Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jun. 07, 2017 | Jun. 30, 2016 | |
Document and Entity Information: | |||
Entity Registrant Name | THERAPEUTIC SOLUTIONS INTERNATIONAL, INC. | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Trading Symbol | tsoi | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,419,051 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 777,251,000 | ||
Entity Public Float | $ 1,107,627 | ||
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 | 2,016 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 21,910 | $ 2,183 |
Accounts receivable, net | 2,184 | |
Inventory | 36,435 | 29,675 |
Prepaid expenses and other current assets | 14,304 | 213,446 |
Total current assets | 72,649 | 247,488 |
Other assets | 32,226 | 12,476 |
Total assets | 104,875 | 259,964 |
Current liabilities: | ||
Accounts payable | 327,592 | 277,342 |
Accrued expenses and other current liabilities | 135,164 | 4,412 |
Notes payable-related parties, current portion | 221,451 | 207,238 |
Total current liabilities | 684,207 | 488,992 |
Notes payable- related parties, less current portion | 75,500 | |
Shareholders' Deficit: | ||
Preferred stock, $ 0.001 par value; 5,000,000 shares authorized | 0 | |
Common stock, $ 0.001 par value; 990,000,000 shares authorized; 740,251,000 and 541,000,000 shares issued and outstanding at December 31, 2016 and 2015, respectively. | 740,251 | 541,000 |
Additional paid-in capital | 2,878,111 | 2,440,709 |
Accumulated deficit | (4,273,194) | (3,210,737) |
Total shareholders' deficit | (654,832) | (229,028) |
Total liabilities and shareholders' deficit | $ 104,875 | $ 259,964 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Parentheticals | ||
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 990,000,000 | 990,000,000 |
Common Stock, shares issued | 740,251,000 | 541,000,000 |
Common Stock, shares outstanding | 740,251,000 | 541,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue | ||
Net Sales | $ 5,009 | $ 1,911 |
Cost of Goods Sold | 1,606 | 3,193 |
Gross Profit | 3,403 | (1,282) |
Operating expenses: | ||
General and administrative | 120,625 | 69,487 |
Salaries, wages, and related costs | 355,244 | 266,286 |
Selling expenses | 1,508 | 3,894 |
Consulting fees | 356,250 | 185,700 |
Legal and professional fees | 200,957 | 40,420 |
Research and development | 10,990 | |
Total operating expenses | 1,045,574 | 565,787 |
Loss from operations | (1,042,171) | (567,069) |
Other income (expense): | ||
Interest expense | (20,286) | (5,550) |
Total other income (expense) | (20,286) | (5,550) |
Net loss from continuing operations | (1,062,457) | (572,619) |
Net loss from discontinued operations | (13,822) | |
Net loss | $ (1,062,457) | $ (586,441) |
Net loss per share - basic and diluted | $ 0 | $ 0 |
Weighted average shares outstanding - basic and diluted | 668,115,789 | 461,967,123 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Deficit - USD ($) | Common Stock Shares | Common Stock Amount | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Jan. 01, 2015 | 400,000,000 | 400,000 | 2,093,009 | (2,624,296) | (131,287) |
Common stock issued for services | 60,000,000 | 60,000 | 226,200 | 286,200 | |
Common stock issued | 81,000,000 | 81,000 | 121,500 | 202,500 | |
Net Loss | $ (586,441) | $ (586,441) | |||
Balance. at Dec. 31, 2015 | 541,000,000 | 541,000 | 2,440,709 | (3,210,737) | (229,028) |
Common stock issued for services | 68,500,000 | 68,500 | 219,800 | 288,300 | |
Common stock issued in exchange for a license agreement | 5,451,000 | 5,451 | 10,902 | 16,353 | |
Common stock issued | 125,300,000 | 125,300 | 206,700 | 332,000 | |
Net Loss | $ (1,062,457) | $ (1,062,457) | |||
Balance at Dec. 31, 2016 | 740,251,000 | 740,251 | 2,878,111 | (4,273,194) | (654,832) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | ||
Net loss | $ (1,062,457) | $ (586,441) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock based compensation to consultants | $ 288,300 | 286,200 |
Shares issued for license agreement | 16,353 | |
Accrued interest, notes payable - related parties | $ 16,244 | 1,147 |
Changes in operating assets and liabilities: | ||
Inventory | (6,759) | (29,675) |
Accounts receivable | 2,184 | (2,184) |
Prepaid expenses and other current assets | 199,142 | (74,428) |
Other assets | (19,750) | (15) |
Accounts payable | 50,250 | (13,212) |
Accrued expenses and other current liabilities | 130,752 | (287) |
Cash used in operating activities-continuing operations | (385,741) | (418,895) |
Cash provided by operating activities-discontinued operations | 46,844 | |
Net cash used in operating activities | (385,741) | (372,051) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock | 332,000 | 202,500 |
Proceeds from notes payable - related parties | 76,000 | 168,840 |
Repayments of notes payable - related parties | (2,532) | |
Net cash provided by financing activities | 405,468 | 371,340 |
Net increase (decrease) in cash | 19,727 | (711) |
Cash at beginning of period | 21,910 | 2,183 |
Cash at end of period | 21,910 | 2,183 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 4,040 | 3,213 |
Cash paid for income taxes | $ 800 | $ 800 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2016 | |
Nature of Business | |
Nature of Operations | Note 1 Nature of Business Therapeutic Solutions International, Inc. (TSI or the Company) was organized August 6, 2007 under the name Friendly Auto Dealers, Inc., under the laws of the State of Nevada. In the first quarter of 2011 the Company changed its name from Friendly Auto Dealers, Inc. to Therapeutic Solutions International, Inc., and acquired Splint Decisions, Inc., a California corporation. Currently the Company is focused on immune modulation for the treatment of several specific diseases. Immune modulation refers to the ability to upregulate (make more active) or downregulate (make less active) ones immune system. Activating ones immune system is now an accepted method to treat certain cancers, reduce recovery time from viral or bacterial infections and to prevent illness. Additionally, inhibiting ones immune system is vital for reducing inflammation, autoimmune disorders and allergic reactions. Nutraceutical Division TSI has been producing high quality nutraceuticals. Its flagship product, ProJuvenol ® ® TSI has experienced recurring losses over the past years which have resulted in accumulated deficits of approximately $4,273 thousand and a working capital deficit of approximately $612 thousand. These conditions raise significant doubt about the Companys ability to continue as a going concern within one year after the financial statement issuance date. The Companys ability to continue as a going concern is contingent upon its ability to secure additional financing, increase sales of its products and attain profitable operations. It is the intent of management to continue to raise additional capital. However, there can be no assurance that the Company will be able to secure such additional funds or obtain such on terms satisfactory to the Company, if at all. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies: | |
Significant Accounting Policies | Note 2 Significant Accounting Policies Use of Estimates Estimates were made relating to valuation allowances, impairment of assets, share-based compensation expense and accruals. Actual results could differ materially from those estimates. Comprehensive Loss Comprehensive loss for the periods reported was comprised solely of the Companys net loss. Net Loss Per Share Basic net loss per share is calculated based on the weighted-average number of common shares outstanding. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding plus common stock equivalents. Common stock equivalents are excluded from the calculation of diluted net loss per share when their effect is anti-dilutive. As of December 31, 2016 and 2015, common stock equivalents were not material. Depreciation and Amortization Depreciation is calculated using the straight line method over the estimated useful lives of the assets. Amortization is computed using the straight line method over the term of the agreement. Intangible Assets Intangible assets consisted primarily of intellectual properties such as proprietary nutraceutical formulations. Intellectual assets are capitalized in accordance with Accounting Standards Codification (ASC) Topic 350 Intangibles Goodwill and Other. Long-lived Assets In accordance with ASC 360, Property, Plant and Equipment, the carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. Income Taxes The Company accounts for income taxes under ASC 740 "Income Taxes," which codified SFAS 109, "Accounting for Income Taxes" and FIN 48 Accounting for Uncertainty in Income Taxes an Interpretation of FASB Statement No. 109. Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to Stock-Based Compensation Compensation expense for stock issued to employees is determined as the fair value of consideration or services received or the fair value of the equity instruments issued, whichever is more reliably measured. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, Leases (Topic 842). The new standard requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets and eliminates certain real estate-specific provisions. ASU 2016-02 will be effective for the Company in the first quarter of 2019 and will be adopted on a modified retrospective transition basis for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. The new standard requires management to assess, at each annual and interim reporting period, an entitys ability to continue as a going concern within one year after the date that the financial statements are issued and to provide related footnote disclosures. ASU 2014-15 is effective for the Company for the year ending December 31, 2016. Based on its adoption of ASU 2014-15, management determined that there is substantial doubt regarding the companys ability to continue as a growing concern within one year after the issuance of the financial statements (see Note 1). In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard is based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will be effective for the Company in the first quarter of 2018 and allows for full retrospective or a modified retrospective adoption approach. The adoption of this standard is not expected to have a material impact on the Companys financial position or results of operations |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2016 | |
Restricted Cash: | |
Restricted Cash | Note 3 Restricted Cash Other non-current asset is a $10,000 certificate of deposit with an annual interest rate of 0.6%. This certificate matures on June 17, 2017, and is used as collateral for a Company credit card, pursuant to a security agreement dated June 20, 2011. |
Fixed assets
Fixed assets | 12 Months Ended |
Dec. 31, 2016 | |
Fixed assets | |
Fixed assets | Note 4 Fixed assets Fixed assets consist of the following: December 31, 2016 December 31, 2015 Computer Hardware $ 10,747 $ 10,747 Office Furniture and Equipment 3,639 3,639 Shipping and Other Equipment 1,575 1,575 Total 15,961 15,961 Accumulated Depreciation (15,961) (15,961) Property and Equipment, net $ - $ - |
Notes Payable-related party
Notes Payable-related party | 12 Months Ended |
Dec. 31, 2016 | |
Notes Payable-related party: | |
Notes Payable-related party | Note 5 Notes payable-related parties Notes payable-related parties consist of: December 31, December 31, 2016 2015 Note payable Scientific Advisory Board Member, unsecured, including interest at 10% per annum, with a maturity date of December 31, 2017 $ 14,721 $ 13,574 Three notes payable Chief Executive Officer, unsecured, including interest at 8%, 10% and 10% per annum, respectively, with maturity dates of December 31, 2017. 120,330 113,664 Note payable Chief Financial Officer, unsecured, including interest at 8% per annum, with a maturity date of December 31, 2017. 86,400 80,000 221,451 207,238 Note payable Business Advisory Board Member, unsecured, including interest at 8% per annum, convertible into common stock at $.005, with a maturity date of May 29, 2018. 75,500 - $ 296,951 $ 207,238 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity | |
Equity | Note 6 Equity Preferred Stock The Company is authorized to issue 5,000,000 shares of $.001 par value preferred stock. The Company has not issued any preferred stock. Common Stock During the years ended December 31, 2016 and 2015, the Company issued common stock, in several separate transactions, in exchange for various third party services. The shares issued were valued by the Company at their estimated fair market value. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions: | |
Related Party Transactions | Note 7 Related Party Transactions As of December 31, 2016, the Company accrued officers salary of $130,100 as of December 31, 2016. On January 22, 2016, we issued 2,500,000 shares of common stock, valued at $.0035 per share to a director of the Company for services. On February 26, 2016, we issued 1,000,000 shares of common stock, valued at $.0025 per share to a director of the Company for services. On March 7, 2016, we issued 10,000,000 shares of common stock, valued at $.0025 per share to a director of the Company for services. On March 21, 2016, we issued 100,000,000 shares of common stock, valued at $.0025 per share, for an investment in the Companys Private Placement. On September 16, 2016, we issued 12,500,000 shares of common stock, valued at $.004 per share, for an investment in the Companys Private Placement. On October 18, 2 016, we issued 40,000,000 shares valued at $.0045 to the officers and directors of the Company for services. On March 21, 2016, we issued 100,800,000 shares of common stock, valued at $.0025 per share, for an investment in the Companys Private Placement. On November 11, 2016, we issued a six month convertible note in the amount of $75,000 with an annual interest rate of 8% to a related party. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes | |
Income Tax Disclosure | Note 8 Income Taxes The Company has net operating losses carried forward of approximately $3.3 million and $2.3 million as of December 31, 2016 and 2015, respectively, available to offset taxable income in future years which expire beginning in fiscal 2031. The Company is subject to United States federal and state income taxes at an approximate rate of 45%. The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Companys income tax expense as reported is as follows: December 31, 2016 December 31, 2015 Expected income tax at statutory rate $ (360,963) $ (263,898) Permanent differences 1,437 88,616 Change in valuation allowance 359,526 175,282 Provision for income taxes $ $ The significant components of deferred income tax assets and liabilities at December 31, 2016 and 2015 are as follows: December 31, 2016 December 31, 2015 Net operating loss carry-forward $ 1,262,691 $ 1,021,679 Valuation allowance (1,262,691) (1,021,679) Net deferred income tax asset $ $ The valuation allowance has been established to offset the Companys net deferred tax assets, as realization of such assets is not considered to be more likely than not due to Companys history of losses and uncertainties regarding the Companys ability to generate future taxable income sufficient to realize the benefit of these deferred tax assets. Pursuant to Section 382 of the Internal Revenue Code (the Code), annual use of the Companys NOL carryforwards may be limited in the event a cumulative change in ownership of 50% of certain shareholders occurs within a three year period. An ownership change may limit the amount of NOL carryforwards that can be utilized annually to offset future taxable income and tax. In general, an ownership change as defined by Section 382 of the Code results from a transaction or series of transactions over a three year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain shareholders. As of December 31, 2016 and December 31, 2015, the Company does not have any unrecognized tax benefits. The Company does not anticipate a significant increase in the unrecognized tax benefits over the next 12 months. The Companys policy is to recognize interest expense and penalties related to income matters as a component of the income tax provision. As of December 31, 2016 and December 31, 2015, the Company did not have any tax related accrued interest and penalties on its balance sheet or on its statement of operations. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2016 | |
Legal Proceedings | |
Legal Proceedings | Note 9 Legal Proceedings From time to time, claims are made against us in the ordinary course of business, which could result in litigation. Claims and associated litigation are subject to inherent uncertainties and unfavorable outcomes could occur, such as monetary damages, fines, penalties or injunctions prohibiting us from selling one or more products or engaging in other activities. The occurrence of an unfavorable outcome in any specific period could have a material adverse effect on our results of operations for that period or future periods. However, as of the date of this report, management believes the outcome of currently identified potential claims and lawsuits will not have a material adverse effect on our financial condition or results of operations. |
Discontinued Operation
Discontinued Operation | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operation: | |
Discontinued Operation | Note 10 Discontinued Operation The following are the summarized results of discontinued operations for the years ended December 31, 2016 and 2015. For the Year Ended December 31, 2016 For the Year Ended December 31, 2015 Bad debt $ - $ (9,770) Obsolete Inventory - (4,052) $ - $ (13,822) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events: | |
Subsequent Events | Note 11 Subsequent Events On January 17, 2017, we issued 12,500,000 shares of common stock, valued at $0.004 per share, for an investment in the Companys Private Placement to a related party. On March 2, 2017, we issued 12,500,000 shares of common stock, valued at $0.004 per share, for an investment in the Companys Private Placement to a related party. On April 3, 2017, we issued 1,000,000 shares of common stock, valued at $.0067 per share for consulting services. On April 20, 2017, we issued a six month convertible note in the amount of $100,000 with an annual interest rate of 10% to a related party. On May 8, 2017, we issued 10,000,000 shares of common stock, valued at $.008 per share, for legal services and 1, 0 00,000 shares of common stock, valued at $0.004 per share, for an investment in the Companys Private Placement. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies: | |
Use of Estimates | Use of Estimates Estimates were made relating to valuation allowances, impairment of assets, share-based compensation expense and accruals. Actual results could differ materially from those estimates. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss for the periods reported was comprised solely of the Companys net loss. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated based on the weighted-average number of common shares outstanding. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding plus common stock equivalents. Common stock equivalents are excluded from the calculation of diluted net loss per share when their effect is anti-dilutive. As of December 31, 2016 and 2015, common stock equivalents were not material. |
Depreciation and Amortization, Policy | Depreciation and Amortization Depreciation is calculated using the straight line method over the estimated useful lives of the assets. Amortization is computed using the straight line method over the term of the agreement. |
Intangible Assets, Policy | Intangible Assets Intangible assets consisted primarily of intellectual properties such as proprietary nutraceutical formulations. Intellectual assets are capitalized in accordance with Accounting Standards Codification (ASC) Topic 350 Intangibles Goodwill and Other. |
Long-lived Assets | Long-lived Assets In accordance with ASC 360, Property, Plant and Equipment, the carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. |
Income Taxes, Policy | Income Taxes The Company accounts for income taxes under ASC 740 "Income Taxes," which codified SFAS 109, "Accounting for Income Taxes" and FIN 48 Accounting for Uncertainty in Income Taxes an Interpretation of FASB Statement No. 109. Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to |
Stock-Based Compensation | Stock-Based Compensation Compensation expense for stock issued to employees is determined as the fair value of consideration or services received or the fair value of the equity instruments issued, whichever is more reliably measured. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, Leases (Topic 842). The new standard requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets and eliminates certain real estate-specific provisions. ASU 2016-02 will be effective for the Company in the first quarter of 2019 and will be adopted on a modified retrospective transition basis for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. The new standard requires management to assess, at each annual and interim reporting period, an entitys ability to continue as a going concern within one year after the date that the financial statements are issued and to provide related footnote disclosures. ASU 2014-15 is effective for the Company for the year ending December 31, 2016. Based on its adoption of ASU 2014-15, management determined that there is substantial doubt regarding the companys ability to continue as a growing concern within one year after the issuance of the financial statements (see Note 1). In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard is based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will be effective for the Company in the first quarter of 2018 and allows for full retrospective or a modified retrospective adoption approach. The adoption of this standard is not expected to have a material impact on the Companys financial position or results of operations |
Fixed assets (Tables)
Fixed assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fixed assets (Tables): | |
Fixed assets (Tables) | Fixed assets consist of the following: December 31, 2016 December 31, 2015 Computer Hardware $ 10,747 $ 10,747 Office Furniture and Equipment 3,639 3,639 Shipping and Other Equipment 1,575 1,575 Total 15,961 15,961 Accumulated Depreciation (15,961) (15,961) Property and Equipment, net $ - $ - |
Schedule of Notes Payable-relat
Schedule of Notes Payable-related party (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Notes Payable-related party | |
Schedule of Notes Payable-related party | Notes payable-related parties consist of: December 31, December 31, 2016 2015 Note payable Scientific Advisory Board Member, unsecured, including interest at 10% per annum, with a maturity date of December 31, 2017 $ 14,721 $ 13,574 Three notes payable Chief Executive Officer, unsecured, including interest at 8%, 10% and 10% per annum, respectively, with maturity dates of December 31, 2017. 120,330 113,664 Note payable Chief Financial Officer, unsecured, including interest at 8% per annum, with a maturity date of December 31, 2017. 86,400 80,000 221,451 207,238 Note payable Business Advisory Board Member, unsecured, including interest at 8% per annum, convertible into common stock at $.005, with a maturity date of May 29, 2018. 75,500 - $ 296,951 $ 207,238 |
Schedule of Income Taxes (Table
Schedule of Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Income Taxes | |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Companys income tax expense as reported is as follows: December 31, 2016 December 31, 2015 Expected income tax at statutory rate $ (360,963) $ (263,898) Permanent differences 1,437 88,616 Change in valuation allowance 359,526 175,282 Provision for income taxes $ $ |
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred income tax assets and liabilities at December 31, 2016 and 2015 are as follows: December 31, 2016 December 31, 2015 Net operating loss carry-forward $ 1,262,691 $ 1,021,679 Valuation allowance (1,262,691) (1,021,679) Net deferred income tax asset $ $ |
Schedule of Summary of Results
Schedule of Summary of Results of Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Summary of Results of Discontinued Operations | |
Schedule of Summary of Results of Discontinued Operations | The following are the summarized results of discontinued operations for the years ended December 31, 2016 and 2015. For the Year Ended December 31, 2016 For the Year Ended December 31, 2015 Bad debt $ - $ (9,770) Obsolete Inventory - (4,052) $ - $ (13,822) |
Nature of Business (Details)
Nature of Business (Details) | Dec. 31, 2016USD ($) |
Nature of Business Details | |
Accumulated deficits | $ 4,273 |
Working capital deficit | $ 612 |
Restricted Cash (Details)
Restricted Cash (Details) | Dec. 31, 2016USD ($) |
Restricted Cash Details | |
Other non-current asset certificate of deposit | $ 10,000 |
Annual interest rate | 0.60% |
Fixed assets (Details)
Fixed assets (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Fixed assets Consists Of the Following: | ||
Computer Hardware | $ 10,747 | $ 10,747 |
Office Furniture and Equipment | 3,639 | 3,639 |
Shipping and Other Equipment | 1,575 | 1,575 |
Total Fixed assets | 15,961 | 15,961 |
Accumulated Depreciation | (15,961) | (15,961) |
Property and Equipment, net | $ 0 | $ 0 |
Notes Payable-Related Parties (
Notes Payable-Related Parties (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Notes Payable-Related Parties Details | ||
Note payable - Scientific Advisory Board | $ 14,721 | $ 13,574 |
Three notes payable - Chief Executive Officer | 120,330 | 113,664 |
Note payable - Chief Financial Officer | 86,400 | 80,000 |
Total Note payable | 221,451 | 207,238 |
Note payable - Business Advisory Board | 75,500 | 0 |
Total Notes Payable-Related Parties | $ 296,951 | $ 207,238 |
Capital Stock Transactions (Det
Capital Stock Transactions (Details) | Dec. 31, 2016$ / sharesshares |
PREFERRED STOCK: | |
Preferred Stock, authorized shares | shares | 5,000,000 |
Preferred Stock par value | $ / shares | $ 0.001 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Dec. 31, 2016 | Nov. 11, 2016 | Oct. 18, 2016 | Sep. 16, 2016 | Mar. 21, 2016 | Mar. 07, 2016 | Feb. 26, 2016 | Jan. 22, 2016 |
Related Party Transactions Details | ||||||||
Issued shares of common stock for consulting services | 10,000,000 | 2,500,000 | ||||||
Issued shares of common stockfor consulting services per share | $ 0.0025 | $ 0.0035 | ||||||
Issued shares of common stock for for an investment in Private Placement | 12,500,000 | 100,800,000 | 1,000,000 | |||||
Issued shares of common stock for an investment in Private Placement per share | $ 0.004 | $ 0.0025 | $ 0.0025 | |||||
Issued shares of common stock to the officers and directors | 40,000,000 | |||||||
Issued shares of common stock to the officers and directors per share | $ 0.0045 | |||||||
Issued shares of common stock for for an investment in Private Placement | 10,000,000 | |||||||
Issued shares of common stock for an investment in Private Placement per share | $ 0.0025 | |||||||
Issued convertible note | $ 75,000 | |||||||
Convertible note with an annual interest rate | 8.00% | |||||||
Company accrued officers salary | $ 130,100 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes Narrative Details | ||
Net operating losses carried forward | $ 3,300,000 | $ 2,300,000 |
Income tax expense as reported
Income tax expense as reported is as follows (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Income tax expense as reported is as follows details | ||
Expected income tax at statutory rate | $ (360,963) | $ (263,898) |
Permanent differences | 1,437 | 88,616 |
Change in valuation allowance | 359,526 | $ 175,282 |
Provision for income taxes | $ 0 |
Components of deferred income t
Components of deferred income tax assets and liabilities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Components of deferred income tax assets and liabilities: | ||
Net operating loss carry-forward | $ 1,262,691 | $ 1,021,679 |
Valuation allowance | (1,262,691) | $ (1,021,679) |
Net deferred income tax asset | $ 0 |
Results of discontinued operati
Results of discontinued operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Results of discontinued operations details | ||
Discontinued operations Bad debt | $ (9,770) | |
Discontinued operations Obsolete Inventory | (4,052) | |
Total assets of discontinued operations | $ 0 | $ (13,822) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | May 08, 2017 | Apr. 20, 2017 | Apr. 03, 2017 | Mar. 02, 2017 | Jan. 17, 2017 |
Subsequent Events Details | |||||
Issued shares of common stock for an investment in Private Placement to a related party | 10,000,000 | 12,500,000 | 12,500,000 | ||
Issued shares of common stock for an investment in Private Placement to a related party per share | $ 0.004 | $ 0.004 | $ 0.004 | ||
Issued shares of common stock for consulting services | 1,000,000 | ||||
Issued shares of common stock for consulting services per share | $ 0.0067 | ||||
Issued convertible note to a related party | $ 100,000 | ||||
Convertible note to a related party with an annual interest rate | 10.00% | ||||
Issued shares of common stock for legal services | 10,000,000 | ||||
Issued shares of common stock for legal services per share | $ 0.008 |
Uncategorized Items - tsoi-2016
Label | Element | Value |
Cash at beginning of period | us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 2,894 |