DELAWARE
|
33-0824714
|
(State
of Incorporation)
|
(I.R.S.
Employer Identification No.)
|
8885
Rehco Road, San Diego, California
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92121
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
BIO-MATRIX
SCIENTIFIC GROUP, INC. AND SUBSIDIARIES
|
(A
Development Stage Company)
|
Condensed
Consolidated Balance Sheets
|
as
of
|
as
of
|
|||||||
June
30, 2009
|
September
30, 2008
|
|||||||
(unaudited)
|
(Audited)
|
|||||||
ASSETS
|
||||||||
CURRENT
ASSETS
|
||||||||
Cash
|
$ | 30,938 | $ | 8,410 | ||||
Securities
Available for sale
|
550,000 | |||||||
Pre-paid
Expenses
|
31,400 | 49,258 | ||||||
Total
Current Assets
|
62,338 | 607,668 | ||||||
PROPERTY
& EQUIPMENT (Net of Accumulated Depreciation)
|
538,868 | 538,868 | ||||||
Other
Assets
|
25,507 | 21,307 | ||||||
TOTAL
ASSETS
|
$ | 626,713 | $ | 1,167,843 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable
|
$ | 169,215 | $ | 89,974 | ||||
Notes
Payable
|
337,218 | 111,459 | ||||||
Due
to Shareholder
|
100,000 | |||||||
Accrued
Payroll
|
271,500 | 150,000 | ||||||
Accrued
Payroll taxes
|
24,782 | 29,998 | ||||||
Accrued
Interest
|
67,551 | 24,323 | ||||||
Accrued
expenses
|
5,000 | 30,000 | ||||||
Current
Portion of Convertible Note
|
503,400 | |||||||
Current
Portion of Note to Affiliated party
|
1,000 | |||||||
Total
Current Liabilities
|
1,479,666 | 435,754 | ||||||
LONG
TERM LIABILITIES
|
||||||||
Convertible
Note (Less Current Portion)
|
503,400 | |||||||
Note
to Affiliated Party (Less Current Portion)
|
500,000 | |||||||
TOTAL
LIABILITIES
|
1,479,666 | 1,439,154 | ||||||
STOCKHOLDERS'
EQUITY
|
||||||||
Preferred
Stock ($.0001 par value)
|
||||||||
20,000,000
shares authorized; 5,668,547 and 3,050,478
|
307 | 567 | ||||||
issued
and outstanding as of September 30, 2008 and June 30, 2009
|
||||||||
Series
AA Preferred Stock ($0.0001 par value)
|
||||||||
100,000
shares authorized, 4852 issued and outstanding
|
||||||||
as
of September 30, 2008 and June 30, 2009
|
||||||||
Series
B Preferred($0.0001 par value) 2,000,000 shares authorized, 0 issued and
outstanding as of September 30, 2008,
|
73 | |||||||
725,409
issued and outstanding as of June 30, 2009
|
||||||||
Common
Stock, ($.0001 par value)
|
||||||||
80,000,000
shares authorized; 24,870,869 and 40,284,977
|
||||||||
shares
issued and outstanding as of September 30, 2008 and June 30,
2008
|
4,027 | 2,488 | ||||||
Additional
paid in Capital
|
8,589,935 | 7,631,648 | ||||||
Contributed
Capital
|
499,000 | |||||||
Accumulated
Other Comprehensive Income
|
50,000 | |||||||
Deficit
accumulated during the development stage
|
(9,946,297 | ) | (7,956,014 | ) | ||||
Total
Stockholders' Equity (Deficit)
|
$ | (852,955 | ) | $ | (271,311 | ) | ||
TOTAL
LIABILITIES
|
||||||||
&
STOCKHOLDERS' EQUITY
|
$ | 626,713 | $ | 1,167,843 | ||||
The
Following Condensed Notes are an integral part of these Financial
Statements
|
3
Months Ended
|
3
Months Ended
|
9
Months ended
|
9
months Ended
|
From
Inception
|
||||||||||||||||
June
30, 2009
|
June
30, 2008
|
June
30, 2009
|
June
30, 2008
|
(August
2, 2005)
|
||||||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited
|
through
|
||||||||||||||||
June
30, 2009
|
||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||
REVENUES
|
||||||||||||||||||||
Sales
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Total
Revenues
|
0 | 0 | 0 | 0 | 0 | |||||||||||||||
COSTS
AND EXPENSES
|
||||||||||||||||||||
Research
and Development
|
36,248 | 57,388 | 116,023 | 128,763 | 773,930 | |||||||||||||||
General
and administrative
|
267,693 | 263,372 | 777,292 | 714,023 | 4,192,496 | |||||||||||||||
Depreciation
and amortization
|
453 | 2,668 | ||||||||||||||||||
|
||||||||||||||||||||
Consulting and professional fees | 85,985 | 721,814 | 551,574 | 1,000,579 | 4,310,106 | |||||||||||||||
Impairment
of goodwill & intangibles
|
34,688 | |||||||||||||||||||
Total
Costs and Expenses
|
389,926 | 1,042,574 | 1,444,889 | 1,843,818 | 9,313,888 | |||||||||||||||
OPERATING
LOSS
|
(389,926 | ) | (1,042,574 | ) | (1,444,889 | ) | (1,843,818 | ) | (9,313,888 | ) | ||||||||||
OTHER
INCOME & (EXPENSES)
|
||||||||||||||||||||
Interest
Expense
|
(31,354 | ) | (20,872 | ) | (87,401 | ) | (42,865 | ) | (174,749 | ) | ||||||||||
Interest
Income
|
306 | |||||||||||||||||||
Other
income
|
30,000 | 30,000 | 100 | 30,100 | ||||||||||||||||
Loss
on sale of Available for Sale Securities
|
(487,900 | ) | (487,900 | ) | ||||||||||||||||
Other
Expense
|
(92 | ) | (92 | ) | (166 | ) | ||||||||||||||
Total
Other Income & (Expenses)
|
(1,446 | ) | (20,872 | ) | (545,393 | ) | (42,765 | ) | (632,409 | ) | ||||||||||
NET
INCOME (LOSS)
|
$ | (391,372 | ) | $ | (1,063,446 | ) | $ | (1,990,282 | ) | $ | (1,886,583 | ) | $ | (9,946,297 | ) | |||||
Loss
attributable to common shareholders
|
$ | (391,372 | ) | $ | (1,063,446 | ) | $ | (1,990,282 | ) | $ | (1,886,583 | ) | ||||||||
BASIC
AND DILUTED EARNINGS (LOSS) PER SHARE
|
(0.01 | ) | (0.04 | ) | (0.07 | ) | (0.08 | ) | ||||||||||||
WEIGHTED
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
|
34,525,105 | 23,696,781 | 29,327,540 | 23,525,620 | ||||||||||||||||
The
Following Condensed Notes are an integral part of these Financial
Statements
|
From
August 2, 2005
|
||||||||||||
(Inception)
|
||||||||||||
9
months ended
|
9
months Ended
|
through
|
||||||||||
June
30, 2009
|
June
30, 2008
|
June
30, 2009
|
||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||
OPERATING ACTIVITIES
|
||||||||||||
Net
Income (loss)
|
$ | (1,990,282 | ) | $ | (1,886,583 | ) | $ | (9,946,297 | ) | |||
Adjustments
to reconcile net loss to net cash (used in) provided
|
||||||||||||
by
operating activities:
|
||||||||||||
Depreciation
expense
|
453 | 2,667 | ||||||||||
Stock
issued for compensation to employees
|
910,342 | |||||||||||
Stock
issued for services rendered by consultants
|
369,460 | 782,432 | 3,690,674 | |||||||||
Stock
issued for interest
|
50,544 | 17,296 | 89,112 | |||||||||
Changes
in operating assets and liabilities:
|
||||||||||||
(Increase)
decrease in receivables
|
(113 | ) | ||||||||||
(Increase)
decrease in prepaid expenses
|
31,896 | (60,338 | ) | (17,362 | ) | |||||||
Increase
(Decrease) in Accounts Payable
|
79,241 | 49,393 | 169,215 | |||||||||
Increase
(Decrease) in Accrued Expenses
|
120,476 | 158,805 | (54,755 | ) | ||||||||
Net
Cash Provided by (Used in) Operating Activities
|
(1,338,665 | ) | (938,542 | ) | (4,726,905 | ) | ||||||
INVESTING ACTIVITIES
|
||||||||||||
(
Increase) Decrease in Deposits
|
(4,200 | ) | 1,785 | (25,507 | ) | |||||||
Purchases
of fixed assets
|
(164,393 | ) | (541,536 | ) | ||||||||
(Additions)
Decreases to Securities Available for Sale
|
500,000 | 0 | ||||||||||
Net
Cash Provided by (Used in) Investing Activities
|
495,800 | (162,608 | ) | (567,043 | ) | |||||||
FINANCING ACTIVITIES
|
||||||||||||
Preferred
Stock issued for cash
|
57 | 272 | 339 | |||||||||
Common
stock issued for cash
|
158 | 1,631 | ||||||||||
Common
Stock issued for Debt
|
216,716 | 216,716 | ||||||||||
Common
Stock issued for Accrued Salaries
|
120,000 | 120,000 | ||||||||||
Additional
paid in Capital
|
202,701 | 787,114 | 1,530,919 | |||||||||
Principal
borrowings on notes and Convertible Debentures
|
225,759 | (1,330 | ) | 6,679 | ||||||||
Increase
(Decrease) Due to Shareholder
|
100,000 | 100,000 | ||||||||||
Convertible
notes
|
503,400 | 503,400 | ||||||||||
Contributed
Capital
|
499,000 | 499,000 | ||||||||||
Increase
(Decrease) in Bank Overdraft
|
(11,534 | ) | 0 | |||||||||
Net
borrowings from related parties
|
1,195,196 | |||||||||||
Increase
(Decrease) in Notes from Affilliated party
|
(499,000 | ) | 1,000 | |||||||||
Net
Cash Provided by (Used in) Financing Activities
|
865,391 | 1,277,922 | 4,174,880 | |||||||||
Net
Increase (Decrease) in Cash
|
22,526 | 176,772 | 30,938 | |||||||||
Cash
at Beginning of Period
|
8,410 | 44,110 | 0 | |||||||||
Cash
at End of Period
|
$ | 30,938 | $ | 220,882 | $ | 30,938 | ||||||
Supplemental Cash
Flow Disclosures:
|
||||||||||||
Significant
non-cash activities:
|
||||||||||||
Stock
issued to cancel debt
|
2,044,592 | |||||||||||
Preferred
stock issued for stock dividend
|
108 | |||||||||||
Total
|
2,044,700 | |||||||||||
The
Following Condensed Notes are an integral part of these Financial
Statements
|
As
of June 30, 2009
|
||||
Deferred
tax assets:
|
||||
Net
operating tax carry forwards
|
$
|
3,494,719
|
||
Other
|
-0-
|
|||
Gross
deferred tax assets
|
3,494,719
|
|||
Valuation
allowance
|
(3,494,719
|
) | ||
Net
deferred tax assets
|
$
|
-0-
|
Flow
Cytometer (4 Color) (BD Facscanto)
|
Laboratory
computer system/also for enrollments/storage tracking
|
Hematology
Analyzer (celldyne 1800)(ABBOTT)
|
Laminar
Flow Hood 4 ft ( Clean hood) (2)
|
Bench
top centrifuges (2) refrigerated
|
Small
equipment (lab set-up)
|
Microscope
|
Tube
heat sealers (2 ea)
|
Barcode
printer and labeling
device
|
31.1
|
Certification
of Chief Executive Officer
|
31.2
|
Certification
of Acting Chief Financial Officer
|
32.1
|
Certification
of Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act of
2002.
|
32.2
|
Certification
of Acting Chief Financial Officer under Section 906 of the Sarbanes-Oxley
Act of 2002.
|
Bio-
Matrix Scientific Group, Inc.
|
|
a
Delaware corporation
|
|
By:
|
/s/
David R. Koos
|
David
R. Koos
|
|
Chief
Executive Officer
|
|
Date:
August 20, 2009
|