DELAWARE
|
33-0824714
|
(State
of Incorporation)
|
(I.R.S.
Employer Identification No.)
|
8885
Rehco Road, San Diego, California
|
92121
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
BIO-MATRIX SCIENTIFIC GROUP, INC. AND SUBSIDIARIES | ||||||||
(A Development Stage Company) | ||||||||
Consolidated Balance Sheet | ||||||||
December
31, 2009
|
September
30, 2009
|
|||||||
(unaudited)
|
||||||||
ASSETS
|
||||||||
CURRENT
ASSETS
|
||||||||
Cash
|
$ | 1,788 | $ | 17,750 | ||||
Securities
Available for sale
|
0 | |||||||
Pre-paid
Expenses
|
332,646 | 333,398 | ||||||
Total
Current Assets
|
334,434 | 351,148 | ||||||
PROPERTY
& EQUIPMENT (Net of Accumulated Depreciation)
|
538,868 | 538,868 | ||||||
Other
Assets
|
25,507 | 25,507 | ||||||
TOTAL
ASSETS
|
$ | 898,809 | $ | 915,523 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable
|
$ | 349,509 | $ | 227,377 | ||||
Bank
Overdraft
|
1,358 | |||||||
Notes
Payable
|
391,343 | 397,322 | ||||||
Accrued
Payroll
|
412,500 | 342,000 | ||||||
Accrued
Payroll taxes
|
24,798 | 24,044 | ||||||
Accrued
Interest
|
116,355 | 84,911 | ||||||
Accrued
expenses
|
5,000 | 5,000 | ||||||
Current
portion of Convertible Note
|
503,400 | 503,400 | ||||||
Current
portion of Note to Affiliated Party
|
1,000 | 1,000 | ||||||
Total
Current Liabilities
|
1,805,263 | 1,585,054 | ||||||
LONG
TERM LIABILITIES
|
||||||||
Convertible
Note
|
0 | 0 | ||||||
Note
to Affiliated Party
|
0 | 0 | ||||||
TOTAL
LIABILITIES
|
1,805,263 | 1,585,054 | ||||||
STOCKHOLDERS'
EQUITY
|
||||||||
Preferred
Stock ($.0001 par value
|
||||||||
20,000,000
shares authorized; 2,975,478
|
300 | 300 | ||||||
issued
and outstanding as of September 30, 2009 and December 31,
2009
|
||||||||
Series
AA Preferred Stock ($0.0001 par value)
|
||||||||
100,000
shares authorized, 4852 issued and outstanding
|
||||||||
as
of September 30, 2009 and December 31, 2009
|
||||||||
Series
B Preferred Shares ($0.0001 par value) 2,000,000 shares
authorized, 725, 409 issued and outstanding as of September 30,
2009 and December 31, 2009
|
73 | 73 | ||||||
Common
Stock, ($.0001 par value)
|
||||||||
80,000,000
shares authorized; 47,091,708 and 43,728,375
|
||||||||
shares
issued and outstanding as of December 31, 2009 and September 30,
2009
|
4,709 | 4,371 | ||||||
Additional
paid in Capital
|
9,576,042 | 9,364,701 | ||||||
Contributed
capital
|
499,000 | 499,000 | ||||||
Accumulated
Other Comprehensive Income (Loss)
|
||||||||
Deficit
accumulated during the development stage
|
(10,839,828 | ) | (10,443,980 | ) | ||||
Deficit
attributable to noncontrolling interest in subsidiary
|
(146,749 | ) | (93,995 | ) | ||||
Total
Stockholders' Equity (Deficit)
|
(906,453 | ) | (669,530 | ) | ||||
TOTAL
LIABILITIES
|
||||||||
&
STOCKHOLDERS' EQUITY
|
$ | 898,809 | $ | 915,523 | ||||
The
following Notes are an integral part of these Financial
Statements
|
||||||||
BIO-MATRIX
SCIENTIFIC GROUP, INC. AND SUBSIDIARIES
|
||||||||||||
(A
Development Stage Company)
|
||||||||||||
Consolidated
Statements of Operations
|
||||||||||||
Quarter
Ended
|
Quarter
Ended
|
From
Inception
|
||||||||||
December
31, 2009
|
December
31, 2008
|
(August
2, 2005)
|
||||||||||
(unaudited)
|
(unaudited)
|
through
|
||||||||||
December
31, 2009
|
||||||||||||
(unaudited)
|
||||||||||||
REVENUES
|
||||||||||||
Sales
|
||||||||||||
$ | - | $ | - | $ | - | |||||||
0 | ||||||||||||
Total
Revenues
|
0 | 0 | 0 | |||||||||
COSTS
AND EXPENSES
|
||||||||||||
Research
and Development
|
44,495 | 43,628 | 831,552 | |||||||||
General
and administrative
|
344,934 | 257,204 | 4,766,018 | |||||||||
Depreciation
and amortization
|
2,668 | |||||||||||
Consulting
and professional fees
|
||||||||||||
27,729 | 62,300 | 4,658,119 | ||||||||||
Impairment
of goodwill & intangibles
|
34,688 | |||||||||||
Total
Costs and Expenses
|
417,158 | 363,132 | 10,293,045 | |||||||||
OPERATING
LOSS
|
||||||||||||
(417,158 | ) | (363,132 | ) | (10,293,045 | ) | |||||||
OTHER
INCOME & (EXPENSES)
|
||||||||||||
Interest
Expense
|
||||||||||||
(31,444 | ) | (25,590 | ) | (235,872 | ) | |||||||
Interest
Income
|
306 | |||||||||||
Other
income
|
||||||||||||
30,100 | ||||||||||||
Loss
on sale of Available for Sale Securities
|
(487,900 | ) | ||||||||||
Other
Expense
|
(166 | ) | ||||||||||
Total
Other Income & (Expenses)
|
||||||||||||
(31,444 | ) | (25,590 | ) | (693,532 | ) | |||||||
NET
INCOME (LOSS)
|
||||||||||||
$ | (448,602 | ) | $ | (388,722 | ) | $ | (10,986,577 | ) | ||||
(NET
INCOME) LOSS attributable to
|
||||||||||||
noncontrolling
interest in Entest BioMedical, Inc
|
52,754 | 146,749 | ||||||||||
Net
Loss attributable to common shareholders
|
||||||||||||
$ | (395,848 | ) | $ | (388,722 | ) | $ | (10,839,828 | ) | ||||
BASIC
AND DILUTED EARNINGS (LOSS) PER SHARE
|
||||||||||||
(0.009 | ) | (0.015 | ) | |||||||||
Weighted
Average Shares Outstanding
|
45,369,136 | 25,257,809 | ||||||||||
The
Following Notes are an Integral Part of these Financial
Statements
|
Bio-matrix
Scientific Group, Inc. and Subsidiaries
|
(A
Development Stage Company)
|
Consolidated
Statement of Cash Flow
|
Three
Months Ended
|
Three
Months Ended
|
Inception
(August 2, 2005) to
|
|
December
31, 2009
|
December
31, 2008
|
December
31, 2009
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES
|
|||
Net
Income (loss)
|
$
(395,848)
|
$
(388,722)
|
$ (10,839,828)
|
Adjustments
to reconcile net loss to net cash (used in) provided
|
|||
by
operating activities:
|
|||
Depreciation
expense
|
2,667
|
||
Stock
issued for compensation to employees
|
103,476
|
1,038,543
|
|
Stock
issued for services rendered by consultants
|
5,000
|
3,333
|
3,978,734
|
Stock
issued for prepaid expenses
|
300,000
|
||
Stock
issued for interest
|
101,430
|
||
Changes
in operating assets and liabilities:
|
|||
(Increase)
decrease in receivables
|
|||
(Increase)
decrease in prepaid expenses
|
752
|
24,601
|
(332,646)
|
Increase
(Decrease) in Accounts Payable
|
122,132
|
33,361
|
349,509
|
Increase
(Decrease) in Accrued Expenses
|
102,698
|
60,469
|
588,600
|
Increase
(Decrease) in Other Comprehensive Income
|
(50,000)
|
||
Loss
attributable to Non Controlling interest in subsidiary
|
(52,754)
|
(146,749)
|
|
Net
Cash Provided by (Used in) Operating Activities
|
(114,544)
|
(233,677)
|
(5,009,740)
|
CASH
FLOWS FROM INVESTING ACTIVITIES
|
|||
(
Increase) Decrease in Deposits
|
(4,200)
|
(25,507)
|
|
Purchases
of fixed assets
|
(541,536)
|
||
(Additions)
Decreases to Securities Available for Sale
|
50,000
|
||
Net
Cash Provided by (Used in) Investing Activities
|
(4,200)
|
(517,043)
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
|||
Preferred
Stock issued for cash
|
15
|
339
|
|
Common
stock issued for cash
|
1,630
|
||
Common
Stock issued for Debt
|
98,200
|
314,916
|
|
Common
Stock issued for Accrued Salaries
|
120,000
|
||
Additional
paid in Capital
|
5,000
|
17,902
|
1,680,919
|
Principal
borrowings on notes and Convertible Debentures
|
(5,979)
|
225,350
|
1,210,799
|
Increase
(Decrease) Due to Shareholder
|
|||
Convertible
notes
|
503,400
|
||
Contributed
Capital
|
499,000
|
499,000
|
|
Increase
(Decrease) in Bank Overdraft
|
1,358
|
1,358
|
|
Net
borrowings from related parties
|
1,195,196
|
||
Increase
(Decrease) in Notes from Affiliated party
|
(499,000)
|
1,000
|
|
Net
Cash Provided by (Used in) Financing Activities
|
98,579
|
243,267
|
5,528,557
|
Net
Increase (Decrease) in Cash
|
(15,962)
|
5,390
|
1,788
|
Cash
at Beginning of Period
|
17,750
|
8,410
|
0
|
Cash
at End of Period
|
$
1,788
|
$
13,796
|
$ 1,788
|
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 Notes are an integral part of these Financial
Statements
|
|||
As
of December 31 ,2009
|
||||
Deferred
tax assets:
|
||||
Net
operating tax carry forwards
|
$
|
3,748,656
|
||
Other
|
-0-
|
|||
Gross
deferred tax assets
|
3,748,656
|
|||
Valuation
allowance
|
(3,748,656))
|
|||
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
|
|
(a)
|
increased
general and administrative and income expenses incurred by us offset
by
|
|
(b)
|
decreased
.professional and consulting fees incurred by us as well as $52, 754 in
Net Losses in the quarter ended December 31, 2009 attributable to
noncontrolling interest in Entest BioMedical,
Inc.
|
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:
February 8, 2010
|