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)
|
Chang
G. Park, CPA, Ph. D.
t
371 E STREET
t CHULA
VISTA
t CALIFORNIA
91910-2615t
t
TELEPHONE
(858)722-5953 t FAX
(858)
761-0341 t FAX
(858)
764-5480
t E-MAIL
changgpark@gmail.com t
|
BIO-MATRIX
SCIENTIFIC GROUP, IINC. AND SUBSIDIARY
|
(FORMERLY
TASCO INTERNATIONAL)
|
(A
Development Stage Company)
|
Balance
Sheet
|
As
of June 30, 2007
|
||||
(Unaudited)
|
||||
CURRENT
ASSETS
|
||||
Cash
|
$ |
1,412
|
||
Employee
Receivable
|
-
|
|||
Pre-paid
Expenses
|
13,156
|
|||
Total
Current Assets
|
14,568
|
|||
PROPERTY
& EQUIPMENT
|
364,403
|
|||
GOODWILL
|
||||
Intangible
Assets/Technology
|
-
|
|||
Total
Other Assets
|
23,092
|
|||
TOTAL
ASSETS
|
$ |
402,063
|
||
CURRENT
LIABILITIES
|
||||
Accounts
payable
|
$ |
5,483
|
||
Loans
from former parent
|
-
|
|||
Due
To/ From New Parent
|
-
|
|||
Notes
Payable
|
138,846
|
|||
Accrued
Payroll
|
-
|
|||
Accrued
Payroll Taxes
|
36,689
|
|||
Accrued
Interest
|
5,678
|
|||
Accrued expenses
|
-
|
|||
Total
Current Liabilities
|
186,696
|
|||
LONG
TERM LIABILITIES
|
-
|
|||
TOTAL
LIABILITIES
|
186,696
|
|||
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; 13,385,000 & 20,110,179
|
||||
shares
issued and outstanding as of September 30, 2006 and June 30, 2007,
respectively
|
2,011
|
|||
Additional
paid in Capital
|
4,335,309
|
|||
Deficit
accumulated during the development stage
|
(4,121,953 | ) | ||
Total
Stockholders' Equity (Deficit)
|
$ |
215,367
|
||
TOTAL
LIABILITIES
|
||||
&
STOCKHOLDERS' EQUITY
|
$ |
402,063
|
BIO-MATRIX
SCIENTIFIC GROUP, INC. AND SUBSIDIARY
|
||||||||||||||||||||
(FORMERLY
TASCO INTERNATIONAL, INC.)
|
||||||||||||||||||||
(
A Development stage Company)
|
||||||||||||||||||||
Unaudited
Statements of Operations
|
||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Inception
|
||||||||||||||||||||
(August
2, 2005)
|
||||||||||||||||||||
3
Months Ended
|
3
Months Ended
|
9
Months Ended
|
9
Months Ended
|
through
|
||||||||||||||||
June
30,
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
||||||||||||||||
2007
|
2006
|
2007
|
2006
|
2007
|
||||||||||||||||
|
|
|
|
|
||||||||||||||||
REVENUES
|
||||||||||||||||||||
Sales
|
$ |
-
|
$ |
-
|
$ |
-
|
$ |
-
|
$ |
-
|
||||||||||
Total
Revenues
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
COSTS
AND EXPENSES
|
-
|
|||||||||||||||||||
Research
and Development
|
59,337
|
26,130
|
228,429
|
183,165
|
439,270
|
|||||||||||||||
General
and administrative
|
421,315
|
190,401
|
863,078
|
536,526
|
2,187,644
|
|||||||||||||||
Depreciation
and amortization
|
334
|
269
|
1,001
|
549
|
1,882
|
|||||||||||||||
Consulting
and professional fees
|
233,763
|
7,000
|
587,924
|
57,054
|
1,435,613
|
|||||||||||||||
Impairment
of goodwill & intangibles
|
-
|
-
|
34,688
|
|||||||||||||||||
Total
Costs and Expenses
|
714,749
|
223,800
|
1,680,432
|
777,294
|
4,099,097
|
|||||||||||||||
OPERATING
LOSS
|
(714,749 | ) | (223,800 | ) | (1,680,432 | ) | (777,294 | ) | (4,099,097 | ) | ||||||||||
OTHER
INCOME & (EXPENSES)
|
||||||||||||||||||||
Interest
Expense
|
(4,206 | ) | (837 | ) | (20,560 | ) | (1,160 | ) | (23,088 | ) | ||||||||||
Other
Expense
|
-
|
(73 | ) | (73 | ) | |||||||||||||||
Interest
Income
|
-
|
-
|
306
|
306
|
||||||||||||||||
Other
income
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
Other Income & (Expenses)
|
(4,206 | ) | (837 | ) | (20,327 | ) | (1,160 | ) | (22,855 | ) | ||||||||||
NET
INCOME (LOSS)
|
$ | (718,955 | ) | $ | (224,637 | ) | (1,700,759 | ) | (778,454 | ) | $ | (4,121,952 | ) | |||||||
BASIC
AND DILUTED EARNINGS (LOSS) PER SHARE
|
||||||||||||||||||||
BASIC
AND DILUTED EARNINGS (LOSS) PER SHARE
|
$ | (0.04 | ) | $ | (0.02 | ) | (0.10 | ) | (0.06 | ) | $ |
-
|
||||||||
WEIGHTED
AVERAGE NUMBER OF
|
||||||||||||||||||||
COMMON
SHARES OUTSTANDING
|
19,330,268
|
12,780,000
|
17,178,178
|
12,780,000
|
-
|
|||||||||||||||
BIO-MATRIX
SCIENTIFIC GROUP, INC. AND SUBSIDIARY
|
|||||||||||||||
(FORMERLY
TASCO INTERNATIONAL, INC.)
|
|||||||||||||||
(
A Development stage Company)
|
|||||||||||||||
Unaudited
Consolidated Statements of Cash Flows
|
|||||||||||||||
August
2, 2005
|
||||||||||||||||||||
(inception)
|
||||||||||||||||||||
9
Mos Ended
|
9
Mos Ended
|
3
Mos Ended
|
3
Mos Ended
|
through
|
||||||||||||||||
June
30,
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
||||||||||||||||
2007
|
2006
|
2007
|
2006
|
2007
|
||||||||||||||||
|
|
|
|
|
||||||||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||||||||||
Net
(loss)
|
$ | (1,700,759 | ) | $ | (778,454 | ) | $ | (718,955 | ) | (224,637 | ) | $ | (4,121,952 | ) | ||||||
Adjustments
to reconcile net loss to net cash (used in) provided
|
||||||||||||||||||||
by
operating activities:
|
||||||||||||||||||||
Depreciation
expense
|
1,000
|
548
|
333
|
269
|
1,881
|
|||||||||||||||
Stock
issued for compensation
|
300,344
|
-
|
110,450
|
-
|
885,344
|
|||||||||||||||
Stock
issued for services
|
570,542
|
-
|
222,930
|
-
|
1,330,292
|
|||||||||||||||
Stock
issued to cancel debt plus accrued interest
|
1,900,596
|
329,191
|
1,900,596
|
|||||||||||||||||
Changes
in operating assets and liabilities:
|
-
|
|||||||||||||||||||
(Increase)
decrease in receivables
|
-
|
34921
|
3,000
|
-
|
||||||||||||||||
(Increase)
decrease in prepaid expenses
|
7,051
|
(5,315 | ) |
10,571
|
1,810
|
(13,156 | ) | |||||||||||||
Increase
(Decrease) in Accounts Payable
|
(85,596 | ) |
32,320
|
1,538
|
11,790
|
5,483
|
||||||||||||||
Increase
(Decrease) in Accrued Expenses
|
24,541
|
13,360
|
14,565
|
3,122
|
42,368
|
|||||||||||||||
(
Increase) Decrease in Deposits
|
6,035
|
(29,127 | ) |
2,634
|
-
|
(23,092 | ) | |||||||||||||
Net
Cash Provided by (Used in) Operating
Activities
|
1,023,754
|
(731,746 | ) | (23,743 | ) | (207,646 | ) |
7,764
|
||||||||||||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||||||||||
Purchases
of fixed assets
|
(24,847 | ) | (267,544 | ) |
-
|
(51,104 | ) | (366,285 | ) | |||||||||||
Purchases
of Intangible assets
|
-
|
-
|
-
|
-
|
||||||||||||||||
Net
Cash Provided by (Used in) Investing
Activities
|
(24,847 | ) | (267,544 | ) |
-
|
(51,104 | ) | (366,285 | ) | |||||||||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||||||||||
Common
stock issued for cash
|
74
|
24
|
1,352
|
|||||||||||||||||
Additional
paid in Capital
|
185,092
|
-
|
60,142
|
-
|
219,735
|
|||||||||||||||
Principal
borrowings on notes
|
(10,106 | ) |
10,000
|
(182,716 | ) |
5,844
|
138,846
|
|||||||||||||
Net
borrowings from related parties
|
(1,195,196
|
) |
1,000,882
|
-
|
251,881
|
0
|
||||||||||||||
Net
Cash Provided by (Used in) Financing
Activities
|
(1,020,136
|
) |
1,010,882
|
(122,550 | ) |
257,725
|
359,933
|
|||||||||||||
Net
Increase (Decrease) in Cash
|
(21,229 | ) |
11,592
|
(146,293 | ) | (1,025 | ) |
1,412
|
||||||||||||
Cash
at Beginning of Period
|
22,641
|
-
|
147,705
|
12,617
|
-
|
|||||||||||||||
Cash
at End of Period
|
$ |
1,412
|
11,592
|
$ |
1,412
|
11,592
|
1,412
|
|||||||||||||
Supplemental Cash
Flow Disclosures:
|
||||||||||||||||||||
Cash
paid during period for interest
|
$ |
-
|
-
|
$ |
-
|
-
|
$ |
-
|
||||||||||||
Cash
paid during period for taxes
|
$ |
-
|
-
|
$ |
-
|
-
|
$ |
800
|
||||||||||||
BIO-MATRIX
SCIENTIFIC GROUP, INC. AND SUBSIDIARY
|
|||||
(FORMERLY
TASCO INTERNATIONAL, INC.)
|
|||||
Consolidated
Statement of Stockholders' Equity
|
|||||
From
August 2, 2005 through June 30, 2007
(Unaudited)
|
|
|
|
||||||||||||||||||
|
|
|
Additional
|
|
|
|||||||||||||||
|
Common
|
Paid-in
|
Retained
|
|
||||||||||||||||
|
Shares
|
Amount
|
Capital
|
Earnings
|
Total
|
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Shares
issued to parent
|
25,000
|
35,921
|
0
|
35,921
|
||||||||||||||||
Net
Loss August 2, 2005
|
-
|
|||||||||||||||||||
through
September 30, 2005
|
(1,000 | ) | (1,000 | ) | ||||||||||||||||
Balance
September 30, 2005
|
25,000
|
35,921
|
0
|
(1,000 | ) |
34,921
|
||||||||||||||
Net
Loss October 1, 2005
|
-
|
|||||||||||||||||||
through
December 31, 2005
|
(366,945 | ) | (366,945 | ) | ||||||||||||||||
Balance
December 31, 2005
|
25,000
|
35,921
|
0
|
(367,945 | ) | (332,024 | ) | |||||||||||||
Recapitalization
|
9,975,000
|
(34,921 | ) |
34,921
|
-
|
|||||||||||||||
Stock
issued Tasco merger
|
2,780,000
|
278
|
(278 | ) |
-
|
|||||||||||||||
Stock
issued for services
|
305,000
|
31
|
759,719
|
759,750
|
||||||||||||||||
Stock
issued for Compensation
|
300,000
|
30
|
584,970
|
585,000
|
||||||||||||||||
Net
Loss January 1, 2006
|
-
|
|||||||||||||||||||
through
September 30, 2006
|
(2,053,249 | ) | (2,053,249 | ) | ||||||||||||||||
Balance
September 30, 2006
|
13,385,000
|
1,339
|
1,379,332
|
(2,421,194 | ) | (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
|
3,039,441
|
(2,887,373 | ) |
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
|
3,612,783
|
(3,402,997 | ) |
211,585
|
||||||||||||||
Stock
issued for cash
|
240,666
|
24
|
60,142
|
60,166
|
||||||||||||||||
Stock
issued for services
|
406,129
|
41
|
222,889
|
222,930
|
||||||||||||||||
Stock
issued for Compensation
|
150,000
|
15
|
110,435
|
110,450
|
||||||||||||||||
Stock
issued in exchange for canceling debt
|
1,316,765
|
132
|
329,059
|
329,191
|
||||||||||||||||
Net
Loss April 1, 2007
|
-
|
|||||||||||||||||||
through
June 30, 2007
|
(718,955 | ) | (718,955 | ) | ||||||||||||||||
Balance
June 30, 2007
|
20,110,179
|
2,011
|
4,335,308
|
(4,121,952 | ) |
215,367
|
Acquisition
cost:
|
|||||
Production
Equipment
|
US$
|
93,314
|
|||
Production
Cleanroom
|
78,264
|
||||
Leasehold
improvement
|
188,981
|
||||
Office
equipment
|
3,057
|
||||
Computer
|
2,120
|
||||
Subtotal
|
365,736
|
||||
Less
accumulated depreciation
|
(1,333 | ) | |||
Total
|
US$
|
364,403
|
As
of June 30 , 2007
|
||||
|
|
|
|
|
Deferred
tax assets:
|
||||
Net
operating tax carry forwards
|
$
|
1,414,
593
|
||
Other
|
-0-
|
|||
Gross
deferred tax assets
|
1,414,593
|
|||
Valuation
allowance
|
(1,414,593)
|
|||
|
|
|
|
|
Net
deferred tax assets
|
$
|
-0-
|
2007
|
$ |
232,842
|
||
2008
|
$ |
239,936
|
||
2009
|
$ |
247,038
|
||
2010
|
$ |
254,444
|
||
2011
|
$ |
42,614
|
Number
of
|
||||
Shares
|
||||
As
of June 30, 2007:
|
||||
|
||||
Granted
|
1,454,772
|
*
|
||
Remaining
shares available for issuance under the Plan as of June 30,
2007
|
45,228
|
Number
of
|
||||
Shares
|
||||
As
of June 30, 2007:
|
||||
|
||||
Granted
|
458,540
|
|||
Remaining
shares available for issuance under the Plan as of June 30,
2007
|
1,041,460
|
Due
Date
|
Principal
Amount
|
|||
October
25, 2008
|
$ |
3,620
|
||
October
19, 2008
|
$ |
10,000
|
||
November
9, 2008
|
$ |
14,000
|
||
October
25, 2008
|
$ |
19,500
|
||
October
12, 2008
|
$ |
28,000
|
||
November
2, 2008
|
$ |
31,300
|
Laboratory
information systems
|
$
|
30,000
|
||
Laminar
flow hoods (2 ea) 4ft
|
$
|
10,000
|
||
Sepax
Cell Separation Device
|
$
|
50,000
|
||
Blood
processing equipment
|
$
|
80,000
|
||
Bar
code labeling equipment
|
$
|
3,000
|
||
Tube
heat sealers (2 ea)
|
$
|
4,000
|
||
Bench
top centrifuges (2) refrigerated
|
$
|
12,000
|
||
Cell
Therapy Software
|
$
|
30,000
|
||
Cryo
Tracking Software
|
$
|
28,000
|
||
Cryo
Tracking Equipment
|
$
|
45,000
|
||
Hematology
analyzer
|
$
|
15,000
|
||
Flow
Cytometer
|
$
|
150,000
|
||
BacTec
Microbiology equipment
|
$
|
20,000
|
||
Small
equipment (lab set-up)
|
$
|
10,000
|
||
Microscope
|
$
|
5,000
|
||
CO2
Incubator
|
$
|
4,000
|
||
Lab
benches
|
$
|
30,000
|
||
Supplies/reagents*
|
$
|
100,000
|
||
Total
|
$
|
626,000
|
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.
|
31.3
|
Certification
of Chief Executive Officer dated November 28, 2007
|
|
|
31.4
|
Certification
of Acting Chief Financial Officer dated November 28,
2007
|
|
|
32.3
|
Certification
of Chief Executive Officer under Section 906 of the Sarbanes-Oxley
Act of
2002. dated November 28, 2007
|
|
|
32.4
|
Certification
of Acting Chief Financial Officer under Section 906 of the Sarbanes-Oxley
Act of 2002 dated November 28, 2007
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Bio-
Matrix Scientific Group, Inc.
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a
Delaware corporation
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By:
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/s/
David R. Koos
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David
R. Koos
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|
Chief
Executive Officer
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Date:
November 28, 2007
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