DNA Testing Centers (DNAT) 10-Q 4 Feb 16 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2015shares
Document and Entity Information:
Entity Registrant Name	DNA Testing Centers Corp
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Trading Symbol	dnat
Amendment Flag	false
Entity Central Index Key	1,620,070
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	21,146,404
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

DNA Testing Centers Corp. - Con

DNA Testing Centers Corp. - Consolidated Balance Sheets - USD ($)		Sep. 30, 2015	Dec. 31, 2014
Current Assets:
Cash		$ 8,995	$ 65,083
Note Receivable		159	184
Total Current Assets		9,154	65,267
Property and Equipment		5,440	5,440
Total Assets		14,594	70,707
Current liabilities:
Accounts payable		13,652	13,018
Notes Payable			4,310
Total Current Liabilities		$ 13,652	$ 17,328
Stockholders' Equity
Preferred stock	[1]
Common stock	[2]	$ 2,114	$ 2,078
Additional Paid in Capital		168,853	115,712
Accumulated Deficit		(159,302)	(60,921)
Other Comprehensive Income		(10,724)	(3,490)
Total Stockholders' Equity		941	53,379
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$ 14,594	$ 70,707
[1]	$0.0001 par value, 10,000,000 shares authorized, shares issued at September 30, 2015 and December 31, 2014, respectively.
[2]	$0.0001 par value, 49,000,000 shares authorized, 21,146,404 and 21,146,404 issued and outstanding at September 30, 2015 and December 31, 2014, respectively.

Statement of Financial Position

Statement of Financial Position - Parenthetical - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	49,000,000	49,000,000
Common Stock, Shares Issued	21,146,404	21,146,404
Common Stock, Shares Outstanding	21,146,404	21,146,404
Preferred Stock, Par Value	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

DNA Testing Centers Corp. - Co4

DNA Testing Centers Corp. - Consolidated Statements of Operations and Other Comprehensive Income (loss) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement
Revenue		$ 4,564	$ 6,352	$ 14,964	$ 19,843
Operating Expenses:
Testing Fees		16,827	3,431	33,650	14,481
Other Operating Expenses	[1]	13,201	2,883	79,695	4,395
Stock-based Compensation			30,000		30,000
Net Operating Expenses		30,028	36,314	113,345	48,876
Net Operating Income Before Taxes		(25,465)	(29,962)	(98,381)	(29,032)
Income Taxes			6		150
Net Income (loss)		(25,465)	(29,968)	(98,381)	(29,183)
Other Comprehensive Income (loss):
Foreign Currency Exchange Adjustment		(1,784)	(1,189)	(7,233)	(1,196)
Total Comprehensive Income (loss)		$ (27,249)	$ (31,157)	$ (105,615)	$ (30,379)
Net Income Per Common Share- Basic and Diluted		$ 0	$ 0	$ 0	$ 0
Weighted Average Common Shares Outstanding- Basic and Diluted		20,495,077	20,230,417	20,495,077	20,077,087
[1]	See Note 2

DNA Testing Centers Corp. - Co5

DNA Testing Centers Corp. - Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net Income (loss)	$ (98,381)	$ (29,183)	$ (98,381)	$ (29,183)
Adjustments to reconcile net income to net cash provided by operations:
Bad debt expense	2
Stock-based Compensation		$ 30,000		30,000
Changes in operating assets and liabilities:
Other receivable, increase decrease	$ 25
Income taxes payable, increase decrease
Accounts payable, increase decrease	$ 634	$ 203
Net cash provided by (used) in Operating Activities	(97,720)	1,020
Cash flows from financing activities:
Proceeds from shareholders loans		20,694
Proceeds from sale of common stock		76,690
Payments on notes payable	(4,310)
Share capital issuance	53,177
Net cash provided by (used) in Financing Activities	48,867	98,607
Net cash increase (decrease) for the period	(48,853)	99,627
Net Effect of Foreign currency exchange adjustment	(7,235)	(1,196)
Cash, beginning of period	65,083	443
Cash, end of period	$ 8,995	$ 98,874	$ 8,995	98,874
Income taxes paid				$ 150

Note 1 - Description of Busines

Note 1 - Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Notes
Note 1 - Description of Business and Basis of Presentation	NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description 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 Testing Centers of Canada Ltd. performs testing related to analyzing and monitoring an individual’s genetic makeup. The acquisition will be treated consolidated as an entity under common control. Basis of presentation The accompanying unaudited consolidated interim financial statements of DNA Testing Centers, Corp. (the “Company,” “we” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto of the Company contained elsewhere herein the Company’s Form S-1. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements of DNA Testing Centers of Canada, Ltd. for the fiscal year ended December 31, 2014 as reported in the Company’s Form S-1 have been omitted. Going concern The accompanying unaudited financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has accumulated deficit of $ 157,507 as of September 30, 2015, and realized negative cash flows from operations totaling $ 95,926 for the period ended September 30, 2015.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. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. Consolidation of Subsidiaries Our unaudited consolidated financial statements include the accounts of DNA Testing Centers of Canada Ltd., our wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

Note 2 - Related Party Transact

Note 2 - Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Notes
Note 2 - Related Party Transactions	NOTE 2 – RELATED PARTY TRANSACTIONS During the period ended September 30, 2015 we borrowed $ 0 (December 31, 2014 - $ 20,694 ) from a related party for working capital and repaid $ 4,310 of this balance (December 31, 2014 - $ 20,694 ). During the period ended September 30, 2015 we had a receivable from CDPC Holdings Inc. of $1,761 (December 31, 2014 - $nil). CDPC Holdings Inc. is a related party as both Nitan Arora (CFO; a member of the Board of Directors and shareholder of approximately 32% of the Company) and Navjot Nanda (member of the Board of Directors and shareholder of approximately 32% of the Company) each own 50% of the outstanding shares.

Note 3 - Shareholders' Equity

Note 3 - Shareholders' Equity	9 Months Ended
	Sep. 30, 2015
Notes
Note 3 - Shareholders' Equity	NOTE 3 – SHAREHOLDERS’ EQUITY During the period ended September 30, 2015, the Company issued 361,808 common shares for a total consideration of $53,177.

Note 1 - Description of Busine9

Note 1 - Description of Business and Basis of Presentation: Description of Business (Policies)	9 Months Ended
	Sep. 30, 2015
Policies
Description of Business	Description 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 Testing Centers of Canada Ltd. performs testing related to analyzing and monitoring an individual’s genetic makeup. The acquisition will be treated consolidated as an entity under common control.

Note 1 - Description of Busin10

Note 1 - Description of Business and Basis of Presentation: Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Policies
Basis of Presentation	Basis of presentation The accompanying unaudited consolidated interim financial statements of DNA Testing Centers, Corp. (the “Company,” “we” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto of the Company contained elsewhere herein the Company’s Form S-1. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements of DNA Testing Centers of Canada, Ltd. for the fiscal year ended December 31, 2014 as reported in the Company’s Form S-1 have been omitted.

Note 1 - Description of Busin11

Note 1 - Description of Business and Basis of Presentation: Going Concern (Policies)	9 Months Ended
	Sep. 30, 2015
Policies
Going Concern	Going concern The accompanying unaudited financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has accumulated deficit of $ 157,507 as of September 30, 2015, and realized negative cash flows from operations totaling $ 95,926 for the period ended September 30, 2015.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. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

Note 1 - Description of Busin12

Note 1 - Description of Business and Basis of Presentation: Consolidation of Subsidiaries (Policies)	9 Months Ended
	Sep. 30, 2015
Policies
Consolidation of Subsidiaries	Consolidation of Subsidiaries Our unaudited consolidated financial statements include the accounts of DNA Testing Centers of Canada Ltd., our wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

Note 1 - Description of Busin13

Note 1 - Description of Business and Basis of Presentation: Going Concern (Details)	3 Months Ended
	Sep. 30, 2015USD ($)
Details
Development Stage Enterprise, Deficit Accumulated During Development Stage	$ 157,507
Disposal Group, Including Discontinued Operation, Other Expense	$ 95,926

Note 2 - Related Party Transa14

Note 2 - Related Party Transactions (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Details
Related Party Tax Expense, Due to Affiliates, Current	$ 0	$ 20,694
Balance Repaid to Related Party	$ 4,310	$ 20,694