Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Jan. 17, 2014 | |
Document and Entity Information: | ' | ' |
Entity Registrant Name | 'GENETHERA INC | ' |
Document Type | '10-K | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001017110 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 31,481,590 |
Entity Public Float | ' | $23,711 |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Statement_of_Financial_Positio
Statement of Financial Position (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Balance Sheets | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $1,331 | $1,055 |
Accounts Receivable, Net, Current | 15,000 | 5,718 |
Assets, Current | 16,331 | 6,773 |
Property, Plant and Equipment, Gross | 12,762 | 46,808 |
Other Assets, Noncurrent | 7,000 | 7,000 |
Assets, Noncurrent | 19,762 | 53,808 |
Assets | 36,093 | 60,581 |
Accounts Payable, Current | 1,191,148 | 1,035,436 |
AccountsPayableRelatedPartiesCurrent | 314,652 | 173,573 |
Accrued Liabilities, Current | 2,261,572 | 1,877,547 |
Notes Payable, Current | 10,800 | 10,800 |
ConvertibleNotesPayable | 895,162 | 882,716 |
Loans Payable, Current | 645,271 | 645,271 |
Liabilities, Current | 5,318,605 | 4,625,343 |
Liabilities | 5,318,605 | 4,625,343 |
Preferred Stock, Value, Issued | 15,415 | 15,415 |
Common Stock, Value, Issued | 31,481 | 25,960 |
Additional Paid in Capital, Common Stock | 18,073,871 | 17,743,332 |
Retained Earnings (Accumulated Deficit) | -23,403,279 | -22,346,418 |
Stockholders' Equity Attributable to Noncontrolling Interest | ' | -3,051 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -5,282,512 | -4,564,762 |
Liabilities and Equity | $36,093 | $60,581 |
Statement_of_Financial_Positio1
Statement of Financial Position - Parenthetical (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Shares Issued | 31,481,590 | 25,960,596 |
Common Stock, Shares Outstanding | 31,481,590 | 25,960,596 |
Series A | ' | ' |
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 4,600 | 4,600 |
Preferred Stock, Shares Outstanding | 4,600 | 4,600 |
Series B | ' | ' |
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Preferred Stock, Shares Issued | 15,410,000 | 6,320,000 |
Preferred Stock, Shares Outstanding | 15,410,000 | 6,320,000 |
Statement_of_Income
Statement of Income (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement | ' | ' |
ProfessionalFees | ' | $240,000 |
Other Depreciation and Amortization | 15,538 | 36,288 |
Other Cost and Expense, Operating | ' | 355,792 |
General and Administrative Expense | 682,686 | 670,331 |
LaborAndRelatedExpense | 384,000 | 357,750 |
Other General Expense | 17,736 | 147,228 |
Operating Expenses | 1,099,960 | 1,807,389 |
Operating Income (Loss) | -1,099,960 | -1,807,389 |
Gain (Loss) on Disposition of Intangible Assets | 50,793 | ' |
ForeignCurrencyTransactionGainLossRealized | -10,681 | -3,331 |
Nonoperating Income (Expense) | 40,112 | -3,331 |
Interest Expense | ' | 1,072 |
Interest and Debt Expense | ' | 1,072 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -1,059,848 | -1,811,792 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 2,987 | 20,382 |
Net Income (Loss) Attributable to Parent | -1,056,861 | -1,791,410 |
ComprehensiveIncomeNetOfTax | ($1,056,861) | ($1,791,410) |
Earnings Per Share, Basic | ($0.04) | ($0.07) |
Weighted Average Number of Shares Outstanding, Basic | 28,825,496 | 25,041,880 |
Earnings Per Share, Diluted | ($0.04) | ($0.07) |
Weighted Average Number of Shares Outstanding, Diluted | 28,825,496 | 25,041,880 |
Statement_of_Shareholders_Equi
Statement of Shareholders' Equity and Other Comprehensive Income (USD $) | Common Stock | SeriesAPreferredStockMember | SeriesBPreferredStockMember | Additional Paid-in Capital | Retained Earnings | NoncontrollingInterestMember | Total |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2011 | $23,710 | $5 | $15,410 | $17,480,582 | ($20,555,008) | $17,331 | ($3,017,970) |
Shares, Outstanding at Dec. 31, 2011 | 23,710,596 | 4,600 | 15,410,000 | ' | ' | ' | 39,125,196 |
Stock Issued During Period, Value, New Issues | 1,250 | ' | ' | 23,750 | ' | ' | 25,000 |
Stock Issued During Period, Shares, New Issues | 1,250,000 | ' | ' | ' | ' | ' | 1,250,000 |
StockIssuedDuringPeriodValueIssuedForServices | 1,000 | ' | ' | 239,000 | ' | ' | 240,000 |
Stock Issued During Period Shares Issued For Services | 1,000,000 | ' | ' | ' | ' | ' | 1,000,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | -1,791,410 | -20,382 | -1,811,792 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2012 | 25,960 | 5 | 15,410 | 17,743,332 | -22,346,418 | -3,051 | -4,564,762 |
Shares, Outstanding at Dec. 31, 2012 | 25,960,596 | 4,600 | 15,410,000 | ' | ' | ' | 41,375,196 |
Stock Issued During Period, Value, New Issues | 1,000 | ' | ' | -800 | ' | ' | 200 |
Stock Issued During Period, Shares, New Issues | 1,000,000 | ' | ' | ' | ' | ' | 1,000,000 |
Stock Issued During Period, Value, Other | 128 | ' | ' | 2,426 | ' | ' | 2,554 |
Stock Issued During Period, Shares, Other | 127,700 | ' | ' | ' | ' | ' | 127,700 |
StockIssuedDuringPeriodValueIssuedForServices | 4,393 | ' | ' | 326,413 | ' | ' | 330,806 |
Stock Issued During Period Shares Issued For Services | 4,393,294 | ' | ' | ' | ' | ' | 4,393,294 |
Adjustments to Additional Paid in Capital, Other | ' | ' | ' | 2,500 | ' | ' | 2,500 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | -1,056,861 | -2,987 | -1,059,848 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2013 | 31,481 | 5 | 15,410 | 18,073,871 | -23,403,279 | ' | -5,282,512 |
Noncontrolling Interest at Dec. 31, 2013 | ' | ' | ' | ' | ' | $6,038 | $6,038 |
Shares, Outstanding at Dec. 31, 2013 | 31,481,590 | 4,600 | 15,410,000 | ' | ' | ' | 46,896,190 |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Net Cash Provided by (Used in) Operating Activities | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ($1,059,848) | ($1,811,792) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ' | ' |
Depreciation | 15,538 | 36,288 |
Restructuring Costs and Asset Impairment Charges | -50,793 | 355,792 |
Allocated Share Based Compensation Expense | 333,306 | ' |
Adjustment of Warrants Granted for Services | ' | 240,000 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -761,797 | -1,179,712 |
Increase (Decrease) in Operating Assets | ' | ' |
Increase Decrease In Receivables | -2,827 | 3,500 |
Increase (Decrease) in Operating Assets | -2,827 | 3,500 |
Increase (Decrease) in Operating Liabilities | ' | ' |
Increase (Decrease) in Accounts Payable | ' | 173,212 |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 625,936 | 397,589 |
Increase (Decrease) in Operating Capital | 625,936 | 570,801 |
Net Cash Provided by (Used in) Operating Activities | -138,688 | -605,411 |
Net Cash Provided by (Used in) Investing Activities | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | -45,482 |
Payments to Acquire Other Investments | -725 | ' |
Net Cash Provided by (Used in) Investing Activities | -725 | -45,482 |
Net Cash Provided by (Used in) Financing Activities | ' | ' |
Proceeds from (Repayments of) Notes Payable | ' | 575,497 |
Proceeds from (Repayments of) Related Party Debt | 141,079 | ' |
Proceeds from Issuance of Common Stock | 200 | 25,000 |
Proceeds from Contributed Capital | ' | 55,468 |
Net Cash Provided by (Used in) Financing Activities | 141,279 | 655,965 |
Effect of Exchange Rate on Cash and Cash Equivalents | -1,590 | -5,453 |
Cash and Cash Equivalents, Period Increase (Decrease) | 276 | -381 |
Cash and Cash Equivalents, at Carrying Value | 1,055 | 1,436 |
Cash and Cash Equivalents, at Carrying Value | $1,331 | $1,055 |
Note_1_Organization_Nature_of_
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies | ' |
Note 1 – Organization, nature of operations and summary of significant accounting policies | |
Organization and nature of operations | |
The consolidated financial statements include GeneThera, Inc. and its wholly owned subsidiary GeneThera, Inc. (Colorado) (collectively “GeneThera” or the “Company”). In addition, the Company has a 90% ownership (increased from 50% on January 2, 2012) in Applied Genetics S.A. de C.V. (“Applied Genetics”), a Mexico Company which was formed on September 28, 2007, but which had no business activities until 2012. | |
GeneThera is a biotechnology company that develops molecular assays for the detection of food contaminating pathogens, veterinary diseases and genetically modified organisms. | |
Use of estimates | |
The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. There were no revenues from the subsidiary in Mexico due to lack of reliable funding. | |
Cash and cash equivalents | |
Cash equivalents are highly liquid investments with an original maturity of three months or less. | |
Principles of consolidation | |
The consolidated financial statements include the accounts of the Company, its controlled subsidiary and our subsidiary which we own 90% of and are the primary beneficiary. Our Mexican subsidiary was shut down due to lack of funding in 2013 and all assets abandoned. | |
Property and equipment, net | |
Property and equipment consists primarily of office and laboratory equipment and leasehold improvements and is stated at cost. Depreciation is computed on a straight-line basis over the estimated useful lives ranging from five to seven years. Leasehold improvements are amortized over the shorter of their economic lives or lease terms. | |
Impairment of long-lived assets | |
The Company reviews the recoverability of its long-lived assets to determine whether events or changes in circumstances occurred that indicate the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on the ability to recover the carrying value of the asset from the expected future cash flows of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between the estimated fair value and carrying value. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. | |
Revenue recognition | |
Research and development contracts are on a pre-paid basis in order to reflect milestones during research investigation. Revenues are recognized when services are completed. There were no revenues during the years ended December 31, 2013 and 2012. | |
Stock-Based Compensation | |
Stock-based compensation is accounted for under FASB ASC Topic No. 718 – Compensation – Stock Compensation. The guidance requires recognition in the financial statements of the cost of employee services received in exchange for an award of equity instruments over the period the employee is required to perform the services in exchange for the award (presumptively the vesting period). The guidance also requires measurement of the cost of employee services received in exchange for an award based on the grant-date fair value of the award. The Company accounts for non-employee share-based awards in accordance with guidance related to equity instruments that are issued to other than employees for acquisition, or in conjunction with selling, goods or services. | |
Income taxes | |
Income taxes are accounted for in accordance with the provisions of FASB ASC Topic No. 740 - Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized. | |
Basic and diluted net loss per common share | |
Basic and diluted net loss per share calculations are presented in accordance with FASB ASC Topic No. 260 – Earnings per Share, and are calculated on the basis of the weighted average number of common shares outstanding during the period. Diluted net loss per share calculations includes the dilutive effect of common stock equivalents in years with net income. Basic and diluted loss per share is the same due to the absence of common stock equivalents. | |
Fair value of financial instruments | |
The carrying value of cash, accounts payable and accrued expenses approximates fair value due to the short term nature of these accounts. | |
Recently issued accounting pronouncements | |
The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant effect on its consolidated financial position or results of operations. | |
Note 2- Going Concern | |
As reflected in the accompanying consolidated financial statements, the Company has an accumulated deficit of $23,416,418 and negative working capital of $5,323,951 as of December 31, 2013. This raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on its ability to raise additional capital and implement its business plan. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. | |
Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern. | |
Note_3_Accrued_Expenses
Note 3 - Accrued Expenses | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Notes | ' | ||||
Note 3 - Accrued Expenses | ' | ||||
Note 3 – Accrued expenses | |||||
The following is the breakdown of the Company’s accrued expenses as of December 31, 2013 and 2012: | |||||
2013 | 2012 | ||||
Accrued officer salaries | $ | ||||
$ 2,130,904 | 1,746,904 | ||||
Accrued interest | 24,237 | 24,237 | |||
Accrued expenses- other | 106,431 | 106,406 | |||
Total accrued expenses | $ | $ | |||
2,261,572 | 1,877,547 | ||||
Note_4_Related_Party_Transacti
Note 4 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 4 - Related Party Transactions | ' |
Note 4 – Related party transactions | |
The Company has an outstanding loan payable to Antonio Milici, its CEO and shareholder amounting to $645,271 as of December 31, 2013 and 2012, respectively. This outstanding loan to the Company is unsecured and non-interest bearing. | |
The Company issued 6,400,000 Series B Preferred shares to its CEO during 2011; these shares were issued as restitution for the CEO converting 1,000,000 Preferred shares (“Series B”) into 10,000,000 common shares in 2009. The 6,400,000 Preferred shares (“Series B”) are convertible into common shares (see note 7). The Preferred shares were valued using a price of $0.05, which is 10 times the stock price of $0.005, the Company’s stock price on the date of issuance. The Company recorded a total of $320,000 in restitution expense. | |
The Company issued 2,690,000 Series B Preferred shares to its CFO during 2011; these shares were issued for compensation. The Preferred shares (“Series B”) are convertible into common shares (see note 7). The Preferred shares were valued using a price of $0.05, which is 10 times the stock price of $0.005, the Company’s stock price on the date of issuance. The Company recorded a total of $134,500 in compensation expense. | |
As of December 31, 2013, the Company still owes Setna Holdings, a related party $173,573. The total is non- interest bearing and due on demand. | |
The Company has amounts receivable from these related parties of $15,000 and $5,718 as of December 31, 2013 and 2012, respectively. | |
Note_6_Convertible_Notes_Payab
Note 6 - Convertible Notes Payable | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 6 - Convertible Notes Payable | ' |
Note 6 – Convertible notes payable | |
During 2011, the Company received $392,267 in total from a single investor, plus $10,800 issued to other investors. These amounts are repayable on demand with 8% interest. $85,048 was converted into common shares during 2011, leaving a balance of $318,020 principal and $21,975 accrued interest as of December 31, 2011. These amounts were converted into common shares during 2011. There are no payments owed on these notes. As of December 31, 2013, the Company does not owe any principle amount of $882,716 to single investor due to the escrow agreement stipulation of “All or nothing;” and 10,800. There is no accrued interest as of December 31, 2012 is $24,237. | |
On September 8, 2011, an investor agreed to invest a total of $1,000,000 on or before September 30, 2012, and was to receive their 24,000,000 common shares back upon the completion of such investment at a share price of $0.0416. To date, the investor has invested $882,716, this has been invested in the form of escrow agreement; there were no convertible notes to date because they had to invest the additional $1M to get those shares. The Company evaluated the embedded conversion features within the convertible debt under ASC 815 “Derivatives and Hedging” and determined the embedded conversion feature should be classified in equity. On September 30, 2012, Gold X Change defaulted on the Escrow Agreement by failing to complete the $1 million investment stipulated on the Escrow Agreement on that specific period of time. No extension was granted and no settlement agreement has been reached. | |
On December 11, 2013, the Company signed a Subordinated Convertible Promissory Note with Bruiser Investments, LLC in the amount of $15,000. Currently, the entity opted to do conversion to GTHR stock. | |
The Company has also recognized $2,500 beneficial conversion feature relating to the convertible debt. | |
Note_7_Shareholders_Equity
Note 7- Shareholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 7- Shareholders' Equity | ' |
Note 7- Shareholders’ equity | |
Convertible preferred stock rights | |
Preferred Stock (‘Series A’) shall be convertible into Common Stock any time at the holder’s sole discretion in part or in whole by dividing the Purchase Price per Share by 110% of the Market Value on the Closing Date. ‘Market Value’ on any given date shall be defined as the average of the lowest three intra-day trading prices of the Company’s common stock during the 15 immediately preceding trading days. | |
Preferred Stock (“Series B”) shall be convertible into ten common shares at any time and holders are entitled to 20 common share votes per such preferred share. | |
The Company analyzed Preferred Stock (“Series A and B”) for embedded conversion option for derivative accounting consideration under ASC 815-15 “Derivatives and Hedging “and determined that the conversion options should be classified as equity. | |
Because it is theoretically possible that full conversion of all convertible preferred and convertible notes would exceed the authorized number of common shares, the CEO and majority shareholder has agreed not to convert enough preferred shares to cause such an event. This avoids derivatives valuation. | |
Common stock | |
For the year ended December 31, 2013 | |
During 2013, the Company issued 5,393,294 shares valued at $331,006 for services. | |
During 2013, the Company issued 127,700 shares at $0.02 per share to settle debt of $2,554. | |
For the year ended December 31, 2012 | |
During 2012, the Company issued 1,000,000 shares valued at $240,000 for services. | |
During 2012, the Company sold 1,250,000 shares at $0.02 per share for total proceeds of $25,000. | |
2004 Equity Incentive Plan Does this still exists in our books? I think it expired a couple years ago… | |
****The Company’s 2004 Senior Executive Officer Option Plan provides for the grant of equity incentives to senior employees of the Company. A maximum of 3,000,000 common shares are available for issuance under the 2004 Plan. | |
Note_8_Commitments_and_Conting
Note 8 - Commitments and Contingencies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Notes | ' | ||
Note 8 - Commitments and Contingencies | ' | ||
Note 8 – Commitments and contingencies | |||
Operating leases | |||
On November 30, 2010, the Company signed a 38-month lease agreement commencing on December 1, 2010. The office space is located in Westminster, Colorado. The space is approximately 9,681 square feet intended specifically for a biotechnology company’s use. The base rent was free during the first and second months; another free month rate is still due to the Company thanks to the three-year lease: one free month for each year leased; $7,000 per month during the next 12 months; $10,970 during the following 12 succeeding months; and $12,584 during the last 12 months, for a total guaranteed base rent of $366,648 during the 38-month lease term. This lease expires on January 31, 2014 and required a security deposit of $7,000. The Company is in the process of renewing this lease for an additional 6 years at $7,000 per month lease payment throughout the duration of the first three years of the lease; the remaining three years would be negotiated in 2017. | |||
During 2011, the Company signed a 62 month lease commencing on June 13, 2011 for 3,100 square feet of space in Monterrey, Mexico. The base rent was free during the first and second months and approximately $3,000 per month thereafter. | |||
Years ended December 31 | Operating Leases | ||
2014 | 67,412 | ||
2015 | 54,828 | ||
Thereafter | 27,414 | ||
Total minimum lease payments | $ 149,654 | ||
Total rent expense for 2013 and 2012 was $149,394 and $182,498, respectively. | |||
Employment agreements | |||
On January 8, 2012, the Company entered into an employment agreement with its chief executive officer and scientific officer for a five year term and providing for compensation of $18,000 per month. On the same date, the Company also entered into an employment agreement with its chief administrative and financial officer for a five year term and providing for compensation of $14,000 per month. Both employment contracts expire on January 7, 2017. | |||
Legal contingencies | |||
The Company is involved in claims arising during the ordinary course of business resulting from disputes with vendors and shareholders over various contracts and agreements. | |||
Note_9_Income_Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 9 - Income Taxes | ' |
Note 9 – Income taxes | |
The Company has no current or deferred income tax due to its operating losses. | |
The Company has a federal net operating loss carry forward at December 31, 2013 and 2012 of $9,741,795 and $9,027,598, respectively, subject to Section 382 annual limitations prescribed by the Internal Revenue Code, that are available to offset future taxable income through 2029. Net deferred taxes are $3,409,628[j1] and $3,159,659 as of December 31, 2013 and 2012. A 100% valuation allowance has been recorded to offset the net deferred taxes due to uncertainty of the Company’s ability to generate future taxable income. | |
Note_10_Subsequent_Events
Note 10 - Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 10 - Subsequent Events | ' |
Note 10 – Subsequent events | |
On February 7, 2014, the Company signed a Convertible Note with Richard Dupuis Logging, Inc. in the amount of $10,000. The investor opted to do conversion to GTHR stock. | |
On March 18, 2014, the Company signed a Subordinated Convertible Promissory Note with Elliott’s Stone Work, LLC in the amount of $10,000.00. | |
On April 8, 2014, the Company signed a Subordinated Convertible Promissory Note with Bruiser Investments, LLC in the amount of $10,000.00. | |
On April 10, 2014, the Company signed a Subordinated Convertible Promissory Note with Richard Dupuis Logging, Inc. in the amount of $15,000.00. | |
Note_1_Organization_Nature_of_1
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Organization and Nature of Operations (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Organization and Nature of Operations | ' |
Organization and nature of operations | |
The consolidated financial statements include GeneThera, Inc. and its wholly owned subsidiary GeneThera, Inc. (Colorado) (collectively “GeneThera” or the “Company”). In addition, the Company has a 90% ownership (increased from 50% on January 2, 2012) in Applied Genetics S.A. de C.V. (“Applied Genetics”), a Mexico Company which was formed on September 28, 2007, but which had no business activities until 2012. | |
GeneThera is a biotechnology company that develops molecular assays for the detection of food contaminating pathogens, veterinary diseases and genetically modified organisms. | |
Note_1_Organization_Nature_of_2
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Use of Estimates | ' |
Use of estimates | |
The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. There were no revenues from the subsidiary in Mexico due to lack of reliable funding. | |
Note_1_Organization_Nature_of_3
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Cash and Cash Equivalents | ' |
Cash and cash equivalents | |
Cash equivalents are highly liquid investments with an original maturity of three months or less. | |
Note_1_Organization_Nature_of_4
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Principles of Consolidation (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Principles of Consolidation | ' |
Principles of consolidation | |
The consolidated financial statements include the accounts of the Company, its controlled subsidiary and our subsidiary which we own 90% of and are the primary beneficiary. Our Mexican subsidiary was shut down due to lack of funding in 2013 and all assets abandoned. | |
Note_1_Organization_Nature_of_5
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Property and Equipment, Net (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Property and Equipment, Net | ' |
Property and equipment, net | |
Property and equipment consists primarily of office and laboratory equipment and leasehold improvements and is stated at cost. Depreciation is computed on a straight-line basis over the estimated useful lives ranging from five to seven years. Leasehold improvements are amortized over the shorter of their economic lives or lease terms. | |
Note_1_Organization_Nature_of_6
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Impairment of Long-lived Assets (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Impairment of Long-lived Assets | ' |
Impairment of long-lived assets | |
The Company reviews the recoverability of its long-lived assets to determine whether events or changes in circumstances occurred that indicate the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on the ability to recover the carrying value of the asset from the expected future cash flows of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between the estimated fair value and carrying value. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. | |
Note_1_Organization_Nature_of_7
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Revenue Recognition | ' |
Revenue recognition | |
Research and development contracts are on a pre-paid basis in order to reflect milestones during research investigation. Revenues are recognized when services are completed. There were no revenues during the years ended December 31, 2013 and 2012. | |
Note_1_Organization_Nature_of_8
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Stock-based Compensation (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Stock-based Compensation | ' |
Stock-Based Compensation | |
Stock-based compensation is accounted for under FASB ASC Topic No. 718 – Compensation – Stock Compensation. The guidance requires recognition in the financial statements of the cost of employee services received in exchange for an award of equity instruments over the period the employee is required to perform the services in exchange for the award (presumptively the vesting period). The guidance also requires measurement of the cost of employee services received in exchange for an award based on the grant-date fair value of the award. The Company accounts for non-employee share-based awards in accordance with guidance related to equity instruments that are issued to other than employees for acquisition, or in conjunction with selling, goods or services. | |
Note_1_Organization_Nature_of_9
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Income Taxes (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Income Taxes | ' |
Income taxes | |
Income taxes are accounted for in accordance with the provisions of FASB ASC Topic No. 740 - Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized. | |
Recovered_Sheet1
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Basic and Diluted Net Loss Per Common Share (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Basic and Diluted Net Loss Per Common Share | ' |
Basic and diluted net loss per common share | |
Basic and diluted net loss per share calculations are presented in accordance with FASB ASC Topic No. 260 – Earnings per Share, and are calculated on the basis of the weighted average number of common shares outstanding during the period. Diluted net loss per share calculations includes the dilutive effect of common stock equivalents in years with net income. Basic and diluted loss per share is the same due to the absence of common stock equivalents. | |
Recovered_Sheet2
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Fair Value of Financial Instruments | ' |
Fair value of financial instruments | |
The carrying value of cash, accounts payable and accrued expenses approximates fair value due to the short term nature of these accounts. | |
Recovered_Sheet3
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Recently Issued Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Recently Issued Accounting Pronouncements | ' |
Recently issued accounting pronouncements | |
The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant effect on its consolidated financial position or results of operations. | |
Recovered_Sheet4
Note 1 - Organization, Nature of Operations and Summary of Significant Accounting Policies: Note 2- Going Concern (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Note 2- Going Concern | ' |
Note 2- Going Concern | |
As reflected in the accompanying consolidated financial statements, the Company has an accumulated deficit of $23,416,418 and negative working capital of $5,323,951 as of December 31, 2013. This raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on its ability to raise additional capital and implement its business plan. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. | |
Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern. |
Note_3_Accrued_Expenses_Schedu
Note 3 - Accrued Expenses: Schedule of Short-term Debt (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Tables/Schedules | ' | ||||
Schedule of Short-term Debt | ' | ||||
2013 | 2012 | ||||
Accrued officer salaries | $ | ||||
$ 2,130,904 | 1,746,904 | ||||
Accrued interest | 24,237 | 24,237 | |||
Accrued expenses- other | 106,431 | 106,406 | |||
Total accrued expenses | $ | $ | |||
2,261,572 | 1,877,547 |
Note_8_Commitments_and_Conting1
Note 8 - Commitments and Contingencies: Schedule of Rent Expense (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Tables/Schedules | ' | ||
Schedule of Rent Expense | ' | ||
Years ended December 31 | Operating Leases | ||
2014 | 67,412 | ||
2015 | 54,828 | ||
Thereafter | 27,414 | ||
Total minimum lease payments | $ 149,654 |
Note_3_Accrued_Expenses_Schedu1
Note 3 - Accrued Expenses: Schedule of Short-term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Details | ' | ' |
Accrued Salaries, Current | $2,130,904 | $1,746,904 |
Deposit Liabilities, Accrued Interest | 24,237 | 24,237 |
Other Accrued Liabilities, Current | 106,431 | 106,406 |
Accrued Liabilities, Current | $2,261,572 | $1,877,547 |
Note_4_Related_Party_Transacti1
Note 4 - Related Party Transactions (Details) (USD $) | Dec. 31, 2013 |
Details | ' |
Loan Payable To Antonio MiliciIts CEO And Shareholder | $645,271 |
Due To Setna Holdings A Related Party | $173,573 |
Note_8_Commitments_and_Conting2
Note 8 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Details | ' | ' |
Operating Leases, Rent Expense | $149,394 | $182,498 |
Note_9_Income_Taxes_Details
Note 9 - Income Taxes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Details | ' | ' |
Operating Loss Carryforwards | $9,741,795 | $9,027,598 |
Deferred Tax Assets, Net of Valuation Allowance | $3,409,628 | $3,159,659 |