VitaSpring Biomedical Net Loss Narrows 34% to $435K in H1 2025

VitaSpring Biomedical Co., a Nevada-incorporated biomedical company, posted a net loss of $435,493 for the six months ending July 31, 2024, down from a $658,184 loss in the same period last year. The company reported no revenue for the period. Read more earnings reports.

The improvement in net loss came as operating expenses fell to $335,998 from $138,890 in the prior-year period. The company's operating loss totaled $435,493 for the six months, compared to $658,184 a year earlier.

For the three months ending July 31, 2024, VitaSpring posted a net loss of $218,662, an improvement from the $353,583 loss recorded in the same quarter of 2023. Operating expenses for the quarter came in at $218,662.

Cash and restricted cash stood at $5,525 as of July 31, 2024, up from just $13 at the start of the fiscal year on January 31, 2024. The company generated $11,956 from financing activities during the six-month period, while cash used in operations totaled $6,444.

Total assets declined to $64,334 as of July 31, 2024, from $137,342 six months earlier. Current assets rose to $45,250 from $23,627, driven by the increase in cash. Property, plant and equipment fell to $19,084 from $24,063.

The company's liabilities increased to $3.77 million as of July 31, 2024, from $3.49 million at the start of the fiscal year. Accounts payable remained flat at $2.41 million. All liabilities were classified as current.

Stockholders' equity deficit widened to $3.70 million as of July 31, 2024, from $3.35 million six months earlier. Retained deficit expanded to $4.94 million from $4.51 million. Additional paid-in capital increased to $1.22 million from $1.14 million.

The company had 207.03 million shares outstanding as of July 31, 2024, unchanged from the prior fiscal year-end. Diluted earnings per share were reported as $0.00 for both the three-month and six-month periods.

Financial Summary