Mon, Sep 16, 4:21 PM (95 days ago)
For the quarter ended July 31, 2024, Vitro BioPharma, Inc. reported a significant decline in total revenue, totaling $319,909, down 45% compared to $577,240 in the same quarter of 2023. This decline was primarily driven by reduced sales of research and development products, which fell by 74%. Gross profit was $254,471, yielding a gross margin of 80%. Operating expenses, including selling, general, and administrative (SG&A) costs, decreased slightly to $1,383,346. The net loss for the quarter was $149,080, a substantial improvement from the loss of $871,684 in the prior year, attributed to unrealized gains on derivative liabilities and a gain on debt extinguishment. However, interest expenses surged to $1,950,925 due to discount accretion related to newly issued convertible notes. As of July 31, 2024, the company faced a working capital deficit of $8.2 million and a total debt of $8.4 million. Cash flow from financing activities was positive at $3.7 million, driven by the issuance of senior secured convertible notes. Future operations remain contingent on raising additional capital to support ongoing clinical trials and operational costs.