We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Modern Mobility Aids Inc (PK) | USOTC:MDRM | 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% | 0.011 | 0.0061 | 0.03 | 0.00 | 21:01:38 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended March 31, 2015
|
|
or
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Nevada
|
27- 4677038
|
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
(I.R.S. Employer
Identification No.)
|
|
First Canadian Place, Suite 350,
Toronto, Ontario, CANADA
|
M5X 1C1
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Large accelerated filer
o
|
Accelerated filer
o
|
|
Non-accelerated filer
o
|
Smaller reporting company
x
|
Class
|
Outstanding as of April 1
, 2016
|
|
Common Stock, $0.001 par value
|
127,547,840
|
Page
|
|
PART I - FINANCIAL INFORMATION
|
|
Item 1. Financial Statements
|
3
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
14
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
17
|
Item 4. Controls and Procedures
|
17
|
PART II - OTHER INFORMATION
|
|
Item 1. Legal Proceedings
|
18
|
Item 1A. Risk Factors
|
18
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
18
|
Item 3. Defaults Upon Senior Securities
|
20
|
Item 4. Mine Safety Disclosures
|
20
|
Item 5. Other Information
|
20
|
Item 6. Exhibits
|
20
|
SIGNATURES
|
21
|
Consolidated Financial Statements:
|
||
●
|
Consolidated Balance Sheets as of March 31, 2015 (unaudited) and June 30, 2014
|
4
|
●
|
Consolidated Statements of Operations for the three and nine month periods ended March 31, 2015 and 2014, (unaudited)
|
5
|
●
|
Consolidated Statement of Changes in Stockholders’ Deficit for the period ended March 31, 2015
|
6
|
●
|
Consolidated Statements of Cash Flows for the nine month periods ended March 31, 2015 and 2014 (unaudited)
|
7
|
●
|
Notes to Consolidated Unaudited Financial Statements
|
8
|
GALILEO LIFE SCIENCES, INC.
(FORMERLY MODERN MOBILITY AIDS, INC.)
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
||||||||
MARCH 31, 2015
|
JUNE 30,
2014
|
|||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash
|
$
|
-
|
$
|
2,976
|
||||
Short term expense advances and deposits
|
2,028
|
9,434
|
||||||
Total Current Assets
|
2,028
|
12,410
|
||||||
Non-refundable deposit on business acquisition
|
-
|
46,006
|
||||||
License agreement deposit
|
66,290
|
-
|
||||||
Total Assets
|
$
|
68,318
|
$
|
58,416
|
||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
||||||||
Current Liabilities:
|
||||||||
Bank overdraft
|
$
|
810
|
$
|
-
|
||||
Accounts payable and accrued liabilities
|
226,777
|
116,388
|
||||||
Loan from shareholders
|
43,687
|
425,808
|
||||||
Notes payable
|
87,022
|
20,000
|
||||||
Other loans payable – related party
|
161,532
|
163,271
|
||||||
Total Current Liabilities
|
519,828
|
725,467
|
||||||
Total Liabilities
|
519,828
|
725,467
|
||||||
Commitments and Contingencies
|
||||||||
Stockholders' Deficit:
|
||||||||
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized: no shares issued and outstanding
|
-
|
|||||||
Common stock, par value $0.001 per share, 200,000,000 shares authorized; 114,145,570 and 77,161,792 shares issued and outstanding
|
114,145
|
77,162
|
||||||
Additional paid in capital
|
1,677,510
|
89,070
|
||||||
Accumulated deficit
|
(2,243,165)
|
(833,283
|
)
|
|||||
Total Stockholders' Deficit
|
(451,510)
|
(667,051
|
)
|
|||||
Total Liabilities and Stockholders’ Deficit
|
$
|
68,318
|
$
|
58,416
|
Three Months Ended
March 31,
|
Nine Months Ended
March 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Revenues
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Operating expenses:
|
||||||||||||||||
Consulting fees, related parties
|
27,514 | 12,450 | 766,620 | 24,725 | ||||||||||||
Consulting fees, third parties
|
7,319 | 5,841 | 193,112 | 8,779 | ||||||||||||
Loss on settlement of loan, related party
|
88,067 | - | 211,672 | - | ||||||||||||
Loss on settlement of loan, third party
|
- | - | 12,286 | - | ||||||||||||
Loss on cancellation of agreement
|
- | - | 27,750 | - | ||||||||||||
Impairment of business acquisition deposit
|
- | - | 46,006 | - | ||||||||||||
Legal fees
|
56,553 | - | 86,416 | 6,544 | ||||||||||||
Office and general expenses
|
21,151 | 7,730 | 85,233 | 26,571 | ||||||||||||
Total operating expenses
|
200,604 | 26,085 | 1,429,095 | 66,619 | ||||||||||||
(Loss) from Operations
|
(200,604 | ) | (26,085 | ) | (1,429,095 | ) | (66,619 | ) | ||||||||
Other Income (Expense)
|
||||||||||||||||
Interest expenses
|
(1,351 | ) | - | (5,123 | ) | - | ||||||||||
Foreign currency gain (loss)
|
13,758 | 2,629 | 24,336 | 3,301 | ||||||||||||
12,407 | 2,629 | 19,213 | 3,301 | |||||||||||||
(Loss) before Income Taxes
|
(188,197 | ) | (23,456 | ) | (1,409,882 | ) | (63,318 | ) | ||||||||
Provision for Income Taxes
|
- | - | - | - | ||||||||||||
Net (Loss) for the period
|
(188,197 | ) | (23,456 | ) | (1,409,882 | ) | (63,618 | ) | ||||||||
(Loss) Per Common Share - Basic and Diluted
|
$ | (0.01 | ) | $ | (0.00 | )* | $ | (0.01 | ) | $ | (0.00 | )* | ||||
Weighted Average Number of Common Shares Outstanding - Basic and Diluted
|
110,715,657 | 75,480,000 | 94,961,026 | 138,983,650 |
Common stock
|
Additional Paid-in
|
Accumulated
|
||||||||||||||||||
Shares (1)
|
Amount
|
Capital
|
Deficit
|
Total
|
||||||||||||||||
Balance – July 1, 2013
|
195,480,000 | $ | 195,480 | $ | (130,213 | ) | $ | (585,040 | ) | $ | (519,773 | ) | ||||||||
Common stock issued for cash, in May and June 2014
|
1,431,792 | 1,432 | 87,033 | - | $ | 88,465 | ||||||||||||||
Common stock issued for services, in May 2014
|
250,000 | 250 | 12,250 | - | $ | 12,500 | ||||||||||||||
Cancellation of common stock
|
(120,000,000 | ) | (120,000 | ) | 120,000 | - | $ | - | ||||||||||||
Net (loss) for the period
|
- | - | - | (248,243 | ) | (248,243 | ) | |||||||||||||
Balance – June 30, 2014
|
77,161,792 | 77,162 | 89,070 | $ | (833,283 | ) | $ | (667,051 | ) | |||||||||||
Common stock issued on debt conversion
|
17,556,428 | 17,556 | 710,160 | - | 727,716 | |||||||||||||||
Common stock issued for consulting services
|
2,000,000 | 2,000 | 186,750 | - | 188,750 | |||||||||||||||
Common stock issued for services-related parties
|
16,677,350 | 16,677 | 664,530 | - | 681,207 | |||||||||||||||
Commons stock issued for cancellation of subscription agreement
|
750,000 | 750 | 27,000 | - | 27,750 | |||||||||||||||
Net (loss) for the period
|
- | - | - | (1,409,882 | ) | (1,409,882 | ) | |||||||||||||
Balance – March 31, 2015
|
$ | 114,145,570 | $ | 114,145 | $ | 1,677,510 | $ | (2,243,165 | ) | $ | (451,510 | ) |
GALILEO LIFE SCIENCES, INC.
(FORMERLY MODERN MOBILITY AIDS, INC.)
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTH PERIODS ENDED MARCH 31, 2015 AND 2014
(UNAUDITED)
|
2015
|
2014
|
|||||||
Operating Activities:
|
||||||||
Net (loss)
|
$
|
(1,409,882
|
)
|
$
|
(63,318
|
)
|
||
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
|
||||||||
Loss on settlement of loan-related party
|
211,672
|
-
|
||||||
Loss on settlement of loan, third party
|
12,286
|
.
|
||||||
Impairment of business acquisition deposit
|
46,006
|
|||||||
Stock issued on cancellation of subscription agreement
|
27,750
|
-
|
||||||
Stock issued for consulting fees, related parties
|
681,205
|
-
|
||||||
Stock issued for services
|
188,750
|
-
|
||||||
Stock issued for interest on loans
|
1,472
|
-
|
||||||
Changes in Current Assets and Liabilities-
|
||||||||
Short term advances and deposits
|
7,406
|
-
|
||||||
Bank overdraft
|
810
|
-
|
||||||
Accounts payable and accrued liabilities
|
110,389
|
(6,397)
|
||||||
Net Cash (Used in) Operating Activities
|
(122,136
|
)
|
(69,715
|
)
|
||||
Investing Activities:
|
||||||||
Intangible assets-license agreement
|
(66,290
|
)
|
-
|
|||||
Net Cash (Used in) Investing Activities
|
(66,290
|
)
|
-
|
|||||
Financing Activities:
|
||||||||
Loan from shareholders
|
132,453
|
63,723
|
||||||
Notes payable (net)
|
67,022
|
-
|
||||||
Other loans payable – related party
|
(14,025)
|
5,992
|
||||||
Net Cash Provided by Financing Activities
|
185,450
|
69,715
|
||||||
Net Increase (decrease) in Cash
|
(2,976)
|
|
-
|
|||||
Cash - Beginning of Period
|
2,976
|
-
|
||||||
Cash - End of Period
|
$
|
-
|
$
|
-
|
||||
Supplemental Disclosure of Cash Flow Information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
-
|
$
|
-
|
||||
Income taxes
|
$
|
-
|
$
|
-
|
||||
Non Cash Investing and Financing Activities:
|
||||||||
Debt settled through the issuance of 17,556,428 shares of common stock
|
$
|
727,716
|
$
|
-
|
|
·
|
Two million (2,000,000) common shares upon delivery of certain materials, drawings and Prototypes to the Company;
|
|
·
|
Two million (2,000,000) common shares upon earlier of (i) the completion of a Prototype by the Company, or (ii) one year from the date of the agreement; and
|
|
·
|
One million (1,000,000) common shares upon receipt of approval from Health Canada for the sale in Canada of a device utilizing the intellectual property.
|
March 31,
2015
|
June 30,
2014
|
Rate
of
Interest
(per annum)
|
Maturity Date
|
||||||||
Note payable - A
|
$
|
20,000
|
$
|
20,000
|
10%
|
June 30, 2016
|
|||||
Note payable - B *
|
$
|
67,022
|
-
|
5%
|
June 30, 2016
|
||||||
$
|
87,022
|
$
|
20,000
|
|
·
|
On February 4, 2015 the Company entered into an agreement with a long time shareholder and supporter of the Company to convert a sum of $188,848 out of his total debt balance of $200,556 as of December 31, 2014 into 9,079,181 common shares of the Company at a conversion price of $0.030 per common shares, which represents the closing price of the Company's common share as reported by Bloomberg, L.P on the date of the conversion agreement.
|
Balance Sheet Data:
|
March 31, 2015
|
June 30, 2014
|
||||||
Cash
|
$
|
$
|
$
|
$ 2,976
|
||||
Total assets (other than cash)
|
$
|
68,318
|
$
|
55,440
|
||||
Total liabilities
|
$
|
519,828
|
$
|
725,467
|
||||
Shareholders' deficit
|
$
|
$ (451,510)
|
$
|
$ (667,051)
|
1.
|
CRAM – Contract Research and Manufacturing for Life Sciences Companies
|
2.
|
HEALTHCARE INNOVATION – Novel Drug and Device Delivery Format Packaging
|
3.
|
BIOPHARMA PARTNERSHIPS – Strategic Development and Production Alliances
|
|
·
|
On July 17, 2014, the Company entered into an engagement agreement, with seven (7) highly regarded professionals to become members of the "Medical Advisory Board established by the Company. In consideration of the services to be rendered by each members of the Advisory Board, the Company issued 250,000 common shares to each member on signing of the agreement. As a result of the engagement, the Company issued a total of 1,750,000 common shares at the price of $0.096 per common share, the closing price of the Company's stock as reported by Bloomberg, L.P.
|
|
·
|
On August 28, 2014, the Company issued 7,974,495 common shares at a conversion price of $0.0375 per common shares against closing market price of $0.05 per common share, in settlement of a $299,043 of a loan from a shareholder, as discussed above in Note 9 of the above financial statements.
|
|
·
|
On November 15, 2014, the Company entered into a debt conversion agreement with one of the private lenders to convert a total debt of $15,837, which includes $14,367 of principal balance and $1,471 of accrued interest as at the date of the agreement at ten percent (10%) per annum. Pursuant to the terms of the agreement, the number of shares of restricted common shares of the Company as shall be determined by applying a twenty five percent (25%) discount to the closing prices of the Company's common share as reported by Bloomberg, L.P on to the date the agreement. As a result of this debt conversion, the Company issued 502,752 common shares at a conversion price of $0.056 per common shares, which represents the closing price of the Company's stock as reported by Bloomberg, L.P, on the date of the conversion of the debts.
|
|
·
|
On December 1, 2014, the Board of Directors of the Company, in recognition of the valuable services performed by its officers and executives, approved issuance of 16,250,000 common shares at the market price of $0.041 per common shares, which represents the closing price of the Company's stock as reported by Bloomberg, L.P on the date of the resolution. Additionally, the Company issued 427,350 common shares, as a result of the Company's compensation agreement entered on December 1, 2014 with executives of the Company. According to the agreements, to the extent of any compensation owing to executives shall not have been paid as of the end of any calendar month, the Company may issue, or cause to be issued to those officers willing to accept same, in lieu of cash or other forms of payments for such services rendered, such number of shares of restricted common shares of the Company as shall be determined by applying a twenty five percent (25%) discount to the closing prices of the Company's common share as reported by Bloomberg, L.P on the date of the notice by any such officer to the Company that he elects to be paid in shares of common stock. All shares of common stock issued pursuant to the agreements shall be restricted pursuant to the provision of Rule 144 promulgated by the Securities Exchange Commission. As a result, the compensation owing as at December 31, 2014, the Company issued 427,350 common shares at a conversion price of $0.035 per common shares, which represents the closing price per share of the Company's common share as reported by Bloomberg, L.P prior to the date of the notice of intention. The Company issued shares as per the agreement and consequently recognized a net loss of $2,457 during the quarter.
|
|
·
|
On December 1, 2014, the Board of Directors of the Company approved issuance of 250,000 common shares at the market price of $0.041 per common shares for $10,250 of investor relations services.
|
|
·
|
On December 23, 2014, the Board of Directors of the Company approved cancellation of the subscription agreement made with a private company to purchase 308,000 common shares. The Board of Directors of the Company considered that it is in the interest of the Company to terminate the agreement and compensate fairly to the private company and its principals, who have, from time to time, provided services to the Company on a consulting basis. As a result of this cancellation, the Company issued 750,000 common shares at a price of $0.037 per common shares, which represents the closing price of the Company's stock as reported by Bloomberg, L.P, on the date of cancellation.
|
|
·
|
On February 4, 2015 the Company entered into an agreement with a long time shareholder and supporter of the Company to convert a sum of $188,848 out of his total debt balance of $200,556 as of December 31, 2014 into 9,079,181 common shares of the Company at a conversion price of $0.030 per common shares, which represents the closing price of the Company's common share as reported by Bloomberg, L.P on the date of the conversion agreement.
|
·
|
On May 15, 2015, the Company appointed Mr. Declan French as Chief Executive Officer of the Company, and on July 9, 2015 the Company issued him 4,000,000 common shares of share capital at the closing price of the Company's common shares as reported by Bloomberg, L.P. on the date of issuance, as an incentive to him.
|
·
|
In connection with an equity private placement subscription agreement dated June 12, 2015, the Company issued 1,000,000 common shares of the Company at the market prices of $0.048 per common share, which represents the closing price of the Company's common shares as reported by Bloomberg, L.P on the date of the subscription to generate $25,000 to meet the working capital requirements of the Company.
|
|
·
|
On June 24, 2015 the Company entered into an agreement with a lender of the Company to convert his total debt of $16,000 into 335,076 common shares of the Company at a conversion price of $0.048 per common shares, which represents the closing price of the Company's common share as reported by Bloomberg, L.P on the date of the conversion agreement. The amount of loan was obtained during June 2015.
|
·
|
On July 9, 2015, the Company issued 2,381,983 common shares at a subscription price of $0.030 per common shares, which represents the closing price of the Company's common share as reported by Bloomberg, L.P on the date of the subscription by way of an equity private placement to raise $21,975 to meet the working capital requirements of the Company. Additionally, the Company issued 1,872,643 common shares to a consultant for the continued consulting services rendered to the Company. Another lender of the Company converted a debt balance of $39,740 into 2,387,545 common shares of the Company, both transactions closed at a market price of $0.030 per common shares, which represents the closing price of the Company's common shares as reported by Bloomberg, L.P on the date of the conversion.
|
|
·
|
On July 6, 2015 the Company entered into an agreement with a group of lenders to the Company to convert their total debt of $3,730 into 124,323 common shares of the Company at a conversion price of $0.030 per common shares, which represents the closing price of the Company's common shares as reported by Bloomberg, L.P on the date of the conversion agreement. The amount of loan was obtained during June 2015.
|
·
|
In recognition of the advisory services of two consultants to the Board and management of the company, the Board of Directors, in its meeting held on July 22, 2015, ratified issuance of 250,000 and 350,000 common shares of the Company respectively at the market prices of $0.025 per common share, which represents the closing price of the Company's common shares as reported by Bloomberg, L.P on the date of the issuance.
|
·
|
On August 12, 2015, as a result of a small equity private placement, the Company issued 700,700 common shares of the Company at the market price of $0.01 per common share, which represents the closing price of the Company's common shares as reported by Bloomberg, L.P on the date of the subscription and raised $7,007 for operational needs of the Company.
|
MODERN MOBILITY AIDS INC.
|
||
By:
|
/s/ Declan French
|
|
Declan French
|
||
Chief Executive Officer and Director
|
By:
|
/s/ Preston J. Shea
|
|
Preston J. Shea
|
||
President, Chief Financial Officer and
Chief Accounting Officer
|
1 Year Modern Mobility Aids (PK) Chart |
1 Month Modern Mobility Aids (PK) 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