Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document And Entity Information | ' |
Entity Registrant Name | 'GENETHERA INC |
Entity Central Index Key | '0001017110 |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--12-31 |
Is Entity a Well-known Seasoned Issuer? | 'No |
Is Entity a Voluntary Filer? | 'No |
Is Entity's Reporting Status Current? | 'Yes |
Entity Filer Category | 'Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 31,481,590 |
Document Fiscal Period Focus | 'Q1 |
Document Fiscal Year Focus | '2014 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current assets | ' | ' |
Cash | $125 | $1,331 |
Receivable-related party | 34,582 | 15,000 |
Total current assets | 34,707 | 16,331 |
Property and equipment | ' | ' |
Office and laboratory equipment and leasehold improvements | 784,330 | 784,330 |
Less: Accumulated depreciation | -774,982 | -771,568 |
Total property and equipment, net | 9,348 | 12,762 |
Other assets | 7,000 | 7,000 |
TOTAL ASSETS | 51,055 | 36,093 |
Current liabilities | ' | ' |
Accounts payable | 1,214,127 | 1,191,148 |
Accounts payable-related party | 356,611 | 314,652 |
Accrued expenses | 2,357,572 | 2,261,572 |
Notes payable | 10,800 | 10,800 |
Convertible notes payable | 915,162 | 895,162 |
Loan from shareholder | 645,271 | 645,271 |
Total Current liabilities | 5,499,543 | 5,318,605 |
Stockholders' deficit: | ' | ' |
Series A preferred stock, par value $0.001 per share, 20,000,000 shares authorized, 4,600 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively; Series B preferred stock, par value $0.001 per share, 30,000,000 shares authorized, 19,760,000 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively | 15,415 | 15,415 |
Common stock, par value $0.001 per share, 300,000,000 shares authorized, 31,481,590 and 31,481,590 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively | 31,481 | 31,481 |
Additional paid-in capital | 18,073,871 | 18,073,871 |
Deficit accumulated during the development stage | -23,569,255 | -23,403,279 |
Total stockholders' deficit of Genethera, Inc. | -5,448,488 | -5,282,512 |
Non-controlling interest | 0 | 0 |
Total stockholders deficit | -5,448,488 | -5,282,512 |
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT | 51,055 | 36,093 |
Series A preferred stock | ' | ' |
Stockholders' deficit: | ' | ' |
Series A preferred stock, par value $0.001 per share, 20,000,000 shares authorized, 4,600 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively; Series B preferred stock, par value $0.001 per share, 30,000,000 shares authorized, 19,760,000 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively | 5 | 5 |
Series B preferred stock | ' | ' |
Stockholders' deficit: | ' | ' |
Series A preferred stock, par value $0.001 per share, 20,000,000 shares authorized, 4,600 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively; Series B preferred stock, par value $0.001 per share, 30,000,000 shares authorized, 19,760,000 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively | $15,410 | $15,410 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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 | 31,481,590 |
Common Stock, Shares Outstanding | 31,481,590 | 31,481,590 |
Series A preferred stock | ' | ' |
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 | ' | ' |
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 | 15,410,000 |
Preferred Stock, Shares Outstanding | 15,410,000 | 15,410,000 |
Consolidated_Statements_of_Exp
Consolidated Statements of Expenses (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Expenses | ' | ' |
General and administrative expenses | $66,562 | $160,013 |
Payroll expenses | 96,000 | 96,000 |
Depreciation | 3,414 | 4,863 |
Laboratory expenses | 0 | 17,736 |
Total operating expenses | 165,976 | 278,612 |
Loss from operations | 165,976 | 278,612 |
Other expenses | ' | ' |
Foreign exchange loss | ' | 10,681 |
Net loss | 165,976 | 289,293 |
Net loss attributable to non-controlling interest | 0 | -2,987 |
Net loss attributable to Genethera, Inc. | $165,976 | $286,306 |
Loss per common share - Basic and diluted | ($0.01) | ($0.01) |
Weighted average common shares outstanding - Basic and diluted | 31,484,590 | 26,805,040 |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities | ' | ' |
Net loss | ($165,976) | ($289,293) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Stock-based compensation | ' | 100,000 |
Depreciation and amortization | 3,414 | 4,863 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses | ' | ' |
Accounts receivable - related parties | 418 | 5,718 |
Accounts payable - related parties | ' | 4,888 |
Accounts payable and accrued expenses | 118,979 | 175,280 |
Net cash used in operating activities | -43,165 | 1,456 |
Cash flows from financing activities | ' | ' |
Proceeds from issuance of stock | ' | 200 |
Net advance from related parties | 41,959 | ' |
Net cash provided by financing activities | 41,959 | 200 |
Net effect of exchange rates change | ' | -1,590 |
Net increase in cash | -1,206 | 66 |
Cash at the beginning of the year | 1,331 | 1,055 |
Cash at the end of the year | 125 | 1,121 |
Non-cash investing and financing transactions | ' | ' |
Debt issued for cash but collected by related party | $20,000 | ' |
NOTE_1_ORGANIZATION_AND_NATURE
NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS | ' |
NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS | |
GeneThera is a biotechnology company that develops molecular assays for the detection of food contaminating pathogens, veterinary diseases and genetically modified organisms. | |
The accompanying unaudited interim consolidated financial statements of GeneThera have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year ending December 31, 2013, as reported in Form 10-K, have been omitted. |
NOTE_2_GOING_CONCERN
NOTE 2 - GOING CONCERN | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
NOTE 2 - GOING CONCERN | ' |
NOTE 2 – GOING CONCERN | |
As shown in the accompanying consolidated financial statements, GeneThera had an accumulated deficit and a working capital deficit as of March 31, 2014. These conditions raise substantial doubt as to GeneThera’s ability to continue as a going concern. Management’s plan with regard to these matters includes raising working capital and significant assets and resources to assure GeneThera’s viability, through private or public equity offerings, and/or debt financing, and/or through the acquisition of new business or private ventures. The financial statements do not include any adjustments that might be necessary if GeneThera is unable to continue as a going concern. |
NOTE_3_RELATED_PARTY_TRANSACTI
NOTE 3 - RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
NOTE 3 - RELATED PARTY TRANSACTIONS | ' |
NOTE 4 – RELATED PARTY TRANSACTIONS | |
The Company has an outstanding loan payable to Antonio Milici, its President and shareholder, amounting to $645,271 as of September 30, 2013 and December 31, 2012. Additionally, the Company has an outstanding loan payable to Tannya L Irizarry, its Chief Financial Officer and shareholder, amounting to $80,000 as of September 30, 2013. These outstanding loans to the Company are unsecured and non-interest bearing. | |
The Company owes Setna Holdings, a related party $205,621 and $173,573 as of September 30, 2013 and December 31, 2012, respectively. The total is non-interest bearing and due on demand. | |
Net advances received from related parties totaled to $112,048 for the nine months ended September 30, 2013. |
NOTE_4_SHAREHOLDERS_EQUITY
NOTE 4 - SHAREHOLDERS EQUITY | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
NOTE 4 - SHAREHOLDERS EQUITY | ' |
NOTE 4 – SHAREHOLDER’S EQUITY | |
Common stock | |
On February 7, 2014, the Company signed a Convertible Note with Richard Dupuis Logging, Inc. in the amount of $10,000. On April 21, 2014, 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. |
NOTE_5_SUBSEQUENT_EVENT
NOTE 5 - SUBSEQUENT EVENT | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
NOTE 5 - SUBSEQUENT EVENT | ' |
NOTE 5 – SUBSEQUENT EVENT | |
On April 8, 2014, the Company signed a Subordinated Convertible Promissory Note with Bruiser Investments, LLC in the amount of $10,000. | |
On April 10, 2014, the Company signed a Subordinated Convertible Promissory Note with Richard Dupuis Logging, Inc. in the amount of $10,000. |
NOTE_3_RELATED_PARTY_TRANSACTI1
NOTE 3 - RELATED PARTY TRANSACTIONS (Details Narrative) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Debt issued for cash but collected by related party | $20,000 | ' |
Amounts Receivable | 34,582 | 15,000 |
Antonio Milici | ' | ' |
Outstanding loans payable to related parties | 645,271 | 645,271 |
Tannya Irizarry | ' | ' |
Outstanding loans payable to related parties | 172,471 | ' |
Setna Holdings | ' | ' |
Outstanding loans payable to related parties | 184,140 | 173,573 |
Debt issued for cash but collected by related party | 20,000 | ' |
Amounts Receivable | $34,582 | $15,000 |
NOTE_4_SHAREHOLDERS_EQUITY_Det
NOTE 4 - SHAREHOLDERS EQUITY (Details Narrative) (USD $) | Apr. 10, 2014 | Feb. 07, 2014 | Mar. 18, 2014 |
Richard Dupuis Logging | Richard Dupuis Logging | Elliots Stone Work | |
Convertible Note Payable | $10,000 | $10,000 | $10,000 |
NOTE_5_SUBSEQUENT_EVENT_Detail
NOTE 5 - SUBSEQUENT EVENT (Details Narrative) (USD $) | Apr. 08, 2014 | Apr. 10, 2014 | Feb. 07, 2014 |
Bruiser Investments LLC | Richard Dupuis Logging | Richard Dupuis Logging | |
Convertible Notes Payable Current | $10,000 | $10,000 | $10,000 |