# EDGAR Filing Document

**Accession Number:** 0000788611
**File Stem:** 0001493152-25-011334
**Filing Date:** 2025-7
**Character Count:** 24346
**Document Hash:** 1429d6c72f845279ace0cb73b8922854
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-011334.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001493152-25-011334

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250630

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NextTrip, Inc.
- **CENTRAL INDEX KEY:** 0000788611
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRANSPORTATION SERVICES [4700]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 820404220
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38015
- **FILM NUMBER:** 251140877

**BUSINESS ADDRESS:**
- **STREET 1:** 3900 PASEO DEL SOL
- **CITY:** SANTE FE
- **STATE:** NM
- **ZIP:** 87507
- **BUSINESS PHONE:** (954) 526-9688

**MAIL ADDRESS:**
- **STREET 1:** 3900 PASEO DEL SOL
- **CITY:** SANTE FE
- **STATE:** NM
- **ZIP:** 87507

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIGMA ADDITIVE SOLUTIONS, INC.
- **DATE OF NAME CHANGE:** 20220812

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIGMA LABS, INC.
- **DATE OF NAME CHANGE:** 20101014

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRAMEWAVES INC
- **DATE OF NAME CHANGE:** 20010130

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K/A**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): June 30, 2025**

**NextTrip, Inc.**

**(Exact name of Registrant as Specified in Its Charter)**

---

| | | |
|:---|:---|:---|
| **Nevada** | **001-38015** | **27-1865814** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **3900 Paseo del Sol**<br> **Santa Fe, New Mexico** | **87507** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code: (505) 438-2576**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share | NTRP | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**INTRODUCTORY NOTE**

On April 14, 2025, NextTrip, Inc. (the "Company") filed a Current Report on Form 8-K (the "April Report") with the Securities and Exchange Commission (the "Commission") disclosing the completion of the previously announced acquisition (the "Acquisition") contemplated by the Membership Interest Purchase Agreement, dated February 6, 2025 (the "Purchase Agreement"), by and among the Company, FSA Travel, LLC ("FSA"), John McMahon, as Majority Member, and the other members of FSA included on the signature page thereto (Mr. McMahon together with such other members, collectively the "FSA Members").

Pursuant to the terms of the Purchase Agreement, on February 10, 2025, the Company purchased 9,608 membership units of FSA (equal to a 49% ownership stake in FSA immediately after closing) from FSA in exchange for consideration consisting of $500,000 in cash and 161,291 shares of Series O Nonvoting Convertible Preferred Stock ("Series O Preferred") of the Company (the "Initial Closing"). As disclosed in the April Report, on April 9, 2025, the Company exercised its option to purchase the remaining 51% of the membership units in FSA from the FSA Members in exchange for consideration consisting of an additional $500,000 in cash and 161,291 shares of Series O Preferred (the "Final Closing"). As a result, immediately after the Final Closing, FSA became a wholly owned subsidiary of the Company.

On June 20, 2025, the Company filed a Registration Statement on Form S-1 (the "Registration Statement") with the Commission to register shares of Company common stock for resale by certain securityholders.

On June 23, 2025, the Company filed a Current Report on Form 8-K/A (the "June Amendment") with the Commission to amend and supplement Item 9.01 of the April Report to include the financial statements and pro forma financial information required by Items 9.01(a) and (b) of Form 8-K, respectively, which were not included in the April Report pursuant to Items 9.01(a)(3) and (b)(2) of Form 8-K.

On June 30, 2025, the Company filed a Current Report on Form 8-K (the "June Report") with the Commission to disclose updated unaudited financial statements of FSA for the three months ended March 31, 2025 and 2024 (the "First Quarter Financial Information"), as required by Form S-1. The First Quarter Financial Information was previously filed with the June Report and is incorporated by reference as Exhibit 99.1 to this Form 8-K/A by reference. The First Quarter Financial Information supplements the financial statements and pro forma information contained in Exhibits 99.1 and 99.2 of the June Amendment.

**Item 8.01 Other Events**

This Current Report on Form 8-K/A (this "July Amended Report") is being filed with the Commission to disclose the unaudited pro forma condensed combined statement of operations of the Company as of and for the three months ended May 31, 2025, including the related notes thereto (the "First Quarter Pro Forma Financial Information"), as required by Form S-1. The First Quarter Pro Forma Financial Information is attached as Exhibit 99.2 to this July Amended Report and is incorporated herein by reference. The First Quarter Pro Forma Financial Information supplements the financial statements and pro forma information contained in Exhibits 99.1 and 99.2 of the June Amendment. To the extent that the information in this July Amended Report differs from or updates information contained in the Amendment, the information in this July Amended Report shall supersede or supplement the information in the Amendment.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits. The following exhibits are filed herewith.

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 99.1 | [Unaudited financial statements of FSA Travel, LLC as of and for the three months ended March 31, 2025 and 2024, including related notes thereto (filed as Exhibit 99.1 to the Company's Current Report on Form 8-K filed with the Commission on June 30, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/788611/000164117225017181/ex99-1.htm) |
| 99.2 | [Unaudited pro forma condensed combined statement of operations of NextTrip, Inc. as of and for the three months ended May 31, 2025, including the related notes thereto.](ex99-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL Document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **NEXTTRIP, INC.** | **NEXTTRIP, INC.** |
| Date: July 22, 2025 | By: | */s/ William Kerby* |
|  | Name: | William Kerby |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.2

**Exhibit 99.2**

**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

**Unaudited Pro Forma Condensed Combined Financial Information**

**(unless otherwise indicated, all amounts in whole U.S. dollars, except share, per share and par value data)** 

We are providing the following unaudited pro forma condensed combined statement of operations to aid you in your analysis of the financial aspects of the of the completed acquisition of FSA Travel, LLC ("FSA") by NextTrip, Inc. ("NextTrip" or the "Company") (the "Acquisition"). The following unaudited pro forma condensed combined statement of operations presents the combination of the financial information of NextTrip and FSA, adjusted to give effect to the Acquisition. The following unaudited pro forma condensed combined statement of operations has been prepared in accordance with Article 11 of Regulation S-X, as amended by the final rule, Release No. 33-10786 "Amendments to Financial Disclosure about Acquired and Disposed Businesses." Release No. 33-10786 replaced the previous pro forma adjustment criteria with simplified requirements to depict the accounting for business combinations ("Transaction Accounting Adjustments") and permitted the presentation of reasonably estimable synergies and other transaction effects that have occurred or are reasonably expected to occur ("Management's Adjustments"). Management of the Company and FSA (collectively, "Management") has elected not to present Management's Adjustments and only present Transaction Accounting Adjustments in the unaudited pro forma condensed combined statement of operations. The Transaction Accounting Adjustments presented in the unaudited pro forma condensed combined financial information are made to provide relevant information necessary for an understanding the accounting for the Acquisition.

The unaudited pro forma combined condensed statement of operations was derived from and should be read in conjunction with the following historical financial statements and accompanying notes, which are included or incorporated by reference in this Form 8-K/A and incorporated herein by reference in this section:

● The audited financial statements of NextTrip as of and for the fiscal years ended February 28, 2025 and 2024 included in NextTrip's Annual Report on Form 10-K for the fiscal year ended February 28, 2025; and

● The audited financial statements of FSA as of and for the years ended December 31, 2024 and 2023.

● The unaudited financial statements of NextTrip as of and for the three months ended May 31, 2025 and 2024 included in NextTrip's Quarterly Report on Form 10-Q for the three months ended May 31, 2025; and

The unaudited pro forma combined condensed financial information should be read together with the historical financial statements of NextTrip and FSA incorporated by reference or included in this Form 8-K and other financial information included in this Form 8-K and incorporated herein by reference.

On February 6, 2025, NextTrip entered into a Membership Purchase Agreement (the "FSA Purchase Agreement") with FSA. Under the terms of the FSA Purchase Agreement, NextTrip acquired an initial 49% membership interest in FSA for a total of $1,000,000. The acquisition consideration consisted of $500,000 in cash and $500,000 of Series O preferred stock (161,291 shares at $3.10 per share). The investment in FSA was accounted for using the equity method of accounting because NextTrip had significant influence over the investee due to its 49% ownership interest.

Pursuant to the FSA Purchase Agreement, NextTrip was granted an option to acquire the remaining 51% membership interest in FSA for an additional $1,000,000. The option is exercisable within 60 days from the execution of the FSA Purchase Agreement, subject to the satisfaction of certain conditions outlined in the FSA Purchase Agreement. The consideration for the remaining 51% interest would consist of $500,000 in cash and $500,000 of Series O preferred stock (161,291 shares at $3.10 per share).

Pursuant to the FSA Purchase Agreement, if NextTrip exercised its option to acquire the remaining 51% interest, incremental consideration would include four business milestone payments, payable upon achievement of such milestones. The achievement of each milestone would result in a payment of $200,000, consisting of $100,000 in cash and $100,000 in Series O preferred stock (32,258 shares at $3.10 per share). These milestone payments were contingent upon NextTrip's exercise of the option to acquire the remaining 51% of FSA, and were triggered only if the conditions necessary to exercise the option are satisfied. The total milestone payments were capped at $800,000 (four milestones at $200,000 per milestone). These milestone payments were considered performance-based contingent consideration and were to be recognized in the future if and when the related milestones are satisfied, and the payments are made.

As of February 28, 2025, NextTrip recorded its initial 49% investment in FSA at $1,000,000. This amount included $500,000 in cash and $500,000 in Series O preferred stock. The carrying amount of the equity method investment was adjusted based on NextTrip's share of FSA's earnings or losses, in accordance with the equity method of accounting. The milestones and contingent consideration payments, including the additional $1,000,000 to acquire the remaining 51% interest, would be recognized in the future if, as, and when the conditions for such payments were satisfied. On April 9, 2025 (the "Final Closing Date"), upon FSA's agreement to waive the capital raise condition to closing, NextTrip exercised its option to acquire the remaining 51% of FSA outstanding membership units, in satisfaction of its obligations under the FSA Purchase Agreement. In connection with the Final Closing, NextTrip paid the members of FSA (the "FSA Members") an aggregate of $500,000 in cash and issued the FSA Members an aggregate of 161,291 shares of Series O preferred stock. As a result, as of the Final Closing Date, FSA became a wholly owned subsidiary of the Company.

The unaudited pro forma condensed combined statement of operations for the three months ended May 31, 2025 combines the historical unaudited statements of operations of FSA for the three months ended May 31, 2025 and the historical unaudited consolidated statement of operations of NextTrip for the three months ended May 31, 2025, and is adjusted on a pro forma basis as if the Acquisition occurred on March 1, 2025 by removing NextTrip's proportionate share (49%) of the loss in FSA for the period March 1, 2025 through April 9, 2025.

The unaudited pro forma condensed combined statement of operations is for informational purposes only. It does not purport to indicate the results that would have been obtained had the Acquisition actually been completed on the assumed date or for the periods presented, or which may be realized in the future. The pro forma adjustments are based on the information currently available and the assumptions and estimates underlying the pro forma adjustments described in the accompanying notes. Actual results may differ materially from the assumptions within the accompanying unaudited pro forma condensed combined financial information.

**NextTrip, Inc.**

**Unaudited Pro Forma Condensed Combined Statements of Operations**

**For the Three Months Ended May 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NextTrip**<br>**Three Months Ended May 31, 2025** | **FSA**<br>**For the month ended March 31, 2025** | **FSA**<br>**For the nine days ended April 9, 2025** |<br>**Accounting Adjustments** |<br>**Notes** |<br>**Pro Forma **Combined** Company** |
| **Revenue** | $138827 | 7777 | 5777 |  | (3a) | 152381 |
| Cost of revenue (exclusive of depreciation and amortization, shown separately below) | 99921 | - | - |  | (3a) | 99921 |
| **Gross Profit** | **38906** | **7777** | **5777** |  |  | **52460** |
| **Operating Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | 696914 | 238 | (16) |  | (3a) | 697136 |
| &nbsp;&nbsp;&nbsp;Stock based compensation | 138325 |  |  |  | (3a) | 138325 |
| &nbsp;&nbsp;&nbsp;General and Administrative | 30588 | 608 | 84 |  | (3a) | 31280 |
| &nbsp;&nbsp;&nbsp;Sales and advertising | 90035 | 209 |  |  | (3a) | 90244 |
| &nbsp;&nbsp;&nbsp;Professional services | 1149476 | 2958 | 2139 |  | (3a) | 1154573 |
| &nbsp;&nbsp;&nbsp;Technology | 321815 | 13081 | 8824 |  | (3a) | 343720 |
| &nbsp;&nbsp;&nbsp;Organization costs | 1999670 |  |  |  | (3a) | 1999670 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 206650 | 5347 | 1604 | 6606 | (3a), (3b | 220207 |
| &nbsp;&nbsp;&nbsp;Other expenses | 45170 | 298 | 53 |  |  | 45521 |
| **Total Operating Expenses** | **4678643** | **22739** | **12688** |  |  | **4720676** |
| **Operating Loss** | **(4639737)** | **(14962)** | **(6911)** |  |  | **(4668216)** |
| **Other Income (Expenses)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Income | 540245 |  |  |  | (3a) | 540245 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of liability | (70100) |  |  |  | (3a) | (70100) |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (276333) | (913) | (289) | (425) | (3a), (3c | (277960) |
| **Total Other Income (Expense)** | **193812** | **(913)** | **(289)** |  |  | **192185** |
| Net loss from continuing operations before taxes | (4445925) | (15875) | (7200) |  |  | (4476031) |
| Provision for income taxes | - | - | - |  |  | - |
| **Net loss from continuing operations before share of net loss in equity method investee** | (4445925) | (15875) | (7200) |  | (3a) | (4476031) |
| **Share of loss of equity method investee** | (11307) | - | - | 11307 | (3d) | - |
| **Net loss from continuing operations** | $**(4457232)** | $**(15875)** | $**(7200)** |  |  | $**(4476031)** |
| **Net Loss** | $**(4457232)** | $**(15875)** | $**(7200)** |  |  | $**(4476031)** |
| **Preferred dividends** | (64463) | - | - |  |  | (64463) |
| **Net Loss applicable to Common Stockholders** | $**(4521695)** | $**(15875)** | $**(7200)** |  |  | $**(4540494)** |
| **Basic and diluted loss per common share** | $(0.68) |  |  |  |  | $(0.69) |
| **Basic and diluted weighted average number of common shares** | 6585197 |  |  |  |  | 6585197 |

---

**NOTES TO THE UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

**(1)** **Basis of Presentation** 

The unaudited pro forma condensed combined statements of operations for the three months ended May 31, 2025 is presented on a pro forma basis as if the Acquisition had occurred on March 1, 2025, which is the beginning of the earliest period presented.

The unaudited pro forma condensed combined statements of operations does not include any anticipated operating efficiencies or cost savings and, accordingly, only includes Transaction Accounting Adjustments. The Transaction Accounting Adjustments presented in the unaudited pro forma condensed combined financial information are made to provide relevant information necessary for an understanding of the combined companies and to reflect the accounting for the Acquisition.

The unaudited pro forma condensed combined financial information, including the notes thereto, should be read in conjunction with the NextTrip and FSA historical financial statements, and their respective Management's Discussion and Analysis of financial condition and results of operations included elsewhere or incorporated by reference in this Form 8-K. The historical financial information of NextTrip and FSA are prepared in accordance with US GAAP.

The unaudited pro forma condensed combined financial information is based on assumptions and adjustments that are described in the accompanying notes. The pro forma adjustments presented herein are preliminary and are based on available financial information and certain estimates and assumptions. Management believes that such assumptions provide a reasonable basis for presenting all the significant effects of the contemplated transactions, and that the pro forma adjustments give appropriate effect to those assumptions and are properly applied to the unaudited pro forma condensed combined financial information. The actual adjustments to the consolidated financial statements of NextTrip will likely differ from the pro forma adjustments herein.

**(2)** **Accounting Policies** 

Management is performing a comprehensive review of the accounting policies of NextTrip and FSA. As a result of the review, management may identify differences between the accounting policies of the entities which, when confirmed, could have a material impact on the financial statements of the post-Acquisition company. Based on its initial analysis, management has not identified any differences that would have an impact on the unaudited pro forma condensed combined financial information and has not recorded any adjustments.

The pro forma combined provision for income taxes does not necessarily reflect the amounts that would have resulted had the post-Acquisition company filed consolidated income tax returns during the periods presented.

The pro forma basic and diluted earnings per share amounts presented in the unaudited pro forma condensed combined statements of operations for the three months ended May 31, 2025 are based upon the number of the post-Acquisition company's shares outstanding, assuming the Acquisition occurred on March 1, 2025.

**(3)** **Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations** 

The pro forma adjustments included in the unaudited pro forma condensed combined statements of operations for the three months ended May 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;a. To
 reflect the statement of operations of FSA for the month ended March 31, 2025 and the nine days ended April 9, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;b. To
 adjust amortization expense for the period March 1, 2025 through April 9, 2025 as a result of the increase in fair value of intangible
 assets.

c. To
 adjust interest expense for the period March 1, 2025 through April 9, 2025 as a result of
 the increase in effective interest rate due to the revaluation of the SBA loan to fair value.

d. To remove NextTrip's historical 49% proportional
 share of FSA's net loss for the period March 1, 2025 through April 9, 2025 associated with its equity method investment in FSA.

**(4)** **Pro Forma Loss Per Share** 

Represents the net loss per share calculated using the historical weighted-average common shares outstanding.

The unaudited pro forma condensed combined financial information has been prepared based on the following weighted-average common shares outstanding:

---

| | |
|:---|:---|
| **(whole share amounts)** | **Three Months** **Ended**<br> **May 31,** **2025** |
| Pro forma weighted-average number of common outstanding – Basic | 6585197 |
| Pro forma weighted-average number of common outstanding – Diluted | 6585197 |

---

The following potentially dilutive shares were excluded from the computation of unaudited pro forma diluted net loss per share attributable to NextTrip stockholders for the fiscal year ended May 31, 2025 because including them would have been antidilutive:

---

| | |
|:---|:---|
| **(share amounts)** | **Three Months** **Ended**<br> **February 28, 2025** |
| Warrants | 3112772 |
| Stock Options | 556250 |
| Preferred Stock | 3391974 |
| **Total** | **7060996** |

---

The table above includes 161,291 shares of Series O preferred stock issued as part of the consideration in the Acquisition and 129,032 shares of Series O preferred stock that is contingent consideration payable, less 8,065 shares of common stock previously issued to FSA by NextTrip as a deposit.