Colorado | 84-1330732 |
(State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Consolidated
Balance Sheets
|
||||||||
ASSETS
|
||||||||
December
31,
|
June
30,
|
|||||||
2006
|
2006
|
|||||||
CURRENT
ASSETS
|
(Unaudited)
|
|||||||
Cash
|
$ | 81,890 | $ | 24,548 | ||||
Accounts
receivable
|
4,631 | 16,601 | ||||||
Inventory
|
139,548 | 14,720 | ||||||
Prepaid
expenses and other assets
|
12,309 | 15,060 | ||||||
Total
Current Assets
|
238,378 | 70,929 | ||||||
FIXED
ASSETS, Net
|
||||||||
Property and
equipment
|
10,606 | 11,708 | ||||||
Total
Fixed Assets
|
10,606 | 11,708 | ||||||
OTHER
ASSETS
|
||||||||
Patents
and licenses, net
|
7,828 | 23,460 | ||||||
Other
miscellaneous assets
|
110,328 | 17,809 | ||||||
Total
Other Assets
|
118,156 | 41,269 | ||||||
TOTAL
ASSETS
|
$ | 367,140 | $ | 123,906 |
Consolidated
Balance Sheets (Continued)
|
||||||||
LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||
December
31,
|
June
30,
|
|||||||
2006
|
2006
|
|||||||
(Unaudited)
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable and accrued expenses
|
$ | 561,760 | $ | 335,488 | ||||
Notes
payable
|
113,134 | 172,122 | ||||||
Total
Current Liabilities
|
674,894 | 507,610 | ||||||
TOTAL
LIABILITIES
|
674,894 | 507,610 | ||||||
STOCKHOLDERS'
EQUITY (DEFICIT)
|
||||||||
Preferred
stock, no par value; 5,000,000 shares
|
||||||||
authorized,
-0- shares issued and outstanding
|
- | - | ||||||
Common
stock, no par value; 50,000,000 shares
|
||||||||
authorized,
50,000,000 shares
|
||||||||
issued
and outstanding, respectively
|
18,969,358 | 18,969,358 | ||||||
Additional
paid-in capital
|
1,958,376 | 1,958,376 | ||||||
Accumulated
other comprehensive income
|
875,722 | 453,434 | ||||||
Accumulated
deficit
|
(22,111,210 | ) | (21,764,872 | ) | ||||
Total
Stockholders' Equity (Deficit)
|
(307,754 | ) | (383,704 | ) | ||||
TOTAL
LIABILITIES AND STOCKHOLDERS'
|
||||||||
EQUITY
(DEFICIT)
|
$ | 367,140 | $ | 123,906 |
Consolidated
Statements of Operations
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
For
the Three
|
For
the Six
|
|||||||||||||||
Months
Ended
|
Months
Ended
|
|||||||||||||||
December
31,
|
December
31,
|
|||||||||||||||
2006
|
2005
|
2006
|
2005
|
|||||||||||||
REVENUES
|
$ | 16,842 | $ | 53,990 | $ | 136,317 | $ | 53,990 | ||||||||
COST
OF SALES
|
42,713 | 15,740 | 119,869 | 15,740 | ||||||||||||
GROSS
PROFIT
|
(25,871 | ) | 38,250 | 16,448 | 38,250 | |||||||||||
OPERATING
EXPENSES
|
||||||||||||||||
Research
and development
|
29,756 | 38,353 | 52,145 | 49,910 | ||||||||||||
Depreciation
and amortization
|
6,820 | 8,545 | 14,007 | 21,869 | ||||||||||||
General
and administrative
|
158,833 | 122,455 | 315,488 | 246,304 | ||||||||||||
Total
Operating Expenses
|
195,409 | 169,353 | 381,640 | 318,083 | ||||||||||||
OPERATING
LOSS
|
(221,280 | ) | (131,103 | ) | (365,192 | ) | (279,833 | ) | ||||||||
OTHER
INCOME (EXPENSE)
|
||||||||||||||||
Interest
income
|
90 | - | 90 | - | ||||||||||||
Interest
expense
|
(5,367 | ) | (3,507 | ) | (10,141 | ) | (5,323 | ) | ||||||||
Other
income (loss)
|
28,886 | 7,961 | 28,905 | 8,515 | ||||||||||||
Total
Other Income (Expense)
|
23,609 | 4,454 | 18,854 | 3,192 | ||||||||||||
NET
LOSS
|
(197,671 | ) | (126,649 | ) | (346,338 | ) | (276,641 | ) | ||||||||
OTHER
COMPREHENSIVE INCOME
|
||||||||||||||||
Foreign
currency translation adjustments
|
175,126 | 98,426 | 422,288 | 12,887 | ||||||||||||
Unrealized
gain on marketable securities
|
- | - | - | - | ||||||||||||
Total
Other Comprehensive Income
|
175,126 | 98,426 | 422,288 | 12,887 | ||||||||||||
COMPREHENSIVE
INCOME (LOSS)
|
$ | (22,545 | ) | $ | (28,223 | ) | $ | 75,950 | $ | (263,754 | ) | |||||
BASIC
AND DILUTED LOSS
|
||||||||||||||||
PER
SHARE
|
$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) | ||||
WEIGHTED
AVERAGE NUMBER
|
||||||||||||||||
OF
SHARES OUTSTANDING
|
50,000,000 | 48,503,749 | 50,000,000 | 48,248,314 |
Statements
of Cash Flows
|
||||||||
(Unaudited)
|
||||||||
For
the Six
|
||||||||
Months
Ended
|
||||||||
December
31,
|
||||||||
2006
|
2005
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net
loss
|
$ | (346,338 | ) | $ | (276,641 | ) | ||
Adjustments
to reconcile net loss to net cash
|
||||||||
used
by operating activities:
|
||||||||
Depreciation,
depletion and amortization
|
14,007 | 21,869 | ||||||
Common
stock issued for services
|
- | 10,837 | ||||||
Changes
in operating assets and liabilities
|
||||||||
Decrease
(Increase) in accounts receivable
|
11,970 | 522 | ||||||
Decrease
(Increase) in inventories
|
(124,828 | ) | (130 | ) | ||||
Decrease
(Increase) in prepaid expenses and other assets
|
(74,136 | ) | 59,876 | |||||
Increase
(Decrease) in accounts payable and accrued expenses
|
226,272 | 24,503 | ||||||
Net
Cash Used by Operating Activities
|
(293,053 | ) | (159,164 | ) | ||||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Purchase
of fixed assets
|
(12,905 | ) | - | |||||
Net
Cash Used by Investing Activities
|
(12,905 | ) | - | |||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Payments
on notes payable
|
(58,988 | ) | - | |||||
Sale
of common stock for cash
|
- | 152,448 | ||||||
Net
Cash Provided by Financing Activities
|
(58,988 | ) | 152,448 | |||||
EFFECT
OF EXCHANGE RATE CHANGES
|
422,288 | 12,887 | ||||||
NET
INCREASE (DECREASE) IN CASH
|
57,342 | 6,171 | ||||||
CASH
AT BEGINNING OF PERIOD
|
24,548 | 9,497 | ||||||
CASH
AT END OF PERIOD
|
$ | 81,890 | $ | 15,668 | ||||
SUPPLIMENTAL
DISCLOSURES OF
|
||||||||
CASH
FLOW INFORMATION
|
||||||||
CASH
PAID FOR:
|
||||||||
Interest
|
$ | - | $ | 5,322 | ||||
Income
Taxes
|
$ | - | $ | - | ||||
NON
CASH FINANCING ACTIVITIES:
|
||||||||
Common
stock issued for debt
|
$ | - | $ | 24,132 |
2.1
|
Exchange Agreement between MRC Legal Services LLC and SanguiBioTech International, Inc., dated of March 31, 2000 (1) |
3.1 | Articles of Incorporation of the Company (1) |
3.2 | Bylaws of the Company (1) |
4.1 | Stock Option Agreement between Professor Wolfgang Barnikol and Sangui Biotech International, Inc. dated November 3, 1999 (2) |
10.1
|
Office Lease between Brookhollow Office Park and Sangui Biotech International, Inc. dated September 4, 1996 and as amended 2000 (2) |
10.2 | Fee Agreement between GlukoMeditech AG and Dr. Sieglinde Borchert dated June 15, 1998 (2) |
10.3 | Fee Agreement between SanguiBiotech AG and Dr. Sieglinde Borchert dated June 15, 1998 (2) |
10.4 | Service Contract between GlukoMeditech AG and Dr. Wolfgang Barnikol dated June 30, 1998 (2) |
10.5 | Service Contract between SanguiBiotech AG and Dr. Wolfgang Barnikol dated June 30, 1998 (2) |
10.6 | Service Agreement between Axel Kleinkorres Promotionsagentur and Sangui Biotech International, Inc. dated April 26, 1999 (2) |
10.7 | Amendment to Service Agreement between Axel Kleinkorres Promotionsagentur and Sangui Biotech International, Inc. dated August 18, 2000 (2) |
10.8 | Appropriation Notice from North-Rhine-Westphalia to GlukoMediTech AG dated November 30, 1998 (2) |
10.9 | Appropriation Notice from North-Rhine-Westphalia SanguiBiotech AG dated November 30, 1998 (2) |
10.10 | Lease Contract for Business Rooms between Research and Development Centre, Witten, Germany and GlukoMeditech AG dated June 6, 2000 (2) |
10.11 | Additional Agreement to Lease Contract between Research and Development Centre, Witten, Germany and GlukoMeditech AG dated June 7, 2000 (2) |
10.12 | Additional Agreement to Lease Contract between Research and Development Centre, Witten, Germany and SanguiBiotech AG dated June 7, 2000 (2) |
10.13 | Assignment of Patents and Royalty Agreement with Dr. Wolfgang Barnikol (3) |
10.14 | Prolongation Letter for SanguiBiotech AG Grants (4) |
16.1 | Auditor Letter from HJ & Associates, LLC (5) |
21.1 | Subsidiaries of the Company (6) |
31.01 | Certification of CEO Pursuant to Rule 13a-14(a) and 15d-14(a), filed herewith |
31.02 | Certification of CFO Pursuant to Rule 13a-14(a) and 15d-14(a), filed herewith |
32.01 | Certification Pursuant to Section 1350 of Title 18 of the United States Code, filed herewith |