NEXTTRIP, INC.

Red flags

• Going-concern qualification: as of February 28, 2026, the company had negative working capital of $761,004, total liabilities of $7.32 million, and total assets of $13.08 million.
• Cash generation is deeply inadequate: FY2026 net loss was $16.25 million versus revenue of $3.72 million; operating loss was $16.37 million versus $7.41 million in FY2025.
• Corporate operating loss increased 150% to $13.58 million, while total operating loss increased 121% year over year. Organization costs rose to $2.58 million, including $2.36 million, or 91%, of non-cash expenses primarily related to stock options granted to former directors.
• The company has incurred losses in every reporting period since commencing operations in 2010 and states that current revenue is insufficient to fund operations.
• The TA Pipeline members exercised a put option over 96,774 shares; potential cash exposure is approximately $300,000, exclusive of possible Top-Up Shares, and the company has declined to honor the exercise.
• A $315,495 credit-loss reserve was recorded against a related-party receivable because of the counterparty’s going-concern uncertainty, highlighting collectability risk.