VitaSpring Biomedical Narrows Q1 Net Loss 29% to $216,831

VitaSpring Biomedical Co., Ltd., a Nevada-based biomedical company, reported a net loss of $216,831 for the three months ended April 30, 2024, a 29% improvement from the $304,601 loss recorded in the same quarter a year earlier. The company generated no revenue during either period. Read more earnings reports.

Operating expenses for the quarter totaled $270,613, a sharp increase from $51,594 in the prior-year quarter. Selling, general and administrative expenses accounted for $216,831 of costs in the current quarter, down from $304,601 a year earlier. The company's operating loss came in at $216,831 compared to an operating loss of $304,601 in the year-ago period.

Cash burn from operations narrowed significantly to $4,023 for the quarter, compared to $27,940 in the same period last year. The company raised $4,978 from financing activities during the quarter versus $1,277 in the prior-year period.

VitaSpring's balance sheet showed total assets of $131,288 as of April 30, 2024, down from $137,342 at the end of January 2024. Cash on hand stood at just $968 at quarter-end, up from $13 three months earlier but sharply lower than the $2,993 reported at the end of April 2023.

Current liabilities climbed to $3.66 million from $3.49 million at the start of the fiscal year. Accounts payable remained flat at $2.41 million. Stockholders' deficit widened to $3.53 million from $3.35 million at January 31, 2024. The company's accumulated deficit reached $4.72 million.

Total assets included $21,574 in property, plant and equipment, down from $24,063 three months prior. Current assets rose to $64,307 from $23,627, driven primarily by the modest uptick in cash.

The company had 207.03 million common shares outstanding as of April 30, 2024, unchanged from the prior quarter-end. Diluted loss per share was less than $0.01 for both the current and prior-year quarters.

Financial Summary