DELAWARE
|
33-0824714
|
(State
of Incorporation)
|
(I.R.S.
Employer Identification No.)
|
|
|
|
|
8885
Rehco Road, San Diego, California
|
92121
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
Chang
G. Park, CPA, Ph. D.
t
371 E STREET
t CHULA
VISTA
t CALIFORNIA
91910-2615t
t
TELEPHONE
(858)722-5953 t FAX
(858)
408-2695 t FAX
(858)
764-5480
t E-MAIL
changgpark@gmail.com t
|
ASSETS
|
|||||||
As
of June 30, 2007
(unaudited)
|
As of September 30, 2006 | ||||||
CURRENT
ASSETS
|
|||||||
Cash
|
$ |
1,412
|
$22,641
|
||||
Employee
Receivable
|
-
|
||||||
Pre-paid
Expenses
|
13,156
|
20,207
|
|||||
-
|
|||||||
|
|||||||
Total
Current Assets
|
14,568
|
42,848
|
|||||
PROPERTY
& EQUIPMENT
|
364,403
|
340,557
|
|||||
GOODWILL
|
|||||||
Intangible
Assets/Technology
|
-
|
||||||
Total
Other Assets
|
23,092
|
29,127
|
|||||
-
|
|||||||
|
|||||||
TOTAL
ASSETS
|
$ |
402,063
|
$412,532
|
||||
|
|||||||
BIO-MATRIX
SCIENTIFIC GROUP, INC. AND SUBSIDIARY
(FORMERLY
TASCO INTERNATIONAL, INC.)
(A
Development Stage Company)
Balance
Sheet
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||
As
of June 30, 2007
(unaudited)
|
As
of September 30, 2006
|
||||
CURRENT
LIABILITIES
|
|||||
Accounts
payable
|
$ |
5,483
|
$91,079
|
||
Loans
from former parent
|
-
|
1,195,196
|
|||
Due
To/ From New Parent
|
-
|
-
|
|||
Notes
Payable
|
138,846
|
148,952
|
|||
Accrued
Interest
|
5,678
|
1,368
|
|||
Accrued
Payroll
|
-
|
-
|
|||
Accrued
Payroll Taxes
|
36,689
|
16,460
|
|||
Accrued expenses
|
-
|
-
|
|||
Total
Current Liabilities
|
186,696
|
1,453,055
|
|||
LONG
TERM LIABILITIES
|
-
|
-
|
|||
TOTAL
LIABILITIES
|
186,696
|
1,453,055
|
|||
STOCKHOLDERS'
EQUITY
|
|||||
Preferred
Stock ($.0001 par value authorized
|
|||||
20,000,000
shares authorized; none
|
|||||
issued
and outstanding.)
|
|||||
Common
Stock, ($.0001 par value authorized
|
|||||
100,000,000
shares authorized; 13,385,000 & 20,110,179
|
|||||
shares
issued and outstanding as of September 30, 2006 and June 30, 2007,
respectively
|
2,011
|
1339
|
|||
Additional
paid in Capital
|
33,331,561
|
30,375,584
|
|||
Deficit
accumulated during the development stage
|
(33,118,205 | ) |
(31,417,446)
|
||
|
|||||
Total
Stockholders' Equity (Deficit)
|
$ |
215,367
|
$(1,040,523)
|
||
|
|||||
TOTAL
LIABILITIES
|
|||||
&
STOCKHOLDERS' EQUITY
|
$ |
402,063
|
$412,532
|
Bio-Matrix
Scientific Group, Inc.
|
||||||||||||||||||||
(BMXG/TASCO)
|
||||||||||||||||||||
Statements
of Operations(Unaudited)
|
||||||||||||||||||||
Inception
|
||||||||||||||||||||
BMXG/TASCO
|
TASCO
|
BMXG/TASCO
|
TASCO
|
(October
6, 1998)
|
||||||||||||||||
3
Mos Ended
|
3
Mos Ended
|
9
Mos Ended
|
9
Mos Ended
|
through
|
||||||||||||||||
June
30,
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
||||||||||||||||
2007
|
2006
|
2007
|
2006
|
2007
|
||||||||||||||||
REVENUES
|
||||||||||||||||||||
Sales
|
$ |
-
|
$ |
-
|
$ |
-
|
$ |
-
|
$ |
1,000
|
||||||||||
Total
Revenues
|
-
|
-
|
-
|
-
|
1,000
|
|||||||||||||||
COSTS
AND EXPENSES
|
-
|
|||||||||||||||||||
Research
and Development
|
59,337
|
228,429
|
256,104
|
|||||||||||||||||
General
and administrative
|
421,315
|
1,831
|
863,078
|
3,714
|
1,689,773
|
|||||||||||||||
Depreciation
and amortization
|
334
|
-
|
1,001
|
-
|
1,334
|
|||||||||||||||
Consulting
and professional fees
|
233,763
|
-
|
587,924
|
-
|
1,378,559
|
|||||||||||||||
Impairment
of goodwill & intangiblrs
|
-
|
-
|
29,777,222
|
|||||||||||||||||
Total
Costs and Expenses
|
714,749
|
1,831
|
1,680,432
|
3,714
|
33,102,992
|
|||||||||||||||
OPERATING
LOSS
|
(714,749 | ) | (1,831 | ) | (1,680,432 | ) | (3,714 | ) | (33,101,992 | ) | ||||||||||
OTHER
INCOME & (EXPENSES)
|
||||||||||||||||||||
Interest
Expense
|
(4,206 | ) |
-
|
(20,560 | ) |
-
|
(21,928 | ) | ||||||||||||
Other
Expense
|
-
|
(73 | ) | (73 | ) | |||||||||||||||
Interest
Income
|
-
|
1
|
306
|
14
|
345
|
|||||||||||||||
Other
income
|
-
|
-
|
-
|
-
|
5,443
|
|||||||||||||||
Total
Other Income & (Expenses)
|
(4,206 | ) |
1
|
(20,327 | ) |
14
|
(16,213 | ) | ||||||||||||
NET
INCOME (LOSS)
|
$ | (718,955 | ) | $ | (1,830 | ) | (1,700,759 | ) | (3,700 | ) | $ | (33,118,205 | ) | |||||||
BASIC
AND DILUTED EARNINGS (LOSS) PER SHARE
|
||||||||||||||||||||
BASIC
AND DILUTED EARNINGS (LOSS) PER SHARE
|
$ | (0.04 | ) | $ | (0.00 | ) | (0.10 | ) | (0.00 | ) | $ |
-
|
||||||||
WEIGHTED
AVERAGE NUMBER OF
|
||||||||||||||||||||
COMMON
SHARES OUTSTANDING
|
19,330,268
|
12,780,000
|
17,178,178
|
12,780,000
|
-
|
|
|
|
||||||||||||||||||
|
|
|
Additional
|
|
|
|||||||||||||||
|
Common
|
Paid-in
|
Retained
|
|
||||||||||||||||
|
Shares
|
Amount
|
Capital
|
Earnings
|
Total
|
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Stock
issued for cash October 6, 1998
|
1,000,000
|
100
|
(90 | ) |
10
|
|||||||||||||||
Stock
issued for cash October 9, 1998
|
1,300,000
|
130
|
1,170
|
1,300
|
||||||||||||||||
Stock
issued for cash October 9, 1998
|
190,000
|
19
|
171
|
190
|
||||||||||||||||
Stock
issued for cash April 1, 1999
|
290,000
|
29
|
261
|
290
|
||||||||||||||||
Net
Loss October 6,1998 (inception)through September 30, 1999
|
(295 | ) | (295 | ) | ||||||||||||||||
Balance
September 30, 1999
|
2,780,000
|
278
|
1,512
|
(295 | ) |
1,495
|
||||||||||||||
Stock
issued for cash October 19, 1999
|
10,000,000
|
1,000
|
9,000
|
10,000
|
||||||||||||||||
Net
Loss October 1,1999 through September 30,
2000
|
(367 | ) | (367 | ) | ||||||||||||||||
Balance
September 30, 2000
|
12,780,000
|
1,278
|
10,512
|
(662 | ) |
11,128
|
||||||||||||||
Net
Loss October 1, 2000 through September 30, 2001
|
(11,028 | ) | (11,028 | ) | ||||||||||||||||
Balance
September 30, 2001
|
12,780,000
|
1,278
|
10,512
|
(11,690 | ) |
100
|
||||||||||||||
Net
Loss October 1, 2001
|
-
|
|||||||||||||||||||
through
September 30, 2002
|
(4,257 | ) | (4,257 | ) | ||||||||||||||||
Balance
September 30, 2002
|
12,780,000
|
1,278
|
10,512
|
(15,947 | ) | (4,157 | ) | |||||||||||||
Net
Loss October 1, 2002
|
-
|
|||||||||||||||||||
through
September 30, 2003
|
(4,328 | ) | (4,328 | ) | ||||||||||||||||
Balance
September 30, 2003
|
12,780,000
|
1,278
|
10,512
|
(20,275 | ) | (8,485 | ) | |||||||||||||
Contributed
Capital
|
12,362
|
12,362
|
||||||||||||||||||
Net
Loss October 1, 2003
|
-
|
|||||||||||||||||||
through
September 30, 2004
|
(7,974 | ) | (7,974 | ) | ||||||||||||||||
Balance
September 30, 2004
|
12,780,000
|
1,278
|
22,874
|
(28,249 | ) | (4,097 | ) |
Contributed
Capital
|
9,021
|
9,021
|
||||||||||||||||||
Net
Loss October 1, 2004
|
0
|
|||||||||||||||||||
through
September 30, 2005
|
(6,667 | ) | (6,667 | ) | ||||||||||||||||
Balance
September 30, 2005
|
12,780,000
|
1,278
|
31,895
|
(34,916 | ) | (1,743 | ) | |||||||||||||
Stock
Cancelled June 13, 2006
|
(10,000,000 | ) | (1,000 | ) | (1,000 | ) | ||||||||||||||
Stock
issued June 13, 2006
|
10,000,000
|
1,000
|
28,999,000
|
29,000,000
|
||||||||||||||||
Stock
issued for services
|
305,000
|
31
|
759,719
|
759,750
|
||||||||||||||||
Stock
issued for Compensation
|
300,000
|
30
|
584,970
|
585,000
|
||||||||||||||||
Net
Loss October 1, 2005
|
0
|
|||||||||||||||||||
through
September 30, 2006
|
(31,382,530 | ) | (31,382,530 | ) | ||||||||||||||||
Balance
September 30, 2006
|
13,385,000
|
1,339
|
30,375,584
|
(31,417,446 | ) | (1,040,523 | ) | |||||||||||||
Stock
issued for services
|
100,184
|
10
|
112,524
|
112,534
|
||||||||||||||||
Stock
issued for Compensation
|
153,700
|
15
|
101,465
|
101,480
|
||||||||||||||||
Stock
issued in exchange for canceling debt
|
2,854,505
|
284
|
1,446,120
|
1,446,404
|
||||||||||||||||
Net
Loss October 1, 2006
|
0
|
|||||||||||||||||||
through
December 31, 2006
|
(466,179 | ) | (466,179 | ) | ||||||||||||||||
Balance
December 31, 2006
|
16,493,389
|
1,649
|
32,035,693
|
(31,883,625 | ) |
153,717
|
||||||||||||||
Stock
issued for cash
|
500,000
|
50
|
124,950
|
125,000
|
||||||||||||||||
Stock
issued for services
|
359,310
|
36
|
235,042
|
235,078
|
||||||||||||||||
Stock
issued for Compensation
|
143,920
|
14
|
88,400
|
88,414
|
||||||||||||||||
Stock
issued in exchange for canceling debt
|
500,000
|
50
|
124,950
|
125,000
|
||||||||||||||||
Net
Loss January 1, 2007
|
0
|
|||||||||||||||||||
through
March 31, 2007
|
(515,624 | ) | (515,624 | ) | ||||||||||||||||
Balance
March 31, 2007
|
17,996,619
|
1,800
|
32,609,035
|
(32,399,249 | ) |
211,585
|
||||||||||||||
Stock
issued for cash
|
240,666
|
24
|
60,142
|
60,166
|
||||||||||||||||
Stock
issued for services
|
406,129
|
41
|
222,889
|
222,930
|
||||||||||||||||
Stock
issued for Compensation
|
150,000
|
15
|
110,435
|
110,450
|
||||||||||||||||
Stock
issued in exchange for canceling debt
|
1,316,765
|
132
|
329,059
|
329,191
|
||||||||||||||||
Net
Loss April 1, 2007
|
0
|
|||||||||||||||||||
through
June 30, 2007
|
(718,955 | ) | (718,955 | ) | ||||||||||||||||
Balance
June 30, 2007
|
20,110,179
|
2,011
|
33,331,560
|
(33,118,204 | ) |
215,367
|
9
Months Ended
|
9
Months Ended
|
3
Months Ended
|
3
Months Ended
|
October
6, 1998 (inception)
through
|
||||||||||||||||
June
30,
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
||||||||||||||||
2007
|
2006
|
2007
|
2006
|
2007
|
||||||||||||||||
|
|
|
|
|
||||||||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||||||||||
Net
(loss)
|
$ | (1,700,759 | ) | $ | (3,700 | ) | $ | (718,955 | ) | (1,830 | ) | $ | (33,118,205 | ) | ||||||
Adjustments
to reconcile net loss to net cash (used in) provided
|
||||||||||||||||||||
by
operating activities:
|
||||||||||||||||||||
Impairment
of goodwill and intangible asset
|
-
|
29,777,222
|
||||||||||||||||||
Depreciation
expense
|
1,000
|
-
|
333
|
-
|
1,333
|
|||||||||||||||
Stock
issued for compensation
|
300,344
|
-
|
110,450
|
-
|
885,344
|
|||||||||||||||
Stock
issued for services
|
570,542
|
-
|
222,930
|
-
|
1,330,292
|
|||||||||||||||
Cancellation
of Debt
|
(5,443 | ) | ||||||||||||||||||
Stock
issued to cancel debt plus accrued interest
|
705,400
|
329,191
|
705,400
|
|||||||||||||||||
Changes
in operating assets and liabilities:
|
-
|
|||||||||||||||||||
(Increase)
decrease in receivables
|
-
|
3,000
|
-
|
|||||||||||||||||
(Increase)
decrease in prepaid expenses
|
7,051
|
10,571
|
(13,156 | ) | ||||||||||||||||
Increase
(Decrease) in Accounts Payable
|
(85,596 | ) | (1,600 | ) |
1,538
|
-
|
5,483
|
|||||||||||||
Increase
(Decrease) in Accrued Expenses
|
24,541
|
-
|
14,565
|
-
|
42,369
|
|||||||||||||||
(
Increase) Decrease in Deposits
|
6,035
|
2,634
|
(23,092 | ) | ||||||||||||||||
Net
Cash Provided by (Used in) Operating
Activities
|
(171,442 | ) | (5,300 | ) | (23,743 | ) | (1,830 | ) | (412,453 | ) | ||||||||||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||||||||||
Purchases
of fixed assets
|
(24,847 | ) |
-
|
-
|
-
|
(365,737 | ) | |||||||||||||
Purchases
of Intangible assets
|
-
|
-
|
-
|
(29,777,222 | ) | |||||||||||||||
Net
Cash Provided by (Used in) Investing
Activities
|
(24,847 | ) |
-
|
-
|
-
|
(30,142,959 | ) |
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||||||||||
Common
stock issued for cash
|
74
|
24
|
1,352
|
|||||||||||||||||
Additional
paid in Capital
|
185,092
|
-
|
60,142
|
-
|
29,221,430
|
|||||||||||||||
Principal
borrowings on notes
|
(10,106 | ) |
-
|
(182,716 | ) |
-
|
138,846
|
|||||||||||||
Net
borrowings from related parties
|
5,300
|
-
|
1,800
|
1,195,196
|
||||||||||||||||
Net
Cash Provided by (Used in) Financing
Activities
|
175,060
|
5,300
|
(122,550 | ) |
1,800
|
30,556,824
|
||||||||||||||
Net
Increase (Decrease) in Cash
|
(21,229 | ) |
-
|
(146,293 | ) | (30 | ) |
1,412
|
||||||||||||
Cash
at Beginning of Period
|
22,641
|
-
|
147,705
|
30
|
-
|
|||||||||||||||
Cash
at End of Period
|
$ |
1,412
|
-
|
$ |
1,412
|
-
|
(1,412 | ) | ||||||||||||
Supplemental Cash
Flow Disclosures:
|
||||||||||||||||||||
Cash
paid during period for interest
|
$ |
-
|
-
|
$ |
-
|
-
|
$ |
-
|
||||||||||||
Cash
paid during period for taxes
|
$ |
-
|
-
|
$ |
-
|
-
|
$ |
800
|
||||||||||||
Acquisition
cost:
|
|
||||
Production
Equipment
|
US$
|
93,315
|
|||
Production
Clean room
|
|
78,264
|
|||
Leasehold
improvement
|
|
188,981
|
|||
Office
equipment
|
|
3,057
|
|||
Computer
|
|
2,120
|
|||
|
|
||||
Subtotal
|
|
365,737
|
|||
Less
accumulated depreciation
|
|
(1,334 | ) | ||
Total
|
US$
|
364,403
|
|
As
of June 30 , 2007
|
|||
Deferred
tax assets:
|
||||
Net
operating tax carry forwards
|
$ |
11,260,190
|
||
Other
|
0
|
|||
|
||||
Gross
deferred tax assets
|
11,260,190
|
|||
Valuation
allowance
|
(11,260,190 | ) | ||
|
||||
Net
deferred tax assets
|
$ |
0
|
1998
Net Operating Loss
|
|
$
|
(295
|
)
|
1999
Net Operating Loss
|
|
|
(367
|
)
|
2000
Net Operating Loss
|
|
|
(11,028
|
)
|
2001
Net Operating Loss
|
|
|
(4,257
|
)
|
2002
Net Operating Loss
|
|
|
(4,328
|
)
|
2003
Net Operating Loss
|
|
|
(7,974
|
)
|
2004
Net Operating Loss
|
|
|
(6,667
|
)
|
2005
Net Operating Loss
|
|
|
(31,382,530
|
)
|
Nine Months
Ended June 30, 2007 Net
Operating
Loss
|
|
|
(1,700,759
|
)
|
)
|
||||
Net
Operating Loss
|
|
$
|
(33,118,205
|
)
|
2007
|
$ |
232,842
|
||
2008
|
$ |
239,936
|
||
2009
|
$ |
247,038
|
||
2010
|
$ |
254,444
|
||
2011
|
$ |
42,614
|
|
Number
of
|
|||
|
Shares
|
|||
As
of June 30, 2007:
|
||||
|
||||
Granted
|
1,454,772 | * | ||
Remaining
shares available for issuance under the Plan as of June 30,
2007
|
45,228
|
|
Number
of
|
|||
|
Shares
|
|||
As
of June 30, 2007:
|
||||
|
||||
Granted
|
458,540
|
|||
Remaining
shares available for issuance under the Plan as of June 30,
2007
|
1,041,460
|
Laboratory
information systems
|
$ |
30,000
|
||
Laminar
flow hoods (2 ea) 4ft
|
$ |
10,000
|
||
Sepax
Cell Separation Device
|
$ |
50,000
|
||
Blood
processing equipment
|
$ |
80,000
|
||
Bar
code labeling equipment
|
$ |
3,000
|
||
Tube
heat sealers (2 ea)
|
$ |
4,000
|
||
Bench
top centrifuges (2) refrigerated
|
$ |
12,000
|
||
Cell
Therapy Software
|
$ |
30,000
|
||
Cryo
Tracking Software
|
$ |
28,000
|
||
Cryo
Tracking Equipment
|
$ |
45,000
|
||
Hematology
analyzer
|
$ |
15,000
|
||
Flow
Cytometer
|
$ |
150,000
|
||
BacTec
Microbiology equipment
|
$ |
20,000
|
||
Small
equipment (lab set-up)
|
$ |
10,000
|
||
Microscope
|
$ |
5,000
|
||
CO2
Incubator
|
$ |
4,000
|
||
Lab
benches
|
$ |
30,000
|
||
Supplies
/ reagents*
|
$ |
100,000
|
||
Total
|
$ |
626,000
|
Computer
system / Lab & offices
|
$ |
100,000
|
||
Medical
Software
|
$ |
45,000
|
||
Misc
equipment
|
$ |
30,000
|
||
Phone
system
|
$ |
30,000
|
||
Back-up
generator
|
$ |
50,000
|
||
Security
system
|
$ |
20,000
|
||
Total
|
$ |
275,000
|
Director of
Labs
|
$ |
120,000
|
||
Director of
Quality & Assurance
|
$ |
75,000
|
||
Adm.
Director
|
$ |
75,000
|
||
Dir.
Of Engineering / Production
|
$ |
85,000
|
||
Lab
Tech
|
$ |
65,000
|
||
Lab
Tech
|
$ |
65,000
|
||
Customer
Service Representative.
|
$ |
45,000
|
||
Director
of Market & Sales
|
$ |
100,000
|
||
Facility
Manager / Receiving & Shipping
|
$ |
60,000
|
||
Support
Staff
|
$ |
50,000
|
||
Total
|
$ |
740,000
|
31.1
|
Certification
of Chief Executive Officer
|
|
|
31.2
|
Certification
of Acting Chief Financial Officer
|
|
|
32.1
|
Certification
of Chief Executive Officer under Section 906 of the Sarbanes-Oxley
Act of
2002.
|
|
|
32.2
|
Certification
of Acting Chief Financial Officer under Section 906 of the Sarbanes-Oxley
Act of 2002.
|
|
Bio-
Matrix Scientific Group, Inc.
|
|
a
Delaware corporation
|
By:
|
/s/
David R. Koos
|
|
David
R. Koos
|
|
Chief
Executive Officer
|
|
Date:
August 8, 2007
|