Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | DNA Testing Centers Corp | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 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 | FY | |
Entity Public Float | $ 0 |
DNA Testing Centers Corp. - Con
DNA Testing Centers Corp. - Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
Current Assets: | |||
Cash | $ 3,778 | $ 207 | |
Accounts Receivable | 2,410 | 154 | |
Total Current Assets | 6,188 | 361 | |
Property and Equipment, net | [1] | 3,820 | 4,895 |
Total Assets | 10,008 | 5,256 | |
Current liabilities: | |||
Accounts payable and accrued liabilities | 30,675 | 918 | |
Due to related parties | [2] | 88,866 | 5,780 |
Total Liabilities | 119,541 | 6,698 | |
Nature of operations and continuance of business | [3] | ||
Stockholders' Deficit | |||
Preferred stock | [1] | ||
Common stock | [2] | 2,149 | 2,114 |
Additional Paid in Capital | 221,318 | 168,853 | |
Accumulated Other Comprehensive Loss | (9,718) | (10,414) | |
Deficit | (323,282) | (161,995) | |
Total Stockholders' Deficit | (109,533) | (1,442) | |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 10,008 | $ 5,256 | |
[1] | See Note 3 | ||
[2] | See Note 4 | ||
[3] | See Note 1 |
Statement of Financial Position
Statement of Financial Position - Parenthetical - $ / shares | Dec. 31, 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 | 21,146,404 |
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 Comprehensive Loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Income Statement | |||
Revenue | $ 31,886 | $ 20,636 | |
Direct costs | 16,629 | 12,208 | |
Gross profit | 15,257 | 8,428 | |
Expenses: | |||
Advertising and promotion | 6,174 | 3,778 | |
Depreciation | 351 | 545 | |
Consulting fees | [1] | 94,544 | 25,994 |
Office and miscellaneous | 14,169 | 8,850 | |
Professional fees | 52,244 | 60,938 | |
Rent | [2] | 9,062 | 9,397 |
Total Expenses | 176,544 | 109,502 | |
Net loss | (161,287) | (101,074) | |
Other Comprehensive income (loss): | |||
Foreign currency translation gain (loss) | 696 | (6,924) | |
Comprehensive loss for the year | $ (160,591) | $ (107,998) | |
Loss per share, basic and diluted | $ (0.01) | $ 0 | |
Weighted average shares outstanding | 21,336,705 | 21,026,615 | |
[1] | See Note 5 | ||
[2] | See Note 4 |
DNA Testing Centers Corp. - Co5
DNA Testing Centers Corp. - Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Deficit |
Balance, Value at Dec. 31, 2014 | $ 53,379 | $ 2,078 | $ 115,712 | $ (3,490) | $ (60,921) |
Balance, Shares at Dec. 31, 2014 | 20,784,596 | ||||
Common stock issued for cash, Value | 53,177 | $ 36 | 53,141 | ||
Common stock issued for cash, Shares | 361,808 | ||||
Foreign currency translation adjustment | (6,924) | (6,924) | |||
Net loss | (101,074) | (101,074) | |||
Balance, Value at Dec. 31, 2015 | (1,442) | $ 2,114 | 168,853 | (10,414) | (161,995) |
Balance, Shares at Dec. 31, 2015 | 21,146,404 | ||||
Foreign currency translation adjustment | 696 | 696 | |||
Net loss | (161,287) | (161,287) | |||
Common stock issued for services, Value | 52,500 | $ 35 | 52,465 | ||
Common stock issued for services, Shares | 350,000 | ||||
Balance, Value at Dec. 31, 2016 | $ (109,533) | $ 2,149 | $ 221,318 | $ (9,718) | $ (323,282) |
Balance, Shares at Dec. 31, 2016 | 21,496,404 |
DNA Testing Centers Corp. - Co6
DNA Testing Centers Corp. - Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities: | ||
Net loss | $ (161,287) | $ (101,074) |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation | 351 | 545 |
Stock-based compensation | 52,500 | |
Changes in operating assets and liabilities: | ||
Accounts receivable, increase decrease | (2,256) | 30 |
Accounts payable and accrued liabilities, increase decrease | 29,757 | (12,100) |
Net cash used in operating activities | (80,935) | (112,599) |
Financing activities: | ||
Repayment of note payable | (4,310) | |
Proceeds from related parties | 83,086 | 5,780 |
Proceeds from sale of common stock | 53,177 | |
Net cash provided by financing activities | 83,086 | 54,647 |
Effect of foreign exchange rate changes on cash | 1,420 | (6,924) |
Change in cash | 3,571 | (64,876) |
Cash, beginning of year | 207 | 65,083 |
Cash, end of year | 3,778 | 207 |
Supplemental disclosures: | ||
Interest paid | ||
Income taxes paid |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Continuance of Business | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Note 1 - Nature of Operations and Continuance of Business | NOTE 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 individuals genetic makeup. The acquisition was treated consolidated as an entity under common control. These 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 December 31, 2016, the Company has an accumulated deficit of $323,282, a working capital deficit of $113,353, and realized negative cash flows from operations totaling $80,935 for the year ended December 31, 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 regarding the Companys ability to continue as a going concern. These 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. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Note 2 - Significant Accounting Policies | NOTE 2 SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in US dollars. Use of Estimates The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to allowance for doubtful accounts, the useful life and recoverability of property and equipment, fair value of stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. Accounts Receivable The Company recognizes allowances for doubtful accounts to ensure accounts receivable are not overstated due to the inability or unwillingness of its customers to make required payments. The allowance is based on the business environment, historical bad debt expense, the age of receivables, and the specific identification of receivables the Company considers at risk. The Company reviews the adequacy of its allowance for doubtful accounts on a regular basis. Property and Equipment Property and equipment is recorded at cost. Depreciation is provided annually at rates and methods over their estimated useful lives. Management reviews the estimates of useful lives of the assets every year and adjusts them on prospective basis, if needed. Medical equipment 10% straight-line Long-Lived Assets In accordance with ASC 360, Property, Plant, and Equipment, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. Revenue Recognition The Company derives revenue from the sale of DNA diagnostic testing kits in relation to analyzing and monitoring an individuals genetic makeup. In accordance with ASC 605, Revenue Recognition Management assesses the business environment, customers financial condition, historical collection experience, accounts receivable aging, and customer disputes to determine whether collectability is reasonably assured. If collectability is not considered reasonably assured at the time of sale, the Company does not recognize revenue until collection occurs. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company has not recorded any amounts pertaining to uncertain tax positions. Foreign Currency Translation The Companys functional and reporting currency is the US dollar. The functional currency of DNA Canada is the Canadian dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets, liabilities and items recorded in income arising from transactions denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. The assets and liabilities of DNA Canada are translated into US dollars using the exchange rate in effect at the balance sheet date. Revenue and expenses are translated using the average exchange rates during the period. Related exchange gains and losses are included in a separate component of stockholders equity as accumulated other comprehensive income (loss). Stock-based Compensation The Company records stock-based compensation in accordance with ASC 718, Compensation Stock Compensation and ASC 505, Equity Based Payments to Non-Employees, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Financial Instruments ASC 820, Fair Value Measurements and Disclosures, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Companys financial instruments consist principally of cash, accounts receivable, accounts payable and accrued liabilities, and amounts due to related parties. Pursuant to ASC 820, the fair value of cash is determined based on Level 1 inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. Loss Per Share The Company computes earnings (loss) per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the statement of operations. Basic EPS is computed by dividing earnings (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. 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 December 31, 2016 and 2015, comprehensive loss includes cumulative translation adjustments for changes in foreign currency exchange rates during the period. Reclassifications Certain of the prior year figures were reclassified to conform to the current years presentation. 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. |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Note 3 - Property and Equipment | NOTE 3 PROPERTY AND EQUIPMENT Cost $ Accumulated depreciation $ Foreign currency translation $ 2016 Net carrying value $ 2015 Net carrying value $ Medical equipment 5,440 809 811 3,820 4,895 |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Note 4 - Related Party Transactions | NOTE 4 RELATED PARTY TRANSACTIONS (a) As at December 31, 2016, the Company owed $1,558 (2015 $nil) to the Chief Executive Officer of the Company which is non-interest bearing, unsecured, and due on demand. (b) As at December 31, 2016, the Company owed $1,558 (2015 $nil) and $68,708 (Cdn$92,249) (2015 $nil to the Chief Financial Officer of the Company which are non-interest bearing, unsecured, and due on demand. (c) As at December 31, 2016, the Company owed $1,558 (2015 $nil) to a director of the Company which is non-interest bearing, unsecured, and due on demand. (d) As at December 31, 2016, the Company owed $6,704 (Cdn$9,000) (2015 $nil) to a director of the Company which is non-interest bearing, unsecured, and due on demand. (e) As at December 31, 2016, the Company owed $5,800 (2015 - $nil) to the spouse of a director of the Company which is non-interest bearing, unsecured, and due on demand. (f) As at December 31, 2016, the Company owed $2,980 (Cdn$4,000) (2015 - $5,780 (Cdn$8,000)) to the spouse of a director of the Company which is non-interest bearing, unsecured, and due on demand. (g) During the year ended December 31, 2016, the Company incurred $9,062 (2015 - $9,397) of rent to a director of the Company. |
Note 5 - Common Stock
Note 5 - Common Stock | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Note 5 - Common Stock | NOTE 5 COMMON STOCK (a) On June 15, 2016, the Company issued 350,000 shares of common stock with a fair value of $52,500 for consulting services rendered. (b) In May 2015, the Company issued 361,808 shares of common stock at $0.15 per share for proceeds of $53,177. |
Note 6 - Concentrations
Note 6 - Concentrations | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Note 6 - Concentrations | NOTE 6 CONCENTRATIONS In 2016, revenues were from two different customers who accounted for 87% of the revenues. In 2015, revenues were from three different customers who accounted for 88% of the revenues. |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Note 7 - Income Taxes | NOTE 7 INCOME TAXES The Company has net operating losses carried forward of $323,282 available to offset taxable income in future years which commence expiring in fiscal 2034. The Company is subject to United States federal and state income taxes at an approximate rate of 35%. The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Companys income tax expense as reported is as follows: 2016 $ 2015 $ Net loss before income taxes ( 161,287 ( 101,074 Statutory income tax rate 35% 35% Expected income tax recovery (56,450) (35,376) Tax rate difference for foreign jurisdiction 5,334 8,566 Change in valuation allowance 51,116 26,810 Income tax provision The significant components of deferred income tax assets and liabilities as at December 31, 2016 and 2015 are as follows: 2016 $ 2015 $ Net operating losses carried forward 94,070 42,954 Valuation allowance (94,070) (42,954) Net deferred income tax asset |
Note 2 - Significant Accounti14
Note 2 - Significant Accounting Policies: Basis of Presentation and Consolidation (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in US dollars. |
Note 2 - Significant Accounti15
Note 2 - Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to allowance for doubtful accounts, the useful life and recoverability of property and equipment, fair value of stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Note 2 - Significant Accounti16
Note 2 - Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. |
Note 2 - Significant Accounti17
Note 2 - Significant Accounting Policies: Accounts Receivable (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Accounts Receivable | Accounts Receivable The Company recognizes allowances for doubtful accounts to ensure accounts receivable are not overstated due to the inability or unwillingness of its customers to make required payments. The allowance is based on the business environment, historical bad debt expense, the age of receivables, and the specific identification of receivables the Company considers at risk. The Company reviews the adequacy of its allowance for doubtful accounts on a regular basis. |
Note 2 - Significant Accounti18
Note 2 - Significant Accounting Policies: Property and Equipment (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Property and Equipment | Property and Equipment Property and equipment is recorded at cost. Depreciation is provided annually at rates and methods over their estimated useful lives. Management reviews the estimates of useful lives of the assets every year and adjusts them on prospective basis, if needed. Medical equipment 10% straight-line |
Note 2 - Significant Accounti19
Note 2 - Significant Accounting Policies: Long-lived Assets (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Long-lived Assets | Long-Lived Assets In accordance with ASC 360, Property, Plant, and Equipment, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. |
Note 2 - Significant Accounti20
Note 2 - Significant Accounting Policies: Revenue Recognition (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Revenue Recognition | Revenue Recognition The Company derives revenue from the sale of DNA diagnostic testing kits in relation to analyzing and monitoring an individuals genetic makeup. In accordance with ASC 605, Revenue Recognition Management assesses the business environment, customers financial condition, historical collection experience, accounts receivable aging, and customer disputes to determine whether collectability is reasonably assured. If collectability is not considered reasonably assured at the time of sale, the Company does not recognize revenue until collection occurs. |
Note 2 - Significant Accounti21
Note 2 - Significant Accounting Policies: Income Taxes (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company has not recorded any amounts pertaining to uncertain tax positions. |
Note 2 - Significant Accounti22
Note 2 - Significant Accounting Policies: Foreign Currency Translation (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Foreign Currency Translation | Foreign Currency Translation The Companys functional and reporting currency is the US dollar. The functional currency of DNA Canada is the Canadian dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets, liabilities and items recorded in income arising from transactions denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. The assets and liabilities of DNA Canada are translated into US dollars using the exchange rate in effect at the balance sheet date. Revenue and expenses are translated using the average exchange rates during the period. Related exchange gains and losses are included in a separate component of stockholders equity as accumulated other comprehensive income (loss). |
Note 2 - Significant Accounti23
Note 2 - Significant Accounting Policies: Stock-based Compensation (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Stock-based Compensation | Stock-based Compensation The Company records stock-based compensation in accordance with ASC 718, Compensation Stock Compensation and ASC 505, Equity Based Payments to Non-Employees, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. |
Note 2 - Significant Accounti24
Note 2 - Significant Accounting Policies: Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Financial Instruments | Financial Instruments ASC 820, Fair Value Measurements and Disclosures, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Companys financial instruments consist principally of cash, accounts receivable, accounts payable and accrued liabilities, and amounts due to related parties. Pursuant to ASC 820, the fair value of cash is determined based on Level 1 inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. |
Note 2 - Significant Accounti25
Note 2 - Significant Accounting Policies: Loss Per Share (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Loss Per Share | Loss Per Share The Company computes earnings (loss) per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the statement of operations. Basic EPS is computed by dividing earnings (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. |
Note 2 - Significant Accounti26
Note 2 - Significant Accounting Policies: Comprehensive Loss (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Comprehensive Loss | 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 December 31, 2016 and 2015, comprehensive loss includes cumulative translation adjustments for changes in foreign currency exchange rates during the period. |
Note 2 - Significant Accounti27
Note 2 - Significant Accounting Policies: Reclassifications (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Reclassifications | Reclassifications Certain of the prior year figures were reclassified to conform to the current years presentation. |
Note 2 - Significant Accounti28
Note 2 - Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Recent Accounting Pronouncements | 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. |
Note 3 - Property and Equipme29
Note 3 - Property and Equipment: Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Property, Plant and Equipment | Cost $ Accumulated depreciation $ Foreign currency translation $ 2016 Net carrying value $ 2015 Net carrying value $ Medical equipment 5,440 809 811 3,820 4,895 |
Note 7 - Income Taxes_ Schedule
Note 7 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | 2016 $ 2015 $ Net loss before income taxes ( 161,287 ( 101,074 Statutory income tax rate 35% 35% Expected income tax recovery (56,450) (35,376) Tax rate difference for foreign jurisdiction 5,334 8,566 Change in valuation allowance 51,116 26,810 Income tax provision |
Note 7 - Income Taxes_ Schedu31
Note 7 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | 2016 $ 2015 $ Net operating losses carried forward 94,070 42,954 Valuation allowance (94,070) (42,954) Net deferred income tax asset |
Note 3 - Property and Equipme32
Note 3 - Property and Equipment: Property, Plant and Equipment (Details) | Dec. 31, 2016USD ($) |
Cost | |
Property, Plant and Equipment, Other, Gross | $ 5,440 |
Accumulated Depreciation | |
Property, Plant and Equipment, Other, Gross | 809 |
Foreign Currency Translation | |
Property, Plant and Equipment, Other, Gross | 811 |
2016 Net Carrying Value | |
Property, Plant and Equipment, Other, Gross | 3,820 |
2015 Net Carrying Value | |
Property, Plant and Equipment, Other, Gross | $ 4,895 |
Note 4 - Related Party Transa33
Note 4 - Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Rent | [1] | $ 9,062 | $ 9,397 |
CEO | |||
Due to Related Parties, Current | 1,558 | ||
CFO | |||
Due to Related Parties, Current | 1,558 | ||
Director | |||
Due to Related Parties, Current | 1,558 | ||
Rent | 9,062 | ||
Director2 | |||
Due to Related Parties, Current | 6,704 | ||
Spouse of Director | |||
Due to Related Parties, Current | 5,800 | ||
Spouse of Director2 | |||
Due to Related Parties, Current | $ 2,980 | ||
[1] | See Note 4 |
Note 5 - Common Stock (Details)
Note 5 - Common Stock (Details) - USD ($) | Dec. 31, 2016 | Jun. 15, 2016 | Dec. 31, 2015 | May 31, 2015 |
Common Stock, Shares Issued | 21,496,404 | 21,146,404 | 361,808 | |
Proceeds for Common Stock Shares Issued | $ 53,177 | |||
Consulting Services | ||||
Common Stock, Shares Issued | 350,000 | |||
Fair Value of Common Stock Issued | $ 52,500 |
Note 7 - Income Taxes (Details)
Note 7 - Income Taxes (Details) | Dec. 31, 2016USD ($) |
Details | |
Operating Loss Carryforwards | $ 323,282 |
Note 7 - Income Taxes_ Schedu36
Note 7 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Details | ||
Other Comprehensive Income (Loss), Net of Tax | $ (161,287) | $ (101,074) |
Statutory Income Tax Rate | 35.00% | 35.00% |
Expected Income Tax Recovery | $ (56,450) | $ (35,376) |
Tax Rate Difference for Foreign Jurisdiction | 5,334 | 8,566 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 51,116 | $ 26,810 |
Note 7 - Income Taxes_ Schedu37
Note 7 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Details | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 94,070 | $ 42,954 |
Deferred Tax Assets, Valuation Allowance | $ (94,070) | $ (42,954) |