Coconut Creek, FL, Aug. 22, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- NutraLife Biosciences Inc. (“NutraLife” or “NLBS”), (OTC Markets OTCQB: NLBS), today announced financial results for its fiscal 2019 quarter ended June 30th, 2019. For the three-month and six-month period ended June 30, 2019, NLBS had revenues of $718,437 and $1,439,226, respectively, compared to $1,085,411 and $1,808,316 for the same periods in 2018.
For the three-month period ended June 30th, 2019:
- The Company’s total assets were $5,060,480 compared to $4,462,098 for the three-month period ended March 31, 2019
- Sales were $718,437 compared to $720,799 for the three-month period ended March 31, 2019
- Cash was $650,824 compared to $676,822 for the three-month period ended March 31, 2019
- Proceeds from the sale of stock were $220,520 compared to $2,224,480 for the three-month period ended March 31, 2019
- Receivables were $67,366 compared to $115,484 for three-month period ended March 31, 2019
- Loss from Operations was $1,528,406 compared to $994,306 for the three-month period ended March 31, 2019
- Cash used by operations was $1,938,938 compared to $1,208,126 for the three-month period ended March 31, 2019
- General & Administrative Expenses were $2,177,515 compared to $901,167 for the three-month period ended March 31, 2019
- Net loss per share was $0.01 compared to $0.01 for the three-month period ended March 31, 2019.
“We are pleased to report our 2nd quarter of 2019 financial results. With Florida’s recent legalization of CBD, we hope to increase sales and distribution of our products within our home state,” said Edgar Ward, our Chief Executive Officer.
The statements herein are qualified in their entirety to NLBS’s financial statements included in its Quarterly Report on Form 10-Q for the period ended June 30th, 2019, filed with the Securities & Exchange Commission on August 19th, 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. Revenues for the six-month period ended June 30, 2019, totaled $1,439,236. 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.
Forward-Looking Statements
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.
Company Contact:
NutraLife BioSciences, Inc.
6601 Lyons Road, Suite L-6
Coconut Creek, FL 33073
Telephone 888-509-8901