DNA Testing Centers (DNAT) 10-Q 9 Jul 19 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 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	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity's Reporting Status Current	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	Q2
Document Fiscal Year Focus	2017

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Current Assets
Cash	$ 7,505	$ 3,778
Accounts receivable	2,244	2,410
Total current assets	9,749	6,188
Property and equipment (Note 3)	3,712	3,820
Total Assets	13,461	10,008
Current Liabilities
Accounts payable and accrued liabilities	22,569	30,675
Due to related parties (Note 4)	105,874	88,866
Total Liabilities	128,443	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	(12,207)	(9,718)
Deficit	(326,242)	(323,282)
Total Stockholder's Deficit	(114,982)	(109,533)
Total Liabilities and Stockholder's Deficit	$ 13,461	$ 10,008

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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, shares authorized	1,000,000,000	1,000,000,000
Common stock, par value	$ 0.0001	$ 0.0001
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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenue	$ 16,759	$ 5,871	$ 32,476	$ 9,351
Direct costs	4,796	3,596	6,643	6,292
Gross Profit	11,963	2,275	25,833	3,059
Expenses
Advertising and promotion	1,173	2,355	1,512	3,849
Depreciation	(2)	87	232	209
Bad debts	2,045		2,687
Consulting fees	44	62,302	151	71,021
Office and miscellaneous	1,782	3,970	4,885	6,526
Professional fees	2,421	10,613	4,667	13,780
Rent (Note 4)	2,230	71	4,496	2,257
Salaries	4,175		10,163
Total Expenses	13,868	79,398	28,793	97,642
Net Loss for the Period	(1,905)	(77,123)	(2,960)	(94,583)
Other Comprehensive Loss
Foreign currency translation loss	(1,747)	(828)	(2,489)	(2,230)
Comprehensive Loss for the Period	$ (3,652)	$ (77,951)	$ (5,449)	$ (96,813)
Loss Per Share, Basic and Diluted
Weighted Average Shares Outstanding	21,496,404	21,175,410	21,496,404	21,175,250

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating Activities
Net loss	$ (1,905)	$ (77,123)	$ (2,960)	$ (94,583)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	(2)	87	232	209
Bad debts expense	2,045		2,687
Stock-based compensation				52,500
Changes in operating assets and liabilities:
Accounts receivable			(2,521)	(182)
Other receivable				(10)
Accounts payable and accrued liabilities			(8,106)	(255)
Due to related parties			4,496
Net Cash Used In Operating Activities			(6,172)	(42,321)
Financing Activities
Proceeds from related parties			9,327	47,213
Net Cash Provided By Financing Activities			9,327	47,213
Effect of foreign exchange rate changes on cash			572	(2,196)
Change in Cash			3,727	2,696
Cash, Beginning of Period			3,778	207
Cash, End of Period	$ 7,505	$ 2,903	7,505	2,903
Supplemental Disclosures:
Interest paid
Income taxes paid

Nature of Operations and Contin

Nature of Operations and Continuance of Business	6 Months Ended
	Jun. 30, 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 acquisition was treated consolidated as an entity under common control. 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 June 30, 2017, the Company has an accumulated deficit of $326,242 and a working capital deficit of $118,694. 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	6 Months Ended
	Jun. 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment	3. Property and Equipment Cost $ Accumulated depreciation $ Foreign currency translation loss $ Net carrying Value June 30, 2017 $ Net carrying Value December 31, 2016 $ Medical equipment 5,440 1,048 680 3,712 3,820

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	4. Related Party Transactions (a) As at June 30, 2017, the Company owed $1,558 (December 31, 2016 – $1,558) and $1,926 (Cdn$2,500) (December 31, 2016 - $nil) to the Chief Executive Officer of the Company which is non-interest bearing, unsecured, and due on demand. (b) As at June 30, 2017, the Company owed $1,558 (December 31, 2016 – $1,558) and $77,991 (Cdn$101,249) (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 June 30, 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 June 30, 2017, the Company owed $11,555 (Cdn$15,000) (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 June 30, 2017, the Company owed $5,800 (December 31, 2016 – $5,800) and $847 (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 June 30, 2017, the Company owed $3,081 (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 six months ended June 30, 2017, the Company incurred $4,496 (2016 - $2,257) in rent to a director of the Company.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 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)	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Cost $ Accumulated depreciation $ Foreign currency translation loss $ Net carrying Value June 30, 2017 $ Net carrying Value December 31, 2016 $ Medical equipment 5,440 1,048 680 3,712 3,820

Nature of Operations and Cont_2

Nature of Operations and Continuance of Business (Details Narrative) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (326,242)	$ (323,282)
Working capital deficit	$ 118,694

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Property and equipment, Net carrying value	$ 3,712	$ 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	680
Property and equipment, Net carrying value	$ 3,712	$ 3,820

Related Party Transactions (Det

Related Party Transactions (Details Narrative)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017CAD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2016CAD ($)
Due to related parties	$ 105,874		$ 105,874			$ 88,866
Rent	2,230	$ 71	4,496	$ 2,257
Chief Executive Officer [Member] | First Due [Member]
Due to related parties						1,558
Chief Executive Officer [Member] | Second Due [Member]
Due to related parties	1,926		1,926
Chief Executive Officer [Member] | Second Due [Member] | CAD [Member]
Due to related parties					$ 2,500
Chief Financial Officer [Member] | First Due [Member]
Due to related parties	1,558		1,558			1,558
Chief Financial Officer [Member] | Second Due [Member]
Due to related parties	77,991		77,991			68,708
Chief Financial Officer [Member] | Second Due [Member] | CAD [Member]
Due to related parties					101,249		$ 92,249
Director [Member]
Rent			4,496	$ 2,257
Director [Member] | First Due [Member]
Due to related parties	1,558		1,558			1,558
Director [Member] | Second Due [Member]
Due to related parties	11,555		11,555			6,704
Director [Member] | Second Due [Member] | CAD [Member]
Due to related parties					15,000		9,000
Spouse of Director [Member] | First Due [Member]
Due to related parties	5,800		5,800			5,800
Spouse of Director [Member] | Second Due [Member]
Due to related parties	847		847
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	$ 3,081		$ 3,081			$ 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
Share price		$ 0.10