Colorado | 84-1330732 |
(State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Condensed
Consolidated Balance Sheets
|
||||||||
ASSETS
|
||||||||
March
31,
|
June
30,
|
|||||||
2008
|
2007
|
|||||||
CURRENT
ASSETS
|
(Unaudited)
|
|||||||
Cash
|
$ | 39,367 | $ | 18,497 | ||||
Accounts
receivable
|
27,558 | 36,387 | ||||||
Inventory
|
112,319 | 88,353 | ||||||
Prepaid
expenses and other assets
|
11,252 | 16,890 | ||||||
Total
Current Assets
|
190,496 | 160,127 | ||||||
FIXED
ASSETS, Net
|
||||||||
Property and
equipment
|
6,476 | 4,530 | ||||||
Total
Fixed Assets
|
6,476 | 4,530 | ||||||
OTHER
ASSETS
|
||||||||
Tax
refunds receivable
|
30,831 | 6,218 | ||||||
Other
miscellaneous assets
|
73,170 | 93,871 | ||||||
Total
Other Assets
|
104,001 | 100,089 | ||||||
TOTAL
ASSETS
|
$ | 300,973 | $ | 264,746 |
SANGUI
BIOTECH INTERNATIONAL, INC.
|
||||||||
Condensed
Consolidated Balance Sheets (Continued)
|
||||||||
LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||
March
31,
|
June
30,
|
|||||||
2008
|
2007
|
|||||||
(Unaudited)
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable and accrued expenses
|
$ | 501,450 | $ | 427,688 | ||||
Notes payable
|
1,761,646 | 113,134 | ||||||
Notes
payable - related
|
- | 134,742 | ||||||
Total
Current Liabilities
|
2,263,096 | 675,564 | ||||||
TOTAL
LIABILITIES
|
2,263,096 | 675,564 | ||||||
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
|
18,969,358 | 18,969,358 | ||||||
Additional
paid-in capital
|
1,958,376 | 1,958,376 | ||||||
Treasury
stock
|
- | - | ||||||
Accumulated
other comprehensive income
|
298,993 | 1,147,882 | ||||||
Accumulated
deficit
|
(23,188,850 | ) | (22,486,434 | ) | ||||
Total
Stockholders' Equity (Deficit)
|
(1,962,123 | ) | (410,818 | ) | ||||
TOTAL
LIABILITIES AND STOCKHOLDERS'
|
||||||||
EQUITY
(DEFICIT)
|
$ | 300,973 | $ | 264,746 |
Condensed
Consolidated Statements of Operations
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
For
the Three
|
For
the Nine
|
|||||||||||||||
Months
Ended
|
Months
Ended
|
|||||||||||||||
March
31,
|
March
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
REVENUES
|
$ | 2,378 | $ | 211,438 | $ | 10,184 | $ | 347,755 | ||||||||
COST
OF SALES
|
4,459 | 135,031 | 6,804 | 254,900 | ||||||||||||
GROSS
PROFIT
|
(2,081 | ) | 76,407 | 3,380 | 92,855 | |||||||||||
OPERATING
EXPENSES
|
||||||||||||||||
Research
and development
|
50,547 | 41,100 | 185,415 | 93,245 | ||||||||||||
Depreciation
and amortization
|
875 | 6,333 | 2,981 | 20,340 | ||||||||||||
General
and administrative
|
172,649 | 162,954 | 472,102 | 478,442 | ||||||||||||
Total
Operating Expenses
|
224,071 | 210,387 | 660,498 | 592,027 | ||||||||||||
OPERATING
LOSS
|
(226,152 | ) | (133,980 | ) | (657,118 | ) | (499,172 | ) | ||||||||
OTHER
INCOME (EXPENSE)
|
||||||||||||||||
Interest
income
|
102 | - | 102 | 90 | ||||||||||||
Interest
expense
|
(17,770 | ) | (5,953 | ) | (45,400 | ) | (16,094 | ) | ||||||||
Other
income (loss)
|
- | 140 | - | 29,045 | ||||||||||||
Total
Other Income (Expense)
|
(17,668 | ) | (5,813 | ) | (45,298 | ) | 13,041 | |||||||||
NET
LOSS
|
(243,820 | ) | (139,793 | ) | (702,416 | ) | (486,131 | ) | ||||||||
OTHER
COMPREHENSIVE INCOME
|
||||||||||||||||
Foreign
currency translation adjustments
|
(84,658 | ) | 120,969 | 848,889 | 543,257 | |||||||||||
Unrealized
gain on marketable securities
|
- | - | - | - | ||||||||||||
Total
Other Comprehensive Income
|
(84,658 | ) | 120,969 | 848,889 | 543,257 | |||||||||||
COMPREHENSIVE
INCOME (LOSS)
|
$ | (328,478 | ) | $ | (18,824 | ) | $ | 146,473 | $ | 57,126 | ||||||
BASIC
AND DILUTED LOSS
|
||||||||||||||||
PER
SHARE
|
$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) | ||||
WEIGHTED
AVERAGE NUMBER
|
||||||||||||||||
OF
SHARES OUTSTANDING
|
50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
Consensed
Statements of Cash Flows
|
||||||||
(Unaudited)
|
||||||||
For
the Nine
|
||||||||
Months
Ended
|
||||||||
March
31,
|
||||||||
2008
|
2007
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net
loss
|
$ | (702,416 | ) | $ | (486,131 | ) | ||
Adjustments
to reconcile net loss to net cash
|
||||||||
used
by operating activities:
|
||||||||
Depreciation,
depletion and amortization
|
2,981 | 28,351 | ||||||
Common
stock issued for services
|
- | - | ||||||
Changes
in operating assets and liabilities
|
||||||||
Decrease
in accounts receivable
|
8,829 | (9,273 | ) | |||||
Decrease
(Increase) in inventory
|
(23,966 | ) | (7,022 | ) | ||||
Decrease
in prepaid expenses and other assets
|
5,638 | (33,513 | ) | |||||
(Increase)
decrease in other assets
|
(3,912 | ) | - | |||||
Increase
in accounts payable and accrued expenses
|
73,762 | 50,518 | ||||||
Net
Cash Used by Operating Activities
|
(639,084 | ) | (457,070 | ) | ||||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Purchase
of property and equipment
|
(4,927 | ) | (21,416 | ) | ||||
Net
Cash Used by Investing Activities
|
(4,927 | ) | (21,416 | ) | ||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Proceeds
from notes payable
|
1,648,512 | (58,988 | ) | |||||
Repayment
of notes payable - related
|
(134,742 | ) | - | |||||
Sale
of common stock for cash
|
- | - | ||||||
Net
Cash Provided by Financing Activities
|
1,513,770 | (58,988 | ) | |||||
EFFECT
OF EXCHANGE RATE CHANGES
|
(848,889 | ) | 543,257 | |||||
NET
DECREASE IN CASH
|
20,870 | 5,783 | ||||||
CASH
AT BEGINNING OF PERIOD
|
18,497 | 24,548 | ||||||
CASH
AT END OF PERIOD
|
$ | 39,367 | $ | 30,331 | ||||
SUPPLIMENTAL
DISCLOSURES OF
|
||||||||
CASH
FLOW INFORMATION
|
||||||||
CASH
PAID FOR:
|
||||||||
Interest
|
$ | - | $ | - | ||||
Income
Taxes
|
$ | - | $ | - | ||||
NON
CASH FINANCING ACTIVITIES:
|
||||||||
Common
stock issued for debt
|
$ | - | $ | - |
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 |