Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Jun. 04, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | DNA Testing Centers Corp | |
Entity Central Index Key | 0001620070 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 21,496,404 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2017 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash | $ 2,559 | $ 3,778 |
Accounts receivable | 3,048 | 2,410 |
Total Current Assets | 5,607 | 6,188 |
Property and equipment (Note 3) | 3,617 | 3,820 |
Total Assets | 9,224 | 10,008 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 26,070 | 30,675 |
Due to related parties (Note 4) | 94,484 | 88,866 |
Total Liabilities | 120,554 | 119,541 |
Stockholder's Deficit | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, nil shares issued and outstanding | ||
Common stock, 1,000,000,000 shares authorized, $0.0001 par value 21,496,404 shares issued and outstanding | 2,149 | 2,149 |
Additional paid-in capital | 221,318 | 221,318 |
Accumulated other comprehensive loss | (10,460) | (9,718) |
Deficit | (324,337) | (323,282) |
Total Stockholder's Deficit | (111,330) | (109,533) |
Total Liabilities and Stockholder's Deficit | $ 9,224 | $ 10,008 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 21,496,404 | 21,496,404 |
Common stock, shares outstanding | 21,496,404 | 21,496,404 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Revenue | $ 15,717 | $ 3,480 |
Direct costs | 1,847 | 2,696 |
Gross Profit | 13,870 | 784 |
Expenses | ||
Advertising and promotion | 339 | 1,494 |
Depreciation | 234 | 122 |
Bad debts | 642 | |
Consulting fees | 107 | 8,719 |
Office and miscellaneous | 3,103 | 2,556 |
Professional fees | 2,246 | 3,167 |
Rent (Note 4) | 2,266 | 2,186 |
Salaries | 5,988 | |
Total Expenses | 14,925 | 18,244 |
Net Loss for the Period | (1,055) | (17,460) |
Other Comprehensive Loss | ||
Foreign currency translation loss | (742) | (1,402) |
Comprehensive Loss for the Period | $ (1,797) | $ (18,862) |
Loss Per Share, Basic and Diluted | ||
Weighted Average Shares Outstanding | 21,496,404 | 21,336,705 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Activities | ||
Net loss | $ (1,055) | $ (17,460) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 234 | 122 |
Changes in operating assets and liabilities: | ||
Amounts receivable | (638) | (10) |
Accounts payable and accrued liabilities | (4,605) | 209 |
Due to related parties | 2,267 | |
Net Cash Used In Operating Activities | (3,797) | (17,139) |
Financing Activities | ||
Proceeds from related parties | 2,693 | 26,175 |
Net Cash Provided By Financing Activities | 2,693 | 26,175 |
Effect of foreign exchange rate changes on cash | (115) | (1,403) |
Change in Cash | (1,219) | 7,633 |
Cash, Beginning of Period | 3,778 | 207 |
Cash, End of Period | 2,559 | 7,840 |
Supplemental Disclosures: | ||
Interest paid | ||
Income taxes paid |
Nature of Operations and Contin
Nature of Operations and Continuance of Business | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Continuance of Business | 1. Nature of Operations and Continuance of Business DNA Testing Centers, Corp. (the “Company”) was incorporated in Florida on July 3, 2014. On July 3, 2014, the Company acquired DNA Testing Centers of Canada Ltd. (“DNA Canada”). DNA Canada performs testing related to analyzing and monitoring an individual’s genetic makeup. The accompanying condensed consolidated financial statements of the Company should be read in conjunction with the consolidated financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown. The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year. These condensed consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at March 31, 2017, the Company has an accumulated deficit of $324,337, a working capital deficit of $114,947, and realized negative cash flows from operations totaling $3,797 for the period ended March 31, 2017. The Company currently has limited liquidity, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These 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. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Basis of Presentation These condensed consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. These condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, DNA Canada. All inter-company accounts and transactions have been eliminated on consolidation. (b) Comprehensive Loss Comprehensive loss consists of net loss and other related gains and losses affecting stockholders’ equity that are excluded from net income or loss. As at March 31, 2017 and 2016, comprehensive loss includes cumulative translation adjustments for changes in foreign currency exchange rates during the period. (c) Reclassifications Certain of the prior year figures were reclassified to conform to the current year’s presentation. (d) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 3. Property and Equipment Cost $ Accumulated depreciation $ Foreign currency translation loss $ Net carrying Value March 31, 2017 $ Net carrying Value December 31, 2016 $ Medical equipment 5,440 1,048 775 3,617 3,820 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 4. Related Party Transactions (a) As at March 31, 2017, the Company owed $1,558 (December 31, 2016 – $1,558) to the Chief Executive Officer of the Company which is non-interest bearing, unsecured, and due on demand. (b) As at March 31, 2017, the Company owed $1,558 (December 31, 2016 – $1,558) and $71,128 (Cdn$94,749) (December 31, 2016 – $68,708 (Cdn$92,249)) to the Chief Financial Officer of the Company which are non-interest bearing, unsecured, and due on demand. (c) As at March 31, 2017, the Company owed $1,558 (December 31, 2016 – $1,558) to a director of the Company which is non-interest bearing, unsecured, and due on demand. (d) As at March 31, 2017, the Company owed $9,008 (Cdn$12,000) (December 31, 2016 – $6,704 (Cdn$9,000)) to a director of the Company which is non-interest bearing, unsecured, and due on demand. (e) As at March 31, 2017, the Company owed $5,800 (December 31, 2016 – $5,800) and $871 (Cdn$1,100) (2016 - $nil) to the spouse of a director of the Company which is non-interest bearing, unsecured, and due on demand. (f) As at March 31, 2017, the Company owed $3,003 (Cdn$4,000) (December 31, 2016 - $2,980 (Cdn$4,000)) to the spouse of a director of the Company which is non-interest bearing, unsecured, and due on demand. (g) During the three months ended March 31, 2017, the Company incurred $2,266 (2016 - $2,186) in rent to a director of the Company. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 5. Subsequent Events (a) On July 24, 2017, the Company received proceeds of $100,000 for 1,000,000 common shares at a price of $0.10 per common share to be issued. (b) On January 29, 2018, the Company paid a shareholder of the Company a return of capital of $15,000. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation These condensed consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. These condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, DNA Canada. All inter-company accounts and transactions have been eliminated on consolidation. |
Comprehensive Loss | (b) Comprehensive Loss Comprehensive loss consists of net loss and other related gains and losses affecting stockholders’ equity that are excluded from net income or loss. As at March 31, 2017 and 2016, comprehensive loss includes cumulative translation adjustments for changes in foreign currency exchange rates during the period. |
Reclassifications | (c) Reclassifications Certain of the prior year figures were reclassified to conform to the current year’s presentation. |
Recent Accounting Pronouncements | (d) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Cost $ Accumulated depreciation $ Foreign currency translation loss $ Net carrying Value March 31, 2017 $ Net carrying Value December 31, 2016 $ Medical equipment 5,440 1,048 775 3,617 3,820 |
Nature of Operations and Cont_2
Nature of Operations and Continuance of Business (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ (324,337) | $ (323,282) | |
Working capital deficit | 114,947 | ||
Cash flows from operations | $ (3,797) | $ (17,139) |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Property and equipment, Net carrying value | $ 3,617 | $ 3,820 |
Medical Equipment [Member] | ||
Property and equipment, Cost | 5,440 | |
Property and equipment, Accumulated depreciation | 1,048 | |
Property and equipment, Foreign currency translation loss | 775 | |
Property and equipment, Net carrying value | $ 3,617 | $ 3,820 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | 3 Months Ended | ||||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2017CAD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016CAD ($) | |
Due to related parties | $ 94,484 | $ 88,866 | |||
Rent | 2,266 | $ 2,186 | |||
Chief Executive Officer [Member] | |||||
Due to related parties | 1,558 | 1,558 | |||
Chief Financial Officer [Member] | First Due [Member] | |||||
Due to related parties | 1,558 | 1,558 | |||
Chief Financial Officer [Member] | Second Due [Member] | |||||
Due to related parties | 71,128 | 68,708 | |||
Chief Financial Officer [Member] | Second Due [Member] | CAD [Member] | |||||
Due to related parties | $ 94,749 | $ 92,249 | |||
Director [Member] | |||||
Rent | 2,266 | $ 2,186 | |||
Director [Member] | First Due [Member] | |||||
Due to related parties | 1,558 | 1,558 | |||
Director [Member] | Second Due [Member] | |||||
Due to related parties | 9,008 | 6,704 | |||
Director [Member] | Second Due [Member] | CAD [Member] | |||||
Due to related parties | 12,000 | 9,000 | |||
Spouse of Director [Member] | First Due [Member] | |||||
Due to related parties | 5,800 | 5,800 | |||
Spouse of Director [Member] | Second Due [Member] | |||||
Due to related parties | 871 | ||||
Spouse of Director [Member] | Second Due [Member] | CAD [Member] | |||||
Due to related parties | 1,100 | ||||
Spouse of Director [Member] | Third Due [Member] | |||||
Due to related parties | $ 3,003 | $ 2,980 | |||
Spouse of Director [Member] | Third Due [Member] | CAD [Member] | |||||
Due to related parties | $ 4,000 | $ 4,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) | Jan. 29, 2018 | Jul. 24, 2017 |
Amount paid to shareholder of company return of capital | $ 15,000 | |
Common Stock [Member] | ||
Proceeds received from common shares issued | $ 100,000 | |
Number of shares to be issued | 1,000,000 | |
Share price | $ 0.10 |