EnzymeBioSystems 10-Q 13 Nov 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Document And Entity Information
Entity Registrant Name	EnzymeBioSystems
Entity Central Index Key	1,471,968
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		2,609,510
Trading Symbol	ENZB
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018

Condensed Interim Balance Sheet

Condensed Interim Balance Sheets - USD ($)	Sep. 30, 2017	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 213,259	$ 41,249
Prepaid expense	6,000	3,000
Total current assets	219,259	44,249
TOTAL ASSETS	219,259	44,249
Current liabilities:
Accounts payable	100	100
Accrued expenses	4,000	4,000
Total current liabilities	4,100	4,100
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 125,000 and 125,000 shares of Series A Preferred Stock issued and outstanding as of September 30, 2017 and June 30, 2017, respectively	125	125
Common stock, $0.001 par value, 195,000,000 shares authorized, 1,834,510 and 832,235 shares issued and outstanding as of September 30, 2017 and June 30, 2017, respectively	1,835	832
Additional paid-in capital	1,460,995	1,261,543
Accumulated deficit	(1,247,796)	(1,222,351)
Total stockholders’ equity	215,159	40,149
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 219,259	$ 44,249

Condensed Interim Balance Shee3

Condensed Interim Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Jun. 30, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Series A Preferred stock, shares issued	125,000	125,000
Series A Preferred stock, shares outstanding	125,000	125,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	195,000,000	195,000,000
Common stock, shares issued	1,834,510	832,235
Common stock, shares outstanding	1,834,510	832,235

Condensed Interim Statements of

Condensed Interim Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Revenue
Operating expenses:
Officers’ compensation	16,500	18,000
Professional Fees	7,500	7,500
Other	1,845	2,002
Total operating expenses	25,845	27,502
Loss from operations	(25,845)	(27,502)
Other income - net
Restitution from former officer	400
Other income - net	400
Net (Loss)	$ (25,445)	$ (20,699)
Weighted average number of common shares outstanding - basic and diluted	963,633	832,235
Net loss per common share - basic and diluted	$ (0.03)	$ (0.02)

Condensed Interim Statements o5

Condensed Interim Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
OPERATING ACTIVITIES
Net Loss	$ (25,445)	$ (20,699)
Changes in operating assets and liabilities
Prepaid expenses	(3,000)
Accounts payable
Accrued expenses
Cash (used) by operating activities	(28,445)	(27,502)
FINANCING ACTIVITIES
Proceeds from sale of Units	200,455
Net cash provided by financing activities	200,455
NET INCREASE (DECREASE) IN CASH	172,010	(27,502)
CASH - BEGINNING OF THE PERIOD	41,249	140,042
CASH - END OF THE PERIOD	213,259	112,540
SUPPLEMENTAL DISCLOSURES:
Interest paid
Income taxes paid

Condensed Interim Financial Sta

Condensed Interim Financial Statements	3 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Interim Financial Statements	NOTE 1 - CONDENSED INTERIM FINANCIAL STATEMENTS The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at September 30, 2017 and for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s June 30, 2017 audited financial statements. The results of operations for the period ended September 30, 2017 are not necessarily indicative of the operating results for the full year. Basis of Presentation In the opinion of management, the accompanying balance sheets and related interim statements of operations and cash flows include all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Preparing financial statements requires management to make estimates and assumptions the affect the reported amounts of assets, liabilities, revenue and expenses. Actual results and outcomes may differ from management’s estimates and assumptions. Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with information included in the Form 10-K. Reverse Stock Split Effective October 19, 2017, the Company effected a 1-for-20 reverse stock split of its common stock (which reduced the issued and outstanding shares of common stock from 16,641,822 shares to 832,235 shares) and its Series A Preferred Stock (which reduced the issued and outstanding shares of Series A Preferred Stock from 2,500,000 shares to 125,000 shares). The accompanying financial statements retroactively reflect this reverse stock split.

Going Concern

Going Concern	3 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	NOTE 2 - GOING CONCERN These condensed financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As of September 30, 2017, the Company has not recognized any revenues and has accumulated operating losses of approximately $(1,247,796) since inception. The Company’s ability to continue as a going concern is contingent upon the successful completion of additional financing arrangements and its ability to achieve and maintain profitable operations. Management plans to raise equity capital to finance the operating and capital requirements of the Company. Amounts raised will be used to further development of the Company’s products, to provide financing for marketing and promotion, to secure property and equipment, and for other working capital purposes. While the Company is putting forth its best efforts to achieve the above plans, there is no assurance that any such activity will generate sufficient funds necessary to continue operations. 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.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue recognition The Company will apply 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 September 30, 2017, the Company has not recognized any revenues. Recent accounting pronouncements Certain accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company’s financial position and results of operations from adoption of these standards is not expected to be material.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Sep. 30, 2017
Equity [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 carry a voting weight equal to 10 shares of common stock per share 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. 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, L.C. (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. From September 6, 2017 to September 30, 2017, we sold a total of 1,002,275 Common Units to 8 investors at a price of $0.20 per Unit for gross proceeds of $200,455.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 5 - RELATED PARTY TRANSACTIONS On September 17, 2017, the Company organized a Nevada corporation named LCNS as a subsidiary of the Company. On September 29, 2017, LCNS sold 2,000,000 restricted shares of LCNS common stock to T. J. Jesky (1,000,000 shares) and Mark DeStefano (1,000,000 shares) at a price of $.005 per share and $10,000 was deposited in LCNS’s attorney’s client trust account. Jesky and DeStefano are members of Berkeley Clinic, L.C. (see Note 4). 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 6 – Subsequent Events Effective October 19, 2017, the Company effected a 1-for-20 reverse stock split of its common stock (which reduced the issued and outstanding shares of common stock from 16,641,822 shares to 832,235 shares) and its Series A Preferred Stock (which reduced the issued and outstanding shares of Series A Preferred Stock from 2,500,000 shares to 125,000 shares). The accompanying financial statements retroactively reflect this reverse stock split. In October 2017, we sold a total of 775,000 Common Units (see Note 4) to 6 investors at a price of $0.20 per Unit for gross proceeds of $155,000.

Significant Accounting Polici12

Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition	Revenue recognition The Company will apply 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 September 30, 2017, the Company has not recognized any revenues.
Recent Accounting Pronouncements	Recent accounting pronouncements Certain accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company’s financial position and results of operations from adoption of these standards is not expected to be material.

Condensed Interim Financial S13

Condensed Interim Financial Statements (Details Narrative) - shares	3 Months Ended
	Sep. 30, 2017	Jun. 30, 2017
Common stock, shares issued	1,834,510	832,235
Common stock, shares outstanding	1,834,510	832,235
Preferred stock, shares issued	125,000	125,000
Preferred stock, shares outstanding	125,000	125,000
October 19, 2017 [Member]
Reverse stock split	1-for-20 reverse stock split
October 19, 2017 [Member] | Minimum [Member]
Common stock, shares issued	832,235
Common stock, shares outstanding	832,235
October 19, 2017 [Member] | Minimum [Member] | Series A Preferred Stock [Member]
Preferred stock, shares issued	125,000
Preferred stock, shares outstanding	125,000
October 19, 2017 [Member] | Maximum [Member]
Common stock, shares issued	16,641,822
Common stock, shares outstanding	16,641,822
October 19, 2017 [Member] | Maximum [Member] | Series A Preferred Stock [Member]
Preferred stock, shares issued	2,500,000
Preferred stock, shares outstanding	2,500,000

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	Sep. 30, 2017	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (1,247,796)	$ (1,222,351)

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Jun. 30, 2017
Preferred stock, shares authorized	5,000,000	5,000,000	5,000,000
Preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	195,000,000	195,000,000	195,000,000
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Shares issued, price per share	$ 0.20	$ 0.20
Voting control percentage	63.60%	63.60%
Eight investors [Member]
Offering of common stock units	1,002,275
Shares issued, price per share	$ 0.20	$ 0.20
Gross proceeds	$ 200,455
Common Stock [Member]
Offering of common stock units		1,500,000
Series A Preferred Stock [Member]
Offering of common stock units		2,500,000
Post Reverse Stock Split [Member] | Class A Warrant [Member]
Exercise price of warrants	$ 0.30	$ 0.30
Post Reverse Stock Split [Member] | Class B Warrant [Member]
Exercise price of warrants	0.40	0.40
Post Reverse Stock Split [Member] | Class C Warrant [Member]
Exercise price of warrants	$ 0.60	$ 0.60
Maximum [Member]
Offering of common stock units		3,750,000
Series A Preferred Stock [Member]
Preferred shares voting rights		The shares of Series A Preferred Stock carry a voting weight equal to 10 shares of common stock per share of Series A Preferred Stock

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Sep. 29, 2017	Sep. 30, 2017
Shares issued, price per share		$ 0.20
J. Jesky [Member]
Stock issued during period, share, restricted stock award, gross	1,000,000
Mark DeStefano [Member]
Stock issued during period, share, restricted stock award, gross	1,000,000
LCNS [Member]
Stock issued during period, share, restricted stock award, gross	2,000,000
Shares issued, price per share	$ 0.005
Stock issued during period, value, restricted stock award, gross	$ 10,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	Oct. 19, 2017	Oct. 31, 2017	Sep. 30, 2017	Jun. 30, 2017
Common stock, shares issued			1,834,510	832,235
Common stock, shares outstanding			1,834,510	832,235
Preferred stock, shares issued			125,000	125,000
Preferred stock, shares outstanding			125,000	125,000
Shares issued price per share			$ 0.20
Series A Preferred Stock [Member]
Number of shares issued			2,500,000
Maximum [Member]
Number of shares issued			3,750,000
Subsequent Event [Member]
Reverse stock split	1 for 20 reverse stock split
Subsequent Event [Member] | Six Investors [Member]
Number of shares issued		775,000
Shares issued price per share		$ 0.20
Number of shares issued value		$ 155,000
Subsequent Event [Member] | Minimum [Member]
Common stock, shares issued	832,235
Common stock, shares outstanding	832,235
Subsequent Event [Member] | Minimum [Member] | Series A Preferred Stock [Member]
Preferred stock, shares issued	125,000
Preferred stock, shares outstanding	125,000
Subsequent Event [Member] | Maximum [Member]
Common stock, shares issued	16,641,822
Common stock, shares outstanding	16,641,822
Subsequent Event [Member] | Maximum [Member] | Series A Preferred Stock [Member]
Preferred stock, shares issued	2,500,000
Preferred stock, shares outstanding	2,500,000