Nutriband (NTRB) 10-Q 19 Sep 17 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 31, 2017	Sep. 18, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Nutriband Inc.
Entity Central Index Key	1,676,047
Trading Symbol	cik0001676047
Amendment Flag	false
Current Fiscal Year End Date	--01-31
Document Type	10-Q
Document Period End Date	Jul. 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		20,767,100

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jul. 31, 2017	Jan. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 7,796	$ 27,124
Inventories	3,700	8,048
Prepaid expenses	44,576	2,326
VAT receivable	250	229
Total Current Assets	56,322	37,727
Intangible assets-net	2,452,055
TOTAL ASSETS	2,508,377	37,727
CURRENT LIABILITIES:
Short-term debt to related parties	9,720	8,888
Current portion of long-term debt	1,729	1,581
Accounts payable and accrued expenses	6,465	4,149
Total Current Liabilities	17,914	14,618
Long-term debt-less current portion
Total Liabilities	17,914	14,618
Commitments and Contingencies
STOCKHOLDERS' EQUITY :
Preferred stock, $.001 par value, 10,000,000 shares authorized, -0- outstanding
Common stock, $.001 par value, 100,000,000 shares authorized; 20,767,100 and 15,572,100 shares issued and outstanding at July 31, 2017 and January 31, 2017, respectively	20,767	15,572
Additional paid-in-capital	2,775,597	183,292
Accumulated other comprehensive income	142	1,709
Accumulated deficit	(306,043)	(177,464)
Total Stockholders' Equity	2,490,463	23,109
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,508,377	$ 37,727

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2017	Jan. 31, 2017
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	20,767,100	15,572,100
Common stock, shares outstanding	20,767,100	15,572,100

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016
Income Statement [Abstract]
Revenue
Costs and expenses:
Selling, general and administrative	92,962	35,623	128,579	87,704
Loss from operations before provision for income taxes	(92,962)	(35,623)	(128,579)	(87,704)
Provision for income taxes
Net loss	$ (92,962)	$ (35,623)	$ (128,579)	$ (87,704)
Net loss per common share-basic and diluted	$ 0	$ 0	$ (0.01)	$ 0
Weighted average common shares outstanding - basic and diluted	19,550,361	22,375,000	17,594,199	22,325,549
Other Comprehensive Income (Loss):
Net loss	$ (92,962)	$ (35,623)	$ (128,579)	$ (87,704)
Foreign currency translation adjustment	(1,471)	262	(1,567)	(345)
Total Comprehensive Loss	$ (94,433)	$ (35,361)	$ (130,146)	$ (88,049)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Cash flows from operating activities:
Net loss	$ (128,579)	$ (87,704)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization	47,945
Expenses paid on behalf of Company by related party		458
Changes in operating assets and liabilities:
Inventories	4,348	(27,986)
Prepaid expenses	15,250
Accounts payable and accrued expenses	2,307	14,913
Net Cash Used In Operating Activities	(58,729)	(100,319)
Cash flows from investing activities:
Net Cash Provided by Investing Activities
Cash flows from financing activities:
Proceeds from sale of common stock	40,000	100,000
Payment of long-term debt		(458)
Proceeds from related parties	8,250	7,500
Payment of related party payables	(8,250)	(600)
Net Cash Provided by Financing Activities	40,000	106,442
Effect of exchange rate on cash	(599)	6
Net increase (decrease) in cash	(19,328)	6,129
Cash and cash equivalents - Beginning of period	27,124	100
Cash and cash equivalents - End of period	7,796	6,229
Cash paid for:
Interest
Income taxes
Non-cash Investing Activities:
Common stock issued for purchase of patents	2,500,000
Common stock issued for prepaid expenses	$ 57,500

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jul. 31, 2017
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, 2017 and the consolidated statements of operations 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, 2017 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, 2017, 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. 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 Principles of Consolidation The consolidated financial statements of the Company include the Company and its wholly-owned subsidiary. All material intercompany balances and transactions have been eliminated. Evaluation of Long-lived Assets Patents represent an important component of the Company’s total assets .The Company amortizes its patents on a straight-line basis over the estimated useful lives of the assets. Management reviews long-lived assets for potential impairment whenever significant events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment exists when the carrying amount of the long-lived asset is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the estimated undiscounted cash flows expected to result from the use and eventual disposition of the asset. If impairment exists, the resulting write-down would be the difference between fair market value of the long-lived asset and the related net book value. There was no impairment as of July 31, 2017. The Company’s significant accounting policies are summarized in Note 1 of the Company’s Annual Report on Form 10-K for the year ended January 31, 2017. There were no significant changes to these accounting policies during the six months ended July 31, 2017 and the Company does not expect that the adoption of other recent accounting pronouncements will have a material effect on its financial statements.

Inventories

Inventories	6 Months Ended
	Jul. 31, 2017
Inventories [Abstract]
INVENTORIES	2. INVENTORIES Inventory as of July 31, 2017 and January 31, 2017 are as follows: July 31, January 31, 2017 2017 Finished goods $ 3,700 $ 8,048 Work in progress - - Raw materials - - $ 3,700 $ 8,048

Debt

Debt	6 Months Ended
	Jul. 31, 2017
Debt [Abstract]
DEBT	3. DEBT Short-term debt-related parties as of July 31, 2017 and January 31, 2017, consists of loans from officers and related parties, that are interest free and due on demand. As of July 31, 2017, and January 31, 2017, short-term debt amounted to $9,720 and $8,888, respectively. Long-term debt as of July 31, 2017 and January 31, 2017, 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, 2017, and January 31, 2017, the total balance of long-term debt (current portion) amounted to $1,729 and $1,581, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jul. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	4. RELATED PARTY TRANSACTIONS a) As of July 31, 2017 and January 31, 2017, Ann Sheridan, mother of the Chief Executive Officer and a Director of Nutriband Limited (Ireland), advanced the Company $9,720 and $8,888, respectively, for operating capital. The advance is interest free and due on demand. b) During the year ended January 31, 2017, the Company’s Chief Financial Officer advanced the Company $22,950 for operating capital all of which was repaid as of January 31, 2017. The advance is interest free and due on demand. During the six months ended July 31, 2017, the Chief Financial Officer loaned an additional $8,250, all of which was repaid as of July 31, 2017.

Warrants

Warrants	6 Months Ended
	Jul. 31, 2017
Warrants [Abstract]
WARRANTS	5. 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 Nociota Holdings Limited in February, 2016 and November, 2016. The fair value of the warrants issued amounted to $142,434. In 2017, warrants were granted in connection with proceeds of the sale of common stock with four individuals. The fair value of the warrants issued amounted to $35,000. Exercise Remaining Intrinsic Shares Price Life Value Outstanding, February 1, 2017 650,000 $ 1.35 2.2 years Granted 80,000 3.50 3.0 years Expired/Cancelled - Exercised - Outstanding-period ending July 31, 2017 730,000 $ 1.58 1.85 years $ - Exercisable - period ending July 31, 2017 500,000 $ 0.70 1.55 years $ -

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jul. 31, 2017
Stockholders' Equity [Abstract]
STOCKHOLDERS' EQUITY	6. STOCKHOLDERS’ EQUITY In June and July 2017, the Company received proceeds of $40,000 and issued 80,000 shares of common stock. The shares were valued at $0.50 per share, the fair value at the time of issuance. In connection with the sale of common stock, the Company issued warrants to purchase 80,000 shares of common stock at $3.50 per share expiring three years from the date of issuance. During the six months ended July 31, 2017, the Company issued 115,000 shares as compensation for services rendered. The fair value of the shares issued was $57,500, of which $13,750 was expensed during the six months ended July 31, 2017. In May 2017, the Company acquired the rights, title and interest in Transdermal Patch and Formation as described in the U.S. Patent Applications on February 6, 2017 from Advanced Health Brands, Inc. in exchange for 5,000,000 shares of the Company’s common stock valued at $2,500,000 based on the most recent issuance of the Company’s common stock for cash of $0.50.

Intangibles

Intangibles	6 Months Ended
	Jul. 31, 2017
Intangibles [Abstract]
INTANGIBLES	7. INTANGIBLES As of July 31, 2017, the Company has not recognized any income or cash flow from the use of the patents. The patents are provisional patents and the Company will have one year from the date of issue to finalize the applications. The Company will continue its plans to utilize the patents. The patents are amortized over its useful life of ten years. As of July 31, 2017, the remaining useful life is 9.8 years. The components of intangible assets are as follows: Patents Balance February 1, 2017 $ - Acquisition of patents in 2017 2,500,000 Amortization for the period ended July 31, 2017 (47,945 ) Balance July 31, 2017 $ 2,452,055

Subsequent Events

Subsequent Events	6 Months Ended
	Jul. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	8. SUBSEQUENT EVENTS In September 2017, the Company received a $15,000 interest free advance from TII Jet Services.

Description of Business and S14

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 31, 2017
Description of Business and Summary of Significant Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements of the Company include the Company and its wholly-owned subsidiary. All material intercompany balances and transactions have been eliminated.
Evaluation of Long-lived Assets	Evaluation of Long-lived Assets Patents represent an important component of the Company’s total assets .The Company amortizes its patents on a straight-line basis over the estimated useful lives of the assets. Management reviews long-lived assets for potential impairment whenever significant events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment exists when the carrying amount of the long-lived asset is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the estimated undiscounted cash flows expected to result from the use and eventual disposition of the asset. If impairment exists, the resulting write-down would be the difference between fair market value of the long-lived asset and the related net book value. There was no impairment as of July 31, 2017. The Company’s significant accounting policies are summarized in Note 1 of the Company’s Annual Report on Form 10-K for the year ended January 31, 2017. There were no significant changes to these accounting policies during the six months ended July 31, 2017 and the Company does not expect that the adoption of other recent accounting pronouncements will have a material effect on its financial statements.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 31, 2017
Inventories [Abstract]
Schedule of inventory	July 31, January 31, 2017 2017 Finished goods $ 3,700 $ 8,048 Work in progress - - Raw materials - - $ 3,700 $ 8,048

Warrants (Tables)

Warrants (Tables)	6 Months Ended
	Jul. 31, 2017
Warrants [Abstract]
Schedule of warrants	Exercise Remaining Intrinsic Shares Price Life Value Outstanding, February 1, 2017 650,000 $ 1.35 2.2 years Granted 80,000 3.50 3.0 years Expired/Cancelled - Exercised - Outstanding-period ending July 31, 2017 730,000 $ 1.58 1.85 years $ - Exercisable - period ending July 31, 2017 500,000 $ 0.70 1.55 years $ -

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jul. 31, 2017
Intangibles [Abstract]
Schedule of intangible assets	Patents Balance February 1, 2017 $ - Acquisition of patents in 2017 2,500,000 Amortization for the period ended July 31, 2017 (47,945 ) Balance July 31, 2017 $ 2,452,055

Inventories (Details)

Inventories (Details) - USD ($)	Jul. 31, 2017	Jan. 31, 2017
Inventories [Abstract]
Finished goods	$ 3,700	$ 8,048
Work in progress
Raw materials
Inventories, Net	$ 3,700	$ 8,048

Debt (Details)

Debt (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jul. 31, 2017	Jan. 31, 2017
Debt (Textual)
Short-term debt	$ 9,720	$ 8,888
Long-term debt monthly payments	75	75
Long-term debt balance	$ 1,729	$ 1,581
Loan due date	Oct. 31, 2017

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Jul. 31, 2017	Jan. 31, 2017
Chief Executive Officer [Member]
Related Party Transactions (Textual)
Advance from related party	$ 9,720	$ 8,888
Chief Financial Officer [Member]
Related Party Transactions (Textual)
Advance from related party		$ 22,950
Additional loan due amount	$ 8,250

Warrants (Details)

Warrants (Details) - Warrants [Member]	6 Months Ended
	Jul. 31, 2017USD ($)$ / sharesshares
Shares
Outstanding, beginning balance | shares	650,000
Granted | shares	80,000
Expired/Cancelled | shares
Exercised | shares
Outstanding, ending balance | shares	730,000
Exercisable | shares	500,000
Exercise Price
Outstanding, beginning balance | $ / shares	$ 1.35
Granted | $ / shares	3.50
Expired/Cancelled | $ / shares
Exercised | $ / shares
Outstanding, ending balance | $ / shares	1.58
Exercisable | $ / shares	$ 0.70
Remaining Life
Outstanding, beginning period	2 years 2 months 12 days
Granted	3 years
Outstanding, ending period	1 year 10 months 6 days
Exercisable	1 year 6 months 18 days
Intrinsic Value
Outstanding value | $
Exercisable value | $

Warrants (Details Textual)

Warrants (Details Textual)	Jul. 31, 2017USD ($)
Warrants (Textual)
Fair value of warrants	$ 142,434
Fair value of warrants granted	$ 35,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	1 Months Ended		6 Months Ended
	Jun. 30, 2017	May 31, 2017	Jul. 31, 2017
Stockholders' Equity (Textual)
Issuance shares of common stock, value	$ 40,000		$ 40,000
Issuance shares of common stock, shares	80,000		80,000
Shares price per share		$ 0.50	$ 0.50
Warrants issued to purchase shares of common stock			80,000
Exercise price of warrants			$ 3.50
Warrants term			3 years
Shares of compensation services			115,000
Share compensation services, value			$ 57,500
Expenses of share compensation services			$ 13,750
Exchanged for common share		5,000,000
Exchanged for common shares, value		$ 2,500,000

Intangibles (Details)

Intangibles (Details)	6 Months Ended
	Jul. 31, 2017USD ($)
Finite-Lived Intangible Assets [Line Items]
Balance February 1, 2017
Balance July 31, 2017	2,452,055
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Balance February 1, 2017
Acquisition of patents in 2017	2,500,000
Amortization for the period ended July 31, 2017	(47,945)
Balance July 31, 2017	$ 2,452,055

Intangibles (Details Textual)

Intangibles (Details Textual)	6 Months Ended
	Jul. 31, 2017
Intangibles (Textual)
Patents useful life	9 years 9 months 18 days
Patents [Member]
Intangibles (Textual)
Patents useful life	1 year
Patents amortized useful life	10 years

Subsequent Events (Details)

Subsequent Events (Details)	Sep. 30, 2017USD ($)
Subsequent Event [Member]
Subsequent Events (Textual)
Interest free advance from TII Jet Services	$ 15,000