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Vitality Biopharma Inc. (VBIO)

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Last Post: 9/8/2016 12:26:36 PM - Followers: 38 - Board type: Free - Posts Today: 0
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http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8443304

We were incorporated under the laws of the State of Nevada on June 29, 2007 as Legend Mining Inc. We commenced operations by issuing shares and acquiring a mineral property located in the Province of Saskatchewan, Canada. We were unable to keep the mineral claim in good standing due to lack of funding and our interest in the property expired.  In September 2011 we entered into a lease for laboratory and office space in Yuba City, California, and since that time we have worked towards establishing our new business as an agricultural biotechnology company engaged in the cultivation and harvest of stevia leaf and the development of stevia products. On October 10, 2011, we completed a merger with our wholly-owned subsidiary, Stevia First Corp., whereby we changed our name from "Legend Mining Inc." to "Stevia First Corp." Also on October 10, 2011, we affected a seven (7) for one (1) forward stock split of authorized, issued and outstanding common stock. As a result, our authorized capital was increased from 75,000,000 shares of common stock with a par value of $0.001 to 525,000,000 shares of common stock with a par value of $0.001, and issued and outstanding shares increased from 7,350,000 to 51,450,000. 


Liquidity
 
These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.  The Company has incurred losses since inception resulting in an accumulated deficit of $ 6,900,059 as at December 31, 2013, and further losses are anticipated in the development of its business. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. As a result, the Company’s independent registered public accounting firm, in their report on the Company’s March 31, 2013 financial statements, raised substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.
 
The ability to continue as a going concern is dependent on the Company attaining and maintaining profitable operations in the future and/or raising additional capital to meet its obligations and repay its liabilities arising from normal business operations when they come due. After giving effect to the funds received in recent equity and debt financings, we estimate as of December 31, 2013 we will have sufficient funds to operate the business for the next 12 months.  We will require additional financing to fund our planned future operations, including the continuation of our ongoing research and development efforts, seeking to license or acquire new assets, and researching and developing any potential patents and any further intellectual property that we may acquire. Further, these estimates could differ if we encounter unanticipated difficulties, in which case our current funds may not be sufficient to operate our business for that period.  In addition, our estimates of the amount of cash necessary to operate our business may prove to be wrong, and we could spend our available financial resources much faster than we currently expect.
 
We do not have any firm commitments for future capital.   Significant additional financing will be required to fund our planned operations in the near term and in future periods, including research and development activities relating to stevia extract production, developing and seeking regulatory approval for any of our stevia product candidates, commercializing any product candidate for which we are able to obtain regulatory approval or certification, seeking to license or acquire new assets or businesses, and maintaining our intellectual property rights and pursuing rights to new technologies.   We do not presently have, nor do we expect in the near future to have, revenue to fund our business from our operations, and will need to obtain all of our necessary funding from external sources in the near term.   Since inception, we have funded our operations primarily through equity and debt financings, and we expect to continue to rely on these sources of capital in the future. However, if we raise additional funds by issuing equity or convertible debt securities, our existing stockholders’ ownership will be diluted, and obtaining commercial loans would increase our liabilities and future cash commitments. Further, these or other sources of capital may not be available on commercially reasonable or acceptable terms when needed, or at all.   If we cannot raise the money that we need in order to continue to develop our business, we will be forced to delay, scale back or eliminate some or all of our proposed operations.   If any of these were to occur, there is a substantial risk that our business would fail and our stockholders could lose all of their investment.  
 
... 





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Business Entity Information 
Status: Active File Date: 6/29/2007 
Type: Domestic Corporation Entity Number: E0456982007-7 
Qualifying State: NV List of Officers Due: 6/30/2012 
Managed By: Expiration Date: 
NV Business ID: NV20071156322 Business License Exp: 6/30/2012 

Additional Information 
Central Index Key: 0001438943 

Registered Agent Information 
Name: EMPIRE STOCK TRANSFER INC. Address 1: 1859 WHITNEY MESA DR 
Address 2: City: HENDERSON 
State: NV Zip Code: 89014 
Phone: Fax: 
Mailing Address 1: Mailing Address 2: 
Mailing City: Mailing State: NV 
Mailing Zip Code: 
Agent Type: Commercial Registered Agent - Corporation 
Jurisdiction: NEVADA Status: Active 
View all business entities under this registered agent 

Financial Information 
No Par Share Count: 0 Capital Amount: $ 525,000.00 
Par Share Count: 525,000,000.00 Par Share Value: $ 0.001 

Officers Include Inactive Officers 
President - TAO CHEN 
Address 1: YUESIU DISTRICT, STE 403 Address 2: 2-46 DEZHENNAN RD 
City: GUANGZHOU CITY, GUANGDON State: 
Zip Code: Country: CN 
Status: Historical Email: 
Secretary - TAO CHEN 
Address 1: YUESIU DISTRICT, STE 403 Address 2: 2-46 DEZHENNAN RD 
City: GUANGZHOU CITY, GUANGDON State: 
Zip Code: Country: CN 
Status: Historical Email: 
Treasurer - TAO CHEN 
Address 1: YUESIU DISTRICT, STE 403 Address 2: 2-46 DEZHENNAN RD 
City: GUANGZHOU CITY, GUANGDON State: 
Zip Code: Country: CN 
Status: Historical Email: 
Director - TAO CHEN 
Address 1: YUESIU DISTRICT, STE 403 Address 2: 2-46 DEZHENNAN RD 
City: GUANGZHOU CITY, GUANGDON State: 
Zip Code: Country: CN 
Status: Historical Email: 
President - TAO CHEN 
Address 1: YUESIU DISTRICT, STE 403 Address 2: 2-46 DEZHENNAN RD 
City: GUANGZHOU CITY, GUANGDON State: 
Zip Code: Country: CN 
Status: Active Email: 
Secretary - TAO CHEN 
Address 1: YUESIU DISTRICT, STE 403 Address 2: 2-46 DEZHENNAN RD 
City: GUANGZHOU CITY, GUANGDON State: 
Zip Code: Country: CN 
Status: Active Email: 
Treasurer - TAO CHEN 
Address 1: YUESIU DISTRICT, STE 403 Address 2: 2-46 DEZHENNAN RD 
City: GUANGZHOU CITY, GUANGDON State: 
Zip Code: Country: CN 
Status: Active Email: 
Director - TAO CHEN 
Address 1: YUESIU DISTRICT, STE 403 Address 2: 2-46 DEZHENNAN RD 
City: GUANGZHOU CITY, GUANGDON State: 
Zip Code: Country: CN 
Status: Active Email: 

Actions\Amendments 
Click here to view 10 actions\amendments associated with this company 
====================== 
STEVIA FIRST CORP. 


Business Entity Information 
Status: Merge Dissolved File Date: 8/26/2011 
Type: Domestic Corporation Entity Number: E0482352011-0 
Qualifying State: NV List of Officers Due: 8/31/2012 
Managed By: Expiration Date: 
NV Business ID: NV20111560445 Business License Exp: 8/31/2012 

Additional Information 
Central Index Key: 

Registered Agent Information 
Name: EXCELSIOR MANAGEMENT LLC Address 1: 2808 COWAN CIRCLE 
Address 2: City: LAS VEGAS 
State: NV Zip Code: 89107 
Phone: Fax: 
Mailing Address 1: Mailing Address 2: 
Mailing City: Mailing State: 
Mailing Zip Code: 
Agent Type: Noncommercial Registered Agent 
View all business entities under this registered agent 

Financial Information 
No Par Share Count: 0 Capital Amount: $ 75,000.00 
Par Share Count: 75,000,000.00 Par Share Value: $ 0.001 

Officers Include Inactive Officers 
President - AVTAR DHILLON 
Address 1: 862 MURRAY COURT Address 2: 
City: YUBA CITY State: CA 
Zip Code: 95991 Country: USA 
Status: Active Email: 
Secretary - AVTAR DHILLON 
Address 1: 862 MURRAY COURT Address 2: 
City: YUBACITY State: CA 
Zip Code: 95991 Country: USA 
Status: Active Email: 
Treasurer - AVTAR DHILLON 
Address 1: 862 MURRAY COURT Address 2: 
City: YUBA CITY State: CA 
Zip Code: 95991 Country: USA 
Status: Active Email: 
Director - AVTAR DHILLON 
Address 1: 862 MURRAY COURT Address 2: 
City: YUBA CITY State: CA 
Zip Code: 95991 Country: USA 
Status: Active Email: 

Actions\Amendments 
Click here to view 3 actions\amendments associated with this company 

================ 

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 

During the fiscal years ended March 31, 2009, 2010 and 2011, and through the date of this Form 8-K, there were no transactions to which the Company was a party in which the amount involved exceeds $120,000 and in which any director, officer or beneficial holder of more than 5% of our common stock, or member of such person's immediate family, had or will have a direct or indirect material interest. 

Director Independence 

Our Board of Directors has determined that  Dr. Avtar Dhillon would qualify as "independent" as that term is defined by Nasdaq Marketplace Rule 5605(a)(2).  Mr. Robert Brookewould not qualify as "independent" because he currently serves as our Chief Executive Officer.  Mr. Tao Chen did not qualify as "independent" during fiscal 2011 because he served as our Chief Executive Officer and Chief Financial Officer during that period. In addition, Dr. Dhillon served as our Interim Chief Executive Officer and Interim Chief Financial Officer during fiscal 2011 and participated in the preparation of our financial statements during that time. As a result, Dr. Dhillon would not be considered independent for purposes of membership on an audit committee under Nasdaq Marketplace Rules. 

STEVIA FIRST CORP
(A DEVELOPMENT STAGE COMPANY)
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deficit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unvested,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Additional
 
Issued
 
During the
 
 
 
 
 
 
Common Stock
 
Paid-in-
 
Common
 
Development
 
 
 
 
Description
 
Shares
 
Amount
 
Capital
 
Stock
 
Stage
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance- March 31, 2013
 
55,659,102
 
$
55,659
 
$
3,707,772
 
$
(157,500)
 
$
(4,174,037)
 
$
(568,106)
 
Sale of common stock and warrants at $0.34 per unit, net of derivative value of warrants
 
3,676,472
 
 
3,676
 
 
(119,451)
 
 
-
 
 
-
 
 
(115,775)
 
Common stock issued upon exercise of options
 
700,000
 
 
700
 
 
215,300
 
 
 
 
 
 
 
 
216,000
 
Common stock issued upon exercise of warrants
 
4,676,472
 
 
4,677
 
 
1,819,828
 
 
 
 
 
 
 
 
1,824,505
 
Common stock issued upon conversion of notes payable
 
733,334
 
 
733
 
 
329,267
 
 
-
 
 
-
 
 
330,000
 
Common stock issued to employees and director, unvested
 
100,000
 
 
100
 
 
35,900
 
 
(7,971)
 
 
-
 
 
28,029
 
Common stock issued as payment of accrued interest
 
41,632
 
 
42
 
 
37,458
 
 
-
 
 
-
 
 
37,500
 
Cost to induce exercise of warrants
 
 
 
 
 
 
 
173,824
 
 
 
 
 
 
 
 
173,824
 
Extinguishment of derivative liabilities
 
 
 
 
 
 
 
185,907
 
 
 
 
 
 
 
 
185,907
 
Fair value of vested options
 
-
 
 
-
 
 
868,497
 
 
-
 
 
-
 
 
868,497
 
Net loss
 
-
 
 
-
 
 
-
 
 
-
 
 
(2,726,022)
 
 
(2,726,022)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance- December 31, 2013 (unaudited)
 
65,587,012
 
$
65,587
 
$
7,254,302
 
$
(165,471)
 
$
(6,900,059)
 
$
254,359

 
View: Annual Data | Quarterly Data All numbers in thousands
Period Ending Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Total Revenue -   -   -   -  
Cost of Revenue -   -   -   -  
 
Gross Profit -   -   -   -  
 
Operating Expenses
Research Development 322   100   123   (75)
Selling General and Administrative 735   733   767   712  
Non Recurring -   -   -   -  
Others -   -   -   -  
 
Total Operating Expenses -   -   -   -  
 
 
Operating Income or Loss (1,058) (833) (891) (637)
 
Income from Continuing Operations
Total Other Income/Expenses Net 101   93   185   (109)
Earnings Before Interest And Taxes (956) (740) (706) (639)
Interest Expense 89   41   194   224  
Income Before Tax (1,045) (782) (899) (863)
Income Tax Expense -   -   -   -  
Minority Interest -   -   -   -  
 
Net Income From Continuing Ops (1,045) (782) (899) (970)
 
Non-recurring Events
Discontinued Operations -   -   -   -  
Extraordinary Items -   -   -   -  
Effect Of Accounting Changes -   -   -   -  
Other Items -   -   -   -  
 
 
Net Income (1,045) (782) (899) (970)
Preferred Stock And Other Adjustments -   -   -   -  
 
Net Income Applicable To Common Shares (1,045) (782) (899) (970)

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VBIO
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#1143   Gnome just spotted Richard McKilligan (VBIO controller ) 40thPOTUS 09/08/16 12:26:36 PM
#1142   Don't know. What happened to ALL that Stevia fung_derf 09/02/16 10:31:30 AM
#1141   Fung_derf is that you pumping again...? Where's 40thPOTUS 09/01/16 05:03:26 PM
#1140   Another one bites the dust fung_derf 08/15/16 04:06:57 PM
#1139   STVFD: effective Aug. 16,2016 STVFD will change to VBIO: Renee 08/15/16 08:01:14 AM
#1138   Nope. I'm an exposer of people who come fung_derf 07/27/16 03:13:05 PM
#1137   Look at it any way you want, but A1stockman 07/27/16 02:56:12 PM
#1136   Oh geez, are you the new pumper? fung_derf 07/27/16 02:06:54 PM
#1135   Low float STVFD is up 11.11% on news http://m.marketwired.com/press-release/vita A1stockman 07/27/16 12:21:52 PM
#1134   Stevia First Corp. changed to Vitality Biopharma Inc. Renee 07/19/16 04:08:40 PM
#1133   No bid! No ask! No problem!!! fung_derf 05/16/16 12:34:52 PM
#1132   We've got fake sugar! We've got cheap pot! fung_derf 05/16/16 12:33:57 PM
#1131   So the company was just on the precipice fung_derf 05/16/16 12:32:51 PM
#1130   Absolutely hilarious!! Who said this was a legit fung_derf 05/16/16 10:53:02 AM
#1129   Fung_derf, probably time to grab your bong. 40thPOTUS 05/14/16 03:19:11 PM
#1128   https://finance.yahoo.com/news/launch-vitality-biopharma-cannabinoid-prodrug-130 JdZon 05/13/16 09:59:18 PM
#1127   I don't buy penny stocks. fung_derf 03/23/16 11:47:10 AM
#1126   Is that you selling 1 share at .05 old Mt 03/23/16 11:46:18 AM
#1125   Nope, never participated in a pump and dump. fung_derf 03/03/16 04:44:57 PM
#1124   Based on your 1/15 posts you've been a 40thPOTUS 03/03/16 02:31:20 PM
#1123   Actually, in every pump and dump, you buy fung_derf 03/03/16 11:32:50 AM
#1122   Show me "roots" of the Pump and I'll 40thPOTUS 03/03/16 11:20:46 AM
#1121   You mean the precursor to another pump and dump? fung_derf 03/03/16 10:52:37 AM
#1120   Clearly no one is monitoring this forum, STVF 40thPOTUS 03/02/16 05:33:48 PM
#1119   Something Strange is going on.... Is it 40thPOTUS 03/01/16 03:50:03 PM
#1118   You are correct; Technically not Fundamentally... The 40thPOTUS 02/22/16 02:52:39 PM
#1117   Fundamentally sound or technically sound? What fundamentals do fung_derf 02/22/16 12:22:04 PM
#1116   Average daily volume is steadily increasing along w 40thPOTUS 02/22/16 11:34:11 AM
#1115   Very quietly buying lately. Nobody posting. Something coming soon. fung_derf 01/15/16 11:35:33 AM
#1114   Yeah must be the janitor for 15000 shares700 old Mt 01/15/16 11:30:52 AM
#1113   Seems like someone is loading up before a fung_derf 01/15/16 11:24:37 AM
#1112   The only thing they've done stevia related was fung_derf 09/14/15 01:05:31 PM
#1111   I agree and they have been doing that old Mt 09/14/15 12:50:31 PM
#1110   It seems rather than producing something tangible, it pineyhill 09/14/15 09:29:01 AM
#1109   Is STVF currently being promoted? Bought shares on CuzMoneyMatters 09/01/15 11:15:51 AM
#1108   $STVF Chart – BULLISH ENGULFING reversal pattern is ospreyeye 08/25/15 05:05:26 PM
#1107   Never anything here other than an attempted pump fung_derf 08/12/15 10:51:38 AM
#1106   Did this company go for broke or what?????? Are old Mt 08/11/15 04:35:12 PM
#1104   Just trying to make a buck, just like wise2u 07/06/15 10:57:00 AM
#1103   Yeah, I don't play penny scams. Certainly you're fung_derf 07/02/15 03:38:36 PM
#1102   Thanks for the encouragement. I'll try to do wise2u 07/02/15 02:49:26 PM
#1101   HAHAHA! Looks like you dumped too soon too! fung_derf 06/17/15 12:21:11 PM
#1100   Like to thank those that dumped shares the wise2u 06/17/15 11:45:52 AM
#1099   I'm not !! but thinking old Mt 06/11/15 08:48:25 PM
#1098   I'm not !! but thinking old Mt 06/11/15 07:17:15 PM
#1097   Hmmmm, I wonder who is dumping stock here? fung_derf 06/11/15 03:34:17 PM
#1096   Win, place and show. willlbone 05/26/15 02:09:05 PM
#1095   Not fred and why in the world would fung_derf 05/22/15 11:26:46 AM
#1094   Buying these teens Fred. willlbone 05/22/15 11:07:06 AM
#1093   Or perhaps it's because the company actually does fung_derf 05/22/15 10:14:22 AM
PostSubject