When $99 price point is ONLY generating from <$100 to <$700 in gross profit per quarter, per the clause below, over last six quarters, since restart of online sales, and after all of Intent Sciences promotion, even consideration of price increase, much less 50% price increase, is baffling.
On January 1, 2017, the Company entered into a licensing and distribution agreement with Biogenx, Inc. for the purpose of commercializing and distributing a topical antibiotic product to be branded VitaStem. On August 1, 2018, Biogenx, Inc. changed its legal entity name as Viaderma Distribution, Inc. The product will carry the Company’s tetracycline-based technology. This product will be separately registered with the FDA. Pursuant to the agreement, the Company will receive 50% of gross profit from sales of Vitastem. For purposes of the agreement, gross profit is defined as total revenues less cost of production, distribution and marketing. In addition ViaDerma will receive an additional 5% of gross sales as a licensing fee. The agreement was terminate on Marche 31, 2024 unless extended by both parties. Viaderma Distribution, Inc. (Formerly Biogenx, Inc.) has the right to terminate the agreement early with two month notice if it deems the arrangement to not be financially viable. This agreement was renewed on January 1, 2023.
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