 31, 2016USD ($)
Acquisition of Business [Abstract]
Accounts receivable	$ 230
Liabilities	13,324
Net liabilities incurred	(13,094)
Satisfied by:
Common stock issued	$ 13,094

Acquisition of Business (Deta18

Acquisition of Business (Details Textual)	1 Months Ended
	Jan. 16, 2016USD ($)shares
Acquisition of Business (Textual)
Nutriband Ltd. equity acquired	100.00%
Stock issued for acquisitions | shares	2,500,000
Stock issued for acquisitions, value | $	$ 13,094

Inventories (Details)

Inventories (Details) - USD ($)	Jul. 31, 2016	Jan. 31, 2016
Inventories [Abstract]
Finished goods	$ 27,986
Work in progress
Raw materials
Inventories, Net	$ 27,986

Debt (Details)

Debt (Details) - USD ($)	6 Months Ended
	Jul. 31, 2016	Jan. 31, 2016
Debt [Abstract]
Short-term debt	$ 16,654	$ 9,015
Long-term debt monthly payments	75
Long-term debt	900
Long-term debt balance	$ 275

Stockholders' Equity (Deficie21

Stockholders' Equity (Deficiency) (Details) - USD ($)	May 12, 2016	Jan. 15, 2016	Feb. 29, 2016	Jul. 31, 2016	Jul. 31, 2015	Jan. 31, 2016
Stockholders' Equity (Deficiency) (Textual)
Common stock forward stock split	5-for-1
Shares of common stock issued				22,375,000		21,875,000
Proceeds from common stock				$ 100,000
Chief Executive Officer [Member]
Stockholders' Equity (Deficiency) (Textual)
Shares of common stock issued		2,500,000
Net liability historical value of common stock		$ 13,094
Founders [Member]
Stockholders' Equity (Deficiency) (Textual)
Shares issued to founders		19,375,000
Shares issued to founders, value		$ 19,375
Nociota Holdings Limited [Member]
Stockholders' Equity (Deficiency) (Textual)
Shares of common stock issued			500,000
Proceeds from common stock			$ 100,000
Exercise price per share			$ 0.70
Warrant to purchase of common stock			500,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Jan. 15, 2016	Jul. 31, 2016
Related Party Transactions (Textual)
Advance from related party		$ 9,654
Chief Executive Officer [Member]
Related Party Transactions (Textual)
Common stock issued	2,500,000
Common stock issued, value	$ 13,094

Earnings Per Share (Details)

Earnings Per Share (Details)	6 Months Ended
	Jul. 31, 2016shares
Earnings Per Share (Textual)
Potential common shares outstanding	500,000

Warrants (Details)

Warrants (Details) - Warrant [Member]	6 Months Ended
	Jul. 31, 2016USD ($)$ / sharesshares
Shares
Outstanding, beginning balance
Granted	500,000
Expired/Cancelled
Exercised
Outstanding, ending balance	500,000
Exercisable
Exercise Price
Outstanding, beginning balance | $ / shares
Granted | $ / shares	0.70
Outstanding, ending balance | $ / shares	0.70
Exercisable | $ / shares
Remaining Life
Granted	3 years
Outstanding	2 years 6 months
Exercisable	2 years 6 months
Intrinsic Value
Outstanding | $
Exercisable | $

Warrants (Details Textual)

Warrants (Details Textual)	Jul. 31, 2016USD ($)
Warrants (Textual)
Fair value of warrants	$ 77,315