Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
May 31, 2016 | Jul. 10, 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 | 146,744,566 | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
Balance Sheets
Balance Sheets - USD ($) | May 31, 2016 | Aug. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 265,492 | $ 32,678 |
Prepaid expenses | 904 | |
Total Current Assets | 265,492 | 33,582 |
Equipment, net | 34,211 | 40,370 |
Intangible assets, net | 5,428 | 6,214 |
TOTAL ASSETS | 305,131 | 80,166 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 3,080 | 3,493 |
Loans from related parties | 52,767 | 47,909 |
Total Current Liabilities | 55,847 | 51,402 |
TOTAL LIABILITIES | 55,847 | 51,402 |
Stockholders' Equity | ||
Common stock: 200,000,000 authorized; $0.001 par value 146,744,566 and 143,744,566 shares issued and outstanding, respectively | 146,745 | 143,745 |
Common stock subscribed | 3,000 | |
Additional paid-in capital | 343,375 | 343,375 |
Subscriptions receivable | (375,000) | |
Accumulated deficit | (240,836) | (86,356) |
Total Stockholders' Equity | 249,284 | 28,764 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 305,131 | $ 80,166 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | May 31, 2016 | 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 | 146,744,566 | 143,744,566 |
Common stock, shares outstanding | 146,744,566 | 143,744,566 |
Statement of Operations
Statement of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2016 | May 31, 2015 | May 31, 2016 | May 31, 2015 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Operating Expenses | ||||
Selling, general and administrative | 25,966 | 2,145 | 73,855 | 4,267 |
Professional | 15,181 | 12,592 | 36,238 | 20,482 |
Research and development | 9,712 | 44,387 | ||
Total operating expenses | 50,859 | 14,737 | 154,480 | 24,749 |
Net loss | $ (50,859) | $ (14,737) | $ (154,480) | $ (24,749) |
Basic and dilutive loss per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding - Basic and diluted (in shares) | 146,744,566 | 100,201,647 | 144,828,466 | 100,201,647 |
Statement of Cash Flows (Unaudi
Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
May 31, 2016 | May 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (154,480) | $ (24,749) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Amortization and depreciation expenses | 6,945 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 904 | |
Accounts payable and accrued liabilities | (413) | 11,695 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (147,044) | (13,054) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common shares | 375,000 | |
Borrowings from related parties | 11,316 | |
Repayments to related parties | (6,458) | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 379,858 | |
Net increase (decrease) in cash and cash equivalents | 232,814 | (13,054) |
Cash and cash equivalents, beginning of period | 32,678 | 2,342 |
Cash and cash equivalents, end of period | 265,492 | (10,712) |
Supplemental cash flow information | ||
Cash paid for interest | ||
Cash paid for taxes | ||
Non-cash transactions: | ||
Cancellation of subscribed common shares | $ 375,000 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
May 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | NOTE 1 – NATURE OF OPERATIONS Immage Biotherapeutics ("we", "our", 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 | 9 Months Ended |
May 31, 2016 | |
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-K for the year ended August 31, 2015 filed with the Securities and Exchange Commission on November 3, 2015. Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation. Research and development Costs incurred in connection with the development of new products and manufacturing methods are expensed as incurred. During the nine month period ended May 31, 2016 $44,387, was expensed as research and development costs. |
CAPITAL STOCK
CAPITAL STOCK | 9 Months Ended |
May 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
CAPITAL STOCK | NOTE 3 – 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 shareholder. 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 $375,000 for 3,000,000 subscribed common shares was recorded as subscription receivable as at August 31, 2015. On September 21, 2015, the Company cancelled this transaction and entered into a promissory note with the majority shareholder (see note #4). 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 3,000,000 shares for the total consideration of $375,000 which was received in October 2015. As of May 31, 2016, 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 | 9 Months Ended |
May 31, 2016 | |
Related Party Transactions [Abstract] | |
LOAN PAYABLE - RELATED PARTY LOANS | NOTE 4 – LOAN PAYABLE – RELATED PARTY LOANS During the nine month period ended May 31, 2016, the Company received an advance of $11,316 from the related parities by the way of loan and repaid $6,458 to the related parties. As at May 31, 2016 and August 31, 2015, the Company was obligated to the related parties, for an unsecured, non-interest bearing demand loan with a balance of $52,767 and $47,909, respectively. On September 21, 2015, a major shareholder loaned the Company $375,000 by way of a promissory note. The promissory note was set to mature on December 31, 2017, with an interest at a rate of 2% per annum compounding quarterly, however, during the period ended May 31, 2016, this note was revoked and previous accrued interest was reversed. |
COMMITMENTS
COMMITMENTS | 9 Months Ended |
May 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | NOTE 5 – COMMITMENTS 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 installments. In addition the consultant is eligible to receive one or more bonus payments dependent on the achievement of certain developmental milestones. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 9 Months Ended |
May 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | NOTE 6 – SUBSEQUENT EVENT Subsequent to May 31, 2016, the Company entered into a license agreement with a related party which grants the Company usage of a provisional patent application and any resulting patent in exchange for 5,000,000 common shares which have not yet been issued. The agreement terminates on the expiry date of the patent if obtained. |
SUMMARY OF SIGNIFICANT ACCOUN12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
May 31, 2016 | |
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-K for the year ended August 31, 2015 filed with the Securities and Exchange Commission on November 3, 2015. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation. |
Research and development | Research and development Costs incurred in connection with the development of new products and manufacturing methods are expensed as incurred. During the nine month period ended May 31, 2016 $44,387, was expensed as research and development costs. |
SUMMARY OF SIGNIFICANT ACCOUN13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - USD ($) | 3 Months Ended | 9 Months Ended |
May 31, 2016 | May 31, 2016 | |
Accounting Policies [Abstract] | ||
Research and development | $ 9,712 | $ 44,387 |
CAPITAL STOCK (Detail Textuals)
CAPITAL STOCK (Detail Textuals) - USD ($) | Jun. 08, 2015 | Oct. 31, 2015 | Sep. 21, 2015 | Jun. 22, 2015 | May 31, 2016 | 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 | ||||
Capital Stock | ||||||
Value received for issuance of shares | $ 375,000 | |||||
Subscriptions receivable | $ 375,000 | |||||
Common stock subscribed | 3,000,000 | |||||
Cancellation of subscribed common shares | $ (375,000) | |||||
Number of shares issued on revocation of promissory note | 3,000,000 | |||||
Value for share issued on revocation of promissory note | $ 375,000 | |||||
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 | |||||
Value for share issued on revocation of promissory note | $ 375,000 |
LOAN PAYABLE - RELATED PARTY 15
LOAN PAYABLE - RELATED PARTY LOANS (Detail Textuals) - USD ($) | 9 Months Ended | ||
May 31, 2016 | Sep. 21, 2015 | Aug. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Borrowings from related parties | $ 11,316 | ||
Repayment to related parties | 6,458 | ||
Amount owing to related party | $ 52,767 | $ 47,909 | |
Promissory note | |||
Related Party Transaction [Line Items] | |||
Advance from major shareholder | $ 375,000 | ||
Promissory note interest rate | 2.00% |
COMMITMENTS (Detail Textuals)
COMMITMENTS (Detail Textuals) | Dec. 10, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Consulting and development services | $ 24,000 |
Annual compensation paid in monthly installments | $ 15,000 |
SUBSEQUENT EVENT (Detail Textua
SUBSEQUENT EVENT (Detail Textuals) | 1 Months Ended |
May 31, 2016shares | |
License agreement | |
Subsequent Event [Line Items] | |
Number of unissued common shares exchanged in usage of provisional patent application | 5,000,000 |