Vitro Diagnostics Inc (fka VODG)

[Potse]

Correction to previous post...financing/audit timeline.......

If I recall correctly Vitro did a private placement sometime around late 2019 or very early 2020. Part of the financing was specifically for getting the filings updated. By the end of February 2020 the audit firm had completed Vitro's audit(s).

I messed up some of the details of how this exactly played out. I was trying to make that post solely from my memory, which frankly seems to increasingly fail me. The audits were not actually completed until February 2021. The correct details of what happened do not really dampen my frustration/irritation I have with previous management, but in some ways it actually makes it worse.

I went back through some of the shareholder letters to try to refresh my memory. Vitro did complete some financing around November 2019 to January 2020, with part of the money to be dedicated for getting the filings current. The intention was to have the company fully compliant with its filing obligations by around July 2020 at the latest. However, the company did not actually engage the services of an audit firm until July 2020. After getting the money for the filings, the company waited at least 7 months (possibly longer) before they decided to hire an audit firm. This entire mess could have been avoided if the company had simply followed through on its plan, rather than just delay everything.

I can't speak for others, but that kind of foot dragging by management on an issue as important as its stock listing really bothers me. It really highlights why I think it was imperative that VODG make some management changes. I fully appreciate and understand the many personal/financial contributions and sacrifices that Jim Musick has made to this company over countless years. But when your company has been delinquent in its filings for years, the SEC has an axe raised high over your stock's neck, you raise money to regain filing compliance, but then don't actually spend that money on an auditor for at least 7 months, and the stock gets revoked........management changes need to be made.

It remains to be seen what Jack Zamora's tenure as CEO will be like, but my gut feeling is he will be very successful.