Vitro Bio-Pharma 1st Quarter 2018 Financial Results of Operations

GOLDEN, CO / ACCESSWIRE / March 23, 2018 / Vitro Diagnostics, Inc. (OTC PINK: VODG), dba Vitro BioPharma, announced its 1st quarter ended January 31st, 2018 financial results of operations.

Vitro Diagnostics Inc. (“Vitro”) is pleased to announce a record 1st quarter in Stem Cell Revenues. Vitro recorded 1st quarter revenues of $87,185 vs $57,041 an increase of 53% over the same comparative quarter last year. In addition, Stem Cell therapies accounted for 55% of the revenues up from 21% of the revenues in the prior comparative quarter last year. Current quarter stem cell revenues from our advanced stem cell therapies with our offshore partners were $48,530 for the 1st quarter ended January 31, 2018, vs $12,000 for the first quarter ended January 31, 2017.

The company’s gross profit margins improved to 68% up from 64% in the comparative prior year’s quarter. Gross margin improvement is in line with the strategic direction of the company to expand the market in its offshore Stem Cell Therapies. The company’s clean-room lab expansion last year and increase in its batch Stem Cell manufacturing and production capacity to 2 Billion cells per harvest, using its patent-pending cell line, has increased efficiencies and lowered the cost per harvest.

Overall expenses increased in the quarter to $110,133 from $62,257 in the prior year’s comparative quarter. The increase in expenses reflects the addition of additional team resources as the Company expands its capability to service its strategic direction of offshore Stem Cell sales. The company has added internal operations staff in the stem cell lab; outside consultants supporting its efforts towards CLIA and ISO certification as well as the addition of internal accounting, finance, and administrative support staff.

The company’s CEO and major shareholder continues to support the company with advances and deferred salary to provide working capital for the company to grow forward. During the quarter the company also added $75,000 of secured convertible notes receivable to support its expansion activities to be realized during the year.

The company is in discussions with its CEO and major shareholder regarding the conversion of his debts to equity under a re-capitalization plan that is in the interest of the debtholders and shareholders. Such discussions could result in the issuance of approximately 20M shares for the conversion of approximately $1M in debts to stock at $0.05 cents per share. This would increase the outstanding share capital to approximately 50M shares on a fully diluted basis. Such a re-capitalization has not yet been affected but it is being actively discussed amongst the company’s board and advisors.

During the quarter the company achieved and pursed the following company objectives;

Developed Stem Cell Therapy of TBI to Pre-market Status:

TBI (Traumatic Brain Injury) affects about 2 million Americans per year with therapy options limited to rehabilitation/palliative care. We developed our products & services to pre-market, beta testing levels. Our products include a nutraceutical formulation known to activate human stem cells together with diagnostic services providing biomarker profiling together with advanced brain imaging procedures. Our accomplishments included:

-Filing Trade Mark Registration with the USTPO for Brain Grow Technologies™
-Submission of CLIA application. Vitro Biopharma’s clinical laboratory for biomarker profiling is now CLIA-registered and we anticipate certification soon.
-Expansion of partnership development to support TBI and other applications of our platform including Stroke, Parkinson’s disease, Alzheimer’s Disease, etc.
-Developed products (including labeling & logo) and services to commercial status. The NutraVivo™ Brand of nutraceuticals is being launched. These are natural substances that activate stem cells to enhance recovery from injury such as TBI, etc while also enhancing overall cellular health.

Accelerated the Company’s Marketing Program
-Updated its website and SEO
-Established initial social media presence
-Developed and expanded off-shore stem cell therapy partnerships.
Research and Development

-Developing stem cell products for use in cosmetic applications including skin rejuvenation and regeneration.
-Developing alternative forms of stem cells for enhanced distribution logistics and deployment methods

Dr. Jim Musick, CEO of Vitro Biopharma, said, “We are very pleased with the increased revenue growth during our first quarter 2018. We are continuing to develop our business model including the growth of revenue from combined research product sales and revenues from off-shore markets for our clinical products and services.

This began about 5 years ago with sales of Clinical Grade MSC-Gro™ to support OA clinical trials in Australia. In 2017, we began sales of clinical grade stem cells to the DaVinci Centre in Grand Cayman Island that continued to grow in early 2018. We continue to expand off-shore partnerships for additional indications and revenue growth for the Company. In addition, we are beginning the initial marketing of our Stem Cell Therapy for Traumatic Brain Injury. Our products include a novel and patent-pending formulation of natural substances known to activate human stem cells together with diagnostic procedures to access molecular and brain structural injury and their response to therapy. Since we rely on unique combinations/formulations of natural dietary supplements, this therapeutic intervention is not subject to FDA regulation and our diagnostic procedures are conducted in compliance with CLIA. The TBI initiative will be initially launched in the US. In addition, we are considering the FDA’s fast-track approval of stem cell therapies (RMAT) for transplants including novel deployment methods to treat TBI, Parkinson’s disease, Stroke and Alzheimer’s disease.”

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 Tools and 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.

Sincerely yours,

James R. Musick, Ph.D.
President, CEO & Chairman of the Board
www.vitrobiopharma.com

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, the 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. James Musick
Chief Executive Officer
Vitro BioPharma
(303) 999-2130 Ext. 3
E-mail: jim@vitrobiopharma.com
Source: Vitro Diagnostics, Inc.
www.vitrobiopharma.com

Vitro Diagnostics Income Statement;
Vitro Diagnostics, Inc.
First Quarter Ended January 31st.

2018

2017

Stem Cell Therapies

48,530

12,000

Stem Cell Products

33,033

41,822

Other

5,622

3,219

Total Revenues

87,185

57,041

COGS

28,218

32
%

20,753

36
%

Gross Profit

58,967

68
%

36,288

64
%

SGA Expenses

51,387

19,490

Office Expenses

7,421

7,060

Legal, Accounting and Banking Fees

4,167

3,555

Laboratory R&D & Quality Control

39,045

25,142

Depreciation and Amortization

8,113

7,010

Total Expenses

110,133

62,257

Net Operating Profit (Loss)

(51,166
)

(25,969
)

Non Cash Interest on Secured Notes Payable

(5,771
)

Non Cash Interest on Shareholder Debt

(37,135
)

(34,844
)

Net Income (Loss)

(94,072
)

(60,813
)

The company provides its financial information for investment purposes only, the results published are not audited or necessarily SEC or GAAP compliant.

Vitro Diagnositics Inc.
First Quarter ended January 31st,
Balance Sheet

2018

2017

ASSETS

Cash

564

2,465

Accounts Receivable

56,921

41,041

Inventory

14,403

17,812

Current Assets

71,888

61,318

Fixed Assets

151,048

51,786

Intangible and other Assets

49,322

40,724

Total Assets

272,258

153,828

LIABILITIES

Trade Accounts Payable

70,785

171,792

Bank Credit Cards

44,273

29,227

Capital Lease Obligaitons

18,544

11,495

Current Liabiities

133,602

212,514

Secured Notes and Other Payables

366,187

Capital Lease Obligations

68,241

Shareholder Accrued Comp. Payable

1,243,889

1,243,889

Shareholder Debts Payable

1,586,327

1,392,957

Long Term Liabilities

3,264,644

2,636,846

Total Liabilities

3,398,246

2,849,360

SHAREHOLDERS EQUITY

Common Stock

21,432

20,372

Paid in Capital

5,508,387

5,456,447

Retained Earnings

(8,561,735
)

(8,111,537
)

Net Income

(94,072
)

(60,814
)

Total Equity

(3,125,988
)

(2,695,532
)

TOTAL LIABILITES AND EQUITY

272,258

153,828

The company provides its financial information for investment purposes only, the results published are not audited or necessarily SEC or GAAP compliant.

STATEMENTS OF CASH FLOW
For the quarter ended January 31st,

2018

Net Loss

(94,072
)

Non Cash Depreciation

8,113

Amortization of Intangible Assets, net

870

Increase in current and other Assets

29,597

Increase in Current and other Liabilities

11,763

Principal payments on capital leases

(5,937
)

Net cash generated from operations

44,406

Cashflows from Investing Activities

Halo Intercompany Account,net

Purchases of equipment

(2,725
)

Equipment Financed

Draws on lines of credit, net

2,438

Secured Notes Payable

Increase in Shareholder Debt

5,000

Non Cash Services provided for Stock

Non Cash Secured Note Interest

5,771

Non Cash Shareholder Note Interest

37,135

Net Cash provided by Financing Activities

47,619

Net Change in Cash

(2,047
)

Cash Beginning of the quarter Oct 31st 2017

2,612

Cash End of the quarter Januray 31, 2018

565

STATEMENT OF CHANGES IN SHAREHOLDER EQUITY

Shares

Par Value

Paid in Capital

Balance October 31, 2017

21,431,822

21,431

5,508,387

Balance January 31, 2018

21,431,822

21,431

5,508,387

The company provides its financial information for investment purposes only, the results published are not audited or necessarily SEC or GAAP compliant

SOURCE: Vitro Diagnostics Inc.

ReleaseID: 493985