Coconut Creek, FL, May 17, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — NutraLife Biosciences Inc. (“NutraLife” or “NLBS”), (OTC Markets OTCQB: NLBS) today announced financial results for its fiscal 2019 first quarter ended March 31, 2019. The Company posted quarterly revenue of $720,799 and quarterly loss per diluted share of $0.01. These results compare to revenue of $722,905 and loss per diluted share of $0.01 for the same quarter of last year. For the quarter ended March 31, 2019, the Company’s total assets were $4,462,098 compared to $1,830,329 for the same quarter in 2018, an increase of 144%.
For the Three Months Ended March 31, 2019
Q1 2019, Sales for Q1 2019 were $720,799 compared to $722,905 for the same period in 2018.
Q1 2019, Cash & Cash Equivalents at the End of the Period were $676,822 compared to $151,707 for the same period in 2018.
Q1 2019, Proceeds from the sale of stock was $2,224,480 compared to $0 for the same period in 2018.
Q1 2019, Receivables increased to $115,484 at March 31, 2019 from $54,082 for the same period in 2018.
Q1 2019, Loss from Operations was $994,306 compared to $595,561 for the same period in 2018.
Q1 2019, Cash used by operations was $1,208,126 compared to $6,900 for the same period in 2018.
Q1 2019, General & Administrative Expenses were $901,167 compared to $418,422 for the same period in 2018.
The Loss from Operations is the result of increases in expenses related to the Company’s positioning for growth. The Company incurred significant expenses related to the purchase of supplies and inventory needed to support an increase in production capacity. In addition, the Company needed to increase its staffing resulting in higher payroll costs during the quarter. These increases directly impacted the costs of sales for this quarter. Other expenses were incurred related to research and development and marketing costs that directly impacted the Company’s general and administrative expenses for the quarter.
The Company incurred costs from investing activities aggregating $859,507 that consist of the purchase of property and equipment totaling $729,507 and the acquisition of intellectual property of $130,000. The property and equipment represent payments made towards the construction of a 9,000 square foot modular “clean room” and processing equipment for use at the Company’s new facility. The intellectual property is a patent for a dermal patch to prevent bites from insects, including mosquitoes.
“We are pleased to report our 1st quarter 2019 financial results and an increase in the Company’s total assets of more than 144% to $4,462,098 compared to $1,830,329 for the same period in 2018,” said Edgar Ward, NutraLife’s Chief Executive Officer. “The results reflect the Company’s investment in and expansion of its operations, manufacturing capacity and vertical integration into the life sciences industry.”
The statements herein are qualified in their entirety to the Company’s financial statements included in its Quarterly Report on Form 10-Q for the period ended March 31, 2019, filed with the Securities & Exchange Commission on May 15, 2019.
About NutraLife BioSciences
Edgar Ward founded NutraLife in 2010 and since that time he has served as its Chief Executive Officer, President and Director. Under Mr Ward’s direction, NutraLife’s revenues increased from $225,000 in 2016 to more than $3.7 million in 2018. NutraLife’s Coconut Creek manufacturing facility has been registered with the Food and Drug Administration, and its manufacturing facility has operated in accordance with the Good Manufacturing Processes Standard (GMP) for more than five years. NutraLife’s products are tested by its in-house laboratory chemists for strength, purity and contaminants such as heavy metals, pesticides, and solvents. NutraLife offers thirteen different core formulations which it modifies to meet the specifications of its private label customers. NutraLife provides approximately 50 different variations of its core formulations. NutraLife’s private label products include CBD infused oral sprays, tinctures, pet drops, pain balms, face creams, and nutraceutical oral spray products that support daily health and wellness uses.
This press release contains statements of a forward-looking nature about NutraLife BioSciences, Inc. (“NutraLife” or the “Company”) ). These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as “may,” “will,” “except,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “future” or other similar expressions. The Company has based these forward-looking statements largely on the Company’s current expectations and projections about future events and financial trends that the Company believes may affect the Company’s financial condition, results of operations, business strategy and financial needs. There is no assurance that the Company’s current expectations and projections are accurate or that the Company’s plans to process hemp with GEG will be successful. All forward-looking statements in this press release are based on information available to the Company on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to differ materially from those implied by the forward-looking statements. More detailed information about these risk factors are set forth in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the Section entitled “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission on April 2, 2019. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on the Company’s business or the extent to which any factor, or combination of factors may cause actual results to differ from those contained in any forward-looking statements. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applies.
NutraLife BioSciences, Inc.
6601 Lyons Road, Suite L-6
Coconut Creek, FL 33073