Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Nov. 30, 2015 | Jan. 14, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | IMMAGE BIOTHERAPEUTICS CORP. | |
Entity Central Index Key | 1,564,273 | |
Trading Symbol | immg | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 143,144,566 | |
Document Type | 10-Q | |
Document Period End Date | Nov. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Nov. 30, 2015 | Aug. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 383,619 | $ 32,678 |
Prepaid expenses | 904 | |
Total Current Assets | 383,619 | 33,582 |
Equipment, net | 38,317 | 40,370 |
Intangible assets, net | 5,952 | 6,214 |
TOTAL ASSETS | 427,888 | 80,166 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 7,940 | 3,493 |
Interest Payable | 801 | |
Loans from related parties | 49,409 | 47,909 |
Total Current Liabilities | 58,150 | 51,402 |
Related Party Promissory Note Payable | 375,000 | |
TOTAL LIABILITIES | 433,150 | 51,402 |
Stockholders' Equity (Deficit) | ||
Common stock: 200,000,000 authorized; $0.001 par value 143,744,566 shares issued and outstanding, respectively | 100,807 | 100,807 |
Common stock subscribed | 3,000 | |
Additional paid-in capital | 14,313 | 386,313 |
Subscriptions receivable | (375,000) | |
Accumulated deficit | (120,382) | (86,356) |
Total Stockholders' Equity (Deficit) | (5,262) | 28,764 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 427,888 | $ 80,166 |
BALANCE SHEETS (Unaudited) (Par
BALANCE SHEETS (Unaudited) (Parentheticals) - $ / shares | Nov. 30, 2015 | Aug. 31, 2015 |
BALANCE SHEETS | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued | 143,744,566 | 143,744,566 |
Common stock, shares outstanding | 143,744,566 | 143,744,566 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2015 | Nov. 30, 2014 | |
Operating Expenses | ||
Selling, general and administrative | $ 19,796 | $ 1,277 |
Professional | 13,429 | 6,890 |
Total operating expenses | 33,225 | 8,167 |
Interest Expense | 801 | |
Net loss | $ (34,026) | $ (8,167) |
Basic and dilutive loss per share (in dollars per share) | $ 0 | $ 0 |
Weighted average number of shares outstanding (in shares) | 143,744,566 | 100,201,647 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2015 | Nov. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (34,026) | $ (8,167) |
Adjustment to reconcile net loss to net cash used in operating activities | ||
Amortization and depreciation expenses | 2,315 | |
Prepaid expenses | 904 | |
Accounts payable and accrued liabilities | 4,447 | 5,849 |
Interest payable | 801 | |
NET CASH USED IN OPERATING ACTIVITIES | (25,559) | (2,318) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from promissory note | 375,000 | |
Borrowings from related parties | 1,600 | |
Repayment to related parties | (100) | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 376,500 | |
Net increase (decrease) in cash and cash equivalents | 350,941 | (2,318) |
Cash and cash equivalents, beginning of period | 32,678 | 2,342 |
Cash and cash equivalents, end of period | $ 383,619 | $ 24 |
Supplemental cash flow information | ||
Cash paid for interest | ||
Cash paid for taxes | ||
Non-cash transactions: | ||
Common shares subscribed - cancelled | $ 375,000 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended |
Nov. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | NOTE 1 – NATURE OF OPERATIONS Immage Biotherapeutics (the “Company”) was incorporated in the State of Nevada on June 21, 2012 and originally established a fiscal year end of September 30. On September 8, 2015, the Company changed its fiscal year end to August 31, 2015. Immage Biotherapeutics is a biotechnology company developing cancer immunotherapy through the rapid and efficient development of cutting edge immunotherapy candidates using bioinformatics and outsourced laboratory resources. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Nov. 30, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. For further information regarding the Company's significant accounting policies, refer to the audited financial statements and footnotes thereto included in the Company's Annual Report on Form 10-KT for the year ended August 31, 2015 filed with the Securities and Exchange Commission on November 3, 2015. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Nov. 30, 2015 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has a working capital of $325,469, and accumulated deficit of $120,382. The Company does not have a source of revenue sufficient to cover its operation costs giving substantial doubt for it to continue as a going concern. The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The Company is funding its initial operations by way of issuing Founder’s shares. These 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. The officers and directors have committed to advancing certain operating costs of the Company. |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended |
Nov. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
CAPITAL STOCK | NOTE 4 – CAPITAL STOCK The Company has authorized 200,000,000 common shares with a par value of $0.001 per share. On June 8, 2015, the Company entered into a subscription agreement with its major shareholders. Pursuant to the agreement, this shareholder purchased 3,600,000 common shares for $0.125 per share. On June 22, 2015, $75,000 was received by the Company and 600,000 common shares were issued to this shareholder. The remaining 3,000,000 common shares were recorded as common stock subscribed, and remain unchanged as at November 30, 2015. On September 21, 2015, the Company cancelled this transaction and entered into a promissory note with the major shareholder. (see Notes 5 and 6) As of November 30, 2015, the Company has not granted any stock options and has not recorded any stock-based compensation. |
LOAN PAYABLE - RELATED PARTY LO
LOAN PAYABLE - RELATED PARTY LOANS | 3 Months Ended |
Nov. 30, 2015 | |
Related Party Transactions [Abstract] | |
LOAN PAYABLE - RELATED PARTY LOANS | NOTE 5 – LOAN PAYABLE – RELATED PARTY LOANS During the period ended November 30, 2015, the Company borrowed $1,600 from related parties, of which $100 was repaid during the period. As of November 30, 2015, the Company owes a related party $49,409, an increase of $1,500 from the November 30, 2014 balance of $47,909. The balances are non-interest bearing and due on demand. On September 21, 2015, a major shareholder loaned the Company $375,000 by way of a promissory note. The promissory note matures on December 31, 2017, and bears interest at a rate of 2% per annum compounding quarterly. No payments are required until December 31, 2017. Balance as of November 30, 2015 is $375,000 and interest payable is $801. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Nov. 30, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS On December 10, 2015, the Company entered into an agreement to receive consulting and development services for a one-time fee of $24,000 and annual compensation of $15,000 paid in monthly instalments. In addition the consultant is eligible to receive one or more bonus payments dependent on the achievement of certain developmental milestones. On January 18, 2016, the Company and a major shareholder decided to revoke the promissory note of $375,000 dated September 21, 2015. The parties elected that the funds of $375,000 provided by the major shareholder to the Company would be in satisfaction and completion of the subscription agreement entered into on June 8, 2015. Upon revocation of the promissory note it was agreed upon to issue a total of 3,600,000 shares for the total consideration of $450,000. |
SUMMARY OF SIGNIFICANT ACCOUN12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Nov. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. For further information regarding the Company's significant accounting policies, refer to the audited financial statements and footnotes thereto included in the Company's Annual Report on Form 10-KT for the year ended August 31, 2015 filed with the Securities and Exchange Commission on November 3, 2015. |
GOING CONCERN (Detail Textuals)
GOING CONCERN (Detail Textuals) - USD ($) | Nov. 30, 2015 | Aug. 31, 2015 |
Going Concern [Abstract] | ||
Working capital | $ 325,469 | |
Accumulated deficit | $ (120,382) | $ (86,356) |
CAPITAL STOCK (Detail Textuals)
CAPITAL STOCK (Detail Textuals) - USD ($) | Jun. 08, 2015 | Jun. 22, 2015 | Nov. 30, 2015 | Aug. 31, 2015 |
Stockholders' Equity Note [Abstract] | ||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||
Subscription Agreement | Major Shareholders | ||||
Capital Stock | ||||
Number of common shares issued under the agreement | 3,600,000 | 600,000 | ||
Share price (in dollars per share) | $ 0.125 | |||
Value received for issuance of shares | $ 75,000 | |||
Common stock subscribed | 3,000,000 |
LOAN PAYABLE - RELATED PARTY 15
LOAN PAYABLE - RELATED PARTY LOANS (Detail Textuals) - USD ($) | 3 Months Ended | |||
Nov. 30, 2015 | Sep. 21, 2015 | Aug. 31, 2015 | Nov. 30, 2014 | |
Related Party Transaction [Line Items] | ||||
Borrowings from related parties | $ 1,600 | |||
Repayment to related parties | 100 | |||
Amount owing to related party | 49,409 | $ 47,909 | $ 47,909 | |
Amount owing to related party increases | 1,500 | |||
Advance from major shareholder | 375,000 | |||
Interest payable | $ 801 | |||
Promissory note | ||||
Related Party Transaction [Line Items] | ||||
Advance from major shareholder | $ 375,000 | |||
Promissory note interest rate | 2.00% |
SUBSEQUENT EVENTS (Detail Textu
SUBSEQUENT EVENTS (Detail Textuals) - Subsequent Event - USD ($) | Dec. 10, 2015 | Jan. 18, 2016 |
Subsequent Event [Line Items] | ||
Consulting and development service fee | $ 24,000 | |
Annual compensation paid in monthly instalments | $ 15,000 | |
Major Shareholder | ||
Subsequent Event [Line Items] | ||
Revocation of promissory note | $ 375,000 | |
Number of shares issued upon revocation of promissory note | 3,600,000 | |
Consideration for revocation of promissory note | $ 450,000 |