Cellcyte Genetics (SHPN) 10-Q 16 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	13-May-14
Document And Entity Information	'	'
Entity Registrant Name	'Cellcyte Genetics Corp.	'
Entity Central Index Key	'0001325279	'
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	'	82,329,481
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2014	'

Consolidated_Balance_Sheets_Un

Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2014	Mar. 31, 2013
CURRENT ASSETS	'	'
Prepaid expenses and deposits	$993	$9,033
Total Current Assets	993	9,033
OTHER ASSETS	'	'
Furniture and equipment, net of depreciation	'	'
Intellectual property, net of amortization and impairment	'	'
Total Other Assets	'	'
TOTAL ASSETS	993	9,033
CURRENT LIABILITIES	'	'
Accounts payable	127,249	125,540
Accrued expenses	92,488	82,405
Due to related parties	117,949	140,704
Note payable - current portion	'	2,695
Total Current Liabilities	337,686	351,344
LONG TERM LIABILITIES	'	'
Convertible notes - related party	515,895	477,489
Total Long Term Liabilities	515,895	477,489
TOTAL LIABILITIES	853,581	828,833
COMMITMENTS AND CONTINGENCIES	'	'
STOCKHOLDERS' DEFICIT	-852,588	-819,800
Common stock, $0.001 par value; 525,000,000 shares authorized, 82,329,481 shares issued and outstanding, respectively	$82,329	$82,329
Additional paid in capital	11,734,022	11,734,022
Common stock purchase warrants	49,154	49,154
Deficit accumulated during the development stage	-12,718,093	-12,685,305
Total Stockholders' Deficit	-852,588	-819,800
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$993	$9,033

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical)	Mar. 31, 2014	Mar. 31, 2013
Statement of Financial Position [Abstract]	'	'
Common Stock, $0.001 par value, authorized	525,000,000	525,000,000
Common Stock, $0.001 par value, shares issued and outstanding	82,329,481	82,329,481

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		111 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Income Statement [Abstract]	'	'	'
REVENUES	'	'	'
OPERATING EXPENSES:	'	'	'
Consulting	'	'	1,678,107
General and administrative	12,045	12,462	2,675,908
Professional fees	10,708	13,305	1,953,744
Research, development and laboratory	'	'	1,296,619
Salaries and benefits	'	'	1,457,524
Stock-based compensation	'	'	3,025,776
Total Operating Expenses	22,753	25,767	12,087,678
LOSS FROM OPERATIONS	-22,753	-25,767	-12,087,678
OTHER INCOME (EXPENSE)	'	'	'
Interest income	'	'	32,512
Interest and finance charges	-10,034	-9,506	-380,162
Impairment of intellectual property	'	'	-568,913
Impairment of tenant improvements	'	'	-383,535
Gain on extinguishment of debt	'	'	803,086
Loss on disposal of furniture and equipment	'	'	-133,403
Total Other Income (Expense)	-10,034	-9,506	-630,415
LOSS BEFORE TAXES	-32,787	-35,273	-12,718,093
INCOME TAXES	'	'	'
NET LOSS	($32,787)	($35,273)	($12,718,093)
BASIC AND DILUTED NET LOSS PER COMMON SHARE	$0	$0	'
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING FOR BASIC AND DILUTED CALCULATION	82,329,481	82,329,481	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended		111 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'	'
Net loss	($32,787)	($35,273)	($12,718,091)
Amortization of intellectual property	'	1,876	139,111
Depreciation of furniture and equipment	'	'	547,247
Stock-based compensation	'	'	3,025,776
Non-cash services	'	'	1,005,082
Amortization of discount on note	150	150	1,950
Warrant issued for legal services	'	'	46,154
Accounts payable paid with common stock	'	'	144,103
Non-cash beneficial conversion right	'	'	36,400
Non-cash impairment of tenant improvements	'	'	383,535
Non-cash impairment of intellectual property	'	'	568,913
Expenses paid by stockholder	'	'	32,755
Accrued interest converted to note payable	'	'	63,232
Accrued expense converted to note payable	'	'	7,279
Accrued interest reduced in settlement	'	'	1,385
Accounts payable written off	'	'	-569,812
Accounts payable reduced in lease settlement	'	'	520,788
Gain on extinguishment of debt	'	'	-53,547
Loss on disposal of furniture and equipment	'	'	135,388
Prepaid expenses and deposits	8,040	7,110	-265
Increase (decrease) in liabilities	'	'	'
Accounts payable	1,709	8,657	562,058
Accrued interest	'	'	82,088
Accrued expenses	10,083	7,636	62,874
Net cash used by operating activities	-12,805	-9,844	-5,975,597
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'	'
Intellectual property acquisition	'	'	-715,528
Cash from sales of equipment	'	'	107,465
Furniture and equipment acquisition, net	'	'	-1,327,070
Cash acquired on reverse acquisition	'	'	1,429
Net cash provided (used) by investing activities	'	'	-1,933,704
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'	'
Proceeds from issuance of convertible notes	22,580	13,250	1,231,462
Proceeds from convertible note allocated to warrant	'	'	3,000
Proceeds from note to fund insurance premiums	'	'	32,160
Advances from related party	'	'	112,625
Payments on note payable	-9,775	-3,406	-125,835
Proceeds from sale of common stock	'	'	6,655,889
Net cash provided by financing activities	12,805	9,844	7,909,301
Net increase in cash and cash equivalents	'	'	'
Cash and cash equivalents, beginning of period	'	'	'
Cash and cash equivalents, end of period	'	'	'
SUPPLEMENTAL CASH FLOW DISCLOSURES:	'	'	'
Income taxes paid	'	'	'
Interest paid	'	'	76,693
NON CASH INVESTING AND FINANCING ACTIVITES	'	'	'
Issuance of note for insurance	'	'	69,000
Related party advance exchanged for convertible note.	$22,755	'	$22,755

Description_of_Business_and_Ba

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Description of Business and Basis of Presentation	'
	NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
	CellCyte Genetics Corporation (the “Company”) is in the development stage, as defined by Financial Accounting Standards Board (“FASB”) ASC 915, “Development Stage Entities” and its efforts have been principally devoted to the commercialization of its cell expansion technology since it previously discontinued the discovery and development of stem cell therapeutic products in 2008. To date, the Company has not generated any sales revenues, has incurred ongoing operating expenses and has sustained losses.  Consequently, its operations are subject to all the risks inherent in the establishment of a new business enterprise.
	The Company follows the accounting guidance outlined in the Financial Accounting Standards Board Codification guidelines. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted principles for interim financial information and with the instructions to Form 10-Q of Regulation S-K. They may not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 15, 2014. The interim unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, which unless otherwise disclosed herein, consisting primarily of normal recurring adjustments, have been made. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.
	The Company’s financial statements include certain estimates and assumptions which affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results may differ from those estimates.
	Certain amounts in the prior period financial statements have been reclassified to conform with the current period presentation. These reclassifications had no effect on previously reported losses, total assets or stockholders equity.
	Going Concern
	As shown in the accompanying financial statements, the Company has incurred significant losses since inception and has not generated any revenues to date. The future of the Company is dependent upon its ability to obtain sufficient financing, demonstration that its bioreactor device can satisfy the cell expansion requirements of research organizations which it has, or will have, collaboration agreements with research organizations, the willingness of CCYG stock option holders to exercise their vested options and, ultimately, upon achieving future profitable operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying interim consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Intellectual_Property

Intellectual Property	3 Months Ended
	Mar. 31, 2014
Property, Plant and Equipment [Abstract]	'
Intellectual Property	'
	NOTE 2 – INTELLECTUAL PROPERTY
	As of December 31, 2013, the Company had $70,002 of capitalized patents. Through March 31, 2014, the Company did not incur any additional costs for its intellectual property. The Company amortizes patents over the remaining life of the patents, which ranges from 6 to 16 years.
	Intellectual property at March 31, 2014 and December 31, 2013 is as follows:
		March 31,		December 31,
		2014		2013
	Patents	$	70,002	$	70,002
	Accumulated amortization		-70,002		-70,002
	Patents, net	$	-	$	-

Property_and_Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2014
Property, Plant and Equipment [Abstract]	'
Property and Equipment	'
	NOTE 3 – PROPERTY AND EQUIPMENT
	As of March 31, 2014 and December 31, 2013, the Company had a remaining, fully depreciated cost basis, of $120,745 in laboratory, computer and office equipment. During the three months ended March 31, 2014, the Company did not sell or otherwise dispose of any of its property and equipment.
	Property and equipment as of March 31, 2014 and December 31, 2013 are as follows:
		March 31,		December 31,
		2014		2013
	Laboratory equipment	$	40,935	$	40,935
	Computer and office equipment		79,810		79,810
	Accumulated depreciation		-120,745		-120,745
	Property and equipment, net	$	-	$	-

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	NOTE 4 – COMMITMENTS AND CONTINGENCIES
	Operating Leases
	The Company rents office and lab space on a month-to-month basis for approximately $1,000 per month.

Capital_Stock

Capital Stock	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Capital Stock	'
	NOTE 5 – CAPITAL STOCK
	Common Stock
	The Company has authorized 525,000,000 shares of its common stock, $0.001 par value. The Company had issued and outstanding 82,329,481 shares of its common stock at March 31, 2014 and December 31, 2013, respectively.
	During the three month period ended March 31, 2014, the Company did not issue any shares of its common stock for services.
	Common Stock Warrants
	The Company did not issue any common stock purchase warrants during the three month period ended March 31, 2014. Warrants outstanding are as follows:
		Warrants		Weighted Average	Weighted Average
		Outstanding		Exercise Price	Remaining Life
	Balance, December 31, 2012	919,230	$	0.06	1.62 years
	Warrants issued	-		-
	Warrants exercised	-		-
	Warrants expired	-		-
	Balance, December 31, 2013	919,230		0.06	0.62 years
	Warrants issued	-		-
	Warrants exercised	-		-
	Warrants expired	-		-
	Balance,  March 31, 2014	919,230	$	0.06	0.37 years
	Common Stock Options
	The Company did not grant any stock options for shares of its common stock during the three months ended March 31, 2014.
	Stock options outstanding are as follows:
				Weighted Average	Weighted Average
		Options		Exercise Price	Remaining Life
		Outstanding
	Balance, December 31, 2012	53,170,000	$	0.049	2.68 years
	Options granted	-		-
	Options exercised	-		-
	Options cancelled and expired	-250,000		0.400
	Balance, December 31, 2013	52,920,000		0.051	1.68 years
	Options granted	-		-
	Options exercised	-		-
	Options cancelled and expired	-		-
	Balance, March 31, 2014	52,920,000	$	0.051	1.43 years

Basic_and_Diluted_Net_Loss_Per

Basic and Diluted Net Loss Per Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Basic and Diluted Net Loss Per Share	'
	NOTE 6 – BASIC AND DILUTED NET LOSS PER SHARE
	The Company computes net income (loss) per common share in accordance with FASB ASC 260, “Earnings Per Share”. Net income (loss) per share is based upon the weighted average number of outstanding common shares and the dilutive effect of common share equivalents, such as options and warrants to purchase common stock, convertible preferred stock and convertible notes, if applicable, that are outstanding each year. Basic and diluted earnings per share were the same at the reporting dates of the accompanying financial statements, as including common stock equivalents in the calculation of diluted earnings per share would have been anti-dilutive.
	Common stock equivalents that were not included in diluted earnings per share at March 31, 2014 and 2013 are as follows:
		2014		2013
	Stock options		52,920,000		53,170,000
	Warrants		919,230		919,230
	Convertible promissory notes		51,441,144		16,717,506
	Common stock equivalents		105,280,374		70,806,736

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	NOTE 7 – RELATED PARTY TRANSACTIONS
	During the year ended December 31, 2008, two former officers, Gary Reys and Dr. Ronald Berninger, who were also members of the Company’s board of directors, advanced funds in the amount of $26,290 for their defense of certain legal matters. During 2009, Dr. Berninger advanced an additional $6,465 for his defense. Under the Company’s Bylaws, the Company is required to provide for the legal defense of its officers and directors. These advances are included in due to related parties.
	On March 16, 2014, the outstanding balance to Dr. Berninger was converted into a convertible promissory note bearing interest at 8% with all interest and principal due on March 15, 2019. In addition, during the three months ended March 31, 2014, Dr. Berninger advanced an additional $2,000 to help cover operating costs.
	Convertible Promissory Notes
	On December 23, 2009, an officer of the Company loaned $25,000 to the Company in exchange for a convertible promissory note and a warrant to purchase 150,000 shares of common stock. The promissory note bears interest at the annual rate of eight percent and all interest and principal is due on December 22, 2014. The fair market value of the warrants of $3,000 was recorded as a discount on the promissory note. During 2013 this officer advanced the Company an additional $18,250 to help fund operating costs. On November 5, 2013, all outstanding amounts to this officer, including accrued interest of $8,177 and an advance of $6,142 included in accrued expenses, were rolled into a new promissory note bearing interest at 8% and convertible into common stock at any time, at the option of the holder, at the exchange rate of $0.01 per share. During the three months ended March 31, 2014, this officer advanced an additional amount of $9,490 for operating costs. The outstanding balance on this convertible promissory note at March 31, 2014 was $66,609, net of unamortized discount of $450.
	During the year ended December 31, 2013, a stockholder of the Company advanced a total of $43,600 under a convertible promissory note to help pay for certain operating and debt service costs. On November 5, 2013, all outstanding amounts to this stockholder, including accrued interest of $50,243 were rolled into a new promissory note bearing interest at 8% and convertible into common stock at any time, at the option of the holder, at the exchange rate of $0.01 per share. During the three months ended March 31, 2014, this stockholder advanced an additional $9,490. The outstanding balance on this convertible promissory note at March 31, 2014 was $408,376.
	During the year ended December 31, 2013, the Company repaid a second stockholder of the Company a total of $1,887 under a convertible promissory note. On November 5, 2013, all outstanding amounts to this stockholder, including accrued interest of $4,812 and an advance in the amount of $1,137 included in accrued expenses were rolled into a new promissory note bearing interest at 8% and convertible into common stock at any time, at the option of the holder, at the exchange rate of $0.01 per share. During the three months ended March 31, 2014, the Company repaid $5,478 to this stockholder. The outstanding balance on this convertible promissory note at March 31, 2014 was $16,155.
	Stockholder Advances
	During the year ended December 31, 2007 a stockholder of the Company paid various outstanding payables on behalf of the Company. As of March 31, 2014 the Company owed this stockholder $107,949. These advances are unsecured, non-interest bearing with no set terms of repayment and are included on the balance sheet under Due to Related Parties.

Intellectual_Property_Tables

Intellectual Property (Tables)	3 Months Ended
	Mar. 31, 2014
Property, Plant and Equipment [Abstract]	'
Schedule of Intellectual Property	'
		March 31,		December 31,
		2014		2013
	Patents	$	70,002	$	70,002
	Accumulated amortization		-70,002		-70,002
	Patents, net	$	-	$	-

Property_and_Equipment_Tables

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2014
Property, Plant and Equipment [Abstract]	'
Schedule of Property Plant and Equipment	'
		March 31,		December 31,
		2014		2013
	Laboratory equipment	$	40,935	$	40,935
	Computer and office equipment		79,810		79,810
	Accumulated depreciation		-120,745		-120,745
	Property and equipment, net	$	-	$	-

Capital_Stock_Tables

Capital Stock (Tables)	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Common Stock Warrants	'
		Warrants		Weighted Average	Weighted Average
		Outstanding		Exercise Price	Remaining Life
	Balance, December 31, 2012	919,230	$	0.06	1.62 years
	Warrants issued	-		-
	Warrants exercised	-		-
	Warrants expired	-		-
	Balance, December 31, 2013	919,230		0.06	0.62 years
	Warrants issued	-		-
	Warrants exercised	-		-
	Warrants expired	-		-
	Balance,  March 31, 2014	919,230	$	0.06	0.37 years
Schedule of Stock Options	'
				Weighted Average	Weighted Average
		Options		Exercise Price	Remaining Life
		Outstanding
	Balance, December 31, 2012	53,170,000	$	0.049	2.68 years
	Options granted	-		-
	Options exercised	-		-
	Options cancelled and expired	-250,000		0.400
	Balance, December 31, 2013	52,920,000		0.051	1.68 years
	Options granted	-		-
	Options exercised	-		-
	Options cancelled and expired	-		-
	Balance, March 31, 2014	52,920,000	$	0.051	1.43 years

Basic_and_Diluted_Net_Loss_Per1

Basic and Diluted Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Common Stock equivalents not included in diluted earnings per share	'
		2014		2013
	Stock options		52,920,000		53,170,000
	Warrants		919,230		919,230
	Convertible promissory notes		51,441,144		16,717,506
	Common stock equivalents		105,280,374		70,806,736

Intellectual_Property_Schedule

Intellectual Property - Schedule of Intellectual Property (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Abstract]	'	'
Patents	$70,002	$70,002
Accumulated amortization	-70,002	-70,002
Patents, net	'	'