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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-QSB
(Mark One)
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended APRIL 30, 2006
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from_____________to_____________
Commission File No.: 000-26753
AMAZON BIOTECH, INC.
(Exact name of registrant as specified in its charter)
UTAH 87-0416131
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
43 WEST 33RD STREET, SUITE 405
NEW YORK, NY 10001
(Address of principal executive offices)
Issuer's telephone number: (212) 947-3362
(Former name, former address and former fiscal year,
if changed since last report)
-------------------
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
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APPLICABLE ONLY TO CORPORATE ISSUERS
As of June 29, 2006, 37,590,634 shares of our common stock were outstanding.
Transitional Small Business Disclosure Format: Yes No X
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1
ITEM 1 - CONDENSED FINANCIAL STATEMENTS
AMAZON BIOTECH, INC.
(A Development Stage Enterprise)
(Formerly ASYST Corporation)
BALANCE SHEETS
April 30, July 31,
2006 2005
------------ ------------
(Unaudited)
ASSETS
CURRENT ASSETS
Cash $ 28,297 $ 696
Prepaid consulting fees 497,687
------------ ------------
Total Current Assets 525,984 696
OFFICE EQUIPMENT, net of accumulated depreciation of $3,877
and $2,055 at April 30, 2006 and July 31, 2005, respectively 3,410 5,232
INTANGIBLE ASSETS - Production rights 300 300
------------ ------------
Total Assets $ 529,694 $ 6,228
============ ============
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
CURRENT LIABILITIES
Demand note payable $ 3,000 $ 53,000
Accounts payable 67,123 65,852
Accrued consulting fees - officers 174,800 46,750
Accrued payroll taxes 73,431 71,001
Accrued expenses 38,621 31,516
Loans from officer 152,155 68,045
Loans payable 23,400
Due to affiliated companies 12,000 5,250
Deposit to acquire common stock 150,000 100,000
------------ ------------
Total Current Liabilities 694,530 441,414
STOCKHOLDERS' DEFICIENCY
Preferred stock, authorized 2,000,000 shares;
$0.001 par value; no shares issued and outstanding
Common stock, authorized 50,000,000 shares;
$0.001 par value; 35,914,634 and 29,240,634
shares issued and outstanding at April 30, 2006 and
July 31, 2005, respectively 35,915 29,241
Additional contributed capital 10,978,431 9,358,203
Deficit accumulated during the development stage (11,179,182) (9,822,630)
------------ ------------
Stockholders' Deficiency (164,836) (435,186)
------------ ------------
Total Liabilities and Stockholders' Deficiency $ 529,694 $ 6,228
============ ============
See accompanying notes to financial statements.
F-1
AMAZON BIOTECH, INC.
(A Development Stage Enterprise)
(Formerly ASYST Corporation)
STATEMENTS OF OPERATIONS (UNAUDITED)
Cumulative
Inception
For the Three Months Ended For the Nine Months Ended (October 10, 2002)
April 30, April 30, to
2006 2005 2006 2005 April 30, 2006
------------ ------------ ------------ ------------ --------------
ADMINISTRATIVE EXPENSES
Stock based compensation $ 25,500 $ 28,000 $ 48,750 $ 202,500 $ 619,250
Stock issued for services 345,500 425,600 962,300 594,900 9,190,194
Amortization of consulting fees 59,063 79,063 79,063
Consulting fees 13,600 6,000 41,552 72,890
Consulting fees-officers 28,050 47,150 150,650 121,751 555,751
Other general office expenses 35,198 95,726 107,746 218,623 657,936
Depreciation 608 433 1,822 941 3,877
------------ ------------ ------------ ------------ ------------
Total Administrative Expenses 493,919 610,509 1,356,331 1,180,267 11,178,961
------------ ------------ ------------ ------------ ------------
OPERATING LOSS (493,919) (610,509) (1,356,331) (1,180,267) (11,178,961)
OTHER EXPENSE
Interest (221) (221) (221)
------------ ------------ ------------ ------------ ------------
NET LOSS $ (494,140) $ (610,509) $ (1,356,552) $ (1,180,267) $(11,179,182)
============ ============ ============ ============ ============
NET LOSS PER SHARE OF COMMON
STOCK (Basic and diluted) $ (0.02) $ (0.02) $ (0.04) $ (0.05) $ (0.56)
============ ============ ============ ============ ============
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 33,504,634 27,478,856 31,946,044 25,843,418 19,937,617
============ ============ ============ ============ ============
See accompanying notes to financial statements.
F-2
AMAZON BIOTECH, INC.
(A Development Stage Enterprise)
(Formerly ASYST Corporation)
STATEMENTS OF CASH FLOWS (UNAUDITED)
Cumulative
For the Nine Months Ended Inception
April 30, (October 10, 2002)
---------------------------- to
2006 2005 April 30, 2006
------------ ------------ ---------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (1,356,552) $ (1,180,267) $(11,179,182)
Adjustments to reconcile net loss to cash
flows used in operating activities:
Stock based compensation 48,750 202,500 619,250
Stock issued for services 962,300 594,900 9,190,194
Depreciation expense 1,822 941 3,877
Amortization of consulting fees 79,063 79,063
Operating expenses paid by officer 37,045
Changes in assets and liabilities:
Increase in accounts payable 40,373 21,019 106,225
Increase in accrued consulting
fees - officers 151,450 (32,249) 198,200
Increase in accrued payroll taxes 2,430 73,431
Increase in accrued expenses 7,105 5,615 37,121
Increase in due to affiliated companies 6,750 6,750 13,500
------------ ------------ ------------
Net cash used in operating activities (56,509) (380,791) (821,276)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of office equipment (3,200) (7,287)
------------ ------------ ------------
Net cash used in investing activities (3,200) (7,287)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from demand note payable 43,000 98,000
Payments on demand note payable (22,000) (22,000)
Proceeds from loan from officer 37,410 1,500 52,910
Payments on loan from officer (3,300) (1,500) (10,800)
Proceeds from deposit to acquire stock 50,000 150,000
Proceeds from issuance of common stock 415,250 588,750
------------ ------------ ------------
Net cash provided by financing activities 84,110 436,250 856,860
------------ ------------ ------------
Net increase in cash 27,601 52,259 28,297
CASH AT BEGINNING OF PERIOD 696 1,096
------------ ------------ ------------
CASH AT END OF PERIOD $ 28,297 $ 53,355 $ 28,297
============ ============ ============
See accompanying notes to financial statements.
F-3
AMAZON BIOTECH, INC.
(A Development Stage Enterprise)
(Formerly ASYST Corporation)
STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
Cumulative
For the Nine Months Ended Inception
April 30, (October 10, 2002)
----------------------- to
2006 2005 April 30, 2006
---------- ---------- --------------
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION
Interest Paid $ 221 $ $ 221
========== ========== ==========
NON-CASH INVESTING AND FINANCING
ACTIVITIES
Issuance of common stock for production rights $ $ $ 300
========== ========== ==========
Capitalization of ASYST liabilities $ $ $ 77,055
========== ========== ==========
Recharacterization of ASYST accumulated deficit
upon reverse merger $ $ $ 375,997
========== ========== ==========
Issuance of common stock for stock based
compensation $ 48,750 $ $ 619,250
========== ========== ==========
Issuance of common stock for services $ 962,300 $ 343,800 $9,190,194
========== ========== ==========
Demand note payable paid by officer $ 50,000 $ 23,000 $ 73,000
========== ========== ==========
Issuance of common stock for payment of
accounts payable $ 39,102 $ $ 39,102
========== ========== ==========
Issuance of common stock for prepaid consulting
fees $ 576,750 $ $ 576,750
========== ========== ==========
Pay-off of accrued consulting fees - officers with
loan payable $ 23,400 $ $ 23,400
========== ========== ==========
See accompanying notes to financial statements.
F-4
AMAZON BIOTECH, INC.
(A Development Stage Enterprise)
(Formerly ASYST Corporation)
NOTES TO FINANCIAL STATEMENTS
April 30, 2006
NOTE A - BASIS OF PRESENTATION
The accompanying condensed financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals)
considered necessary in order to make the financial statements not
misleading have been included. Results for the three and nine month
periods ended April 30, 2006 are not necessarily indicative of the
results that may be expected for the year ending July 31, 2006. For
further information, refer to the financial statements and footnotes
thereto included in the Amazon Biotech, Inc. (formerly ASYST
Corporation) annual report on Form 10-KSB for the year ended July 31,
2005.
NOTE B - RELATED PARTY TRANSACTIONS
Loans from officer increased by $84,110 during the nine months ended
April 30, 2006, as an officer made loans to the company for working
capital amounting to $37,410 and repaid $50,000 of the demand note
payable on behalf of the Company and the Company repaid $3,300 to
the officer.
NOTE C - ISSUANCE OF COMMON STOCK
On August 18, 2005, the Company authorized the issuance of 750,000
shares of common stock under an S-8 filing with the Securities and
Exchange Commission to a consultant for services rendered. Stock for
services of $127,500 was recorded based on $0.17 per share.
On September 10, 2005, the Company issued 204,000 shares of common
stock under an S-8 filing with the Securities and Exchange
Commission at $0.13022 per share as payment for accounts payable in
the amount of $26,565.
On September 13, 2005, the Company authorized the issuance of
1,250,000 shares of common stock to a consultant for services
rendered. Stock for services of $212,500 was recorded based on $0.17
per share. At April 30, 2006, 850,000 shares of common stock have
yet to be issued however they have been included in shares issued
and outstanding at April 30, 2006.
On October 26, 2005, the Company authorized the issuance of 420,000
shares of common stock under an S-8 filing with the Securities and
Exchange Commission to a consultant for services rendered. Stock for
services of $126,000 was recorded based on $0.30 per share.
On November 1, 2005, an officer of the Company returned to the
Company 640,000 shares of common stock previously issued to him.
On November 9, 2005, the Company authorized the issuance of 75,000
shares of common stock to an officer of the Company pursuant to an
employment agreement. Stock based compensation of $23,250 was
recorded based on $0.31 per share. At April 30, 2006, the shares
have yet to be issued however they have been included in shares
issued and outstanding at April 30, 2006.
F-5
AMAZON BIOTECH, INC.
(A Development Stage Enterprise)
(Formerly ASYST Corporation)
NOTES TO FINANCIAL STATEMENTS
April 30, 2006
NOTE C - ISSUANCE OF COMMON STOCK (CONTINUED)
On November 29, 2005, the Company authorized the issuance of 580,000
shares of common stock under an S-8 Filing with the Securities and
Exchange Commission to a consultant for services rendered. Stock for
services of $150,800 was recorded based on $0.26 per share.
In January 2006, the Company issued 60,000 shares of common stock
under an S-8 Filing with the Securities and Exchange Commission at
$0.20895 per share as payment for accounts payable in the amount of
$12,537.
On February 3, 2006, the Company authorized the issuance of 50,000
shares of common stock to a consultant for services rendered. Stock
for services of $9,500 was recorded based on $0.19 per share.
On February 25, 2006, the Company authorized the issuance of 150,000
shares of common stock under an S-8 Filing with the Securities and
Exchange Commission to an officer of the Company pursuant to an
employment agreement. Stock based compensation of $25,500 was
recorded based on $0.17 per share.
On March 17, 2006, the Company authorized the issuance of 1,500,000
shares of common stock under an S-8 Filing with the Securities and
Exchange Commission to a consultant pursuant to a twelve month
consulting agreement. Prepaid consulting fees of $285,000 were
recorded on $0.19 per share.
On April 1, 2006, the Company authorized the issuance of 1,000,000
shares of common stock under an S-8 Filing with the Securities and
Exchange Commission to a consultant pursuant to a twelve month
consulting agreement. Prepaid consulting fees of $270,000 were
recorded on $0.27 per share.
On April 10, 2006, the Company authorized the issuance of 1,200,000
shares of common stock under an S-8 Filing with the Securities and
Exchange Commission to a consultant for services rendered. Stock for
services of $336,000 was recorded based on $0.28 per share.
On April 11, 2006, the Company authorized the issuance of 75,000
shares of common stock to consultants for services rendered. Stock
for services of $21,750 was recorded based on $0.29 per share. At
April 30, 2006, the shares have yet to be issued however, they have
been included in shares issued and outstanding at April 30, 2006.
NOTE D - GOING CONCERN
As shown in the accompanying financial statements, the Company has
incurred cumulative net operating losses of $11,179,182 since
inception, has negative working capital, stockholders' deficiency,
and is considered a company in the development stage. Management's
plans include the raising of capital through the equity markets to
fund future operations. Failure to raise adequate capital could
result in the Company having to curtail or cease operations.
Additionally, even if the Company does raise sufficient capital to
support its operating expenses, there can be no assurance that the
revenue will be sufficient to enable it to develop business to a
level where it will generate profits and cash flows from operations.
These matters raise substantial doubt about the Company's ability to
continue as a going concern.
F-6
AMAZON BIOTECH, INC.
(A Development Stage Enterprise)
(Formerly ASYST Corporation)
NOTES TO FINANCIAL STATEMENTS
April 30, 2006
NOTE D - GOING CONCERN (CONTINUED)
However, the accompanying financial statements have been prepared on
a going concern basis, which contemplates the realization of assets
and satisfaction of liabilities in the normal course of business.
These financial statements do not include any adjustments relating
to the recovery of the recorded assets or the classification of the
liabilities that might be necessary should the Company be unable to
continue as a going concern.
NOTE E - JOINT VENTURE AGREEMENT
On November 17, 2005, the Company entered into a Letter of Intent to
enter into a possible joint venture with Punzi Medical Center
("PMC") in connection with Amazon Biotech, Inc.'s ("Amazon") efforts
to obtain from the United States Food and Drug Administration
("FDA") approval of AMZ0026 currently under development by Amazon.
Subject to the terms and conditions of the agreement, PMC shall (a)
fund all costs and expenses incurred in connection with the clinical
trials, (b) make its facilities available for the conduct of the
clinical trials, and (c) provide consulting services to Amazon with
respect to the conduct of the clinical trials and their approval by
the FDA. In consideration for the obligations of PMC, Amazon shall
pay to PMC royalties equal to an agreed upon percentage of the net
revenues generated by any sales of AMZ0026 during an agreed upon
time period following the FDA's final approval.
NOTE F - SUBSEQUENT EVENTS
ISSUANCES OF COMMON STOCK
On May 8, 2006, the Company authorized the issuance of 100,000
shares of common stock under an S-8 filing with the Securities and
Exchange Commission as a payment for accounts payable.
On May 11, 2006, the Company authorized the issuance of 1,200,000
shares of common stock to an officer of the company for services
rendered. Stock based compensation in the amount of $264,000 will be
recorded at $0.22 per share.
On June 20, 2006, the Company issued 2,500,000 shares of common
stock under an S-8 Filing with the Securities and Exchange
Commission to a consultant for services rendered. Stock for services
in the amount of $500,000 will be recorded at $0.20 per share.
OTHER
On May 15, 2006, the Company entered into a Representative
Authorization Agreement with Resources International, Inc. ("RI") as
the Company's non-exclusive authorized representative to oversee
clinical studies in India for a term of one year.
On June 4, 2006, the Company entered onto a Distribution Agent
Agreement with Union Bless Herbal Products ("Union Bless") as the
Company's general sales agent in the Philippines for the sale of
AMZ0026, which is under development by the Company. Union Bless is
to receive 2,000,000 shares of common stock upon the execution of
the agreement, 2,000,000 shares of common stock upon receiving
approval to perform clinical trials, and 2,000,000 shares of common
stock upon receipt of approval to begin sales. Union Bless will also
receive a twenty-five percent (25%) commission on sales of AMZ0026
within the agents territory and a five percent (5%) commission on
sales outside of its territory.
F-7
ITEM 2 -MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
The following discussion and analysis should be read in conjunction with
our unaudited condensed financial statements and related notes included in this
report. This report contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. The statements contained
in this report that are not historic in nature, particularly those that utilize
terminology such as "may," "will," "should," "expects," "anticipates,"
"estimates," "believes," or "plans" or comparable terminology are
forward-looking statements based on current expectations and assumptions.
Various risks and uncertainties could cause actual results to differ
materially from those expressed in forward-looking statements. All
forward-looking statements in this document are based on information currently
available to us as of the date of this report, and we assume no obligation to
update any forward-looking statements. Forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause the actual
results to differ materially from any future results, performance or
achievements expressed or implied by such forward-looking statements.
GENERAL
We are a development stage company that was established to focus on the
research and development of novel all-natural drugs for a better quality of life
by using the best of traditional medicines from nature. Our goal is to be a
world leader and contributor in the treatment of HIV naturally through the use
of immune-based therapies. An immune-based therapy is defined as any treatment
geared toward reestablishing proper functioning of the immune system or directly
helping the immune system to fight a virus, i.e. HIV/AIDS.
OUR CORPORATE HISTORY
On February 20, 2004, Asyst Corporation acquired 100% of the outstanding
common stock of Amazon Biotech, Inc., a Delaware corporation pursuant to a
securities purchase agreement and plan of reorganization. Under the plan of
reorganization, Asyst issued 16,000,000 shares of its common stock to the
stockholders of Amazon Biotech in exchange for all of the outstanding shares of
common stock of Amazon Biotech. Pursuant to the plan of reorganization, 131,250
shares of Asyst common stock were cancelled. Upon the completion of the
reorganization, Angelo Chinnici, M.D. and Philip Drachman, the former directors
of Amazon Biotech, were appointed as directors of Asyst. On March 10, 2004,
Asyst amended its articles of incorporation to change its name to "Amazon
Biotech, Inc."
Since the stockholders of Amazon Biotech (Delaware) owned approximately
99% of our outstanding voting shares after giving effect to the acquisition, and
since we were a development stage company with limited operations before the
acquisition, Amazon Biotech, (Delaware) is deemed to be the acquirer for
accounting purposes, and the transaction has been reflected as a
recapitalization of Amazon Biotech (Delaware). In a recapitalization, the
historical stockholders' equity of Amazon Biotech (Delaware) prior to the merger
will be retroactively restated for the equivalent number of shares received in
the merger after giving effect to any difference in par value of our stock and
Amazon Biotech's stock by an offset to capital.
PLAN OF OPERATION
Once we receive sufficient operating capital, our plan is to begin
Phase I and Phase II clinical trials of our AMZ 0026 drug.
We are a newly established pharmaceutical company that owns the rights
to Abavca/AMZ 0026, a potential immunomodulator drug developed for use in the
treatment of the HIV virus. We acquired the rights to the Abavca/AMZ 0026
product line from Advanced Plant Pharmaceuticals, Inc.
AMZ 0026 works as an Immune Modulator. Most conventional HIV/AIDS drugs
attack the HIV virus by slowing down its rate of multiplication. Immune
modulators, on the other hand, do not directly attack the virus: rather, they
act in various ways to boost the patient's immune system.
AMZ 0026 was developed by a group of scientists after many years of
research. Many users of AMZ 0026 caplets have reported increased CD4 and HGB
counts as well as general improvements in energy levels, weight gain, and
overall well being. These results were borne out in an 18-month clinical study,
which included 30 test subjects who had depressed immune systems.
2
To help substantiate this immune modulator claim, AMZ0026 has been
granted an IND (investigational new drug) status and is approved for Phase I/II
clinical studies by the FDA, which will be initiated shortly after we receive
sufficient operating capital at a leading HIV/AIDS luminary center on the US
east coast. This is the first case of an IND being given to plant pharmaceutical
drug specifically for HIV/AIDS, probably a function of the FDA's interest to
rapidly expedite potential drugs for this clinical area, and is a testimonial to
the drug's apparent safety.
The company has the eventual goal of a joint venture with another
pharmaceutical company to conduct Phase III trials.
We also own the rights to a natural hair growth product that contains
proprietary herbal ingredients. We may conduct a small study on this product
following the Phase I/II clinical study of AMZ 0026.
In the event we are able raise sufficient operating capital, we intend
to increase the number of our employees to eight and to purchase additional
laboratory and office equipment with a portion of any capital proceeds.
LIQUIDITY AND CAPITAL RESOURCES
We currently have limited working capital with which to satisfy our cash
requirements. As of April 30, 2006, we have a working capital deficit of
$168,546. We will require significant additional capital in order to fund the
Phase I/II clinical studies of our drug known as AMZ 0026.
We have financed our operations primarily through private sales of equity
securities. We raised approximately $350,000 in gross proceeds from the sale of
common stock and warrants in our fiscal year ending July 31, 2005. In addition,
we raised approximately $268,500 in gross proceeds from the sale of common stock
and warrants in our fiscal year ending July 31, 2004.
We anticipate that we will need at least $4,000,000 in additional working
capital in order to satisfy our contemplated cash requirements for our current
proposed plans and assumptions relating to our operations for a period of
approximately 12 months. However, our expectations are based on certain
assumptions concerning the costs involved in the clinical trials. These
assumptions concern future events and circumstances that our officers believe to
be significant to our operations and upon which our working capital requirements
will depend. Some assumptions will invariably not materialize and some
unanticipated events and circumstances occurring subsequent to the date of this
annual report. We will continue to seek to fund our capital requirements over
the next 12 months from the additional sale of our securities, however, it is
possible that we will be unable to obtain sufficient additional capital through
the sale of our securities as needed.
The amount and timing of our future capital requirements will depend upon
many factors, including the level of funding received by us anticipated private
placements of our common stock and the level of funding obtained through other
financing sources, and the timing of such funding.
We intend to retain any future earnings to retire any existing debt,
finance the expansion of our business and any necessary capital expenditures,
and for general corporate purposes.
ITEM 3 - CONTROLS AND PROCEDURES
Our disclosure controls and procedures are designed to ensure that
information required to be disclosed in reports that we file or submit under the
Securities Exchange Act of 1934 is recorded, processed, summarized and reported
within the time periods specified in the rules and forms of the Securities and
Exchange Commission. Our Chief Executive Officer and the Chief Financial Officer
have reviewed the effectiveness of our "disclosure controls and procedures" (as
defined in the Securities Exchange Act of 1934 Rules 13a-14(c) and 15d-14(c))
within the last ninety days and have concluded that the disclosure controls and
procedures are effective to ensure that material information relating to Amazon
Biotech and its consolidated subsidiaries is recorded, processed, summarized,
and reported in a timely manner. There were no significant changes in our
internal controls or in other factors that could significantly affect these
controls subsequent to the last day they were evaluated by our Chief Executive
Officer and Chief Financial Officer.
3
PART II: OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
None.
ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES
On February 10, 2006 we issued 10,000 shares of common stock to a
consultant as compensatory stock grant. Our board valued the common stock at
$0.65 per share (in May 2005 at the time of entry into the contract) for a total
value of $6,500. The issuance was exempt under Section 4(2) of the Securities
Act of 1933, as amended (the "Act").
On February 10, 2006, we issued 50,000 shares of common stock to a
consultant as compensatory stock grant. Our board valued the stock at $0.19 per
share for a total value of $9,500. The issuance was exempt under Section 4(2) of
the Act.
On April 11, 2006, we authorized the issuance of 75,000 shares of common
stock to consultants as compensatory stock grants. Our board valued the common
stock at $0.29 per share, for a total value of $21,750. These shares have not
yet been issued. We will rely on the exemption provided under Section 4(2) of
the Act for this issuance.
On April 20, 2006, we entered into a securities purchase agreement with a
single accredited investor pursuant to which we agreed to issue 1,250,000 shares
of our common stock for an aggregate purchase price of $250,000. Upon
satisfaction of certain closing conditions, we will issue the shares to
purchaser. We will rely on the exemption provided under Section 4(2) of the Act
for this issuance.
ITEM 3 - DEFAULT UPON SENIOR SECURITIES
None.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5 - OTHER INFORMATION
On May 30, 2006, we entered into a securities purchase agreement with a
single accredited investor pursuant to which we agreed to issue 2,333,333 shares
of our common stock for an aggregate purchase price of $350,000. Upon
satisfaction of certain closing conditions, we will issue the shares to
purchaser. We will rely on the exemption provided under Section 4(2) of the Act
for this issuance.
ITEM 6 - EXHIBITS
Item No. DESCRIPTION METHOD OF FILING
- -------- ----------- ----------------
10.1 Securities Purchase Agreement dated as of April 20, Filed electronically herewith.
2006, by and between Amazon Biotech, Inc. and the
purchaser set forth therein
10.2 Securities Purchase Agreement dated as of May 30, Filed electronically herewith.
2006 by and between Amazon Biotech, Inc. and the
purchaser set forth therein.
31.1 Certification of Mechael Kanovsky, Ph.D. pursuant to Filed electronically herewith.
Rule 13a-14(a)
31.2 Certification of Simcha Edell pursuant to Rule Filed electronically herewith.
13a-14(a)
32.1 Chief Executive Officer Certification pursuant to 18 Filed electronically herewith.
U.S.C. ss. 1350 adopted pursuant to Section 906 of
the Sarbanes Oxley Act of 2002
4
Item No. DESCRIPTION METHOD OF FILING
- -------- ----------- ----------------
32.2 Chief Financial Officer Certification pursuant to 18 Filed electronically herewith.
U.S.C. ss. 1350 adopted pursuant to Section 906 of
the Sarbanes Oxley Act of 2002
5
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMAZON BIOTECH, INC.
July 3, 2006 /S/ MECHAEL KANOVSKY, PH.D
-------------------------------------------
Mechael Kanovsky, Ph.D.
President and Chief Executive Officer
(Principal Executive Officer)
July 3, 2006 /S/SIMCHA EDELL
-------------------------------------------
Simcha Edell
Chief Financial Officer
(Principal Financial Officer and Principal
Accounting Officer)
6