ViaDerma Inc (VDRM)

[AV2277]

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We currently have FDA approval to sell many of our products as OTC medications. We plan to add to this list of approved products during 2017.

The Company had accounts receivable from related party in amount of $371,565 as of March 31, 2017 due to the related party sales in 2016 and 2015. The related party sales were to either Coast to Coast Podiatry Inc. or Neurogenx Nerve Center of Newport Beach, the second office of Coast to Coast Podiatry Inc. opened in September 2016 under a different DBA. Coast to Coast Podiatry Inc. is related by virtue of the majority interest being owned by Dr. Chris Otiko, the President of the Company. In additional to the benefit of the Company getting the sales associated with these transactions, the Company uses this platform to evaluate results and any quality control issues that could arise with the products since Dr. Chris Otiko is able to monitor both businesses.
To date, there have not been payments yet towards these amounts. However, the Company expects to begin receiving payments towards the balances during the second quarter of 2017.

We had cash of $9,913 on hand as of March 31, 2017. On the short-term basis, we will be required to raise a significant amount of additional funds over the next 12 months to sustain operations. On the long-term basis, we will potentially need to raise capital to grow and develop our business.