![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Entia Biosciences Inc (CE) | USOTC:ERGO | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from _______ to _______.
|
Nevada
|
26-0561199
|
(State or other jurisdiction
|
(IRS Employer
|
of incorporation or organization)
|
Identification No.)
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
Non-accelerated filer
☐
|
Smaller reporting company
☒
|
|
|
|
PART I - FINANCIAL INFORMATION
|
3
|
|
Item 1.
|
3
|
|
Item 2.
|
17
|
|
Item 3.
|
20
|
|
Item 4.
|
20
|
|
PART II - OTHER INFORMATION
|
21
|
|
Item 1.
|
21
|
|
Item 1A.
|
21
|
|
Item 2.
|
21
|
|
Item 3.
|
22
|
|
Item 4.
|
22
|
|
Item 5.
|
22
|
|
Item 6.
|
23
|
|
|
||
|
|
|
|
September 30, 2016
|
December 31, 2015
|
||||||
|
||||||||
Assets
|
||||||||
Current Assets:
|
||||||||
Cash
|
$
|
2,020
|
$
|
24,133
|
||||
Accounts receivable, net
|
5,730
|
7,098
|
||||||
Inventory, net
|
28,669
|
40,323
|
||||||
Prepaid expenses
|
36,225
|
56,782
|
||||||
|
||||||||
Total Current Assets
|
72,644
|
128,336
|
||||||
|
||||||||
Property and Equipment, net
|
21,779
|
32,686
|
||||||
|
||||||||
Patents and Licenses, net
|
236,404
|
232,584
|
||||||
|
||||||||
Long-Term Inventory
|
35,000
|
55,000
|
||||||
|
||||||||
Total Assets
|
$
|
365,827
|
$
|
448,606
|
||||
|
||||||||
|
||||||||
Liabilities and Stockholders’ Equity (Deficit)
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$
|
1,456,514
|
$
|
960,557
|
||||
Line of credit
|
59,945
|
58,195
|
||||||
Short-term notes payable, related-party
|
10,000
|
-
|
||||||
Short-term convertible notes payable, net of discount
|
170,115
|
181,981
|
||||||
Notes payable
|
14,115
|
39,061
|
||||||
|
||||||||
Total Current Liabilities
|
1,710,689
|
1,239,794
|
||||||
|
||||||||
Long-Term Liabilities:
|
||||||||
|
||||||||
Convertible notes payable, net of discount-related party
|
23,924
|
-
|
||||||
Convertible notes payable, net of discount
|
274,723
|
-
|
||||||
|
||||||||
Total Long-Term Liabilities
|
298,647
|
-
|
||||||
|
||||||||
Total Liabilities
|
2,009,336
|
1,239,794
|
||||||
|
||||||||
Stockholders’ Equity (Deficit):
|
||||||||
Preferred stock, $0.001 par value, 5,000,000 shares authorized, Series A preferred stock, 350,000 shares designated, 188,563 and 191,307 shares issued and outstanding, respectively, aggregate liquidation value of $942,815 and $956,535 respectively
|
188
|
191
|
||||||
Common stock, $0.001 par value, 150,000,000 shares authorized, 28,146,027 and 28,107,337 shares issued and outstanding, respectively
|
28,146
|
28,108
|
||||||
Additional paid-in capital
|
12,386,996
|
12,309,450
|
||||||
Deferred compensation
|
(18,842
|
)
|
(51,945
|
)
|
||||
Accumulated deficit
|
(14,039,997
|
)
|
(13,076,992
|
)
|
||||
|
||||||||
Total Stockholders’ Equity (Deficit)
|
(1,643,509
|
)
|
(791,188
|
)
|
||||
|
||||||||
Total Liabilities and Stockholders’ Equity (Deficit)
|
$
|
365,827
|
$
|
448,606
|
|
Three Months
|
Three Months
|
Nine Months
|
Nine Months
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
September 30, 2016
|
September 30, 2015
|
September 30, 2016
|
September 30, 2015
|
||||||||||||
|
||||||||||||||||
REVENUES
|
$
|
41,855
|
$
|
68,048
|
$
|
219,480
|
$
|
278,513
|
||||||||
|
||||||||||||||||
COST OF GOODS SOLD
|
13,429
|
21,592
|
81,379
|
99,940
|
||||||||||||
|
||||||||||||||||
GROSS PROFIT
|
28,426
|
46,456
|
138,101
|
178,573
|
||||||||||||
|
||||||||||||||||
OPERATING EXPENSES
|
||||||||||||||||
Advertising and promotion
|
919
|
26,752
|
11,265
|
104,986
|
||||||||||||
Professional fees
|
53,201
|
90,766
|
185,943
|
190,777
|
||||||||||||
Consulting fees
|
15,322
|
46,865
|
45,688
|
410,339
|
||||||||||||
Loss on litigation
|
-
|
-
|
93,074
|
-
|
||||||||||||
General and administrative
|
230,357
|
215,864
|
726,844
|
1,217,445
|
||||||||||||
|
||||||||||||||||
Total Operating Expenses
|
299,799
|
380,247
|
1,062,814
|
1,923,547
|
||||||||||||
|
||||||||||||||||
LOSS FROM OPERATIONS
|
(271,373
|
)
|
(333,791
|
)
|
(924,713
|
)
|
(1,744,974
|
)
|
||||||||
|
||||||||||||||||
OTHER INCOME (EXPENSES)
|
||||||||||||||||
Interest expense
|
(14,634
|
)
|
(8,362
|
)
|
(39,916
|
)
|
(142,550
|
)
|
||||||||
Other income (expense)
|
(2,769
|
)
|
(31,675
|
)
|
(3,084
|
)
|
(20,327
|
)
|
||||||||
Loss on settlement/conversion of notes payable
|
-
|
-
|
-
|
(32,500
|
)
|
|||||||||||
Loss on write-off of debt discount
|
-
|
-
|
-
|
(23,321
|
)
|
|||||||||||
Gain on extinguishment of debt
|
-
|
-
|
4,708
|
-
|
||||||||||||
Gain on settlement of accounts payable
|
-
|
6,906
|
-
|
6,906
|
||||||||||||
|
||||||||||||||||
NET LOSS
|
$
|
(288,776
|
)
|
$
|
(366,922
|
)
|
$
|
(963,005
|
)
|
$
|
(1,956,766
|
)
|
||||
NET LOSS PER COMMON SHARE
- BASIC AND DILUTED:
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
(0.03
|
)
|
$
|
(0.09
|
)
|
||||
Weighted common shares outstanding
- basic and diluted
|
28,142,277
|
28,319,757
|
28,133,328
|
22,680,896
|
|
Additional
|
Total
|
||||||||||||||||||||||||||||||
|
Preferred Stock
|
Common Stock
|
Paid
|
Deferred
|
Accumulated
|
Stockholders’
|
||||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
In Capital
|
Compensation
|
Deficit
|
Equity (Deficit)
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Balance - December 31, 2015
|
191,307
|
$
|
191
|
28,107,337
|
$
|
28,108
|
$
|
12,309,450
|
$
|
(51,945
|
)
|
$
|
(13,076,992
|
)
|
$
|
(791,188
|
)
|
|||||||||||||||
|
||||||||||||||||||||||||||||||||
Issuance of warrants in connection with convertible notes payable
|
-
|
-
|
-
|
-
|
24,977
|
-
|
-
|
24,977
|
||||||||||||||||||||||||
Issuance of common stock for conversion of preferred stock
|
(2,744
|
)
|
(3
|
)
|
27,440
|
27
|
(24
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||
Stock Compensation
|
-
|
-
|
-
|
-
|
45,742
|
-
|
-
|
45,742
|
||||||||||||||||||||||||
Issuance of common stock for services
|
-
|
-
|
11,250
|
11
|
6,851
|
-
|
-
|
6,862
|
||||||||||||||||||||||||
Amortization of deferred compensation
|
-
|
-
|
-
|
-
|
-
|
33,103
|
-
|
33,103
|
||||||||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
-
|
(963,005
|
)
|
(963,005
|
)
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Balance - September 30, 2016
|
188,563
|
$
|
188
|
28,146,027
|
$
|
28,146
|
$
|
12,386,996
|
$
|
(18,842
|
)
|
$
|
(14,039,997
|
)
|
$
|
(1,643,509
|
)
|
|
Nine Months
|
Nine Months
|
||||||
|
Ended
|
Ended
|
||||||
|
September 30, 2016
|
September 30, 2015
|
||||||
|
||||||||
CASH FLOWS USED IN OPERATING ACTIVITIES:
|
||||||||
Net loss
|
$
|
(963,005
|
)
|
$
|
(1,956,766
|
)
|
||
|
||||||||
Adjustments to reconcile net loss to net cash
used in operating activities:
|
||||||||
Depreciation/amortization
|
14,204
|
24,989
|
||||||
Gain on settlement of accounts payable
|
-
|
(6,906
|
)
|
|||||
Gain on extinguishment of debt
|
(4,708
|
)
|
-
|
|||||
Loss on write-off of debt discount
|
-
|
23,321
|
||||||
Amortization of discount on convertible notes
|
4,425
|
111,837
|
||||||
Loss on conversion of notes payable
|
-
|
32,500
|
||||||
Stock-based compensation
|
85,707
|
762,681
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
1,368
|
190,654
|
||||||
Inventory
|
31,654
|
(22,408
|
)
|
|||||
Prepaid expenses
|
45,465
|
39,334
|
||||||
Accounts payable and accrued expenses
|
509,748
|
323,632
|
||||||
|
||||||||
NET CASH USED IN OPERATING ACTIVITIES
|
(275,142
|
)
|
(477,132
|
)
|
||||
|
||||||||
CASH FLOWS USED IN INVESTING ACTIVITIES:
|
||||||||
Purchase of property and equipment
|
-
|
(8,051
|
)
|
|||||
Acquisition of patents
|
(7,117
|
)
|
(12,720
|
)
|
||||
|
||||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(7,117
|
)
|
(20,771
|
)
|
||||
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from issuance of common stock
|
-
|
560,173
|
||||||
Proceeds from convertible notes payable and notes payable
|
320,000
|
50,000
|
||||||
Payment on convertible notes payable and notes payable
|
(43,736
|
)
|
(170,378
|
)
|
||||
Payments for capital raising
|
(16,118
|
)
|
-
|
|||||
|
||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
260,146
|
439,795
|
||||||
|
||||||||
NET CHANGE IN CASH
|
(22,113
|
)
|
(58,108
|
)
|
||||
|
||||||||
Cash at beginning of period
|
24,133
|
99,462
|
||||||
|
||||||||
Cash at end of period
|
$
|
2,020
|
$
|
41,354
|
||||
|
||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
|
||||||||
Interest paid
|
$
|
6,749
|
$
|
36,220
|
||||
|
||||||||
SUPPLEMENTAL DISCLOSURE OF NONCASH FLOWS FINANCING
AND INVESTING ACTIVITIES:
|
||||||||
Common stock issued for services
|
$
|
6,862
|
$
|
120,205
|
||||
Warrants issued in connection with convertible notes payable
|
$
|
24,977
|
$
|
6,850
|
||||
Conversion of convertible notes payable, accounts
payable and accrued interest to preferred and common stock
|
$
|
-
|
$
|
452,309
|
Office equipment
|
3 years
|
Production equipment
|
5 to 7 years
|
Equipment under capital lease
|
5 to 7 years
|
Leasehold improvements
|
Lesser of lease term or useful life of improvement
|
Level 1
|
|
Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
|
|
|
|
Level 2
|
|
Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
|
|
|
|
Level 3
|
|
Unobservable inputs where there is little or no market data, which require the reporting entity to develop its own assumptions.
|
·
|
The expected life of warrants issued represents the period of time the warrants is expected to be outstanding;
|
·
|
The expected volatility is generally based on the historical volatility of comparable companies’ stock over the contractual life of the warrant;
|
·
|
The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the contractual life of the warrant; and
|
·
|
The expected dividend yield is based on our current dividend yield as the best estimate of projected dividend yield for periods within the contractual life of the warrant.
|
|
For the Three Months Ended September 30,
|
For the Nine Months Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Numerator:
|
||||||||||||||||
Net loss
|
$
|
(288,776
|
)
|
$
|
(366,922
|
)
|
$
|
(963,005
|
)
|
$
|
(1,956,766
|
)
|
||||
|
||||||||||||||||
Denominator:
|
||||||||||||||||
Weighted-average common shares outstanding
|
28,142,277
|
28,319,757
|
28,133,328
|
22,680,896
|
||||||||||||
|
||||||||||||||||
Basic and diluted net loss per share
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
(0.03
|
)
|
$
|
(0.09
|
)
|
||||
|
||||||||||||||||
Common stock warrants
|
19,406,412
|
19,091,578
|
19,406,412
|
19,091,578
|
||||||||||||
Series A convertible preferred stock
|
1,885,630
|
1,913,070
|
1,885,630
|
1,913,070
|
||||||||||||
Stock options
|
2,856,970
|
2,896,470
|
2,856,970
|
2,896,470
|
||||||||||||
Convertible debt including interest
|
3,833,963
|
96,013
|
3,833,963
|
96,013
|
||||||||||||
Excluded dilutive securities
|
27,982,975
|
23,997,131
|
27,982,975
|
23,997,131
|
|
September 30, 2016
|
December 31, 2015
|
||||||
Raw materials
|
$
|
196,593
|
$
|
219,074
|
||||
Finished goods
|
18,140
|
27,313
|
||||||
|
214,733
|
246,387
|
||||||
Less reserve for excess and obsolete inventory
|
(151,064
|
)
|
(151,064
|
)
|
||||
|
63,669
|
95,323
|
||||||
Less current portion
|
(28,669
|
)
|
(40,323
|
)
|
||||
|
$
|
35,000
|
$
|
55,000
|
|
September 30, 2016
|
December 31, 2015
|
||||||
Office equipment
|
$
|
31,658
|
$
|
31,658
|
||||
Production equipment
|
90,899
|
90,899
|
||||||
Leasehold improvements
|
16,328
|
16,328
|
||||||
|
138,885
|
138,885
|
||||||
Less: accumulated depreciation
|
(117,106
|
)
|
(106,199
|
)
|
||||
|
$
|
21,779
|
$
|
32,686
|
|
September 30, 2016
|
December 31, 2015
|
||||||
Licenses and amortizable patents
|
$
|
97,244
|
$
|
97,244
|
||||
Unamortized patents
|
186,510
|
179,393
|
||||||
Accumulated amortization
|
(47,350
|
)
|
(44,053
|
)
|
||||
Patents and licenses, net
|
$
|
236,404
|
$
|
232,584
|
|
September 30, 2016
|
December 31, 2015
|
||||||
Executive compensation
|
$
|
602,101
|
$
|
327,285
|
||||
Other accruals
|
156,822
|
38,022
|
||||||
|
$
|
758,923
|
$
|
365,307
|
|
September 30, 2016
|
December 31, 2015
|
||||||
Notes payable - current
|
||||||||
5.86% unsecured, $781 due monthly
|
-
|
2,687
|
||||||
4.15% unsecured, $3,436 due monthly
|
-
|
36,374
|
||||||
8.95% unsecured, $314 due monthly
|
490
|
-
|
||||||
8.95% unsecured, $748 due monthly
|
3,625
|
-
|
||||||
10% unsecured due on February 16, 2017.
|
10,000
|
-
|
||||||
|
$
|
14,115
|
$
|
39,061
|
Convertible notes payable, net
|
||||||||
$55,000, 8% secured due on December 26, 2016, net of discount related to warrant, convertible into common stock at $0.10 per share. Existing note of $50,000 was converted into the new note with $5,000 of accrued interest being added to principal. Remaining $4,500 in accrued interest was forgiven and reported as a gain on extinguishment of debt on the statement of operations.
|
$
|
52,649
|
$
|
50,000
|
||||
6% unsecured, convertible into common stock at $2.00 per share, due on demand
|
50,000
|
50,000
|
||||||
$11,333, 8% unsecured due December 2018, net of discount related to warrant, convertible into common stock at $0.10 per share. Existing note of $10,000 was converted into the new note with $1,333 of accrued interest being added to principal.
|
10,798
|
10,000
|
||||||
$11,000, 8% unsecured due October 2018, net of discount related to warrant, convertible into common stock at $0.10 per share. Existing note of $10,000 was converted into the new note with $1,000 of accrued interest being added to principal. Remaining $208 in accrued interest was forgiven and reported as a gain on extinguishment of debt on the statement of operations.
|
10,480
|
10,000
|
||||||
$50,000, 8% unsecured due November 25, 2018, net of discount related to warrant, convertible into common stock at $0.10 per share.
|
47,769
|
46,981
|
||||||
$15,000, 8% unsecured due November 2018, net of discount related to warrant, convertible into common stock at $0.10 per share. Existing 0% note of $15,000 exchanged into new note.
|
14,292
|
15,000
|
||||||
$50,000, 8% unsecured due March 2019, net of discount related to warrant, convertible into common stock at $0.10 per share.
|
47,462
|
-
|
||||||
$25,000, 8% unsecured due March 2019, net of discount related to warrant, convertible into common stock at $0.10 per share.
|
23,731
|
-
|
||||||
$100,000, 8% unsecured due April 2019, net of discount related to warrant, convertible into common stock at $0.10 per share.
|
95,833
|
-
|
||||||
$25,000, 8% unsecured due June 2019, net of discount related to warrant, convertible into common stock at $0.10 per share.
|
24,358
|
-
|
||||||
$50,000, 10% unsecured due August 2017, net of discount related to warrant, convertible at lender’s option into other, yet-to-be-determined securities of a follow-on transaction, if any.
|
47,072
|
-
|
||||||
$15,000, 10% unsecured due September 2017, net of discount related to warrant, convertible at lender’s option into other, yet-to-be-determined securities of a follow-on transaction, if any.
|
11,952
|
-
|
||||||
$10,000, 10% unsecured due September 2017, net of discount related to warrant, convertible at lender’s option into other, yet-to-be-determined securities of a follow-on transaction, if any.
|
8,442
|
-
|
||||||
Total Convertible notes payable
|
448,838
|
181,981
|
||||||
Less: Current Portion
|
(170,115
|
)
|
(181,981
|
)
|
||||
|
||||||||
|
$
|
274,723
|
$
|
-
|
||||
Convertible notes payable, net, related party
|
||||||||
$25,000, 8% unsecured due May 2019, net of discount related to warrant, convertible into common stock at $0.10 per share.
|
$
|
23,924
|
$
|
-
|
||||
|
$
|
23,924
|
$
|
-
|
Notes payable, related party
|
||||||||
$10,000, 10% unsecured due on February 18, 2017
|
$
|
10,000
|
$
|
-
|
||||
|
$
|
10,000
|
$
|
-
|
|
Weighted
|
|||||||||||||||||||
|
Weighted
|
Average
|
||||||||||||||||||
|
Average
|
Remaining
|
Aggregate
|
|||||||||||||||||
|
Number of
|
Exercise Price
|
Exercise
|
Contractual Term
|
Intrinsic
|
|||||||||||||||
|
Shares
|
Range
|
Price
|
(Years)
|
Value
|
|||||||||||||||
|
||||||||||||||||||||
Outstanding, December 31, 2015
|
2,898,220
|
$
|
0.09 - $1.00
|
$
|
0.43
|
11.25
|
-
|
|||||||||||||
|
||||||||||||||||||||
Exercisable, December 31, 2015
|
2,661,493
|
$
|
0.20 - $1.00
|
$
|
0.42
|
11.66
|
-
|
|||||||||||||
|
||||||||||||||||||||
Granted
|
-
|
$
|
-
|
$
|
-
|
-
|
-
|
|||||||||||||
Exercised
|
-
|
$
|
-
|
$
|
-
|
-
|
-
|
|||||||||||||
Expired/Forfeited
|
41,250
|
$
|
0.40 - $1.00
|
$
|
0.60
|
-
|
-
|
|||||||||||||
|
||||||||||||||||||||
Outstanding, September 30, 2016
|
2,856,970
|
$
|
0.09 - $0.81
|
$
|
0.42
|
11.34
|
-
|
|||||||||||||
|
||||||||||||||||||||
Exercisable, September 30, 2016
|
2,706,909
|
$
|
0.09 - $0.81
|
$
|
4.41
|
11.64
|
-
|
Number of
|
Exercise
|
|||||
shares
|
Price
|
|||||
20,000
|
$
|
0.09
|
||||
190,000
|
$
|
0.20
|
||||
300,000
|
$
|
0.30
|
||||
55,000
|
$
|
0.38
|
||||
1,386,670
|
$
|
0.40
|
||||
10,000
|
$
|
0.45
|
||||
610,300
|
$
|
0.50
|
||||
160,000
|
$
|
0.60
|
||||
15,000
|
$
|
0.62
|
||||
100,000
|
$
|
0.75
|
||||
10,000
|
$
|
0.81
|
||||
2,856,970
|
Date of Issue
|
Number of shares
purchasable |
Exercise Price
|
Expiration
|
|||||||||
As of December 2015
|
18,849,357
|
$
|
0.001-10.00
|
10/2016-10/2029
|
||||||||
January-16
|
257,055
|
$
|
0.125
|
01/2019
|
||||||||
April-16
|
100,000
|
$
|
0.125
|
04/2019
|
||||||||
May-16
|
25,000
|
$
|
0.125
|
05/2019
|
||||||||
June-16 |
25,000
|
$ |
0.125
|
06/2019
|
||||||||
August-16
|
110,000
|
$ |
0.10
|
08/2021
|
||||||||
September-16
|
40,000
|
$ |
0.10
|
09/2021
|
||||||||
Total as of September 30, 2016
|
19,406,412
|
|
September 30, 2016
|
December 31, 2015
|
||||||
Risk-free interest rate
|
1.22
|
%
|
0.28% - 2.97
|
%
|
||||
Expected dividend yield
|
0
|
%
|
0
|
%
|
||||
Volatility
|
176.62
|
%
|
166.10%-204.66
|
%
|
||||
Expected life
|
5 years
|
3-7 years
|
||||||
Weighted average price
|
$
|
0.10
|
$
|
0.39
|
For the Three Months Ended September 30,
|
Change
|
|||||||||||||||
2016
|
2015
|
$ | % | |||||||||||||
Revenues
|
$
|
41,855
|
$
|
68,048
|
$
|
(26,193
|
)
|
-38.5
|
%
|
|||||||
Cost of Goods Sold
|
13,429
|
21,592
|
(8,163
|
)
|
-37.8
|
%
|
For the Nine Months Ended September 30,
|
Change
|
|||||||||||||||
2016
|
2015
|
$ | % | |||||||||||||
Revenues
|
$
|
219,480
|
$
|
278,513
|
$
|
(59,033
|
)
|
-21.2
|
%
|
|||||||
Cost of Goods Sold
|
81,379
|
99,940
|
(18,561
|
)
|
-18.6
|
%
|
|
For the Three Months Ended September 30,
|
Change
|
||||||||||||||
|
2016
|
2015
|
$ |
%
|
||||||||||||
Advertising and promotion expenses
|
$
|
919
|
$
|
26,752
|
$
|
(25,833
|
)
|
-96.6
|
%
|
|||||||
Professional fees
|
53,201
|
90,766
|
(37,565
|
)
|
-41.4
|
%
|
||||||||||
Consulting fees
|
15,322
|
46,865
|
(31,543
|
)
|
-67.3
|
%
|
||||||||||
General and Administrative expenses
|
230,357
|
215,864
|
14,493
|
6.7
|
%
|
|
For the Nine Months Ended September 30,
|
Change
|
||||||||||||||
|
2016
|
2015
|
$ |
%
|
||||||||||||
Advertising and promotion expenses
|
$
|
11,265
|
$
|
104,986
|
$
|
(93,721
|
)
|
-89.3
|
%
|
|||||||
Professional fees
|
185,943
|
190,777
|
(4,834
|
)
|
-2.5
|
%
|
||||||||||
Consulting fees
|
45,688
|
410,339
|
(364,641
|
)
|
-88.9
|
%
|
||||||||||
Loss on litigation
|
93,074
|
-
|
93,074
|
N/A
|
||||||||||||
General and administrative expenses
|
726,844
|
1,217,445
|
(490,601
|
)
|
-40.3
|
%
|
|
For the Nine Months Ended September 30,
|
Change
|
||||||||||||||
|
2016
|
2015
|
$ | % | ||||||||||||
Net cash provided by (used in)
|
||||||||||||||||
Operating activities
|
$
|
(275,142
|
)
|
$
|
(477,132
|
)
|
$
|
201,990
|
-42.3
|
%
|
||||||
Investing activities
|
(7,117
|
)
|
(20,771
|
)
|
13,654
|
-66.7
|
%
|
|||||||||
Financing activities
|
260,146
|
439,795
|
(179,649
|
)
|
-40.9
|
%
|
·
|
418,750 shares of common stock with a value of $82,838 for services rendered to seven consultants,
|
·
|
193,856 shares of common stock in exchange for conversion of accounts payable in the amount of $29,682 to three vendors,
|
·
|
322,500 shares of common stock, a three-year warrant to purchase 322,500 shares of common stock at an exercise price of $0.125 and a three-year warrant to purchase 322,500 shares of common stock at an exercise price of $0.15 in exchange for conversion of short-term note payable in the amount of $30,000 plus accrued interest of $2,250 to an individual investor,
|
·
|
400,000 shares of common stock to 3 investors for $40,000 cash. In addition, Entia granted a three-year warrant to purchase 400,000 shares of common stock exercisable at $0.125 and a three-year warrant to purchase 400,000 shares of common stock exercisable at $0.15,
|
·
|
167,901 shares of common stock with a value of $168 in exchange for exercise of warrants to an individual, and
|
·
|
111,683 shares of common stock with a value of $14,072 in payment of accrued expenses to an individual.
|
Exhibit Number
|
Description of Exhibit
|
Filed Herewith
|
Form
|
Exhibit
|
Filing Date
|
||||||
|
|
|
|||||||||
3.1
|
Amended and Restated Articles of Incorporation of Registrant and Certificate of Validation
|
|
10-K
|
3.1
|
04/13/2016
|
||||||
3.2
|
Amended and Restated Bylaws of Registrant
|
|
8-K
|
3.2
|
09/22/2010
|
||||||
3.3
|
Amended Articles of Merger Incorporation as currently in effect
|
|
8-K
|
3.3
|
10/13/2008
|
||||||
10.1
|
Exclusive Option Agreement dated May 1, 2006, between The Penn State Research Foundation and Northwest Medical Research Inc.
|
|
8-K
|
10.1
|
09/04/2008
|
||||||
10.2
|
Assignment Agreement to the Option Agreement, dated July 31, 2008, among The Penn State Research Foundation, Northwest Medical Research Inc. and Generic Marketing Services, Inc.
|
|
8-K
|
10.2
|
09/04/2008
|
||||||
10.3
|
Assignment and Assumption Agreement, dated July 31, 2008, between Northwest Medical Research Inc. and Generic Marketing Services, Inc.
|
|
8-K
|
10.3
|
09/04/2008
|
||||||
10.4
|
Form of Common Stock and Warrant Purchase Agreement
|
|
8-K
|
10.1
|
06/12/2009
|
||||||
10.5
|
Form of Securities Purchase Agreement
|
|
8-K
|
10.1
|
09/21/2009
|
||||||
10.6
|
$50,000 Promissory Note between TNS and Marvin S. Hausman, M.D. and Philip Sobol dated December 30, 2009
|
|
8-K
|
10.1
|
12/31/2010
|
||||||
10.7
|
$100,000 Promissory Note between TNS and Larry A. Johnson dated January 12, 2010
|
|
8-K
|
10.1
|
2/24/2010
|
||||||
10.8
|
$100,000 Promissory Note between TNS and Mark C. Wolf dated February 18, 2010
|
|
8-K
|
10.2
|
2/24/2010
|
||||||
10.9
|
$50,000 Promissory Note between TNS and Mark C. Wolf dated February 18, 2010
|
|
10-K
|
10.9
|
4/15/2010
|
||||||
10.10
|
Profit Sharing Agreement between TNS, American Charter & Marketing LLC, and Delta Group Investments, Limited dated March 26, 2010
|
|
10-K
|
10.10
|
4/15/2010
|
||||||
10.11
|
Form of Common Stock and Warrant Agreement 2010
|
|
8-K
|
10.1
|
12/20/2010
|
||||||
10.12
|
$312,500 Promissory Note between TNS and Delta Group Investments Limited dated January 26, 2011
|
|
8-K
|
10.2
|
2/22/2010
|
||||||
10.13
|
Termination of Profit Sharing Agreement dated February 21, 2011
|
|
8-K
|
10.1
|
2/22/2011
|
||||||
10.14
|
Lease Agreement between TNS and Sherwood Venture LLC dated March 15, 2011
|
|
8-K
|
10.1
|
4/6/2011
|
||||||
10.15
|
Form of Warrant A Agreement 2010
|
|
8-K
|
10.2
|
12/22/2010
|
||||||
10.16
|
Form of Warrant B Agreement 2010
|
|
8-K
|
10.3
|
12/22/2010
|
||||||
10.15
|
Form of Warrant A Agreement 2010
|
|
8-K
|
10.2
|
12/22/2010
|
||||||
10.16
|
Form of Warrant B Agreement 2010
|
|
8-K
|
10.3
|
12/22/2010
|
||||||
10.17
|
Asset Purchase Agreement between TNS, FunGuys, LLC and Mark C. Wolf dated May 27, 2011
|
|
8-K
|
10.1
|
3/3/2011
|
||||||
10.18
|
Certificate of Designation of Preferences, Rights and Limitations of the Series A Preferred Stock of Total Nutraceutical Solutions, Inc. dated May 26, 2011.
|
|
8-K
|
10.3
|
3/3/2011
|
||||||
10.19
|
Employment Agreement between Marvin S. Hausman, M.D. and Total Nutraceutical Solutions, Inc. dated October 28, 2011.
|
|
8-K
|
10.1
|
11/2/2011
|
||||||
10.20
|
Employment Agreement between Devin Andres and Total Nutraceutical Solutions, Inc. dated October 28, 2011.
|
|
8-K
|
10.2
|
11/2/2011
|
||||||
31.1
|
X
|
|
|||||||||
31.2
|
X
|
|
|||||||||
32.1
|
X
|
|
|||||||||
32.2
|
X
|
|
|
Entia Biosciences, Inc.
|
||
|
|
||
November 14, 2016
|
By:
|
/s/Timothy A. Timmins
|
|
|
Executive Vice President
Chief Operating and Financial Officer
(Principal Financial Officer and Duly Authorized Officer)
|
1 Year Entia Biosciences (CE) Chart |
1 Month Entia Biosciences (CE) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions