DELAWARE
|
33-0824714
|
(State
of Incorporation)
|
(I.R.S.
Employer Identification No.)
|
|
|
|
|
8885
Rehco Road, San Diego, California
|
92121
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
BIO-MATRIX
SCIENTIFIC GROUP, IINC. AND SUBSIDIARY
|
|||||||
(FORMARLY
TASCO INTERNATIONAL)
|
|||||||
(A
Development Stage Company)
|
|||||||
Consolidated
Balance Sheets
|
|||||||
ASSETS
|
|||||||
|
As
of March 31, 2007 (Unaudited)
|
As
of September 30, 2006
|
|||||
CURRENT
ASSETS
|
|||||||
Cash
|
$
|
147,705
|
$
|
22,641
|
|||
Employee
Receivable
|
3,000
|
||||||
Pre-paid
Expenses
|
23,727
|
20,207
|
|||||
Total
Current Assets
|
174,432
|
42,848
|
|||||
PROPERTY
& EQUIPMENT
|
364,737
|
340,557
|
|||||
GOODWILL
|
|||||||
Intangible
Assets/Technology
|
-
|
||||||
Total
Other Assets
|
25,726
|
29,127
|
|||||
TOTAL
ASSETS
|
$
|
564,895
|
$
|
412,532
|
|||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
CURRENT
LIABILITIES
|
|||||||
Accounts
payable
|
$
|
3,945
|
$
|
91,079
|
|||
Loans
from former parent
|
-
|
1,195,196
|
|||||
Due
To/ From New Parent
|
-
|
-
|
|||||
Notes
Payable
|
321,562
|
148,952
|
|||||
Accrued
Payroll
|
-
|
-
|
|||||
Accrued
Payroll Taxes
|
14,545
|
16,460
|
|||||
Accrued
Interest
|
13,258
|
1,368
|
|||||
Accrued
expenses
|
-
|
-
|
|||||
Total
Current Liabilities
|
353,310
|
1,453,055
|
|||||
LONG
TERM LIABILITIES
|
-
|
-
|
|||||
TOTAL
LIABILITIES
|
353,310
|
1,453,055
|
|||||
STOCKHOLDERS'
EQUITY
|
|||||||
Preferred
Stock ($.0001 par value authorized
|
|||||||
20,000,000
shares authorized; none
|
|||||||
issued
and outstanding.)
|
|||||||
Common
Stock, ($.0001 par value authorized
|
|||||||
80,000,000
shares authorized; 17,996,619 and 13,385,000
|
|||||||
shares
issued and outstanding as of March 31, 2007 and September 30, 2006,
respectively
|
1,800
|
1339
|
|||||
Additional
paid in Capital
|
32,609,035
|
30,375,584
|
|||||
Deficit
accumulated during the development stage
|
(32,399,250
|
)
|
(31,417,446
|
)
|
|||
Total
Stockholders' Equity (Deficit)
|
$
|
211,585
|
$
|
(1,040,523
|
)
|
||
TOTAL
LIABILITIES
|
|||||||
&
STOCKHOLDERS' EQUITY
|
$
|
564,895
|
$
|
412,532
|
BIO-MATRIX
SCIENTIFIC GROUP, IINC. AND SUBSIDIARY
|
(FORMARLY
TASCO INTERNATIONAL)
|
(A
Development Stage Company)
|
Consolidated
Statement of Operations
(Unaudited)
|
|
Inception
|
|||||||||||||||
|
(October
6, 1998)
|
|||||||||||||||
|
3
Months Ended
|
3
Months Ended
|
6
Months Ended
|
6
Months Ended
|
through
|
|||||||||||
|
March
31,
|
March
31
|
March
31,
|
March
31
|
March
31,
|
|||||||||||
2007
|
2006
|
2007
|
2006
|
2007
|
||||||||||||
REVENUES
|
||||||||||||||||
Sales
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1,000
|
||||||
Total
Revenues
|
-
|
-
|
-
|
1,000
|
||||||||||||
COSTS
AND EXPENSES
|
-
|
|||||||||||||||
Research
and Development
|
60,604
|
169,092
|
196,767
|
|||||||||||||
General
and administrative
|
217,090
|
1,633
|
441,763
|
1,883
|
1,268,458
|
|||||||||||
Depreciation
and amortization
|
333
|
667
|
1,000
|
|||||||||||||
Consulting
and professional fees
|
228,321
|
354,161
|
1,144,796
|
|||||||||||||
Impairment
of goodwill & intangibles
|
-
|
-
|
29,777,222
|
|||||||||||||
Total
Costs and Expenses
|
506,348
|
1,633
|
965,683
|
1,883
|
32,388,243
|
|||||||||||
OPERATING
LOSS
|
(506,348
|
)
|
(1,633
|
)
|
(965,683
|
)
|
(1,883
|
)
|
(32,387,243
|
)
|
||||||
OTHER
INCOME & (EXPENSES)
|
||||||||||||||||
Interest
Expense
|
(9,509
|
)
|
(16,354
|
)
|
(17,722
|
)
|
||||||||||
Other
Expense
|
(73
|
)
|
1
|
(73
|
)
|
13
|
(73
|
)
|
||||||||
Interest
Income
|
306
|
306
|
345
|
|||||||||||||
Other
income
|
-
|
-
|
5,443
|
|||||||||||||
Total
Other Income & (Expenses)
|
(9,276
|
)
|
1
|
(16,121
|
)
|
13
|
(12,007
|
)
|
||||||||
NET
INCOME (LOSS)
|
$
|
(515,624
|
)
|
$
|
(1,632
|
)
|
(981,804
|
)
|
$
|
(1870
|
)
|
$
|
(32,399,250
|
)
|
||
BASIC
AND DILUTED EARNINGS (LOSS) PER SHARE
|
||||||||||||||||
BASIC
AND DILUTED EARNINGS (LOSS) PER SHARE
|
$
|
(0.03
|
)
|
$
|
(0.00
|
)
|
(0.06
|
)
|
$
|
(0.00
|
)
|
$
|
-
|
|||
WEIGHTED
AVERAGE NUMBER OF
|
||||||||||||||||
COMMON
SHARES OUTSTANDING
|
16,947,346
|
12,780,000
|
16,102,133
|
12.780,000
|
-
|
BIO-MATRIX
SCIENTIFIC GROUP INC. AND SUBSIDIARY
|
||||||||||
(FORMERLY
TASCO INTERNATIONAL, INC.)
|
||||||||||
Consolidated
Statement of Stockholders' Equity
|
||||||||||
From
October 6, 1998 through March 31, 2007
(Unaudited)
|
|
|
|
Additional
|
Deficit
Accumulated
|
|
|||||||||||
|
Common
|
Paid-in
|
During
the
|
|
||||||||||||
|
Shares
|
Amount
|
Capital
|
Development
Stage
|
Total
|
|||||||||||
|
||||||||||||||||
Stock
issued for cash October 6, 1998
|
1,000,000
|
$
|
100
|
$
|
(90
|
)
|
$ |
$
|
10
|
|||||||
Stock
issued for cash October 9, 1998
|
|
1,300,000
|
130
|
1,170
|
1,300
|
|||||||||||
Stock
issued for cash October 9, 1998
|
190,000
|
19
|
171
|
190
|
||||||||||||
Stock
issued for cash April 1, 1999
|
290,000
|
29
|
261
|
290
|
||||||||||||
Net
Loss October 6,1998 (inception)
|
-
|
|||||||||||||||
through
September 30, 1999
|
(295
|
)
|
(295
|
)
|
||||||||||||
Balance
September 30, 1999
|
2,780,000
|
278
|
1,512
|
(295
|
)
|
1,495
|
||||||||||
|
||||||||||||||||
Stock
issued for cash October 19, 1999
|
|
10,000,000
|
1,000
|
9,000
|
10,000
|
|||||||||||
Net
Loss October 1,1999
|
|
-
|
||||||||||||||
through
September 30, 2000
|
(367
|
)
|
(367
|
)
|
||||||||||||
Balance
September 30, 2000
|
12,780,000
|
1,278
|
10,512
|
(662
|
)
|
11,128
|
||||||||||
|
||||||||||||||||
Net
Loss October 1, 2000
|
-
|
|||||||||||||||
through
September 30, 2001
|
(11,028
|
)
|
(11,028
|
)
|
||||||||||||
Balance
September 30, 2001
|
12,780,000
|
1,278
|
10,512
|
(11,690
|
)
|
100
|
||||||||||
Net
Loss October 1, 2001
|
-
|
|||||||||||||||
through
September 30, 2002
|
(4,257
|
)
|
(4,257
|
)
|
||||||||||||
Balance
September 30, 2002
|
12,780,000
|
1,278
|
10,512
|
(15,947
|
)
|
(4,157
|
)
|
|||||||||
Net
Loss October 1, 2002
|
-
|
|||||||||||||||
through
September 30, 2003
|
(4,328
|
)
|
(4,328
|
)
|
||||||||||||
Balance
September 30, 2003
|
12,780,000
|
1,278
|
10,512
|
(20,275
|
)
|
(8,485
|
)
|
|||||||||
Contributed
Capital
|
12,362
|
12,362
|
||||||||||||||
Net
Loss October 1, 2003
|
-
|
|||||||||||||||
through
September 30, 2004
|
(7,974
|
)
|
(7,974
|
)
|
||||||||||||
Balance
September 30, 2004
|
12,780,000
|
1,278
|
22,874
|
(28,249
|
)
|
(4,097
|
)
|
|||||||||
Contributed
Capital
|
9,021
|
9,021
|
||||||||||||||
Net
Loss October 1, 2004
|
-
|
|||||||||||||||
through
September 30, 2005
|
(6,667
|
)
|
(6,667
|
)
|
||||||||||||
Balance
September 30, 2005
|
12,780,000
|
1,278
|
31,895
|
(34,916
|
)
|
(1,743
|
)
|
|||||||||
Stock
Cancelled June 13, 2006
|
(10,000,000
|
)
|
(1,000
|
)
|
(1,000
|
)
|
||||||||||
Stock
issued June 13, 2006
|
10,000,000
|
1,000
|
28,999,000
|
29,000,000
|
||||||||||||
Stock
issued for services
|
305,000
|
31
|
759,719
|
759,750
|
||||||||||||
Stock
issued for Compensation
|
300,000
|
30
|
584,970
|
585,000
|
||||||||||||
Net
Loss October 1, 2005
|
-
|
|||||||||||||||
through
September 30, 2006
|
(31,382,530
|
)
|
(31,382,530
|
)
|
||||||||||||
Balance
September 30, 2006
|
13,385,000
|
1,339
|
30,375,584
|
(31,417,446
|
)
|
(1,040,523
|
)
|
|||||||||
Stock
issued for services
|
100,184
|
10
|
112,524
|
112,534
|
||||||||||||
Stock
issued for Compensation
|
153,700
|
15
|
101,465
|
101,480
|
||||||||||||
Stock
issued in exchange for canceling debt
|
2,854,505
|
284
|
1,446,120
|
1,446,404
|
||||||||||||
Net
Loss October 1, 2006
|
-
|
|||||||||||||||
through
December 31, 2006
|
(466,179
|
)
|
(466,179
|
)
|
||||||||||||
Balance
December 31, 2006
|
16,493,389
|
1,649
|
32,035,693
|
(31,883,625
|
)
|
153,717
|
||||||||||
Stock
issued for cash
|
500,000
|
50
|
124,950
|
125,000
|
||||||||||||
Stock
issued for services
|
359,310
|
36
|
235,042
|
235,078
|
||||||||||||
Stock
issued for Compensation
|
143,920
|
14
|
88,400
|
88,414
|
||||||||||||
Stock
issued in exchange for canceling debt
|
500,000
|
50
|
124,950
|
125,000
|
||||||||||||
Net
Loss January 1, 2007
|
-
|
|||||||||||||||
through
March 31, 2007
|
(515,624
|
)
|
(515,624
|
)
|
||||||||||||
Balance
March 31, 2007
|
17,996,619
|
$
|
1,800
|
$
|
32,609,035
|
$
|
(32,399,249
|
)
|
$
|
211,585
|
BIO-MATRIX
SCIENTIFIC GROUP, INC. AND SUBSIDIARY
|
|||||||||||||||
(FORMERLY
TASCO INTERNATIONAL, INC.)
|
|||||||||||||||
(
A Development stage Company)
|
|||||||||||||||
Consolidated
Statements of Cash Flows
(Unaudited)
|
|
October
6, 1998
|
|||||||||||||||
|
(inception)
|
|||||||||||||||
|
6
Months Ended
|
6
Months Ended
|
3
Months Ended
|
3
Months Ended
|
through
|
|||||||||||
|
March
31,
|
March
31,
|
March
31,
|
March
31,
|
March
31,
|
|||||||||||
2007
|
2006
|
2007
|
2006
|
2007
|
||||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||||||
Net
(loss)
|
$
|
(981,804
|
)
|
$
|
(1,870
|
)
|
$
|
(515,624
|
)
|
(1,632
|
)
|
$
|
(32,399,250
|
)
|
||
Adjustments
to reconcile net loss to net cash (used in) provided
|
||||||||||||||||
by
operating activities:
|
||||||||||||||||
Impairment
of goodwill and intangible asset
|
-
|
29,777,222
|
||||||||||||||
Depreciation
expense
|
667
|
-
|
333
|
-
|
1,000
|
|||||||||||
Stock
issued for compensation
|
189,894
|
-
|
88,414
|
-
|
774,894
|
|||||||||||
Stock
issued for services
|
347,612
|
-
|
235,078
|
-
|
1,107,362
|
|||||||||||
Cancellation
of Debt
|
(5,443
|
)
|
||||||||||||||
Stock
issued to cancel debt plus accrued interest
|
376,209
|
125,000
|
376,209
|
|||||||||||||
Changes
in operating assets and liabilities:
|
-
|
|||||||||||||||
(Increase)
decrease in receivables
|
(3,000
|
)
|
(2,926
|
)
|
(3,000
|
)
|
||||||||||
(Increase)
decrease in prepaid expenses
|
(3,520
|
)
|
(23,727
|
)
|
(23,727
|
)
|
||||||||||
Increase
(Decrease) in Accounts Payable
|
(87,134
|
)
|
(1,600
|
)
|
(50,278
|
)
|
(1,600
|
)
|
3,945
|
|||||||
Increase
(Decrease) in Accrued Expenses
|
9,976
|
-
|
14,805
|
-
|
27,804
|
|||||||||||
(
Increase) Decrease in Deposits
|
3,401
|
3,401
|
(25,726
|
)
|
||||||||||||
Net
Cash Provided by (Used in) Operating
Activities
|
(147,699
|
)
|
(3,470
|
)
|
(125,524
|
)
|
(3,232
|
)
|
(388,710
|
)
|
||||||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||||||
Purchases
of fixed assets
|
(24,847
|
)
|
-
|
-
|
-
|
(365,737
|
)
|
|||||||||
Purchases
of Intangible assets
|
-
|
-
|
-
|
(29,777,222
|
)
|
|||||||||||
Net
Cash Provided by (Used in) Investing
Activities
|
(24,847
|
)
|
-
|
-
|
-
|
(30,142,959
|
)
|
|||||||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||||||
Common
stock issued for cash
|
50
|
50
|
1,328
|
|||||||||||||
Additional
paid in Capital
|
124,950
|
-
|
124,950
|
-
|
29,161,288
|
|||||||||||
Principal
borrowings on notes
|
172,610
|
-
|
133,238
|
-
|
321,562
|
|||||||||||
Net
borrowings from related parties
|
-
|
3,500
|
-
|
-
|
1,195,196
|
|||||||||||
Net
Cash Provided by (Used in) Financing
Activities
|
297,610
|
3,500
|
258,238
|
-
|
30,679,374
|
|||||||||||
Net
Increase (Decrease) in Cash
|
125,064
|
30
|
132,714
|
(3,232
|
)
|
147,705
|
||||||||||
Cash
at Beginning of Period
|
22,641
|
-
|
14,991
|
3,261
|
-
|
|||||||||||
Cash
at End of Period
|
$
|
147,705
|
-
|
$
|
147,705
|
30
|
147,705
|
|||||||||
Supplemental
Cash Flow Disclosures:
|
||||||||||||||||
Cash
paid during period for interest
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
|||||||||
Cash
paid during period for taxes
|
$
|
-
|
-
|
$
|
-
|
$
|
800
|
Acquisition
cost:
|
||||
Production
Equipment
|
US$
|
93,315
|
||
Production
Cleanroom
|
78,264
|
|||
Leasehold
improvement
|
188,981
|
|||
Office
equipment
|
3,057
|
|||
Computer
|
2,120
|
|||
|
||||
Subtotal
|
365,737
|
|||
Less
accumulated depreciation
|
(1000
|
)
|
||
Total
|
US$
|
364,737
|
|
As
of March 31, 2007
|
|||
Deferred
tax assets:
|
||||
Net
operating tax carry forwards
|
$
|
11,015,745
|
||
Other
|
0
|
|||
|
||||
Gross
deferred tax assets
|
11,,015,745
|
|||
Valuation
allowance
|
(11,015,745
|
)
|
||
|
||||
Net
deferred tax assets
|
$
|
0
|
1998
Net Operating Loss
|
$
|
(295
|
)
|
|
1999
Net Operating Loss
|
(367
|
)
|
||
2000
Net Operating Loss
|
(11,028
|
)
|
||
2001
Net Operating Loss
|
(4,257
|
)
|
||
2002
Net Operating Loss
|
(4,328
|
)
|
||
2003
Net Operating Loss
|
(7,974
|
)
|
||
2004
Net Operating Loss
|
(6,667
|
)
|
||
2005
Net Operating Loss
|
(31,382,530
|
)
|
||
Three
Months Ended December 31, 2006 Net Operating Loss
|
(466,179
|
)
|
||
Three
Months Ended March 31, 2007 Net Operating Loss
|
(515,624
|
)
|
||
Net
Operating Loss
|
$
|
(32,399,250
|
)
|
2007
|
$
|
232,842
|
||
2008
|
$
|
239,936
|
||
2009
|
$
|
247,038
|
||
2010
|
$
|
254,444
|
||
2011
|
$
|
42,614
|
|
Number
of
|
|||
|
Shares
|
|||
As
of March 31, 2007:
|
|
|||
|
|
|||
Granted
|
1,362,114*
|
|||
Remaining
shares available for issuance under the Plan as of March 31,
2007
|
137,886
|
31.1
|
Certification
of Chief Executive Officer
|
|
|
31.2
|
Certification
of Acting Chief Financial Officer
|
|
|
32.1
|
Certification
of Chief Executive Officer under Section 906 of the Sarbanes-Oxley
Act of
2002.
|
|
|
32.2
|
Certification
of Acting Chief Financial Officer under Section 906 of the Sarbanes-Oxley
Act of 2002.
|
|
Bio
Matrix Scientific Group, Inc.
|
|
a
Delaware corporation
|
|
|
By:
|
/s/
David R. Koos
|
|
David
R. Koos
|
|
Chief
Executive Officer
|
|
Date:
March 10, 2007
|