Vitro Diagnostics Inc. (fka VODG)

[PaPound]

Golden, Colorado-April 27th, 2021 Vitro Biopharma Inc. (formerly Vitro Diagnostics Inc.) (dba
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Vitro Biopharma), announced its quarter ended January 31 , 2021, financial results of operations.
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Vitro Biopharma recorded quarter ended January 31 , 2021 revenues of $ 127,492 vs $225,921 a decrease
of 44% over the prior comparative quarter directly attributed to the COVID-19 pandemic. Revenues in the first quarter of 2021 of $127,492 were down 21% over the $161,888 recorded in the prior fourth quarter. The decrease in the current first quarter revenue was on account of the Research products weak seasonal quarter due to the universities and institutions generally are not as active during the holiday periods.
During the quarter the Stem Cell clinics offshore continued to be shut down and the cosmetic clinics were only partially operating at reduced capacity.
The overall year and business limitations due to the worldwide COVID-19 pandemic have pushed our expectations of growth and revenue recovery out to the 2nd half of fiscal 2021. Feedback from our customers and our partner clinic in the Cayman Islands www.DVCstem.com is that patients awaiting treatments are not dropping off, but merely postponing their treatments and as such, a significant backlog of over 100 patients is building. The cosmetic clinics www.Infinivive-MD.com have started to open but currently with lower occupancy as regulations have varied state by state. Our partner in the Cayman Islands has started to treat patients in the second quarter of 2021 and we are receiving increased orders from our exclusive distributor of the InfiniVive-MD product line.
Gross profit margins held up in the 76% range for the quarter up 1% from the prior comparative quarter while gross profit declined 43% from the comparative quarter due to the reduction in revenues for the quarter.
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Overall GAAP operating expenses increased in the quarter ended January 31 , 2020 by $654,199 to
$1,018,086 from $363,887 in the prior quarter ended January 31st 2020. The increases in expenses were
mainly on account of a one-time settlement agreement of $405,000. As per the statements of cashflows
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the cash utilized in operations for the quarter ended January 31 , 2021 was $357,930 versus $172,684 for
the prior comparative quarter of January 31st 2020. The increase in operating cashflow used in operations for the current quarter was $185,246 reflecting the increased costs of FDA regulatory, legal, consulting, and audit costs.
Now that the 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 ®. Five 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