Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 03, 2019 | |
Details | ||
Registrant Name | MARIZYME INC | |
Registrant CIK | 0001413754 | |
SEC Form | 10-Q | |
Period End date | Jun. 30, 2019 | |
Fiscal Year End | --12-31 | |
Tax Identification Number (TIN) | 82-5464863 | |
Number of common stock shares outstanding | 19,858,939 | |
Filer Category | Non-accelerated Filer | |
Current with reporting | Yes | |
Shell Company | false | |
Small Business | true | |
Emerging Growth Company | true | |
Ex Transition Period | true | |
Entity File Number | 000-53223 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 109 Ambersweet Way, #401 | |
Entity Address, City or Town | Davenport | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33897 | |
Entity Address, Address Description | Address of principal executive offices | |
City Area Code | 925 | |
Local Phone Number | 400-3123 | |
Phone Fax Number Description | Registrant’s telephone number | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Transition Report | false |
INTERIM BALANCE SHEETS (Unaudit
INTERIM BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | |
Current Assets: | |||
Cash | $ 4,382 | $ 104 | |
Prepaid Expenses | 5,000 | 20,000 | |
Total Current Assets | 9,382 | 20,104 | |
Long Term Assets: | |||
Intangible Assets - Note 5 | [1] | 28,600,000 | 28,600,000 |
TOTAL ASSETS | 28,609,382 | 28,620,104 | |
Current Liabilities: | |||
Accounts Payable and Accrued Liabilities | 212,660 | 42,780 | |
Total Liabilities | 212,660 | 42,780 | |
STOCKHOLDERS' EQUITY | |||
Common Stock, Value | [2] | 19,859 | 19,740 |
Donated Capital | 41,422 | 41,422 | |
Additional Paid-in Capital | 58,579,585 | 58,454,704 | |
Treasury Stock | (16,000) | (16,000) | |
Accumulated Deficit | (30,228,144) | (29,922,542) | |
Total Equity | 28,396,722 | 28,577,324 | |
TOTAL LIABILITIES AND EQUITY | $ 28,609,382 | $ 28,620,104 | |
[1] | Note 5. | ||
[2] | Note 7. |
INTERIM BALANCE SHEETS (Unaud_2
INTERIM BALANCE SHEETS (Unaudited) - Parenthetical - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 | |
Details | |||
Common Stock, Shares Authorized | [1] | 75,000,000 | 75,000,000 |
Common Stock, Par or Stated Value Per Share | [1] | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | [1] | 25,000,000 | 25,000,000 |
Preferred Stock, Par or Stated Value Per Share | [1] | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | [1] | 19,858,939 | 19,740,302 |
Common Stock, Shares, Outstanding | [1] | 19,858,939 | 19,740,302 |
[1] | Note 7. |
INTERIM STATEMENTS OF OPERATION
INTERIM STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Details | ||||
Total Revenue | $ 0 | $ 17,107 | $ 0 | $ 22,660 |
Total Cost of Goods Sold | 0 | 19,548 | 0 | 19,548 |
Gross Profit | 0 | (2,441) | 0 | 3,112 |
Expenses: | ||||
Audit and Accounting fees | 1,125 | 19,500 | 3,425 | 19,500 |
Consulting fees | 139,261 | 8,390 | 173,953 | 37,498 |
Director and Officer insurance | 5,000 | 20,460 | 20,000 | 30,460 |
Filing charges | 1,057 | 1,142 | 2,280 | 1,842 |
General, office and miscellaneous | 0 | 699 | 330 | 1,624 |
Investor Relations | 15,242 | 0 | 15,242 | 0 |
Legal and Professional fees | 49,840 | 13,549 | 63,474 | 23,549 |
Registrations and dues | 9,000 | 0 | 9,000 | 0 |
Travel and entertainment | 16,837 | 2,555 | 17,898 | 2,554 |
Total Expenses | 237,362 | 66,295 | 305,602 | 117,027 |
Net Operating Loss | (237,362) | (68,736) | (305,602) | (113,915) |
Other Income | 0 | 2,792 | 0 | 0 |
Net Loss and comprehensive loss for the period | $ (237,362) | $ (65,944) | $ (305,602) | $ (113,915) |
Net Loss per share, basic and diluted | $ (0.01) | $ (0.06) | $ (0.02) | $ (0.10) |
Weighted average of number of shares of common stock outstanding, basic and diluted | 19,763,769 | 1,101,074 | 19,746,153 | 1,101,074 |
INTERIM STATEMENTS OF EQUITY (U
INTERIM STATEMENTS OF EQUITY (Unaudited) - USD ($) | Common Stock | Additional Paid-in Capital | Donated Capital | Treasury Stock | Retained Earnings | Total |
Equity Balance, Starting at Dec. 31, 2017 | $ 1,101 | $ 29,793,728 | $ 41,422 | $ (16,000) | $ (27,653,439) | $ 2,166,812 |
Shares Outstanding, Starting at Dec. 31, 2017 | 1,101,074 | |||||
Net Income (Loss) | $ 0 | 0 | 0 | 0 | (113,915) | (113,915) |
Shares Outstanding, Ending at Jun. 30, 2018 | 1,101,074 | |||||
Equity Balance, Ending at Jun. 30, 2018 | $ 1,101 | 29,793,728 | 41,422 | (16,000) | (27,767,354) | 2,052,897 |
Equity Balance, Starting at Dec. 31, 2018 | $ 19,740 | 58,454,704 | 41,422 | (16,000) | (29,922,542) | 28,577,324 |
Shares Outstanding, Starting at Dec. 31, 2018 | 19,740,302 | |||||
Net Income (Loss) | $ 0 | 0 | 0 | 0 | (305,602) | (305,602) |
Shares Outstanding, Ending at Jun. 30, 2019 | 19,858,939 | |||||
Equity Balance, Ending at Jun. 30, 2019 | $ 19,859 | $ 58,579,585 | $ 41,422 | $ (16,000) | $ (30,228,144) | $ 28,396,722 |
INTERIM STATEMENTS OF CASH FLOW
INTERIM STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flow from Operating Activities: | ||
Net loss for the period | $ (305,602) | $ (113,915) |
Changes in assets and liabilities: | ||
Prepaid Expenses | 15,000 | (23,333) |
Accounts Receivable | 0 | (6,983) |
Accounts Payable and Accrued Liabilities | 169,880 | (858) |
Assets/Liabilities Held for Resale | 0 | 99,277 |
Net Cash used by Operating Activities | (120,722) | (45,812) |
Capital Paid-In | 125,000 | 0 |
Net cash increase (decrease) for period | 4,278 | (45,812) |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 104 | 51,608 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 4,382 | 5,796 |
Supplementary Information: | ||
Interest Paid: | 0 | 0 |
Taxes Paid: | $ 0 | $ 0 |
Note 1 - COMPANY AND BACKGROUND
Note 1 - COMPANY AND BACKGROUND | 6 Months Ended |
Jun. 30, 2019 | |
Notes | |
Note 1 - COMPANY AND BACKGROUND | Note 1 COMPANY AND BACKGROUND Overview Marizyme, Inc., a Nevada corporation formerly known as GBS Enterprises Incorporated (the Company, Marizyme, GBS, GBSX, MRZM,, we, us, our or similar expressions), conducted its primary business through its majority owned subsidiary, GBS Software AG (GROUP), a German-based public-company. By December 31, 2016, we sold the controlling interest in GROUP and other subsidiaries, keeping only a minority interest in GROUP. On March 21, 2018, we formed a wholly-owned subsidiary named Marizyme, Inc., a Nevada corporation, and merged with it, effectively changing the Companys name to Marizyme, Inc. On June 1, 2018, we exchanged the shares of GROUP and all the intercompany assets and liabilities for 100% of the shares of X-Assets Enterprises, Inc, a Nevada Corporation. As part of a type-D business restructuring on September 5, 2018, we then distributed the X-Assets shares to our own shareholders on a 1 for 1 basis. Marizyme refocused on the life sciences and seeks technologies to acquire. On September 12, 2018 we consummated an asset acquisition with ACB Holding AB, Reg. No. 559119-5762, a Swedish corporation to acquire all right, title and interest in their Krillase technology in exchange for 16.98 Million shares of Common Stock. Krillase is a naturally occurring enzyme that acts to break protein bonds and has applications in dental care, wound healing and thrombosis. The Companys common stock was historically quoted on the OTC Markets OTCQB under the ticker symbol MRZM. However, because the Company failed to file its 2014 Annual Report with the Securities and Exchange Commission (the SEC), the Companys common stock since that time has been quoted on the OTC Pink sheets. The Company Filed a Form 10 with the SEC on September 12, 2018 and is now current with its SEC periodic filings. These financial statements have been prepared in accordance with generally accepted principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next twelve months. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classifications of assets and liabilities should the Company be unable to continue as a going concern. At June 30, 2019, the Company had not yet achieved profitable operations and had accumulated losses of $30,128,144 since its inception, all of which casts substantial doubt about the Companys ability to continue as a going concern. The Companys ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management is in the process of executing a strategy based upon a new strategic direction in the life sciences space. We have several technologies in the commercialization phase and in development. We are seeking acquisitions of biotechnology assets in support of this direction. There can be no assurances that management will be successful in executing this strategy. |
Note 2 - INTERIM REPORTING
Note 2 - INTERIM REPORTING | 6 Months Ended |
Jun. 30, 2019 | |
Notes | |
Note 2 - INTERIM REPORTING | Note 2 INTERIM REPORTING While the information presented in the accompanying interim three-month financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in accordance with accounting principles generally accepted in the United States of America. These interim financial statements follow the same accounting policies and methods of their application as the Companys December 31, 2018 annual financial statements. All adjustments are of a normal recurring nature. It is suggested that these interim financial statements be read in conjunction with the Companys December 31, 2018 annual financial statements. Operating results for the six months ended June 30, 2019 are not necessarily indicative of the results that can be expected for the year ended December 31, 2019. |
Note 3 - SUMMARY OF SIGNIFICANT
Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2019 | |
Notes | |
Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no changes in the accounting policies that effect these interim financial statements from the accounting policies disclosed in the notes to the audited annual financial statements for the year ended December 31, 2018. |
Note 4 - RECENT ACCOUNTING PRON
Note 4 - RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Notes | |
Note 4 - RECENT ACCOUNTING PRONOUNCEMENTS | Note 4 RECENT ACCOUNTING PRONOUNCEMENTS The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any pronouncement not yet effective but recently issued would, if adopted, have a material effect on the accompanying financial statements. |
Note 5 - INTANGIBLE ASSETS
Note 5 - INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2019 | |
Notes | |
Note 5 - INTANGIBLE ASSETS | Note 5 INTANGIBLE ASSETS On September 12, 2018 we consummated an asset acquisition with ACB Holding AB, Reg. No. 559119-5762, a Swedish corporation to acquire all right, title and interest in their Krillase technology in exchange for 16.98 Million shares of Common Stock. Krillase is a naturally occurring enzyme that acts to break protein bonds and has applications in dental care, wound healing and thrombosis. The transaction was recorded at the fair value of the shares. No amortization has been recorded as the patents are not yet in a position to produce cash flows. |
Note 6 - CONVERTIBLE NOTE PAYAB
Note 6 - CONVERTIBLE NOTE PAYABLE | 6 Months Ended |
Jun. 30, 2019 | |
Notes | |
Note 6 - CONVERTIBLE NOTE PAYABLE | Note 6 CONVERTIBLE NOTE PAYABLE On July 7, 2018 the Company issued a convertible note for $75,000. The note accrued interest at 12% interest, calculated monthly, due January 3, 2019 and convertible into common stock at the discretion of the noteholder at $0.50 per share. On December 30, 2018, the noteholder converted the principal and interest owing of $79,614 into 159,228 shares of common stock. |
Note 7 - CAPITAL STOCK
Note 7 - CAPITAL STOCK | 6 Months Ended |
Jun. 30, 2019 | |
Notes | |
Note 7 - CAPITAL STOCK | Note 7 CAPITAL STOCK The Company has authorized capital of 75,000,000 shares of common stock and 25,000,000 shares of blank check preferred stock, each with a par value of $0.001. On July 27, 2018 we completed a 1:29 reverse split of our common stock resulting in a total of 1,101,074 shares of Common stock outstanding. As of June 30, 2019, there were 19,858,939 shares of common stock outstanding. On May 14, 2018, 1,000 shares of preferred stock were issued to the CEO for services valued at $1. The preferred stock had voting rights of 80% at shareholder meetings. On July 27, 2018, the Company completed a reverse stock split of 1 new share for 29 shares of the Companys issued and outstanding common stock. These financial statements give retroactive effect to this transaction. On September 12, 2018, 16,980,000 common shares were issued to acquire patents and all rights, title and interest in Krillase technology and 1,500,000 shares were issued to the CEO in exchange for the 1,000 shares of preferred stock. On December 30, 2018, 159,228 shares of common stock was issued on conversion of convertible debt of $79,614. On June 12, 2019, the Company sold $125,000 of its common stock to three investors in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the Securities Act), pursuant to Regulation D under the Securities Act. In this private placement, the Company sold 118,637 shares priced at $1.10 per share and included a three-year warrant to purchase one additional share for each share purchased in the private placement at an exercise price of $3.00 per share. If the price of the Companys common stock reaches $4.00 for 20 consecutive days, the company has the right to buy back the warrant for $0.01 per share if the investor elects not to exercise the warrant to acquire the additional shares. Options and warrants. 165,000 Options to purchase Common Stock at a strike price of $1.50 were outstanding as of June 30, 2019. |
Note 8 - COMMITMENTS
Note 8 - COMMITMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Notes | |
Note 8 - COMMITMENTS | Note 8 COMMITMENTS On September 14, 2018, the Company signed a 3-year employment agreement with its CEO, Mr. Handley, with a base salary of $490,000 and bonuses of up to 55% of his base salary at the sole discretion of the Board of Directors. However, he resigned on March 28, 2019 and the agreement is no longer in force. |
Note 9 - SUBSEQUENT EVENTS
Note 9 - SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2019 | |
Notes | |
Note 9 - SUBSEQUENT EVENTS | Note 9 SUBSEQUENT EVENTS None |
Note 1 - COMPANY AND BACKGROU_2
Note 1 - COMPANY AND BACKGROUND (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Details | |
Entity Incorporation, State or Country Code | NV |
Entity Information, Former Legal or Registered Name | GBS Enterprises Incorporated |
Note 6 - CONVERTIBLE NOTE PAY_2
Note 6 - CONVERTIBLE NOTE PAYABLE (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Details | |
Debt Instrument, Issuance Date | Jul. 7, 2018 |
Debt Instrument, Issuer | Company |
Debt Instrument, Description | convertible note |
Debt Instrument, Face Amount | $ 75,000 |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% |
Debt Instrument, Maturity Date | Jan. 3, 2019 |
Debt Instrument, Convertible, Terms of Conversion Feature | convertible into common stock at the discretion of the noteholder at $0.50 per share |
Note 7 - CAPITAL STOCK (Details
Note 7 - CAPITAL STOCK (Details) - USD ($) | 6 Months Ended | ||||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | ||
Common Stock, Shares Authorized | [1] | 75,000,000 | 75,000,000 | ||
Preferred Stock, Shares Authorized | [1] | 25,000,000 | 25,000,000 | ||
Common Stock, Par or Stated Value Per Share | [1] | $ 0.001 | $ 0.001 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 165,000 | ||||
Sale of Stock, Transaction 1 | |||||
Sale of Stock, Transaction Date | May 14, 2018 | ||||
Sale of Stock, Description of Transaction | 1,000 shares of preferred stock were issued to the CEO | ||||
Sale of Stock, Transaction 2 | |||||
Sale of Stock, Transaction Date | Jul. 27, 2018 | ||||
Sale of Stock, Description of Transaction | Company completed a reverse stock split of 1 new share for 29 shares of the Company’s issued and outstanding common stock | ||||
Sale of Stock, Transaction 3 | |||||
Sale of Stock, Transaction Date | Sep. 12, 2018 | ||||
Sale of Stock, Description of Transaction | 16,980,000 common shares were issued to acquire patents and all rights, title and interest in Krillase technology | ||||
Stock Issued, fair value | $ 16,980,000 | ||||
Sale of Stock, Transaction 4 | |||||
Sale of Stock, Transaction Date | Sep. 12, 2018 | ||||
Sale of Stock, Description of Transaction | 1,500,000 shares were issued to the CEO in exchange for the 1,000 shares of preferred stock | ||||
Stock Issued, fair value | $ 1,500,000 | ||||
Sale of Stock, Transaction 5 | |||||
Sale of Stock, Transaction Date | Dec. 30, 2018 | ||||
Sale of Stock, Description of Transaction | 159,228 shares of common stock was issued on conversion of convertible debt | ||||
Stock Issued, fair value | $ 79,614 | ||||
Shares, Issued | 159,228 | ||||
Common Stock | |||||
Shares, Outstanding | 19,858,939 | 19,740,302 | 1,101,074 | 1,101,074 | |
[1] | Note 7. |