# EDGAR Filing Document

**Accession Number:** 0000793171
**File Stem:** 0001641172-25-015758
**Filing Date:** 2025-6
**Character Count:** 241832
**Document Hash:** 4e8e43d1d921b3656125865da4127838
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-015758.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0001641172-25-015758

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vitro Biopharma, Inc.
- **CENTRAL INDEX KEY:** 0000793171
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 841012042
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41766
- **FILM NUMBER:** 251059384

**BUSINESS ADDRESS:**
- **STREET 1:** 3200 CHERRY CREEK DRIVE SOUTH
- **STREET 2:** SUITE 410
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80209
- **BUSINESS PHONE:** 8558487627

**MAIL ADDRESS:**
- **STREET 1:** 3200 CHERRY CREEK DRIVE SOUTH
- **STREET 2:** SUITE 410
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VITRO DIAGNOSTICS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LABTEK INC
- **DATE OF NAME CHANGE:** 19870217

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IMPERIAL MANAGEMENT INC
- **DATE OF NAME CHANGE:** 19870201

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the quarterly period ended April 30, 2025

or

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission File No. 001-41766**

**VITRO BIOPHARMA, INC.**

(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **84-1012042** |
| (State or other jurisdiction <br> of incorporation or organization) | (I.R.S. employer<br> identification number) |
| **3200 Cherry Creek Drive South, Suite 410**<br> **Denver, Colorado** | **80209** |
| (Address of principal executive offices) | (Zip code) |

---

**(855) 848-7627**

(Registrant's telephone number, including area code)

**3200 Cherry Creek Drive South, Suite 410**

**Denver, Colorado**

(Former name, former address and former fiscal year, if changed since last report)

**Securities registered pursuant to Section 12(b) of the Act: None**

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of June 20, 2025, there were outstanding 4,460,535 shares of the registrant's Common Stock, $0.001 par value.

**vitro biopharma inc.**

**Form 10-q**

**For the quarterly period ended APRIL 30, 2025**

**table of contents**

---

| | |
|:---|:---|
|  | **Page** |
| [Part I. FINANCIAL INFORMATION](#m_001) |  |
| [Item 1. Financial Statements](#m_002) | 3 |
| [Consolidated Balance Sheets as of April 30, 2025 and October 31, 2024 (unaudited)](#m_003) | 3 |
| [Consolidated Statements of Operations for the Three Months Ended April 30, 2025 and 2024 (unaudited)](#m_004) | 4 |
| [Consolidated Statements of Operations for the Six Months Ended April 30, 2025 and 2024 (unaudited)](#m_005) | 5 |
| [Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the Six Months Ended April 30, 2025 and 2024 (unaudited)](#m_006) | 6 |
| [Consolidated Statements of Cash Flows for the Six Months Ended April 30, 2025 and 2024 (unaudited)](#m_007) | 7 |
| [Notes to Unaudited Consolidated Financial Statements](#m_008) | 8 |
| [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#Y-001) | 32 |
| [Item 3. Quantitative and Qualitative Disclosures about Market Risk](#Y-002) | 43 |
| [Item 4. Controls and Procedures](#Y-003) | 43 |
| [Part II. OTHER INFORMATION](#Y-004) |  |
| [Item 1. Legal Proceedings](#Y-005) | 43 |
| [Item 1A. Risk Factors](#Y-006) | 44 |
| [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#Y-007) | 44 |
| [Item 3. Defaults Upon Senior Securities](#Y-008) | 44 |
| [Item 4. Mine Safety Disclosures](#Y-009) | 44 |
| [Item 5. Other Information](#Y-010) | 44 |
| [Item 6. Exhibits](#Y-011) | 44 |
| [Signatures](#Y-012) | 45 |

---

**PART I-FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**Vitro BioPharma, Inc.**

**Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **October 31, 2024** |
| **ASSETS** |  |  |
| Cash | $198075 | $571360 |
| Accounts Receivable, Net | 130124 | 206292 |
| Accounts Receivable – Related Party | 2250 |  |
| Inventory | 166553 | 115365 |
| Prepaid Expense | 100317 | 82736 |
| &nbsp;&nbsp;&nbsp;Total Current Assets | 597319 | 975753 |
| Goodwill | 3171581 | 3171581 |
| Intangible Assets, Net | 342846 | 358084 |
| Property and Equipment, Net | 77584 | 139552 |
| Patents, Net | 92329 | 89548 |
| Right of Use Asset – Operating Lease | 285130 | 346091 |
| Other Assets | 8438 | 8438 |
| **Total Assets** | $4575227 | $5089047 |
| **LIABILITIES** |  |  |
| Accounts Payable | $2582153 | $2163920 |
| Accounts Payable – Related Party | 22610 |  |
| Deferred Revenue, Net | 525387 | 525387 |
| Accrued Liabilities | 1838253 | 1806419 |
| 2021 Series Convertible Note Payable – Related Party |  | 480000 |
| Accrued Interest Payable – Related Party | 426990 | 81679 |
| 2024 Series Senior Secured Convertible Notes Payable – Stock Settled, Net | 593750 | 4718750 |
| 2025 Series Senior Secured Convertible Notes Payable – Stock Settled, Net | 892996 |  |
| Derivative/Warrant Liability | 4909518 | 154966 |
| Unsecured 4% Note Payable – Related Party | 1221958 |  |
| Unsecured 6% Note Payable – Related Party | 767288 |  |
| Current Maturities of Capital Lease Obligations | 9462 | 12081 |
| Current Maturities of Operating Lease Obligations | 114382 | 119486 |
| &nbsp;&nbsp;&nbsp;Total Current Liabilities | 13904747 | 10062688 |
| Capital Lease Obligations, Net of Current Portion | 860 | 5042 |
| Operating Lease Obligation, Net of Current Portion | 170748 | 226605 |
| Unsecured 6% Note Payable – Related Party |  | 767288 |
| Unsecured 4% Note Payable – Related Party |  | 1221958 |
| 2022 Series Convertible Notes Payable | 200000 | 200000 |
| 2023 Series Convertible Notes Payable - Stock Settled, Net | 359859 | 353114 |
| 2023 Series B Convertible Notes Payable – Stock Settled, Net | 564773 | 507273 |
| Derivative/Warrant Liability | 126472 | 126006 |
| Long Term Accrued Interest Payable | 313221 | 240123 |
| Long Term Accrued Interest Payable – Related Party | - | 379923 |
| &nbsp;&nbsp;&nbsp;**Total Long-Term Liabilities** | 1735933 | 4027332 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 15640680 | 14090020 |
| **STOCKHOLDERS' (DEFICIT)** |  |  |
| Preferred Stock, 5,000,000 Shares Authorized, par value $0.001; Series A Convertible Preferred Stock, 250,000 Shares Authorized, 0 and 0 Outstanding, respectively |  |  |
| Common stock, 19,230,770 Shares Authorized, par value $0.001, 4,460,535 and 4,460,535 Outstanding, respectively | 4460 | 4460 |
| Additional Paid in Capital | 31277228 | 29028260 |
| Less Treasury Stock | (84000) | (84000) |
| Accumulated Deficit | (42263141) | (37949693) |
| **Total Stockholders' (Deficit)** | (11065453) | (9000973) |
| **Total Liabilities and Stockholders' (Deficit)** | $4575227 | $5089047 |

---

The unaudited consolidated financial statements should be read in connection with the notes to the unaudited consolidated financial statements.

**Vitro BioPharma, Inc.**

**Consolidated Statements of Operations**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months**<br> **Ended**<br> **April 30, 2025** | **Three Months**<br> **Ended**<br> **April 30, 2024** |
| Product Sales | $509334 | $558987 |
| Product Sales, Related Party | 2250 | 13950 |
| &nbsp;&nbsp;&nbsp;Total Revenue | 511584 | 572937 |
| Cost of Goods Sold | (134827) | (94170) |
| Gross Profit | 376757 | 478767 |
| Operating Costs and Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Selling, General and Administrative | 1236638 | 1284824 |
| &nbsp;&nbsp;&nbsp;Research and Development | 222431 | 139689 |
| Loss From Operations | (1082312) | (945746) |
| Other Expense: |  |  |
| &nbsp;&nbsp;&nbsp;Interest Expense | (395960) | (2160299) |
| &nbsp;&nbsp;&nbsp;Unrealized Gain (Loss) on Derivative/Warrant Liability | (514) | (12874) |
| Net Loss Available to Common Stockholders | $(1478786) | $(3118919) |
| Net Loss per Common Share, Basic and Diluted | $(0.33) | $(0.70) |
| Shares Used in Computing Net Loss per Common Share, Basic and Diluted | 4460535 | 4460535 |

---

The unaudited consolidated financial statements should be read in connection with the notes to the unaudited consolidated financial statements.

**Vitro BioPharma, Inc.**

**Consolidated Statements of Operations**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **April 30, 2025** | **Six Months**<br> **Ended**<br> **April 30, 2024** |
| Product Sales | $943458 | $980947 |
| Product Sales, Related Party | 18000 | 16200 |
| &nbsp;&nbsp;&nbsp;Total Revenue | 961458 | 997147 |
| Cost of Goods Sold | (227919) | (179364) |
| Gross Profit | 733539 | 817783 |
| Operating Costs and Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Selling, General and Administrative | 3365055 | 3685447 |
| &nbsp;&nbsp;&nbsp;Research and Development | 296314 | 295924 |
| &nbsp;&nbsp;&nbsp;Write-off of Offering Costs | - | 2656962 |
| Loss From Operations | (2927830) | (5820550) |
| Other Expense: |  |  |
| &nbsp;&nbsp;&nbsp;Interest Expense | (499653) | (2331928) |
| &nbsp;&nbsp;&nbsp;Gain on Forgiveness of Debt | 343938 |  |
| &nbsp;&nbsp;&nbsp;Loss on Extinguishment of Debt | (1235000) |  |
| &nbsp;&nbsp;&nbsp;Unrealized Gain on Derivative/Warrant Liability | 5097 | 464373 |
| Net Loss Available to Common Stockholders | $(4313448) | $(7688105) |
| Net Loss per Common Share, Basic and Diluted | $(0.97) | $(1.72) |
| Shares Used in Computing Net Loss per Common Share, Basic and Diluted | 4460535 | 4457898 |

---

The unaudited consolidated financial statements should be read in connection with the notes to the unaudited consolidated financial statements.

**Vitro BioPharma, Inc.**

**Consolidated Statements of Changes in Stockholders' Equity (Deficit)**

**For the Six Months Ended April 30, 2025 and 2024**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Par<br> Value** | **Shares** | **Par<br> Value** | **Additional**<br>**Paid in<br> Capital** |<br>**Treasury<br> Stock** |<br>**Accumulated<br> Deficit** |<br>**Total** |
| **Balance at October 31, 2023** |  | $- | 4430535 | $4430 | $27064613 | $(84000) | $(28076133) | $(1091090) |
| Stock Issued for Services |  |  | 30000 | 30 | 449970 |  |  | 450000 |
| Stock based compensation |  |  |  |  | 384484 |  |  | 384484 |
| Net loss |  | - | - | - | - | - | (4569186) | (4569186) |
| Balance at January 31, 2024 |  |  | 4460535 | 4460 | 27899067 | (84000) | (32645319) | (4825792) |
| Stock based compensation |  |  |  |  | 388367 |  |  | 388367 |
| Net loss |  | - | - | - | - | - | (3118919) | (3118919) |
| **Balance at April 30, 2024** |  | $- | 4460535 | $4460 | $28287434 | $(84000) | $(35764238) | $(7556344) |
| **Balance at October 31, 2024** |  | $- | 4460535 | $4460 | 29028260 | (84000) | (37949693) | (9000973) |
| Pre-funded Warrants Issued for Services |  |  |  |  | 528000 |  |  | 528000 |
| Pre-funded Warrants Issued as Part of Debt Extinguishment |  |  |  |  | 990000 |  |  | 990000 |
| Stock Based Compensation |  |  |  |  | 408234 |  |  | 408234 |
| Net Loss |  | - | - | - | - | - | (2834662) | (2834662) |
| Balance at January 31, 2025 |  |  | 4460535 | 4460 | 30954494 | (84000) | (40784355) | (9909401) |
| Stock Based Compensation |  |  |  |  | 322734 |  |  | 322734 |
| Net Loss |  | - | - | - | - | - | (1478786) | (1478786) |
| **Balance at April 30, 2025** |  | $- | 4460535 | $4460 | $31277228 | $(84000) | $(42263141) | $(11065453) |

---

The unaudited consolidated financial statements should be read in connection with the notes to the unaudited consolidated financial statements.

**Vitro BioPharma, Inc.**

**Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **April 30, 2025** | **Six months**<br> **Ended**<br> **April 30, 2024** |
| **Operating Activities** |  |  |
| Net Loss | $(4313448) | $(7688105) |
| Adjustment to Reconcile Net Loss: |  |  |
| &nbsp;&nbsp;&nbsp;Gain on Forgiveness of Debt | (343938) |  |
| &nbsp;&nbsp;&nbsp;Unrealized Gain on Derivative/Warrant Liability | (5097) | (464374) |
| &nbsp;&nbsp;&nbsp;Depreciation Expense | 61968 | 91785 |
| &nbsp;&nbsp;&nbsp;Amortization Expense | 15238 | 33896 |
| &nbsp;&nbsp;&nbsp;Amortization of Operating Lease – ROU Asset | 60961 | 66341 |
| &nbsp;&nbsp;&nbsp;Accretion of Debt Discount | 367356 | 2190620 |
| &nbsp;&nbsp;&nbsp;Stock Based Compensation | 730968 | 772851 |
| &nbsp;&nbsp;&nbsp;Common Stock Issued for Services |  | 450000 |
| &nbsp;&nbsp;&nbsp;Pre-funded Warrants issued for Services | 528000 |  |
| &nbsp;&nbsp;&nbsp;Loss on Extinguishment of Debt | 1235000 |  |
| &nbsp;&nbsp;&nbsp;Write-off of Offering Costs |  | 2656962 |
| Changes in Assets and Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts Receivable | 76168 | (37434) |
| &nbsp;&nbsp;&nbsp;Accounts Receivable – Related Party | (2250) |  |
| &nbsp;&nbsp;&nbsp;Inventory | (51188) | (10942) |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | (17581) | 11450 |
| &nbsp;&nbsp;&nbsp;Accounts Payable | 418233 | (109510) |
| &nbsp;&nbsp;&nbsp;Accounts Payable – Related Party | 22610 |  |
| &nbsp;&nbsp;&nbsp;Operating Lease Obligation | (60961) | (66341) |
| &nbsp;&nbsp;&nbsp;Accrued Liabilities | 31834 | 240936 |
| &nbsp;&nbsp;&nbsp;Accrued Interest | 73098 | 73502 |
| &nbsp;&nbsp;&nbsp;Accrued Interest – Related Parties | 54326 | 59475 |
| Net Cash Used in Operating Activities | (1118703) | (1728888) |
| **Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Patent Costs | (2781) | (486) |
| Net Cash Used in Investing Activities | (2781) | (486) |
| **Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of 2024 Series Senior Secured Convertible Notes Payable – Stock Settled |  | 3175000 |
| &nbsp;&nbsp;&nbsp;Note Subscription Payable |  | 150000 |
| &nbsp;&nbsp;&nbsp;Issuance of 2025 Series Senior Secured Convertible Notes Payable – Stock Settled | 5350000 |  |
| &nbsp;&nbsp;&nbsp;Payment of 2024 Senior Secured Convertible Notes Payable | (4370000) |  |
| &nbsp;&nbsp;&nbsp;Payment of 2021 Series Convertible Note Payable – Related Party | (225000) |  |
| &nbsp;&nbsp;&nbsp;Capital Lease Principal Payments | (6801) | (33364) |
| Net Cash Provided by Financing Activities | 748199 | 3291636 |
| Total Cash Provided (Used) During the Period | (373285) | 1562262 |
| Beginning Cash Balance | 571360 | 101754 |
| Ending Cash Balance | $198075 | $1664016 |
| Cash Paid for Interest | $4872 | $8331 |
| Cash Paid for Income Taxes | $- | $- |
| **Supplemental Schedule of Non-Cash Financing Activities:** |  |  |
| Derivative/Warrant Liability on 2025 Series Senior Secured Notes Payable | $4760115 | $- |
| Discount on Derivative/Warrant Liability on 2025 Series Senior Secured Notes Payable | $4760115 | $- |
| Derivative/Warrant Liability on 2024 Series Senior Secured Notes Payable | $- | $2890036 |
| Discount on Derivative/Warrant Liability on 2024 Series Senior Secured Notes Payable | $- | $2890036 |

---

The unaudited consolidated financial statements should be read in connection with the notes to the unaudited consolidated financial statements.

**VITRO BIOPHARMA, INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**APRIL 30, 2025 AND 2024**

**NOTE 1 – NATURE OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Nature of Organization and Description of Business***

Vitro Biopharma, Inc. (the "Company") was incorporated under the laws of the State of Nevada on March 31, 1986, under the name Imperial Management, Inc. On December 17, 1986, the Company merged with Labtek, Inc., a Colorado corporation, with the Company being the surviving entity and the name of the Company was changed to Labtek, Inc. The name was then changed to Vitro Diagnostics, Inc. on February 6, 1987. From November of 1990 through July 31, 2000, the Company was engaged in the development, manufacturing, and distribution of purified human antigens ("Diagnostics") and related technologies. The Company also developed cell technology including immortalization of certain cells, which allowed entry into other markets besides Diagnostics. In August 2000, the Company sold the Diagnostics business, following which it focused on developing therapeutic products, its stem cell technology, patent portfolio and proprietary technology and cell lines for applications in autoimmune disorders and inflammatory disease processes and stem cell research. On February 3, 2021, the Company filed an amendment to the articles of incorporation with the Nevada Secretary of State, changing the name of the Company to Vitro BioPharma, Inc.

***Summary of Significant Accounting Policies***

**Basis of Presentation**

The interim consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures included herein are adequate to make the information presented not misleading. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended October 31, 2024, as filed with the SEC ("Form 10-K"). Unless otherwise noted in this Interim Report, there have been no material changes to the disclosures contained in the notes to the audited financial statements for the year ended October 31, 2024, contained in the Form 10-K.

The Consolidated Balance Sheet as of October 31, 2024, was derived from the audited financial statements included in the Form 10-K. In management's opinion, the unaudited interim Consolidated Balance Sheet, Statements of Operations, Statements of Changes in Shareholders' Equity (Deficit), and Statements of Cash Flows, contained herein, reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company's financial position, results of operations and cash flows on a basis consistent with that of the Company's prior audited consolidated financial statements. The results of operations for the interim periods may not be indicative of results to be expected for the full fiscal year. Certain prior period amounts were reclassified to conform to the current presentation on the Consolidated Financial Statements.

The accompanying consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America ("GAAP").

**Basis of Consolidation**

The consolidated financial statements include the operations of the Company and its wholly owned subsidiaries, Fitore, Inc. ("Fitore") and InfiniVive MD, LLC ("InfiniVive").

**Cash Equivalents**

For the purposes of the Statements of Cash Flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents.

**Concentration of Credit Risk**

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times, may exceed the Federal depository insurance coverage limits. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

**Concentrations**

During the six months ended April 30, 2025 and 2024, 2% and 2% respectively, of the Company's total revenues were derived from sales to an entity controlled by the Company's former Chief Executive Officer and President, Dr. Jack Zamora ("Dr. Zamora") (Note 10). Dr. Zamora is also a 30% stockholder. During the six months ended April 30, 2025, 36% and 22% of the Company's total revenue was attributable to product sales to two customers. During the six months ended April 30, 2024, three customers accounted for 38%, 25% and 11% of the Company's revenues. Other than the revenues derived through sales to the customers referenced herein, no customer accounted for greater than 10% of the Company's gross sales for the six months ended April 30, 2025 or 2024.

As of April 30, 2025, three customers accounted for 31%, 21% and 18% of total accounts receivable, respectively. No other customer accounted for more than 10% of total accounts receivable.

During the three and six months ended April 30, 2025 and 2024, foreign purchasers accounted for 72% and 68%, and 66% and 66% of total revenues, respectively. All sales to foreign customers were conducted in US Dollars.

**Deferred Offering Costs**

The Company defers, as Current Assets, the direct incremental costs of raising capital through equity offerings, until such time as the offering is completed or abandoned. At the time of the offering completion, the costs are charged against the capital raised. Should the offering be terminated, deferred offering costs are charged to operations during the period in which the offering is terminated. During the three and six months ended April 30, 2025 and 2024 the Company recorded as expense $0 and $0, and $0 and $2,656,962 of costs that had previously been recorded as Deferred Offering Costs, respectively.

**Financial Instruments**

The fair value of the Company's assets and liabilities, which qualify as financial instruments under Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") 820, "Fair Value Measurements and Disclosures," approximates the carrying amounts represented in the balance sheets.

**Use of Estimates**

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**Revenue Recognition**

As of January 1, 2018, the Company adopted Revenue from Contracts with Customers (Topic 606) ("ASC 606"). The new guidance sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects to receive in exchange for the goods or services. To determine the appropriate amount of revenue to be recognized for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following steps: (i) identify the contract(s) with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) each performance obligation is satisfied. The Company adopted the standard using the modified retrospective method and the adoption did not have a material impact on the Company's consolidated financial statements.

For each performance obligation identified in accordance with ASC 606, the Company determines at contract inception whether it satisfies the performance obligation over time (in accordance with paragraphs 606-10-25-27 through 25-29) or satisfies the performance obligation at a point in time (in accordance with paragraph 606-10-25-30). If an entity does not satisfy a performance obligation over time, the performance obligation is satisfied at a point in time.

Control is considered transferred over time if any one of the following criteria is met:

● The customer simultaneously receives and consumes the benefits of the asset or service which the entity performs;

● The entity's performance creates or enhances an asset; or

● The entity's performance creates or enhances an asset that has no alternative use to the entity and the entity has the right to payment for work completed to date.

For certain contracts to which the Company is party, it uses the recognition over time method to recognize revenue.

The Company recognizes revenue when performance obligations with the customer are satisfied. Product sales occur once control is transferred upon shipment to the customer at the time of the sale. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods and services. The Company's revenue is primarily derived from the sources listed below:

***Sale of research and development product***: *Sales of research and development product include the sale of stem cell medium*.

***Sale of therapeutic product:*** *Includes cell culture media to be used in therapeutic treatment, i.e. sales to Foreign Third-Party Clinics.*

***Shipping:*** *Includes amounts charged to customers for shipping products. These amounts are included with the various types of revenue described in the table below.*

***Consulting Revenue:*** *The Company has agreed to assist another party to develop an FDA-approved biological product. Revenues are recognized when certain contractual milestones are achieved.*

***Fitore product sales online:*** *Includes internet sales, via the Fitore Nutrition website, of dietary supplements called Stemulife, Spectrum+, Easy Sleep and Thought Calmer.*

***InfiniVive product sales:*** *InfiniVive, via call-in orders, sells exosomes and daily cosmetic serum*.

*<u>Disaggregation of revenue</u>*

The following tables summarize the Company's revenue for the reporting periods, disaggregated by product or service type:

---

| | | |
|:---|:---|:---|
|  | **Three Months<br> Ended<br> April 30, 2025** | **Three Months<br> Ended<br> April 30, 2024** |
| Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;Research and development products | $122328 | $156612 |
| &nbsp;&nbsp;&nbsp;AlloRx Stem Cells to Foreign Third-Party Clinics | 365825 | 378382 |
| &nbsp;&nbsp;&nbsp;InfiniVive products | 22449 | 34892 |
| &nbsp;&nbsp;&nbsp;Fitore products | 982 | 3051 |
| Total | $511584 | $572937 |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> April 30, 2025** | **Six Months Ended<br> April 30, 2024** |
| Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;Research and development products | $239898 | $271166 |
| &nbsp;&nbsp;&nbsp;AlloRx Stem Cells to Foreign Third-Party Clinics | 649266 | 655423 |
| &nbsp;&nbsp;&nbsp;InfiniVive products | 69387 | 60822 |
| &nbsp;&nbsp;&nbsp;Fitore products | 2907 | 9736 |
| Total | $961458 | $997147 |

---

**Deferred Revenue**

The Company has recorded deferred revenue in connection with a Joint Operating Agreement (as subsequently amended, the "JOA") executed between the Company and European Wellness/BIO PEP USA ("BIO PEP"). Pursuant to this JOA, which expired in accordance with its terms on July 31, 2023 and has not been to be renewed, the Company was obligated to use its best efforts to identify, develop and deliver various potential active pharmaceutical ingredients and to oversee the development of a recombinant cell line by a third-party service provider. The Company was also engaged to establish a Quality Management System to be utilized by BIO PEP in their pursuit of FDA authorizations. Prior to its expiration, our work under the JOA had been suspended since April 2023 pending discussions regarding amounts believed to be owed to us under that agreement for work already completed. If those discussions are unsuccessful, we may not be able to collect all of the amounts believed to be owed to us or the other amounts originally expected to be received by us under the agreement.

The Company records as deferred revenue amounts for which the Company has been paid but for which it has not yet achieved and delivered related milestones or when the level of effort required to complete performance obligations under an arrangement cannot be reasonably estimated under the terms of the related agreement. Deferred revenue is classified as current or long-term based on when management estimates the revenue will be recognized. As of October 31, 2024 and April 30, 2025, the Company has net deferred $525,387 in revenue, which is composed of $685,005 of deferred revenue, less $159,618 of prepaid project costs. The amount recorded as net deferred revenue will be recognized if and when the Company achieves and delivers the milestones under the terms of the agreement. The Company did not recognize any of this net deferred revenue during the three and six months ended April 30, 2025 and 2024.

The table below summarizes Deferred Revenues as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **October 31, 2024** | **Other**<br> **Project**<br> **Income**<br> **Recognized** | **Net Revenue Deferred** | **April 30,<br> 2025** |
| Deferred Revenue | $525387 | $&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;- | $525387 |
| Total | $525387 | $- | $- | $525387 |

---

The table below summarizes Deferred Revenues as of October 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **October 31, 2023** | **Other**<br> **Project**<br> **Income**<br> **Recognized** | **Net Revenue Deferred** | **October 31, 2024** |
| Deferred Revenue | $525387 | $&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $525387 |
| Total | $525387 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;- | $525387 |

---

**Accounts Receivable**

Accounts receivable consists of amounts due from customers. The Company considers accounts more than 30 days old to be past due. The Company uses the allowance method for recognizing bad debts. When an account is deemed uncollectible, it is written off against the allowance. The Company generally does not require collateral for its accounts receivable. As of April 30, 2025 and October 31, 2024, total accounts receivable, including related party, amounted to $132,374 and $206,292, respectively, net of allowances. The Company monitors accounts receivable for collectability and when doubt as to the realization of amounts recorded arises, an allowance is recorded and/or accounts deemed to be uncollectible will be written off. As of April 30, 2025 and October 31, 2024, the allowance for doubtful accounts was $975 and $975, respectively.

As of April 30, 2025, three customers accounted for 31%, 21% and 18% of accounts receivable. As of October 31, 2024, 55%, 20% and 10%, of the Company's accounts receivable were attributable to sales to three customers. No other customer comprised more than 10% of the accounts receivable balance as of April 30, 2025 or October 31, 2024.

**Basic Loss Per Share**

The Company complies with accounting and disclosure requirements ASC Topic 260, "Earnings Per Share." Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share takes into consideration shares of common stock outstanding (computed under basic income or loss per share) and potentially dilutive shares of common stock that are not anti-dilutive. For the three and six months ended April 30, 2025 and 2024, the following number of potentially dilutive shares have been excluded from diluted net loss since such inclusion would be anti-dilutive:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| Stock options outstanding | 1112923 | 1112923 |
| Shares to be issued in connection with exercise of warrants | 215881 | 411377 |
| 2021 Series Convertible Notes Payable - Related Party – common shares |  | 18462 |
| 2022 Series Convertible Notes Payable - common shares | 7692 | 7692 |
| 2023 Series Convertible Notes Payable – Stock Settled | 31984 | 29826 |
| 2023 Series Convertible Notes Payable – Stock Settled - warrants issuable | 3076 | 3076 |
| 2023 Series B Convertible Notes Payable - Stock Settled | 101522 | 94522 |
| 2023 Series B Convertible Notes Payable - Stock Settled - warrants issuable | 39881 | 39881 |
| 2024 Series Senior Secured Convertible Notes Payable – Stock Settled | 39583 | 264583 |
| 2024 Series Senior Secured Convertible Notes Payable – Stock Settled – warrants issuable | 289583 | 264583 |
| 2024 Pre-funded Warrants | 1107500 |  |
| 2025 Pre-funded Warrants | 276000 |  |
| 2025 Series Senior Secured Convertible Notes Payable – Stock Settled | 1737013 |  |
| 2025 Series Senior Secured Convertible Notes Payable – Stock Settled – warrants issuable | 1215909 | - |
| **Total** | 6178547 | 2246925 |

---

**Inventory**

Inventories, consisting of raw materials and finished goods, are stated at the lower of cost (using the specific identification method) or market. Inventories consisted of the following at the balance sheet dates:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **October 31, 2024** |
| Raw materials | $55639 | $- |
| Finished goods | 110914 | 115365 |
| &nbsp;&nbsp;&nbsp;Total inventory | $166553 | $115365 |

---

The Company periodically reviews the value of items in inventory and provides write-downs or write-offs of inventory based on its assessment of market conditions. During the three and six months ended April 30, 2025 and 2024, the Company did not record any impairment expense.

**Patents**

Costs related to filing and pursuing patent applications (including direct application fees, and the legal and consulting expenses related to making such applications) are capitalized as incurred and will not be amortized until a patent is granted at which time they will be amortized. Capitalized patent costs recorded as of April 30, 2025 and October 31, 2024 were $92,329 and $89,548 respectively.

**Leases**

In May 2023, the Company executed a new office lease for its executive offices, with the lease starting July 1, 2023. The Company recognized an initial operating lease right-of-use asset of $271,396 and an operating lease liability of $271,396. Due to the simplistic nature of the Company's leases, no retained earnings adjustments were required. The Company recognized right-of-use asset amortization for this lease and other office leases in the amount of $30,079 and $60,961, and $32,734 and $66,341 for the three and six months ended April 30, 2025 and 2024, respectively.

**Property and Equipment**

Property, equipment, and leasehold improvements are recorded at historical cost. The cost of property and equipment is depreciated over the estimated useful lives, when placed in service (ranging from 3-5 years), of the related assets utilizing the straight-line method of depreciation. The cost of leasehold improvements is depreciated (amortized) over the lesser of the length of the related leases or the estimated useful lives of the assets. Ordinary repairs and maintenance are expensed when incurred and major repairs are capitalized and expensed if they benefit future periods.

**Intangible Assets and Impairment**

Intangible assets that are subject to amortization are reviewed for potential impairment whenever events or circumstances indicate that carrying amounts may not be recoverable. Assets not subject to amortization are tested for impairment at least annually.

The Company periodically reviews its intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less that the carrying amount of the asset. The amount of impairment is measured as the difference between the asset's estimated fair value and its book value.

**Goodwill**

Goodwill is the excess of acquisition cost over the fair value of the net assets of acquired businesses. The Company does not amortize goodwill but assesses goodwill for impairment at least annually or when there has been a material change in circumstances, using the market approach.

**Stock Based Compensation**

The Company accounts for expenses associated with shares issued for services using the fair value method following the guidance outlined in Section 718-10 of the FASB ASC for disclosure about stock-based compensation. This section requires a public entity to measure the cost of employee and non-employee services received in exchange for an award of equity instruments based on the grant date fair value of the award (with limited exceptions). That cost is recognized over the period during which the service is provided. No compensation cost is recognized for equity instruments for which service is not provided or rendered.

**Recent Accounting Standards**

On August 5, 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06, "Debt – Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity's Own Equity (Subtopic 815-40)," which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity's own equity. The ASU is part of the FASB's simplification initiative, which aims to reduce unnecessary complexity in GAAP. This ASU is effective for fiscal years beginning after December 31, 2023. The Company adopted the standard early with no significant impact to the financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, requiring public companies to disclose information about their reportable segments' significant expenses and other segment items on an interim and annual basis. Public companies with a single report segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements of ASU 2023-07 during fiscal year ended on or after December 15, 2024. The Company operates as one operating segment and the Company's CEO is the chief operating decision maker ("CODM"). The CODM uses the consolidated statement of operations to assess financial performance and allocate resources. As of April 30, 2025, the Company is assessing the impact of this change and will implement it by its fiscal year end of October 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), which applies to all public business entities. This standard is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted. The Company expects to adopt this standard for the period beginning November 1, 2027.

**NOTE 2 – GOING CONCERN**

The accompanying financial statements have been prepared in conformity with GAAP, which contemplate continuation of the Company as a going concern. The Company has incurred net losses of approximately $4.3 million for the six months ended April 30, 2025. The Company had a working capital deficit of approximately $13.3 million as of April 30, 2025. In addition, the revenues of the Company do not provide adequate working capital for the Company to sustain its current and planned business operations.

These factors raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. In view of these matters, realization of certain of the assets in the accompanying balance sheets is dependent upon continued operations of the Company, which in turn is dependent upon the Company's ability to meet its financial requirements, raise additional capital, and generate additional revenues and profit from operations.

Management plans to address the going concern include but are not limited to raising additional capital through an attempted public and/or private offering of equity securities, as well potentially issuing additional debt instruments. The Company also has various initiatives underway to increase revenue generation through diversified offerings of products and services related to its stem cell technology and analytical capabilities. The goal of these initiatives is to achieve profitable operations as quickly as possible. Various strategic alliances that are ongoing and under development are also critical aspects of management's overall growth and development strategy. There is no assurance that these initiatives will yield sufficient capital to maintain the Company's operations. There is no assurance that the ongoing capital raising efforts will be successful. Should management fail to successfully raise additional capital and/or fully implement its strategic initiatives, it may be compelled to curtail part or all of its ongoing operations.

The financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company has historically financed its operations primarily through various private placements of debt and equity securities.

**NOTE 3 – FAIR VALUE MEASUREMENT**

ASC Topic 820, "Fair Value Measurements and Disclosures", establishes a hierarchy for inputs used in measuring fair value for financial assets and liabilities that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions of what market participants would use in pricing the asset or liability based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:

● Level 1: Quoted prices available in active markets for identical assets or liabilities;

● Level 2: Quoted prices in active markets for similar assets and liabilities that are observable for the asset or liability; and

● Level 3: Unobservable pricing inputs that are generally less observable from objective sources, such as discounted cash or valuation models.

The financial assets and liabilities are classified in the Consolidated Balance Sheets based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

As disclosed in Note 7, the two tranches of 2023 Series Convertible Notes Payable - Stock Settled Derivative/Warrant Liability required identification and quantification of fair value. Similarly, the tranches of 2024 Series Senior Secured Convertible Notes – Stock Settled Derivative/Warrant Liability and the tranches of 2025 Series Senior Secured Convertible Notes – Stock Settled Derivative/Warrant Liability required identification and quantification of fair value. The derivative liabilities described below only relate to (i) the warrants included with the two tranches of the 2023 Series Convertible Notes Payable – Stock Settled debt, (ii) the warrants included with 2024 Series Senior Secured Convertible Note – Stock Settled debt and (iii) the warrants included with 2025 Series Senior Secured Convertible Note – Stock Settled debt. The estimated fair values as of the issuance date of these three tranches of notes are presented in Note 7.

As of April 30, 2025 and October 31, 2024, the estimated fair values of the Company's financial liabilities are presented in the following table:

---

| | |
|:---|:---|
|  | **April 30, 2025** |
| 2023 Series Convertible Notes Payable - Stock Settled - Derivative/Warrant Liability | $9056 |
| 2023 Series B Convertible Notes Payable – Stock Settled – Derivative/Warrant Liability | 117416 |
| 2024 Series Senior Secured Convertible Notes Payable – Stock Settled – Derivative/Warrant Liability | 143028 |
| 2025 Series Senior Secured Convertible Notes Payable – Stock Settled – Derivative/Warrant Liability | 4766490 |
| Total | $5035990 |

---

---

| | |
|:---|:---|
|  | **October 31, 2024** |
| 2023 Series Convertible Notes Payable - Stock Settled - Derivative/Warrant Liability | $9024 |
| 2023 Series B Convertible Notes Payable – Stock Settled – Derivative/Warrant Liability | 116982 |
| 2024 Series Senior Secured Convertible Notes Payable – Stock Settled – Derivative/Warrant Liability | 154966 |
| Total | $280972 |

---

The following table presents a roll-forward of the fair value of the derivative liabilities associated with the Company's warrants included with its 2024 Series Senior Secured Convertible Notes Payable and its 2023 Series Convertible Notes Payable, categorized as Level 3:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> April 30, 2025** | **Year Ended**<br> **October 31, 2024** |
| Beginning Balance | $280972 | $893263 |
| Additions | 4760115 | 3159788 |
| Subtractions |  | (990719) |
| Total (gains) or losses (realized/unrealized) | (5097) | (2781360) |
| Ending Balance | $5035990 | $280972 |

---

During the three and six months ended April 30, 2025 and 2024, the unrealized (gain) or loss on the Derivative Warrant Liability associated with the two tranches of 2023 Series Convertible Notes Payable – Stock Settled was $560 and $466, and $1,923 and $(436,111), respectively.

During the three and six months ended April 30, 2025 and 2024, the unrealized (gain) or loss on the Derivative Warrant Liability associated with the 2024 Series Senior Secured convertible notes payable – stock settled was $(6,421) and $(11,938), and $10,951 and $(28,262), respectively.

During the three and six months ended April 30, 2025 and 2024, the unrealized (gain) or loss on the Derivative Warrant Liability associated with the 2025 Series Senior Secured convertible notes payable – stock settled was $6,375 and $6,375, and $0 and $0, respectively.

The fair value of the warrants granted in connection with the 2023 Series Convertible Notes Payable, the 2024 Series Senior Secured Convertible Notes Payable - Stock Settled and the 2025 Series Senior Secured Convertible Notes Payable – Stock Settled during the periods presented was estimated using the Black-Scholes option-pricing model with the following assumptions at April 30, 2025 and October 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **October 31, 2024** |
| Risk-free interest rate | 3.72% | 4.15% |
| Dividend yield | 0.00% | 0.00% |
| Volatility factor | 130.52% - 130.84 | 130.13% |
| Weighted average expected life (years) | 2.0 - 2.5 | 2.5 |

---

*Estimated Fair Value of Financial Assets and Liabilities Not Measured at Fair Value*

The Company's financial instruments consist primarily of cash, accounts receivable, accounts payable, and Convertible Notes Payable. The carrying values of cash, accounts receivable and accounts payable are representative of their fair values due to their short-term maturities. The carrying amount of the Company's Convertible Notes Payable approximates fair value as they bear interest over the term of the loans.

**NOTE 4 – PROPERTY AND EQUIPMENT**

The following is a summary of property and equipment, less accumulated depreciation at the balance sheet dates:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **October 31, 2024** |
| Leasehold improvements | $12840 | $12840 |
| Property and equipment | 1046925 | 1046925 |
| &nbsp;&nbsp;&nbsp;Total cost | 1059765 | 1059765 |
| Less accumulated depreciation | (982181) | (920213) |
| Net property and equipment | $77584 | $139552 |

---

Depreciation expense for the three and six months ended April 30, 2025 and 2024 was $24,534 and $61,968, and $48,241 and $91,785, respectively.

**NOTE 5 – INTANGIBLE ASSETS**

The following table sets forth the carrying amounts of intangible assets and goodwill including accumulated amortization as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Remaining<br> Useful Life** | **Cost** | **Accumulated Amortization and Impairment** | **Net Carrying<br> Value** |
| Trademarks and tradenames | 11.25 years | $693330 | $(541406) | $151924 |
| Patents, know-how and unpatented technology | 11.25 years | 710060 | (519138) | 190922 |
| Customer relationships | 0 years | 114536 | (114536) | - |
| Total |  | 1517926 | (1175080) | 342846 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Remaining**<br> **Useful Life** | **Cost** | **Impairment** | **Net Carrying**<br> **Value** |
| Goodwill | Indefinite | $4523040 | $(1351459) | $3171581 |

---

The following table sets forth the carrying amounts of intangible assets and goodwill including accumulated amortization as of October 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Remaining<br> Useful Life** | **Cost** | **Accumulated Amortization and Impairment** | **Net Carrying<br> Value** |
| Trademarks and tradenames | 11.75 years | $693330 | $(534654) | $158676 |
| Patents, know-how and unpatented technology | 11.75 years | 710060 | (510652) | 199408 |
| Customer relationships | 0 years | 114536 | (114536) | - |
| Total |  | 1517926 | (1159842) | 358084 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Remaining**<br> **Useful Life** | **Cost** | **Impairment** | **Net Carrying**<br> **Value** |
| Goodwill | Indefinite | $4523040 | $(1351459) | $3171581 |

---

The table below presents anticipated future amortization expense related to the Company's intangible assets for each of the succeeding five fiscal years ending October 31;

---

| | |
|:---|:---|
| 2025 (six months remaining) | $15237 |
| 2026 | 30475 |
| 2027 | 30475 |
| 2028 | 30475 |
| 2029 | 30475 |
| Thereafter | 205709 |
| Total | $342846 |

---

During the three and six months ended April 30, 2025 and 2024, the Company recorded amortization expense of $7,619 and $15,238, and $16,948 and $33,896, respectively.

**NOTE 6 – LEASE OBLIGATIONS**

The Company accounts for its leases in accordance with ASU No. 2016-02, *Leases (Topic 842) ("ASC 842").* ASC 842 requires lessees to (i) recognize a right of use asset ("ROU asset") and a lease liability that is measured at the present value of the remaining lease payments on the Consolidated Balance Sheets, (ii) recognize a single lease cost, calculated over the lease term on a straight-line basis and (iii) classify lease related cash payments within operating and financing activities.

The Company's operating lease consists of a lease for office space. The Company's finance lease activities consist of leases for equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The office lease contains an option to a renewal period of five years at then-current market rates. The equipment leases are non-renewable as the Company owns the equipment at the end of the lease period, for a nominal amount.

In May 2023, the Company executed a new office lease for 2,978 square feet, starting July 1, 2023 for its executive offices. The lease term runs through the end of December 2026. The Company recognized an initial operating lease right-of-use asset of $271,396 and an operating lease liability of $271,396. Due to the simplistic nature of the Company's leases, no retained earnings adjustments were required.

The following table shows the classification and location of the Company's leases in the Consolidated Balance Sheets:

---

| | | | |
|:---|:---|:---|:---|
| **Leases** | **Balance Sheet Location** | **April 30, 2025** | **October 31, 2024** |
| Assets |  |  |  |
| *Noncurrent:* |  |  |  |
| Operating | Right-of-use asset – operating lease | $285130 | $346091 |
| Finance | Property and equipment, net | - | 3351 |
| Total Lease Assets |  | $285130 | $349442 |
| Liabilities |  |  |  |
| *Current:* |  |  |  |
| Operating | Operating lease liabilities | $114382 | $119486 |
| Finance | Finance lease liabilities | 9462 | 12081 |
| *Noncurrent:* |  |  |  |
| Operating | Operating lease liabilities | 170748 | 226605 |
| Finance | Finance lease liabilities | 860 | 5042 |
| **Total Lease Liabilities** |  | $295452 | $363214 |

---

The following table shows the classification and location of the Company's lease costs in the Consolidated Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
|  | **Statements of Operations** | **Six Months Ended April 30,** | **Six Months Ended April 30,** |
|  | **Location** | **2025** | **2024** |
| Operating lease expense | General and administrative expense | $110273 | $109051 |
| Finance lease expense: |  |  |  |
| Interest on lease liability | Interest expense | 452 | 3996 |
| Total Lease expense |  | $110725 | $113047 |

---

Minimum contractual obligations for the Company's leases (undiscounted) as of April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Operating** | **Finance** |
| Fiscal year 2025 | $82388 | $5550 |
| Fiscal year 2026 | 166760 | 5150 |
| Fiscal year 2027 | 84609 |  |
| Fiscal year 2028 | 67734 |  |
| Fiscal year 2029 | 67734 |  |
| Thereafter | 45156 | - |
| Total Lease Payments | $514381 | $10700 |
| Less Imputed interest | (229251) | (378) |
| Total lease liability | $285130 | $10322 |

---

The following table shows the weighted average remaining lease term and the weighted average discount rate for the Company's leases as of the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Operating Leases** | **Finance Leases** | **Operating Leases** | **Finance Leases** |
| Weighted-average remaining lease term (in years) | 3.5 | 1 | 4 | 1.34 |
| Weighted-average discount rate <sup>(1)</sup> | 10.00% | 6.65% | 10.00% | 6.67% |

---

<sup>(1)</sup> The discount rate used for the operating lease is based on the Company's incremental borrowing rate at lease commencement and may be adjusted if modification to lease terms or lease reassessments occur. The discount rate used for finance leases is based on the rates implicit in the leases.

The following table includes other quantitative information for the Company's leases for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended April 30,** | **Six Months Ended April 30,** |
|  | **2025** | **2024** |
| Cash paid for amounts included in measurement of lease liabilities |  |  |
| Cash payments for operating leases | $81515 | $108248 |
| Cash payments for finance leases | $7253 | $33364 |

---

The Company recorded amortization of the operating lease right-of-use asset of $30,079 and $60,961, and $32,764 and $66,341 for the three and six months ended April 30, 2025 and 2024, respectively.

**NOTE 7 – DEBT**

The table below presents outstanding debt instruments as of April 30, 2025 and October 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **October 31, 2024** |
| &nbsp;&nbsp;&nbsp;*Short Term* |  |  |
| &nbsp;&nbsp;&nbsp;2021 Series convertible notes – related party | $- | $480000 |
| &nbsp;&nbsp;&nbsp;Unsecured 6% note payable – related party | 1221958 |  |
| &nbsp;&nbsp;&nbsp;Unsecured 4% note payable – related party | 767288 |  |
| &nbsp;&nbsp;&nbsp;2025 Senior secured convertible notes payable | 6687500 |  |
| &nbsp;&nbsp;&nbsp;Discount 2025 Senior secured convertible notes payable | (5794504) |  |
| &nbsp;&nbsp;&nbsp;2024 Senior secured convertible notes payable | 593750 | 4718750 |
| &nbsp;&nbsp;&nbsp;*Total Short-Term Debt* | 3475992 | 5198750 |
| &nbsp;&nbsp;&nbsp;*Long Term* |  |  |
| &nbsp;&nbsp;&nbsp;Unsecured 6% note payable – related party | $- | $767288 |
| &nbsp;&nbsp;&nbsp;Unsecured 4% note payable – related party |  | 1221958 |
| &nbsp;&nbsp;&nbsp;2022 Series convertible notes | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;2023 Series convertible notes – stock settled | 405000 | 405000 |
| &nbsp;&nbsp;&nbsp;Discount 2023 Series convertible notes | (45141) | (51886) |
| &nbsp;&nbsp;&nbsp;2023 Series B convertible notes – stock settled | 1312600 | 1312600 |
| &nbsp;&nbsp;&nbsp;Discount 2023 Series B convertible notes | (747827) | (805327) |
| *Total Long-Term Debt* | 1124632 | 3049633 |
| *Total Debt* | $4600624 | $8248383 |

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The table below presents the future maturities of outstanding debt obligations as of April 30, 2025:

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| | |
|:---|:---|
| Fiscal year 2025 | $593750 |
| Fiscal year 2026 | 8676746 |
| Fiscal year 2027 | 200000 |
| Fiscal year 2028 | 1717600 |
| Total | $11188096 |

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***Unsecured 6% Note Payable - Related Party***

Interest expense on this note was $11,226 and $22,829, and $11,352 and $22,956 for the three and six months ended April 30, 2025 and 2024, respectively. Accrued interest on this note was $207,105 and $184,275 as of April 30, 2025 and October 31, 2024, respectively. This note is unsecured. The note and accrued interest convert to common stock in the event of a listing on a public exchange at a price equal to the IPO price. The original maturity date of this note is December 31, 2025, but the Company and the related party have agreed to negotiate an extension of this note.

***Unsecured 4% Note Payable - Related Party***

Interest expense on this note was $11,918 and $24,238, and $12,052 and $24,372 for the three and six months ended April 30, 2025, and 2024, respectively. Accrued interest on this note was $219,885 and $195,648 as of April 30, 2025 and October 31, 2024, respectively. This note is unsecured. The note and accrued interest convert to common stock in the event of a listing on a public exchange at a price equal to the IPO price. The original maturity date of this note is December 31, 2025, but the Company and the related party have agreed to negotiate an extension of this note.

***2021 Series Convertible Notes - Related Party***

The principal balance outstanding on the 2021 Series Convertible notes amounted to $0 and $480,000 as of April 30, 2025 and October 31, 2024, respectively. The note matured on July 31, 2024 and is unsecured. During the three and six months ended April 30, 2025 and 2024, the Company recorded $0 and $7,259, and $6,098 and $11,967, respectively, in interest expense. As of April 30, 2025 and October 31, 2024, accrued, but unpaid, interest on these notes was $0 and $81,679, respectively. On January 8, 2025, the Company and the note holder renegotiated this note to a total due of $225,000, non-interest bearing, with $25,000 paid on January 10, 2025 and four payments of $50,000, payable on or before February 1, March 1, April 1, and May 1, 2025. To record the renegotiation of the agreement, the Company recognized a gain on retirement of debt of $343,938, consisting of a reduction of principal of $255,000 and an elimination of accrued interest of $88,938. This was recorded through the statement of operations because the lender is not restructuring the loan to protect his equity and the lender does not hold a significant investment in the Company. The note was fully paid on April 30, 2025.

***2022 Series Convertible Notes***

During June and July, 2022, the Company issued a total of $200,000 in 2022 Series Convertible notes to two unrelated parties. These notes are unsecured, earn interest at a rate of 5% per annum and mature in June and July of 2027. These notes are payable solely in common stock of the Company and are convertible (i) upon the closing of a Qualified Financing of at least $5,000,000, (ii) upon the closing of a change in control, (iii) at the option of the holder of the notes or (iv) at maturity. During the three and six months ended April 30, 2025 and 2024, the Company recorded $2,438 and $4,959, and $2,465 and $4,986 in interest expense on these notes, respectively. As of April 30, 2025 and October 31, 2024, the Company had accrued $28,192 and $23,233, respectively, in interest on these notes.

***2023 Series Convertible Notes – Stock Settled***

On January 6, 2023, the Company sold $405,000 of its 8%, unsecured 2023 Series Convertible Notes - Stock Settled (the "January 2023 Notes") and common stock purchase warrants ("January 2023 Warrants") to five investors.

On various dates during March and April 2023, the Company sold $787,600 of its 8%, unsecured 2023 Series B Convertible Notes - Stock Settled (the "March 2023 Notes") and common stock purchase warrants ("March 2023 Warrants") to six investors.

On various dates during June and July 2023, the Company sold $525,000 of its 8%, unsecured 2023 Series B Convertible Notes - Stock Settled (the "June 2023 Notes") and common stock purchase warrants ("June 2023 Warrants") to three investors.

The sale and purchase were made through a Convertible Note and Warrant Purchase Agreement ("Purchase Agreement") entered into with each investor. The Company followed the guidance of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") ASC 480 "Distinguishing Liabilities from Equity" to account for the stock settled debt and ASC 815 "Derivatives and Hedging" to account for the derivative related to the notes and also to determine the number of warrants to be issued at the time of the issuance of the January 2023 Notes, March 2023 Notes, or the June 2023 Notes.

Each of the January 2023 Notes, March 2023 Notes, and June 2023 Notes bear interest at the rate of eight per cent per annum and are payable solely in shares of the Company's common stock. Each of the January 2023 Notes, March 2023 Notes, and June 2023 Notes may be converted at any time at the option of the holder and are payable in full at the earliest of (i) the completion of a "Qualified Financing," as defined below, (ii) a change in control, (iii) in the event of default, or (iv) the maturity date, which is five years from the date of issuance. A Qualified Financing is defined in the Purchase Agreement as any financing completed after the date of issuance of either the January 2023 Notes, March 2023 Notes, or June 2023 Notes involving the sale of the Company's equity securities primarily for capital raising purposes resulting in gross proceeds to the Company of at least $5 million. Upon completion of a Qualified Financing, each of the January 2023 Notes, March 2023 Notes, and June 2023 Notes is convertible into the securities issued in such financing (the "Qualified Financing Securities") in an amount determined by dividing (i) the outstanding principal on the January 2023 Notes, March 2023 Notes, or June 2023 Notes plus all accrued interest by (ii) the lessor of (x) the "Discounted Qualified Financing Price" and (y) the "Capped Price." In the event of a change in control or default, voluntary conversion or upon maturity, each of the January 2023 Notes, March 2023 Notes, and June 2023 Notes is convertible into that number of shares of the Company's common stock that equals (i) the outstanding principal amount of each of the January 2023 Notes, March 2023 Notes, and June 2023 Notes plus any accrued but unpaid interest, divided by (ii) the Capped Price.

The Discounted Qualified Financing Price is defined as the per share price at which the shares of the Qualified Financing Securities are sold in such Qualified Financing as determined for accounting purposes under GAAP, multiplied by 0.75. The Capped Price is the per share price implied by a fully-diluted (on an as-converted to common stock basis), pre-money valuation of $200,000,000 for the Company.

Each January 2023 Warrant issuable by the Company pursuant to the Purchase Agreement entitles the holder to purchase that number of fully paid and nonassessable shares of the Company's common stock determined (A) in the case following a Qualified Financing, by dividing (i) the sum of the aggregate outstanding principal amount of the January 2023 Note plus all accrued and unpaid interest thereon at the time of conversion multiplied by 0.25 by (ii) the quotient of the Discounted Qualified Financing Price divided by 0.75, or (B) in connection with a Change of Control, by dividing (i) the sum of the aggregate outstanding principal amount of the January 2023 Note plus all accrued and unpaid interest thereon at the time of the January 2023 Note's conversion, by (ii) the Capped Price, subject to adjustment as set forth in the January 2023 Warrant. In each case, the January 2023 Warrants are exercisable at a price of $16.25 per share (as adjusted for the July 2023, 1 to 26 reverse stock split) for a period of five years.

Each March 2023 Warrant and June 2023 Warrant issuable by the Company pursuant to the Purchase Agreement entitles the holder to purchase that number of fully paid and nonassessable shares of the Company's common stock determined (A) in the case following a Qualified Financing, by dividing (i) the sum of the aggregate outstanding principal amount of the March 2023 Note plus all accrued and unpaid interest thereon at the time of conversion by (ii) the quotient of the Discounted Qualified Financing Price divided by 0.75, or (B) in connection with a Change of Control, by dividing (i) the sum of the aggregate outstanding principal amount of the March 2023 Note or June 2023 Note plus all accrued and unpaid interest thereon at the time of the March 2023 Note's or June 2023 Note's conversion, by (ii) the Capped Price, subject to adjustment as set forth in the March 2023 Warrant or June 2023 Warrant. In each case, the March 2023 Warrants and June 2023 Warrants are exercisable at a price of $16.25 per share for a period of five years.

<u>Participation Rights</u>. Each of the January 2023 Notes, March 2023 Notes, and June 2023 Notes entitle the holder to purchase in a Qualified Financing an amount of Qualified Financing Securities (as defined above) up to 200% of the aggregate principal amount of either the January 2023 Note, March 2023 Note, or June 2023 Notes, respectively, subscribed for by such holder in this Offering.

The Company contemplated ASC 815-15-25-1 related to the valuation of the embedded conversion feature contained in the January 2023 Notes, March 2023 Notes and June 2023 Notes. The Company identified, per the guidance, the embedded conversion feature did not meet the criteria to be classified as a derivative.

The Company assessed the January 2023 Warrants, March 2023 Warrants, and June 2023 first under ASC 480. Based on the attributes of the January 2023 Warrants, March 2023 Warrants, and June 2023 Warrants, the Company determined that each are outside of the scope of ASC 480 and proceeded to assess each under ASC 815 to determine if any are considered indexed to the Company's own common stock. Because the inputs which affect the number of shares to be issued upon exercise of the January 2023 Warrants, March 2023 Warrants, and June 2023 Warrants are not the inputs per 815-40-15-7E, none are deemed to be indexed to the Company's own stock and have been recorded as liabilities under ASC 815 (Note 3) at the fair market value. At issuance, the Company recorded a warrant liability related to the January 2023 Warrants of $73,213, which amount is remeasured at fair market value at the end of each reporting period. The warrant liability of $73,213 resulted in the recognition of a debt discount of $73,213 at issuance of the January 2023 Notes and January 2023 Warrants. Further, at issuance of the March 2023 Warrants, the Company recorded a warrant liability of $568,574, which is remeasured at fair market value at the end of each reporting period. The warrant liability of $568,574 resulted in the recognition of a debt discount of $568,574 at issuance of the March 2023 Notes and March 2023 Warrants. Lastly, at issuance of the June 2023 Warrants, the Company recorded a warrant liability of $354,810, which is remeasured at fair market value at the end of each reporting period. The warrant liability of $354,180 resulted in the recognition of a debt discount of $354,180 at issuance of the June 2023 Notes and June 2023 Warrants.

The $73,213 discount associated with the January 2023 Warrants is accreted over five years utilizing the effective interest method. The effective interest rate for the three and six months ended April 30, 2025 and 2024 is 13.0% and 13.0%, and 13.0% and 13.0%, respectively. During the three and six months ended April 30, 2025 and 2024, the Company recorded accretion expense of $3,371 and $6,745, and $2,999 and $5,968, respectively, and a (gain) or loss on the fair value of the warrant liability of $25 and $33, and $138 and ($31,231), respectively.

The $568,574 discount associated with the March 2023 Warrants is accreted over five years utilizing the effective interest method. The effective interest rate for the three and six months ended April 30, 2025 and 2024 is 44.6% and 44.6%, and 44.6% and 44.6%, respectively. During the three and six months ended April 30, 2025 and 2024, the Company recorded accretion expense of $18,457 and $35,610, and $12,217 and $23,443, respectively, and a (gain) or loss on the fair value of the warrant liability of $192 and $259, and $1,071 and ($242,940), respectively.

The $354,810 discount associated with the June 2023 Warrants is accreted over five years utilizing the effective interest method. The effective interest rate for the three and six months ended April 30, 2025 and 2024 is 39.5% and 39.5%. During the three and six months ended April 30, 2025 and 2024, the Company recorded accretion expense of $11,282 and $21,891 and $7,826 and $15,104, respectively, and a (gain) or loss on the fair value of the warrant liability of $128 and $173, and $714 and ($161,940), respectively.

During the three and six months ended April 30, 2025 and 2024 the Company recorded $7,900 and $16,067, and $7,989 and $16,156, respectively, in interest expense on the January 2023 Notes. During the three and six months ended April 30, 2025 and 2024, the Company recorded $15,364 and $31,245, and $15,536 and $31,418, respectively, in interest expense on the March 2023 Notes. During the three and six months ended April 30, 2025 and 2024, the Company recorded $10,241 and $20,827, and $10,356 and $20,942, respectively, in interest expense on the June 2023 Notes.

As of April 30, 2025 and October 31, 2024, the Company had accrued $74,796 and $58,729, respectively, in interest on the January 2023 Notes. As of April 30, 2025 and October 31, 2024, the Company had accrued $131,740 and $100,495, respectively, in interest on the March 2023 Notes. As of April 30, 2025 and October 31, 2024, the Company had accrued $78,493 and $57,666, respectively, in interest on the June 2023 Notes.

***2024 Series Senior Secured Convertible Notes – Stock Settled***

On November 16, 2023 and January 10, 2024, the Company entered into securities purchase agreements (the "January Purchase Agreements") with an accredited investor, pursuant to which the Company issued and sold to the investor, in a private placement, (i) senior secured convertible notes (the "January Series 2024 Notes") in the principal amount of $2,500,000 and $1,250,000, respectively, for a purchase price of $2,000,000 and $1,000,000, respectively, (reflecting a 20% original issue discount), and warrants to purchase shares of common stock of the Company (the "January Series 2024 Warrants").

On April 11, 2024, the Company entered into a securities purchase agreement (the "April Purchase Agreement") with an accredited investor, pursuant to which the Company issued and sold to the investor, in a private placement, (i) senior secured convertible notes (the "April Series 2024 Notes") in the principal amount of $218,750 for a purchase price of $175,000 (reflecting a 20% original issue discount), and warrants to purchase shares of common stock of the Company (the "April Series 2024 Warrants").

On May 13, 2024, the Company entered into securities purchase agreements (the "May Purchase Agreement") with accredited investors, pursuant to which the Company issued and sold to the investors, in a private placement, (i) senior secured convertible notes (the "May Series 2024 Notes") in the principal amount of $375,000 for a purchase price of $300,000 (reflecting a 20% original issue discount), and warrants to purchase shares of common stock of the Company (the "May Series 2024 Warrants").

On June 21, 2024, the Company entered into a letter agreement (the "Target Extension Agreement") with Target Capital 16 LLC ("Target"). Pursuant to the Target Extension Agreement, the maturity date of the January Series 2024 Notes of the Company held by Target, in the aggregate original principal amount of $3,750,000, was extended by 60 days, to October 16, 2024 (the "Original Final Maturity Date"), provided that, if the Company (A) will have been diligently pursuing the consummation of a Liquidity Event (as defined in the Notes) through such date (as evidenced by the filing of a registration statement under the Securities Act of 1933, as amended (the "Securities Act"), or the Securities Exchange Act of 1934, as amended) and (y) will have delivered an extension notice, then the Original Final Maturity Date will be extended to November 16, 2024 (the "Extended Final Maturity Date"), and (B) will have consummated a Liquidity Event on or before the Original Final Maturity Date or Extended Final Maturity Date, then the Extended Final Maturity Date will be extended by 180 days from the date of such consummation.

On July 16, 2024, the Company entered into a second letter agreement (the "Target Consolidation Agreement") with Target. Pursuant to the Target Consolidation Agreement, in consideration of an additional $300,000 paid by Target to the Company, the outstanding January Series 2024 Notes, each as amended by the Target Extension Agreement, were consolidated, amended and restated into a new note (the "July Series 2024 Notes") under the Purchase Agreement. The July Series 2024 Note has a subscription amount of $3,300,000, an original issue discount of $825,000, and an original principal amount of $4,125,000, and otherwise has the same material terms as the Outstanding Notes.

The January Series 2024 Notes, April Series 2024 Notes, May Series 2024 Notes, and July Series 2024 Notes are collectively the "Series 2024 Notes." The January Series 2024 Warrants, April Series 2024 Warrants, and May Series 2024 Warrants are collectively the "Series 2024 Warrants." No Series 2024 Warrants were issued with the July Series 2024 Notes.

Interest on the Series 2024 Notes will accrue commencing on the earlier of the maturity date or upon an event of default, at the annual rate of 20%, due the first day of each calendar month following such date. The January Series 2024 Notes will mature at the earlier of (i) six months from the issuance date (the "Original Maturity Date") and (ii) the occurrence of a Liquidity Event (as defined in the January Series 2024 Notes), provided that the Company may extend the maturity date for an additional three months (the "January Extension Period"). The April Series 2024 Notes will mature at the earlier of (i) May 16, 2024 and (ii) the occurrence of a Liquidity Event (as defined in the April Series 2024 Notes), provided that the Company may extend the maturity date for an additional three months (the "April Extension Period"). The May Series 2024 Notes will mature at the earlier of (i) May 16, 2024 and (ii) the occurrence of a Liquidity Event (as defined in the May Series 2024 Notes), provided that the Company may extend the maturity date for an additional three months (the "May Extension Period"). The July Series 2024 Notes will mature on October 16, 2024 (the "Original Final Maturity Date"), provided that, if the Company (A) will have been diligently pursuing the consummation of a Liquidity Event (as defined in the Notes) through such date (as evidenced by the filing of a registration statement under the Securities Act of 1933, as amended (the "Securities Act"), or the Securities Exchange Act of 1934, as amended) and (y) will have delivered an extension notice, then the Original Final Maturity Date will be extended to November 16, 2024 (the "Extended Final Maturity Date"), and (B) will have consummated a Liquidity Event on or before the Original Final Maturity Date or Extended Final Maturity Date, then the Extended Final Maturity Date will be extended by 180 days from the date of such consummation. The Series 2024 Notes are secured by all of the Company's assets pursuant to a security agreement between the Company and the investors. The Series 2024 Notes will be convertible, at the option of the investors, into common stock commencing on the maturity date, at a conversion price equal to the product of (x) the Liquidity Event Price (as defined in the Series 2024 Notes) and (y) 0.70 (or 0.60 if the Company has extended the maturity date), provided however, that if no Liquidity Event has occurred by the maturity date then the conversion price will be the amount obtained by dividing (i) $95,000,000 by (ii) the number of shares of common stock outstanding on such date calculated on a fully-diluted basis. In addition, the Company will have the right to effect conversion of the Series 2024 Notes if, at the time (a) a Liquidity Event has occurred and (b) the underlying shares are registered for resale.

The Series 2024 Warrants will be exercisable into the number the shares of common stock obtained by dividing 100% of the original principal amount of the Series 2024 Notes by (ii) the Liquidity Event Price (as defined in the Series 2024 Notes); provided, however, that if no Liquidity Event has occurred by the maturity date, then such percentage will be 150%. The Series 2024 Warrants will be exercisable for a period of five years and have an exercise price equal to the Liquidity Event Price provided however, that if no Liquidity Event has occurred by the maturity date then the exercise price will be the amount obtained by dividing (i) $95,000,000 by (ii) the number of shares of common stock outstanding on such date calculated on a fully-diluted basis.

The Company followed the guidance of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") ASC 480 "Distinguishing Liabilities from Equity" to account for the stock settled debt, ASC 470 "Debt," and ASC 815 "Derivatives and Hedging" to account for Series 2024 Notes and Series 2024 Warrants.

The Company contemplated ASC 815-15-25-1 related to the valuation of the embedded conversion feature contained in the Series 2024 Notes. The Company identified, per the guidance, the embedded conversion feature did not meet the criteria to be classified as a derivative.

The Company assessed the Series 2024 Warrants first under ASC 480. Based on the attributes of the Series 2024 Warrants, the Company determined that each are outside of the scope of ASC 480 and proceeded to assess each under ASC 815 to determine if any are considered indexed to the Company's own common stock. Because the inputs which affect the number of shares to be issued upon exercise of the Series 2024 Warrants are not the inputs per 815-40-15-7E, none are deemed to be indexed to the Company's own stock and have been recorded as liabilities under ASC 815 (Note 3) at the fair market value. Because the scenario under which the Series 2024 Notes are analyzed assumes a Liquidity Event, the scenarios under which to analyze the Series 2024 Warrants should also contain a Liquidity Event. As such, the assumed exercise price is $15.00, and the Company would issue 250,000 shares upon exercise of the January Series 2024 Warrants, 14,583 shares upon exercise of the April Series 2024 Warrants, and 25,000 shares upon exercise of the May Series 2024 Warrants. At issuance, the Company recorded a warrant liability of $2,732,304 related to the January Series 2024 Warrants, $157,733 related to the April Series 2024 Warrants, and $269,752 related to the May Series 2024 Warrants, all of which are remeasured at fair market value at the end of each reporting period. The combination of the original issuance discount of $750,000 and the warrant liability of $2,732,304 resulted in the recognition of a debt discount of $3,482,304 at issuance of the January Series 2024 Notes and January Series 2024 Warrants. Similarly, the combination of the original issuance discount of $43,750 and the warrant liability of $157,733 resulted in the recognition of a debt discount of $201,483 at issuance of the April Series 2024 Notes and April Series 2024 Warrants. Finally, the combination of the original issuance discount of $75,000 and the warrant liability of $269,752 resulted in the recognition of a debt discount of $344,752 at issuance of the May Series 2024 Notes and May Series 2024 Warrants.

The combination of the original issuance discount of $750,000 associated with the collected proceeds compared to the principal value of the January Series 2024 Notes, and the $2,732,304 discount associated with the January Series 2024 Warrants results in a net discount of $3,482,304 that is accreted over six months utilizing the effective interest method. The effective interest rate for the three and six months ended April 30, 2025 and 2024, is 659% and 659%, and 659% and 659%, respectively, for the November issuance and 624% and 624%, and 624% and 624%, respectively, for the January issuance. During the three and six months ended April 30, 2025 and 2024, the Company recorded accretion expense of $0 and $0, and $2,021,452 and $2,099,406, respectively and a (gain) or loss on the fair value of the warrant liability of $0 and $0, and $10,949 and ($28,264), respectively.

Pursuant to ASC 480, the Company assessed the January Series 2024 Notes and the July Series 2024 Notes comparing the present value of the cash flows of both notes at the January Series 2024 Notes effective interest rate. Because the difference between the present value of the January Series 2024 Notes and July Series 2024 Notes cash flows was greater than 10%, the two sets of notes were deemed to be substantially different and, as such, the extinguishment of January Series 2024 Notes were recorded as a gain in the statement of operations. Immediately prior to the extinguishment, the Company recorded a gain on the fair value of the warrant liability of $1,713,320. On the day of the extinguishment, the Company recorded additional proceeds of $300,000, additional original issuance discount of $75,000, the extinguishment of the original warrant liability of $990,719, and a gain on the transition of $740,724.

The combination of the the original issuance discount of $43,750 associated with the collected proceeds compared to the principal value of the April Series 2024 Notes and the $157,733 discount associated with the April Series 2024 Warrants results in a net discount of $201,483 that is accreted thru the first day of the April Extension Period utilizing the effective interest method. The effective interest rate for the three and six months ended April 30, 2025 and 2024 is over 5,000%. During the three and six months ended April 30, 2025 and 2024, the Company recorded accretion expense of $0 and $0, and $46,698 and $46,698, respectively, and a (gain) or loss on the fair value of the warrant liability of $2,365 and $4,398, and $2 and $2, respectively.

The combination of the original issuance discount of $75,000 associated with the collected proceeds compared to the principal value of the May Series 2024 Notes and the $269,752 discount associated with the May Series 2024 Warrants results in a net discount of $344,752 that is accreted thru the first day of the May Extension Period utilizing the effective interest method. The effective interest rate for the three and six months ended April 30, 2025 and 2024 was over 104,000%. During the three and six months ended April 30, 2025 and 2024, the Company recorded accretion expense of $0 and $0, and $0 and $0, respectively, and a gain on the fair value of the warrant liability of $4,055 and $7,540, and $0 and $0, respectively.

During the three and six months ended April 30, 2025 and 2024, no interest expense was recorded on the Series 2024 Notes. As of April 30, 2025 and October 31, 2024, no accrued interest was recorded on the Series 2024 Notes.

The July Series 2024 Target note has been extended to March 31, 2025, with an increase in the principal amount of $245,000 and pre-funded warrants were issued for a value of $990,000 as part of the extension transaction. In accordance with ASC 470, the Company has evaluated the consideration given for the extension of the Target note and has determined that the July Series 2024 Target note was extinguished, based on the conclusion that there was a greater than 10% change in the present value of the cash flows of the new loan, compared to the old loan. The Company has recorded a loss on extinguishment of debt of $0 and $1,235,000 for the three and six months ended April 30, 2025. As of March 3, 2025, the Company has paid the July Series 2024 Target note's entire balance of $4,370,000. The remaining 2024 Series notes are in the process of being renegotiated with a longer maturity date.

***2025 Series Senior Secured Convertible Notes – Stock Settled***

On February 27, 2025, the Company entered into securities purchase agreements (the "February Purchase Agreements") with an accredited investor, pursuant to which the Company issued and sold to the investor, in a private placement, (i) senior secured convertible notes (the "February Series 2025 Notes") in the principal amount of $6,250,000, for a purchase price of $5,000,000, (reflecting a 20% original issue discount), and warrants to purchase shares of common stock of the Company (the "February Series 2025 Warrants").

On April 25, 2025, the Company received an additional $350,000 from the same investor to be included in the February Series 2025 Note (the "April Purchase Agreement") with an accredited investor, pursuant to which the Company issued and sold to the investor, in a private placement, (i) senior secured convertible notes (the "April Series 2025 Notes") in the principal amount of $437,500 for a purchase price of $350,000 (reflecting a 20% original issue discount), and warrants to purchase shares of common stock of the Company (the "April Series 2025 Warrants").

The February Series 2025 Notes and April Series 2025 Notes are collectively the "Series 2025 Notes." The February Series 2025 Warrants and April Series 2025 Warrants are collectively the "Series 2025 Warrants."

Interest on the Series 2025 Notes will accrue commencing on the earlier of the maturity date or upon an event of default, at the annual rate of 20%, due the first day of each calendar month following such date. The Series 2025 Notes will mature at the earlier of (i) February 27, 2026 (the "Original Maturity Date") and (ii) the occurrence of a Liquidity Event (as defined in the Series 2025 Notes), provided that the Company may extend the maturity date for an additional year (the "Extension Period"). The Series 2025 Notes are secured by all of the Company's assets pursuant to a security agreement between the Company and the investors. The Series 2025 Notes will be convertible, at the option of the investors, into common stock commencing on the maturity date, at a conversion price equal to the product of (x) the Liquidity Event Price (as defined in the Series 2025 Notes) and (y) 0.70 (or 0.60 if the Company has extended the maturity date), provided however, that if no Liquidity Event has occurred by the maturity date then the conversion price will be the amount obtained by dividing (i) $95,000,000 by (ii) the number of shares of common stock outstanding on such date calculated on a fully-diluted basis. In addition, the Company will have the right to effect conversion of the Series 2025 Notes if, at the time (a) a Liquidity Event has occurred and (b) the underlying shares are registered for resale.

The Series 2025 Warrants will be exercisable into the number the shares of common stock obtained by dividing 100% of the original principal amount of the Series 2025 Notes by (ii) the Liquidity Event Price (as defined in the Series 2024 Notes); provided, however, that if no Liquidity Event has occurred by the maturity date, then such percentage will be 150%. The Series 2025 Warrants will be exercisable for a period of five years and have an exercise price equal to the Liquidity Event Price provided however, that if no Liquidity Event has occurred by the maturity date then the exercise price will be the amount obtained by dividing (i) $95,000,000 by (ii) the number of shares of common stock outstanding on such date calculated on a fully-diluted basis.

The Company followed the guidance of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") ASC 480 "Distinguishing Liabilities from Equity" to account for the stock settled debt, ASC 470 "Debt," and ASC 815 "Derivatives and Hedging" to account for Series 2025 Notes and Series 2025 Warrants.

The Company contemplated ASC 815-15-25-1 related to the valuation of the embedded conversion feature contained in the Series 2025 Notes. The Company identified, per the guidance, the embedded conversion feature did not meet the criteria to be classified as a derivative.

The Company assessed the Series 2025 Warrants first under ASC 480. Based on the attributes of the Series 2025 Warrants, the Company determined that each are outside of the scope of ASC 480 and proceeded to assess each under ASC 815 to determine if any are considered indexed to the Company's own common stock. Because the inputs which affect the number of shares to be issued upon exercise of the Series 2025 Warrants are not the inputs per 815-40-15-7E, none are deemed to be indexed to the Company's own stock and have been recorded as liabilities under ASC 815 (Note 3) at the fair market value. Because the scenario under which the Series 2025 Notes are analyzed assumes a Liquidity Event, the scenarios under which to analyze the Series 2025 Warrants should also contain a Liquidity Event. As such, the assumed exercise price is $5.50, and the Company would issue 1,136,364 shares upon exercise of the February Series 2025 Warrants and 79,545 shares upon exercise of the April Series 2025 Warrants. At issuance, the Company recorded a warrant liability of $4,448,036 related to the February Series 2025 Warrants and $312,079 related to the April Series 2025 Warrants, all of which are remeasured at fair market value at the end of each reporting period. The combination of the original issuance discount of $1,250,000 and the warrant liability of $4,448,036 resulted in the recognition of a debt discount of $5,698,036 at issuance of the February Series 2025 Notes and February Series 2025 Warrants. Similarly, the combination of the original issuance discount of $87,500, and the warrant liability of $312,079 resulted in the recognition of a debt discount of $399,579 at issuance of the April Series 2025 Notes and April Series 2025 Warrants.

The combination of the original issuance discount of $1,250,000 associated with the collected proceeds compared to the principal value of the February Series 2025 Notes and the $4,448,036 discount associated with the February Series 2025 Warrants results in a net discount of $5,698,036 that is accreted over twelve months utilizing the effective interest method. The effective interest rate for the three and six months ended April 30, 2025 and 2024, is 321% and 321%, and 0% and 0%, respectively, for the February issuance. During the three and six months ended April 30, 2025 and 2024, the Company recorded accretion expense of $300,984 and $300,984, and $0 and $0, respectively and a (gain) or loss on the fair value of the warrant liability of $6,628 and $6,628, and $0 and $0, respectively.

The combination of the original issuance discount of $87,500 associated with the collected proceeds compared to the principal value of the April Series 2025 Notes and the $312,079discount associated with the April Series 2025 Warrants results in a net discount of $399,579 that is accreted thru the maturity date utilizing the effective interest method. The effective interest rate for the three and six months ended April 30, 2025 is 409%. During the three and six months ended April 30, 2025 and 2024, the Company recorded accretion expense of $2,126 and $2,126 and $0 and $0, respectively, and a (gain) or loss on the fair value of the warrant liability of ($252) and ($252), and $0 and $0, respectively.

During the three and six months ended April 30, 2025 and 2024, no interest expense was recorded on the Series 2025 Notes. As of April 30, 2025 and October 31, 2024, no accrued interest was recorded on the Series 2025 Notes.

**NOTE 8– STOCKHOLDERS' EQUITY**

**Preferred Stock**

The Company has authorized 5,000,000 shares of $0.001 par value Preferred Stock, of which 250,000 were designated as Series A Convertible Preferred Shares. As of April 30, 2025 and October 31, 2024, 0 and 0 shares of Series A Convertible Preferred Stock were issued and outstanding.

***Activity for the six months ended April 30, 2025 and 2024***

There were no sales or grants of preferred shares during the six months ended April 30, 2025 and 2024.

**Common Stock**

As of April 30, 2025, the Company had authorized 19,230,770 shares of $0.001 par value common stock. As of April 30, 2025 and October 31, 2024, 4,460,535, and 4,460,535 shares were issued and outstanding, respectively.

There were no grants of common shares during the six months ended April 30, 2025.

***Activity for the six months ended April 30, 2024***

On November 16, 2023, the Company granted 30,000 shares of common stock pursuant to the execution of a consulting agreement. The shares were granted at $15.00 per share. The shares vested immediately and are not subject to any revision based on the terms of the consulting agreement. The Company has recorded the value of the shares granted, $450,000, as consulting expense.

**Stock-Based Compensation**

There were no grants of stock purchase options during the six months ended April 30, 2025 and 2024.

The table below presents option activity for the six months ended April 30, 2025 and the year ended October 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Weighted Average Exercise Price per Share** | **Weighted Average Remaining Contractual Life (in years)** | **Aggregate intrinsic value** |
| Balance at October 31, 2023 | 1112923 | $10.84 | 6.64 | $16899060 |
| Options exercised |  |  |  |  |
| Options granted |  |  |  |  |
| Options expired |  |  |  |  |
| Options forfeited | - | - | - | - |
| Balance at October 31, 2024 | 1112923 | 10.84 | 5.64 | 1560431 |
| Options exercised |  |  |  |  |
| Options granted |  |  |  |  |
| Options expired |  |  |  |  |
| Options forfeited | - | - | - | - |
| Balance at April 30, 2025 | 1112923 | $10.84 | 5.14 | $1560431 |

---

Stock based compensation expense related to options for the three and six months ended April 30, 2025 and 2024 amounted to $322,734 and $730,968, and $388,367 and $772,851, respectively. As of April 30, 2025 and October 31, 2024, 957,474 and 934,397 options were exercisable, respectively. Unrecognized compensation expense related to outstanding options amounted to $1,363,043 and $1,985,988 as of April 30, 2025 and October 31, 2024, respectively.

***Warrants***

***Activity for the six months ended April 30, 2025***

Effective November 16, 2024, the Company granted 180,000 pre-funded warrants with an exercise price of $0.001 to the majority holder of the 2024 Senior Secured Convertible Notes for a fair value of $990,000.

Om January 27, 2025, the Company granted 96,000 pre-funded warrants with an exercise price of $0.001 to a consultant to the Company for consulting services provided for a fair value of $528,000.

***Activity for the six months ended April 30, 2024***

There were no warrants issued during the six months ended April 30, 2024.

***Other Warrants***

A summary of the Company's common stock underlying its outstanding A and B warrants as of April 30, 2025 and October 31, 2024 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Underlying**<br> **Number of<br> Shares**  | **Average <br> Exercise<br> Price** | **Weighted <br> Average <br> Life** |
| Outstanding – October 31, 2023 | 444454 | $20.56 | 1.65 |
| Warrants A – Granted during the period |  |  |  |
| Warrants B – Granted during the period |  |  |  |
| Warrants A – Expired during the period | (182804) | 13.00 |  |
| Warrants B – Expired during the period | - | - | - |
| Outstanding – October 31, 2024 | 261650 | 26.00 | 1.31 |
| Warrants A – Granted during the period |  |  |  |
| Warrants B – Granted during the period |  |  |  |
| Warrants A – Expired during the period |  |  |  |
| Warrants B – Expired during the period | (45769) | - | - |
| Outstanding – April 30, 2025 | 215881 | $26.00 | 1.04 |

---

**NOTE 9 – COMMITMENTS AND CONTINGENCIES**

**Employment agreements**

On July 6, 2022, the Company hired Christopher Furman as its new Chief Executive Officer. Mr. Furman will receive an annual base salary of $400,000 and an annual bonus of up to 100% of his base salary. In addition, Mr. Furman received 192,307 options to purchase common stock at an exercise price of $26.00 per common share. On July 6, 2022, 38,461 of these options vested, with an additional 38,461 options vesting on July 6 in each of the next four years so long as Mr. Furman remains affiliated with the Company.

On December 1, 2021, the Company and John Evans entered into a Consulting Agreement ("Evans Consulting Agreement"). Under the terms of the Evans Consulting Agreement, Mr. Evans is to provide advisory services to the CEO and CFO of the Company. The term of the Evans Consulting Agreement is for four years and initially compensates Mr. Evans in the amount of $200,000 per annum. This compensation will be increased to $250,000 per annum at the time that the Company receives a financing of $10 million or more. In connection with the execution of the Consulting Agreement, stock options granted to Mr. Evans in connection with the execution of his employment agreement on November 30, 2020 shall continue to vest according to their initial terms.

On December 8, 2020, the Company entered into a new employment agreement with Tiana States, Chief Manufacturing Officer (the "States Agreement"). Pursuant to the terms of the States Agreement, the Company agreed to pay Mrs. States a base salary of $125,000, which was subsequently increased to $200,000 per annum, for a term of five years. In addition, Mrs. States is eligible to receive an annual bonus in the form of cash in the amount of up to 50% of her base salary in the discretion of the CEO and Board of Directors. The States Agreement shall renew in one-year periods unless either Mrs. States or the Company gives notice that the agreement will not be renewed with a 90-day notice.

On December 1, 2020, the Company entered into a new employment agreement with James Musick, Chief Science Officer (the "Musick Agreement"). Pursuant to the terms of the Musick Agreement, the Company agreed to pay Dr. Musick a base salary of $150,000 per annum for a term of five years. In addition, Dr. Musick is eligible to receive an annual bonus in the form of cash in the amount of up to 100% of his base salary at the discretion of the CEO and the Board of Directors. Following expiration of the initial five-year term, the Musick Agreement renews in one-year periods unless either Dr. Musick or the Company gives notice that the agreement will not be renewed with a 90-day notice. In the event of a change in control, termination of his employment by the Company without cause or termination by Dr. Musick with good reason, the Company would be obligated to pay him certain severance payments.

On October 1, 2021, the Company appointed Nathan Haas as the Chief Financial Officer and entered into an employment agreement with him. Pursuant to the terms the Nathan Haas CFO Agreement, the Company agreed to pay Mr. Haas a base salary of $175,000 per annum for a term of five years. In addition, Mr. Haas is eligible to receive an annual bonus in the form of cash in the amount of up to 100% of his base salary payable at the discretion of the CEO and Board of Directors. Following the initial five-year term, the Nathan Haas Agreement would renew in one-year periods unless either Mr. Haas or the Company gave notice that the agreement would not be renewed with a 90-day notice.

**NOTE 10 – RELATED PARTY TRANSACTIONS**

***Settlement Agreement with Dr. Zamora***

As part of the Settlement Agreement dated November 20, 2022 (the "Effective Date"), the parties agreed to confidentiality and non-disparagement restrictions, as well as a release of any potential claims against each other. In addition, certain provisions of Dr. Zamora's Employment Agreement that survive termination of employment were modified to provide that Dr. Zamora shall not, for a period of one year from the Effective Date, "directly or indirectly solicit any person who has been a customer or employee of the Company during the period of one (1) year prior to the Effective Date." The Settlement Agreement also provides for the termination of all previous supply agreements between the Company and Dr. Zamora, effective immediately, with such previous agreements to be replaced by the Supply Agreement described below.

*Standstill Agreement*

On the Effective Date, in connection with the Settlement Agreement, the Company entered into a Standstill Agreement with Dr. Zamora (the "Standstill Agreement").

*Supply Agreement*

On the Effective Date, in connection with the Settlement Agreement, the Company entered into a Supply Agreement with Dr. Zamora (the "Supply Agreement"), pursuant to which the Company agreed to provide InfiniVive MD Exosome Serum and InfiniVive Daily Serum (the "Cosmetic Products") to Dr. Zamora at his request. The provision of the Cosmetic Products under the Supply Agreement is subject to minimum and maximum quantity limitations. The Supply Agreement is effective for a period of five years, unless earlier terminated. The Company or Dr. Zamora may terminate the Supply Agreement immediately in prescribed circumstances, including if either party defaults with respect to its obligations under the Supply Agreement and, if the default is capable of being cured, does not cure such default within 30 days after receiving notice of such default. If the Supply Agreement is deemed terminated by Dr. Zamora for failure of the Company to supply the Cosmetic Products in accordance with its terms or by the Company without cause, the Standstill Agreement would be deemed terminated and of no further force or effect.

*Memorandum of Understanding*

On the Effective Date, in connection with the Settlement Agreement, the Company entered into a Memorandum of Understanding with Dr. Zamora (the "MOU") in order to support clinical research for the Company's AlloRx® stem cells ("AlloRx"). Under the MOU, the Company agreed to provide AlloRx at a specified price to international clinical research facilities or other clinics with which Dr. Zamora may become affiliated, provided that certain regulatory conditions are satisfied, including proof of satisfaction of applicable United States and local legal requirements. The MOU will be effective for a period of five years, unless earlier terminated or replaced by mutual written agreement between Dr. Zamora and the Company. The MOU may also be earlier terminated in the event any clinic or the Company materially breaches the terms and conditions of the MOU. In the event the MOU is terminated by Dr. Zamora for failure of the Company to supply AlloRx in accordance with its terms or by the Company without cause, the Standstill Agreement would be deemed terminated and of no further force or effect.

***Accounts Receivable and Revenues***

Dr. Zamora was also a significant customer of the Company in his capacity as a practicing physician. (See Note 9 for more information regarding Dr. Zamora.) As of April 30, 2025 and October 31, 2024, Dr. Zamora owed the Company $2,250 and $0, respectively. During the three and six months ended April 30, 2025 and 2024, Dr. Zamora accounted for $2,250 and $18,000, and $13,950 and $16,200 in product sales, respectively. These sales amounts were 0% and 2%, and 2% and 2% of total sales, respectively, for the three and six months ended April 30, 2025 and 2024.

***Accounts Payable and Other Accrued Liabilities***

The spouse of the Company's Chief Science Officer, through an entity she controls, leases office and lab space to the Company. As of April 30, 2025 and October 31, 2024, the Company owes this entity $0 and $0, respectively, in past due rent. The rental rates charged to the Company are $5,645 per month, with no escalators, and the lease runs through June of 2030.

As of April 30, 2025, the Company owed the Company's CEO $22,610 in travel expense reimbursements.

***Convertible Notes, Debt Discount and Accrued Interest***

On August 1, 2021, in connection with the acquisition of Fitore (Note 4), the Company issued 2021 Series Unsecured Convertible Notes in the amount of $1,000,000 to the four former shareholders of Fitore. The notes earned interest at 5%, mature on July 31, 2024 and are convertible, at the holder's option, at $26.00 per common share. On October 22, 2021, the holder of $200,000 of the convertible notes converted the note and accrued but unpaid interest into four Series A Preferred Stock units. On April 15, 2022, the holders of $320,000 of the convertible notes converted the notes and accrued but unpaid interest into 12,741 shares of common stock. The remaining principal balance outstanding on the 2021 Series Convertible notes amounted to $0 and $480,000 as of April 30, 2025 and October 31, 2024, respectively. During the three and six months ended April 30, 2025 and 2024, the Company recorded $7,259 and $7,259, and $6,098 and $11,967, respectively, in interest expense related to these notes. As of April 30, 2025 and October 31, 2024, accrued, but unpaid, interest on these notes was $0 and $81,679, respectively. On January 8, 2025, the Company and the note holder renegotiated this note to a total due of $225,000, non-interest bearing, with $25,000 paid on January 10, 2025 and four payments of $50,000, payable on or before February 1, March 1, April 1, and May 1, 2025. This note was fully paid on April 30, 2025.

**Consulting Agreement with 5% Stockholder**

On December 1, 2021, we entered into a consulting agreement with John Evans (the "Consulting Agreement"), a greater than 5% stockholder and our former Chief Financial Officer, pursuant to which Mr. Evans provides advisory services to our Chief Executive and Chief Financial Officers. Under the Consulting Agreement, Mr. Evans is paid $200,000 per year for his services, increasing to $250,000 per year upon the Company receiving a financing of $10 million or more. The Consulting Agreement further provides that all prior options granted to Mr. Evans under his prior agreements with the Company, specifically those that were granted on May 1, 2018, November 30, 2020, October 1, 2021, shall survive and continue to vest according to their original terms.

The Consulting Agreement will terminate on December 1, 2025 (the "Agreement Termination Date"). If Mr. Evans is terminated by the Company for any reason prior to the Agreement Termination Date, or there occurs a Change in Control (as defined in the Consulting Agreement), Mr. Evans will be entitled to the continued payment of amounts due under the Consulting Agreement for the remaining term of the Consulting Agreement, as well as continued vesting of all outstanding options granted to Mr. Evans.

**NOTE 11** – **SUBSEQUENT EVENTS**

On May 21, 2025, the investor in the 2025 Senior Secured Notes advanced the Company $325,000 in cash under the same terms as the 2025 Senior Secured Notes, i.e. $406,250 in principal for the $325,000 invested.

On May 27, 2025, the Company received an investment of $100,000 in the Company's A-1 Preferred Stock (the "A-1"). The A-1 will be sold up to a maximum of $15,000,000 and is being sold in units of $1,000,000. Each unit will entitle the investor to 50,000 shares of A-1. Investments in partial units are allowed. Each share of A-1 will convert to 5 shares of Vitro common stock. Conversion is mandatory in the event of change of control or a successful IPO or can be done at any time at the option of the investor. The A-1 carries a cumulative dividend of 8%. The dividend is also convertible at the time of conversion of the A-1 shares at a price of $4 per common share.

On June 16, 2026, the Company received an additional investment of $250,000 in the Company's A-1 Preferred Stock.

**ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

In the following discussion, "Vitro".," the "Company," "we," "our," and "us" refer to Vitro BioPharma, Inc., and its subsidiaries, as the context requires.

The following discussion analyzes our operating results for the three and six months ended April 30, 2025 and compares those results to the three and six months ended April 30, 2024. The discussion below also analyzes our liquidity and capital resources as of April 30, 2025 and material changes in those resources since the October 31, 2024. We suggest that you read the following information in conjunction with our unaudited consolidated financial statements for the three and six months April 30, 2025 and 2024 contained elsewhere in this Report and our audited consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K. Further, we encourage you to review the Special Note Regarding Forward-Looking Statements.

**Overview**

We are an innovative biotechnology company targeting autoimmune diseases and inflammatory disorders, with an ancillary focus in the research services and cosmeceutical fields. With respect to our regenerative medicine business, we are developing novel cellular therapeutic candidates intended to address significant unmet medical needs. In the United States, we are authorized to conduct two clinical trials under two FDA IND applications to assess the safety and efficacy of AlloRx Stem Cell therapy in PTHS and Long COVID and expect to commence those trials in 2025 pending receipt of sufficient working capital. We generate revenue from our other technologies through a number of other activities, including through the sale of our stem cell products as well as cosmeceuticals through InfiniVive MD, our wholly-owned subsidiary, which helps to alleviate our expenses.

**Components of Operating Results**

*Revenue*

We generate revenue primarily from our proprietary products and technologies, including through supplying AlloRx Stem Cells, CAFs, native fibroblasts and other stem cell products and technologies developed by us.

In addition, our acquisitions of InfiniVive MD, and to a lesser extent, Fitore, provide us revenue through sales of topical cosmetic conditioned media and exosomes serums through InfiniVive MD and sales of dietary supplements, nutraceuticals and health products through Fitore. However, we expect that sales of Fitore products in the future will be limited, as we are currently selling such products solely from remaining inventory and with minimal marketing efforts, and do not anticipate manufacturing any additional Fitore products in the foreseeable future or at all. We also terminated the chief executive officer and all other employees of Fitore as of June 2022.

*Selling, General and Administrative Expenses*

Selling, General and Administrative ("SG&A") expenses consist of salaries and other related costs, stock-based compensation, legal fees relating to corporate matters, other professional fees for accounting, auditing, tax and consulting services, insurance costs, travel expenses, and facility-related expenses.

We expect that our SG&A expenses will increase in the future as we expect to increase our headcount to support increased research and development activities relating to our clinical programs. We also expect to incur increased SG&A expenses associated with being a public company, including costs of accounting, audit, legal, regulatory and tax-related services associated with maintaining compliance with stock exchange and SEC requirements, director and officer insurance costs, and investor and public relations costs.

*Research and Development Expenses*

All our research and development expenses to date have been incurred in connection with the discovery and development of our research products and product candidates. We expect our research and development expenses to increase significantly for the foreseeable future when we commence clinical trials and advance the pre-clinical and clinical development of our programs, including the conduct of our planned clinical trials.

Research and development expenses consist of personnel-related costs, including salaries, benefits, and non-cash stock-based compensation, external research and development expenses incurred under arrangements with third parties, laboratory supplies, costs to acquire and license technologies aligned with our goal of translating engineered cells to medicines, facility and other allocated expenses, including rent, depreciation, and allocated overhead costs, and other research and development expenses. Where appropriate, we will allocate our third-party research and development expenses on a program-by-program basis.

The successful development of product candidates is highly uncertain and subject to numerous risks and uncertainties.

Accordingly, at this time, we cannot reasonably estimate the nature, timing or costs required to complete the remaining development of any product candidates and to obtain regulatory approval for one or more of these product candidates.

*Interest Expense*

Interest expense consists of interest expense on our outstanding debt.

*Unrealized Gain (Loss) on Derivative/Warrant Liability*

Unrealized Gain (Loss) on Derivative/Warrant Liability consists of mark to market gains or losses on our warrant liability.

**Going Concern**

Our consolidated financial statements contained in this Report have been prepared assuming that we will continue as a going concern, which contemplates the continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As reflected in our consolidated financial statements, we have an accumulated deficit as of April 30, 2025 of $42.3 million. We incurred net losses of approximately $4.3 million and $9.9 million during the six months ended April 30, 2025 and the year ended October 31, 2024, respectively. We used cash in operating activities of $1.1 million and $1.7 million during the six months ended April 30, 2025 and 2024, respectively. We had a working capital deficit of approximately $13.3 million as of April 30, 2025. These factors raise substantial doubt about our ability to continue as a going concern.

We have commenced the execution of our long-range business plan and efforts to generate additional revenue; however, our current cash position is not sufficient to support our daily operations for the next 12 months. Our ability to continue as a going concern is dependent upon our ability to raise additional funds through debt or equity financings and our ability to further implement our business plan and generate additional revenue.

The consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.

**Results of Operations**

**<u>The following table summarizes our operating results for the three months ended April 30, 2025 and 2024:</u>**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended April 30,** | **Three Months Ended April 30,** |
|  | **2025** | **2024** |
| Product Sales | $509334 | $558987 |
| Product Sales, Related Parties | 2250 | 13950 |
| Total Revenue | 511584 | 572937 |
| Less: Cost of Goods Sold | (134827) | (94170) |
| Gross Profit | 376757 | 478767 |
| Selling, General and Administrative Expenses | (1236638) | (1284824) |
| Research and Development | (222431) | (139689) |
| Interest Expense | (395960) | (2160299) |
| Unrealized Gain (Loss) on Derivative/Warrant Liability | (514) | (12874) |
| Net Loss | $(1478786) | $(3118919) |

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*Net Loss*

We recorded a net loss of $1,478,786 in the three months ended April 30, 2025, a decrease of $1,640,133 from the three months ended April 30, 2024, loss of $3,118,919, or 53%. The decreased loss in the three months ended April 30, 2025 was due to a reduction of accretion of debt discount related to the 2024 Senior Secured Notes that occurred in the three months ended April 30, 2024 .We expect to continue reporting losses until such time, if ever, we can improve the operation of our newly acquired subsidiaries and/or commercialize one or more of our product candidates and generate sales sufficient to offset our operating costs and expenses and interest expenses.

*Product Sales*

Total revenue in the three months ended April 30, 2025, decreased by $61,353, or 11%, from the three months ended April 30, 2024. The decrease is attributable to the factors described below. Our revenue is generated by sales of research products, sales of AlloRx Stem Cells to foreign third-party clinics and medical centers, consulting revenue and sales from our subsidiaries, InfiniVive MD and Fitore, there was no consulting revenue recognized in the three months ended April 30, 2025, or 2024.

During the three months ended April 30, 2025 and 2024, research and development product sales were $122,328 and $156,612, respectively, a decrease in the three months ended April 30, 2025 of $34,284, or 22%. The decrease was attributable to biopharmaceutical institutions, university research labs and clinics purchasing fewer CAFs and native fibroblasts in the three months ended April 30, 2025. CAFs and native fibroblasts are used by such institutions for stem cell research and the development of advanced immunotherapy of cancer, and our sales to such institutions are generally completed on a purchase order basis and without minimum purchase obligations. As a result, sales volumes in a particular period may fluctuate based on the number of research programs then being pursued by such institutions.

Sales of AlloRx Stem Cells to foreign third-party clinics for the three months ended April 30, 2025 and 2024 were $365,825 and $378,382 respectively, a decrease of $12,557, or 3%. We expect AlloRx Stem Cell sales internationally to increase over the next year as these products expand into additional foreign third-party clinics and medical centers and our current foreign third-party clinics and medical center customers increase their total monthly patients as international travel continues to pick back up.

*Product Sales – Related Parties*

Product sales to related parties are sales to the medical practice of Dr. Zamora, our former Chief Executive Officer. Such sales for the three months ended April 30, 2025 and 2024, were $2,250 and $13,950, respectively.

*Cost of Goods Sold*

Our cost of goods sold during the three months ended April 30, 2025 totaled $134,827 compared to $94,170 during the three months ended April 30, 2024, an increase of $40,657, or 43%, resulting in gross profit of $376,757 and $478,767 for the three months ended April 30, 2025 and 2024, respectively. The gross profit percentages for the three months ended April 30, 2025 and 2024 were 74% and 84%, respectively. Cost of goods sold increased for the three months ended April 30, 2025 and 2024 due to higher costs of production during the three months ended April 30, 2025.

*Selling, General and Administrative Expenses*

SG&A expenses decreased from $1,284,824 in the three months ended April 30, 2024, to $1,236,638 in the three months ended April 30, 2025. This decrease of $48,186 or 4% was primarily due to a reduction in consulting and legal fees of $113,874 offset partially by an increase in travel expenses of $75,214.

*Research and Development*

Research and development expenses for the three months ended April 30, 2025 and 2024 were $222,431 and $139,689, respectively, an increase of $82,742, or 59%, as the Company continues working to identify additional indications for the study of AlloRx Stem Cell therapy and AlloEx exosome therapy.

*Interest Expense*

Interest expense for the three months ended April 30, 2025, was $395,960, a decrease of $1,764,339 from the interest expense for the three months ended April 30, 2024 of $2,160,299. This decrease is primarily due to debt discount accretion reductions related to the 2024 Senior Secured Notes, since all of the 2024 notes had reached maturity during 2024. The interest expense related to the remaining debt on our balance sheet of approximately $11.2 million is expected to be all non-cash.

*Unrealized Gain on Derivative/Warrant Liability*

During the years ended October 31, 2024 and 2023, we issued 8% Convertible Notes and Senior Secured Notes in the aggregate principal amount of $6,436,350. In connection with these notes, the Company recognized a Derivative/Warrant liability. At April 30, 2025 and 2024, this liability was marked to market, resulting in an unrealized loss during the three months ended April 30, 2025 and 2024 of $514 and $12,874, respectively.

**<u>The following table summarizes our operating results for the six months ended April 30, 2025 and 2024:</u>**

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| | | |
|:---|:---|:---|
|  | **Six Months Ended April 30,** | **Six Months Ended April 30,** |
|  | **2025** | **2024** |
| Product Sales | $943458 | $980947 |
| Product Sales, Related Parties | 18000 | 16200 |
| Total Revenue | 961458 | 997147 |
| Less: Cost of Goods Sold | (227919) | (179364) |
| Gross Profit | 733539 | 817783 |
| Selling, General and Administrative Expenses | (3365055) | (3685447) |
| Research and Development | (296314) | (295924) |
| Write-off of Offering Costs |  | (2656962) |
| Interest Expense | (499653) | (2331928) |
| Gain on Forgiveness of Debt | 343938 |  |
| Loss on Extinguishment of Debt | (1235000) |  |
| Unrealized Gain (Loss) on Derivative/Warrant Liability | 5097 | 464373 |
| Net Loss | $(4313448) | $(7688105) |

---

*Net Loss*

We recorded a net loss of $4,313,448 in the six months ended April 30, 2025, a decrease of $3,374,657 from the six months ended April 30, 2024, loss of $7,688,105, or 44%. The decreased loss in the six months ended April 30, 2025 was due to a write-off of offering costs and accretion on the 2024 Senior Secured Notes that occurred in the six months ended April 30, 2024 offset by a loss on extinguishment of debt during the six months ended April 30, 2025. We expect to continue reporting losses until such time, if ever, we can improve the operation of our newly acquired subsidiaries and/or commercialize one or more of our product candidates and generate sales sufficient to offset our operating costs and expenses and interest expenses.

*Product Sales*

Total revenue in the six months ended April 30, 2025, decreased by $35,689, or 4%, from the six months ended April 30, 2024. The decrease is attributable to the factors described below. Our revenue is generated by sales of research products, sales of AlloRx Stem Cells to foreign third-party clinics and medical centers, consulting revenue and sales from our subsidiaries, InfiniVive MD and Fitore, there was no consulting revenue recognized in the six months ended April 30, 2025, or 2024.

During the six months ended April 30, 2025 and 2024, research and development product sales were $239,898 and $271,166, respectively, a decrease in the six months ended April 30, 2025 of $31,268, or 12%. The decrease was attributable to biopharmaceutical institutions, university research labs and clinics purchasing fewer CAFs and native fibroblasts in the six months ended April 30, 2025. CAFs and native fibroblasts are used by such institutions for stem cell research and the development of advanced immunotherapy of cancer, and our sales to such institutions are generally completed on a purchase order basis and without minimum purchase obligations. As a result, sales volumes in a particular period may fluctuate based on the number of research programs then being pursued by such institutions.

Sales of AlloRx Stem Cells to foreign third-party clinics for the six months ended April 30, 2025 and 2024 were $649,266 and $655,423 respectively, a decrease of $6,157, or 1%. The decrease is negligible. We expect AlloRx Stem Cell sales internationally to increase over the next year as these products expand into additional foreign third-party clinics and medical centers and our current foreign third-party clinics and medical center customers increase their total monthly patients as international travel continues to pick back up.

*Product Sales – Related Parties*

Product sales to related parties are sales to the medical practice of Dr. Zamora, our former Chief Executive Officer. Such sales for the six months ended April 30, 2025 and 2024, were $18,000 and $16,200, respectively.

*Cost of Goods Sold*

Our cost of goods sold during the six months ended April 30, 2025 totaled $227,919 compared to $179,364 during the six months ended April 30, 2024, an increase of $48,555, or 27%, resulting in gross profit of $733,539 and $817,783 for the six months ended April 30, 2025 and 2024, respectively. The gross profit percentages for the six months ended April 30, 2025 and 2024 were 76% and 82%, respectively. Cost of goods sold increased for the six months ended April 30, 2025 and 2024 due to higher costs of production during the six months ended April 30, 2025.

*Selling, General and Administrative Expenses*

SG&A expenses decreased from $3,685,447 in the six months ended April 30, 2024, to $3,365,055 in the six months ended April 30, 2025. This decrease of $320,392 or 9% was primarily due to a reduction in consulting fees of $442,514 offset partially by an increase in legal fees of $123,453.

*Research and Development*

Research and development expenses for the six months ended April 30, 2025 and 2024 were $296,314 and $295,924, respectively, an increase of $390, or less than 1%, as the Company continues working to identify additional indications for the study of AlloRx Stem Cell therapy and AlloEx exosome therapy.

*Writeoff of Offering Cost*

During the six months ended April 30, 2024, the Company recorded as expense $2,656,962 related to the write off of previously capitalized Deferred Offering Costs. The write off of the deferred costs was related to efforts at an initial public offering that has been abandoned by the Company. There was no comparable expense recorded during the six months ended April 30, 2025.

*Interest Expense*

Interest expense for the six months ended April 30, 2025, was $499,653, a decrease of $1,832,275, or 79%, from the interest expense for the six months ended April 30, 2024, of $2,331,928. This decrease is primarily due to debt discount accretion reductions related to the 2024 Senior Secured Notes, since all of the 2024 notes had reached maturity during 2024. The interest expense related to the remaining debt on our balance sheet of approximately $11.2 million is expected to be all non-cash.

*Gain on Forgiveness of Debt*

During the six months ended April 30, 2025, the Company negotiated a settlement of the 2021 Series Convertible Notes Payable, whereby the Company would pay a total of $225,000 over a four month period ending May 1, 2025. The remaining principal balance of $255,000 and all accrued interest totaling $88,938, have been forgiven. The transactions resulted in a gain on forgiveness of debt of $343,938. There were no comparable transactions during the six months ended April 30, 2024.

*Loss on Extinguishment of Debt*

During the six months ended April 30, 2025, the Company negotiated an extension to the July Series 2024 note in return for $245,000 in additional principal and pre-funded warrants valued at $990,000, creating the loss on extinguishment of debt of $1,235,000. There were no comparable transactions during the six months ended April 30, 2024.

*Unrealized Gain on Derivative/Warrant Liability*

During the years ended October 31, 2024 and 2023, we issued 8% Convertible Notes and Senior Secured Notes in the aggregate principal amount of $6,436,350. In February of 2025, we issued 2025 Series Senior Secured Notes in the aggregate principal amount of $6,687,500. In connection with these notes, the Company recognized a Derivative/Warrant liability. At April 30, 2025 and 2024, this liability was marked to market, resulting in an unrealized gain during the six months ended April 30, 2025 and 2024 of $5,097 and $464,373, respectively.

**Liquidity and Capital Resources**

*Overview*

Since our inception, we have incurred significant operating losses. We expect to incur significant expenses and operating losses as we advance the preclinical and clinical development of our programs. We expect that our sales, research and development, and general and administrative costs will increase in connection with conducting additional preclinical studies and clinical trials for our current and future programs and product candidates, expanding our intellectual property portfolio, and providing general and administrative support for our operations. As a result, we will need additional capital to fund our operations for the next twelve months and beyond, which we hope to obtain from additional equity or debt financings, collaborations, licensing arrangements, or other sources.

We currently have no credit facility or other committed sources of capital. Debt financing and preferred equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise additional funds through other third-party funding, collaboration agreements, strategic alliances, licensing arrangements or marketing and distribution arrangements, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce or terminate our drug development or future commercialization efforts or grant rights to develop and market products or product candidates that we would otherwise prefer to develop and market ourselves.

In order to continue as a going concern, as well as to meet our operational goals, we will need to obtain additional capital in both the short and long term, which we will likely obtain through a variety of means, including through public or private equity, debt financings or other sources, including up-front payments and milestone payments from strategic collaborations. To the extent that we raise additional capital through the sale of convertible debt or equity securities, the ownership interest of our stockholders will be diluted, and the terms may include liquidation or other preferences that adversely affect the rights of our stockholders. Such financing may result in dilution to stockholders, imposition of debt covenants, increased fixed payment obligations or other restrictions that may affect our business. If we raise additional funds through up-front payments or milestone payments pursuant to strategic collaborations with third parties, we may have to relinquish valuable rights to our product candidates, or grant licenses on terms that are not favorable to us. In addition, we may seek additional capital due to favorable market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans.

*Working Capital*

As of April 30, 2025, we had a working capital deficit of approximately $13.3 million, comprised of current assets of $0.6 million and current liabilities of $13.9 million. The working capital deficit at April 30, 2025, increased approximately $4.2 million from October 31, 2024, our prior fiscal year end. Cash decreased from $0.6 million as of October 31, 2024, to $0.2 million at April 30, 2025.

As a result of our limited working capital position as of April 30, 2025, we continue to rely on cash from outside sources to meet our liquidity requirements. Our need for liquidity and capital in the next 12 months include:

● advancing the clinical development of AlloRx Stem Cell therapy for the treatment of several indications;

● pursuing the preclinical and clinical development of other current and future research programs and product candidates;

● in-license or acquire the rights to other products, product candidates or technologies;

● maintain, expand and protect our intellectual property portfolio;

● hire additional personnel in research, manufacturing and regulatory and clinical development as well as management personnel;

● seek regulatory approval for any product candidates that successfully complete clinical development;

● expand our manufacturing capabilities;

● expand our operational, financial and management systems and increase personnel, including personnel to support our operations as a public company; and

● pay our other administrative expenses.

We may endeavor to raise additional capital through the sale of equity or debt in one or more non-public offerings. We do not anticipate commencing any clinical trials of our AlloRx Stem Cell therapy unless and until we receive substantial additional capital, as costs are estimated to be $4 million to $6 million to commence our contemplated Phase 1/2a clinical trials for PTHS and Long COVID, depending on whether we commence one or both trials.

Our significant contractual cash requirements as of April 30, 2025, primarily include payments for operating and finance lease liabilities and principal and interest on loans. Our current and long-term obligations related to these items are outlined in "*Note 6—Lease Obligations*," and "*Note 7—Debt*," of the Notes to our unaudited consolidated financial statements within this Report. Additionally, we may incur purchase obligations in the ordinary course of business that are enforceable and legally binding and enter into enforceable agreements to purchase goods or services that specify all significant terms, including fixed or minimum quantities to be purchased and fixed or estimated prices to be paid at the time of settlement. As of April 30, 2025, we had payments for lease, loan and other known contractual obligations of approximately $10.7 million, of which approximately $8.9 million are payable within 12 months as of April 30, 2025.

Our working capital needs beyond the next 12 months include ongoing general and administrative expenses and research and development expenses, the latter of which are expected to increase if and when we commence one or more of our planned clinical trials. In addition to our long-term debt obligations, our long-term capital requirements also include the cost of adding additional clean rooms for manufacturing, which is estimated to cost approximately $0.3 to $0.5 million depending on the amount of anticipated production increase, available capital and manufacturing demands at that time.

Because of the numerous risks and uncertainties associated with research, development and commercialization of our product candidates, it is difficult to estimate with certainty the amount of our working capital requirements. Our future funding requirements will depend on many factors, including:

● the progress, costs and results of our clinical trials for our programs for our cell-based therapies;

● the progress, costs and results of additional research and preclinical studies in other research programs we initiate in the future;

● the costs and timing of process development and manufacturing scale-up activities associated with our product candidates and other programs we advance through preclinical and clinical development;

● our ability to establish and maintain strategic collaborations, licensing or other agreements and the financial terms of such agreements;

● the extent to which we in-license or acquire rights to other products, product candidates or technologies; and

● the costs and timing of preparing, filing and prosecuting patent applications, maintaining and protecting our intellectual property rights and defending against any intellectual property-related claims.

*Cash Flows*

The following table summarizes our cash flows for the six months ended April 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | Six months ended April 30, | Six months ended April 30, |
|  | 2025 | 2024 |
| Net Cash Used in Operating Activities | $(1118703) | $(1728888) |
| Net Cash Used in Investing Activities | (2781) | (486) |
| Net Cash provided by (Used in) Financing Activities | 748199 | 3291636 |
| Beginning Cash Balance | 571360 | 101754 |
| Ending Cash Balance | $198075 | $1664016 |

---

*Operating Activities*

Net cash used in operating activities during the six months ended April 30, 2025, was $1,118,703, compared to $1,728,888 during the six months ended April 30, 2024, representing a decrease of $610,185, or 35%. The decrease in cash used in operations was due, in part, to a significant decrease in net loss for the six months ended April 30, 2025 compared to the six months ended April 30, 2024.

*Investing Activities*

Cash used in investing activities during the six months ended April 30, 2025, was $2,781 in patent costs compared to $486 in patent costs in the six months ended April 30, 2024, representing an increase in cash used of $2,295.

*Financing Activities*

Cash provided by financing activities during the six months ended April 30, 2025, was $748,199, while cash provided by financing activities during the six months ended April 30, 2024 was $3,291,636. During the six months ended April 30, 2025, we issued $6,687,500 in 2025 Series Senior Secured Convertible Notes for net proceeds of $5,350,000, we paid $225,000 on the 2021 Series Convertible Notes and made capital lease principal payments of $6,801. During the six months ended April 30, 2024, we issued $3,968,750 in 2024 Series Senior Secured Convertible Notes and common stock purchase warrants for net proceeds of $3,325,000 million and made capital lease principal payments of $33,364.

**Critical Accounting Estimates**

Our management's discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, and expenses, and the disclosure of contingent assets and liabilities in our consolidated financial statements. On an ongoing basis, we evaluate our estimates and judgments, including those related to stock-based awards and Goodwill and Other Intangible Assets. We base our estimates on historical experience, known trends and events, and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Of our policies, we consider the following the most critical to an understanding of our consolidated financial statements as they require the application of the most subjective and complex judgment, involving critical accounting estimates and assumptions impacting our consolidated financial statements. We have applied our policies and critical accounting estimates consistently across our businesses.

*Intangibles*

Most of our identifiable intangible assets were recognized as part of business combinations we have executed in prior periods. Our identifiable intangible assets are considered definite life intangible assets and are comprised of, trademarks and trade names, customer relationships and patents. Definite life intangible assets are amortized using the straight-line method over their estimated period of useful life.

Our determination of the fair value of the intangible assets acquired involves the use of significant estimates and assumptions. We believe that the fair value assigned to the assets are based on reasonable assumptions and estimates that a market participant would use. Should conditions differ from management's estimates at the time of the acquisition, including changes in volume or timing to current expectations of future revenue growth rates and forecasted margins, or changes in market factors outside of our control, such as discount rates, material write-downs of intangible assets may be required, which would adversely affect our operating results.

We monitor events and changes in circumstances that could indicate carrying amounts of intangible assets may not be recoverable. We review the carrying amounts of our intangible assets for potential impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment indicators may include any significant changes in the manner of our use of the assets or the strategy of our overall business, certain reorganization initiatives, significant negative industry or economic trends and significant decline in our share price for a sustained period.

When such events or changes in circumstances occur, we compare the carrying amounts of the asset or assets groups with their respective estimated undiscounted future cash flows. If the asset or assets group are determined to be impaired, an impairment charge is recorded in the amount by which the carrying amount of the asset or assets group exceed their fair value.

At October 31, 2024, we impaired $196,595 of the InfiniVive intangible assets, leaving a balance of $601,887. The amount was impaired because the carrying value of the intangibles was not supported by future cash flows. At October 31, 2024 and 2023, we impaired $49,431 and $234,795 of the Fitore intangible assets, leaving a balance of $0 in Fitore. The amounts were impaired because the carrying value of the intangibles was not supported by future cash flows. There was no impairment of intangibles in the three and six months ended April 30, 2025 and 2024.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q (this "Report") contains forward-looking statements that can involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Report, including statements regarding our future results of operations and financial position, business strategy, prospective products, product approvals, research and development costs, future revenue, timing and likelihood of success, plans and objectives of management for future operations, future results of anticipated products and prospects, plans and objectives of management are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements contained in this Report include, but are not limited to, statements about:

● the ability of our clinical trials to demonstrate safety and efficacy of our product candidates, and other positive results;

● the timing of commencement and focus of our ongoing and future preclinical studies and clinical trials, and the reporting of data from those studies and trials;

● our expectations with regard to the results of our clinical studies, preclinical studies and research and development programs, including the timing for enrollment and the timing and availability of data from such studies;

● the size of the market opportunity for our product candidates, including our estimates of the number of patients who suffer from the diseases we are targeting;

● our expectations with regard to the timing of submission of an amended request for orphan drug designation ("ODD") and the eligibility of Pitt-Hopkins or any other indications to qualify for ODD or any other regulatory incentives;

● our expectations with respect to entry into clinical trial agreements and other agreements with contract research organizations ("CROs"), potential collaborators and clinical trial sites for our preclinical studies and clinical trials;

● our ability to acquire, discover, develop and advance product candidates into, and successfully complete, clinical trials;

● developments and projections relating to our competitors and our industry and the success of competing therapies that are or may become available;

● the beneficial characteristics, safety, efficacy and therapeutic effects of our product candidates;

● our ability to obtain and maintain regulatory approval of our product candidates;

● our plans relating to the further development and commercialization of our product candidates, including additional disease states or indications we may pursue;

● our expectations regarding future sales of our other products, including MSC-Gro, and future consulting revenues;

● our expectations regarding our ability to renew our agreement with European Wellness and to collect amounts believed to be owed to us for work already completed under our JOA with European Wellness, which expired on July 31, 2023;

● the potential effects of public health crises, such as the COVID-19 pandemic, on our preclinical and clinical programs and business;

● existing regulations and regulatory developments in the United States and other jurisdictions;

● our plans and ability to obtain or protect intellectual property rights, including extensions of existing patent terms where available and our ability to avoid infringing the intellectual property rights of others;

● our ability to effectively manage our growth, including the need to hire additional personnel and our ability to attract, recruit and retain such personnel, and maintain our culture;

● our ability to fund the acquisition of fully automated closed system bioprocessing and other equipment and for the development of a new current Good Manufacturing Practices compliant manufacturing facility we expect to lease;

● our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

● our plans and ability to obtain funding for our operations, including funding necessary to develop, manufacture and commercialize our product candidates, and to continue as a going concern;

● the performance of our third-party suppliers, CROs and manufacturers;

● our financial performance; and

● the period over which we estimate our existing cash will be sufficient to fund our future operating expenses and capital expenditure requirements.

We have based these forward-looking statements largely on our current expectations and projections about our business, the industry in which we operate and financial trends that we believe may affect our business, financial condition, results of operations and prospects, and these forward-looking statements are not guarantees of future performance or development. These forward-looking statements speak only as of the date of this Report and are subject to a number of risks, uncertainties and assumptions described in the section titled "Risk Factors" in our Form 10-K. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.

**ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.**

We are a smaller reporting company, as defined by Rule 12b-2 of the Exchange Act, and are not required to provide the information required under this item.

**ITEM 4. Controls and Procedures**

***Disclosure Controls and Procedures***

We maintain a system of controls and procedures designed to ensure that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934, as amended ("Exchange Act"), is recorded, processed, summarized and reported, within time periods specified in the SEC's rules and forms and to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. As of April 30, 2025, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, management has evaluated the effectiveness of our disclosure controls and procedures. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective due to ineffective internal control over financial reporting.

***Changes In Internal Control Over Financial Reporting***

There were no changes in our internal control over financial reporting that occurred during the six months ended April 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II. OTHER INFORMATION**

**ITEM 1. Legal Proceedings.**

From time to time, we may become involved in litigation relating to claims arising out of our operations in the normal course of business. However, to our knowledge, except as set forth below, no legal proceedings, government actions, administrative actions, investigations, or claims are currently pending or threatened against us or our officers and directors in which we are adverse. The results of any future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.

**ITEM 1A. Risk Factors.**

There are many risks inherent in our business. Factors that could materially adversely affect our business, financial condition, operating results or liquidity, and the trading price of our common stock are described under Item 1A, Risk Factors, of the Form 10-K filed with the SEC on January 28, 2025. There have been no material changes regarding risk factors since that date:

**ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

None required to be reported.

**ITEM 3. Defaults Upon Senior Securities**

None.

**ITEM 4. Mine Safety Disclosures**

Not applicable.

**ITEM 5. Other Information**

None.

**ITEM 6. Exhibits [ADD EXHIBITS AS NECESSARY FOR 8-Ks]**

The following exhibits are filed, furnished or incorporated by reference with this report:

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** |
| 10.1 | [Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended January 31, 2025, filed with the SEC on March 20, 2025)](https://www.sec.gov/Archives/edgar/data/793171/000149315225011003/ex10-1.htm) |
| 10.2 | [Form of Senior Secured Convertible Note(incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the period ended January 31, 2025, filed with the SEC on March 20, 2025)](https://www.sec.gov/Archives/edgar/data/793171/000149315225011003/ex10-2.htm) |
| 10.3 | [Form of Warrant (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the period ended January 31, 2025, filed with the SEC on March 20, 2025)](https://www.sec.gov/Archives/edgar/data/793171/000149315225011003/ex10-3.htm) |
| 10.4 | [Form of Security Agreement(incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the period ended January 31, 2025, filed with the SEC on March 20, 2025)](https://www.sec.gov/Archives/edgar/data/793171/000149315225011003/ex10-4.htm) |
| 10.5 | [Form of Registration Rights Agreement(incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q for the period ended January 31, 2025, filed with the SEC on March 20, 2025)](https://www.sec.gov/Archives/edgar/data/793171/000149315225011003/ex10-5.htm) |
| 10.6\* | [Form of Subscription Agreement for Private Placement of Preferred A-1 Stock](ex10-6.htm) |
| 31.1\* | [Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex31-1.htm) |
| 31.2\* | [Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex31-2.htm) |
| 32.1\*\* | [Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex32-1.htm) |
| 32.2\*\* | [Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex32-2.htm) |
| 101 | Inline XBRL Document Set for the consolidated financial statements and accompanying notes in Part I, Item 1, "Financial Statements" of this Quarterly Report on Form 10-Q |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\* Filed herewith. <br> \*\* Furnished herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | VITRO BIOPHARMA, INC. | VITRO BIOPHARMA, INC. |
|  | (Registrant) | (Registrant) |
| Date: June 20, 2025 | By: | */s/ Christopher Furman* |
|  |  | Christopher Furman, Chief Executive Officer |
| Date: June 20, 2025 |  | */s/ Thomas W. Ohrt* |
|  |  | Thomas W. Ohrt, Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 10.6

**Exhibit 10.6**

**VITRO BIOPHARMA INC.**

**SUBSCRIPTION AGREEMENT**

**FOR ITS Private PLACEMENT of UP TO**

**$15,000,000 OF PREFERRED Units**

**AT A PRICE PER PREFERRED UNIT OF $1,000,000**

Chris Furman, CEO

Vitro Biopharma, Inc.

<u>chris.furman@vitrobiopharma.com</u>

<u>tom.o@vitrobiopharma.com</u>

IN MAKING AN INVESTMENT DECISION INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF VITRO BIOPHARMA INC (THE "<u>COMPANY</u>" OR "<u>WE</u>") AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THE PREFERRED UNITS BEING OFFERED BY THE COMPANY HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS SUBSCRIPTION BOOKLET. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

THE PREFERRED UNITS OFFERRED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>" OR THE "<u>1933 ACT</u>"), ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION UNDER OR EXEMPTION THEREFROM and following satisfaction of all transfer restrictions contained in the company's Limited Liability Company Agreement. INVESTORS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT IN THE PREFERRED UNITS FOR AN INDEFINITE PERIOD OF TIME.

AN INVESTMENT IN THE PREFERRED UNITS IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. THE COMPANY'S INVESTORS ARE ADVISED TO CONSULT WITH THEIR LEGAL, FINANCIAL AND TAX ADVISORS WITH RESPECT TO ANY INVESTMENT IN THE PREFERRED UNITS.

IN MAKING AN INVESTMENT DECISION, THE INVESTOR IS RELYING UPON THE INVESTOR'S OWN EXAMINATION OF THE COMPANY, INCLUDING, BUT NOT LIMITED TO, ITS PROPOSED BUSINESS, ITS NEED FOR CAPITAL, ITS CURRENT AND PLANNED ACTIVITIES, ITS ACTUAL AND POTENTIAL COMPETITORS, THE PERIOD OF TIME NEEDED IN ORDER FOR THE COMPANY TO BECOME PROFITABLE, AS WELL AS THE TERMS OF THE OFFERING.

THE INFORMATION CONTAINED IN THIS CONFIDENTIAL SUBSCRIPTION BOOKLET DOES NOT PURPORT TO BE COMPLETE, IS CONFIDENTIAL AND PROPRIETARY TO THE COMPANY AND IS BEING PROVIDED TO YOU AS A PROSPECTIVE INVESTOR IN THE COMPANY'S OFFERING OF PREFERRED UNITS. THIS CONFIDENTIAL SUBSCRIPTION BOOKLET IS SOLELY FOR YOUR CONFIDENTIAL USE WITH THE EXPRESS UNDERSTANDING THAT, WITHOUT THE PRIOR EXPRESS WRITTEN PERMISSION OF THE COMPANY, YOU WILL NOT PROVIDE THIS CONFIDENTIAL SUBSCRIPTION BOOKLET TO, OR DISCUSS THE INFORMATION CONTAINED HEREIN WITH, ANY OTHER PERSON OR MAKE ANY REPRODUCTIONS OF OR USE THIS CONFIDENTIAL SUBSCRIPTION BOOKLET, OR ANY OF THE INFORMATION CONTAINED HEREIN, FOR ANY PURPOSE OTHER THAN EVALUATING A POTENTIAL INVESTMENT IN THE PREFERRED UNITS.

This confidential subscription booklet includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>" or "<u>1934 Act</u>"). We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. We cannot guarantee and do not guarantee future results, levels of activity, performance or achievements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "continue," "intend," "project," "target," "contemplate," or the negative of such terms or other similar expressions.

THIS CONFIDENTIAL SUBSCRIPTION BOOKLET DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THE PREFERRED UNITS IN ANY JURISDICTION WHERE, OR TO ANY PERSON TO WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION.

THIS OFFERING IS SUBJECT TO WITHDRAWAL, CANCELLATION OR MODIFICATION WITHOUT NOTICE. THE COMPANY RESERVES THE ABSOLUTE RIGHT TO SELECT INVESTORS TO WHOM THE PREFERRED UNITS WILL BE SOLD AND THE AMOUNT, UP TO THE FULL SUBSCRIPTION TENDERED BY AN INVESTOR THAT THE COMPANY WILL ACCEPT FROM EACH INVESTOR, IF ANY. THE COMPANY SHALL HAVE NO LIABILITY WHATSOEVER TO ANY INVESTOR IN THE EVENT THAT ANY OF THE FOREGOING SHALL OCCUR. IF THE COMPANY ACCEPTS LESS THAN ALL OF THE SUBSCRIPTION, THE COMPANY SHALL RETURN TO THE INVESTOR THE SUBSCRIPTION PROCEEDS RELATING TO THE REJECTED SUBSCRIPTION WITHOUT INTEREST.

**SPECIAL NOTICE TO FOREIGN INVESTORS**

IF AN INVESTOR LIVES OUTSIDE THE UNITED STATES, IT IS THAT INVESTOR'S RESPONSIBILITY TO FULLY OBSERVE THE LAWS OF ANY RELEVANT TERRITORY OR JURISDICTION OUTSIDE THE UNITED STATES IN CONNECTION WITH ANY PURCHASE OF OUR SECURITIES, INCLUDING OBTAINING REQUIRED GOVERNMENTAL OR OTHER CONSENTS OR OBSERVING ANY OTHER REQUIRED LEGAL OR OTHER FORMALITIES.

The date of this Confidential Subscription Agreement is March 18, 2025.

**<u>SUMMARY OF OFFERING & DESCRIPTION OF THE COMPANY'S BUSINESS</u>**

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| | | |
|:---|:---|:---|
| <u>Issuer</u>: | Vitro Biopharma, Inc. (the "<u>Company</u>"). | Vitro Biopharma, Inc. (the "<u>Company</u>"). |
| <u>Amount of Financing</u>: | A maximum of $15,000,000 of the Company's Preferred Units (the "<u>Offering</u>"). | A maximum of $15,000,000 of the Company's Preferred Units (the "<u>Offering</u>"). |
| <u>Purchase Price</u>: | $1,000,000 per Preferred Unit, which will consist of 50,000 Preferred A-1 Shares. | $1,000,000 per Preferred Unit, which will consist of 50,000 Preferred A-1 Shares. |
| <u>Capital Commitment Date:</u> | March 24, 2025 | March 24, 2025 |
| <u>Funding Window:</u> | March 24, 2025 through March 31, 2026 | March 24, 2025 through March 31, 2026 |
| <u>Description of Units</u>: | The Class A-1 Preferred Shares shall be entitled to receive an 8% annual cumulative preferred return (the "Preferred Return"). | The Class A-1 Preferred Shares shall be entitled to receive an 8% annual cumulative preferred return (the "Preferred Return"). |
| <u>Conversion Ratio:</u> | Each share of Preferred A-1 will convert to 5 shares of Common Stock.<br> Cumulative Dividends will convert to 1 share of Common Stock for each $4 of accumulated dividend. In the event of a partial share upon conversion, the total shares issued in this calculation will round up. | Each share of Preferred A-1 will convert to 5 shares of Common Stock.<br> Cumulative Dividends will convert to 1 share of Common Stock for each $4 of accumulated dividend. In the event of a partial share upon conversion, the total shares issued in this calculation will round up. |
| <u>Conversion:</u> | <u>Upon a Change of Control</u>. Upon the closing of a Change of Control, the Preferred shares shall be converted automatically in accordance with the Conversion Ratio above. Similarly, the accumulated dividends shall automatically convert in accordance with the Conversion Ratio above. The Preferred shall thereafter be cancelled and be of no further force or effect, whether or not delivered to the Company for cancellation.<br>*"**Change of Control**" means a change in ownership or control of the Company effected through any of the following transactions: (a) a merger, consolidation, or other reorganization approved by the Company's stockholders, unless securities representing more than 50% of the total combined voting power of the voting securities of the successor entity or its direct or indirect parent entity are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Company's outstanding voting securities immediately prior to such transaction; (b) a stockholder-approved sale, transfer, or other disposition of all or substantially all of the Company's assets; or (c) the acquisition, directly or indirectly by any person or related group of persons (other than the Company or a person that directly or indirectly controls, is controlled by, or is under common control with, the Company), of beneficial ownership (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) of securities possessing more than 50% of the total combined voting power of the Company's outstanding securities pursuant to a securities purchase transaction or a tender or exchange offer made directly to the Company's stockholders; provided, however, that a merger effected exclusively for the purpose of changing the domicile of the Company shall not be deemed to be a Change of Control; and provided, further, that the term "Change of Control" shall not apply to equity financings primarily for capital-raising purposes.*<br><u>Upon a Successful Initial Public Offering ("IPO")</u>. Upon the closing of an IPO, the Preferred shares shall be converted automatically in accordance with the Conversion Ratio above. Similarly, the accumulated dividends shall automatically convert in accordance with the Conversion Ratio above. The Preferred shall thereafter be cancelled and be of no further force or effect, whether or not delivered to the Company for cancellation.<br><u>Optional Conversion</u>. Upon a notice duly executed by the Purchaser and delivered to the Company prior to any automatic conversion of the Preferred pursuant to this Section (the date of such election, the "**Election Date**"), the Preferred shares shall be converted in accordance with the Conversion Ratio above. Similarly, the accumulated dividends shall convert in accordance with the Conversion Ratio above. The Preferred shall thereafter be cancelled and be of no further force or effect, whether or not delivered to the Company for cancellation. | <u>Upon a Change of Control</u>. Upon the closing of a Change of Control, the Preferred shares shall be converted automatically in accordance with the Conversion Ratio above. Similarly, the accumulated dividends shall automatically convert in accordance with the Conversion Ratio above. The Preferred shall thereafter be cancelled and be of no further force or effect, whether or not delivered to the Company for cancellation.<br>*"**Change of Control**" means a change in ownership or control of the Company effected through any of the following transactions: (a) a merger, consolidation, or other reorganization approved by the Company's stockholders, unless securities representing more than 50% of the total combined voting power of the voting securities of the successor entity or its direct or indirect parent entity are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Company's outstanding voting securities immediately prior to such transaction; (b) a stockholder-approved sale, transfer, or other disposition of all or substantially all of the Company's assets; or (c) the acquisition, directly or indirectly by any person or related group of persons (other than the Company or a person that directly or indirectly controls, is controlled by, or is under common control with, the Company), of beneficial ownership (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) of securities possessing more than 50% of the total combined voting power of the Company's outstanding securities pursuant to a securities purchase transaction or a tender or exchange offer made directly to the Company's stockholders; provided, however, that a merger effected exclusively for the purpose of changing the domicile of the Company shall not be deemed to be a Change of Control; and provided, further, that the term "Change of Control" shall not apply to equity financings primarily for capital-raising purposes.*<br><u>Upon a Successful Initial Public Offering ("IPO")</u>. Upon the closing of an IPO, the Preferred shares shall be converted automatically in accordance with the Conversion Ratio above. Similarly, the accumulated dividends shall automatically convert in accordance with the Conversion Ratio above. The Preferred shall thereafter be cancelled and be of no further force or effect, whether or not delivered to the Company for cancellation.<br><u>Optional Conversion</u>. Upon a notice duly executed by the Purchaser and delivered to the Company prior to any automatic conversion of the Preferred pursuant to this Section (the date of such election, the "**Election Date**"), the Preferred shares shall be converted in accordance with the Conversion Ratio above. Similarly, the accumulated dividends shall convert in accordance with the Conversion Ratio above. The Preferred shall thereafter be cancelled and be of no further force or effect, whether or not delivered to the Company for cancellation. |
| <u>Investor(s)</u>: | Each investor must be an "accredited investor" as defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended (each an "<u>Investor</u>" and collectively, the "<u>Investors</u>"). All Investors will be required to complete and execute the Confidential Subscriber (Accredited Investor) Questionnaire contained herein. | Each investor must be an "accredited investor" as defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended (each an "<u>Investor</u>" and collectively, the "<u>Investors</u>"). All Investors will be required to complete and execute the Confidential Subscriber (Accredited Investor) Questionnaire contained herein. |
| <u>Anticipated Closing Date</u>: | First closing to take place in March 2025. Additional closings to take place on a rolling basis. | First closing to take place in March 2025. Additional closings to take place on a rolling basis. |
| <u>Use of Proceeds:</u> | Clinical Trials and Product Development | $8.0 million |
|  | Crohns / IBS |  |
| $15 million | Long Covid |  |
|  | Pitt Hopkins Syndrome |  |
|  | Traumatic Brain Injury |  |
|  | Live Kidney |  |
|  | Regenerative Aesthetics Marketing Authorization: | $2.5 million |
|  | General Corporate Working Capital: | $4.5 million |

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**<u>Business and Investment Overview</u>**:

Vitro Biopharma, Inc. [Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000793171/000149315225003942/form10-k.htm)

To the Undersigned Purchaser:

The undersigned ("Subscriber") hereby tenders this subscription for the purchase of Units ("Units") of securities of Vitro Biopharma, Inc., a Nevada corporation (the "Company") at a private offering price of $1,000,000 per Unit ("Offering Price"). Subscriber understands that the Company reserves the right to accept subscriptions for partial Units.

Each Unit consists of (i) 50,000 shares of Series A-1 Convertible Preferred Stock (the "A-1 Preferred") having a Stated Value of $20.00 per share and shall be entitled to receive an 8% annual cumulative preferred return (the "Preferred Return").

By execution below, the Subscriber acknowledges that the Company is relying upon the accuracy and completeness of the representations and warranties contained herein in complying with its obligations under applicable securities laws.

Each Subscriber must also fully and accurately complete this Subscription Agreement and attest that the information contained herein is complete, accurate and current.

<u>General Subscriber Information</u>

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| | |
|:---|:---|
| Purchaser Name: | __________________________________________________ |
| Address: | ___________________________________________________ |
| Telephone No.: | ______________________ |
| Email: | ____________________________________________________ |
| Net Worth: | _____________________________ |

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Investment Objectives:

I plan to use an investment in the Securities for the following (check all that apply):

☐ Generate income for current or future expenses

☐ Partially fund my retirement

☐ Wholly fund my retirement

☐ Steadily accumulate wealth over the long term

☐ Preserve wealth and pass it on to my heirs

☐ Market speculation

☐ Other: ________________________________

<u>Subscription and Representations of Subscriber</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Subscription Commitment</u>. The Subscriber hereby subscribes for the purchase of the Units at an aggregate purchase price set forth below. The full purchase price shall be paid by surrender of Subscriber's Note as provided for herein.

Number of Units: __________________ multiplied by $1,000,000 per unit = [$________] ("Purchase Price")

Amount of Subscription Up to <u>$15,000,000</u> 

The Subscriber understands that this subscription is not binding on the Company until accepted by the Company, which acceptance is at the sole discretion of the Company and is to be evidenced by the Company's execution of this Subscription Agreement where indicated. If the subscription is rejected, the Company shall return to the Subscriber, without interest or deduction, any payment tendered by the Subscriber, and the Company and the Subscriber shall have no further obligation to each other hereunder. Unless and until rejected by the Company, this subscription shall be irrevocable by the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Representations and Warranties</u>. In order to induce the Company to accept this subscription, the Subscriber hereby represents and warrants to, and covenants with, the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Receipt of Document; Access to Information</u>. Subscriber has been provided with a copy of the following
 documents:

● Subscription Agreement;

● Certificate of Designations, Preferences and Rights of Series A-1 Convertible Preferred Stock.

The Offering Documents and this Subscription Agreement are referred to herein as the "Documents." The Subscriber has carefully reviewed and is familiar with all of the terms of the Documents. The Subscriber has been given access to full and complete information regarding the Company and has utilized such access to the Subscriber's satisfaction for the purpose of obtaining such information regarding the Company as the Subscriber has reasonably requested; and, particularly, the Subscriber has been given reasonable opportunity to ask questions of, and receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Securities and to obtain any additional information, to the extent reasonably available. Without limiting the generality of the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Reliance</u>. The Subscriber has relied on nothing other than the Documents (including any exhibits thereto) in deciding whether to make an investment in the Company. Except as set forth in the Documents, no representations or warranties have been made to the Subscriber by the Company, any selling agent of the Company, or any agent, employee, or affiliate of the Company or such selling agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Economic Loss</u>. The Subscriber believes that an investment in the Securities is suitable for the Subscriber based upon the Subscriber's age, other investments, tax status, investment experience, investment objectives, investment time horizon, liquidity needs, risk tolerance, financial needs, among other factors. The Subscriber: (i) has adequate means for providing for the Subscriber's current financial needs and personal contingencies; (ii) has no need for liquidity in this investment; (iii) at the present time, can afford a complete loss of such investment; (iv) does not have overall commitments to investments which are not readily marketable and disproportionate to the Subscriber's net worth, and (v) the Subscriber's investment in the Securities will not cause such overall commitments to become excessive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Sophistication</u>. The Subscriber, in reaching a decision to subscribe, has such knowledge and experience in financial and business matters that the Subscriber is capable of reading and interpreting financial statements and evaluating the merits and risk of an investment in the Securities and has the net worth to undertake such risks. The investment contemplated hereby is the result of arm's length negotiation between the Subscriber and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>General Solicitation</u>. The Subscriber was not offered or sold the Securities, directly or indirectly, by means of any form of general advertising or general solicitation, including, but not limited to, the following: (1) any advertisement, article, notice or other communication published in any newspaper, magazine, or similar medium of or broadcast over television or radio; or (2) to the knowledge of the undersigned, any seminar or meeting whose attendees had been invited by any general solicitation or general advertising (a "General Solicitation").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Advice</u>. The Subscriber has obtained, to the extent the Subscriber deems necessary, the Subscriber's own personal professional advice and legal advice in their jurisdiction with respect to the risks inherent in the investment in the securities, and the suitability of an investment in the Securities in light of the Subscriber's financial condition and investment needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Investment Risks</u>. The Subscriber recognizes that the Securities as an investment involves a high degree of risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Effect and Time of Representations</u>. The information provided by the Subscriber contained in this Subscription Agreement is true, complete and correct in all material respects as of the date hereof. The Subscriber understands that the Company's determination that the exemption from the registration provisions of the Securities Act of 1933, as amended (the "Securities Act"), which is based upon non-public offerings and applicable to the offer and sale of the Securities, is based, in part, upon the representations, warranties, and agreements made by the Subscriber herein. The Subscriber consents to the disclosure of any such information, and any other information furnished to the Company, to any governmental authority or self-regulatory organization, or, to the extent required by law, to any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Restrictions on Transfer; No Market for Securities</u>. The Subscriber acknowledges that (i) the purchase of the Securities is a long-term investment; (ii) the Subscriber must bear the economic risk of investment for an indefinite period of time because the Securities have not been registered under the Securities Act or under the securities laws of any state and, therefore, the Securities cannot be resold unless they are subsequently registered under said laws or exemptions from such registrations are available; (iii) there is presently no public market for the Securities and the Subscriber may not be unable to liquidate the Subscriber's investment in the event of an emergency, or pledge the Securities as collateral for a loan; and (iv) the transferability of the Securities is restricted and (A) requires conformity with the restrictions contained in paragraph 3 below and (B) legends will be placed on the certificate(s) representing the Securities referring to the applicable restrictions on transferability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>No Backup Withholding</u>. The Subscriber certifies, under penalties of perjury, that the Subscriber is NOT subject to the backup withholding provisions of Section 3406(a)(i)(C) of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Restrictive Legend</u>. Stop transfer instructions will be placed with the transfer agent for the Securities, and a legend may be placed on any certificate representing the Securities substantially to the following effect:

THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), IN RELIANCE UPON THE EXEMPTIONS FROM REGISTRATION PROVIDED IN THE ACT AND REGULATION D UNDER THE ACT AND HAVE NOT BEEN REGISTERED UNDER ANY STATE SECURITIES LAWS. AS SUCH, THE PURCHASE OF THIS SECURITY WAS NECESSARILY WITH THE INTENT OF INVESTMENT AND NOT WITH A VIEW FOR DISTRIBUTION. THEREFORE, ANY SUBSEQUENT TRANSFER OF THIS SECURITY OR ANY INTEREST THEREIN WILL BE UNLAWFUL UNLESS IT IS REGISTERED UNDER THE ACT AND ANY STATE SECURITIES LAWS OR UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE. FURTHERMORE, IT IS UNLAWFUL TO CONSUMMATE A SALE OR TRANSFER OF THIS SECURITY OR ANY INTEREST THEREIN, WITHOUT THE OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT THE PROPOSED TRANSFER OR SALE DOES NOT AFFECT THE EXEMPTIONS RELIED UPON BY THE COMPANY IN ORIGINALLY DISTRIBUTING THE SECURITY AND THAT REGISTRATION IS NOT REQUIRED.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Notice of Change</u>. The Subscriber agrees that it will notify the Company in writing promptly (but in all events within thirty (30) days after the applicable change) of any actual or anticipated change in any facts or circumstances, which change would make any of the representations and warranties in this Subscription Agreement untrue if made as of the date of such change (after giving effect thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Restricted Nature of the Securities; Investment Intent</u>. The Subscriber has been advised and understands that (a) the Securities have not been registered under the Securities Act or applicable state securities laws and that the Securities are being offered and sold pursuant to exemptions from such laws; (b) the Documents may not have been filed with or reviewed by certain state securities administrators because of the limited nature of the offering; (c) the Company is under no obligation to register the Securities under the Act or any state securities laws, or to take any action to make any exemption from any such registration provisions available. The Subscriber represents and warrants that the Securities are being purchased for the Subscriber's own account and for investment purposes only, and without the intention of reselling or redistributing the same; the Subscriber has made no agreement with others regarding any of the Securities; and the Subscriber's financial condition is such that it is not likely that it will be necessary to dispose of any of such Securities in the foreseeable future. The Subscriber is aware that, in the view of the SEC, a purchase of such securities with an intent to resell by reason of any foreseeable specific contingency or anticipated change in market value, or any change in the condition of the Company, or in connection with a contemplated liquidation settlement of any loan obtained for the acquisition of such securities and for which such securities were pledged, would represent an intent inconsistent with the representations set forth above. The Subscriber further represents and agrees that if, contrary to the foregoing intentions, the Subscriber should later desire to dispose of or transfer any of such Securities in any manner, the Subscriber shall not do so unless and until (i) said Securities shall have first been registered under the Act and all applicable securities laws; or (ii) the Subscriber shall have first delivered to the Company a written notice declaring such holder's intention to effect such transfer and describe in sufficient detail the manner and circumstances of the proposed transfer, which notice shall be accompanied either by a written opinion of legal counsel who shall be reasonably satisfactory to the Company, which opinion shall be addressed to the Company and reasonably satisfactory in form and substance to the Company's counsel, to the effect that the proposed sale or transfer is exempt from the registration provisions of the Act and all applicable state securities laws, or by a "no action" letter from the SEC to the effect that the transfer of the Securities without registration will not result in recommendation by the staff of the Commission that action be taken with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Residence</u>. The Subscriber represents and warrants that the Subscriber is a bona fide resident of, is domiciled in and received the offer and made the decision to invest in the Securities in the state set forth on the signature page hereof, and the Securities are being purchased by the Subscriber in the Subscriber's name solely for the Subscriber's own beneficial interest and not as nominee for, or on behalf of, or for the beneficial interest of, or with the intention to transfer to, any other person, trust or organization, except as specifically set forth in this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Investor Qualification/Accredited Investor</u>. The Subscriber represents and warrants that the Subscriber is an "accredited investor" as that term is defined in Regulation D under the Securities Act because the Subscriber comes within at least one category marked below. The Subscriber further represents and warrants that the information set forth below is true and correct. ALL INFORMATION IN RESPONSE TO THIS PARAGRAPH WILL BE KEPT STRICTLY CONFIDENTIAL EXCEPT AS REQUIRED BY LAW. The Subscriber agrees to furnish any additional information which the Company deems necessary in order to verify the answers set forth below.

(Please check all that apply.)

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| | |
|:---|:---|
| Category I _____ | The Subscriber is an individual (not a partnership, corporation, etc.) whose individual net worth, or joint net worth with the Subscriber's spouse, presently exceeds $1,000,000. |
|  | *Explanation*. In calculation of net worth the Subscriber may include equity in personal property and real estate, cash, short term investments, stocks and securities. Equity in personal property and real estate should be based on the fair market value of such property less debt secured by such property. |
|  | Notwithstanding the forgoing, in determining the Subscriber's net worth: |
| (i) | the Subscriber's primary residence shall be excluded; |
| (ii) | indebtedness secured by the primary residence, up to the fair market value of the primary residence at the time of this Subscription shall be excluded (except if the indebtedness outstanding on the date of this Subscription exceeds the amount outstanding 60 days before such time, the amount of such excess shall be included as a liability; and |
| (iii) | indebtedness secured by the primary residence in excess of the fair market value of the primary residence at the time of this Subscription shall be included as a liability. |
| Category II _____ | The Subscriber is an individual (not a partnership, corporation, etc.) who had an individual net income in excess of $200,000 in each of the last two years, or joint income with his/her spouse in excess of $300,000 in each of the last two years, and has a reasonable expectation of reaching the same income level in the current year. |
| Category III _____ | The Subscriber is an executive officer or director of the Company. |
| Category IV _____ | The Subscriber is a bank as defined in Section 3(a)(2) of the Securities Act; a savings and loan as defined in Section 3(a)(5)(A) of the Securities Act; an insurance company as defined in Section 2(13) of the Securities Act; a broker or dealer registered pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"); an investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), or a business development company as defined in Section 2(a)(48) of the Investment Company Act; a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000, or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors (this includes IRAs). (Note: If you check this category, the Company may request additional information regarding investment company and ERISA issues.) |
|  | (describe entity) |

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| | | |
|:---|:---|:---|
| Category V _____ | The Subscriber is a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended. | The Subscriber is a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended. |
|  | (describe entity) | (describe entity) |
| Category VI _____ | The Subscriber is an entity with total assets in excess of $5,000,000 which was <u>not</u> formed for the purpose of investing in the Securities and which is one of the following: | The Subscriber is an entity with total assets in excess of $5,000,000 which was <u>not</u> formed for the purpose of investing in the Securities and which is one of the following: |
|  | ______ | a corporation; or |
|  | ______ | a partnership; or |
|  | ______ | a business trust; or |
|  | ______ | a tax-exempt organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(describe entity) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(describe entity) |
| Category VII _____ | The Subscriber is an entity all the equity owners of which are "accredited investors" within one or more of the above categories. **If relying upon this category alone, each equity owner must complete a separate copy of this Agreement.** | The Subscriber is an entity all the equity owners of which are "accredited investors" within one or more of the above categories. **If relying upon this category alone, each equity owner must complete a separate copy of this Agreement.** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(describe entity) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(describe entity) |
| Category VIII _____ | The Subscriber is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Securities, whose purchase is directed by a person who has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment. | The Subscriber is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Securities, whose purchase is directed by a person who has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment. |
| Category IX_____ | The Subscriber is any entity (including a limited liability company) that owns investments in excess of $5.0 million and that was not formed for the specific purpose of investing in the securities offered; | The Subscriber is any entity (including a limited liability company) that owns investments in excess of $5.0 million and that was not formed for the specific purpose of investing in the securities offered; |
| Category X _____. | The Subscriber is any investment advisor registered under federal or state law (and Exempt Reporting Advisors relying on Section 203(m) or 203(l) of the Investment Advisors Act of 1940); | The Subscriber is any investment advisor registered under federal or state law (and Exempt Reporting Advisors relying on Section 203(m) or 203(l) of the Investment Advisors Act of 1940); |
| Category XI____ | The Subscriber is any rural business investment company ("RBIC"); | The Subscriber is any rural business investment company ("RBIC"); |
| Category XII____ | The Subscriber is any individual who has a professional certification, designation or credential from an accredited educational institution that the Commission designates as qualifying for accredited investor status. Qualifying professional certifications include (a) FINRA General Securities Representative license (Series 7), (b) FINRA Licensed Investment Advisor Representative (Series 65) and (c) FINRA Private Securities Offerings Representative license (Series 82); | The Subscriber is any individual who has a professional certification, designation or credential from an accredited educational institution that the Commission designates as qualifying for accredited investor status. Qualifying professional certifications include (a) FINRA General Securities Representative license (Series 7), (b) FINRA Licensed Investment Advisor Representative (Series 65) and (c) FINRA Private Securities Offerings Representative license (Series 82); |

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| | |
|:---|:---|
| Category XIII______ | The Subscriber is any individual who is a "knowledgeable employee" of a "private fund", which is defined to include an issuer that would be an investment company, but for the exclusions provided by Section 3(c)(1) or 3(c)(7) of the Investment Company Act of 1940. Knowledgeable employee has the meaning in Rule 3c-5(a)(5) under the Investment Company Act of 1940, and includes trustees, advisory board members of a private fund or an affiliated person of the private fund that oversees the private fund's investments, as well as employees of the private fund or the affiliated person of the private fund who, in connection with the employee's regular functions or duties, have participated in the investment activities of such private fund for at least 12 months; |
| Category XIV_____. | The Subscriber is any family office with at least $5.0 million in assets under management and that was not formed for the specific purpose of acquiring the securities offered, and whose investment is directed by a person capable of evaluating the merits and risks of the prospective investment; |
| Category XV____. | The Subscriber is any family client of a family office described in Category XIV above whose prospective investment is directed by that family office; |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Authority</u>. The undersigned, if other than an individual, makes the following additional representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber was not organized for the specific purpose of acquiring the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subscriber is fully authorized, empowered and qualified to execute and deliver this Subscription Agreement, to subscribe for and purchase the Securities and to perform its obligations under, and to consummate the transactions that are contemplated by the Subscription Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Subscription Agreement has been duly authorized by all necessary action on the part of the Subscriber, has been duly executed by an authorized officer or representative of the Subscriber, and is a legal, valid and binding obligation of the Subscriber enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Use of Proceeds</u>. The Subscriber acknowledges that the Company has full discretion of the use of any proceeds from the sale of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Compliance with Laws; No Conflict</u>. The execution and delivery of the Subscription Agreement by or on behalf of the Subscriber and the performance of the Subscriber's obligations under, and the consummation of the transactions contemplated by, the Subscription Agreement do not and will not conflict with or result in any violation of, or default under, any provision of any charter, bylaws, trust agreement, partnership agreement or other governing instrument applicable to the Subscriber, or other agreement or instrument to which the Subscriber is a party, or by which the Subscriber is, or any of its assets are, bound, or any permit, franchise, judgment, decree, statute, rule, regulation or other law applicable to the Subscriber or the business or assets of the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Reliance on Representations</u>. The Subscriber understands the meaning and legal consequences of the representations, warranties, agreements, covenants, and confirmations set out above and agrees that the subscription made hereby may be accepted in reliance thereon. The Subscriber acknowledges that the Company has relied and will rely upon the representations and warranties of the Subscriber in this Subscription Agreement and the completeness and accuracy of the Subscriber's responses to the Investor Questionnaire (together, the "representations and warranties"). The Subscriber agrees to indemnify and hold harmless the Company and any selling agent (including for this purpose their employees, and each person who controls either of them within the meaning of Section 20 of the Exchange Act) from and against any and all loss, damage, liability or expense, including reasonable costs and attorney's fees and disbursements, which the Company, or such other persons may incur by reason of, or in connection with, any of the representations and warranties made herein and in the Investor Questionnaire not having been true when made, any misrepresentation made by the Subscriber or any failure by the Subscriber to fulfill any of the covenants or agreements set forth herein, or in any other document provided by the Subscriber to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Transferability and Assignability</u>. Neither this Subscription Agreement nor any of the rights of the Subscriber hereunder may be transferred or assigned by the Subscriber. The Subscriber agrees that the Subscriber may not cancel, terminate, or revoke this Subscription Agreement or any agreement of the Subscriber made hereunder (except as otherwise specifically provided herein) and that this Subscription Agreement shall survive the death or disability of the Subscriber and shall be binding upon the Subscriber's heirs, executors, administrators, successors, and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>"Bad Actor" Disqualification</u>**.** The Subscriber has not engaged in a "disqualifying event" as defined in Rule 506 of Regulation D under the Securities Act, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) being convicted of a felony or misdemeanor within the last ten (10) years that was in connection with the purchase or sale of a security, involving the making of a false filing with the SEC or arose out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) being subject to an order, judgment or decree of any court of competent jurisdiction, entered within the last five (5) years, that restrains or enjoins the Subscriber from engaging or continuing to engage in any conduct or practice (whether or not appealable or subject to a pending appeal) in connection with the purchase or sale of a security, involving the making of a false filing with the SEC or arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) being subject to a final order of a state securities commission (or any agency or officer of a state performing similar functions), a state authority that supervises or examines banks, savings associations or credit unions, a state insurance commission (or any agency or officer of a state performing similar functions), an appropriate federal banking agency, the Commodity Futures Trading Commission or the National Credit Union Administration that bars the Subscriber from association with an entity regulated by such commission, authority, agency or officer, or is barred from engaging in the business of securities, insurance or banking or engaging in savings association or credit union activities or whereby such final order is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct and was issued within ten (10) years of the date of this Joinder and Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) being subject to an SEC order entered pursuant to Section 15(b) or 15B(c) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or Section 203(e) or (f) of the Advisers Act that suspends or revokes the Subscriber's registration as a broker, dealer, municipal securities dealer or investment adviser, places limitations on the activities, functions or operations in connection with such activities, or bars the Subscriber from being associated with any entity or from participating in the offering of any penny stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) being subject to any order of the SEC entered within the last five (5) years that, as of the date of this Joinder and Subscription Agreement, orders the Subscriber to cease and desist from committing or causing a violation or future violation of any scienter-based anti-fraud provision of the federal securities laws, including without limitation Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and 17 CFR 240.10b-5, Section 15(c)(1) of the Exchange Act and Section 206(1) of the Advisers Act, or any other rule or regulation thereunder or Section 5 of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) being suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) filing (as a registrant or issuer), or being named as an underwriter in, any registration statement or Regulation A offering statement filed with the SEC that, within the last five (5) years, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, at the time of such sale, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) being subject to a United States Postal Service false representation order entered within five years of the date of this Joinder and Subscription Agreement, or being, as of the date of this Joinder and Subscription Agreement, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations.

If the Subscriber engaged in one of the "disqualifying events" described above or as otherwise set forth in Rule 506 of Regulation D, it must inform the Company and provide information regarding the disqualifying event including the date of such event. If in the future, the Subscriber can no longer make this representation, it must promptly notify the Company and provide information regarding the disqualifying event including the date of any such event. The Subscriber specifically consents to the disclosure of any such disqualifying event to any other third-parties as the Company may deem necessary to ensure the Company can continue to claim the Rule 506 safe harbor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Compliance with Anti-Money Laundering Regulations, etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber acknowledges that due to anti-money laundering regulations within their respective jurisdictions, the Company and/or any administrator acting on behalf of the Company may require further documentation verifying the Subscriber's identity and the source of funds used to purchase the Securities before this Joinder and Subscription Agreement can be processed or accepted. To comply with applicable U.S. anti-money laundering legislation and regulations, the Subscriber agrees that all payments by the Subscriber to the Company and all distributions to the Subscriber from the Company will only be made in the Subscriber's name and to and from a bank account of a bank based or incorporated in or formed under the laws of the United States or a bank that is not a "foreign shell bank" within the meaning of the United States Bank Secrecy Act (31 U.S.C. § 5311 et seq.), as amended (the "***Bank Secrecy Act***"), and the regulations promulgated thereunder by the United States Department of the Treasury, as such regulations may be amended from time to time. The Subscriber further agrees to provide the Company at any time with such information as the Company determines to be necessary and appropriate to verify compliance with the anti-money laundering regulations of any applicable jurisdiction or to respond to requests for information concerning the identity of Subscriber from any governmental authority, self-regulatory organization or financial institution in connection with its anti-money laundering compliance procedures, and to update such information as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subscriber represents that the amounts to be contributed by the Subscriber to the Company will not be directly or indirectly derived from activities that may contravene federal, state or international laws and regulations, including anti-money laundering laws and regulations.<sup>1</sup> The Subscriber represents and warrants that none of: (i) the Subscriber; (ii) any Person controlling or controlled by the Subscriber; (iii) if the Subscriber is a privately held entity, any Person having a beneficial interest in the Subscriber; (iv) any Person for whom the Subscriber is acting as agent or nominee in connection with the purchase of the Securities is (1) a country, territory, individual or entity named on a list maintained by OFAC, (2) a Person prohibited under the OFAC Programs, (3) a senior foreign political figure,<sup>2</sup> or any immediate family member or close associate<sup>3</sup> of a senior foreign political figure as such terms are defined in the footnotes hereto, (4) a "foreign shell bank"<sup>4</sup> within the meaning of the Bank Secrecy Act and the regulations promulgated thereunder by the United States Department of the Treasury or (5) a person or entity subject to additional restrictions imposed by the following statutes or regulations and executive orders issued thereunder: the Trading with the Enemy Act, the Iraq Sanctions Act, the National Emergencies Act, the Antiterrorism and Effective Death Penalty Act of 1996, the International Emergency Economic Powers Act, the United Nations Participation Act, the International Security and Development Cooperation Act, the Nuclear Proliferation Prevention Act of 1994, the Foreign Narcotics Kingpin Designation Act, the Iran and Libya Sanctions Act of 1996, the Cuban Democracy Act, the Cuban Liberty and Democratic Solidarity Act and the Foreign Operations, Export Financing and Related Programs Appropriations Act, or any other law of similar import as to any non-U.S. country, as each such act or law has been or may be amended, adjusted, modified or reviewed from time to time or (6) a person or entity resident in or whose subscription funds are transferred through a jurisdiction identified as non-cooperative<sup>5</sup> by the Financial Action Task Force. Such Persons in (1) through (6) are collectively referred to as "***Prohibited Persons***."

<sup>1</sup> Federal regulations and executive orders administered by the U.S. Department of the Treasury's Office of Foreign Assets Control ("***OFAC***") prohibit, among other things, the engagement in transactions with, and the provision of services to, certain foreign countries, territories, entities and individuals. These individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo programs, including the List of Specially Designated Nationals and Blocked Persons, as such list may be amended from time to time, or any executive order administered by OFAC. The lists of OFAC prohibited countries, territories, persons and entities can be found on the OFAC website at www.treasury.gov/resource-center/sanctions. In addition, certain programs administered by OFAC (the "***OFAC Programs***") prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on the lists maintained by OFAC.

<sup>2</sup> A "***senior foreign political figure***" is defined as a senior official in the executive, legislative, administrative, military, or judicial branches of a foreign government (whether elected or not), a senior official of a major foreign political party, or a senior executive of a foreign government-owned corporation. In addition, a "senior foreign political figure" includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior foreign political figure.

<sup>3</sup> A "***close associate***" of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of the senior foreign political figure.

<sup>4</sup> "***Foreign Shell Bank***" means a Foreign Bank without a Physical Presence in any country, but does not include a Regulated Affiliate. "***Foreign Bank***" means an organization that: (i) is organized under the laws of a non-U.S. country; (ii) engages in the business of banking; (iii) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations; (iv) receives deposits to a substantial extent in the regular course of its business; and (v) has the power to accept demand deposits, but does not include the U.S. branches or agencies of a foreign bank. "***Physical Presence***" means a place of business that is maintained by a Foreign Bank and is located at a fixed address, other than solely a post office box or an electronic address, in a country in which the Foreign Bank is authorized to conduct banking activities, at which location the Foreign Bank: (i) employs one or more individuals on a full-time basis; (ii) maintains operating records relating to its banking activities; and (iii) is subject to inspection by the banking authority that licensed the Foreign Bank to conduct banking activities. "***Regulated Affiliate***" means a Foreign Shell Bank that: (i) is an affiliate of a depository institution, credit union, or Foreign Bank that maintains a Physical Presence in the United States or a non-U.S. country, as applicable; and (ii) is subject to supervision by a banking authority in the country regulating such affiliated depository institution, credit union, or Foreign Bank.

<sup>5</sup> "***Non-cooperative jurisdictions***" are non-U.S. countries that have been designated as high-risk or non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering ("***FATF***"), of which the U.S. is a member and with which designation the U.S. representative to the group or organization continues to concur. The FATF list of non-cooperative jurisdictions is found at http://www.fatf-gafi.org.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition, if the Subscriber is a "financial institution" as such term is defined in the Bank Secrecy Act and the regulations promulgated thereunder by the United States Department of the Treasury, as such regulations may be amended from time to time, the Subscriber represents and warrants that the Subscriber has anti-money laundering policies and procedures in place reasonably designed to collect information with respect to and verify the identity of the Subscriber's Subscribers or customers. In this regard, the Subscriber hereby represents and warrants that it is not a Prohibited Person. The representations and warranties set forth in this Section 7 shall be deemed repeated and reaffirmed by the Subscriber as of each date that the Subscriber makes a contribution or commitment of capital to the Company, and if at any time during the term of the Company the representations and warranties set forth in this Section 13 shall cease to be true, the Subscriber shall promptly so notify the Manager of the Company in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent the Subscriber has beneficial owners or is an intermediary subscribing for an Interest on behalf of one or more Subscribers or beneficial owners (collectively, "***Owners***"): (i) the Subscriber has carried out due diligence as required by applicable law to establish the identities of all such Owners; (ii) based on such due diligence, the Subscriber reasonably believes that no such Owners are Prohibited Persons; (iii) the Subscriber has conducted enhanced due diligence on any Owner who is a senior foreign political figure; (iv) based on such enhanced due diligence, the Subscriber has no reason to believe that the funds invested by each such senior foreign political figure involve the proceeds of official corruption; (v) the Subscriber has no reason to believe that the funds invested or to be invested by Owners were derived from activities that may contravene any U.S. or non-U.S. anti-money laundering laws or regulations; (vi) the Subscriber holds the evidence of such identities and status and will maintain all such evidence for at least five (5) years from the date of the Subscriber's complete redemption of all Securities in the Company; and (vii) the Subscriber will make available such information and any additional information requested by the Company or the Manager that is required under applicable regulations, to the extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Subscriber understands and agrees that the Company may not accept any amounts from a prospective Subscriber if such Subscriber cannot make the representations set forth in this Section 13. If an existing Member cannot make these representations at any time after the admission of such Member to the Company, the Manager may require the redemption of such Member's Interests. The Subscriber further understands and agrees that, by law, the Company may be obligated to "freeze" the Subscriber's account, by prohibiting additional contributions from the Subscriber, declining any redemption requests and/or segregating the assets in the account in compliance with governmental regulations and the Company may also be required to report such action and to disclose the Subscriber's identity to OFAC. The Subscriber further acknowledges that the Company may, by written notice to the Subscriber, suspend the Subscriber's distributions and redemption rights if the Company reasonably deems it necessary to do so to comply with anti-money laundering regulations applicable to the Company, the Company or any of the Company's other service providers, including the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Survival</u>. The representations and warranties of the Subscriber set forth herein shall survive the sale of the Securities pursuant to this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Notices</u>. All notices or other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered personally or mailed by certified or registered mail, return receipt requested, postage prepaid, as follows: if to the Subscriber, to the address set forth below; and if to the Company to the address at the beginning of this Subscription Agreement, or to such other address as the Company or the Subscriber shall have designated to the other by like notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Governing Law</u>. This Subscription Agreement shall be governed by and construed in accordance with the internal laws (and not the law of conflicts) of the State of Colorado. The parties hereby consent to the non-exclusive jurisdiction of the courts of the State of Colorado and any federal or state court located in Denver, Colorado for any action arising out of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>LIMITATION OF LIABILITY AND CLASS ACTION WAIVER</u>**. SUBSCRIBER HEREBY WAIVES ANY RIGHT TO SEEK ANY TYPE OF DAMAGES OTHER THAN COMPENSATORY DAMAGES, INCLUDING BUT NOT LIMITED TO CONSEQUENTIAL DAMAGES AND PUNITIVE DAMAGES. SUBSCRIBER HEREBY FURTHER WAIVES THE RIGHT TO BRING A CLASS ACTION LAWSUIT. THIS IS A CLASS ACTION WAIVER THAT APPLIES TO ALL DISPUTES ARISING OUT OF THIS INVESTMENT, INCLUDING BUT NOT LIMITED TO ANY DISPUTES WITH THE COMPANY, ITS PLACEMENT AGENT, OR ITS DEALERS, AND ALL OF THEIR EMPLOYEES, AGENTS, REPRESENTATIVES, OFFICERS, DIRECTORS, OR ATTORNEYS. THE PLACEMENT AGENT OR ITS DEALERS, AND ALL OF THEIR EMPLOYEES, AGENTS, REPRESENTATIVES, OFFICERS, DIRECTORS, OR ATTORNEYS ARE THIRD-PARTY BENEFICIARIES OF THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Entire Agreement</u>. This Agreement, including the appendices hereto, constitutes the entire agreement, and supersedes all prior agreements or understandings, among the parties hereto with respect to the subject matter hereof.

**IN NO EVENT WILL THE COMPANY, OR ANY OF ITS AFFILIATES OR THE PROFESSIONAL ADVISORS ENGAGED BY THEM BE LIABLE IF FOR ANY REASON THE COMPANY'S RESULTS OF OPERATIONS OF THE COMPANY ARE NOT AS PROJECTED IN THE DOCUMENTS, AS DEFINED HEREIN. SUBSCRIBERS MUST LOOK SOLELY TO, AND RELY ON, THEIR OWN ADVISORS WITH RESPECT TO THE FINANCIAL, TAX AND OTHER CONSEQUENCES OF INVESTING IN THE SECURITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Title. Manner in Which Title is To Be Held.

Place an "X" in one space below:

(a) Individual Ownership

(b) Community Property

(c) Joint Tenant with Right of Survivorship (both parties must sign)

(d) Partnership

(e) Tenants in Common

(f) Corporation

(g) Trust

(h) Other (Describe):

Please print above the exact name(s) in which the Securities are to be held.

20. <u>State of Residence</u>. The Subscriber's state of residence and the state in which the Subscriber received the offer to invest and made the decision to invest in the Securities is: ______________________

21. <u>Liquidity</u>. I represent that I have full and a complete understanding that a private placement is an illiquid investment and I have no liquidity needs with regards to this investment.

Initial:______

**SIGNATURES BEGIN ON NEXT PAGE**

**SIGNATURES**

The Subscriber hereby represents that it has read this entire Subscription Agreement.

Dated: _____________________

**INDIVIDUAL (includes Community Property, Joint Tenants, Tenants-in-Common)**

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| | |
|:---|:---|
|  | Address to Which Correspondence Should be Directed |
| Signature (Individual) |  |
| Signature (All record holders should sign) | City, State and Zip Code |
| Name(s) Typed or Printed | Tax Identification or Social Security Number |
| | ()_____________________________________ |
|  | Telephone Number |

---

**CORPORATION, PARTNERSHIP, TRUST, RETIREMENT ACCOUNT OR OTHER ENTITY**

---

| | | |
|:---|:---|:---|
| Name of Entity | Name of Entity | Address to Which Correspondence Should be Directed |
| By: |  |  |
|  | \*Signature | City, State and Zip Code |
| Its: |  |  |
|  | Title | Tax Identification or Social Security Number |
|  |  | ()_____________________________________ |
| Name Typed or Printed | Name Typed or Printed | Telephone Number |

---

\*If Securities are being subscribed for by an entity, the Certificate of Signatory must also be completed.

**\*For Entity/Institutional Subscribers**:

To help the government fight financial crime, Federal regulation requires certain financial institutions to obtain, verify, and record information about the beneficial owners of legal entity customers. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes. Requiring the disclosure of key individuals who own or control a legal entity (i.e. the beneficial owners) helps law enforcement investigate and prosecute these crimes.

The following individuals must provide the information below:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 individual, if any, who owns, directly or indirectly, 25% or more of the equity interests
 of the legal entity customers; AND

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 individual with significant responsibility for managing the legal entity (e.g., a CEO, CFO,
 COO, Managing Member, General Partner, President, Vice President, Treasurer, etc).

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Title** | **Percentage of Ownership** | **Date of Birth** | **Address** | **For U.S. Persons:**<br> **Social Security Number** | **For Foreign Persons:**<br> **Passport Number and Country of Issuance** |

---

**Please attach additional sheets if needed.**

**CERTIFICATE OF SIGNATORY**

**To be completed if Securities are being subscribed for by an entity.**

I,________________________________________ , am the _________________________________ of ______________________________________________________ (the "Entity").

I certify that I am empowered and duly authorized by the Entity to execute and carry out the terms of the Subscription Agreement and Letter of Investment Intent and to purchase and hold the Securities, and certify that the Subscription Agreement and Letter of Investment Intent has been duly and validly executed on behalf of the Entity and constitutes a legal and binding obligation of the Entity.

IN WITNESS WHEREOF, I have hereto set my hand this ______ day of ____________, 2025. ____________________________________________________________________________

**ACCEPTANCE** 

This Subscription Agreement is accepted as of ____________________________, 2025

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| | |
|:---|:---|
| Vitro Biopharma, Inc. | Vitro Biopharma, Inc. |
| By: |  |
|  | Christopher Furman, CEO |

---

**SUBSCRIPTION INSTRUCTIONS**

Subscribers for the Units are required to deliver to the Company the dated and executed Subscription Agreement and wire funds to the Company

**Company Wiring Instructions will be provided under separate cover**

---

| | |
|:---|:---|
| Bank Name: | 1st Century Bank |
|  | 1875 Century Park East |
|  | Suite 100 |
|  | Los Angeles, CA 90067 |
| ABA No. | \*\*\*\*\*3761 |
| Acct. Name: | Vitro Biopharma Inc |
| Acct. No.: | \*\*\*\*\*\*7490 |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Christopher Furman, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q for the period ended April 30, 2025 of Vitro Biopharma, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 20, 2025

---

| | |
|:---|:---|
| By: | */s/ Christopher Furman* |
| Name: | Christopher Furman |
| Title: | Chief Executive Officer (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Thomas W. Ohrt, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q for the period ended April 30, 2025 of Vitro Biopharma, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 20, 2025

---

| | |
|:---|:---|
| By: | */s/ Thomas W. Ohrt* |
| Name: | Thomas W. Ohrt |
| Title: | Chief Financial Officer |
|  | (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350**

**as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Christopher Furman, the Chief Executive Officer of Vitro Biopharma, Inc. (the "**Company**"), hereby certify, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Quarterly Report on Form 10-Q of the Company for the period ended April 30, 2025 (the "**Report**") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 20, 2025

---

| | |
|:---|:---|
| By: | */s/ Christopher Furman* |
| Name: | Christopher Furman |
| Title: | Chief Executive Officer (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350**

**as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Thomas W. Ohrt, the Chief Financial Officer of Vitro Biopharma, Inc. (the "**Company**"), hereby certify, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Quarterly Report on Form 10-Q of the Company for the period ended April 30, 2025 (the "**Report**") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 20, 2025

---

| | |
|:---|:---|
| By: | */s/ Thomas W. Ohrt* |
| Name: | Thomas W. Ohrt |
| Title: | Chief Financial Officer |
|  | (Principal Financial Officer and Principal Accounting Officer) |

---