DNA Testing Centers (DNAT) 10-Q 4 Oct 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2016shares
Document and Entity Information:
Entity Registrant Name	DNA Testing Centers Corp
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
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	21,496,404
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

DNA Testing Centers Corp. - Con

DNA Testing Centers Corp. - Consolidated Balance Sheets - USD ($)		Jun. 30, 2016	Dec. 31, 2015
Current Assets:
Cash		$ 2,903	$ 207
Accounts Receivable		182
Note Receivable		164	154
Total Current Assets		3,249	361
Property and Equipment, net		4,652	4,895
Total Assets		7,901	5,256
Current liabilities:
Accounts payable		663	918
Notes Payable- Related Party		52,993	5,780
Total Current Liabilities		53,656	6,698
Stockholders' Deficit
Preferred stock	[1]
Common stock	[2]	2,149	2,114
Additional Paid in Capital		221,318	168,853
Accumulated Deficit		(256,578)	(161,995)
Other Comprehensive Loss		(12,644)	(10,414)
Total Stockholders' Deficit		(45,755)	(1,442)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT		$ 7,901	$ 5,256
[1]	$0.0001 par value, 10,000,000 shares authorized, shares issued at June 30, 2016 and December 31, 2015
[2]	$0.0001 par value, 49,000,000 shares authorized, 21,496,404 and 21,146,404 issued and outstanding at June 30, 2016 and December 31, 2015

Statement of Financial Position

Statement of Financial Position - Parenthetical - $ / shares	Jun. 30, 2016	Dec. 31, 2015
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	21,496,404	21,146,404
Common Stock, Shares Outstanding	21,496,404	21,145,404
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement
Revenue	$ 5,871	$ 5,250	$ 9,351	$ 10,398
Operating Expenses:
Testing Fees	13,398	9,218	24,813	16,818
Other operating expenses	17,096	32,856	26,621	66,502
Stock based compensation	52,500		52,500
Net Operating Expenses	82,994	42,074	103,934	83,320
Net Operating Loss Before Taxes	(77,123)	(36,554)	(94,583)	(72,922)
Income Taxes
Net (loss)	(77,123)	(36,554)	(94,583)	(72,922)
Other Comprehensive (loss):
Foreign Currency Exchange Adjustment	(828)	(1,072)	(2,230)	(5,449)
Total Comprehensive Income (loss)	$ (77,951)	$ (37,626)	$ (96,813)	$ (78,371)
Net Loss Per Common Share- Basic and Diluted	$ 0	$ 0	$ 0	$ 0
Weighted Average Common Shares Outstanding- Basic and Diluted	21,175,410	20,495,860	21,175,250	20,495,860

DNA Testing Centers Corp. - Co5

DNA Testing Centers Corp. - Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Operating activities:
Net (loss)	$ (77,123)	$ (36,554)	$ (94,583)	$ (72,922)
Adjustments to reconcile net loss to net cash provided by (used in) operations:
Stock based compensation	52,500		52,500
Bad debt expense				2
Depreciation			243
Changes in operating assets and liabilities:
Accounts receivable, increase decrease			(182)
Other receivable, increase decrease			(101)	14
Accounts payable, increase decrease			(255)	180
Net cash provided by (used in) Operating Activities			(42,287)	(72,726)
Financing activities:
Share capital issuance				53,177
Repayment of related party loan				(680)
Proceeds from note payable, related party			47,213
Repayment on note payable				(4,310)
Net cash provided by (used in) Financing Activities			47,213	48,187
Net Effect of Foreign currency exchange adjustment			(2,230)	(5,447)
Net cash increase (decrease) for the period			2,696	(29,986)
Cash, beginning of period			207	65,083	$ 65,083
Cash, end of period	$ 2,903	$ 35,097	2,903	35,097	$ 207
Interest paid
Taxes paid

Note 1 - Description of Busines

Note 1 - Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2016
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 on September 14, was treated consolidated as an entity under common control. Basis of presentation The accompanying consolidated 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. 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 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 interim consolidated financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the year ended December 31, 2015 as reported in the Company's financial statements for the year ended December 31, 2015 have been omitted. Consolidation of Subsidiaries Our 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 - Significant Accounting

Note 2 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Notes
Note 2 - Significant Accounting Policies	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Going concern The accompanying interim 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 $256,578 as of June 30, 2016, and realized negative cash flows from operations totaling $42,287 for the period ended June 30, 2016.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 about the Company’s ability to continue as a going concern. 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. Recently issued accounting pronouncements

Note 3 - Related Party Transact

Note 3 - Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Notes
Note 3 - Related Party Transactions	NOTE 3 –RELATED PARTY TRANSACTIONS During the period ended June 30, 2016 we borrowed $47,213 (December 31, 2015 - $5,780) from a related party for working capital and repaid $- of this balance (December 31, 2015 - $4,310). As of June 30, 2016 and December 31, 2015, the balance owed is $52,993 and $5,780, respectively. The Company operates as a full-time business and has one full time employee, office rent and other ongoing obligations. It shares the expenses with several sister companies, all with common ownership. Such expenses are allocated to the company based on the share of use.

Stockholders' Equity Note Discl

Stockholders' Equity Note Disclosure	6 Months Ended
	Jun. 30, 2016
Notes
Stockholders' Equity Note Disclosure	NOTE 4 - SHAREHOLDERS’ EQUITY On June 15, 2016, an aggregate of 350,000 shares at $0.15 per share (for an aggregate of $52,500) were issued in exchange of two shareholders entering into certain agreements to restrict the sale shares with the Company.

Note 2 - Significant Accounti10

Note 2 - Significant Accounting Policies: Going Concern (Policies)	6 Months Ended
	Jun. 30, 2016
Policies
Going Concern	Going concern The accompanying interim 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 $256,578 as of June 30, 2016, and realized negative cash flows from operations totaling $42,287 for the period ended June 30, 2016.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 about the Company’s ability to continue as a going concern. 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 2 - Significant Accounti11

Note 2 - Significant Accounting Policies: Recently Issued Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2016
Policies
Recently Issued Accounting Pronouncements	Recently issued accounting pronouncements

Note 2 - Significant Accounti12

Note 2 - Significant Accounting Policies: Going Concern (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Details
Accumulated Deficit	$ 256,578		$ 161,995
Net cash provided by (used) in Operating Activities	$ 42,287	$ 72,726

Note 3 - Related Party Transa13

Note 3 - Related Party Transactions (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Proceeds from note payable, related party	$ 47,213
Director
Proceeds from note payable, related party	47,213	$ 5,780
Notes Payable, Current	$ 52,993	$ 5,780

Stockholders' Equity Note Dis14

Stockholders' Equity Note Disclosure (Details) - shares	Jun. 30, 2016	Jun. 15, 2016	Dec. 31, 2015
Details
Common Stock, Shares Issued	21,496,404	350,000	21,146,404