Therapeutic Solutions International (TSOI) 10-Q 5 Jul 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	Jul. 03, 2017	Mar. 31, 2017	Jul. 05, 2017
Details
Registrant Name		THERAPEUTIC SOLUTIONS INTERNATIONAL, INC.
Registrant CIK		1,419,051
SEC Form		10-Q
Period End date		Mar. 31, 2017
Fiscal Year End		--12-31
Trading Symbol		tsoi
Tax Identification Number (TIN)		451,226,465
Number of common stock shares outstanding			777,251,000
Filer Category		Smaller Reporting Company
Current with reporting		Yes
Voluntary filer		No
Well-known Seasoned Issuer		No
Amendment Flag		false
Document Fiscal Year Focus		2,017
Document Fiscal Period Focus		Q1
Entity Incorporation, State Country Name		Nevada
Entity Address, Address Line One		4093 Oceanside Boulevard, Suite B
Entity Address, City or Town		Oceanside
Entity Address, State or Province		California
Entity Address, Postal Zip Code		92,056
City Area Code		760
Local Phone Number		295-7208
Entity Listing, Par Value Per Share	$ 0.001

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 6,100	$ 21,910
Inventory	35,471	36,435
Prepaid expenses and other current assets	3,231	14,304
Total current assets	44,802	72,649
Total assets	83,292	104,875
Assets, Noncurrent	38,490	32,226
Current liabilities:
Accounts payable	326,353	327,592
Accrued expenses and other current liabilities	195,718	135,164
Notes payable-related parties, current portion	225,003	221,451
Total current liabilities	747,074	684,207
Long-term Debt, Excluding Current Maturities	77,000	75,500
Shareholders' deficit:
Preferred shares	0	0
Common shares	765,251	740,251
Additional paid-in capital	2,953,111	2,878,111
Accumulated deficit	(4,459,144)	(4,273,194)
Total shareholders' deficit	(740,782)	(654,832)
Total liabilities and shareholders' deficit	$ 83,292	$ 104,875

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (unaudited) - Parenthetical - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Details
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	990,000,000	990,000,000
Common Stock, Shares, Issued	765,251,000	740,251,000
Common Stock, Shares, Outstanding	765,251,000	740,251,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Details
Net Sales	$ 548	$ 530
Cost of Goods Sold	198	140
Gross Profit	350	390
Operating Expenses
Selling, general and administrative	18,271	13,110
Salaries, wages, and related costs	89,431	88,388
Consulting fees	0	108,400
Legal and professional fees	51,490	16,146
Research and development	20,926	0
Total operating expenses	180,118	226,044
Operating Income (Loss)	(179,768)	(225,654)
Other expense:
Interest expense	(6,182)	(3,134)
Total other expense	(6,182)	(3,134)
Net Income (Loss)	$ (185,950)	$ (228,788)
Basic and diluted net loss per common share	$ 0	$ 0
Basic and diluted weighted-average common shares outstanding	751,767,854	569,538,341

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Changes in Shareholders' Deficit (unaudited) - 3 months ended Mar. 31, 2017 - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2016	$ 740,251	$ 2,878,111	$ (4,273,194)	$ (654,832)
Shares, Outstanding, Beginning Balance at Dec. 31, 2016	740,251,000
Stock Issued, Value	$ 12,500	37,500	0	50,000
Stock Issued, Shares	12,500,000
Stock Issued, Value	$ 12,500	37,500	0	50,000
Stock Issued, Shares	12,500,000
Net Income (Loss)	$ 0	0	(185,950)	(185,950)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2017	$ 765,251	$ 2,953,111	$ (4,459,144)	$ (740,782)
Shares, Outstanding, Ending Balance at Mar. 31, 2017	765,251,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net Income (Loss)	$ (185,950)	$ (228,788)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation to consultants	0	63,853
Accrued interest, notes payable - related parties	5,436	2,336
Net cash used in operating activities	(115,426)	(41,582)
Changes in operating assets and liabilities:
Inventory	965	140
Accounts receivable	0	1,896
Prepaid expenses and other current assets	11,072	134,170
Other non-current assets	(6,264)	(16,353)
Accounts payable	(1,239)	(410)
Accrued expenses and other current liabilities	60,554	1,574
Cash flows from financing activities:
Proceeds from issuance of common stock	100,000	274,500
Repayments of notes payable related parties	(384)	(692)
Net cash provided by financing activities	99,616	273,808
Net increase (decrease) in cash	(15,810)	232,226
Cash and cash equivalents	21,910	2,183
Cash and cash equivalents	6,100	234,409
Supplemental disclosure of cash flow information
Cash paid for interest	$ 745	$ 797

Note 1 - Organization and Busin

Note 1 - Organization and Business Description	3 Months Ended
	Mar. 31, 2017
Notes
Note 1 - Organization and Business Description	Note 1 – Organization and Business Description Therapeutic Solutions International, Inc. (“TSOI” 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) one’s immune system. Activating one’s 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 one’s immune system is vital for reducing inflammation, autoimmune disorders and allergic reactions. TSOI is developing a range of immune-modulatory agents to target certain cancers, improve maternal and fetal health, fight periodontal disease, and for daily health. Nutraceutical Division – TSOI has been producing high quality nutraceuticals. Its flagship product, ProJuvenol ® ® TSOI has experienced recurring losses over the past years which have resulted in accumulated deficits of approximately $4,459 thousand and a working capital deficit of approximately $702.3 thousand at March 31, 2017. These conditions raise uncertainty about the Company’s ability to continue as a going concern. The Company’s 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.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Notes
Note 2 - Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies During the three months ended March 31, 2017, there have been no changes to the Company’s significant accounting policies as described in the Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed with the SEC on June 7, 2017. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 8 of the Securities and Exchange Commission (SEC) Regulation S-X, and should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2016, included in the Company’s Annual Report on Form 10-K filed with the SEC on June 7, 2017. The accompanying unaudited condensed consolidated financial statements include the accounts of TSOI and its subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the balances and results for the interim period included herein. The results of operations for the three months ended March 31, 2017 and 2016 are not necessarily indicative of the results to be expected for the full year or any future interim periods. The accompanying condensed consolidated balance sheet at December 31, 2016 has been derived from the audited consolidated balance sheet at December 31, 2016, contained in the above referenced Form 10-K. 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 Company’s 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 March 31, 2017 and 2016, outstanding common stock equivalents were not material. Recent Accounting Pronouncements In February 2016, the 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 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 Company’s financial position or results of operations.

Note 3 - Restricted Cash

Note 3 - Restricted Cash	3 Months Ended
	Mar. 31, 2017
Notes
Note 3 - Restricted Cash	Note 3 – Restricted Cash Other non-current assets include a $10,000 certificate of deposit with an annual interest rate of 0.6%. This certificate matures on June 17, 2018, and is used as collateral for a Company credit card, pursuant to a security agreement dated June 20, 2011 .

Note 4 - Notes Payable-Related

Note 4 - Notes Payable-Related Party	3 Months Ended
	Mar. 31, 2017
Notes
Note 4 - Notes Payable-Related Party	Note 4 – Notes Payable-Related Party At March 31, 2017 and December 31, 2016, the Company has unsecured interest bearing demand notes outstanding to certain officers and directors amounting to $302,003 and $296,951, respectively. Interest accrued on these notes during the three months ended March 31, 2017 and 2016 was $5,436 and $2,336, respectively. At March 31, 2017 and December 31, 2016, $77,000 and $75,500, respectively, was classified as long-term.

Note 5 - Subsequent Events

Note 5 - Subsequent Events	3 Months Ended
	Mar. 31, 2017
Notes
Note 5 - Subsequent Events	Note 5 – Subsequent Events On April 3, 2017, we issued 1,000,000 shares of common stock, valued at $0.0067 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 $0.008 per share, for legal services and 1,000,000 shares of common stock, valued at $0.004 per share, for an investment in the Company’s Private Placement.

Note 2 - Summary of Significa12

Note 2 - Summary of Significant Accounting Policies: Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2017
Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 8 of the Securities and Exchange Commission (SEC) Regulation S-X, and should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2016, included in the Company’s Annual Report on Form 10-K filed with the SEC on June 7, 2017. The accompanying unaudited condensed consolidated financial statements include the accounts of TSOI and its subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the balances and results for the interim period included herein. The results of operations for the three months ended March 31, 2017 and 2016 are not necessarily indicative of the results to be expected for the full year or any future interim periods. The accompanying condensed consolidated balance sheet at December 31, 2016 has been derived from the audited consolidated balance sheet at December 31, 2016, contained in the above referenced Form 10-K.

Note 2 - Summary of Significa13

Note 2 - Summary of Significant Accounting Policies: Use of Estimates (Policies)	3 Months Ended
	Mar. 31, 2017
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.

Note 2 - Summary of Significa14

Note 2 - Summary of Significant Accounting Policies: Comprehensive Loss (Policies)	3 Months Ended
	Mar. 31, 2017
Policies
Comprehensive Loss	Comprehensive Loss Comprehensive loss for the periods reported was comprised solely of the Company’s net loss.

Note 2 - Summary of Significa15

Note 2 - Summary of Significant Accounting Policies: Net Loss Per Share (Policies)	3 Months Ended
	Mar. 31, 2017
Policies
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 March 31, 2017 and 2016, outstanding common stock equivalents were not material.

Note 2 - Summary of Significa16

Note 2 - Summary of Significant Accounting Policies: New Accounting Pronouncements, Policy (Policies)	3 Months Ended
	Mar. 31, 2017
Policies
New Accounting Pronouncements, Policy	Recent Accounting Pronouncements In February 2016, the 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 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 Company’s financial position or results of operations.

Note 1 - Organization and Bus17

Note 1 - Organization and Business Description (Details)	3 Months Ended
	Mar. 31, 2017
Details
Entity Incorporation, Date of Incorporation	Aug. 6, 2007
Entity Information, Former Legal or Registered Name	Friendly Auto Dealers
Entity Incorporation, State Country Name	Nevada

Note 3 - Restricted Cash (Detai

Note 3 - Restricted Cash (Details)	3 Months Ended
	Mar. 31, 2017USD ($)
Details
Restricted Cash, Current	$ 10,000
Restricted Cash, Current, Nature of Restriction, Description	used as collateral for a Company credit card

Note 4 - Notes Payable-Relate19

Note 4 - Notes Payable-Related Party (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Details
Long-term Debt, Description	unsecured interest bearing demand notes
Long-term Debt	$ 302,003	$ 296,951
Accrued Interest	5,436	2,336
Long-term Debt, Excluding Current Maturities	$ 77,000	$ 75,500

Note 5 - Subsequent Events (Det

Note 5 - Subsequent Events (Details)	3 Months Ended
	Mar. 31, 2017
Event 1
Subsequent Event, Date	Apr. 3, 2017
Subsequent Event, Description	we issued 1,000,000 shares of common stock, valued at $0.0067 per share for consulting services
Event 2
Subsequent Event, Date	Apr. 20, 2017
Subsequent Event, Description	we issued a six month convertible note in the amount of $100,000 with an annual interest rate of 10% to a related party
Event 3
Subsequent Event, Date	May 8, 2017
Subsequent Event, Description	we issued 10,000,000 shares of common stock, valued at $0.008 per share, for legal services and 1,000,000 shares of common stock, valued at $0.004 per share, for an investment in the Company’s Private Placement