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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Integrated Pharmaceuticals Inc (CE) | USOTC:INTP | 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 |
þ
|
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For the quarterly period ended September 30, 2007 |
o
|
RANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For the transition period from ______________ to________________ |
Integrated
Pharmaceuticals, Inc.
|
(Exact
name of small business issuer in its
charter)
|
Idaho
|
04-3413196
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
|
310
Authority Drive
Fitchburg,
MA 01420
|
|
(Address
of principal executive offices) (Zip Code)
|
|
(978)
696-0020
|
|
(Issuer’s
telephone number, including area code)
|
Title
of class
|
Name
of Exchange on Which Registered
|
Common
Stock, par value $.01 per share
|
None
|
PART
I. – FINANCIAL INFORMATION
|
PAGE
|
|
ITEM
1
|
Financial
Statements
|
2
|
ITEM
2
|
Plan
of Operation; Management’s Discussion and Analysis
|
11
|
ITEM
3
|
Controls
and Procedures
|
12
|
PART
II. – OTHER INFORMATION
|
||
ITEM
1
|
Legal
Proceedings
|
13
|
ITEM
2
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
13
|
ITEM
3
|
Default
Upon Senior Securities
|
13
|
ITEM
4
|
Submission
of Matters to a Vote of Security Holders
|
13
|
ITEM
5
|
Other
Information
|
13
|
ITEM
6
|
Exhibits
and Reports on Form 8-K
|
14
|
SIGNATURES
|
15
|
3 | Balance Sheets As At September 30, 2007 (unaudited) And December 31, 2006 |
4
|
Statements Of Operations And Income
For The Nine Months Ended September 30, 2007 and September 30, 2006
(unaudited)
|
5
|
Statements Of
Cash Flows For The Nine Months Ended September 30, 2007 and
2006 (unaudited)
|
7 - 31 | Notes To Financial Statements – September 30, 2007 |
September
30,
|
||||||||
2007
|
December
31,
|
|||||||
(unaudited)
|
2006
|
|||||||
ASSETS
|
||||||||
CURRENT
ASSETS
|
||||||||
Cash
|
$ |
537
|
$ |
872,181
|
||||
Accounts
receivable
|
27,687
|
687
|
||||||
Inventory
|
108,401
|
118,068
|
||||||
Prepaid
expenses
|
71,991
|
47,128
|
||||||
Total
Current Assets
|
208,616
|
1,038,064
|
||||||
PROPERTY
AND EQUIPMENT, net
|
890,503
|
1,279,401
|
||||||
OTHER
ASSETS
|
||||||||
Investments
|
2,870
|
3,590
|
||||||
Deposits
|
—
|
—
|
||||||
Patents,
net of amortization
|
104,450
|
107,800
|
||||||
Total
Other Assets
|
107,320
|
111,390
|
||||||
TOTAL
ASSETS
|
$ |
1,206,439
|
$ |
2,428,855
|
||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Bank
overdraft payable
|
$ |
102
|
—
|
|||||
Accounts
payable
|
192,987
|
$ |
218,754
|
|||||
Accrued
expenses
|
146,921
|
162,039
|
||||||
Related
party short-term debt
|
—
|
24,061
|
||||||
Total
Current Liabilities
|
340,010
|
404,854
|
||||||
COMMITMENTS
AND CONTINGENCIES
|
—
|
—
|
||||||
STOCKHOLDERS'
EQUITY
|
||||||||
Preferred
stock, $0.10 par value, 20,000 shares
authorized;
no shares issued
|
—
|
—
|
||||||
Common
stock, $0.01 par value, 75,000,000 shares authorized; 40,692,434
and
18,632,626 shares issued and outstanding, respectively
|
406,914
|
400,243
|
||||||
Additional
paid-in capital
|
16,859,900
|
16,728,424
|
||||||
Other
comprehensive income (loss)
|
850
|
1,570
|
||||||
Accumulated
deficit prior to development stage
|
(494,624 | ) | (494,624 | ) | ||||
Accumulated
deficit during development stage
|
(15,906,611 | ) | (14,611,612 | ) | ||||
Total
Stockholders' Equity
|
866,429
|
2,024,001
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ |
1,206,439
|
$ |
2,428,855
|
Period
from
|
||||||||||||||||||||
February
1, 2003
|
||||||||||||||||||||
(inception
of
|
||||||||||||||||||||
Three Months
Ended
|
Nine
Months Ended
|
development
stage)
|
||||||||||||||||||
September
30, 2007
|
September
30, 2006
|
September
30, 2007
|
September
30, 2006
|
to
September 30, 2007
|
||||||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||||||||
REVENUES
|
$ |
27,000
|
$ |
—
|
$ |
35,400
|
$ |
60,658
|
$ |
173,399
|
||||||||||
COST
OF GOODS SOLD
|
||||||||||||||||||||
Materials
and supplies
|
4,725
|
—
|
12,405
|
56,101
|
113,484
|
|||||||||||||||
Total
Cost of Goods Sold
|
4,725
|
—
|
12,405
|
56,101
|
113,484
|
|||||||||||||||
GROSS
PROFIT
|
22,275
|
—
|
22,995
|
4,557
|
59,915
|
|||||||||||||||
GENERAL
AND ADMINISTRATIVE EXPENSES
|
||||||||||||||||||||
Depreciation
and amortization
|
64,538
|
64,770
|
196,227
|
195,556
|
981,397
|
|||||||||||||||
Research
and development
|
72,532
|
47,919
|
166,683
|
134,452
|
1,126,480
|
|||||||||||||||
Marketing
|
6,743
|
3,900
|
10,760
|
12,749
|
640,394
|
|||||||||||||||
Legal
and professional fees
|
25,613
|
51,152
|
198,975
|
143,043
|
1,437,228
|
|||||||||||||||
Consulting
|
—
|
51,918
|
59,359
|
125,996
|
3,193,448
|
|||||||||||||||
Idle
facility expense
|
163,608
|
153,743
|
438,095
|
439,007
|
2,453,457
|
|||||||||||||||
Occupancy
|
26,422
|
30,330
|
84,995
|
99,540
|
1,215,391
|
|||||||||||||||
Labor
and benefits
|
(31,010 | ) |
13,750
|
67,291
|
61,418
|
919,259
|
||||||||||||||
Services
paid by stock options
|
—
|
43,754
|
2,850
|
224,402
|
1,494,423
|
|||||||||||||||
Office
supplies and expenses
|
3,454
|
5,359
|
15,408
|
15,277
|
201,524
|
|||||||||||||||
Travel
|
542
|
2,870
|
5,326
|
6,491
|
185,703
|
|||||||||||||||
Other
general and administrative expenses
|
14,207
|
30,380
|
63,723
|
106,455
|
688,902
|
|||||||||||||||
Total
General and Administrative Expenses
|
346,649
|
499,845
|
1,309,692
|
1,564,386
|
14,537,606
|
|||||||||||||||
OPERATING
INCOME (LOSS)
|
(324,374 | ) | (499,845 | ) | (1,286,697 | ) | (1,559,829 | ) | (14,477,691 | ) | ||||||||||
OTHER
INCOME (EXPENSES)
|
||||||||||||||||||||
Interest
income
|
2
|
3
|
6
|
79
|
10,285
|
|||||||||||||||
Interest
expense
|
(5,258 | ) | (2,805 | ) | (8,308 | ) | (5,842 | ) | (1,433,645 | ) | ||||||||||
Other
income (expense)
|
—
|
—
|
—
|
—
|
(5,560 | ) | ||||||||||||||
Total
Other Income and Expenses
|
(5,256 | ) | (2,802 | ) | (8,302 | ) | (5,763 | ) | (1,428,920 | ) | ||||||||||
LOSS
BEFORE TAXES
|
(329,630 | ) | (502,647 | ) | (1,294,999 | ) | (1,565,592 | ) | (15,906,611 | ) | ||||||||||
INCOME
TAXES
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
NET
LOSS
|
(329,630 | ) | (502,647 | ) | (1,294,999 | ) | (1,565,592 | ) | (15,906,611 | ) | ||||||||||
OTHER
COMPREHENSIVE INCOME (LOSS)
|
||||||||||||||||||||
Unrealized
gain (loss) in market value of investments
|
—
|
1,570
|
—
|
880
|
850
|
|||||||||||||||
COMPREHENSIVE
LOSS
|
$ | (329,630 | ) | $ | (501,077 | ) | $ | (1,294,999 | ) | $ | (1,564,712 | ) | $ | (15,905,761 | ) | |||||
NET
INCOME (LOSS) PER COMMON SHARE, BASIC AND
DILUTED
|
$ |
nil
|
$ | (0.02 | ) | $ | (0.03 | ) | $ | (0.07 | ) | |||||||||
WEIGHTED
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND
DILUTED
|
40,962,434 |
22,593,196
|
40,591,909 |
21,019,032
|
Period
from
|
||||||||||||
February
1, 2003
|
||||||||||||
(inception
of
|
||||||||||||
For
the Nine Months Ended
|
development
stage)
|
|||||||||||
September
30, 2007
|
September
30, 2006
|
to
Sept 30, 2007
|
||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net
income (loss)
|
$ | (1,294,999 | ) | $ | (1,565,592 | ) | $ | (15,906,611 | ) | |||
Adjustments
to reconcile net income (loss) to net cash
|
||||||||||||
flows
provided (used) by operating activities:
|
||||||||||||
Depreciation
and amortization
|
406,891
|
405,587
|
1,750,556
|
|||||||||
Loss
on disposition of assets
|
—
|
—
|
7,024
|
|||||||||
Stock
and warrants issued as incentive for notes payables
|
—
|
—
|
496,389
|
|||||||||
Stock
issued for interest expense
|
—
|
—
|
149,878
|
|||||||||
Stock
issued for rent expense
|
13,749
|
22,605
|
636,639
|
|||||||||
Stock
issued for services
|
32,231
|
18,390
|
1,208,270
|
|||||||||
Stock
issued for assets and securities
|
—
|
—
|
43,739
|
|||||||||
Stock
options and warrants vested
|
62,209
|
350,399
|
3,828,975
|
|||||||||
Recognition
of noncash deferred financing expense
|
—
|
—
|
578,699
|
|||||||||
Options
and warrants issued for services and financing
|
—
|
—
|
253,753
|
|||||||||
Noncash
recovery of other income
|
—
|
—
|
(1,850 | ) | ||||||||
Changes
in assets and liabilities:
|
||||||||||||
Receivables
|
(27,000 | ) | (10,512 | ) | (11,603 | ) | ||||||
Inventory
|
9,667
|
7,826
|
(108,401 | ) | ||||||||
Prepaid
expenses
|
(24,863 | ) |
32,951
|
75,569
|
||||||||
Other
assets
|
—
|
763
|
6,370 | |||||||||
Bank
overdraft payable
|
102
|
—
|
102
|
|||||||||
Accounts
payable
|
(25,767 | ) |
3,588
|
94,440
|
||||||||
Accrued
expenses
|
(15,118 | ) |
23,876
|
(36,063 | ) | |||||||
Net
cash used by operating activities
|
(862,898 | ) | (710,119 | ) | (6,934,125 | ) | ||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Purchase
of fixed assets
|
(17,995 | ) | (39,664 | ) | (2,761,534 | ) | ||||||
Patent
costs
|
3,350
|
(54,573 | ) |
(119,072
|
) | |||||||
Leasehold
concessions received
|
—
|
—
|
185,000
|
|||||||||
Net
cash used by investing activities
|
(14,645 | ) | (94,237 | ) | (2,695,606 | ) | ||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Sale
of common stock units
|
29,960
|
785,000
|
8,467,600
|
|||||||||
Payments
on capital leases
|
—
|
(195 | ) | (9,563 | ) | |||||||
Proceeds
from related party loans
|
(24,061 | ) | (20,493 | ) | (56,701 | ) | ||||||
Proceeds
from exercise of options
|
—
|
—
|
1,080
|
|||||||||
Proceeds
from convertible debt
|
—
|
—
|
939,900
|
|||||||||
Net
cash provided by financing activities
|
5,899
|
764,312
|
9,342,316
|
|||||||||
Net
increase in cash
|
(871,644 | ) | (40,044 | ) | (287,415 | ) | ||||||
Cash,
beginning of period
|
872,181
|
182,582
|
287,952
|
|||||||||
Cash,
end of period
|
$ |
537
|
$ |
142,538
|
$ | 537 | ||||||
SUPPLEMENTAL
CASH FLOW DISCLOSURES:
|
||||||||||||
Income
taxes paid
|
$ |
—
|
$ |
—
|
$ |
—
|
||||||
Interest
paid
|
$ |
—
|
$ |
—
|
$ |
25,000
|
||||||
NON-CASH
INVESTING AND FINANCING:
|
||||||||||||
Stock
options and warrants vested
|
$ |
62,209
|
$ |
350,399
|
$ |
3,799,324
|
||||||
Stock
and warrants issued for convertible debt
|
$ |
—
|
$ |
—
|
$ |
1,613,076
|
||||||
Stock
issued for assets and securities
|
$ |
—
|
$ |
—
|
$ |
43,739
|
||||||
Stock
issued as deferred incentive for notes payables
|
$ |
—
|
$ |
—
|
$ |
519,587
|
||||||
Stock
issued for prepaid and deferred rent and rent expense
|
$ |
20,445
|
$ |
22,605
|
$ |
619,209
|
||||||
Stock
and warrants issued for services
|
$ |
32,044
|
$ |
18,390
|
$ |
1,108,133
|
||||||
Warrants
and options issued for deferred services and financing
|
$ |
—
|
$ |
—
|
$ |
520,102
|
||||||
Accounts
payable paid by contributed capital
|
$ |
—
|
$ |
—
|
$ |
27,767
|
||||||
Noncash
recovery of other income
|
$ |
—
|
$ |
—
|
$ |
1,850
|
September
30,
2007
|
December
31,
2006
|
|||||||
Equipment
|
$ |
1,818,250
|
$ |
1,800,255
|
||||
Furniture
and fixtures
|
120,114
|
120,114
|
||||||
Leasehold
improvements
|
826,511
|
826,511
|
||||||
2,764,875
|
2,746,880
|
|||||||
Less: Accumulated
depreciation
|
(1,874,372 | ) | (1,467,479 | ) | ||||
Total
|
$ |
890,503
|
$ |
1,279,401
|
Plan
|
Number
of securities to be issued upon exercise of outstanding
options
|
Weighted-average
exercise price of outstanding options
|
Number
of securities remaining available for future issuance under
equity
compensation plans
|
|||
Equity
compensation plan approved by security holders (1)
|
1,025,000
|
$0.62
|
575,000
|
|||
|
||||||
Total
|
1,025,000
|
575,000
|
Number
of Shares
|
Weighted
Average
Exercise
Price
|
|||||||
Outstanding
at January 1, 2006
|
1,160,000
|
$ |
0.60
|
|||||
Granted
|
250,000
|
.27
|
||||||
Exercised
|
—
|
—
|
||||||
Forfeited
|
(135,000 | ) | (0.50 | ) | ||||
Outstanding
at December 31, 2006
|
1,275,000
|
0.55
|
||||||
Granted
|
—
|
—
|
||||||
Exercised
|
—
|
—
|
||||||
Rescinded
|
—
|
—
|
||||||
Options
outstanding at September 30, 2007
|
1,275,000
|
$ |
0.55
|
|||||
Options
exercisable at September 30, 2007
|
894,800
|
$ |
0.67
|
|||||
Weighted
average fair value of options granted in 2007
|
—
|
a)
|
The
minerals are 100% absorbable;
|
b)
|
There
is no taste of the minerals in the
bottle;
|
c)
|
There
are no calories, artificial flavoring, or
sweeteners.
|
Number
|
Description
of Exhibit
|
3.1
|
Amended
and Restated Articles of Incorporation of Integrated Pharmaceuticals,
Inc.
(1)
|
3.2
|
Amended
and Restated Bylaws of Integrated Pharmaceuticals, Inc.
(2)
|
4.1
|
Specimen
Certificate for Integrated Pharmaceuticals, Inc. Common Stock,
par value
$.01 per share (2)
|
4.2
|
Form
of Common Stock Purchase Warrant (2)
|
10.1
|
Amended
and Restated Patent License Agreement with NEC Partners
(2)
|
10.2
|
Lease
Agreement with Chantilas Properties, LLC and Advanced Process
Technologies, Inc. (2)
|
10.3
|
Assignment
and Assumption of Lease(2)
|
10.4
|
Consulting
and Warrant Agreements with James Czirr (2)
|
10.5
|
2002
Stock Plan (2)
|
10.6
|
Registration
Rights Agreement(2)
|
10.7
|
Letter
dated May 5, 2005 amending the Patent License Agreement with NEC
Partners
(3)
|
10.8
|
Letter
dated October 13, 2005 amending the Patent License Agreement with
NEC
Partners (4)
|
10.9
|
Investment
Agreement between the Company and Dutchess Private Equities Fund,
LP dated
December 22, 2006 (5)
|
10.10
|
Registration
Rights Agreement between the Company and Dutchess Private Equities
Fund,
LP dated December 22, 2006 (5)
|
10.11
|
Placement
Agent Agreement among the Company, US Euro Securities Inc. and
Dutchess
Private Equities Fund, LP dated December 22, 2006 (5)
|
14
|
Financial
Code of Ethics (6)
|
21
|
Subsidiaries
of Integrated Pharmaceuticals (6)
|
1 Year Integrated Pharmaceuticals (CE) Chart |
1 Month Integrated Pharmaceuticals (CE) Chart |
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