Healthcare company Novo Integrated Sciences Inc (NASDAQ:NVOS) disclosed on Tuesday that it recorded a net loss of USD1.34m for its fiscal 2021 second quarter period ended 28 February 2021.

This marks an increase of 165.6% from the net loss of USD504,484 for the same period in 2020.

The company added that the increase in net loss is principally due to a 14.5% decline in revenue and an increase in operating costs related to an increase in amortization of intangible assets, common stock issued for services including services related to its successful uplist to the Nasdaq Capital Markets, salary expense due to hiring of senior level executives and legal fees.

Revenues of USD2.08m were generated for the three months ended 28 February 2021, down 14.5% from revenues of USD2.43m for the same period in 2020, due to the relative decrease in patient clinic visits due to the COVID-19 pandemic which had not begun to impact clinic visits during this period in 2020.

Operating costs of USD2.08m were recorded for the three months ended 28 February 2021, a rise of 109% from USD993,772 for the same period in 2020, due to an increase in amortization of intangible assets, common stock issued for services including services related to its successful uplist to the Nasdaq Capital Markets and salary expense, as well as legal fees.