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)
|
BIO-MATRIX
SCIENTIFIC GROUP, INC. AND SUBSIDIARY
|
|||||||
(FORMARLY
TASCO INTERNATIONAL)
|
|||||||
(A
Development Stage Company)
|
|||||||
Balance
Sheet
|
ASSETS
|
||||
As
of March 31, 2007
|
||||
(Unaudited)
|
||||
CURRENT
ASSETS
|
||||
Cash
|
$ |
147,705
|
||
Employee
Receivable
|
3,000
|
|||
Pre-paid
Expenses
|
23,727
|
|||
Total
Current Assets
|
174,432
|
|||
PROPERTY
& EQUIPMENT
|
364,737
|
|||
GOODWILL
|
||||
Intangible
Assets/Technology
|
-
|
|||
Total
Other Assets
|
25,726
|
|||
TOTAL
ASSETS
|
$ |
564,895
|
||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||
CURRENT
LIABILITIES
|
||||
Accounts
payable
|
$ |
3,945
|
||
Loans
from former parent
|
-
|
|||
Due
To/ From New Parent
|
-
|
|||
Notes
Payable
|
321,562
|
|||
Accrued
Payroll
|
-
|
|||
Accrued
Payroll Taxes
|
14,545
|
|||
Accrued
Interest
|
13,258
|
|||
Accrued expenses
|
-
|
|||
Total
Current Liabilities
|
353,310
|
|||
LONG
TERM LIABILITIES
|
-
|
|||
TOTAL
LIABILITIES
|
353,310
|
|||
STOCKHOLDERS'
EQUITY
|
||||
Preferred
Stock ($.0001 par value authorized
|
||||
20,000,000
shares authorized; none
|
||||
issued
and outstanding.)
|
||||
Common
Stock, ($.0001 par value authorized
|
||||
80,000,000
shares authorized; 13,385,000 & 17,996,619
|
||||
shares
issued and outstanding as of September 30, 2006 and March 31, 2007,
respectively
|
1,800
|
|||
Additional
paid in Capital
|
3,612,783
|
|||
Deficit
accumulated during the development stage
|
(3,402,998 | ) | ||
Total
Stockholders' Equity (Deficit)
|
$ |
211,585
|
||
TOTAL
LIABILITIES
|
||||
&
STOCKHOLDERS' EQUITY
|
$ |
564,895
|
||
Bio-Matrix
Scientific Group, Inc.
|
|||||||||||||||||
(Formerly
Tasco International, Inc.)
|
|||||||||||||||||
(
A Development Stage
Company)
|
Statements
of Operations (Unaudited)
|
3
Months
Ended
March
31,
2007
|
3
Months
Ended
March
31,
2006
|
6
Months
Ended
March
31,
2007
|
6
Months
Ended
March
31,
2006
|
Inception
(August
2, 2005)
through
March
31,
2007
|
||||||||||||||||
REVENUES
|
||||||||||||||||||||
Sales
|
$ |
-
|
$ |
-
|
$ |
-
|
$ |
-
|
$ |
-
|
||||||||||
Total
Revenues
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
COSTS
AND EXPENSES
|
-
|
|||||||||||||||||||
Research
and Development
|
60,604
|
21,648
|
169,092
|
157,035
|
379,933
|
|||||||||||||||
General
and administrative
|
217,090
|
160,923
|
441,763
|
346,125
|
1,766,329
|
|||||||||||||||
Depreciation
and amortization
|
333
|
140
|
667
|
280
|
1,548
|
|||||||||||||||
Consulting
and professional fees
|
228,321
|
4,000
|
354,161
|
50,054
|
1,201,850
|
|||||||||||||||
Impairment
of goodwill & intangibles
|
-
|
-
|
34,688
|
|||||||||||||||||
Total
Costs and Expenses
|
506,348
|
186,711
|
965,683
|
553,494
|
3,384,348
|
|||||||||||||||
OPERATING
LOSS
|
(506,348 | ) | (186,711 | ) | (965,683 | ) | (553,494 | ) | (3,384,348 | ) | ||||||||||
OTHER
INCOME & (EXPENSES)
|
||||||||||||||||||||
Interest
Expense
|
(9,509 | ) | (161 | ) | (16,354 | ) | (323 | ) | (18,882 | ) | ||||||||||
Other
Expense
|
(73 | ) | (73 | ) | (73 | ) | ||||||||||||||
Interest
Income
|
306
|
-
|
306
|
-
|
306
|
|||||||||||||||
Other
income
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
Other Income & (Expenses)
|
(9,276 | ) | (161 | ) | (16,121 | ) | (323 | ) | (18,649 | ) | ||||||||||
NET
INCOME (LOSS)
|
$ | (515,624 | ) | $ | (186,872 | ) | (981,804 | ) | (553,817 | ) | $ | (3,402,997 | ) | |||||||
BASIC
AND DILUTED EARNINGS (LOSS) PER SHARE
|
||||||||||||||||||||
BASIC
AND DILUTED EARNINGS (LOSS) PER SHARE
|
$ | (0.03 | ) | $ | (7.47 | ) | (0.06 | ) | (22.15 | ) | $ |
-
|
||||||||
WEIGHTED
AVERAGE NUMBER OF
|
||||||||||||||||||||
COMMON
SHARES OUTSTANDING
|
16,947,346
|
25,000
|
16,102,133
|
25,000
|
-
|
|||||||||||||||
BIO-MATRIX
SCIENTIFIC GROUP, INC. AND SUBSIDIARY
|
|||||||||||||||
(FORMERLY
TASCO INTERNATIONAL, INC.)
|
|||||||||||||||
(
A Development stage Company)
|
|||||||||||||||
Consolidated
Statements of Cash Flows
(Unaudited)
|
6
Months
Ended
March
31,
2007
|
6
Months
Ended
March
31,
2006
|
3
Months Ended
March
31,
2007
|
3
Months
Ended
March
31,
2006
|
August
2, 2005
(inception)
through
March
31,
2007
|
||||||||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||||||||||
Net
(loss)
|
$ | (981,804 | ) | $ | (553,816 | ) | $ | (515,624 | ) | (186,872 | ) | $ | (3,402,997 | ) | ||||||
Adjustments
to reconcile net loss to net cash (used in) provided
|
||||||||||||||||||||
by
operating activities:
|
||||||||||||||||||||
Depreciation
expense
|
667
|
279
|
333
|
140
|
1,548
|
|||||||||||||||
Stock
issued for compensation
|
189,894
|
-
|
88,414
|
-
|
774,894
|
|||||||||||||||
Stock
issued for services
|
347,612
|
-
|
235,078
|
-
|
1,107,362
|
|||||||||||||||
Stock
issued to cancel debt plus accrued interest
|
376,209
|
125,000
|
376,209
|
|||||||||||||||||
Changes
in operating assets and liabilities:
|
-
|
|||||||||||||||||||
(Increase)
decrease in receivables
|
(3,000 | ) |
34,921
|
(2,926 | ) | (3,000 | ) | |||||||||||||
(Increase)
decrease in prepaid expenses
|
(3,520 | ) | (7,125 | ) | (23,727 | ) | (1,992 | ) | (23,727 | ) | ||||||||||
Increase
(Decrease) in Accounts Payable
|
(87,134 | ) |
20,531
|
(50,278 | ) | (2,669 | ) |
3,945
|
||||||||||||
Increase
(Decrease) in Accrued Expenses
|
9,976
|
8,410
|
14,805
|
6,381
|
27,803
|
|||||||||||||||
(
Increase) Decrease in Deposits
|
3,401
|
(29,127 | ) |
3,401
|
(25,726 | ) | ||||||||||||||
Net
Cash Provided by (Used in) Operating
Activities
|
(147,699 | ) | (525,927 | ) | (125,524 | ) | (185,012 | ) | (1,163,689 | ) | ||||||||||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||||||||||
Purchases
of fixed assets
|
(24,847 | ) | (216,441 | ) |
-
|
(112,877 | ) | (366,285 | ) | |||||||||||
Purchases
of Intangible assets
|
-
|
-
|
-
|
-
|
||||||||||||||||
Net
Cash Provided by (Used in) Investing
Activities
|
(24,847 | ) | (216,441 | ) |
-
|
(112,877 | ) | (366,285 | ) | |||||||||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||||||||||
Common
stock issued for cash
|
50
|
50
|
-
|
1,328
|
||||||||||||||||
Additional
paid in Capital
|
124,950
|
-
|
124,950
|
-
|
159,593
|
|||||||||||||||
Principal
borrowings on notes
|
172,610
|
5,984
|
133,238
|
5,984
|
321,562
|
|||||||||||||||
Net
borrowings from related parties
|
-
|
749,001
|
-
|
304,255
|
1,195,196
|
|||||||||||||||
Net
Cash Provided by (Used in) Financing
Activities
|
297,610
|
754,985
|
258,238
|
310,239
|
1,677,679
|
|||||||||||||||
.
|
||||||||||||||||||||
Net
Increase (Decrease) in Cash
|
125,064
|
12,617
|
132,714
|
12,350
|
147,705
|
|||||||||||||||
Cash
at Beginning of Period
|
22,641
|
-
|
14,991
|
267
|
-
|
|||||||||||||||
Cash
at End of Period
|
$ |
147,705
|
12,617
|
$ |
147,705
|
12,617
|
147,705
|
|||||||||||||
Supplemental Cash
Flow Disclosures:
|
||||||||||||||||||||
0
|
||||||||||||||||||||
Cash
paid during period for interest
|
$ |
-
|
-
|
$ |
-
|
-
|
$ |
-
|
||||||||||||
Cash
paid during period for taxes
|
$ |
-
|
-
|
$ |
-
|
-
|
$ |
800
|
||||||||||||
BIO-MATRIX
SCIENTIFIC GROUP INC. AND SUBSIDIARY
|
|||||
(FORMERLY
TASCO INTERNATIONAL, INC.)
|
|||||
Consolidated
Statement of Stockholders' Equity (Unaudited)
|
|||||
From
August 2, 2005 through March 31,
2007
|
Common
|
||||||||||||||||||||
|
Shares
|
Amount
|
Additional Paid-in |
Retained Earnings |
Total
|
|||||||||||||||
Shares
issued to parent
|
25,000
|
35,921
|
0
|
35,921
|
||||||||||||||||
Net
Loss August 2, 2005
|
-
|
|||||||||||||||||||
through
September 30, 2005
|
(1,000 | ) | (1,000 | ) | ||||||||||||||||
Balance
September 30, 2005
|
25,000
|
35,921
|
0
|
(1,000 | ) |
34,921
|
||||||||||||||
Net
Loss October 1, 2005
|
-
|
|||||||||||||||||||
through
December 31, 2005
|
(366,945 | ) | (366,945 | ) | ||||||||||||||||
Balance
December 31, 2005
|
25,000
|
35,921
|
0
|
(367,945 | ) | (332,024 | ) | |||||||||||||
Recapitalization
|
9,975,000
|
(34,921 | ) |
34,921
|
-
|
|||||||||||||||
Stock
issued Tasco merger
|
2,780,000
|
278
|
(278 | ) |
-
|
|||||||||||||||
Stock
issued for services
|
305,000
|
31
|
759,719
|
759,750
|
||||||||||||||||
Stock
issued for Compensation
|
300,000
|
30
|
584,970
|
585,000
|
||||||||||||||||
Net
Loss January 1, 2006
|
-
|
|||||||||||||||||||
through
September 30, 2006
|
(2,053,249 | ) | (2,053,249 | ) | ||||||||||||||||
Balance
September 30, 2006
|
13,385,000
|
1,339
|
1,379,332
|
(2,421,194 | ) | (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
|
-
|
|||||||||||||||||||
through
December 31, 2006
|
(466,179 | ) | (466,179 | ) | ||||||||||||||||
Balance
December 31, 2006
|
16,493,389
|
1,649
|
3,039,441
|
(2,887,373 | ) |
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
|
-
|
|||||||||||||||||||
through
March 31, 2007
|
(515,624 | ) | (515,624 | ) | ||||||||||||||||
Balance
March 31, 2007
|
17,996,619
|
1,800
|
3,612,783
|
(3,402,997 | ) |
211,585
|
||||||||||||||
Acquisition
cost:
|
|
||
Production
Equipment
|
US$
|
93,314
|
|
Production
Cleanroom
|
|
78,264
|
|
Leasehold
improvement
|
|
188,981
|
|
Office
equipment
|
|
3,057
|
|
Computer
|
|
2,120
|
|
|
|
||
Subtotal
|
|
365,736
|
|
Less
accumulated depreciation
|
|
(999 | ) |
Total
|
US$
|
364,737
|
As
of March 31 , 2007
|
||||
|
|
|
|
|
Deferred
tax assets:
|
|
|
||
Net
operating tax carry forwards
|
|
$
|
1,170,
148
|
|
Other
|
|
|
-0-
|
|
Gross
deferred tax assets
|
|
|
1,170,148
|
|
Valuation
allowance
|
|
|
(1,170,148)
|
|
|
|
|
|
|
Net
deferred tax assets
|
|
$
|
-0-
|
2007
|
$ |
232,842
|
||
2008
|
$ |
239,936
|
||
2009
|
$ |
247,038
|
||
2010
|
$ |
254,444
|
||
2011
|
$ |
42,614
|
|
|
|
Number
of
|
|
|
|
|
Shares
|
|
As
of March 31, 2007:
|
|
|
|
|
|
|
|
|
|
Granted
|
|
|
1,362,114*
|
|
Remaining
shares available for issuance under the Plan as of March 31,
2007
|
|
|
137,886
|
|
Due Date | Principal Amount | ||
October 25, 2008 | $3620 | ||
October 19, 2008 | $10,000 | ||
November 9, 2008 | $14000 | ||
October 25, 2008 | $19,500 | ||
October 12, 2008 | $28,000 | ||
November 2, 2008 | $31,300 |
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
|
|
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.
|
Certification
of Chief Executive Officer dated November 26, 2007
|
|
|
|
31.4
|
Certification
of Acting Chief Financial Officer dated November 26,
2007
|
|
|
32.3
|
Certification
of Chief Executive Officer under Section 906 of the Sarbanes-Oxley
Act of
2002. dated November 26, 2007
|
|
|
32.4
|
Certification
of Acting Chief Financial Officer under Section 906 of the Sarbanes-Oxley
Act of 2002. dated November 26,
2007
|
|
Bio
Matrix Scientific Group, Inc.
|
|
|
a
Delaware corporation
|
|
|
|
|
By:
|
/s/
David R. Koos
|
|
|
David
R. Koos
|
|
|
Chief
Executive Officer
|
|
|
Date:
November 26, 2007
|