Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Nov. 22, 2015 | Jun. 30, 2015 | |
Document and Entity Information: | |||
Entity Registrant Name | GENETHERA INC | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Trading Symbol | gthr | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,017,110 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 36,610,636 | ||
Entity Public Float | $ 366,106 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Statement of Financial Position
Statement of Financial Position - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 94 | |
Accounts Receivable, Net, Current | $ 22,495 | 15,330 |
Assets, Current | 22,495 | 15,424 |
Assets, Noncurrent | ||
Other Assets, Noncurrent | 110,620 | |
Assets | 146,115 | 15,424 |
Liabilities, Current | ||
Bank overdraft | 33 | |
Accounts Payable, Current | 925,656 | 1,245,105 |
AccountsPayableRelatedPartiesCurrent | 268,282 | 271,858 |
Accrued Liabilities, Current | 3,216,564 | 2,630,069 |
Settlement payable | 325,885 | |
Notes Payable, Current | 10,800 | 10,800 |
ConvertibleNotesPayable | 1,262,002 | 951,161 |
Loans Payable, Current | 660,869 | 645,271 |
Liabilities, Current | 6,670,091 | 5,754,264 |
Liabilities, Noncurrent | ||
Liabilities | 6,670,091 | 5,754,264 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Preferred Stock, Value, Issued | 15,415 | 15,415 |
Common Stock, Value, Issued | $ 36,611 | 34,473 |
Shares to be issued | 53,572 | |
Additional Paid in Capital, Common Stock | $ 18,405,246 | 18,160,622 |
Retained Earnings (Accumulated Deficit) | (25,034,820) | (23,949,350) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (6,523,976) | (5,738,840) |
Liabilities and Equity | $ 146,115 | $ 15,424 |
Statement of Financial Positio3
Statement of Financial Position - Parenthetical - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Shares Issued | 36,610,636 | 34,473,056 |
Common Stock, Shares Outstanding | 36,610,636 | 34,473,056 |
Series A | ||
Preferred Stock, Par Value | $ 0.001 | $ 0.001 |
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, Par Value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Preferred Stock, Shares Issued | 15,410,000 | 6,320,000 |
Preferred Stock, Shares Outstanding | 15,410,000 | 6,320,000 |
Statement of Income
Statement of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Expenses | ||
Other Depreciation and Amortization | $ 12,762 | |
General and Administrative Expense | $ 426,898 | 211,843 |
LaborAndRelatedExpense | 474,000 | 384,000 |
Operating Expenses | 900,898 | 608,605 |
Operating Income (Loss) | (900,898) | (608,605) |
Interest and Debt Expense | ||
Interest Expense | 184,573 | 4,335 |
Gains (Losses) on Extinguishment of Debt | 66,869 | |
Interest and Debt Expense | 184,573 | (62,534) |
IncomeTaxExpenseBenefitContinuingOperationsAbstract | ||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (1,085,471) | (546,071) |
Net Income (Loss) Attributable to Parent | (1,085,471) | (546,071) |
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract | ||
ComprehensiveIncomeNetOfTax | $ (1,085,471) | $ (546,071) |
Earnings Per Share | ||
Earnings Per Share, Basic | $ (0.03) | $ (0.02) |
Weighted Average Number of Shares Outstanding, Basic | 36,558,285 | 32,802,249 |
Earnings Per Share, Diluted | $ (0.03) | $ (0.02) |
Weighted Average Number of Shares Outstanding, Diluted | 36,558,285 | 32,802,249 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (1,085,471) | $ (546,071) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation | 12,762 | |
Employee Benefits and Share-based Compensation | 300,336 | 6,000 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | (785,135) | (527,309) |
Increase (Decrease) in Operating Assets | ||
Increase Decrease In Receivables | (7,165) | (330) |
Increase (Decrease) in Prepaid Expense and Other Assets | 7,000 | |
Increase (Decrease) in Other Operating Assets | ||
Increase (Decrease) in Operating Assets | (7,162) | 6,670 |
Increase (Decrease) in Operating Liabilities | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 604,981 | 395,696 |
Increase (Decrease) in Operating Capital | 604,981 | 395,696 |
Net Cash Provided by (Used in) Operating Activities | (187,316) | (124,943) |
Net Cash Provided by (Used in) Investing Activities | ||
Payments to Acquire Property, Plant, and Equipment | (13,000) | |
Payments to Acquire Other Investments | (110,620) | |
Net Cash Provided by (Used in) Investing Activities | (123,620) | |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from (Repayments of) Related Party Debt | 310,842 | 123,706 |
Net Cash Provided by (Used in) Financing Activities | 310,842 | 123,706 |
Cash and Cash Equivalents, Period Increase (Decrease) | (94) | (1,237) |
Cash and Cash Equivalents, at Carrying Value | $ 94 | 1,331 |
Cash and Cash Equivalents, at Carrying Value | $ 94 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | Note 1 Organization and nature of operations and summary of significant accounting policies Organization and nature of operations The consolidated financial statements include GeneThera, Inc. and its wholly owned subsidiary GeneThera, Inc. (Colorado) (collectively GeneThera or the Company). GeneThera is a biotechnology company that develops molecular assays for the detection of food contaminating pathogens, veterinary diseases and genetically modified organisms. The Company has not commenced sales, as yet, but only participates research and development of its products, and is solely dependent on outside financing. Use of estimates The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and cash equivalents Cash equivalents are highly liquid investments with an original maturity of three months or less. Principles of consolidation The consolidated financial statements include the accounts of the Company, and its subsidiary. Property and equipment, net Property and equipment consists primarily of office and laboratory equipment and leasehold improvements and is stated at cost. Depreciation is computed on a straight-line basis over the estimated useful lives ranging from five to seven years. Leasehold improvements are amortized over the shorter of their economic lives or lease terms. Impairment of long-lived assets The Company reviews the recoverability of its long-lived assets to determine whether events or changes in circumstances occurred that indicate the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on the ability to recover the carrying value of the asset from the expected future cash flows of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between the estimated fair value and carrying value. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. Revenue recognition Research and development contracts are on a pre-paid basis in order to reflect milestones during research investigation. Revenues are recognized when services are completed. There were no revenues during the years ended December 31, 2015 and 2014. Stock-Based Compensation Stock-based compensation is accounted for under FASB ASC Topic No. 718 Compensation Stock Compensation Income taxes Income taxes are accounted for in accordance with the provisions of FASB ASC Topic No. 740 - Income Taxes Basic and diluted net loss per common share Basic and diluted net loss per share calculations are presented in accordance with FASB ASC Topic No. 260 Earnings per Share Fair value of financial instruments The carrying value of cash, accounts payable and accrued expenses approximates fair value due to the short term nature of these accounts. Recently issued accounting pronouncements The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant effect on its consolidated financial position or results of operations. |
Substantial Doubt about Going C
Substantial Doubt about Going Concern | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Substantial Doubt about Going Concern | Note 2- Going Concern As reflected in the accompanying consolidated financial statements, the Company has an accumulated deficit of $25,034,821 and negative working capital of $6,477,341 as of December 31, 2015. This raises substantial doubt about the Companys ability to continue as a going concern. The Companys ability to continue as a going concern is dependent on its ability to raise additional capital and implement its business plan. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern. |
Property, Plant and Equipment D
Property, Plant and Equipment Disclosure | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Property, Plant and Equipment Disclosure | Note 3 - Property and Equipment The companys property and equipment at December 31, 2015 and 2014 consisted of furniture, lab equipment, and computer software. Depreciation expense was $ -0- and $12,762 for the years ended December 31, 2015 and 2014, respectively. Expenditures for repairs and maintenance are expensed as incurred. Property and Equipment December 31, 2015 December 31, 2014 Furniture & Fixtures 1,465 1,465 Machinery & Equipment 775,864 775,864 Software 7,000 7,000 Construction in Process 13,000 - Less: Accumulated Depreciation (784,329) (784,329) Property and Equipment, net 13,000 - As of December 31, 2015, the Company had construction in progress in the amount of $13,000 related to renovation of its lab space, and has not completed the work as of that date. |
Related Party Transactions Disc
Related Party Transactions Disclosure | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Related Party Transactions Disclosure | Note 4 Related party transactions The Company has an outstanding loan payable, including interest, to Antonio Milici, its CEO and shareholder amounting to $660,869 and $645,271 as of December 31, 2015 and 2014, respectively. This outstanding loan to the Company is unsecured and bears interest at 2.41% per year. During the year ended December 31, 2015, the Company has recorded interest expense on this loan in the amount of $15,598. In May 2015, the Company invested $110,000 in Galtheron Molecular Solutions AG, a Swiss entity under common control. See Note 5 below. As of December 31, 2015, the Company has the following outstanding liabilities due to related parties: 1. Setna Holdings LLC $150,705 2. Kalos, Holdings 86,896 3. Tannya Irizarry 23,356 4. Elia Holdings, LLC 7,325 Total $268,282 The Company has amounts receivable from separate related parties of $22,492 and $15,331 as of December 31, 2015 and 2014, respectively. During twelve months ended December 31, 2015, the Company issued $420,460 of convertible promissory notes (see Note 7). The proceeds from these notes were managed by a subsidiary of Setna Holdings, a related party, in exchange for a handling fees of ten percent of the gross proceeds. |
Cost-method Investments, Descri
Cost-method Investments, Description | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Cost-method Investments, Description | Note 5 Investments During May 2015, the Company invested $110,620 in Galtheron Molecular Solutions (GMS), a Swiss entity. The Company is planning on entering into a licensing agreement with GMS as noted in Note 10 and, contingent upon GMS hiring of qualified personnel and development of an operating plan, will look to develop a long-term relationship. The Company evaluated this investment for impairment and due to the ongoing negotiations for a licensing agreement (see Note 12) there was no impairment recorded as of December 31, 2015. This investment will be re-evaluated at year end, December 31, 2016 to see if an impairment is needed, unless the licensing agreement is reached impairment will be likely. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities Disclosure | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Accounts Payable and Accrued Liabilities Disclosure | N The Companys accrued expenses consisted of the following as of December 31: 2015 2014 Accrued officer salaries (see below) $ 2,943,904 $ 2,514,904 Accrued interest 31,282 8,734 Other 241,378 106,431 Total Accrued Expenses $ 3,216,564 $ 2,630,069 Under the terms of the employment agreements between the Company and its CEO and CFO, which run through January 2017, compensation is accrued at a combined rate of $32,000 per month. No cash compensation was paid to the officers in 2015 or 2014; salaries totaling $384,000 were added to accrued liabilities in both 2015 and 2014. In addition, we issued our CFO, $45,000 worth of our restricted common stock, and accrued stock based compensation worth 45,000 to our President. |
Debt Disclosure
Debt Disclosure | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Debt Disclosure | Note 7 Convertible notes payable During the year ended December 31, 2015, the Company issued Subordinated Convertible Promissory notes in the aggregate amount of $417,960, and convertible notes and related interest totaling $69,026 were converted to 2,298,465 shares of common stock. Of that, 515,133 shares of common stock valued at $15,454 had been issued as of December 31, 2015; the remaining 1,783,332 shares valued at $53,572 have not yet been issued as of December 31, 2015. In total during 2015, 19 new convertible notes were issued which accrue 8% per annum, and are convertible between $0.015 and $0.4. We recognized a discount on debt of $151,307, of which $112,687 was amortized during the period and charged to interest. $38,619 remains to be amortized in the next fiscal year. As of December 31, 2015, Outstanding Convertible notes were convertible into 15,942,000 shares of common stock. During the year ended December 31, 2014, the Company issued convertible notes in the aggregate principal amount of $139,500 that accrued interest at 8% per annum. All of the notes had an original maturity date three months after the date of issuance and were convertible, both principal and interest, into common shares of the Company at a fixed rate of $.03 per share. Upon maturity, eight of the notes, with aggregate principal amount of $83,500 plus accrued interest, were converted into common shares of the Company. In connection with the conversions, 2,791,466 shares of common stock were issued. |
Stockholders' Equity Note Discl
Stockholders' Equity Note Disclosure | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Stockholders' Equity Note Disclosure | Note 8 - Shareholders equity Convertible preferred stock rights Preferred Stock (Series A) shall be convertible into Common Stock any time at the holders sole discretion in part or in whole by dividing the Purchase Price per Share by 110% of the Market Value on the Closing Date. Market Value on any given date shall be defined as the average of the lowest three intra-day trading prices of the Companys common stock during the 15 immediately preceding trading days. The Company is disputing the convertibility of these preferred shares. Preferred Stock (Series B) shall be convertible into ten common shares at any time and holders are entitled to 20 common share votes per such preferred share. Common stock The Company has authorized 300,000,000 shares of its common stock, $.001 par value. The Company had issued and outstanding 36,610,636 and 34,473,056 shares as of December 31, 2015 and 2014, respectively. During the year ended December 31, 2015, the Company issued 2,137,580 shares of common stock valued at $175,027 in exchange for services and property: 204,080 shares valued at $10,000 to directors for services; 918,367 shares valued at $45,000 to an officer for services; and 1,300,000 shares valued at $26,000 to a vendor for construction in process. Subsequently, these shares were returned and cancelled on August 25, 2015, for non-performance; and 500,000 shares valued at $25,000 to an unrelated vendor for services, and we will issue another 500,000 at the end of the 6-month contract or About, February 29, 2016. During the year ended December 31, 2015, convertible notes payable were converted to common stock: 515,133 shares of common stock were issued for converted notes totaling $69,026 An additional 1,783,332 shares valued at $53,572 were yet to be issued as of December 31, 2015 pursuant to convertible notes payable that were converted. During 2014, the Company issued a total of 200,000 shares for services, valued at $6,000, and issued 2,791,466 in connection with convertible notes (see Note 7). |
Commitments and Contingencies D
Commitments and Contingencies Disclosure | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Commitments and Contingencies Disclosure | Note 9 Commitments Employment Agreements In 2012, the Company entered into five-year employment agreements with its chief executive and scientific officer and its chief administrative and financial officer. The agreements provide for compensation of $18,000 and $14,000 per month, respectively, and expire on January 7, 2017. Office Space Lease Our current office space is leased by a related party, who bears the liability of the contract, however we are subleasing the entire space, and our rental fees are based on the total amount of the original contract. Note 10 Legal contingencies The Company is involved in claims arising during the ordinary course of business resulting from disputes with vendors and stockholders over various contracts and agreements. On August 12, 2015, the Company entered into a settlement agreement with Litchfield Church Ranch, LLC (LCR), its former landlord, related to back rent in the amount of $325,000. The Company is required to pay $15,000 on or before September 12, 2015 as a good-faith down payment, on August 21, 2015, the Company paid $13,348 towards this down payment. The Company, at its option, can satisfy the judgment in the following ways: If paid on or before February 12, 2016, the judgment shall be deemed paid-in-full if the Company delivers $100,000 to LCR If not paid off prior to February 12, 2016, the Company judgment shall be deemed satisfied if the Company delivers $150,000 to LCR on or before August 12, 2016. If not paid off prior to August 12, 2016, there will be no discount and the Company shall owe the judgment balance in the amount of $325,885 IIn June 2009, James Tufts filed a complaint at the Small Claims Court in Jefferson County CO in the amount of $4,000 plus expenses from a London trip. The Company has not satisfied the judgment. This balance is included in accounts payable and accruing interest at 12% per annum. On June 26, 2009, Enterprise Leasing Company of Denver filed a Civil Judgment at the Jefferson County District Court in the State of Colorado in the amount of $78,178. The Company has not satisfied the judgment. On August 17, 2010, Banc of America Leasing filed a Civil Judgment at the Oakland County District in Troy, Michigan in the amount of $24,002. The Company has not satisfied the judgment. On September 23, 2010, Liberty Acquisitions filed a Civil Judgment at the Jefferson County Court in the State of Colorado in the amount of $3,300. The Company has not satisfied the judgment. On February 10, 2009, Centennial Credit Corporation filed a Civil Judgment at the Jefferson County Court in the amount of $967. The Company has not satisfied the judgment. On August 29, 2011, GeneThera had a court hearing concerning a litigation filed by The Park III related to unpaid rent according to the lease agreement. The District Court of Boulder entered a judgment against the Company in the amount of $77,000. The Company has not satisfied the judgment. On Novermber 8, 2012, GeneThera apparently had litigation with Mark Gohr, a consultant the CEO hired when Gohr was laid off from Qwest in 2009. The Company was not aware of such litigation. The legal documentation was not served to the Registered Agent. Gohr had a judgment by default in the amount of $19,000. According to the Company's financial records reflecting whatever invoices, receipts, and/or credit card method of payment supposedly provided by Mark Gohr, this consultant financially assisted the Company for less than $10,000. Litigation is no longer pending. On November 26, 2012, the Internal Revenue Service filed a Federal Tax Lien in the amount of $1,275. The Company has not satisfied the lien. |
Income Tax Disclosure
Income Tax Disclosure | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Income Tax Disclosure | Note 11 Income taxes We are subject to taxation in the U.S. and the State of Colorado. The Company is not current on its tax filings and is subject to examination until those filings take place. The Company has no current or deferred income tax liability due to its operating losses. The Company has federal net operating loss carryforwards totaling $11,144,428 and $10,249,211 at December 31, 2015 and 2014, respectively. Subject to certain limitations (including limitations under Section 382 of the Internal Revenue Code), the carryforwards are available to offset future taxable income through 2035. The amount of change in the deferred tax asset and the related valuation allowance was approximately $313,326 during the year ending December 31, 2015, compared to approximately $183,000 in the year ending December 31, 2014. Gross deferred tax assets totaled $3,900,550 and $3,587,224 at December 31, 2015 and 2014, respectively. A 100% valuation allowance has been recorded to offset the deferred tax assets, due to uncertainty of the Companys ability to generate future taxable income, in the amount of $3,900,550, resulting in a net deferred tax asset of $0. We have analyzed the filing positions in all jurisdictions where we are required to file income tax returns and found no positions that would require a liability for unrecognized income tax positions be recognized. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Subsequent Events | Note 12 Subsequent events In late December 2015, the Company expects to finalize and enter into an exclusive License Agreement with Galtheron Molecular Solutions. GeneThera will license Galtheron to commercialize diagnostic and vaccine technologies in Europe and the Middle East. Further details will be forthcoming. This has been delayed until the renovations of the laboratory is completed. Galtheron expects for this to be completed in the first half of the 2016-year end. On January 29, 2016, the Company acquired a lab space for our R&D projects and robotic technology. Currently, the project manager is renovating the lab space suitable to our Molecular Biology research. It is expected that this lab space will be available for us to move in during the first week of May 2016. The new lab space is located at 6860 N. Broadway, Suite B in Denver, CO 80221. On February 24, 2016, the CEO of the Company, appointed Professor Carol Hruska from the Czech Republic. Professor Hruska is the Founder of the Biomedical Technology, Epidemiology and Food Safety Global Network; and administrator of the database of both, the publications on paratuberculosis (MAP) in Crohns disease. He has also published articles demonstrating MAP contamination in baby formula and papers about public health threat posed by mycobacteria in water, soil, plants and air. Hi extensive experience and knowledge of the MAP and Crohns research will help GeneThera achieve its scientific goals, as well as increase the level of awareness of the role MAP infection plays in the dairy industry and the development of Crohns Disease. On March 22, 2016, the Company issued 918,368 restricted shares to the CFO as part of the employment agreement, which reflects issuance of stock to cover the $45,000 a year stock issuance. On March 22, 2016, the Company issued 654,082 restricted shares services for services rendered. On April 5, 2016, the Company received a $30,000 Business Loan from Bruiser Investments, LLC. The Entity will sign a Subordinated Convertible Promissory Note until the loan is paid. This Investment is not for Equity; it is for cash plus 8% accrued interest. |
Organization, Consolidation a17
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Nature of Operations (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Nature of Operations | Organization and nature of operations The consolidated financial statements include GeneThera, Inc. and its wholly owned subsidiary GeneThera, Inc. (Colorado) (collectively GeneThera or the Company). GeneThera is a biotechnology company that develops molecular assays for the detection of food contaminating pathogens, veterinary diseases and genetically modified organisms. The Company has not commenced sales, as yet, but only participates research and development of its products, and is solely dependent on outside financing. |
Organization, Consolidation a18
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Use of Estimates, Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Use of Estimates, Policy | Use of estimates The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Organization, Consolidation a19
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Cash and Cash Equivalents, Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Cash and Cash Equivalents, Policy | Cash and cash equivalents Cash equivalents are highly liquid investments with an original maturity of three months or less. |
Organization, Consolidation a20
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Principles of Consolidation (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Principles of Consolidation | Principles of consolidation The consolidated financial statements include the accounts of the Company, and its subsidiary. |
Organization, Consolidation a21
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Property, Plant and Equipment, Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Property, Plant and Equipment, Policy | Property and equipment, net Property and equipment consists primarily of office and laboratory equipment and leasehold improvements and is stated at cost. Depreciation is computed on a straight-line basis over the estimated useful lives ranging from five to seven years. Leasehold improvements are amortized over the shorter of their economic lives or lease terms. |
Organization, Consolidation a22
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Impairment or Disposal of Long-Lived Assets, Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Impairment or Disposal of Long-Lived Assets, Policy | Impairment of long-lived assets The Company reviews the recoverability of its long-lived assets to determine whether events or changes in circumstances occurred that indicate the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on the ability to recover the carrying value of the asset from the expected future cash flows of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between the estimated fair value and carrying value. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. |
Organization, Consolidation a23
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Revenue Recognition, Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Revenue Recognition, Policy | Revenue recognition Research and development contracts are on a pre-paid basis in order to reflect milestones during research investigation. Revenues are recognized when services are completed. There were no revenues during the years ended December 31, 2015 and 2014. |
Organization, Consolidation a24
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Compensation Related Costs, Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Compensation Related Costs, Policy | Stock-Based Compensation Stock-based compensation is accounted for under FASB ASC Topic No. 718 Compensation Stock Compensation |
Organization, Consolidation a25
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Income Tax, Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Income Tax, Policy | Income taxes Income taxes are accounted for in accordance with the provisions of FASB ASC Topic No. 740 - Income Taxes |
Organization, Consolidation a26
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Earnings Per Share, Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Earnings Per Share, Policy | Basic and diluted net loss per common share Basic and diluted net loss per share calculations are presented in accordance with FASB ASC Topic No. 260 Earnings per Share |
Organization, Consolidation a27
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Fair Value Measurement, Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Fair Value Measurement, Policy | Fair value of financial instruments The carrying value of cash, accounts payable and accrued expenses approximates fair value due to the short term nature of these accounts. |
Organization, Consolidation a28
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: New Accounting Pronouncements, Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
New Accounting Pronouncements, Policy | Recently issued accounting pronouncements The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant effect on its consolidated financial position or results of operations. |
Property, Plant and Equipment29
Property, Plant and Equipment Disclosure: Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Property, Plant and Equipment | Property and Equipment December 31, 2015 December 31, 2014 Furniture & Fixtures 1,465 1,465 Machinery & Equipment 775,864 775,864 Software 7,000 7,000 Construction in Process 13,000 - Less: Accumulated Depreciation (784,329) (784,329) Property and Equipment, net 13,000 - |
Related Party Transactions Di30
Related Party Transactions Disclosure: Schedule of Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Related Party Transactions | As of December 31, 2015, the Company has the following outstanding liabilities due to related parties: 1. Setna Holdings LLC $150,705 2. Kalos, Holdings 86,896 3. Tannya Irizarry 23,356 4. Elia Holdings, LLC 7,325 Total $268,282 |
Accounts Payable and Accrued 31
Accounts Payable and Accrued Liabilities Disclosure: Schedule of Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Accrued Liabilities | 2015 2014 Accrued officer salaries (see below) $ 2,943,904 $ 2,514,904 Accrued interest 31,282 8,734 Other 241,378 106,431 Total Accrued Expenses $ 3,216,564 $ 2,630,069 |
Property, Plant and Equipment32
Property, Plant and Equipment Disclosure: Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Furniture and Fixtures, Gross | $ 1,465 | $ 1,465 |
Machinery and Equipment, Gross | 775,864 | 775,864 |
Capitalized Computer Software, Gross | 7,000 | 7,000 |
Inventory, Real Estate, Construction in Process | 13,000 | |
Less: Accumulated | (784,329) | $ (784,329) |
Property, Plant and Equipment, Net | $ 13,000 |
Accounts Payable and Accrued 33
Accounts Payable and Accrued Liabilities Disclosure: Schedule of Accrued Liabilities (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Accrued officer salaries | $ 2,943,904 | $ 2,514,904 |
Accrued interest | 31,282 | 8,734 |
Other | 241,378 | 106,431 |
Total Accrued Expenses | $ 3,216,564 | $ 2,630,069 |