Vitro Biopharma Inc. April 30, 2021; 2nd Quarter ended Financial Results of Operations and Shareholder Letter
GOLDEN, CO / ACCESSWIRE / July 1, 2021 / Vitro Biopharma Inc. (formerly Vitro Diagnostics Inc.) (dba Vitro Biopharma), announced its quarter ended April 30, 2021, financial results of operations.
Vitro Biopharma recorded record quarter ended April 30, 2021 revenues of $ 326,535 vs $128,632 an increase of 254% over the prior comparative quarter directly attributed to recovering from the COVID-19 pandemic. Revenues in the second quarter of 2021 of $326,535 were up $197,903 over the $128,632 recorded in the prior year second quarter. The increase in the current second quarter revenue was based on our cosmetic products strong reopening quarter following the pandemic lockdowns. During the quarter, the Stem Cell clinics offshore began to reopen and started treating patients who were willing to to comply with quarantine restrictions.
The rapid roll out of vaccination programs in the US market has increased our expectations of growth and revenue recovery in the 2nd half of fiscal 2021. Feedback from our customers and our partner clinic in the Cayman Islands www.DVCstem.com is that patients have started booking their travel plans for regenerative treatments and that there is a backlog of over 100 patients. The cosmetic clinics www.InfiniviveMD.com have started to open but currently with lower occupancy as regulations vary state by state. Our partner in the Cayman Islands started treating patients again in the second quarter of 2021 and we are receiving increased orders from our exclusive distributor of the InfiniVive-MD cosmetic stem cell serum product line. Our cancer and stem cell research products also resumed there revenue growth.
Gross profit margins were up to 85% for the quarter up 22% from the prior comparative quarter and reflecting the recovery of high margin clinical therapies and topical cosmetic treatments. The Company's targeted gross margins are in the 75% range.
Overall GAAP operating expenses increased in the quarter ended April 30, 2021 by $830,65 to $1.173,508 from $342,843 in the prior comparative quarter ended April 30, 2020 . The increases in GAAP expenses were mainly on account of a one-time settlement agreement with a former executive officer that resulted in a one time non-cash options charge as stock-based compensation to operating expenses of $677,080 for the quarter. As per the statements of cashflows, the cash utilized in operations for the six months ended April 30th, 2021 was $657,883 versus $376,202 for the prior comparative six months ended April 30, 2020. The cash used in operations for the quarter ended April 30, 2021 was $299,953, an increase of $96,435 from the $203,518 cash used in operations from the prior comparative quarter ended April 30, 2020. The increase in operating cashflow used in operations for the current quarter was $96,435 reflecting the increased costs of FDA regulatory, manufacturing capacity expansion, legal, consulting, and audit costs. The company is amending and extending the convertible 10% promissory notes until December 31, 2024. This will substantially improve the Company's balance sheet working capital by $767,203.
Now that the 2019 and 2020 Audits have been completed, the company is moving forward with plans to regain an exchange listing with the SEC, the process of which is expected to be completed in and around the latter quarter of fiscal 2021.
The company added extra resources to turn its attention to the world-wide challenge of finding therapies to fight COVID-19. Vitro filed an Investigational New Drug ('IND') application and has received FDA authorization to treat several COVID 19 patients under the Expanded Access IND Program with its AlloRx Stem Cells ®. Ten critically ill patients have been treated successfully with no adverse events and have since recovered post treatment. Dr. Jack Zamora was recently interviewed with local press coverage of our efforts in successfully treating COVID 19 patients.
During and subsequent to the quarter the company achieved and pursed the following objectives:
Series A Convertible Preferred Stock Offering and C.E.O. Jack Zamora M.D.
During the quarter, the company continued with its Series A Convertible Preferred Stock offering to the accredited investors under the SEC Regulation D exemption. The preferred Stock is priced at $25 per share which is convertible at $0.25 cents per share for a total of 100 shares. The minimum investment is $50,000 per unit. The company had sold $1.0 million of the Series A Convertible Preferred Stock in 2020. The offering was sold out at $1.0 million and the company has expanded it to a total of up to $3.5 million to ensure sufficient working capital during the Coronavirus pandemic and to start the regulatory process of current reporting audits and funding for its expanded clinical trial activities with the FDA. The company entered into a $2M Series A Convertible Preferred Stock one year subscription agreement with its new C.E.O., Jack Zamora M.D. The subscription agreement has been funded to $430,000 during the six months ended April 30 2021 with a number of accredited investors including C.E.O. Jack Zamora. The company continues to raise additional Series A to fund its ongoing operations.
Established Pathway to Gain FDA Approval of AlloRx Stem Cells® .
As a part of our overall strategy to target both global and US stem cell markets, Vitro Biopharma submitted a Phase I IND application to the FDA to assess the safety of AlloRx Stem Cells® in the treatment of COVID-19. We have established strong communication channels with FDA officials that facilitated our IND review and FDA authorization to enroll patients Several clinical centers have expressed interest in our stem cell therapy, and we continue to enlist multi-center sites to conduct our Phase 1 trial. No adverse events were reported in our patients treated through Expanded Access INDs and one patient who had various comorbidities (diabetes, obesity and cardiovascular disease) stabilized and exhibited enhanced pulmonary, liver and renal function during the six weeks following AlloRx Stem Cell® Therapy. The patient has now recovered and is at home from the hospital after 3 months of intensive care. We have now completed ten eIND treatments without adverse events and resolution of COVID-19 symptoms. MSCs have been shown to block the cytokine storm that occurs in COVID-19 patients in acute respiratory distress through their powerful anti-inflammatory effectiveness. The cytokine storm leads to the need for assisted breathing by ventilators, patient transfer to ICU and related burdens on the global health and systems as the pandemic continues. It is important to note that AlloRx Stem Cells® are a possible therapy for other viral attacks including influenza. Stem cells block acute respiratory distress and repair damage to other major organs including cardiovascular, pulmonary, hepatic, and renal systems. During the quarter the company received FDA authorization and clearance to enroll patients in its phase I-IIa, randomized, double-blinded, placebo controlled study of the safety and efficacy of therapeutic treatment with AlloRx Stem Cells® in adults with COVID-19.
AlloRx Stem Cells® have been shown to assist in recovery from failure of various organ systems in COVID-19 survivors, as our results and several other labs are demonstrating. It is thus likely that AlloRx Stem Cells® are effective in treating long COVID-19.. We are now working with FDA officials to expand our authorized IND to include patients with adverse symptoms following COVID-19, so called 'long haul COVID' that is emerging as a major global health issue.
As variants of COVID-19 evolve and threaten global pandemic expansion, AlloRx Stem Cell® therapy is effective without regard to the viral sequence enhancing its therapeutic utility and compliment to vaccine therapy.
Expansion of its manufacturing capacity
The company commenced the expansion of its laboratory and manufacturing facilities to expand its manufacturing output. This expanded facility is expected to be operating in the later part of 2021. During the quarter we have initiated technical upgrades to our AlloRx Stem Cell® manufacturing procedures that will increase cellular yields and further automate manufacturing. Our present facility has approximately $6M of AlloRx Stem Cell™ Vitro Biopharma revenue capacity per year. Furthermore, the completion of the 2nd clean room processing facility would expand our potential capacity to approximately 100 Billion AlloRx Stem Cells® a month or approximately $1.7 Million of AlloRx Stem Cell® revenue capacity per month. This would give Vitro Biopharma a revenue run rate potential capacity of $20M a year.
Our increased capacity is rigorously controlled by our Quality Management System, now certified to the ISO9001 Quality Standard and the ISO13485 Medical Device Standard as well. This provides cGMP-compliant manufacturing of the highest quality stem cells/medical devices for clinical trial testing to provide further evidence of safety and efficacy for treatment of a wide variety of indications. Highly regulated cGMP biologics manufacturing within a BLA-compliant facility provides numerous opportunities to the Company to drive strong revenue growth. The recent FDA authorization of Our COVID-19 clinical trial further validates our cGMP compliance as our manufacturing and quality procedures were rigorously reviewed and approved. We are presently focused on our partnerships in the Caribbean with DVC Stem in Grand Cayman Island, InfiniVive MD, Magellan Stem Cells in Australia and emerging opportunities in the Medical Pavilion of the Bahamas.
During and subsequent to the quarter the company has added new regenerative medicine clinics in Cabo St. Lucas Mexico prmedicainc.com and Antiqua. The company is in discussions with additional offshore Clinics who want to utilize the companies AlloRx Stem Cells® in their regenerative therapies.
STEMulize™ Update:
We have reformulated with our contract manufacturer to produce STEMulize™ in large quantity manufacturing runs. STEMulize™ contains natural substances that activate the body's own stem cells to enhance recovery from injury such as TBI, stroke, MS, PD and other autoimmune, inflammatory and neurological diseases. The STEMulize™ product will be offered as a private label product to InfiniVive MD™ clinics and is being implemented as supplemental support to clinical treatments now ongoing in the Cayman Islands. Patients report positive benefits from STEMulize™ therapy following stem cell transplants including increased overall energy and enhancement of improved motor function in MS patients. We have entered into purchase negotiations with Fitore Nutraceutical for the distribution of STEMulife (formerly STEMulize). The company and Fitore have developed a new nutraceutical product SPECTRUM + for the benefit of autistic patients. Fitore also has two other products Easy Sleep and Thought Calmer. The Company and Fitore will continue to expand the product line centered around the research capabilities of Vitro Biopharma.
Supporting Revenue from Infinivive MD™ Stem Cell Serum despite closures and reduced capacity of the cosmetic clinics
The Company's cosmetic stem cell serum private labelled as InfiniVive MD™ is being applied as a topical cosmetic serum in medical spas and plastic surgery offices. InfiniVive MD™™ revenue increased in the quarter as cosmetic clinics around the nation have re-opened as health restrictions have been increasingly lifted in various states. Subsequent to the quarter the company has been active in recruiting new clinics that will contribute to its revenue expansion in the second half of fiscal 2021.
InfiniVive MD™ Cosmetic Serum is revolutionizing the cosmetic industry. Patients are experiencing unparalleled improvements in the appearance of fine lines and wrinkles. This is one of the fastest growing revenue streams for Vitro Biopharma. We work with a variety of regulatory experts to assist us in the appropriate regulatory pathways.
www.jackzamoramd.comwww.infinivivemd.com
Vitro Biopharma's OEM cosmetic topical serum is being distributed exclusively by InfiniVive MD™ into cosmetic clinics that are providing the topical treatment as a beautification product. To date the company's product is being offered in a number of clinics throughout the United States and soon internationally. Subsequent to the quarter the company is in negotiations to purchase InfiniVive MD from its C.E.O. Jack Zamora M.D..
New product development InfiniVive Exosome Cosmetic Serum
The company has brought on Dr. Jack Zamora as its new C.E.O. and together with our founder who is now focused on research as our Chief Science Officer has jointly developed a new exosome based product, InfiniVive MD's Cosmetic Exosome Serum. The product will be distributed by InfiniVive-MD along with the topical stem cell serum. The product is also used as a topical application for beautification. The product is a compliment to the topical stem cell serum and will provide the customer with a more competitive price point per application depending on the clinic. The new Exosome product is being marketed and sold into the clinics during the current quarter and we have already received increased exosome orders subsequent to the quarter. We are jointly working on a topical Daily Serum. The Exosome market is part of the billion dollar cosmetic market in the United States. These products will also be sold offshore around the world.
Update on the Clinical Trial of Musculoskeletal Conditions in the Bahamas
This initiative broadens Vitro Biopharma's expansion into highly regulated stem cell trials in collaboration with the Nassau-based Medical Pavilion of the Bahamas (TMPB).
Pandemic related travel restrictions have delayed patient enrollment in our IRB-approved clinical trial to treat musculoskeletal conditions with AlloRx Stem Cells®. These include OA of any joint, ACL/MCL tear, Achilles tendon rupture, rotator cuff injury, tennis elbow and herniated disc that are highly prevalent and have few disease-modifying options. The company is partnered with Dr. Conville Brown, MD, MBBS, FACC, FESC, PhD, the founder and CEO of the Medical Pavilion of the Bahamas who is the Principal Investigator of this trial and director of its clinical administration. Dr Brown was instrumental in the establishment of the NSCEC in the Bahamas.
About the Medical Pavilion of the Bahamas: TMPB operates within a 40,000 square foot building as a partnered care specialty medical facility with 10 different centers in various areas including cardiology, cancer, clinical research, and kidney disease. One of the centers is the Partners Stem Cell Centre, where the present trial will be conducted. The Partners Stem Cell Centre provides an environment to conduct stem cell research and clinical trials under the model of ''FDA rigor in a Non-FDA Jurisdiction'' TMPB employs 20 medical specialists in various fields. See www.tmp-bahamas.com for additional information.
The company has entered into an operating agreement with the Partner's Stem Cell Centre and the pandemic has delayed patient enrollment for the clinical trial, revenue expectations are on hold until the latter part of 2021.
Cayman Islands starts treating patients again as restrictions are relaxed but not yet all clear.
During and subsequent to the quarter DVCStem has started to treat some patients who are willing to quarantine for 10 days, these therapies will start to contribute to revenue more substantially in the second half of 2021. There is currently a backlog of over 100 patients seeking treatment which exceeds all of the treatments performed in 2019 and 2020 by over 200%. We expect to see a surge in revenues from this backlog to bring back our revenue streams in the second half of 2021.
Expanded our Patent & Intellectual Property Portfolio
The Company has 6 patent applications pending in the US and foreign jurisdictions. These patents cover our line and various aspects of our STEMulize® stem cell activation products for treatment of a wide variety of medical indications. During the quarter, the Company has responded to office actions and continues to vigorously prosecute & expand its patent filings. During prosecution, some previously pending applications that were expanded due to restriction actions by the US patent office were abandoned without altering the Company's ability to achieve patent protection of its key IP related to AlloRx Stem Cells®, STEMulize® for treatment of a wide variety of medical conditions and its novel stem cell therapy based on the combination of AlloRx Stem Cells® and STEMulize®. Also, our pending applications have opportunities for subsequent filings in other jurisdictions and we have filed a new application related to the engineering of vaccine properties into AlloRx Stem Cells®.
We believe our stem cell products are distinctly superior to stem cell treatments offered in the USA. The latter usually involve use of impure products lacking validation as stem cells and containing insufficientnumbers of stem cells to achieve therapeutic benefits. These are produced without regulatory oversight and have been known to cause serious adverse effects. Hence the use of highly purified and well characterized stem cells (AlloRx Stem Cells®) is needed to provide safety and efficacy in regenerative medicine therapies.
In summary, Vitro Biopharma is advancing as a key player in regenerative medicine with 10+ years' experience in the development and commercialization of stem cell products for research, recognized by a Best in Practice Technology Innovation Leadership award for Stem Cell Toolsand Technology and a growing track record of successful translation to therapy. We plan to leverage our proprietary technology platform to the establishment of international Stem Cell Centers of Excellence and regulatory approvals in the US and worldwide.
Vitro Biopharma has supplied major biopharmaceutical firms, elite university laboratories and clinical trials worldwide with its Umbilical Cord Mesenchymal Stem Cells (AlloRx Stem Cells®), and it's MSC-Grow™ Brand of cell culture media along with advanced stem cell diagnostic services.
Sincerely yours,
Jack Zamora M.D.
C.E.O.
Forward-Looking Statements
Statements herein regarding financial performance have not yet been reported to the SEC nor reviewed by the Company's auditors. Certain statements contained herein, and subsequent statements made by and on behalf of the Company, whether oral or written may contain 'forward-looking statements'. Such forward looking statements are identified by words such as 'intends,' 'anticipates,' 'believes,' 'expects' and 'hopes' and include, without limitation, statements regarding the Company's plan of business operations, product research and development activities, potential contractual arrangements, receipt of working capital, anticipated revenues and related expenditures. Factors that could cause actual results to differ materially include, among others, acceptability of the Company's products in the marketplace, general economic conditions, receipt of additional working capital, the overall state of the biotechnology industry and other factors set forth in the Company's filings with the Securities and Exchange Commission. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements.
Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT:
Dr. Jack Zamora
4621 Technology Drive
Golden, CO 80403
jackzamoramd@vitrobiopharma.com
www.vitrobiopharma.com
Vitro Biopharma, Inc.
Statements of Operations
Unaudited
April 30, 2021 | October 31, 2020 | |||||||
ASSETS | ||||||||
Cash | 37,415 | 297,212 | ||||||
Accounts receivable, net of allowance | 158,583 | 93,660 | ||||||
Accounts receivable - related parties | 72,650 | 58,250 | ||||||
Inventory | 77,728 | 35,000 | ||||||
Total Current Assets | 346,376 | 484,122 | ||||||
Fixed assets, net of depreciation | 146,881 | 146,440 | ||||||
Patents, net of amortization | 2,390 | - | ||||||
Right of use asset - operating lease | 363,081 | 394,793 | ||||||
Total Assets | 858,728 | 1,025,355 | ||||||
LIABILITIES | ||||||||
Accounts payable | 102,538 | 46,392 | ||||||
Accounts payable - related parties | 16,933 | 32,212 | ||||||
Other accrued liabilities | 554,169 | 165,923 | ||||||
Other accrued liabilities - related party | 80,000 | - | ||||||
Current maturities of capital lease obligations | 52,362 | 44,735 | ||||||
Current maturities of operating lease obligations | 58,625 | 61,797 | ||||||
Accrued interest payable | 95,922 | 83,251 | ||||||
Accrued interest payable, related parties | 149,412 | 118,890 | ||||||
Convertible promissory notes - 10% | 291,135 | - | ||||||
Convertible promissory notes - 10% - related parties | 476,068 | - | ||||||
Total Current Liabilities | 1,877,164 | 553,200 | ||||||
Capital lease obligations, net of current portion | 101,576 | 98,464 | ||||||
Operating lease obligation, net of current portion | 304,456 | 332,996 | ||||||
Convertible promissory notes - 10% | - | 260,257 | ||||||
Convertible promissory notes - 10% - related parties | - | 416,838 | ||||||
Unsecured 6% note payable - related party | 767,288 | 767,288 | ||||||
Unsecured 4% note payable - related party | 1,221,958 | 1,221,958 | ||||||
Long term accrued interest payable, related party | 62,287 | - | ||||||
Total Long Term Liabilities | 2,457,565 | 3,097,801 | ||||||
Total Liabilities | 4,334,729 | 3,651,001 | ||||||
SHAREHOLDERS' DEFICIT | ||||||||
Series A convertible preferred stock, 5,000,000 shares authorized, | ||||||||
58,200 and 41,000 outstanding, respectively | 58 | 41 | ||||||
Common stock, 50,000,000 shares authorized, | ||||||||
46,130,200 and 46,130,200 outstanding, respectively | 46,410 | 46,410 | ||||||
Paid in capital | 9,919,343 | 8,749,607 | ||||||
Less Treasury stock | (84,000 | ) | (84,000 | ) | ||||
Accumulated deficit | (13,357,812 | ) | (11,337,704 | ) | ||||
Total Stockholders' Deficit | (3,476,001 | ) | (2,625,646 | ) | ||||
Total Liabilities and Stockholders' Deficit | 858,728 | 1,025,355 | ||||||
These financial statements should be read in connection with the notes to unaudited financial statements.
Vitro Biopharma, Inc.
Statements of Operations
Unaudited
Three months ended | Three months ended | |||||||
April 30, 2021 | April 30, 2020 | |||||||
Product sales | $ | 180,285 | $ | 76,132 | ||||
Product sales, related parties | 146,250 | 52,500 | ||||||
Total revenue | 326,535 | 128,632 | ||||||
Less cost of goods sold | (49,730 | ) | (47,608 | ) | ||||
Gross profit | 276,805 | 81,024 | ||||||
Operating costs and expenses: | ||||||||
Selling, general and administrative | 1,173,508 | 342,843 | ||||||
Loss from operations | (896,703 | ) | (261,819 | ) | ||||
Other expense: | ||||||||
Interest expense | (93,260 | ) | (72,633 | ) | ||||
Net loss | (989,963 | ) | (334,452 | ) | ||||
Deemed dividend on Series A Convertible preferred stock | (26,356 | ) | (47 | ) | ||||
Cumulative Series A Convertible preferred stock dividend | ||||||||
requirement | (36,356 | ) | (8,047 | ) | ||||
Net loss available to common stockholders | $ | (1,052,675 | ) | $ | (342,546 | ) | ||
Net loss per common share, basic and diluted | $ | (0.02 | ) | $ | (0.01 | ) | ||
Shares used in computing net loss per common share, | ||||||||
Basic and diluted | 46,130,200 | 46,010,200 | ||||||
These financial statements should be read in connection with the notes to unaudited financial statements.
Vitro Biopharma, Inc.
Statements of Operations
Unaudited
Six months ended | Six months ended | |||||||
April 30, 2021 | April 30, 2020 | |||||||
Product sales | $ | 221,377 | $ | 178,253 | ||||
Product sales, related parties | 232,650 | 176,300 | ||||||
Total revenue | 454,027 | 354,553 | ||||||
Less cost of goods sold | (80,499 | ) | (103,070 | ) | ||||
Gross profit | 373,528 | 251,483 | ||||||
Operating costs and expenses: | ||||||||
Selling, general and administrative | 2,191,594 | 706,730 | ||||||
Loss from operations | (1,818,066 | ) | (455,247 | ) | ||||
Other expense: | ||||||||
Interest expense | (202,042 | ) | (147,279 | ) | ||||
Net loss | (2,020,108 | ) | (602,526 | ) | ||||
Deemed dividend on Series A Convertible preferred stock | (44,395 | ) | (47 | ) | ||||
Cumulative Series A Convertible preferred stock dividend | ||||||||
requirement | (57,500 | ) | (10,853 | ) | ||||
Net loss available to common stockholders | $ | (2,122,003 | ) | $ | (613,426 | ) | ||
Net loss per common share, basic and diluted | $ | (0.05 | ) | $ | (0.01 | ) | ||
Shares used in computing net loss per common share, | ||||||||
Basic and diluted | 46,130,200 | 46,010,200 | ||||||
These financial statements should be read in connection with the notes to unaudited financial statements.
Vitro Biopharma, Inc.
Statement of Changes in Stockholders' Deficit
Unaudited
Shares | Par Value | Shares | Par Value | Paid in Capital | Treasury Stock | Accumulated Deficit | Total | |||||||||||||||||||||||||
Balance at October 31, 2020 | 41,000 | $ | 41 | 46,130,200 | $ | 46,410 | $ | 8,749,607 | $ | (84,000 | ) | $ | (11,337,704 | ) | $ | (2,625,646 | ) | |||||||||||||||
Sale of preferred stock | 12,000 | 12 | - | - | 299,988 | - | - | 300,000 | ||||||||||||||||||||||||
Stock based compensation | - | - | - | - | 62,673 | - | - | 62,673 | ||||||||||||||||||||||||
Beneficial conversion feature | ||||||||||||||||||||||||||||||||
on convertible preferred stock | - | - | - | - | 18,039 | - | - | 18,039 | ||||||||||||||||||||||||
Deemed dividend on convertible | ||||||||||||||||||||||||||||||||
preferred stock | - | - | - | - | (18,039 | ) | - | - | (18,039 | ) | ||||||||||||||||||||||
Net loss | - | - | - | - | - | - | (1,030,145 | ) | (1,030,145 | ) | ||||||||||||||||||||||
Balance at January 31, 2021 | 53,000 | 53 | 46,130,200 | 46,410 | 9,112,268 | (84,000 | ) | (12,367,849 | ) | (3,293,118 | ) | |||||||||||||||||||||
Sale of preferred stock | 5,200 | 5 | 129,995 | 130,000 | ||||||||||||||||||||||||||||
Stock based compensation | - | - | - | - | 677,080 | - | - | 677,080 | ||||||||||||||||||||||||
Beneficial conversion feature | ||||||||||||||||||||||||||||||||
on convertible preferred stock | - | - | - | - | 26,356 | - | - | 26,356 | ||||||||||||||||||||||||
Deemed dividend on convertible | ||||||||||||||||||||||||||||||||
preferred stock | - | - | - | - | (26,356 | ) | - | - | (26,356 | ) | ||||||||||||||||||||||
Net loss | - | - | - | - | - | - | (989,963 | ) | (989,963 | ) | ||||||||||||||||||||||
Balance at April 30, 2021 | 58,200 | $ | 58 | 46,130,200 | $ | 46,410 | $ | 9,919,343 | $ | (84,000 | ) | $ | (13,357,812 | ) | $ | (3,476,001 | ) | |||||||||||||||
Vitro Biopharma, Inc.
Statement of Changes in Stockholders' Deficit
Unaudited
Shares | Par Value | Shares | Par Value | Paid in Capital | Treasury Stock | Accumulated Deficit | Total | |||||||||||||||||||||||||
Balance at October 31, 2019 | - | $ | - | 46,010,200 | $ | 46,290 | $ | 7,407,220 | $ | (84,000 | ) | $ | (9,775,157 | ) | $ | (2,405,647 | ) | |||||||||||||||
Sale of preferred stock | 18,000 | 18 | - | - | 449,982 | - | - | 450,000 | ||||||||||||||||||||||||
Stock based compensation | - | - | - | - | 138,869 | - | - | 138,869 | ||||||||||||||||||||||||
Beneficial conversion feature | ||||||||||||||||||||||||||||||||
on convertible preferred stock | - | - | - | - | 2,806 | - | - | 2,806 | ||||||||||||||||||||||||
Deemed dividend on convertible | ||||||||||||||||||||||||||||||||
preferred stock | - | - | - | - | (2,806 | ) | - | - | (2,806 | ) | ||||||||||||||||||||||
Net loss | - | - | - | - | - | - | (268,074 | ) | (268,074 | ) | ||||||||||||||||||||||
Balance at January 31, 2020 | 18,000 | 18 | 46,010,200 | 46,290 | 7,996,071 | (84,000 | ) | (10,043,231 | ) | (2,084,852 | ) | |||||||||||||||||||||
Sale of preferred stock | 5,800 | 6 | - | - | 144,994 | 145,000 | ||||||||||||||||||||||||||
Stock based compensation | - | - | - | - | 42,739 | - | - | 42,739 | ||||||||||||||||||||||||
Beneficial conversion feature | ||||||||||||||||||||||||||||||||
on convertible preferred stock | - | - | - | - | 8,047 | - | - | 8,047 | ||||||||||||||||||||||||
Deemed dividend on convertible | ||||||||||||||||||||||||||||||||
preferred stock | - | - | - | - | (8,047 | ) | - | - | (8,047 | ) | ||||||||||||||||||||||
Net loss | - | - | - | - | - | - | (334,452 | ) | (334,452 | ) | ||||||||||||||||||||||
Balance atApril 30, 2020 | 23,800 | $ | 24 | 46,010,200 | $ | 46,290 | $ | 8,183,804 | $ | (84,000 | ) | $ | (10,377,683 | ) | $ | (2,231,565 | ) | |||||||||||||||
Vitro Biopharma, Inc.
Statements of Cash Flows
Unaudited
Six months ended | Six months ended | |||||||
April 30, 2021 | April 30, 2021 | |||||||
Operating Activities | ||||||||
Net Loss | $ | (2,020,108 | ) | $ | (602,526 | ) | ||
Adjustment to reconcile net loss: | ||||||||
Depreciation expense | 42,212 | 36,173 | ||||||
Amortization of operating lease - ROU asset | 31,712 | 11,244 | ||||||
Accretion of debt discount | 90,108 | 75,041 | ||||||
Stock based compensation | 739,753 | 181,608 | ||||||
Changes in assets and liabilities | ||||||||
Accounts receivable | (64,923 | ) | 117,869 | |||||
Accounts receivable, related parties | (14,400 | ) | (175,900 | ) | ||||
Inventory | (42,728 | ) | (68,877 | ) | ||||
Prepaid expenses | - | (37,000 | ) | |||||
Patent costs | (2,390 | ) | - | |||||
Accounts payable | 56,146 | 50,942 | ||||||
Accounts payable, related parties | (15,279 | ) | (10,467 | ) | ||||
Operating lease obligation | (31,712 | ) | (11,244 | ) | ||||
Other accrued liabilities | 388,246 | (4,985 | ) | |||||
Other accrued liabilities - related party | 80,000 | - | ||||||
Accrued interest | 12,671 | 37,248 | ||||||
Accrued interest, related parties | 92,809 | 24,672 | ||||||
Net cash used in operating activities | (657,883 | ) | (376,202 | ) | ||||
Investing Activities | ||||||||
Acquisition of property and equipment | (10,008 | ) | (1,113 | ) | ||||
Net cash used in investing activities | (10,008 | ) | (1,113 | ) | ||||
Financing Activities | ||||||||
Preferred stock issued for cash | 430,000 | 595,000 | ||||||
Capital lease principal payments | (21,906 | ) | (20,172 | ) | ||||
Net cash provided by financing activities | 408,094 | 574,828 | ||||||
Total cash provided (used) during the fiscal period | (259,797 | ) | 197,513 | |||||
Beginning cash balance | 297,212 | 118,624 | ||||||
Ending cash balance | $ | 37,415 | $ | 316,137 | ||||
Cash paid for interest | $ | 6,454 | $ | 5,414 | ||||
Cash paid for income taxes | $ | - | $ | - | ||||
Supplemental schedule of non cash financing activities: | ||||||||
Beneficial conversion feature and deemed dividend on convertible preferred stock | $ | 44,395 | $ | 47 | ||||
Capital lease for property and equipment | $ | 32,645 | $ | - | ||||
These financial statements should be read in connection with the notes to unaudited financial statements.
SOURCE: Vitro Biopharma Inc.
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https://www.accesswire.com/653904/Vitro-Biopharma-Inc-April-30-2021-2nd-Quarter-ended-Financial-Results-of-Operations-and-Shareholder-Letter
