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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GeneThera Inc (CE) | USOTC:GTHR | 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% | 0.000001 | 0.00 | 01:00:00 |
Nevada
|
65-0622463
|
(State
or Other Jurisdiction of
|
(Internal
Revenue Service
|
Incorporation
or Organization)
|
Employer
Identification Number)
|
3051 W. 105th
Ave. #350251, Westminster, CO
|
80035
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
Non-accelerated filer ☐
|
Smaller reporting company ☒
Emerging growth company ☐
|
|
*
|
Our
financing plans,
|
|
*
|
Regulatory
environments in which we operate or plan to operate,
and
|
|
*
|
Trends
affecting our financial condition or results of operations, the
impact of competition, the start-up of certain operations and
acquisition opportunities.
|
|
*
|
Our
ability to raise capital,
|
|
*
|
Our
ability to execute our business strategy in a very competitive
environment,
|
|
*
|
Our
degree of financial leverage, risks associated with our acquiring
and integrating companies into our own,
|
|
*
|
Risks
relating to rapidly developing technology, and regulatory
considerations,
|
|
*
|
Risks
related to international economies,
|
|
*
|
Risks
related to market acceptance and demand for our products and
services,
|
|
*
|
The
impact of competitive services and pricing, and
|
|
*
|
Other
risks referenced from time to time in our SEC filings.
|
|
|
|
|
|
|
|
|
|
|
|
September
30, 2020
|
December
31, 2019
|
ASSETS
|
(unaudited)
|
|
Current
assets
|
|
|
Cash
|
$-
|
$5,309
|
Prepaid
expenses
|
12,323
|
-
|
Total current
assets
|
12,323
|
5,309
|
Property and
equipment
|
|
|
Automobile &
Trucks
|
26,400
|
26,400
|
Less: Accumulated
depreciation
|
(14,520)
|
(10,560)
|
Total property and
equipment, net
|
11,880
|
15,840
|
Other assets -
Deposit
|
-
|
-
|
TOTAL
ASSETS
|
$24,203
|
$21,149
|
|
|
|
LIABILITIES
& STOCKHOLDERS' DEFICIT
|
|
|
Current
liabilities
|
|
|
Accounts
payable
|
$81,070
|
$27,705
|
Accrued
expenses
|
6,672,079
|
6,092,364
|
Notes
payable
|
25,800
|
25,800
|
Convertible notes
payable, net of discount
|
54,500
|
54,500
|
Loan from
shareholder
|
710,221
|
741,778
|
|
|
|
Total
liabilities
|
7,543,670
|
6,942,147
|
|
|
|
Commitments
and Contingencies
|
-
|
-
|
Stockholders'
deficit:
|
|
|
Series A preferred
stock, par value $0.001 per share, 20,000,000 Shares authorized, 0
shares issued and outstanding, respectively
|
-
|
-
|
Series B preferred
stock, par value $0.001 per share, 30,000,000 shares authorized,
26,038,572 shares issued and outstanding, respectively
|
26,039
|
26,039
|
Common stock, par
value $0.001 per share, 300,000,000 shares authorized, 24,071,255
and 35,902,602 shares issued and outstanding,
respectively
|
24,071
|
35,904
|
Common stock to be
issued
|
53,572
|
53,572
|
Additional paid-in
capital
|
23,475,772
|
23,448,986
|
Accumulated
deficit
|
(31,098,925)
|
(30,485,499)
|
Total stockholders'
deficit of Genethera, Inc.
|
(7,519,470)
|
(6,920,998)
|
TOTAL
LIABILITIES & STOCKHOLDERS' DEFICIT
|
$24,203
|
$21,149
|
|
Three
Months Ended
|
Nine
Months Ended
|
||
|
September
30,
|
September
30
|
||
|
2020
|
2019
|
2020
|
2019
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
Expenses
|
|
|
|
|
General and
administrative expenses
|
154,900
|
119,240
|
$255,028
|
$146,591
|
Payroll
expenses
|
116,500
|
116,500
|
349,500
|
349,500
|
Depreciation
|
1,320
|
1,390
|
3,960
|
3,960
|
Total operating
expenses
|
272,720
|
313,552
|
608,488
|
500,051
|
Loss from
operations
|
(272,720)
|
(313,552)
|
(608,488)
|
(500,051)
|
Other
expenses
|
|
|
|
|
Interest
expense
|
(1,646)
|
(36,053)
|
(4,938)
|
(28,536)
|
|
-
|
-
|
-
|
-
|
Total other
expense
|
(1,646)
|
(36,053)
|
(4,938)
|
(28,536)
|
Other
Income
|
|
|
|
|
Settlement
proceeds
|
-
|
250,083
|
-
|
250,083
|
Total other
Income
|
-
|
250,083
|
-
|
250,083
|
Net income (loss)
before income taxes
|
(274,366)
|
36,245
|
(613,426)
|
(278,504)
|
Provision for
income taxes
|
-
|
-
|
-
|
-
|
Net income
(loss)
|
(274,366)
|
36,245
|
$(613,426)
|
$(278,504)
|
Loss per common
share - Basic and diluted
|
(0.01)
|
0.00
|
$(0.02)
|
$(0.01)
|
Weighted average
common shares outstanding - Basic and diluted
|
36,030,002
|
38,197,887
|
36,030,002
|
38,197,887
|
|
Series A Preferred
Stock
|
Series B Preferred
Stock
|
Common
Stock
|
Additional
Paid-In
|
Accumulated
|
Stock to
|
|
|||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
be
Issued
|
Total
|
Balance
at June 30, 2020
|
-
|
$-
|
26,038,572
|
$26,039
|
35,902,602
|
$35,904
|
$23,448,986
|
$(30,824,559)
|
$53,572
|
$(7,260,058)
|
Net
income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(274,366)
|
-
|
(274,366)
|
Stock issued for
services
|
|
|
|
|
1,095,381
|
1,095
|
13,859
|
|
|
14,954
|
Stock
issued
|
|
|
|
|
500,000
|
500
|
(500)
|
|
|
-
|
Stock
canceled
|
|
|
|
|
(13,426,728)
|
(13,427)
|
13,247
|
|
|
-
|
Balance
at September 30, 2020
|
-
|
$-
|
26,038,572
|
$26,039
|
24,071,255
|
$24,071
|
$23,475,772
|
$(31,098,925)
|
$53,572
|
$(7,519,470)
|
|
Series A Preferred
Stock
|
Series B Preferred
Stock
|
Common
Stock
|
Additional
Paid-In
|
Accumulated
|
Stock to
|
|
|||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
be
Issued
|
Total
|
Balance
at June 30, 2019
|
-
|
$-
|
26,038,572
|
$26,039
|
35,902,502
|
$35,904
|
$22,568,815
|
$(30,282,599)
|
$53,572
|
$(7,598,256)
|
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(259,412)
|
-
|
(259,412)
|
Balance
at September 30, 2019
|
-
|
$-
|
26,038,572
|
$26,039
|
35,902,502
|
$35,904
|
$22,568,815
|
$(30,542,011)
|
$53,572
|
$(7,857,669)
|
|
Series A Preferred
Stock
|
Series B Preferred
Stock
|
Common
Stock
|
Additional
Paid-In
|
Accumulated
|
Stock to
|
|
|||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
be
Issued
|
Total
|
Balance
at December 31, 2019
|
-
|
$-
|
26,038,572
|
$26,039
|
35,902,602
|
$35,904
|
$23,448,986
|
$(30,485,499)
|
$53,572
|
$(6,920,998)
|
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(613,426)
|
-
|
(613,426)
|
Stock issued for
services
|
|
|
|
|
1,095,381
|
1,095
|
13,859
|
|
|
14,954
|
Stock
issued
|
|
|
|
|
500,000
|
500
|
(500)
|
|
|
-
|
Stock
canceled
|
|
|
|
|
(13,426,728)
|
(13,427)
|
13,427
|
|
|
-
|
Balance
at September 30, 2020
|
-
|
$-
|
26,038,572
|
$26,039
|
24,071,255
|
$24,071
|
$23,475,772
|
$(31,098,925)
|
$53,572
|
$(7,519,470)
|
|
Series A Preferred
Stock
|
Series B Preferred
Stock
|
Common
Stock
|
Additional
Paid-In
|
Accumulated
|
Stock to
|
|
|||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
be
Issued
|
Total
|
Balance
at December 31, 2018
|
10,350
|
$12
|
26,038,572
|
$26,039
|
35,902,602
|
$35,904
|
$22,568,815
|
$(29,967,850)
|
$53,572
|
$(7,283,507)
|
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(278,504)
|
-
|
(278,504)
|
Balance
at September 30, 2019
|
10,350
|
$12
|
26,038,572
|
$26,039
|
35,902,602
|
$35,904
|
$22,568,815
|
$(30,542,011)
|
$53,572
|
$(7,857,669)
|
|
For
the Nine Months Ended
|
|
|
September
30,
|
|
|
2020
|
2019
|
|
(unaudited)
|
(unaudited)
|
Cash
flows from operating activities
|
|
|
Net
loss
|
$(613,426)
|
$(278,504)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
Stock-based
compensation
|
-
|
-
|
Amortization of
discount on debt
|
-
|
-
|
Depreciation and
amortization
|
3,960
|
3,960
|
Shares issued for
services
|
14,956
|
-
|
Changes in
operating assets and liabilities:
|
|
|
Prepaids
|
(12,323)
|
(1,249)
|
Deposit
|
-
|
12,000
|
Fixed
Assets
|
-
|
-
|
Accounts receivable
- related parties
|
-
|
-
|
Accounts payable
and accrued expenses - related parties
|
(31,556)
|
-
|
Accounts payable
and accrued expenses
|
633,080
|
398,853
|
Net
cash used in operating activities
|
(5,309)
|
135,060
|
|
|
|
Cash
flows from investing activities
|
|
|
Purchase of Fixed
Asset
|
-
|
-
|
Net
cash used in investing activities
|
-
|
-
|
|
|
|
Cash
flows from financing activities
|
|
|
Proceeds from
issuance of stock
|
-
|
-
|
Proceeds from notes
payable
|
-
|
-
|
Net advance from
related parties
|
-
|
-
|
Proceeds from
convertible notes
|
-
|
-
|
Net
cash provided by financing activities
|
-
|
-
|
|
|
|
Net
decrease (increase) in cash
|
(5,309)
|
135,060
|
Cash at
the beginning of the year
|
5,309
|
5,040
|
Cash
at the end of the year
|
$-
|
$140,100
|
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
|
|
Pricing
inputs that are generally unobservable inputs and not corroborated
by market data.
|
|
|
|
|
1)
|
identification
of the contract with a customer.
|
|
2)
|
identification
of the performance obligations in the contract.
|
|
3)
|
determination
of the transaction price.
|
|
4)
|
allocation
of the transaction price to the performance obligations in the
contract. and
|
|
5)
|
recognition
of revenue when or as a performance obligation is satisfied.
Revenue is recognized when each performance obligation is satisfied
by the entity. An estimate of the variable consideration or
performance obligations that an entity ultimately expects to be
entitled to is included in the transaction price, and revenue is
recognized upon satisfaction of the related performance
obligation(s). An implicit or explicit significant financing
component is taken into consideration. IP licenses must be
analyzed. Each contract with customers is analyzed for multiple
elements if any element must stand alone.
|
|
September 30,
2020
|
December 31,
2019
|
Accrued officer
salaries (see below)
|
$5,222,400
|
$4,872,900
|
Accrued
interest
|
254,602
|
192,895
|
Other
|
1,195,077
|
1,026,569
|
|
$6,672,079
|
$6,092,364
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
|
|
*
|
Our
financing plans
|
|
*
|
Regulatory
environments in which we operate or plan to operate
|
|
*
|
Trends
affecting our financial condition or results of
operations
|
|
*
|
The
impact of competition, the start-up of certain operations and
acquisition opportunities.
|
|
*
|
Our
ability to raise capital
|
|
*
|
Our
ability to execute our business strategy in a very competitive
environment
|
|
*
|
Our
degree of financial leverage
|
|
*
|
Risks
associated with our acquiring and integrating companies into our
own
|
|
*
|
Risks
relating to rapidly developing technology
|
|
*
|
Regulatory
considerations
|
|
*
|
Risks
related to international economies
|
|
*
|
Risks
related to market acceptance and demand for our products and
services
|
|
*
|
The
impact of competitive services and pricing
|
|
*
|
Other
risks referenced from time to time in our SEC filings
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of
Proceeds
|
Item 3.
|
Defaults upon Senior Securities
|
Item 4:
|
Mine Safety Disclosures
|
Item 5:
|
Other Information
|
Item 6:
|
Exhibits
|
Exhibit Number
|
|
Description of Exhibit
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/
Antonio Milici
|
|
Antonio
Milici, M.D., Ph.D.
|
|
President
|
|
(Principal
Executive Officer)
|
|
|
By:
|
/s/
Tannya L. Irizarry
|
|
Tannya
L. Irizarry
|
|
Chief
Financial Officer (Interim)
|
|
(Principal
Financial/Accounting Officer)
|
|
|
Signature
|
|
Title
|
|
Date
|
/s/
Antonio Milici
|
|
President,
Director
|
|
11/16/20
|
Antonio
Milici, M.D., PhD.
|
|
|
|
|
|
|
|
|
|
/s/
Tannya L. Irizarry
|
|
Chief
Financial Officer (Interim)
|
|
11/16/20
|
Tannya
L Irizarry
|
|
|
|
|
1 Year GeneThera (CE) Chart |
1 Month GeneThera (CE) Chart |
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