FLORIDA | 000-50390 | 65-1086538 | ||
(Commission | (I.R.S. Employer | |||
of Incorporation) | File Number) | Identification No.) |
Large accelerated filer | o | Accelerated filer | o |
Non-accelerated filer | o | Smaller reporting company | þ |
PART I. FINANCIAL INFORMATION | |||||
Item 1. | Financial Statements | ||||
Condensed Balance Sheets as of | 3 | ||||
Unaudited Condensed Statements of Operations for the Three | 4 | ||||
Unaudited Condensed Statement of Stockholders’ Deficit for the | 5 | ||||
Unaudited Condensed Statements of Cash Flows for the | 6 | ||||
Notes to Unaudited Condensed Financial Statements | 7 | ||||
Item 2. | Management’s Discussion and Analysis of Financial Conditions and Results of Operations. | 9 | |||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk. | 9 | |||
Item 4. | Controls and Procedures. | 10 | |||
PART II. OTHER INFORMATION | |||||
Item 1. | Legal Proceedings. | 11 | |||
Item 1A. | Risk Factors. | 11 | |||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. | 11 | |||
Item 3. | Defaults Upon Senior Securities. | 11 | |||
Item 4. | Mine Safety Disclosures | 112 | |||
Item 5. | Other Information | 11 | |||
Item 6. | Exhibits | 12 | |||
Signatures | |||||
December 31, | March 31, | June 30, | March 31, | |||||||||||||
2014 | 2014 | 2015 | 2015 | |||||||||||||
(Unaudited) | ( Unaudited ) | |||||||||||||||
ASSETS | ||||||||||||||||
Current Assets | ||||||||||||||||
Cash | $ | 100 | $ | 3 | $ | 734 | $ | 2 | ||||||||
Total Current Assets | 100 | 3 | 734 | 2 | ||||||||||||
Total Assets | $ | 100 | $ | 3 | $ | 734 | $ | 2 | ||||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||||||||||
Current Liabilities | ||||||||||||||||
Accounts payable | $ | 576 | $ | - | $ | 595 | $ | 431 | ||||||||
Accrued liabilities | 5,000 | 19,329 | 11,000 | 12,500 | ||||||||||||
Accrued liabilities - related party | 10,000 | 96,000 | 30,000 | 20,000 | ||||||||||||
Accrued interest payable - related party | - | 88,434 | ||||||||||||||
Dividends Payable - preferred convertible stock | - | 49,407 | ||||||||||||||
Loan payable-related party | 8,259 | 19,400 | 20,703 | 8,893 | ||||||||||||
Note payable-related party | - | 100,000 | ||||||||||||||
Total Current Liabilities | 23,835 | 372,570 | 62,298 | 41,824 | ||||||||||||
Commitments and Contingencies | ||||||||||||||||
Stockholders' Deficit | ||||||||||||||||
Preferred convertible stock, $1.00 par value, 2,000,000 shares authorized, none and 473,624 issued and outstanding as of December 31, 2014 and March 31, 2014, respectively | - | 473,624 | ||||||||||||||
Common stock, $0.0001 par value, 100,000,000 shares authorized, 31,396,802 and 12,998,482 issued and outstanding as of December 31, 2014 and March 31, 2014 , respectively | 3,140 | 1,300 | ||||||||||||||
Common stock, $0.0001 par value, 100,000,000 shares | Common stock, $0.0001 par value, 100,000,000 shares | |||||||||||||||
authorized, 31,396,802 issued and outstanding as of | ||||||||||||||||
June 30, 2015 and March 31, 2015 respectively | 3,140 | 3,140 | ||||||||||||||
Additional paid-in capital | 32,060,650 | 17,343,834 | 32,060,650 | 32,060,650 | ||||||||||||
Accumulated deficit | (32,087,525 | ) | (18,191,325 | ) | (32,125,354 | ) | (32,105,612 | ) | ||||||||
Total Stockholders' Deficit | (23,735 | ) | (372,567 | ) | (61,564 | ) | (41,822 | ) | ||||||||
Total Liabilities and Stockholders' Deficit | $ | 100 | $ | 3 | $ | 734 | $ | 2 |
For the Three Months Ended | ||||||||
June 30 | ||||||||
2015 | 2014 | |||||||
Operating Expenses | ||||||||
General and administrative | $ | 19,742 | $ | 13,961 | ||||
Total Operating Expenses | 19,742 | 13,961 | ||||||
Loss from Operation | 19,742 | 13,961 | ||||||
Other Income (Expenses) | ||||||||
Interest expense | - | (2,002 | ) | |||||
Total Other Income (Expense), net | - | (2,002 | ) | |||||
Net Loss before taxes | (19,742 | ) | (15,963 | ) | ||||
Net Income (Tax) Benefit | - | - | ||||||
Net Loss | (19,742 | ) | (15,963 | ) | ||||
Preferred Stock Dividends | - | (6,538 | ) | |||||
Net Loss Attributed to common shareholders | (19,742 | ) | (22,501 | ) | ||||
Weighted average number of shares outstanding | ||||||||
basic and diluted | 31,396,802 | 12,998,482 | ||||||
Net loss per share - basic and diluted | $ | (0.00 | ) | $ | (0.00 | ) | ||
Net loss per share attributable to Common Shares holders- basic and diluted | $ | (0.00 | ) | $ | (0.00 | ) |
For the Three Months | For the Nine Months | |||||||||||||||
December 31 | December 31 | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating Expenses | ||||||||||||||||
General and administrative | $ | 21,071 | $ | 18,188 | $ | 83,096 | $ | 62,921 | ||||||||
Total Operating Expenses | 21,071 | 18,188 | 83,096 | 62,921 | ||||||||||||
Loss from Operation | 21,071 | 18,188 | 83,096 | 62,921 | ||||||||||||
Other Income (Expenses) | ||||||||||||||||
Interest expense | - | (1,940 | ) | (3,365 | ) | (5,799 | ) | |||||||||
Loss on issuance of common stock | - | - | (13,798,739 | ) | - | |||||||||||
Total Other Income (Expense), net | - | (1,940 | ) | (13,802,105 | ) | (5,799 | ) | |||||||||
Net Loss before taxes | (21,071 | ) | (20,128 | ) | (13,885,201 | ) | (68,720 | ) | ||||||||
Net Income (Tax) Benefit | - | - | - | - | ||||||||||||
Net Loss | (21,071 | ) | (20,128 | ) | (13,885,201 | ) | (68,720 | ) | ||||||||
Preferred Stock Dividends | - | (6,377 | ) | (10,999 | ) | (18,897 | ) | |||||||||
Net Loss Attributed to common shareholders | (21,071 | ) | (26,505 | ) | (13,896,200 | ) | (87,617 | ) | ||||||||
Comprehensive Income | ||||||||||||||||
Foreign currency translation gain | - | - | - | - | ||||||||||||
- | - | - | - | |||||||||||||
Comprehensive Loss | (21,071 | ) | (26,505 | ) | (13,896,200 | ) | (87,617 | ) | ||||||||
Weighted average number of shares outstanding basic and diluted | 31,396,802 | 12,998,482 | 19,688,780 | 12,998,482 | ||||||||||||
Net loss per share - basic and diluted | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.71 | ) | $ | (0.01 | ) | ||||
Net loss per share attributable to Common Shares holders- basic and diluted | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.71 | ) | $ | (0.01 | ) |
Preferred Stock | Common Stock | Additional | ||||||||||||||||||||||||||
$1.00 par value | $0.0001 par value | Paid - in | Accumulated | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Total | ||||||||||||||||||||||
Balance, March 31, 2014 | 473,624 | $ | 473,624 | 12,998,482 | $ | 1,300 | $ | 17,343,834 | $ | (18,191,325 | ) | $ | (372,567 | ) | ||||||||||||||
Preferred stock Dividends | - | - | - | - | - | (10,999 | ) | (10,999 | ) | |||||||||||||||||||
Stock issued for directors fees | - | - | 300,000 | 30 | 239,970 | - | 240,000 | |||||||||||||||||||||
Stock issued for Consulting fees | - | - | 400,000 | 40 | 319,960 | - | 320,000 | |||||||||||||||||||||
Stock issued for accrued dividends | - | - | 1,208,122 | 121 | 966,377 | - | 966,498 | |||||||||||||||||||||
Stock issued to settle loans related party | - | - | 664,400 | 66 | 531,454 | - | 531,520 | |||||||||||||||||||||
Stock issued to settle loan payables | - | - | 3,835,992 | 384 | 3,068,410 | - | 3,068,794 | |||||||||||||||||||||
Stock issued to settle accounts and accrued payables | - | - | 2,517,326 | 252 | 2,013,608 | - | 2,013,860 | |||||||||||||||||||||
Conversion of convertible Preferred shares | (473,624 | ) | (473,624 | ) | 9,472,480 | 947 | 7,577,037 | - | 7,104,360 | |||||||||||||||||||
Net Loss | - | - | - | - | - | (13,885,201 | ) | (13,885,201 | ) | |||||||||||||||||||
Balance, December 31, 2014 | - | $ | - | 31,396,802 | $ | 3,140 | $ | 32,060,650 | $ | (32,087,525 | ) | $ | (23,736 | ) |
Preferred Stock | Common Stock | Additional | ||||||||||||||||||||||||||
$1.00 par value | $0.0001 par value | Paid - in | Accumulated | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Total | ||||||||||||||||||||||
Balance, March 31, 2015 | - | - | 31,396,802 | 3,140 | $ | 32,060,650 | $ | (32,105,611 | ) | $ | (41,822 | ) | ||||||||||||||||
Net Loss | - | - | - | - | - | (19,742 | ) | (19,742 | ) | |||||||||||||||||||
Balance, June 30, 2015 | - | $ | - | 31,396,802 | $ | 3,140 | $ | 32,060,650 | $ | (32,125,353 | ) | $ | (61,564 | ) |
For the Nine Months Ended December 31, | ||||||||
2014 | 2013 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | $ | (13,896,200 | ) | $ | (87,616 | ) | ||
Adjustment to reconcile net loss to net cash used in operating activities: | ||||||||
Loss on issuance of stock | 13,798,739 | |||||||
Stock issued for directors fees | 15,000 | - | ||||||
Stock issued for Consulting fees | 20,000 | - | ||||||
Operating expenses incuured by related party on behalf of the company | - | 3,658 | ||||||
Changes in operating liabilities: | ||||||||
Accrued liabilities related party | 30,000 | 46,000 | ||||||
Accrued liabilities | (14,329 | ) | 6,799 | |||||
Accrued interest related party | 3,366 | 5,799 | ||||||
Preferred dividends payable | 10,999 | 18,897 | ||||||
Accounts payable and accrued expenses | 577 | (808 | ) | |||||
Net Cash Used in Operating Activities | (31,848 | ) | (7,271 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Net Cash Used in Investing Activities | - | - | ||||||
Cash Flows from Financing Activities: | ||||||||
Loan proceeds from related parties, net | 31,945 | 7,200 | ||||||
Net Cash Provided by Financing Activities | 31,945 | 7,200 | ||||||
Effect of currency rate change on cash | - | - | ||||||
Net decrease in Cash and Cash Equivalents | 97 | (71 | ) | |||||
Cash and Cash Equivalents at Beginning of Period | 3 | 117 | ||||||
Cash and Cash Equivalents at End of Period | $ | 100 | $ | 46 | ||||
Supplemental Disclosure of Cash Flow Information: | ||||||||
Cash paid for: | ||||||||
Interest | $ | - | $ | - | ||||
Income taxes | $ | - | $ | - | ||||
Non-Cash Investing & Financing Activities: | ||||||||
Common Stock issued in connection with old debt | 411,292 | - | ||||||
Common stock issued in connection with conversion of preferred stock | 473,624 | - | ||||||
Total non-cash change | 884,916 | - |
For the Three Months Ended June | ||||||||
2015 | 2014 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | $ | (19,742 | ) | $ | (22,501 | ) | ||
Adjustment to reconcile net loss to net cash provided by (used in) | ||||||||
operating activities: | ||||||||
Changes in operating assets and liabilities: | ||||||||
Accrued Liabilities Related Party | 10,000 | 10,000 | ||||||
Accrued Liabilities | (1,500 | ) | (9,329 | ) | ||||
Accrued Interest Related Party | - | 2,002 | ||||||
Preferred Dividends Payable | - | 6,538 | ||||||
Accounts payable and accrued expenses | 164 | 1,361 | ||||||
Net Cash Used in Operating Activities | (11,078 | ) | (11,929 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Net Cash Used in Investing Activities | - | - | ||||||
Cash Flows from Financing Activities: | ||||||||
Loan proceeds from related parties, net | 11,810 | 12,100 | ||||||
Net Cash Provided by Financing Activities | 11,810 | 12,100 | ||||||
Net increase in Cash and Cash Equivalents | 732 | 171 | ||||||
Cash and Cash Equivalents at Beginning of Period | 2 | 3 | ||||||
Cash and Cash Equivalents at End of Period | $ | 734 | $ | 174 | ||||
Supplemental Disclosure of Cash Flow Information: | ||||||||
Cash paid for: | ||||||||
Interest | $ | - | $ | - | ||||
Taxes | $ | - | $ | - |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | OTHER INFORMATION |
ITEM 6. | EXHIBITS |
EXHIBIT NUMBER | DESCRIPTION | |
3(i)(a) | Articles of Incorporation of Kyto Biopharma, Inc.* | |
3(i)(b) | Articles of Amendment changing name to Kyto Biopharma, Inc.* | |
3(ii) | Bylaws of Kyto Biopharma, Inc.* | |
10.1 | Research collaboration agreement between The Research Foundation of State University of New York and B. Twelve Ltd. (Kyto Biopharma, Inc.) [dated August 19, 1999]** | |
10.2 | Collaborative Research Agreement to synthesize new vitamin B12 analogs signed between the Company and New York University [dated November 11, 1999]** | |
10.3 | Extension/Modification Research Collaboration Agreement between the Research Foundation of State University of New York and B Twelve, Inc., (Kyto Biopharma, Inc.) Modification No. 1 [dated November 01, 2000]** | |
10.4 | Debt Settlement Agreement and Put Option (dated November 2002) between Kyto Biopharma, Inc. and New York University.** | |
10.5 | Extension/Modification Research Collaboration Agreement between the Research Foundation of State University of New York and Kyto Biopharma, Inc., Modification No. 2 [dated December 2004]. ** | |
10.6 | Services Agreement between Kyto Biopharma, Inc. and Gerard Serfati [dated November 1, 2004]*** | |
Section 302 Certification of principal executive officer.** | ||
Section 302 Certification of principal financial and accounting officer.** | ||
Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 ** |
* | Filed as Exhibit to Company's Form 10-SB on September 12th, 2003, with the Securities and Exchange Commission |
** | Filed as Exhibit with this Form 10-Q. |
*** | Previously filed with Form S-8 on November 18, 2004. |
Kyto Biopharma, Inc. | |||
By: | /s/ Georges Benarroch | ||
Georges Benarroch | |||
Chief Executive Officer, principal executive officer, principal financial and accounting officer | |||