Colorado | 84-1330732 |
(State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Large
Accelerated Filer o
|
Accelerated
Filer o
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Non-Accelerated
Filer o
|
Smaller Reporting Company
x
|
Yes £ No T
|
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SANGUI
BIOTECH INTERNATIONAL, INC.
|
||||||||
Condensed
Consolidated Balance Sheets
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||||||||
ASSETS
|
||||||||
December
31,
|
June
30,
|
|||||||
2008
|
2008
|
|||||||
CURRENT
ASSETS
|
(Unaudited)
|
|||||||
Cash
|
$ | 42,021 | $ | 229,717 | ||||
Accounts
receivable
|
9,368 | 5,021 | ||||||
Inventory
|
134,229 | 127,109 | ||||||
Shareholder
loans receivable
|
117,776 | 533,059 | ||||||
repaid
expenses and other assets
|
13,592 | 28,627 | ||||||
Total
Current Assets
|
316,986 | 923,533 | ||||||
FIXED
ASSETS, Net
|
||||||||
Property and
equipment
|
4,491 | 7,021 | ||||||
Total
Fixed Assets
|
4,491 | 7,021 | ||||||
OTHER
ASSETS
|
||||||||
Tax
refunds receivable
|
27,232 | 40,166 | ||||||
Other
non-current assets
|
213,746 | 221,208 | ||||||
Total
Other Assets
|
240,978 | 261,374 | ||||||
TOTAL
ASSETS
|
$ | 562,455 | $ | 1,191,928 |
SANGUI
BIOTECH INTERNATIONAL, INC.
|
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Condensed
Consolidated Balance Sheets (Continued)
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||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)
|
||||||||
December
31,
|
June
30,
|
|||||||
2008
|
2008
|
|||||||
(Unaudited)
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable and accrued expenses
|
$ | 295,505 | $ | 317,378 | ||||
Notes
payable
|
140,499 | 1,952,841 | ||||||
Total
Current Liabilities
|
436,004 | 2,270,219 | ||||||
TOTAL
LIABILITIES
|
436,004 | 2,270,219 | ||||||
STOCKHOLDERS'
EQUITY (DEFICIT)
|
||||||||
Preferred
stock, no par value; 10,000,000 shares
|
||||||||
authorized,
-0- shares issued and outstanding
|
- | - | ||||||
Common
stock, no par value; 250,000,000 shares
|
||||||||
authorized,
68,048,600 and 50,000,000 shares
|
||||||||
issued
and outstanding, respectively
|
21,156,591 | 18,969,358 | ||||||
Additional
paid-in capital
|
3,138,674 | 3,138,674 | ||||||
Accumulated
other comprehensive income
|
(331,301 | ) | 154,272 | |||||
Accumulated
deficit
|
(23,837,513 | ) | (23,340,595 | ) | ||||
Total
Stockholders' Equity (Deficit)
|
126,451 | (1,078,291 | ) | |||||
TOTAL
LIABILITIES AND STOCKHOLDERS'
|
||||||||
EQUITY
(DEFICIT)
|
$ | 562,455 | $ | 1,191,928 |
SANGUI
BIOTECH INTERNATIONAL, INC.
|
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Condensed
Consolidated Statements of Operations
|
||||||||||||||||
(Unaudited)
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||||||||||||||||
For
the Three
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For
the Six
|
|||||||||||||||
Months
Ended
|
Months
Ended
|
|||||||||||||||
December
31,
|
December
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
REVENUES
|
$ | 8,858 | $ | 7,806 | $ | 11,117 | $ | 7,806 | ||||||||
COST
OF SALES
|
12,239 | 2,345 | 12,239 | 2,345 | ||||||||||||
GROSS
PROFIT
|
(3,381 | ) | 5,461 | (1,122 | ) | 5,461 | ||||||||||
OPERATING
EXPENSES
|
||||||||||||||||
Research
and development
|
84,610 | 45,366 | 115,304 | 134,868 | ||||||||||||
Depreciation
and amortization
|
801 | 892 | 2,206 | 2,106 | ||||||||||||
General
and administrative
|
190,000 | 160,062 | 347,344 | 299,453 | ||||||||||||
Total
Operating Expenses
|
275,411 | 206,320 | 464,854 | 436,427 | ||||||||||||
OPERATING
LOSS
|
(278,792 | ) | (200,859 | ) | (465,976 | ) | (430,966 | ) | ||||||||
OTHER
INCOME (EXPENSE)
|
||||||||||||||||
Interest
income
|
4,387 | - | 11,951 | - | ||||||||||||
Interest
expense
|
(21,541 | ) | (14,803 | ) | (43,573 | ) | (27,630 | ) | ||||||||
Other
income (loss)
|
680 | - | 680 | - | ||||||||||||
Total
Other Income (Expense)
|
(16,474 | ) | (14,803 | ) | (30,942 | ) | (27,630 | ) | ||||||||
LOSS
BEFORE INCOME TAXES
|
(295,266 | ) | (215,662 | ) | (496,918 | ) | (458,596 | ) | ||||||||
PROVISION
FOR INCOME TAXES
|
- | - | - | - | ||||||||||||
NET
LOSS
|
$ | (295,266 | ) | $ | (215,662 | ) | $ | (496,918 | ) | $ | (458,596 | ) | ||||
OTHER
COMPREHENSIVE INCOME
|
||||||||||||||||
Foreign
currency translation adjustments
|
(421,165 | ) | 65,375 | (485,573 | ) | 933,547 | ||||||||||
Total
Other Comprehensive Income
|
(421,165 | ) | 65,375 | (485,573 | ) | 933,547 | ||||||||||
COMPREHENSIVE
INCOME (LOSS)
|
$ | (716,431 | ) | $ | (150,287 | ) | $ | (982,491 | ) | $ | 474,951 | |||||
BASIC
AND DILUTED LOSS
|
||||||||||||||||
PER
SHARE
|
$ | (0.01 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) | ||||
WEIGHTED
AVERAGE NUMBER
|
||||||||||||||||
OF
SHARES OUTSTANDING
|
59,024,300 | 50,000,000 | 54,512,150 | 50,000,000 |
SANGUI
BIOTECH INTERNATIONAL, INC.
|
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Condensed
Consolidated Statements of Cash Flows
|
||||||||
(Unaudited)
|
||||||||
For
the Six
|
||||||||
Months
Ended
|
||||||||
December
31,
|
||||||||
2008
|
2007
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net
loss
|
$ | (496,918 | ) | $ | (458,596 | ) | ||
Adjustments
to reconcile net loss to net cash
|
||||||||
used
by operating activities:
|
||||||||
Depreciation,
depletion and amortization
|
2,206 | 2,106 | ||||||
Changes
in operating assets and liabilities
|
||||||||
(Increase)
Decrease in accounts receivable
|
(4,347 | ) | 7,821 | |||||
(Increase) decrease
in inventories
|
(7,120 | ) | (6,740 | ) | ||||
(Increase)
decrease in prepaid expenses and other assets
|
15,035 | 8,238 | ||||||
(Increase)
decrease in other assets
|
20,396 | 12,108 | ||||||
Increase
(decrease) in accounts payable and accrued expenses
|
(21,873 | ) | (9,116 | ) | ||||
Net
Cash Used in Operating Activities
|
(492,621 | ) | (444,179 | ) | ||||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Purchase
of fixed assets
|
(2,921 | ) | (2,921 | ) | ||||
Disposal
of fixed assets
|
3,245 | - | ||||||
Net
Cash Used in Investing Activities
|
324 | (2,921 | ) | |||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Cash
received on promissory notes
|
374,891 | 1,562,102 | ||||||
Cash
paid on notes receivable - related
|
- | (134,742 | ) | |||||
Cash
received on notes receivable
|
415,283 | - | ||||||
Net
Cash Provided by Financing Activities
|
790,174 | 1,427,360 | ||||||
EFFECT
OF EXCHANGE RATE CHANGES
|
(485,573 | ) | (906,547 | ) | ||||
NET
DECREASE IN CASH
|
(187,696 | ) | 73,713 | |||||
CASH
AT BEGINNING OF PERIOD
|
229,717 | 18,497 | ||||||
CASH
AT END OF PERIOD
|
$ | 42,021 | $ | 92,210 | ||||
SUPPLEMENTAL
DISCLOSURES OF
|
||||||||
CASH
FLOW INFORMATION
|
||||||||
CASH
PAID FOR:
|
||||||||
Interest
|
$ | - | $ | - | ||||
Income
Taxes
|
$ | - | $ | - | ||||
NON
CASH FINANCING ACTIVITIES:
|
||||||||
Common
stock issued for debt
|
$ | 2,187,233 | $ | - |
Name
|
For
|
Withheld
|
||
Thomas
Striepe
|
25,098,473
|
228,500
|
||
Joachim
Fleing
|
25,103,473
|
223,500
|
||
Hubertus
Schmelz
|
25,104,473
|
222,500
|
2.1
|
Exchange Agreement between MRC Legal Services LLC and SanguiBioTech International, Inc., dated of March 31, 2000 (1) |
3.1 | Articles of Incorporation of the Company (1) |
3.2 | Bylaws of the Company (1) |
3.3 | Amended and Restated Article of Incorporation, filed herewith |
3.4 | Amended and Restated Bylaws, filed herewith |
4.1 | Stock Option Agreement between Professor Wolfgang Barnikol and Sangui Biotech International, Inc. dated November 3, 1999 (2) |
10.1
|
Office Lease between Brookhollow Office Park and Sangui Biotech International, Inc. dated September 4, 1996 and as amended 2000 (2) |
10.2 | Fee Agreement between GlukoMeditech AG and Dr. Sieglinde Borchert dated June 15, 1998 (2) |
10.3 | Fee Agreement between SanguiBiotech AG and Dr. Sieglinde Borchert dated June 15, 1998 (2) |
10.4 | Service Contract between GlukoMeditech AG and Dr. Wolfgang Barnikol dated June 30, 1998 (2) |
10.5 | Service Contract between SanguiBiotech AG and Dr. Wolfgang Barnikol dated June 30, 1998 (2) |
10.6 | Service Agreement between Axel Kleinkorres Promotionsagentur and Sangui Biotech International, Inc. dated April 26, 1999 (2) |
10.7 | Amendment to Service Agreement between Axel Kleinkorres Promotionsagentur and Sangui Biotech International, Inc. dated August 18, 2000 (2) |
10.8 | Appropriation Notice from North-Rhine-Westphalia to GlukoMediTech AG dated November 30, 1998 (2) |
10.9 | Appropriation Notice from North-Rhine-Westphalia SanguiBiotech AG dated November 30, 1998 (2) |
10.10 | Lease Contract for Business Rooms between Research and Development Centre, Witten, Germany and GlukoMeditech AG dated June 6, 2000 (2) |
10.11 | Additional Agreement to Lease Contract between Research and Development Centre, Witten, Germany and GlukoMeditech AG dated June 7, 2000 (2) |
10.12 | Additional Agreement to Lease Contract between Research and Development Centre, Witten, Germany and SanguiBiotech AG dated June 7, 2000 (2) |
10.13 | Assignment of Patents and Royalty Agreement with Dr. Wolfgang Barnikol (3) |
10.14 | Prolongation Letter for SanguiBiotech AG Grants (4) |
10.15 | Amended and Restated Long-Term Incentive Plan, filed herewith |
16.1 | Auditor Letter from HJ & Associates, LLC (5) |
21.1 | Subsidiaries of the Company (6) |
31.01 | Certification of CEO Pursuant to Rule 13a-14(a) and 15d-14(a), filed herewith |
31.02 | Certification of CFO Pursuant to Rule 13a-14(a) and 15d-14(a), filed herewith |
32.01 | Certification Pursuant to Section 1350 of Title 18 of the United States Code, filed herewith |
99.01 | Press Release Dated December 11, 2008, filed herewith |
99.02 | Press Release Dated December 19, 2008, filed herewith |
99.03 | Press Release Dated February 9, 2009, filed herewith |