Therapeutic Solutions International (TSOI) 10-Q 14 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	Aug. 14, 2017	Jun. 30, 2017
Details
Registrant Name		THERAPEUTIC SOLUTIONS INTERNATIONAL, INC.
Registrant CIK		1,419,051
SEC Form		10-Q
Period End date		Jun. 30, 2017
Fiscal Year End		--12-31
Trading Symbol		tsoi
Tax Identification Number (TIN)		451,226,465
Number of common stock shares outstanding	779,251,000
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		Q2
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 ($)	Jun. 30, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 851	$ 21,910
Inventory	30,802	36,435
Prepaid expenses and other current assets	68,278	14,304
Total current assets	99,931	72,649
Total assets	122,084	104,875
Assets, Noncurrent	22,153	32,226
Current liabilities:
Accounts payable	350,856	327,592
Accrued expenses and other current liabilities	260,329	135,164
Notes payable-related parties, current portion	408,841	221,451
Total current liabilities	1,020,026	684,207
Long-term Debt, Excluding Current Maturities	0	75,500
Shareholders' deficit:
Preferred shares	0	0
Common shares	777,251	740,251
Additional paid-in capital	3,031,811	2,878,111
Accumulated deficit	(4,707,004)	(4,273,194)
Total shareholders' deficit	(897,942)	(654,832)
Total liabilities and shareholders' deficit	$ 122,084	$ 104,875

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) - Parenthetical - $ / shares	Jun. 30, 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	777,251,000	740,251,000
Common Stock, Shares, Outstanding	777,251,000	740,251,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Details
Net Sales	$ 745	$ 735	$ 1,293	$ 1,265
Cost of Goods Sold	227	215	425	355
Gross Profit	518	520	868	910
Operating Expenses
General and administrative	35,256	61,478	52,743	73,709
Salaries, wages, and related expenses	94,871	89,338	184,302	177,727
Selling expenses	1,042	895	1,826	1,773
Consulting fees	6,700	38,350	6,700	146,750
Legal and professional fees	101,229	81,016	152,719	97,162
Research and development	1,150	5,990	22,076	5,990
Total operating expenses	240,248	277,067	420,366	503,111
Operating Income (Loss)	(239,730)	(276,547)	(419,498)	(502,201)
Other income (expense):
Interest expense	(8,130)	(3,117)	(14,312)	(6,251)
Total other income (expense)	(8,130)	(3,117)	(14,312)	(6,251)
Net Income (Loss)	$ (247,860)	$ (279,664)	$ (433,810)	$ (508,452)
Basic and diluted net loss per common share	$ 0	$ 0	$ 0	$ 0
Basic and diluted weighted-average common shares outstanding	772,817,667	679,742,667	762,367,667	623,619,945

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Changes in Shareholders' Deficit (Unaudited) - 6 months ended Jun. 30, 2017 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2016	$ (654,832)	$ 740,251	$ 2,878,111	$ (4,273,194)
Shares, Outstanding, Beginning Balance at Dec. 31, 2016		740,251,000
Stock Issued During Period, Value, New Issues	104,000	$ 26,000	78,000	0
Stock Issued During Period, Shares, New Issues		26,000,000
Stock Issued During Period, Value, Issued for Services	86,700	$ 11,000	75,700	0
Stock Issued During Period, Shares, Issued for Services		11,000,000
Net Income (Loss)	(433,810)	$ 0	0	(433,810)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2017	$ (897,942)	$ 777,251	$ 3,031,811	$ (4,707,004)
Shares, Outstanding, Ending Balance at Jun. 30, 2017		777,251,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net Income (Loss)	$ (433,810)	$ (508,452)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation to consultants	86,700	85,800
Shares issued for license agreement	0	16,353
Accrued interest, notes payable - related parties	12,541	4,099
Net cash used in operating activities	(224,409)	(177,302)
Changes in operating assets and liabilities:
Inventory	5,632	355
Accounts receivable	0	1,644
Prepaid expenses and other current assets	(53,974)	200,599
Other assets	10,073	(16,368)
Accounts payable	23,264	23,598
Accrued expenses and other current liabilities	125,165	15,070
Cash flows from financing activities:
Proceeds from issuance of common stock	104,000	282,000
Net proceeds from investments by related parties	99,350	(765)
Net cash provided by financing activities	203,350	281,235
Net increase (decrease) in cash	(21,059)	103,933
Cash and cash equivalents	21,910	2,183
Cash and cash equivalents	851	106,116
Supplemental disclosure of cash flow information
Cash paid for interest	1,773	1,578
Income Taxes Paid	$ 0	$ 800

Note 1 - Organization and Busin

Note 1 - Organization and Business Description	6 Months Ended
	Jun. 30, 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 very high quality nutraceuticals. Its flagship product, ProJuvenol ® ® Going Concern Management does not expect existing cash as of June 30, 2017 to be sufficient to fund the Company’s operations for at least twelve months from the issuance date of these interim financial statements. These financial statements have been prepared on a going concern basis which assumes the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As of June 30, 2017, the Company has incurred losses over the past years which have resulted in accumulated deficits of $4,707,004, a working capital deficit of $920,095, and has not yet generated material revenue from operations, and will require additional funds to maintain its operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern within one year after the consolidated financial statements are issued. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. The Company intends to finance operating costs over the next twelve months through its existing financial resources and we may also raise additional capital through equity offerings, debt financings, collaborations and/or licensing arrangements. If adequate funds are not available on acceptable terms, we may be required to delay, reduce the scope of, or curtail, our operations. The accompanying condensed consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Notes
Note 2 - Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies During the six months ended June 30, 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 six months ended June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2017
Notes
Note 4 - Notes Payable-Related Party	Note 4 – Notes Payable-Related Party At June 30, 2017 and December 31, 2016, the Company has unsecured interest bearing demand notes outstanding to certain officers and directors amounting to $408,841 and $296,951, respectively. Interest accrued on these notes during the six months ended June 30, 2017 and 2016 was $12,541 and $4,099, respectively.

Note 5 - Subsequent Events

Note 5 - Subsequent Events	6 Months Ended
	Jun. 30, 2017
Notes
Note 5 - Subsequent Events	Note 5 – Subsequent Events On July 6, 2017, we issued 2,000,000 shares of common stock, valued at $0.0083 per share for consulting services. On July 24, 2017, we issued a six month convertible note in the amount of $28,000 with an annual interest rate of 10%.

Note 1 - Organization and Bus12

Note 1 - Organization and Business Description: Going Concern (Policies)	6 Months Ended
	Jun. 30, 2017
Policies
Going Concern	Going Concern Management does not expect existing cash as of June 30, 2017 to be sufficient to fund the Company’s operations for at least twelve months from the issuance date of these interim financial statements. These financial statements have been prepared on a going concern basis which assumes the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As of June 30, 2017, the Company has incurred losses over the past years which have resulted in accumulated deficits of $4,707,004, a working capital deficit of $920,095, and has not yet generated material revenue from operations, and will require additional funds to maintain its operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern within one year after the consolidated financial statements are issued. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. The Company intends to finance operating costs over the next twelve months through its existing financial resources and we may also raise additional capital through equity offerings, debt financings, collaborations and/or licensing arrangements. If adequate funds are not available on acceptable terms, we may be required to delay, reduce the scope of, or curtail, our operations. The accompanying condensed consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Note 2 - Summary of Significa13

Note 2 - Summary of Significant Accounting Policies: Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 Significa14

Note 2 - Summary of Significant Accounting Policies: Use of Estimates (Policies)	6 Months Ended
	Jun. 30, 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 Significa15

Note 2 - Summary of Significant Accounting Policies: Comprehensive Loss (Policies)	6 Months Ended
	Jun. 30, 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 Significa16

Note 2 - Summary of Significant Accounting Policies: Net Loss Per Share (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 2017 and 2016, outstanding common stock equivalents were not material.

Note 2 - Summary of Significa17

Note 2 - Summary of Significant Accounting Policies: New Accounting Pronouncements, Policy (Policies)	6 Months Ended
	Jun. 30, 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 Bus18

Note 1 - Organization and Business Description (Details)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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-Relate20

Note 4 - Notes Payable-Related Party (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Details
Long-term Debt, Description	unsecured interest bearing demand notes
Long-term Debt	$ 408,841	$ 296,951
Accrued Interest	$ 12,541	$ 4,099

Note 5 - Subsequent Events (Det

Note 5 - Subsequent Events (Details)	6 Months Ended
	Jun. 30, 2017
Event 1
Subsequent Event, Date	Jul. 6, 2017
Subsequent Event, Description	we issued 2,000,000 shares of common stock, valued at $0.0083 per share for consulting services
Event 2
Subsequent Event, Date	Jul. 24, 2017
Subsequent Event, Description	we issued a six month convertible note in the amount of $28,000 with an annual interest rate of 10%