Nightfood, Inc. (OTCQB: NGTF), the better-for-you snack company targeting the $50 billion Americans spend annually on nighttime snacks, today announced its results of operations for its fiscal third quarter ended March 31, 2021. The Company will also be hosting an investor conference call on Wednesday, May 26, 2021 at 4:30 PM Eastern Time to discuss business updates and the quarter’s financial results.
Fiscal third-quarter 2021 recent developments and financial results include:
Recent Business Highlights:
Subsequent to the end of the third quarter, Nightfood ice cream was delivered to Walmart and introduced on-shelf in over 1,000 Walmart locations from coast to coast.
Management successfully initiated a retail pilot test of Nightfood sleep-friendly ice cream in the lobby grab-and-go shops of a global hotel group. A successful test is expected to result in national distribution in thousands of hotels across the country, across their portfolio of hotel brands.
The Company introduced its bold new packaging design into the hotel test locations and into their major retail partners, including Walmart.
Ice cream industry veteran and CPA Jerry Isaacson was appointed as Chief Financial Officer, significantly strengthening management with expertise in ice cream logistics, manufacturing, and procurement.
The brand, which is recommended as the Official Ice Cream of the American Pregnancy Association, launched an education and awareness program with Brandshare to reach expecting moms through OBGYN offices around the country, helping establish Nightfood as the preferred ice cream of pregnant women and their families.
Management strengthened the corporate balance sheet through a $4.5 million financing round which closed in April, 2021. As a result of the timing, this transaction is not represented in the quarterly financials through March 31 but is noted in the Subsequent Events section. Since January 1, 2021, the Company has:
- added over $1,400,000 in cash to the balance sheet
- eliminated, through repayment and negotiation, approximately $4,000,000 in outstanding notes and payables.
- secured operating capital to pursue major corporate initiatives throughout 2021.