EnzymeBioSystems 10-K 13 Oct 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2017	Oct. 12, 2017	Dec. 31, 2016
Document And Entity Information
Entity Registrant Name	EnzymeBioSystems
Entity Central Index Key	1,471,968
Document Type	10-K
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		16,641,822
Entity Public Float			$ 203,854
Trading Symbol	ENZB
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,017

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2017	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 41,249	$ 140,042
Prepaid expense	3,000
Total current assets	44,249	140,042
TOTAL ASSETS	44,249	140,042
Current liabilities:
Accounts payable	100	100
Accrued expenses	4,000	4,000
Total current liabilities and total liabilities	4,100	4,100
Stockholders' equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 2,500,000 and 2,500,000 shares of Series A Preferred Stock issued and outstanding as of June 30, 2017 and 2016, respectively	2,500	2,500
Common stock, $0.001 par value, 195,000,000 shares authorized, 16,641,822 and 16,641,822 shares issued and outstanding as of June 30, 2017 and 2016, respectively	16,642	16,642
Additional paid-in capital	1,243,358	1,243,358
Accumulated deficit	(1,222,351)	(1,126,558)
Total Stockholders' Equity	40,149	135,942
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 44,249	$ 140,042

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Jun. 30, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	2,500,000	2,500,000
Preferred stock, shares outstanding	2,500,000	2,500,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	195,000,000	195,000,000
Common stock, shares issued	16,641,822	16,641,822
Common stock, shares outstanding	16,641,822	16,641,822

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenue
Operating expenses:
Officers' compensation	71,000	71,000
Professional fees	31,925	28,825
Research and development		11,080
Unauthorized expenses		10,320
Other	7,868	4,134
Total operating expenses	110,793	125,359
Loss from operations	(110,793)	(125,359)
Other income – net:
Proceeds from sale of subsidiary	25,000
Consulting fees relating to sale of subsidiary	(10,000)
Other income-net	15,000
Net (Loss)	$ (95,793)	$ (125,359)
Weighted average number of common shares outstanding - basic and diluted	16,641,822	16,641,822
Net loss per common share - basic and diluted	$ (0.01)	$ (0.01)

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Series A Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Jun. 30, 2015	$ 2,500	$ 16,642	$ 1,243,358	$ (1,001,199)	$ 261,301
Balance, shares at Jun. 30, 2015	2,500,000	16,641,822
Net (loss) for the year				(125,359)	(125,359)
Balance at Jun. 30, 2016	$ 2,500	$ 16,642	1,243,358	(1,126,558)	135,942
Balance, shares at Jun. 30, 2016	2,500,000	16,641,822
Net (loss) for the year				(95,793)	(95,793)
Balance at Jun. 30, 2017	$ 2,500	$ 16,642	$ 1,243,358	$ (1,222,351)	$ 40,149
Balance, shares at Jun. 30, 2017	2,500,000	16,641,822

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
OPERATING ACTIVITIES
Net Loss	$ (95,793)	$ (125,359)
Changes in operating assets and liabilities
Accounts Payable		(1,900)
Accrued expenses		(3,068)
Prepaid expense	(3,000)
Due to Related Party		(102)
Cash (used) by operating activities	(98,793)	(130,429)
INVESTING ACTIVITIES
FINANCING ACTIVITIES
NET INCREASE (DECREASE) IN CASH	(98,793)	(130,429)
CASH - BEGINNING OF THE PERIOD	140,042	270,471
CASH - END OF THE PERIOD	41,249	140,042
SUPPLEMENTAL DISCLOSURES:
Interest paid
Income taxes paid

General Organization and Busine

General Organization and Business	12 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General Organization and Business	NOTE 1 - GENERAL ORGANIZATION AND BUSINESS EnzymeBioSystems (the “Company”) was incorporated under the laws of the state of Nevada on June 26, 2009. The Company was organized to conduct any lawful business. The Company contract manufactures specialty enzymes and enzyme related products. To date, the Company has had no revenues.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The basis is United States generally accepted accounting principles. Earnings per Share The basic earnings (loss) per common share is calculated by dividing the Company’s net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the year. The diluted earnings (loss) per share is calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. The Company has not issued any options or warrants or similar securities since inception. Dividends The Company has not yet adopted any policy regarding payment of dividends. No dividends have been paid during the periods shown. Research and development costs Research and development costs are expensed as incurred. The amounts of costs expensed for the years ended June 30, 2017 and 2016 were $0 and $11,080, respectively. Income Taxes The provision for income taxes is the total of the current taxes payable and the net of the change in the deferred income taxes. Provision is made for the deferred income taxes where differences exist between the period in which transactions affect current taxable income and the period in which they enter into the determination of net income in the financial statements. Year-end The Company has selected June 30 as its year-end. Advertising Advertising is expensed when incurred. There has been no advertising during the periods presented herein. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Revenue recognition The Company applies the provisions of ASC 605, Revenue Recognition (“ASC 605”). ASC 605 provides guidance on the recognition, presentation and disclosure of revenue in financial statements. ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for the disclosure of revenue recognition policies. The Company will recognize revenue related to product sales when (i) persuasive evidence of the arrangement exists, (ii) shipment has occurred, (iii) the fee is fixed or determinable, and (iv) collectability is reasonably assured. For the period from June 26, 2009 (inception) to June 30, 2017, the Company has not recognized any revenues. Recent accounting pronouncements Ce a i acco nti g pronounce en s e bee ss d by t e S d o e ta a se t g rga za io s w i c h a re n t yet e fec ive a d t efo e h ve not ye ee a o e b the Co a . e mpac o t Co any’s fi a c a l os o nd e su s of ope ations f om dop t on of ese standar s is not expec e t be a er al .

Going Concern

Going Concern	12 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	NOTE 3. GOING CONCERN The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As shown in the accompanying financial statements, the Company has incurred net losses of $(1,222,351) for the period from June 26, 2009 (inception) to June 30, 2017. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its new business opportunities. Management plans to raise additional capital through private placements and public offerings of its common stock (see Note 8). However, there is no assurance that the Company will raise sufficient capital to implement its business plan. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments that might arise from the outcome of this uncertainty.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity	NOTE 4. STOCKHOLDERS’ EQUITY The Company is authorized to issue up to 5,000,000 shares of its $0.001 par value preferred stock and up to 195,000,000 shares of its $0.001 par value common stock. The shares of Series A Preferred Stock are not redeemable and cannot be converted into Common Shares, unless it is approved by the Board of Directors and agreed upon by the Series A Preferred Shareholders. The shares of Series A Preferred Stock have no dividend rights but have a liquidation preference for funds paid for the Series A Preferred Stock shares. The Series A Preferred Shares carry a voting weight equal to ten (10) Common Shares per share of Series A Preferred Stock.

Other Income - Net

Other Income - Net	12 Months Ended
	Jun. 30, 2017
Other Income and Expenses [Abstract]
Other Income - Net	NOTE 5. OTHER INCOME - NET On March 24, 2017, the Company received $25,000 from Her Imports for the sale of the remaining capital stock of Shareholder Acquisition Corp. (“SAC”), an entity formed by the Company on January 10, 2017, following a dividend spin-off of a total of approximately 24,125 shares of SAC capital stock (1 share of SAC capital stock for each 800 shares of Company common and preferred stock owned) to the Company ‘s stockholders of record on January 30, 2017. In connection with the transaction, the Company paid two consultants affiliated with our controlling stockholder Berkeley Clinic, LC a total of $10,000 in March 2017. The Company has reflected other income - net of $15,000 in the accompanying Statement of Operations for the year ended June 30, 2017.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 6 - RELATED PARTY TRANSACTIONS On September 21, 2015, the Company’s then chief financial officer (appointed October 20, 2014) was dismissed for his alleged payment of unauthorized expenses totaling approximately $36,018 ($25,698 in the year ended June 30, 2015 and $10,320 in the six months ended December 31, 2015). The Company’s officers filed a criminal complaint and on January 26, 2017, the Company’s former chief financial officer entered into a Guilty Plea Agreement, in Nevada District Court, Case Number C-16-319713-1, using an Alford plea to attempted theft. He was ordered to pay restitution to the Company of $25,000 over the next three years. On July 7, 2017 and September 8, 2017 the Company received a total of $400 of the $25,000 ordered restitution. The officers and directors of the Company are involved in other business activities and may, in the future, become involved in other business opportunities. If a specific business opportunity becomes available, such persons may face a conflict in selecting between the Company and their other business interests. The Company has not formulated a policy for the resolution of such conflicts.

Provision for Income Taxes

Provision for Income Taxes	12 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Provision for Income Taxes	NOTE 7 - PROVISION FOR INCOME TAXES The Company accounts for income taxes under ASC 740, “Accounting for Income Taxes”, which requires use of the liability method. ASC 740 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized. The provision for (benefit from) income taxes differs from the amount computed by applying the statutory federal income tax rate to income (loss) before provision for income taxes. The sources and tax effects of the differences are as follows: Year Ended June 30 2017 2016 Expected tax at 35% $ (33,528 ) $ (43,875 ) Increase in valuation allowance 33,528 43,875 Provision for (benefit from) income taxes $ - $ - Deferred tax assets as of June 30, 2017 and June 30, 2016 are calculated as follows: 2017 2016 Deferred tax assets: Net operating loss carry forward $ 427,823 $ 394,295 Less: valuation allowance (427,823 ) (394,295 ) Net deferred tax assets $ - $ - During the year ended June 30, 2017, the Company recorded an increase in the valuation allowance of $33,528, as compared to $43,875 for the previous year, on the deferred tax assets to reduce the total to an amount that management believes will ultimately be realized. Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. There was no other activity in the valuation allowance account during the year ended June 30, 2017. The net operating loss carryforward of approximately $1,222,351 at June 30, 2017 expires commencing in year 2029. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should a significant change in ownership occur, net operating loss carryforwards may be limited as to use in the future. The Company has no tax positions. All tax years remain subject to examination by taxing jurisdictions.

Subsequent Events

Subsequent Events	12 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	NOTE 8 – SUBSEQUENT EVENTS The Company filed a Definitive Information Statement on September 15, 2017 to announce a 1 for 20 reverse stock split. The reverse stock split is scheduled to take place in October, 2017, based on final approval from FINRA. In September, 2017, the Company began conducting a Private Offering, with accredited investors to help fund the Company. The Company is offering up to 3,750,000 Common Units at a price of $0.20 per Unit. Each Unit consists of one share of post reverse stock split common stock, one Class A warrant exercisable at $0.30 per share of post reverse stock split common stock, one Class B warrant exercisable at $0.40 per share of post reverse stock split common stock and one Class C warrant exercisable at $0.60 per share of post reverse stock split common stock. The Offering provides that Berkeley Clinic, LC (holder of 1,500,000 shares of Common Stock and 2,500,000 shares of Series A Preferred Stock) will maintain the same 63.6% voting control of the Company that it held prior to the Offering. The offering and sale of the Units in this Offering are intended to be exempt from registration under the Act by virtue of Section 4(2) of the Act, and Rule 506. As of the end of September, 2017, the Company has raised approximately $200,000. On September 17, 2017, the Company incorporated LCNS in Nevada as a wholly owned subsidiary to conduct different business operations than the Company.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The basis is United States generally accepted accounting principles.
Earnings Per Share	Earnings per Share The basic earnings (loss) per common share is calculated by dividing the Company’s net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the year. The diluted earnings (loss) per share is calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. The Company has not issued any options or warrants or similar securities since inception.
Dividends	Dividends The Company has not yet adopted any policy regarding payment of dividends. No dividends have been paid during the periods shown.
Research and Development Costs	Research and development costs Research and development costs are expensed as incurred. The amounts of costs expensed for the years ended June 30, 2017 and 2016 were $0 and $11,080, respectively.
Income Taxes	Income Taxes The provision for income taxes is the total of the current taxes payable and the net of the change in the deferred income taxes. Provision is made for the deferred income taxes where differences exist between the period in which transactions affect current taxable income and the period in which they enter into the determination of net income in the financial statements.
Year-end	Year-end The Company has selected June 30 as its year-end.
Advertising	Advertising Advertising is expensed when incurred. There has been no advertising during the periods presented herein.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition	Revenue recognition The Company applies the provisions of ASC 605, Revenue Recognition (“ASC 605”). ASC 605 provides guidance on the recognition, presentation and disclosure of revenue in financial statements. ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for the disclosure of revenue recognition policies. The Company will recognize revenue related to product sales when (i) persuasive evidence of the arrangement exists, (ii) shipment has occurred, (iii) the fee is fixed or determinable, and (iv) collectability is reasonably assured. For the period from June 26, 2009 (inception) to June 30, 2017, the Company has not recognized any revenues.
Recent Accounting Pronouncements	Recent accounting pronouncements Ce a i acco nti g pronounce en s e bee ss d by t e S d o e ta a se t g rga za io s w i c h a re n t yet e fec ive a d t efo e h ve not ye ee a o e b the Co a . e mpac o t Co any’s fi a c a l os o nd e su s of ope ations f om dop t on of ese standar s is not expec e t be a er al .

Provision for Income Taxes (Tab

Provision for Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Schedule of Income (Loss) Before Provision for Income Taxes	The sources and tax effects of the differences are as follows: Year Ended June 30 2017 2016 Expected tax at 35% $ (33,528 ) $ (43,875 ) Increase in valuation allowance 33,528 43,875 Provision for (benefit from) income taxes $ - $ -
Schedule of Deferred Tax Assets	Deferred tax assets as of June 30, 2017 and June 30, 2016 are calculated as follows: 2017 2016 Deferred tax assets: Net operating loss carry forward $ 427,823 $ 394,295 Less: valuation allowance (427,823 ) (394,295 ) Net deferred tax assets $ - $ -

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Accounting Policies [Abstract]
Research and development costs		$ 11,080

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	12 Months Ended		96 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net losses	$ (95,793)	$ (125,359)	$ (1,222,351)

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - $ / shares	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	195,000,000	195,000,000
Common stock, par value	$ 0.001	$ 0.001
Series A Preferred Stock [Member]
Preferred shares voting rights	The Series A Preferred Shares carry a voting weight equal to ten (10) Common Shares per share of Series A Preferred Stock.

Other Income - Net (Details Nar

Other Income - Net (Details Narrative) - USD ($)	Mar. 24, 2017	Jan. 10, 2017	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Other income-net			$ 15,000
Shareholder Acquisition Corp [Member]
Proceeds from related party	$ 25,000
Number of dividend spin-off shares		24,125
Dividend spin-off description		1 share of SAC capital stock for each 800 shares of Company common and preferred stock owned
Berkeley Clinic, LC [Member]
Due to affiliate					$ 10,000

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Sep. 21, 2015	Dec. 31, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015	Jan. 26, 2017
Unauthorized expenses	$ 36,018	$ 10,320		$ 10,320	$ 25,698
Payment of restitution						$ 25,000
July 7, 2017 and September 8, 2017 [Member]
Ordered restitution received			$ 400

Provision for Income Taxes (Det

Provision for Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Increase in valuation allowance	$ 33,528	$ 43,875
Net operating loss carryforward	$ 1,222,351
Operating loss carryforwards expiration year	expires commencing in year 2029

Provision for Income Taxes - Sc

Provision for Income Taxes - Schedule of Income (Loss) Before Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Expected tax at 35%	$ (33,528)	$ (43,872)
Increase in valuation allowance	33,528	43,875
Provision for (benefit from) income taxes

Provision for Income Taxes - 24

Provision for Income Taxes - Schedule of Income (Loss) Before Provision for Income Taxes (Details) (Parenthetical)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Expected tax rate	35.00%	35.00%

Provision for Income Taxes - 25

Provision for Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($)	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Net operating loss carry forward	$ 427,823	$ 394,295
Less: valuation allowance	(427,823)	(394,295)
Net deferred tax assets

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($)	Sep. 15, 2017	Sep. 30, 2017
Reverse stock split	1 for 20 reverse stock split
Number of shares issued		3,750,000
Shares issued price per share		$ 0.20
Proceeds from initial public offering		$ 200,000
Berkeley Clinic, LC [Member]
Voting percentage		63.60%
Berkeley Clinic, LC [Member] | Common Stock [Member]
Number of shares issued		1,500,000
Berkeley Clinic, LC [Member] | Series A Preferred Stock [Member]
Number of shares issued		2,500,000
Class A Warrant [Member]
Warrant exercise price per share		$ 0.30
Class B Warrant [Member]
Warrant exercise price per share		0.40
Class C Warrant [Member]
Warrant exercise price per share		$ 0.60