ViaDerma Provides Highlights of Quarterly Financial Report

Rhea-AI Summary

ViaDerma (OTC Pink: VDRM) released its quarterly report for the period ending March 31, 2024, showcasing significant financial improvements. The company experienced a 3700% increase in cash on hand, rising from $9,933 to $377,901 compared to the previous year.

Gross profits saw a slight uptick, while operating expenses were reduced by 52%, from $93,356 to $44,744. In a noteworthy move, CEO Dr. Christopher Otiko provided a $700,000 loan to the company, which he repaid in full by May 28, 2024.

ViaDerma currently holds approximately $1 million in cash, sufficient to fund ongoing operations without incurring debt. Additionally, the company is hiring three new full-time employees to boost international sales, reflecting its robust financial health.

Positive

• 3700% increase in cash on hand, rising from $9,933 to $377,901.
• 52% reduction in operating expenses, decreasing from $93,356 to $44,744.
• CEO Dr. Otiko repaid a $700,000 loan in full by May 28, 2024.
• Company holds approximately $1 million in cash.
• Plans to hire three new full-time employees for international sales expansion.

Negative

• Only a very slight increase in gross profits reported.

The Company is expanding its staff by hiring new full-time employees

LOS ANGELES, June 06, 2024 (GLOBE NEWSWIRE) -- ViaDerma, Inc. (OTC Pink: VDRM) is pleased to announce that on May 13, 2024, the Company released its quarterly report for the period ending March 31, 2024. The report shows a 3700% increase of cash on hand over the same period last year rising from $9,933.00 to $377,901. While the Company realized only a very slight increase in gross profits, they did have a 52% reduction in operating expenses for the quarter, lowering their costs from $93,356 during the first quarter last year to $44,744.

Additionally, the report reflected a loan of $700,000 to CEO Dr. Otiko. Dr. Otiko has funded many of the Company’s expenses over the past several years from his own resources in order to keep ViaDerma from getting into costly debt. In lieu of taking the $700,000 as payment for his significant expenditures, Dr. Otiko chose to take the money as a loan to help ViaDerma retain its current fiscal soundness. On May 28, 2024, Dr. Otiko paid the loan back to the Company in full. ViaDerma is currently holding approximately $1 million in cash and has sufficient cash on hand and current revenues to fund operations without the need to take on any debt.

The Company is also announcing they are now hiring 3 new full-time employees who will be responsible for the expansion of international sales.

“We are currently in the strongest financial position in which we have ever been, said, Dr. Christopher Otiko, President of ViaDerma. This is the right time for us to bring on additional staff that will be in responsible for expanding our international sales.”

About ViaDerma, Inc.
ViaDerma, Inc. (OTC: VDRM) is a publicly traded specialty pharmaceutical company committed to bringing new products to market and licensing its innovative transdermal drug delivery technology solutions to current leaders in the pharmaceutical industry in a wide variety of therapeutic areas. For more information, please visit: https://viaderma.com

Any forecast of future performance is a "forward looking statement" under securities laws. Such statements are included to allow potential investors the opportunity to understand management’s beliefs and opinions with respect to the future so that they may use such beliefs and opinions as one factor among many in evaluating an investment.

Contact information:
Investor Relations
Email: ir@viaderma.com
Phone: 310-734-6111

Follow ViaDerma on Twitter: https://twitter.com/viaderma
Follow ViaDerma on Facebook: https://www.facebook.com/ViaDermaLicensing

FAQ

What is the cash on hand for ViaDerma (VDRM) as of March 31, 2024?

As of March 31, 2024, ViaDerma has approximately $377,901 in cash on hand.

How has ViaDerma (VDRM) reduced its operating expenses?

ViaDerma reduced its operating expenses by 52%, lowering costs from $93,356 to $44,744.

What financial move did ViaDerma's CEO make in the first quarter of 2024?

CEO Dr. Christopher Otiko provided a $700,000 loan to the company, which he repaid in full by May 28, 2024.

Is ViaDerma (VDRM) hiring new employees?

Yes, ViaDerma is hiring three new full-time employees to expand its international sales.

What is the total cash holding of ViaDerma (VDRM) as of the latest report?

ViaDerma currently holds approximately $1 million in cash.