0001354488-12-002219.txt : 20120508 0001354488-12-002219.hdr.sgml : 20120508 20120508162025 ACCESSION NUMBER: 0001354488-12-002219 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120508 DATE AS OF CHANGE: 20120508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Puramed Bioscience Inc. CENTRAL INDEX KEY: 0001409565 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 205510104 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52771 FILM NUMBER: 12821683 BUSINESS ADDRESS: STREET 1: PO BOX 677 STREET 2: 1326 SCHOFIELD AVENUE CITY: SCHOFIELD STATE: WI ZIP: 55476 BUSINESS PHONE: 715-359-6373 MAIL ADDRESS: STREET 1: PO BOX 677 STREET 2: 1326 SCHOFIELD AVENUE CITY: SCHOFIELD STATE: WI ZIP: 55476 10-Q 1 pmbs_10q.htm QUARTERLY REPORT pmbs_10q.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTER ENDED MARCH 31, 2012

Commission File No. 000-52771


PURAMED BIOSCIENCE, INC.
(Exact name of registrant as specified in its charter)

 
Minnesota       20-5510104
(State or other jurisdiction of 
Incorporation or organization)
   (IRS Employer ID Number)
     
1326 Schofield Avenue   Schofield, WI54476
(Address of principal executive offices)    (Zip Code)
 
(715) 359-6373
(Registrant’s telephone number)


Check whether the Issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  YES þ    NO o
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES þ NO o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule12b-2 of the Exchange Act. (Check one):

Large accelerated filer o                         Accelerated filer o                       Non-accelerated filer o                        Smaller reporting company þ
 
Indicate by checkmark whether registrant is a shell company. o
 
There were 23,294,385 shares of Common Stock outstanding as of May 8, 2012.

 
 
 
 
TABLE OF CONTENTS
 
PART I – FINANCIAL INFORMATION     3  
           
Item 1.  
CONDENSED FINANCIAL STATEMENTS
     3  
 
Condensed Balance Sheets
     3  
 
Unaudited Condensed Statements of Operations
     4  
 
Unaudited Condensed Statements of Cash Flows
     5  
 
Notes to Condensed Unaudited Financial Statements
     6  
Item 2. Management’s Discussion And Analysis        
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
     19  
Item 4.
Controls and Procedures
     20  
           
PART II – OTHER INFORMATION     21  
           
Item 1.   
Legal proceedings
     21  
Item 2.  
Unregistered Sales of Equity Securities and Use of Proceeds
     21  
Item 3.  
Defaults upon senior securities
     21  
Item 4.   Mine safety disclosures     21  
Item 5.   Other Information     21  

 
2
 
 
PART I – FINANCIAL INFORMATION

Item 1.  CONDENSED FINANCIAL STATEMENTS
PURAMED BIOSCIENCE, INC.
Condensed Balance Sheets
 
   
March 31,
    
June 30,
  
   
2012
    
2011
  
   
(Unaudited)
        
ASSETS
            
Current Assets
            
Cash
   $ 49,758     $ 93,879  
Accounts receivable
     1,595       316  
Inventory
     180,549       93,468  
Prepaid expenses
     60,787       4,513  
Total Current Assets
     292,689       192,176  
                 
Property and Equipment
                
Computer software
     2,483       3,760  
Computer hardware
     5,338       5,259  
Equipment
     2,136       2,136  
Accumulated depreciation
     (2,234 )     (2,326 )
Net Property and Equipment
     7,723       8,829  
                 
Other Assets
                
PuraMed Bioscience Products, net of accumulated
                
amortization of $238,412 and $202,409, respectively
     97,620       133,623  
Trademarks, net of accumulated amortization of $735 and $0
     15,401       15,543  
Patent
     68,778       53,491  
Total Other Assets
     181,799       202,657  
                 
Total assets
   $ 482,211     $ 403,662  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
                
Current Liabilities
                
Accounts payable
   $ 167,541     $ 116,064  
Accrued wages - Officers'
     119,336       122,505  
Accrued expenses
     29,742       17,769  
Convertible bond payable, net
     415,343       -  
Short-term convertible debt
     128,000       180,000  
Derivative liability
     201,220       318,355  
Total Current Liabilities
     1,061,182       754,693  
                 
Long-term Liabilities
                
Convertible bond payable, net
     -       312,843  
Total Long-term Liabilities
     -       312,843  
                 
Total Liabilities
     1,061,182       1,067,536  
                 
Stockholders' Equity (Deficit)
                
Undesignated shares, 5,000,000 shares authorized, none issued
     -       -  
Common stock, $.001 par value, 45,000,000 shares
                
   authorized, 22,697,117 shares and 19,288,643 shares issued
                
   and outstanding, respectively
     22,697       19,289  
Additional paid in capital
     4,448,283       3,400,671  
Deficit accumulated
     (5,049,951 )     (4,083,834 )
                 
Total Stockholders' Equity (Deficit)
     (578,971 )     (663,874 )
                 
Total Liabilities & Stockholders' Equity (Deficit)
   $ 482,211     $ 403,662  
z   
 
See notes to unaudited condensed financial statements.
 
 
3
 
 
PURAMED BIOSCIENCE, INC.
Unaudited Condensed Statements of Operations
 
   
Three months ended
    
Nine months ended
  
   
March 31, 2012
    
March 31, 2011
    
March 31, 2012
    
March 31, 2011
  
                                 
Total Net Revenues
   $ 143,883     $ 911     $ 757,815     $ 6,384  
                                 
                                 
Cost of sales
     49,727       362       171,039       3,870  
                                 
Gross profit
     94,156       549       586,776       2,514  
                                 
                                 
Operating expenses
                                
Selling, general and administrative expenses
     53,457       25,637       120,041       57,153  
Amortization and depreciation expense
     12,976       12,156       38,470       36,467  
Marketing and advertising expense
     267,296       49,629       535,943       194,030  
Professional fees
     215,597       153,285       374,584       212,253  
Research and development
     15,162       38,967       17,409       39,857  
Salaries
     11,389       36,016       48,192       63,936  
Officers' salaries
     150,384       48,000       306,384       144,000  
Total operating expenses
     726,261       363,690       1,441,023       747,696  
                                 
Loss from operations
     (632,105 )     (363,141 )     (854,247 )     (745,182 )
                                 
Other income / (expense)
                                
Interest income
     -       -       -       2  
Interest expense
     (100,435 )     (121,123 )     (315,791 )     (279,608 )
Gain/(loss) on disposal of assets
     -       -       (302 )     -  
Gain/(loss) on derivative liability
     67,728       -       204,223       -  
                                 
Total other income/(expense)
     (32,707 )     (121,123 )     (111,870 )     (279,606 )
                                 
Net loss
   $ (664,812 )   $ (484,264 )   $ (966,117 )   $ (1,024,788 )
                                 
Loss per common share - basic
                                
   and diluted
   $ (0.03 )   $ (0.03 )   $ (0.05 )   $ (0.07 )
                                 
Average number of  common shares
                                
   outstanding basic and diluted
     21,864,843       15,778,714       20,955,052       14,665,161  
 
See notes to unaudited condensed financial statements.

 
4
 
 
PURAMED BIOSCIENCE, INC.
Unaudited Condensed Statements of Cash Flows
 
   
Nine months ended
  
   
March 31, 2012
    
March 31, 2011
  
Cash flows from operating activities
            
Net loss
   $ (966,117 )   $ (1,024,788 )
                 
Changes on non cash working capital items:
                
Stock issued for services
     139,720       236,241  
Depreciation
     1,731       464  
Amortization
     36,738       36,003  
Warrants issued for services
     322,500       -  
Accretion on discount on convertible bond
     102,500       102,500  
Beneficial conversion feature
     174,190       140,000  
(Gain)/loss on derivative liability
     (204,223 )     -  
(Gain)/loss on disposal of assets
     302       -  
Changes in operating assets and liabilities:
                
    Accounts receivable
     (1,279 )     44  
    Inventory
     (87,081 )     234  
Prepaid expenses
     (56,274 )     946  
Accounts payable
     51,477       112,711  
Accrued wages - officers
     (3,169 )     102,690  
Accrued expenses
     21,173       17,932  
Net cash used for operating activities
     (467,812 )     (275,023 )
                 
Cash flows from investing activities
                
Patent acquisition costs
     (15,287 )     (14,726 )
Purchase of property and equipment
     (927 )     -  
Trademark acquisition costs
     (593 )     (2,208 )
Net cash used for investing activities
     (16,807 )     (16,934 )
                 
Cash Flows from financing activities
                
Short-term convertible debt proceeds
     178,000       140,000  
Proceeds from sale of stock with warrants
     262,498       139,601  
Net cash provided by financing activities
     440,498       279,601  
                 
Net (decrease) increase in cash
     (44,121 )     (12,356 )
Cash at beginning of period
     93,879       13,831  
                 
Cash at end of period
   $ 49,758     $ 1,475  
                 
Supplemental disclosures of noncash investing and
                
financing activities and other cash flow information:
                
Short-term debt converted to common stock
   $ 239,200     $ 129,000  
Interest paid with cash
   $ 31,092     $ 16,667  
 
See notes to unaudited condensed financial statements.
 
 
5
 

PURAMED BIOSCIENCE, INC.
Notes to Condensed Unaudited Financial Statements
For the Three and Nine Month Periods Ended March 31, 2012 and 2011

A.  Basis of Presentation
 
The condensed balance sheet as of March 31, 2012, the condensed statements of operations for the three and nine month periods ended March 31, 2012 and 2011 and the condensed statements of cash flows for the nine month periods ended March 31, 2012 and 2011 have been prepared by PuraMed BioScience, Inc. (the "Company") without audit.  In the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position as of March 31, 2012 and the results of operations and cash flows for the three and nine month periods ended March 31, 2012 and 2011 presented herein have been made.
 
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  These financial statements should be read in conjunction with the Company's financial statements and notes thereto for the fiscal year ended June 30, 2011 included in the Annual Report on Form 10-K of the Company filed with the SEC on September 28, 2011.
 
B.  Going Concern
 
At March 31, 2012, the Company had a negative working capital of $567,273, excluding derivative liabilities because they are expected to be paid with common stock.  The Company requires additional funds to accomplish its planned business strategy or support its projected expenses. In addition revenue received from the successful roll-out of our product at national retail drug stores will now play an increased role in our capital needs.   The Company plans to obtain the needed working capital primarily through sales of both equity and debt securities, which there is no assurance it will be able to accomplish.  If the Company cannot obtain substantial working capital through common stock sales or other sources (if any), it will be forced to curtail or cease its planned business operations.  If the Company is unable to obtain additional financing, its ability to continue as a going concern is doubtful.
 
C.  Accounting Policies
 
Income/(loss) per common share - Basic income/(loss) per common share is computed by dividing net income/(loss) by the weighted average number of common shares outstanding.  Diluted income/(loss) per common share assumes the exercise of stock options and warrants using the treasury stock method, if dilutive.
 
Product Amortization – PuraMed BioScience® products consist primarily of the cost of trade secrets, formulas, scientific and manufacturing know-how, trade names, marketing material and other intellectual property and are amortized on a straight-line basis over an estimated useful life of seven years.
 
Trademark Amortization – PuraMed BioScience® trademarks consist of the legal costs associated with registering our LipiGesic® and PuraMed BioScience® trademarks.  As these trademarks have been approved, they are being amortized on a straight-line basis over an estimated useful life of ten years.
 
Recently Enacted Accounting Standards
 
In December 2011, the Financial Accounting Standards Board (FASB) issued Update No. 2011-11—Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.  In 2010, FASB issued Update No. 2010-28—Intangibles—Goodwill and Other (Topic 350), Update 2010-22, Accounting for Various Topics, Technical Corrections to SEC Paragraphs, and Update No. 2010-21, Accounting for Technical Amendments to Various SEC Rules and Schedules Amendments to SEC Paragraphs Pursuant to Release No. 33-9026: Technical Amendments to Rules, Forms, Schedules and Codification of Financial Reporting Policies (SEC Update).  Adoption of any of these Updates will have no impact on the Company’s financial reporting.  Should any of these updates pertain to the Company, it will comply with its requirements for reporting.

 
6
 
 
PURAMED BIOSCIENCE, INC.
Notes to Condensed Unaudited Financial Statements
For the Three and Nine Month Periods Ended March 31, 2012 and 2011

D.  Inventory
 
Inventory consists of raw materials and finished goods.  Raw materials are the components, including boxes, inserts, liquid medicine and packaging materials that have not been combined into the final product, ready for sale.  Finished goods are the final product, available for sale.  The raw materials inventory will be assembled and placed in finished goods inventory when that amount is significantly reduced. Due to the lack of degradation of the material, no adjustment for obsolescence is necessary.  The following is inventory as of March 31, 2012 and June 30, 2011:
 
   
March 31, 2012
    
June 30, 2011
  
Raw Materials
   $ 67,666     $ 87,215  
Finished Goods
     112,883       6,253  
Total Inventory
   $ 180,549     $ 93,468  

E.  Notes Payable Transactions
 
During the fiscal year ended June 30, 2011, the Company issued convertible notes payable to certain accredited investors in the total principal amount of $215,000 and all having an interest rate of 8% per annum and maturing nine months from their issuance.  These notes were convertible at various rates ranging from $0.09 to $0.28 per share.  These notes were all converted during September to December 2011 for a total issuance by the Company of 1,450,850 common shares.
 
During the nine months ended March 31, 2012, the Company issued 8% convertible notes payable to certain accredited investors in the total principal amount of $178,000, which mature 9 months from their issuance, and are convertible at rates ranging from $0.11 to $0.21 per share.  During the current quarter, one of the principal of these notes, in the amount of $50,000, has been converted into common stock for an issuance by the Company of 358,747 common shares.
 
Because all of the foregoing notes are convertible at any time, they included a beneficial conversion amount which was calculated based on stated conversion rates, market prices of common stock of the Company, term of the notes and their interest rates. The amount of such beneficial feature for each note was basically equal to the principal amount of the note.
 
F.  Stockholder’s Equity
 
During August to October 2010, pursuant to the S-1 Registration, the Company sold a total of 174,760 shares of common stock at prices ranging from $0.41 to $0.74 per share, for total proceeds of $90,000 to Lincoln Park Capital, LLC.  In addition 2,754 shares, in the amount of $1,492, were provided to Lincoln Park Capital, LLC as financing commitment shares. This leaves 1,475,240 registered shares available for future sales pursuant to the effective S-1 Registration Statement.
 
During the nine months ended March 31, 2012, pursuant to the S-1 Registration, the Company sold a total of 567,287 shares of common stock at prices ranging from $0.25 to $0.293 per share, for total proceeds of $150,000 to Lincoln Park Capital, LLC.  In addition, 4,590 shares, in the amount of $1,219, were issued to Lincoln Park Capital, LLC as financing commitment shares. This leaves 907,953 registered shares available for future sales pursuant to the effective S-1 Registration Statement.
 
Convertible Notes
 
During the fiscal year ended June 30, 2011, the Company issued a total of 811,467 common shares for the full conversion of a prior year note payable in the total amount of $70,000, which note had an interest rate of 8% per annum and maturing nine months from its issuance.
 
 
7
 
 
PURAMED BIOSCIENCE, INC.
Notes to Condensed Unaudited Financial Statements
For the Three and Nine Month Periods Ended March 31, 2012 and 2011

F.  Stockholder’s Equity (Continued)

During the fiscal year ended June 30, 2011, the Company issued convertible notes payable to an accredited investor in the total principal amount of $65,000 and all having an interest rate of 8% per annum and maturing nine months from their issuance.  These notes were convertible at various rates ranging from $0.09 to $0.28 per share.  These notes were all converted during the fiscal year ended June 30, 2011 for a total issuance by the Company of 812,822 common shares.
 
During the fiscal year ended June 30, 2011, the Company issued convertible notes payable to an accredited investor in the total principal amount of $180,000 and all having an interest rate of 8% per annum and maturing nine months from their issuance.  These notes were convertible at various rates ranging from $0.09 to $0.21 per share.  These notes were all converted during the nine months ended March 31, 2012 for a total issuance by the Company of 1,450,850 common shares.
 
During the nine months ended March 31, 2012, the Company issued 8% convertible notes payable to an accredited investor in the total principal amount of $178,000, which mature nine months from their issuance, and are convertible at rates ranging from $0.13 to $0.21 per share.  During the current quarter, one of the principal of these notes, in the amount of $50,000, has been converted into common stock for an issuance by the Company of 358,747 common shares.
 
Because all of the foregoing notes are convertible at any time, they included a beneficial conversion amount which was calculated based on stated conversion rates, market prices of common stock of the Company, term of the notes and their interest rates. The amount of such beneficial feature for each note was basically equal to the principal amount of the note.
 
Common Stock for Services
 
During the fiscal year ended June 30, 2011, the Company issued a total of 666,088 common shares to certain persons in consideration for financial, management, marketing, legal and promotional services, valued at a total of $158,492 based on common stock prices ranging from $0.15 to $1.00.
 
On March 25, 2011, the Company issued 800,000 shares of PuraMed common stock based on $0.15 per share to be divided equally among its two Board of director members, Messrs. Mitchell and Higgins in consideration for their serving on the Board of Directors for the current year.
 
On April 4, 2011, Company issued 500,000 shares of restricted common stock to Mr. Russell Mitchell, the CEO of the Company, for the successful completion and publication of the clinical study.  The stock was valued at $0.15 per share.
 
During the nine months ended March 31, 2012, the Company issued a total of 581,590 common shares to certain persons in consideration for financial, management, marketing, legal and promotional services, valued at a total of $139,720 based on common stock prices ranging from $0.15 to $0.293.
 
Equity Securities for Cash
 
During the year ended June 30, 2011, the Company issued a total of 86,667 common shares to accredited or qualified investors in isolated transactions for a total amount of $13,000 at $0.15 per share.
 
During the year ended June 30, 2011, the Company sold 244,000 shares of restricted common stock with warrants for $36,600, $24,400 for stock and $12,200 for the warrants, to accredited or qualified investors in isolated transactions, at prices ranging from $0.30 to $0.50 per unit, of which there are two shares and one warrant per unit.
 
 
8
 
 
PURAMED BIOSCIENCE, INC.
Notes to Condensed Unaudited Financial Statements
For the Three and Nine Month Periods Ended March 31, 2012 and 2011

F.  Stockholder’s Equity (Continued)
 
During the year ended June 30, 2011, the Company sold 1,321,000 shares of restricted common stock with warrants for $330,250, to thirty-three private investors at a rate of $0.50 per unit, of which there are two shares and one warrant per unit.  In accordance with guidance in ASC 815-40-25-1 and ASC 815-40-25-8, the Company has determined the warrants issued have net cash settlement provisions that require classification as derivative liabilities rather than permanent equity. In accordance with such accounting rules, derivative instruments are recorded at fair value and marked-to-market each period until they are exercised or expire, with any change in the fair value charged or credited to income each period. Because these warrants do not trade in an active securities market, their fair value was estimated using the Black Scholes model.
 
During the nine months ended March 31, 2012, the Company sold 70,000 shares of restricted common stock with warrants for $17,500, $10,414 for stock and $7,086 for the warrants, to three private investors at a rate of $0.50 per unit, of which there are two shares and one warrant per unit.
 
During the nine months ended March 31, 2012, the Company issued 500,000 cashless warrants, at a conversion rate of $0.25 per share, to four separate consulting firms in connection with the successful entry into the two largest drugstore chains in the United States and the associated marketing support.  Because these warrants do not trade in an active securities market, their fair value was estimated using the Black Scholes model and were valued at $181,500.  These warrants expire after three years from date of issuance.  The Company classifies these warrants within permanent equity as additional paid-in capital in accordance with FASB ASC 815-40.
 
During the nine months ended March 31, 2012, the Company issued 400,000 cashless warrants, at a conversion price of $0.25 per share, to CEO Russell W. Mitchell in connection with the successful entry into the two largest drugstore chains in the United States.  Because these warrants do not trade in an active securities market, their fair value was estimated using the Black Scholes model, and were valued at $141,000.  These warrants expire after three years from date of issuance.  The Company classifies these warrants within permanent equity as additional paid-in capital in accordance with FASB ASC 815-40.
 
During the nine months ended March 31, 2012, the Company sold 380,000 shares of restricted common stock with 190,000 warrants for $95,000, to four private investors at a rate of $0.50 per unit, of which there are two shares and one warrant per unit.  In accordance with guidance in ASC 815-40-25-1 and ASC 815-40-25-8, the Company has determined the warrants issued have net cash settlement provisions that require classification as derivative liabilities rather than permanent equity. In accordance with such accounting rules, derivative instruments are recorded at fair value and marked-to-market each period until they are exercised or expire, with any change in the fair value charged or credited to income each period. Because these warrants do not trade in an active securities market, their fair value was estimated using the Black Scholes model.
 
As the adjustment for the derivative liability marked-to-market from the year ended June 2011, the Company recognized a net gain of $204,223 from the change in fair value of these warrants from the date of issuance to the quarter end, and from the year ended June 30, 2011 to March 31, 2012, for the derivative warrants issued in prior periods.  The portion of the net gain of $204,223 on derivative liabilities attributable to warrants granted during the period was $41,253.
 
G.  Subsequent Events

Pursuant to the S-1 Registration, the Company sold a total of 200,000 shares of common stock at a price of $0.25 per share, for total proceeds of $50,000 to Lincoln Park Capital, LLC.  In addition, 1,530 shares, in the amount of $383, were issued to Lincoln Park Capital, LLC as financing commitment shares. This leaves 707,953 registered shares available for future sales pursuant to the effective S-1 Registration Statement.
 
 
9
 
 
PURAMED BIOSCIENCE, INC.
Notes to Condensed Unaudited Financial Statements
For the Three and Nine Month Periods Ended March 31, 2012 and 2011

G.  Subsequent Events (Continued)
 
During the nine months ended March 31, 2012, the Company issued 8% convertible notes payable to an accredited investor in the total principal amount of $178,000, which mature nine months from their issuance, and are convertible at rates ranging from $0.11 to $0.21 per share.  During April 2012, one of these notes, in the amount of $40,000, has been converted into common stock for an issuance by the Company of 355,738 common shares.
 
In April 2012, the Company issued 40,000 shares of common stock to an independent contractor in consideration for promotional services, valued at a total of $10,000 based on $0.25 per share.
 
 
 
 
10
 
 
ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read and considered along with our condensed financial statements and related notes included in this 10-Q.  These financial statements were prepared in accordance with United States Generally Accepted Accounting Principles (U.S. GAAP).  This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions.  Our actual results may differ substantially from those anticipated in these forward-looking statements as a result of various factors including those set forth in the “Risk Factors” section of our Form 10-K filing for fiscal year ending June 30, 2011 filed with the SEC on September 28, 2011.
 
Background

PuraMed BioScience, Inc. (“PuraMed” or the “Company”) was incorporated in Minnesota on May 9, 2006 as a wholly-owned subsidiary of Wind Energy America, Inc. (formerly “Dotronix, Inc.”) for the purpose of engaging in the business of developing and marketing non-prescription over-the-counter healthcare products to remedy various ailments.
 
In late 2006, PuraMed’s former parent company decided to spin off its PuraMed subsidiary and related healthcare products business. Accordingly, on April 12, 2007, Wind Energy America, Inc. affected a spin-off of PuraMed to shareholders of Wind Energy America, Inc. on a pro rata dividend basis of one common share of PuraMed for each five common shares of Wind Energy America, Inc. Since April 12, 2007, effective date of the spin-off, PuraMed and Wind Energy America, Inc. have operated separately, with their respective managements, businesses, assets and capital structures being completely independent from each other.

Overview of Business

The Company is engaged in the business of developing and marketing a line of non-prescription medicinal or healthcare products to be marketed through various retail channels under the LipiGesic® brand and trademark. In an effort to add continuity to all of the PuraMed BioScience products, the Company trademarked the brand name LipiGesic®. The Company has completed all product development and design packaging for its initial three products, LipiGesic® M (Migraine), LipiGesic® PM (Insomnia), and LipiGesic® H (Tension Headache), and began their commercial introduction to the marketplace.
 
Product development and design packaging of all PuraMed products have been conducted entirely by the Company’s two principal officers, Russell Mitchell and James Higgins.  Messrs. Mitchell and Higgins have extensive and lengthy experience in new product development and marketing of non-prescription medical products and nutritional supplements and the many varied promotional activities involved in their marketing rollouts. For example, Mitchell Health Technologies served as the master broker for the launch of Quigley Corp’s “Cold-Eeze” treatment for common colds, which within 18 months exceeded $70 million in annual wholesale revenues. The Company considers the long and successful professional involvement of its management team in our industry to be a valuable asset to draw upon to achieve the future growth and profitability anticipated by the Company.
 
The Company entered the OTC healthcare products marketplace by employing “direct to consumer” marketing via television commercials and print articles.  This will be followed by broad retail distribution through mainstream drug store chains, mass merchandisers, and food chains. As of January 2012, PuraMed has achieved retail distribution in the top two national retail drug chains in the United States, Walgreens and CVS.  The Company is currently looking to expand its retail placement amongst national retail drug chains as well as undergoing substantial marketing activities directed toward supporting its initial commercial launch of its LipiGesic® M migraine headache relief product.
 
 
11
 
 
In addition to the national retail drug chain roll-out campaign, PuraMed is now implementing its public relations effort utilizing the evidence from its recently completed clinical study.  The clinical study design was a double blind, placebo controlled, multi-site study measuring the effectiveness of LipiGesic® M for the treatment of acute migraine attacks.  The Company announced in June 2011 that their independent clinical study of LipiGesic® M has been accepted for publication in a top-ranked medical journal.  Headache, a top-tier medical journal of the American Headache Society published the clinical study of LipiGesic® M in their July/August 2011 print edition.
 
The Company has implemented a robust Social Marketing effort utilizing popular social internet sites like Facebook, YouTube, Twitter, Google+ and the abundance of “blogs” to drive consumers and revenue by obtaining access to large audiences and influencers.  In addition to a strong consumer emphasis, this program will have a major component that promotes our LipiGesic® M product directly to the medical professionals who treat headaches.
 
The Company intends to continue to develop and grow its intellectual property portfolio in 2012 which is expected to substantially enhance shareholder value. The Company is currently engaged in conducting a clinical study on its LipiGesic® M migraine product for the potential use on children and adolescents. PuraMed already has established its protocol, identified researchers, and selected sites for a new Double Blind Placebo Controlled study of LipiGesic® M for the potential use with children. There are nearly 2 million children in the USA that suffer from frequent debilitating migraines with no prescription treatments approved for use on children.

LipiGesic® M

LipiGesic® M provides acute relief from migraine headaches, and contains the herbs feverfew and ginger as principal ingredients. PuraMed believes that its specific formulation of these herbs for its migraine remedy is unique and proprietary, providing relief from these severe headaches in minutes. The Company believes it will capture a material segment of the huge migraine headache remedy market. We believe that Americans spend in excess of $6 billion annually on headache pain relievers, and that over half of sufferers of migraine headaches rely exclusively on non-prescription medications.
 
We believe that at least 30 million Americans suffer from chronic migraine headaches with over 20 million of them having “severe” migraine conditions. Thus migraine headaches constitute a severe and disabling condition for millions of people. We further believe that the economic burden alone to the U.S. economy is in excess of $20 billion annually.
 
LipiGesic® M is effective, available as a non-prescription remedy, without any known side effects, and affordable compared to more expensive migraine drugs based on prescription chemical formulations.

LipiGesic® PM

LipiGesic® PM is a new class of non-prescription sleep aid without any known side effects, and contains a proprietary blend of natural ingredients including Valerian, St. John’s Wort, and Chamomile. We believe that the proprietary blend of these ingredients provides an effective remedy for insomnia and other sleep disorders. The sleep aid market features products based primarily on chemical antihistamines.
 
Accordingly, the LipiGesic® PM product provides a wide open market opportunity for an effective, natural alternative to prescription medications, which are somewhat addictive and often cause withdrawal symptoms and other side effects.  We have priced LipiGesic® PM as a premium sleep aid product, which provides us with a projected gross margin of approximately 80%. This large margin should leave us substantial room for ample introductory promotion, product allowances and other incentives conducive to achieving rapid market penetration.
 
Similar to the migraine remedy market, the market for sleep aid products represents a very large segment of the overall healthcare products marketplace. We believe that over half of all adults in the U.S. suffer from sleep disorders, and that many of them experience persistent insomnia. The National Center on Sleep Disorders has reported that there are as many as 70 million problem sleepers in the U.S. with many of them suffering from chronic sleep disorders. We believe that insomnia is second only to pain as a healthcare complaint.

 
12
 

Future LipiGesic® Products

We have completed development of additional non-prescription products, which we intend to launch commercially over the next couple years after establishing a solid market for our initial two products. These other PuraMed products include:
 
LipiGesic® H – provides relief for common tension headaches which afflict a majority of American adults from time to time. This remedy provides headache relief featuring a unique proprietary formulation of St. John’s Wort and common aspirin.
 
LipiGesic® Smoker’s Pal – provides relief from the symptoms associated with nicotine withdrawal with the added benefit of an appetite suppressant.
 
LipiGesic® RLS – provides relief of problematic leg cramps associated with Restless Leg Syndrome affecting a large segment of the population in the U.S.
 
LipiGesic® GI – provides relief of symptoms associated with nighttime reflux disorders.
 
LipiGesic® CS – provides fast relief for canker sore outbreaks.
 
When introduced commercially, these other products will be packaged and branded much like the initial LipiGesic® products, since we intend to devote substantial efforts and resources toward gaining a favorable and consistent brand and packaging for all PuraMed products to attempt to make them instantly recognizable on retail store shelves.

Sublingual Delivery System

The LipiGesic® M, LipiGesic® PM and LipiGesic® H are non-prescription, liquid medications that will be absorbed under-the tongue known as “sublingual.” The use of sublingual delivery provides fast relief for whatever ailment or condition is being treated. Unlike the majority of pills and medications absorbed through the stomach directly, PuraMed products are placed and absorbed directly under the tongue. Advantages of sublingual dispensing of drugs and medications include faster acting absorption for quick relief, improved efficacy, less stomach upset, and fewer side effects.
 
PuraMed has secured reliable contract manufacturers to produce and package PuraMed products in easy-to-use, sublingual dispensers.  These selected contractors are experienced in the production and packaging of this type of dispenser. PuraMed believes that its benchmark use of sublingual dispensers will distinguish its products favorably in comparison to most competing OTC products now in the marketplace.

Regulation of PuraMed Products

Unlike prescription drugs or medications, non-prescription healthcare remedies such as PuraMed products do not require FDA approval prior to entering the market. They are nonetheless subject to substantial FDA and other federal regulations governing their use, labeling, advertising, manufacturing and ingredients. PuraMed believes that its current and proposed development, formulation, marketing and other practices and procedures will comply fully with all governmental regulations applicable to PuraMed Products.

Business Structure

PuraMed will function primarily as a research and development, marketing and sales organization. Product manufacturing, packaging, product fulfillment and other operations will be outsourced to experienced and reliable third parties through contracts controlled by PuraMed. PuraMed believes this structure will reduce significantly the development stage costs and development time related to launching each PuraMed product commercially.
 
 
13
 

Product Manufacturing

Production and packaging of PuraMed products will be outsourced to various contract manufacturers known by PuraMed’s management from prior substantial business and contract dealings. Due to the business and contacts developed by PuraMed management over the past years with leading contract manufacturers, PuraMed is convinced it can obtain professional and timely production, packaging and delivery of all PuraMed products.

Sales and Marketing

PuraMed intends to launch its initial three products commercially through the following three-phase process:
 
Phase One Rollout:  Direct Response. In December 2009 PuraMed began running its two-minute direct response television commercials via selected national cable television stations for our LipiGesic M migraine headache relief product.  The media spend over the initial ninety day test phase was modest in an effort to optimize the television campaign. PuraMed will also employ website and toll-free telephone access in conjunction with its TV direct response campaigns. A Social Media Campaign conducted on the internet via popular internet networking sites like Facebook, Twitter and Google + has also been implemented to drive customers to our eCommerce websites.
 
Phase Two Rollout:  Retail Drugstores. PuraMed began consumer awareness and delivering product sales from its direct response marketing phase coupled with its Social Marketing Plan to reach both consumers and medical professionals by the second quarter of 2011. In the fourth quarter of calendar year 2011 it began marketing through more than 15,000 retail drugstores targeted by PuraMed, including Walgreens and CVS which are the top two national retail drug chains in the US.  Due to PuraMed’s management having extensive and good relationships with targeted retail outlets for PuraMed products, PuraMed believes it has the ability to place its products on the shelf in all its targeted retail outlets.
 
Phase Three Rollout:  Further Retail Outlets. Beginning in calendar year 2012, PuraMed has launched Phase Three which will consist of placing PuraMed products in a further approximately 25,000 targeted retail outlets including mass merchandisers such as Rite Aid, Wal-Mart and Target, food store chains such as SuperValu, Kroger and Safeway, and additional well-known regional drugstores.
 
PuraMed has selected its targeted retailers according to various material criteria, including cost of entry, geography, demographics and consumer preference.
 
After achieving initial distribution for PuraMed products, PuraMed will initiate a comprehensive and ongoing promotional campaign directed toward consumer groups it has identified from its product rollouts.

Results of Operations

Revenues
 
Revenues consist of wholesale, website and telephone sales of the LipiGesic® M migraine product.  The wholesale sales have been to the largest drug chain store in the United States.
 
Cost of Sales
 
Cost of sales consists of merchant fees, material, packaging and freight costs for the units sold.
 
Operating Expenses
 
Selling, general and administrative expenses consist primarily of payroll taxes, health insurance, facility rent and administrative overhead costs.
 
Amortization and depreciation expenses consist primarily of depreciation of fixed assets and amortization of our LipiGesic® trademark and intellectual property received during our spin-off from our parent company in April 2007.
 
 
14
 
 
Marketing and advertising expense include payments for public relations, stock promotion and advertising consistent with the commercialization of products.
 
Professional fees consist of audit, legal, transfer agent, consulting, commission and directors fees.
 
Salaries include payments to our office manager and corporate controller.
 
Officers’ salaries include payroll to our Chief Executive Officer, Chief Operating Officer and our Chief Financial Officer.
 
Comparison of Operations for Three Months Ended March 31, 2012 and 2011

Revenue
 
Revenue for the three months ended March 31, 2012 was $143,883 compared to $911 for the three months ended March 31, 2011.  The revenue increased due to new retail distribution.
 
Cost of Sales
 
Cost of sales for the three months ended March 31, 2012 was $49,727, compared to $362 for the three months ended March 31, 2011.  The cost of sales increased due to additional raw material costs, production and freight costs for the new retail distribution.
 
Gross profit
 
The gross profit for the three months ended March 31, 2012 was $94,156, compared to $549 for the three months ended March 31, 2011.  The increase in gross profit is due to new retail distribution.
 
Selling, General and Administrative Expenses
 
Selling, general and administrative expenses were $53,457 and $25,637 for the three months ended March 31, 2012 and 2011, respectively. The increase is primarily attributed to the cost of the product liability insurance policy required by retailers.
 
Amortization and Depreciation
 
Amortization and depreciation expenses for the three months ended March 31, 2012 and 2011 were similar at $12,976 compared to $12,156.
 
Marketing and Advertising Expense
 
Marketing and advertising expense for the three months ended March 31, 2012 was $267,296 compared to $49,629 for the three months ended March 31, 2011.  The increase in the expenses was due to the marketing and advertising campaign necessary to support our products at retail.
 
Professional Fees
 
Professional fees for the three months ended March 31, 2012 were $215,597 compared to $153,285 for the three months ended March 31, 2011.  The increase was attributed to additional consulting fees paid to support the Company’s product entry into retail drugstores.
 
Research and Development Expenses
 
Research and development expenses for the three months ended March 31, 2012 were $15,162 compared to $38,967 for the three months ended March 31, 2011.  The previous period expense was higher due to the cost of the first clinical study.
 
Salaries
 
Salaries for the three months ended March 31, 2012 were $11,389 compared to $36,016 for the three months ended March 31, 2011, which is attributed to the removal of the corporate controller’s wages from salaries to officer salaries as chief financial officer for the current period.
 
Officers’ Salaries
 
Officer salaries for the three months ended March 31, 2012 and 2011 were $150,384 and $48,000, respectively.  The increase in salaries is attributed to the warrants issued to Russell Mitchell and the inclusion of the Chief Financial Officer salary.
 
 
15
 
 
Interest Expense
 
Interest expense for the three months ended March 31, 2012 and 2011 was $100,435 and $121,123, respectively.  The decrease in the expense is attributed to the decreased amount of notes used to finance the Company.
 
Gain/(Loss) on Derivative Liability
 
The gain on derivative liability is the difference in value using the lattice model for the warrants between the date issued and the quarter ended March 31, 2012 and 2011.  The amount for March 31, 2012 was $67,728, there were no derivative liabilities recorded for the quarter ended March 31, 2011.
 
Net Loss
 
Net loss for the three months ended March 31, 2012 was $664,812 compared to a loss of $484,264 for the three months ended March 31, 2011.  The increase in the loss for 2012 was due to the cost associated with new distribution in the nation’s two largest retail drugstore chains and increase in advertising to support that distribution.

Comparison of Operations for Nine Months Ended March 31, 2012 and 2011

Revenue
 
Revenue for the nine months ended March 31, 2012 was $757,815 compared to $6,384 for the nine months ended March 31, 2011.  The revenue increased due to new retail distribution.
 
Cost of Sales
 
Cost of sales for the nine months ended March 31, 2012 was $171,039, compared to $3,870 for the nine months ended March 31, 2011.  The cost of sales increased due to additional raw material costs, production and freight costs for the new retail distribution.
 
Gross Profit
 
The gross profit for the nine months ended March 31, 2012 was $586,776, compared to $2,514 for the nine months ended March 31, 2011.  The increase in gross profit is due to new retail distribution.
 
Selling, General and Administrative Expenses
 
Selling, general and administrative expenses were $120,041 and $57,153 for the nine months ended March 31, 2012 and 2011, respectively.   The increase is primarily attributed to the cost of the product liability insurance policy required by retailers.
 
Amortization and Depreciation
 
Amortization and depreciation expenses for the nine months ended March 31, 2012 and 2011 were similar at $38,470 compared to $36,467.
 
Marketing and Advertising Expense
 
Marketing and advertising expense for the nine months ended March 31, 2012 was $535,943 compared to $194,030 for the nine months ended March 31, 2011.  The increase in the expenses was due to the marketing and advertising campaign necessary to support our products at retail.
 
Professional Fees
 
Professional fees for the nine months ended March 31, 2012 were $374,584 compared to $212,253 for the nine months ended March 31, 2011.  The increase was attributed to additional consulting fees paid to support the Company’s product entry into retail drugstores.
 
Research and Development Expenses
 
Research and development expenses for the nine months ended March 31, 2012 were $17,409 compared to $39,857 for the nine months ended March 31, 2011.  The previous period expense was higher due to the cost of the first clinical study.
 
 
16
 

Salaries
 
Salaries for the nine months ended March 31, 2012 were $48,192 compared to $63,936 for the nine months ended March 31, 2011, which is attributed to the removal of the corporate controller’s wages from salaries to officer salaries as chief financial officer for the current period.
 
Officers’ Salaries
 
Officer salaries for the nine months ended March 31, 2012 and 2011 were $306,384 and $144,000, respectively.  The increase in salaries is attributed to the warrants issued to Russell Mitchell and the inclusion of the Chief Financial Officer salary.
 
Interest Expense
 
Interest expense for the nine months ended March 31, 2012 and 2011 was $315,791 and $279,608, respectively.  The increase in the expense is attributed to the increased notes used to finance the Company for fiscal year 2012.  Interest includes the accretion of the beneficial conversion feature.
 
Gain/(Loss) on Disposal of Assets
 
The loss on disposal of assets is the result of disposal of software no longer used by the Company.  The amount for March 31, 2012 was $302, there were no disposals recorded for the nine months ended March 31, 2011.
 
Gain/(Loss) on Derivative Liability
 
The gain on derivative liability is the difference in value using the Black-Scholes formula for the warrants between the date issued and the nine months ended March 31, 2012 and 2011.  The amount for March 31, 2012 was $204,223, there were no derivative liabilities recorded for the nine months ended March 31, 2011.
 
Net Losses
 
Net losses for the nine months ended March 31, 2012 were $966,117 compared to $1,024,788 for the nine months ended March 31, 2011.  The increase in the loss for 2012 was due to the cost associated with new distribution in the nation’s two largest retail drugstore chains and increase in advertising to support that distribution.
 
Financial Condition, Liquidity and Capital Resources

As of March 31, 2012, the Company had cash of $49,758 and negative working capital of $567,273, excluding derivative liabilities, which are expected to be paid with common stock.

As in the past, we intend to raise the funds needed to implement our plan of operation through both private sales of debt and equity securities. In addition revenue received from the successful roll-out of our product at national retail drug stores will now play an increased role in our capital needs.  There is no assurance, however, that we will be successful in raising the necessary capital to implement our business plan, either through debt or equity sources.
 
Business Strategy
 
PuraMed’s current business strategy is to continue the promotion of its initial non-prescription migraine headache relief product, LipiGesic® M, and continue with their commercial retail drug chain roll-out plan through the calendar year 2012.  The product has gained nationwide distribution in Walgreens and CVS retail drug chains with additional drug chains being targeted for distribution in calendar year 2012.  PuraMed’s primary goal is to achieve continual material growth of LipiGesic® product sales through mainstream drug, mass merchandiser and food retail channels while at the same time promoting LipiGesic® brand awareness to realize substantial profitability as soon as possible. To implement this strategy, PuraMed intends to execute the following activities during the next twelve months:
 
The Successful Outcome of the Clinical Trial - The outcome of our clinical study coupled with the publication of the manuscript in the peer reviewed-medical journal “Headache, The Journal of Head and Face Pain” has proved to be very successful.  It has and is expected to continue to provide us with numerous marketing and promotion opportunities that could significantly help with the retail launch of our LipiGesic® M migraine product.  PuraMed is in the process of executing a detailed marketing plan that focuses on the medical community since the successful outcome of our clinical study trial supports such actions.  Medical marketing efforts geared toward doctors, physician’s assistants, pharmacists, etc. are expected to be very lucrative as a component in our overall marketing strategy.
 
 
17
 
 
 
The Company has continued its research efforts in calendar year 2012. PuraMed already has established its protocol, identified researchers, and selected sites for a new Double Blind Placebo Controlled study of LipiGesic M for the potential use with children. There are nearly 2 million children in the USA that suffer from frequent debilitating migraines with no prescription treatments approved for use on children. Medical professionals will not recommend any of the adult approved treatments because they have concerns of side effect profiles. Children were included in the LipiGesic M study, published earlier this year and the encouraging efficacy and safety results have paved the way to study a larger population. This study will commence in early 2012.
 
Promotion to the medical community will utilize the published results of the study which are expected to help promote LipiGesic® M as a new non-prescription therapy which offers a broad range of advantages over the current first line prescription treatments. The Company expects to exhibit and detail the product at key medical conferences throughout the country focusing on headache and primary care specialists. These specialists would include medical doctors, osteopathic physicians, physician assistants and nurse practitioners. PuraMed has developed a "Doctor Detailing Kit" that is currently being sent directly to health professionals across the country, that include samples, study data and use indications to inform Doctors who are unable to attend the various conferences throughout the year.  Additionally, the Company expects to partner with key national organizations specializing in headache disorders as well as regional groups and support networks.
 
Commercialize PuraMed Products – PuraMed’s primary focus during the calendar year 2012 will be to gain distribution with one or more additional national chain drug stores.  In addition, the Company will be implementing a marketing campaign utilizing its successful clinical study.  The Company has begun the execution of our marketing campaign utilizing our Clinical Trials to overcome consumer and retailer skepticism and provide third party validation of our migraine products efficacy.  The Company’s marketing efforts will have a strong consumer emphasis including a Social Marketing campaign, medial community detailing and sampling, Continuing Medical Education (CME) program for doctors and pharmacists, Medical conference participation and Celebrity endorsements.   In addition our website and eCommerce efforts will be enhanced to optimize our internet sales as a result of our new marketing campaign.  PuraMed also has utilized newspaper advertising in ten major markets to inform consumers about our product and direct them to the national retail drug chain where we currently have distribution.  The Company also has plans to test direct response radio advertising and has implemented a Social Marketing initiative that includes Facebook, Twitter, Google +, and YouTube.  In addition our eCommerce website www.lipigesic.com will continue to be promoted via Direct Response, Consumer Marketing and our Social Media Marketing efforts.
 
Expansion of Sales and Marketing Activities – PuraMed will continue to expand upon its marketing activities which have been focused toward obtaining a nationwide network of retail outlets and employing consumer media advertising for its planned product sales, as well as promoting and building LipiGesic® brand awareness. PuraMed will participate in industry trade shows and similar events, and also will engage in substantial media advertising and direct sales media campaigns to attract and secure consumers for PuraMed products.
 
Continuation of Product Development – Besides its already developed products, PuraMed will continue development and testing of additional non-prescription drugs and nutritional supplements to be commercially launched in the future as additional LipiGesic® products.
 
 
18
 
 
Assuming the Company raises the capital, along with the net revenue cash flow, we anticipate spending approximately $3.0 million over the next twelve months on the marketing of our migraine headache remedy along with the introduction of our second product offering regardless of any amounts of revenues we generate from product sales during this period:

Sales and marketing expenses
  
$
2,000,000
  
Purchase of product inventory, packaging and raw materials
    
600,000
  
Research and development activities
    
100,000
  
General and administrative expenses including rent, fixed overhead and management compensation
    
300,000
  
   
$
3,000,000
  

Critical Accounting Policies

The foregoing discussion should be considered in conjunction with our unaudited condensed financial statements and related notes included in this quarterly report.  These financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP).

The preparation of our financial statements requires us to make estimates and judgments affecting our reported amounts of assets, liabilities, revenues and expenses and related disclosures.  On an ongoing basis, we will evaluate these estimates which are based on historical experience and certain assumptions we believe to be reasonable under the circumstances.  Actual results may differ materially from our estimates under different assumptions or conditions.

LipiGesic® Products:

PuraMed BioScience products consist primarily of the cost of trade secrets, formulas, scientific and manufacturing know-how, trade names, marketing material and other intellectual property and are amortized on a straight-line basis over an estimated useful life of seven years.

Stock-Based Compensation – We intend to expense any stock-based compensation issued to our employees, contractors, consultants or others providing goods and services to us.  The fair market value of any common stock issued for goods or services will be expensed over the period in which we receive them.  Most likely, any equity securities issued by us for goods and services will consist of common shares or common stock purchase warrants, which will be fully vested, non-forfeitable, and fully paid or exercisable at the date of grant.  Regarding any future stock option or warrant grants, we intend to determine their fair value by using the Black-Scholes model of valuation.

Impairment – Soon after the end of each fiscal year and each interim period, we will conduct an impairment valuation of any material intangible assets owned by us.  If the results of any such impairment analysis indicate our recorded values for any such assets have declined materially, we will adjust our recorded asset valuations in all of our financial statements to reflect any such decline in value.

The carrying value is reviewed periodically or when factors indicating impairment are present.  The impairment loss is measured as the amount by which the carrying value of the assets exceeds the fair value of the assets.  The Company believes that no impairment exists at March 31, 2012.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
This item is not applicable to PuraMed BioScience, Inc.
 
 
19
 

ITEM 4. CONTROLS AND PROCEDURES
 
Evaluation of disclosure controls and procedures.

As of the end of the period covered by this report, the Company conducted an evaluation, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)).  Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.

Changes in internal controls.

There were no changes in the Company’s internal controls over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
 
 
20
 

PART II.  OTHER INFORMATION

ITEM 1 AND 1A.  LEGAL PROCEEDINGS AND RISK FACTORS

None.

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

During January through March 31, 2012, the Company, through private transactions, offered and sold 32,000 shares of common stock to two individual investors for a total of $8,000 net of offering expenses.  Sale of these common shares was deemed exempt from registration under Section 4(2) of the Securities Act of 1933, as amended.  No advertising or general solicitation was involved and these shares were offered only to the individual purchasers who are accredited investors.  Moreover, the stock certificates for these shares are legended to prevent further transfer, resale or other disposition unless registered under applicable securities laws or exempt from such registration.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.  MINE SAFETY DISCLOSURES

None.

ITEM 5.  OTHER INFORMATION

None
 
 
21
 

ITEM 6.  EXHIBITS
 
See Exhibit Index below
Exhibit Index
Quarterly report on Form 10-Q
For the quarter ended March 31, 2012

Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
101.INS
XBRL Instance Document

101.SCH
Taxonomy Extension Schema Document

101.CAL
Taxonomy Extension Calculation Linkbase Document

101.DEF
Taxonomy Extension Definition Linkbase Document

101.LAB
Taxonomy Extension Label Linkbase Document

101.PRE
Taxonomy Extension Presentation Linkbase Document
 
*Filed herewith

 
22
 

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
    PURAMED BIOSCIENCE, INC.  
       
Date: May 8, 2012
 
 By:/s/ Russell W. Mitchell  
    Russell W. Mitchell,  
    CEO  

 
Pursuant to requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
    Signature  
       
Date: May 8, 2012  
   By:/s/ Russell W. Mitchell  
    Russell W. Mitchell,  
    Director  
    (principal executive officer)  
       
       
Date: May 8, 2012    By:/s/ Sue A. Baacke  
    Sue A. Baacke  
    (principal financial officer)  
                                     
 
 
23
EX-31.1 2 pmbs_ex311.htm CERTIFICATION Unassociated Document
EXHIBIT 31.1

SARBANES-OXLEY SECTION 302 CERTIFICATION OF CHIEF EXECUTIVE OFFICER


I, Russell W. Mitchell, certify that:

1. 
I have reviewed this report on Form 10-Q of PuraMed Bioscience Inc.;

2. 
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. 
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. 
I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) for the registrant and I have:
 
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosures, as of the end of the period covered by this report, and

d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. 
I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
       
Date:  May 8, 2012
By:
 /s/ Russell W. Mitchell  
    Russell W. Mitchell  
    Chairman and Chief Executive Officer  
       

                                                                                                       
 
 EX-31.2 3 pmbs_ex312.htm CERTIFICATION Unassociated Document
EXHIBIT 31.2

SARBANES-OXLEY SECTION 302 CERTIFICATION OF CHIEF FINANCIAL OFFICER


I, Sue A. Baacke, certify that:

1. 
I have reviewed this report on Form 10-Q of PuraMed BioScience Inc.;

2. 
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. 
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. 
I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) for the registrant and I have:

a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosures, as of the end of the period covered by this report, and

d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. 
I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
       
Date:  May 8, 2012  
By:
/s/ Sue A. Baacke  
    Sue A. Baacke  
    Chief Financial Officer  
       
EX-32.1 4 pmbs_ex321.htm CERTIFICATION Unassociated Document
EXHIBIT 32.1


CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of PuraMed BioScience Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2012 as filed with the Securities and Exchange Commission (the “Report”), the undersigned certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)           The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)           The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 
       
Dated:  May 8, 2012
By:
/s/ Russell W. Mitchell  
    RUSSELL W. MITCHELL  
    Chairman and Chief Executive Officer  
       
       
Dated:  May 8, 2012   /s/ Sue A. Baacke  
    SUE A. BAACKE  
    Chief Financial Officer  
EX-101.INS 5 pmbs-20120331.xml 0001409565 2011-07-01 2012-03-31 0001409565 2012-03-31 0001409565 2011-06-30 0001409565 2012-01-01 2012-03-31 0001409565 2011-01-01 2011-03-31 0001409565 2010-07-01 2011-03-31 0001409565 2010-06-30 0001409565 2011-03-31 0001409565 2012-05-08 iso4217:USD xbrli:shares iso4217:USD xbrli:shares Puramed Bioscience Inc. 0001409565 10-Q 2012-03-31 false --06-30 No No Yes Smaller Reporting Company Q3 2012 49758 93879 13831 1475 1595 316 180549 93468 60787 4513 292689 192176 2483 3760 5338 5259 2136 2136 2234 2326 7723 8829 97620 133623 15401 15543 68778 53491 181799 202657 482211 403662 167541 116064 119336 122505 29742 17769 415343 0 128000 180000 201220 318355 1061182 754693 0 312843 0 312843 1061182 1067536 0 0 22697 19289 -5049951 -4083834 -578971 -663874 482211 403662 5000000 5000000 0 0 0.001 0.001 45000000 45000000 22697117 19288643 22697117 19288643 238412 202409 735 0 23294385 586776 94156 549 2514 171039 49727 362 3870 757815 143883 911 6384 1441023 726261 363690 747696 306384 150384 48000 144000 48192 11389 36016 63936 17409 15162 38967 39857 374584 215597 153285 212253 535943 267296 49629 194030 38470 12976 12156 36467 120041 53457 25637 57153 -854247 -632105 -363141 -745182 20955052 21864843 15778714 14665161 -0.05 -0.03 -0.03 -0.07 -966117 -664812 -484264 -1024788 -111870 -32707 -121123 -279606 204223 67728 0 0 -302 0 0 0 315791 100435 121123 279608 0 0 0 2 204223 0 174190 140000 102500 102500 322500 0 36738 36003 1731 464 139720 236241 -467812 -275023 21173 17932 -3169 102690 51477 112711 56274 -946 87081 -234 1279 -44 -16807 -16934 593 2208 927 0 15287 14726 440498 279601 262498 139601 178000 140000 -44121 -12356 31092 16667 239200 129000 <p style="margin: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">A. Basis of Presentation</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">The condensed balance sheet as of March 31, 2012, the condensed statements of operations for the three and nine month periods ended March 31, 2012 and 2011 and the condensed statements of cash flows for the nine month periods ended March 31, 2012 and 2011 have been prepared by PuraMed BioScience, Inc. (the &#34;Company&#34;) without audit. In the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position as of March 31, 2012 and the results of operations and cash flows for the three and nine month periods ended March 31, 2012 and 2011 presented herein have been made.</font></p> <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These financial statements should be read in conjunction with the Company's financial statements and notes thereto for the fiscal year ended June 30, 2011 included in the Annual Report on Form 10-K of the Company filed with the SEC on September 28, 2011.</font></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">B. Going Concern</font></p> <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">At March 31, 2012, the Company had a negative working capital of $567,273, excluding derivative liabilities because they are expected to be paid with common stock. The Company requires additional funds to accomplish its planned business strategy or support its projected expenses. In addition revenue received from the successful roll-out of our product at national retail drug stores will now play an increased role in our capital needs. The Company plans to obtain the needed working capital primarily through sales of both equity and debt securities, which there is no assurance it will be able to accomplish. If the Company cannot obtain substantial working capital through common stock sales or other sources (if any), it will be forced to curtail or cease its planned business operations. If the Company is unable to obtain additional financing, its ability to continue as a going concern is doubtful.</font></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">C. Accounting Policies</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">Income/(loss) per common share - Basic income/(loss) per common share is computed by dividing net income/(loss) by the weighted average number of common shares outstanding. Diluted income/(loss) per common share assumes the exercise of stock options and warrants using the treasury stock method, if dilutive.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">Product Amortization<i> &#150; </i>PuraMed BioScience&#174; products consist primarily of the cost of trade secrets, formulas, scientific and manufacturing know-how, trade names, marketing material and other intellectual property and are amortized on a straight-line basis over an estimated useful life of seven years.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">Trademark Amortization<i> &#150; </i>PuraMed BioScience&#174; trademarks consist of the legal costs associated with registering our LipiGesic&#174; and PuraMed BioScience&#174; trademarks. As these trademarks have been approved, they are being amortized on a straight-line basis over an estimated useful life of ten years.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">Recently Enacted Accounting Standards</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">In December 2011, the Financial Accounting Standards Board (FASB) issued <b>Update No. 2011-11</b></font>&#151;Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. In 2010, FASB issued Update <b>No. 2010-28</b>&#151;Intangibles&#151;Goodwill and Other (Topic 350), Update 2010-22, Accounting for Various Topics, Technical Corrections to SEC Paragraphs, and <font style="text-underline-style: none; color: windowtext">Update No. 2010-21</font><b>, </b>Accounting for Technical Amendments to Various SEC Rules and Schedules Amendments to SEC Paragraphs Pursuant to Release No. 33-9026: Technical Amendments to Rules, Forms, Schedules and Codification of Financial Reporting Policies (SEC Update). Adoption of any of these Updates will have no impact on the Company&#146;s financial reporting. Should any of these updates pertain to the Company, it will comply with its requirements for reporting.</p> <p style="margin: 0pt"></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">Income/(loss) per common share - Basic income/(loss) per common share is computed by dividing net income/(loss) by the weighted average number of common shares outstanding. Diluted income/(loss) per common share assumes the exercise of stock options and warrants using the treasury stock method, if dilutive.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font-size: 10pt">Product Amortization<i> &#150; </i>PuraMed BioScience&#174; products consist primarily of the cost of trade secrets, formulas, scientific and manufacturing know-how, trade names, marketing material and other intellectual property and are amortized on a straight-line basis over an estimated useful life of seven years.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font-size: 10pt">Trademark Amortization<i> &#150; </i>PuraMed BioScience&#174; trademarks consist of the legal costs associated with registering our LipiGesic&#174; and PuraMed BioScience&#174; trademarks. As these trademarks have been approved, they are being amortized on a straight-line basis over an estimated useful life of ten years.</font></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">In December 2011, the Financial Accounting Standards Board (FASB) issued <b>Update No. 2011-11</b>&#151;Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. In 2010, FASB issued Update <b>No. 2010-28</b>&#151;Intangibles&#151;Goodwill and Other (Topic 350), Update 2010-22, Accounting for Various Topics, Technical Corrections to SEC Paragraphs, and <font style="text-underline-style: none; color: windowtext">Update No. 2010-21</font><b>, </b>Accounting for Technical Amendments to Various SEC Rules and Schedules Amendments to SEC Paragraphs Pursuant to Release No. 33-9026: Technical Amendments to Rules, Forms, Schedules and Codification of Financial Reporting Policies (SEC Update). Adoption of any of these Updates will have no impact on the Company&#146;s financial reporting. Should any of these updates pertain to the Company, it will comply with its requirements for reporting.</font></p> <p style="margin: 0pt"></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">D. Inventory</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">Inventory consists of raw materials and finished goods. Raw materials are the components, including boxes, inserts, liquid medicine and packaging materials that have not been combined into the final product, ready for sale. Finished goods are the final product, available for sale. The raw materials inventory will be assembled and placed in finished goods inventory when that amount is significantly reduced. Due to the lack of degradation of the material, no adjustment for obsolescence is necessary. The following is inventory as of March 31, 2012 and June 30, 2011:</font></p> <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 31%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 36%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">March 31, 2012</font></td> <td style="width: 5%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 28%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2011</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Raw Materials</font></td> <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 67,666</font></td> <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 87,215</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Finished Goods</font></td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;112,883</font></td> <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,253</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Total Inventory</font></td> <td style="border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 180,549</font></td> <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 93,468</font></td></tr> </table> <p style="margin: 0pt"></p> <table align="center" cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 31%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 36%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">March 31, 2012</font></td> <td style="width: 5%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 28%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2011</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Raw Materials</font></td> <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 67,666</font></td> <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 87,215</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Finished Goods</font></td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;112,883</font></td> <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,253</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Total Inventory</font></td> <td style="border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 180,549</font></td> <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 93,468</font></td></tr> </table> 67666 87215 112883 6253 <p style="margin: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 23.75pt"><font style="font: 10pt Times New Roman, Times, Serif">E.</font></td><td><font style="font: 10pt Times New Roman, Times, Serif">Notes Payable Transactions</font></td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal">During the fiscal year ended June 30, 2011, the Company issued convertible notes payable to certain accredited investors in the total principal amount of $215,000 and all having an interest rate of 8% per annum and maturing nine months from their issuance. These notes were convertible at various rates ranging from $0.09 to $0.28 per share. These notes were all converted during September to December 2011 for a total issuance by the Company of 1,450,850 common shares.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal">During the nine months ended March 31, 2012, the Company issued 8% convertible notes payable to certain accredited investors in the total principal amount of $178,000, which mature 9 months from their issuance, and are convertible at rates ranging from $0.11 to $0.21 per share. During the current quarter, one of the principal of these notes, in the amount of $50,000, has been converted into common stock for an issuance by the Company of 358,747 common shares.</font></p> <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Because all of the foregoing notes are convertible at any time, they included a beneficial conversion amount which was calculated based on stated conversion rates, market prices of common stock of the Company, term of the notes and their interest rates. The amount of such beneficial feature for each note was basically equal to the principal amount of the note.</font></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">F. Stockholder&#146;s Equity</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">During August to October 2010, pursuant to the S-1 Registration, the Company sold a total of 174,760 shares of common stock at prices ranging from $0.41 to $0.74 per share, for total proceeds of $90,000 to Lincoln Park Capital, LLC. In addition 2,754 shares, in the amount of $1,492, were provided to Lincoln Park Capital, LLC as financing commitment shares. This leaves 1,475,240 registered shares available for future sales pursuant to the effective S-1 Registration Statement.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">During the nine months ended March 31, 2012, pursuant to the S-1 Registration, the Company sold a total of 567,287 shares of common stock at prices ranging from $0.25 to $0.293 per share, for total proceeds of $150,000 to Lincoln Park Capital, LLC. In addition, 4,590 shares, in the amount of $1,219, were issued to Lincoln Park Capital, LLC as financing commitment shares. This leaves 907,953 registered shares available for future sales pursuant to the effective S-1 Registration Statement.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal"><i>Convertible Notes</i></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">During the fiscal year ended June 30, 2011, the Company issued a total of 811,467 common shares for the full conversion of a prior year note payable in the total amount of $70,000, which note had an interest rate of 8% per annum and maturing nine months from its issuance.&#160;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal">During the fiscal year ended June 30, 2011, the Company issued convertible notes payable to an accredited investor in the total principal amount of $65,000 and all having an interest rate of 8% per annum and maturing nine months from their issuance. These notes were convertible at various rates ranging from $0.09 to $0.28 per share. These notes were all converted during the fiscal year ended June 30, 2011 for a total issuance by the Company of 812,822 common shares.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal">During the fiscal year ended June 30, 2011, the Company issued convertible notes payable to an accredited investor in the total principal amount of $180,000 and all having an interest rate of 8% per annum and maturing nine months from their issuance. These notes were convertible at various rates ranging from $0.09 to $0.21 per share. These notes were all converted during the nine months ended March 31, 2012 for a total issuance by the Company of 1,450,850 common shares.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal">During the nine months ended March 31, 2012, the Company issued 8% convertible notes payable to an accredited investor in the total principal amount of $178,000, which mature nine months from their issuance, and are convertible at rates ranging from $0.13 to $0.21 per share. During the current quarter, one of the principal of these notes, in the amount of $50,000, has been converted into common stock for an issuance by the Company of 358,747 common shares.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal">Because all of the foregoing notes are convertible at any time, they included a beneficial conversion amount which was calculated based on stated conversion rates, market prices of common stock of the Company, term of the notes and their interest rates. The amount of such beneficial feature for each note was basically equal to the principal amount of the note.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif"><i>Common Stock for Services</i></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">During the fiscal year ended June 30, 2011, the Company issued a total of 666,088 common shares to certain persons in consideration for financial, management, marketing, legal and promotional services, valued at a total of $158,492 based on common stock prices ranging from $0.15 to $1.00.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">On March 25, 2011, the Company issued 800,000 shares of PuraMed common stock based on $0.15 per share to be divided equally among its two Board of director members, Messrs.&#160;Mitchell and Higgins in consideration for their serving on the Board of Directors for the current year.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">On April 4, 2011, Company issued 500,000 shares of restricted common stock to Mr. Russell Mitchell, the CEO of the Company, for the successful completion and publication of the clinical study. The stock was valued at $0.15 per share.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">During the nine months ended March 31, 2012, the Company issued a total of 581,590 common shares to certain persons in consideration for financial, management, marketing, legal and promotional services, valued at a total of $139,720 based on common stock prices ranging from $0.15 to $0.293.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif"><i>Equity Securities for Cash</i></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">During the year ended June 30, 2011, the Company issued a total of 86,667 common shares to accredited or qualified investors in isolated transactions for a total amount of $13,000 at $0.15 per share.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">During the year ended June 30, 2011, the Company sold 244,000 shares of restricted common stock with warrants for $36,600, $24,400 for stock and $12,200 for the warrants, to accredited or qualified investors in isolated transactions, at prices ranging from $0.30 to $0.50 per unit, of which there are two shares and one warrant per unit.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">During the year ended June 30, 2011, the Company sold 1,321,000 shares of restricted common stock with warrants for $330,250, to thirty-three private investors at a rate of $0.50 per unit, of which there are two shares and one warrant per unit. In accordance with guidance in ASC 815-40-25-1 and ASC 815-40-25-8, the Company has determined the warrants issued have net cash settlement provisions that require classification as derivative liabilities rather than permanent equity. In accordance with such accounting rules, derivative instruments are recorded at fair value and marked-to-market each period until they are exercised or expire, with any change in the fair value charged or credited to income each period. Because these warrants do not trade in an active securities market, their fair value was estimated using the Black Scholes model.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">During the nine months ended March 31, 2012, the Company sold 70,000 shares of restricted common stock with warrants for $17,500, $10,414 for stock and $7,086 for the warrants, to three private investors at a rate of $0.50 per unit, of which there are two shares and one warrant per unit.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">During the nine months ended March 31, 2012, the Company issued 500,000 cashless warrants, at a conversion rate of $0.25 per share, to four separate consulting firms in connection with the successful entry into the two largest drugstore chains in the United States and the associated marketing support. Because these warrants do not trade in an active securities market, their fair value was estimated using the Black Scholes model and were valued at $181,500. These warrants expire after three years from date of issuance. <font style="color: black; background-color: white">The Company classifies these warrants within permanent equity as additional paid-in capital in accordance with&#160;FASB ASC<i>&#160;</i>815-40.</font></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">During the nine months ended March 31, 2012, the Company issued 400,000 cashless warrants, at a conversion price of $0.25 per share, to CEO Russell W. Mitchell in connection with the successful entry into the two largest drugstore chains in the United States. Because these warrants do not trade in an active securities market, their fair value was estimated using the Black Scholes model, and were valued at $141,000. These warrants expire after three years from date of issuance. <font style="color: black; background-color: white">The Company classifies these warrants within permanent equity as additional paid-in capital in accordance with&#160;FASB ASC<i>&#160;</i>815-40.</font></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">During the nine months ended March 31, 2012, the Company sold 380,000 shares of restricted common stock with 190,000 warrants for $95,000, to four private investors at a rate of $0.50 per unit, of which there are two shares and one warrant per unit. In accordance with guidance in ASC 815-40-25-1 and ASC 815-40-25-8, the Company has determined the warrants issued have net cash settlement provisions that require classification as derivative liabilities rather than permanent equity. In accordance with such accounting rules, derivative instruments are recorded at fair value and marked-to-market each period until they are exercised or expire, with any change in the fair value charged or credited to income each period. Because these warrants do not trade in an active securities market, their fair value was estimated using the Black Scholes model.</font></p> <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">As the adjustment for the derivative liability marked-to-market from the year ended June 2011, the Company recognized a net gain of $204,223 from the change in fair value of these warrants from the date of issuance to the quarter end, and from the year ended June 30, 2011 to March 31, 2012, for the derivative warrants issued in prior periods. The portion of the net gain of $204,223 on derivative liabilities attributable to warrants granted during the period was $41,253.</font></p> <p style="margin: 0pt"></p> <p style="margin: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">G. Subsequent Events</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant to the S-1 Registration, the Company sold a total of 200,000 shares of common stock at a price of $0.25 per share, for total proceeds of $50,000 to Lincoln Park Capital, LLC. In addition, 1,530 shares, in the amount of $383, were issued to Lincoln Park Capital, LLC as financing commitment shares. This leaves 707,953 registered shares available for future sales pursuant to the effective S-1 Registration Statement.</font></p> <p style="margin: 0pt"></p> 4448283 3400671 EX-101.SCH 6 pmbs-20120331.xsd 0001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 0002 - Statement - Condensed Balance Sheets link:presentationLink link:calculationLink link:definitionLink 0003 - Statement - Condensed Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 0004 - Statement - Condensed Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0005 - Statement - Condensed Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0006 - Disclosure - Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 0007 - Disclosure - Going Concern link:presentationLink link:calculationLink link:definitionLink 0008 - Disclosure - Accounting Policies link:presentationLink link:calculationLink link:definitionLink 0009 - Disclosure - Inventory link:presentationLink link:calculationLink link:definitionLink 0010 - Disclosure - Notes Payable Transactions link:presentationLink link:calculationLink link:definitionLink 0011 - Disclosure - Stockholder’s Equity link:presentationLink link:calculationLink link:definitionLink 0012 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 0013 - Disclosure - Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 0014 - Disclosure - Inventory (Tables) link:presentationLink link:calculationLink link:definitionLink 0015 - Disclosure - Inventory - Inventory Table (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 pmbs-20120331_cal.xml EX-101.DEF 8 pmbs-20120331_def.xml EX-101.LAB 9 pmbs-20120331_lab.xml Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets Property and Equipment Computer Software Computer Hardware Equipment Accumulated Depreciation Net Property and Equipment Other Assets PuraMed Bioscience Products, net of accumulated amortization of $238,412 and $202,409, respectively Trademarks, net of accumulated amortization of $735 and $0 Patent Total Other Assets Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Accounts Payable Accrued Wages - Officers' Accrued Expenses Convertible bond payable, net Short-term convertible debt Derivative Liability Total Current Liabilities Long-term Liabilities Convertible Bond Payable, net of discount Total Long-term Liabilities Total Liabilities Stockholders' Equity (deficit) Undesignated shares, 5,000,000 shares authorized, none issued Common Stock, $.001 par value, 45,000,000 shares authorized, 22,697,117 shares and 19,288,643 shares issued and outstanding, respectively Additional paid in capital Accumulated deficit Total Stockholders' Equity (deficit) Total Liabilities and Stockholders' equity (deficit) PuraMed Bioscience Products, accumulated amortization Trademarks, accumulated amortization Stockholders' Equity Undesignated Shares Authorized Undesignated Shares Issued Common stock, par value Common stock, authorized shares Common stock, issued shares Common stock, outstanding shares Condensed Statements Of Operations Total Net Revenues Cost of Sales Gross Profit Operating Expenses Selling, general and administrative expenses Amortization and depreciation expense Marketing and advertising expense Professional fees Research and development Salaries Officer's salaries Total Operating Expenses Income/(loss) from operations Other Income/(Expense) Interest income Interest expense Gain/(loss) on disposal of assets Gain/(loss) on derivative liability Total other income/(expense) Net loss Income/(loss) per Common Share - Basic and Diluted Average number of  common shares outstanding basic and diluted Statement of Cash Flows [Abstract] Cash Flows from operating activities Net Loss Changes in non cash working capital items: Stock issued for services Depreciation Amortization Warrants issued for services Accretion on discount on convertible bond Beneficial conversion feature (Gain)/Loss on derivative liability (Gain)/loss on disposal of assets Changes in Operating assets and liabilities: Accounts receivable Inventory Prepaid expenses Accounts payable Accrued wages - Officers Accrued expenses Net cash used for operating activities Cash Flows from investing activities Patent acquisition costs Purchase of property and equipment Trademark acquisition costs Net cash used for investing activities Cash Flows from financing activities Short-term convertible debt proceeds Proceeds from sale of stock with warrants Net cash provided by financing activities Net increase (decrease) in cash Cash at Beginning of Period Cash at End of Period Supplemental disclosures of noncash investing and financing activities and other cash flow information: Stock warrants issued with convertible debt Short-term debt converted to common stock Interest paid with cash Notes to Financial Statements Basis of Presentation Going Concern Accounting Policies Inventory Notes Payable Transactions Stockholder’s Equity Subsequent Events Earnings Per Share Policy TextBlock Product Amortization Trademark Amortization Recently Enacted Accounting Standards Inventory Table Raw Materials Finished Goods Total Inventory Assets, Current Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Property, Plant and Equipment, Net Other Assets [Default Label] Assets Liabilities, Current Liabilities, Noncurrent Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses [Default Label] Operating Income (Loss) Interest Expense Other Nonoperating Income (Expense) Unrealized Gain (Loss) on Derivatives Increase (Decrease) in Accounts Receivable Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expense Net Cash Provided by (Used in) Operating Activities Payments to Acquire Intangible Assets Payments to Acquire Property, Plant, and Equipment Payments to Acquire Other Productive Assets Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Inventory Disclosure [Text Block] EX-101.PRE 10 pmbs-20120331_pre.xml XML 11 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 12 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventory
 9 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Inventory

D. Inventory

Inventory consists of raw materials and finished goods. Raw materials are the components, including boxes, inserts, liquid medicine and packaging materials that have not been combined into the final product, ready for sale. Finished goods are the final product, available for sale. The raw materials inventory will be assembled and placed in finished goods inventory when that amount is significantly reduced. Due to the lack of degradation of the material, no adjustment for obsolescence is necessary. The following is inventory as of March 31, 2012 and June 30, 2011:

  March 31, 2012   June 30, 2011
Raw Materials $               67,666   $               87,215
Finished Goods  112,883   6,253
Total Inventory $             180,549   $               93,468
EXCEL 13 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\S9#AF-F%A8E]A.6)B7S0Q83E?.&)C95\X-#'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I% M>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E M;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D%C8V]U;G1I;F=?4&]L:6-I97,\+W@Z3F%M93X-"B`@("`\ M>#I7;W)K#I7;W)K#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE M/E-T;V-K:&]L9&5R#I7;W)K#I.86UE/@T*("`@ M(#QX.E=O#I%>&-E M;%=O#I.86UE/D%C8V]U;G1I;F=?4&]L:6-I97-? M4&]L:6-I97,\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I%>&-E;%=O5]486)L95]$971A/"]X M.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I!8W1I=F53:&5E M=#XP/"]X.D%C=&EV95-H965T/@T*("`\>#I0#I%>&-E;%=O7!E.B!T97AT+VAT;6P[(&-H87)S970] M(G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T M<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@ M8VAA2!);F9O'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^665S/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M2!#;VUM;VX@ M4W1O8VLL(%-H87)E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^43,\'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%\S9#AF-F%A8E]A.6)B7S0Q83E?.&)C95\X-#'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$2!A;F0@17%U:7!M96YT/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D M(&-L87-S/3-$=&5X=#X\2!A;F0@17%U:7!M96YT/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M;G5M<#XW+#'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6%B;&4\+W1D/@T* M("`@("`@("`\=&0@8VQA'!E;G-E6%B;&4L(&YE=#PO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2`H9&5F M:6-I="D\+W1D/@T*("`@("`@("`\=&0@8VQA'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$F5D('-H87)E7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@ M:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'!E;G-E M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ,BPY-S8\'!E;G-E*3PO M'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$2!A;F0@97%U:7!M96YT/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M M/B@Y,C'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!F M:6YA;F-I;F<@86-T:79I=&EE'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%\S9#AF-F%A8E]A.6)B7S0Q83E?.&)C95\X-#'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0^/'`@6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$Q<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UE2!0=7)A365D($)I;U-C:65N8V4L($EN8RX@*'1H92`F M(S,T.T-O;7!A;GDF(S,T.RD@=VET:&]U="!A=61I="X@26X@=&AE(&]P:6YI M;VX@;V8@;6%N86=E;65N="P@86QL(&%D:G5S=&UE;G1S#0HH8V]N2!T;R!P2!T:&4@9FEN86YC:6%L('!O0T* M:6YC;'5D960@:6X@9FEN86YC:6%L('-T871E;65N=',@<')E<&%R960@:6X@ M86-C;W)D86YC92!W:71H(&%C8V]U;G1I;F<@<')I;F-I<&QE6QE M/3-$)VUA3X-"CPO:'1M;#X-"@T* M+2TM+2TM/5].97AT4&%R=%\S9#AF-F%A8E]A.6)B7S0Q83E?.&)C95\X-#'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C M:&%R'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$6QE M/3-$)VUA2!A2!O2!P;&%N2DL(&ET('=I;&P@ M8F4@9F]R8V5D('1O(&-U'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6QE/3-$ M)VUA6QE/3-$)V9O;G0Z(#$Q<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE&5R8VES92!O9B!S=&]C:R!O<'1I;VYS(&%N9"!W87)R86YT6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O M;6%N+"!4:6UEF%T:6]N/&D^ M("8C,34P.R`\+VD^4'5R84UE9"!":6]38VEE;F-E)B,Q-S0[('1R861E;6%R M:W,@8V]N6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0G/E5P9&%T90T* M3F\N(#(P,3`M,C$\+V9O;G0^/&(^+"`\+V(^06-C;W5N=&EN9R!F;W(@5&5C M:&YI8V%L($%M96YD;65N=',@=&\@5F%R:6]U7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S M+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE M<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA M'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6QE/3-$ M)VUA6QE/3-$)V9O;G0Z(#$Q<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE3PO9F]N=#X\+W`^#0H-"CQP M('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE0T*2X@5&AE(&9O;&QO=VEN9R!I6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE M6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE'0M86QI9VXZ(&-E;G1E6QE/3-$)V9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ M(&-E;G1E6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N M+"!4:6UE'0M86QI9VXZ(')I9VAT M)SX\9F]N="!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@ M5&EM97,L(%-E'0M86QI9VXZ(')I9VAT)SX\ M9F]N="!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM M97,L(%-E6QE/3-$)V9O;G0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)W!A9&1I;F3PO9F]N=#X\+W1D/@T*("`@(#QT9"!S='EL M93TS1"=B;W)D97(M8F]T=&]M.B!W:6YD;W=T97AT(#$N-7!T(&1O=6)L93L@ M<&%D9&EN9RUR:6=H=#H@-2XT<'0[('!A9&1I;F'0M86QI9VXZ(')I9VAT)SX\9F]N="!S M='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E M6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=F;VYT.B`Q,'!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/'`@6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)W=I9'1H.B`Q,#`E.R!F;VYT M.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$ M)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6%B;&4@=&\@8V5R=&%I;B!A8V-R961I=&5D(&EN=F5S=&]R M6QE/3-$)VUA2!T:6UE+"!T:&5Y(&EN8VQU9&5D(&$@8F5N969I8VEA;"!C;VYV97)S:6]N M(&%M;W5N="!W:&EC:"!W87,@8V%L8W5L871E9"!B87-E9"!O;B!S=&%T960@ M8V]N=F5R2!E<75A M;"!T;R!T:&4@<')I;F-I<&%L(&%M;W5N="!O9B!T:&4@;F]T92X\+V9O;G0^ M/"]P/@T*#0H-"@T*/'`@'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA3QB M6QE M/3-$)VUA6QE/3-$ M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE2!S;VQD(&$@=&]T86P@;V8@,36QE/3-$)V9O;G0Z(#$P<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O M;G0Z(&YO6QE/3-$)V9O;G0Z(#$Q<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE65A<@T*;F]T92!P87EA8FQE(&EN('1H92!T;W1A;"!A;6]U M;G0@;V8@)#6QE/3-$)V9O;G0Z(&YO6%B;&4@=&\@86X@86-C65A M2!T:&4@0V]M<&%N>2!O9B`X,3(L.#(R(&-O;6UO;B!S:&%R97,N/"]F;VYT M/CPO<#X-"@T*/'`@2!T:&4@0V]M<&%N>2!O9B`Q+#0U,"PX-3`@ M8V]M;6]N('-H87)E6QE/3-$)V9O;G0Z(&YO6QE/3-$)V9O;G0Z(&YO2!T:6UE+"!T:&5Y(&EN8VQU9&5D M(&$@8F5N969I8VEA;"!C;VYV97)S:6]N(&%M;W5N="!W:&EC:"!W87,@8V%L M8W5L871E9"!B87-E9`T*;VX@2!E<75A;"!T;R!T:&4@<')I;F-I<&%L(&%M M;W5N="!O9B!T:&4@;F]T92X\+V9O;G0^/"]P/@T*#0H\<"!S='EL93TS1"=F M;VYT.B`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`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'1";&]C:SPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'`@'0^/'`@F4Z(#$P<'0G/E!R;V1U8W0@ M06UOF%T:6]N/&D^("8C,34P.PT*/"]I/E!U2!O9B!T:&4@8V]S M="!O9B!T2!A M;F0@87)E(&%M;W)T:7IE9"!O;B!A('-TF%T:6]N/"]T9#X-"B`@("`@ M("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V9O;G0M2!A MF5D(&]N(&$@2!%;F%C=&5D($%C8V]U;G1I;F<@4W1A;F1A M6QE/3-$)V9O;G0M'0G/E5P9&%T90T*3F\N M(#(P,3`M,C$\+V9O;G0^/&(^+"`\+V(^06-C;W5N=&EN9R!F;W(@5&5C:&YI M8V%L($%M96YD;65N=',@=&\@5F%R:6]U7!E.B!T97AT+VAT;6P[ M(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@ M/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E M>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$6QE/3-$)V9O;G0Z(#$Q<'0@ M5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M M86QI9VXZ(&-E;G1E6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(&-E;G1E6QE/3-$)V9O;G0Z(#$P<'0@5&EM M97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=F;VYT.B`Q M,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=F;VYT.B`Q,'!T M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE'0M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL M93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)W!A9&1I;F3PO9F]N M=#X\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!W:6YD M;W=T97AT(#$N-7!T(&1O=6)L93L@<&%D9&EN9RUR:6=H=#H@-2XT<'0[('!A M9&1I;F'0M M86QI9VXZ(')I9VAT)SX\9F]N="!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S M($YE=R!2;VUA;BP@5&EM97,L(%-E6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4 M:6UE'0M86QI9VXZ(')I9VAT)SX\9F]N="!S M='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E M3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\S9#AF-F%A8E]A M.6)B7S0Q83E?.&)C95\X-#'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\>&UL('AM;&YS.F\],T0B=7)N.G-C:&5M87,M M;6EC&UL/@T*+2TM+2TM/5].97AT4&%R=%\S9#AF-F%A8E]A.6)B7S0Q83E?.&)C 295\X-# XML 14 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accounting Policies
 9 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Accounting Policies

C. Accounting Policies

Income/(loss) per common share - Basic income/(loss) per common share is computed by dividing net income/(loss) by the weighted average number of common shares outstanding. Diluted income/(loss) per common share assumes the exercise of stock options and warrants using the treasury stock method, if dilutive.

Product Amortization – PuraMed BioScience® products consist primarily of the cost of trade secrets, formulas, scientific and manufacturing know-how, trade names, marketing material and other intellectual property and are amortized on a straight-line basis over an estimated useful life of seven years.

Trademark Amortization – PuraMed BioScience® trademarks consist of the legal costs associated with registering our LipiGesic® and PuraMed BioScience® trademarks. As these trademarks have been approved, they are being amortized on a straight-line basis over an estimated useful life of ten years.

Recently Enacted Accounting Standards

In December 2011, the Financial Accounting Standards Board (FASB) issued Update No. 2011-11—Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. In 2010, FASB issued Update No. 2010-28—Intangibles—Goodwill and Other (Topic 350), Update 2010-22, Accounting for Various Topics, Technical Corrections to SEC Paragraphs, and Update No. 2010-21, Accounting for Technical Amendments to Various SEC Rules and Schedules Amendments to SEC Paragraphs Pursuant to Release No. 33-9026: Technical Amendments to Rules, Forms, Schedules and Codification of Financial Reporting Policies (SEC Update). Adoption of any of these Updates will have no impact on the Company’s financial reporting. Should any of these updates pertain to the Company, it will comply with its requirements for reporting.
XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Balance Sheets (USD $)
Mar. 31, 2012
Jun. 30, 2011
ASSETS    
Cash $ 49,758 $ 93,879
Accounts Receivable 1,595 316
Inventory 180,549 93,468
Prepaid Expenses 60,787 4,513
Total Current Assets 292,689 192,176
Property and Equipment    
Computer Software 2,483 3,760
Computer Hardware 5,338 5,259
Equipment 2,136 2,136
Accumulated Depreciation (2,234) (2,326)
Net Property and Equipment 7,723 8,829
Other Assets    
PuraMed Bioscience Products, net of accumulated amortization of $238,412 and $202,409, respectively 97,620 133,623
Trademarks, net of accumulated amortization of $735 and $0 15,401 15,543
Patent 68,778 53,491
Total Other Assets 181,799 202,657
Total Assets 482,211 403,662
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)    
Accounts Payable 167,541 116,064
Accrued Wages - Officers' 119,336 122,505
Accrued Expenses 29,742 17,769
Convertible bond payable, net 415,343 0
Short-term convertible debt 128,000 180,000
Derivative Liability 201,220 318,355
Total Current Liabilities 1,061,182 754,693
Long-term Liabilities    
Convertible Bond Payable, net of discount 0 312,843
Total Long-term Liabilities 0 312,843
Total Liabilities 1,061,182 1,067,536
Stockholders' Equity (deficit)    
Undesignated shares, 5,000,000 shares authorized, none issued 0 0
Common Stock, $.001 par value, 45,000,000 shares authorized, 22,697,117 shares and 19,288,643 shares issued and outstanding, respectively 22,697 19,289
Additional paid in capital 4,448,283 3,400,671
Accumulated deficit (5,049,951) (4,083,834)
Total Stockholders' Equity (deficit) (578,971) (663,874)
Total Liabilities and Stockholders' equity (deficit) $ 482,211 $ 403,662
XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Basis of Presentation
 9 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Basis of Presentation

 

A. Basis of Presentation

The condensed balance sheet as of March 31, 2012, the condensed statements of operations for the three and nine month periods ended March 31, 2012 and 2011 and the condensed statements of cash flows for the nine month periods ended March 31, 2012 and 2011 have been prepared by PuraMed BioScience, Inc. (the "Company") without audit. In the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position as of March 31, 2012 and the results of operations and cash flows for the three and nine month periods ended March 31, 2012 and 2011 presented herein have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These financial statements should be read in conjunction with the Company's financial statements and notes thereto for the fiscal year ended June 30, 2011 included in the Annual Report on Form 10-K of the Company filed with the SEC on September 28, 2011.
XML 17 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 18 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Going Concern
 9 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Going Concern

 

B. Going Concern

At March 31, 2012, the Company had a negative working capital of $567,273, excluding derivative liabilities because they are expected to be paid with common stock. The Company requires additional funds to accomplish its planned business strategy or support its projected expenses. In addition revenue received from the successful roll-out of our product at national retail drug stores will now play an increased role in our capital needs. The Company plans to obtain the needed working capital primarily through sales of both equity and debt securities, which there is no assurance it will be able to accomplish. If the Company cannot obtain substantial working capital through common stock sales or other sources (if any), it will be forced to curtail or cease its planned business operations. If the Company is unable to obtain additional financing, its ability to continue as a going concern is doubtful.
XML 19 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Balance Sheets (Parenthetical) (USD $)
Mar. 31, 2012
Jun. 30, 2011
ASSETS    
PuraMed Bioscience Products, accumulated amortization $ 238,412 $ 202,409
Trademarks, accumulated amortization $ 735 $ 0
Stockholders' Equity    
Undesignated Shares Authorized 5,000,000 5,000,000
Undesignated Shares Issued 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, authorized shares 45,000,000 45,000,000
Common stock, issued shares 22,697,117 19,288,643
Common stock, outstanding shares 22,697,117 19,288,643
XML 20 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
 9 Months Ended
Mar. 31, 2012
May 08, 2012
Document And Entity Information    
Entity Registrant Name Puramed Bioscience Inc.  
Entity Central Index Key 0001409565  
Document Type 10-Q  
Document Period End Date Mar. 31, 2012  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   23,294,385
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2012  
XML 21 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Statements of Operations (Unaudited) (USD $)
 3 Months Ended 9 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
Mar. 31, 2011
Condensed Statements Of Operations        
Total Net Revenues $ 143,883 $ 911 $ 757,815 $ 6,384
Cost of Sales 49,727 362 171,039 3,870
Gross Profit 94,156 549 586,776 2,514
Operating Expenses        
Selling, general and administrative expenses 53,457 25,637 120,041 57,153
Amortization and depreciation expense 12,976 12,156 38,470 36,467
Marketing and advertising expense 267,296 49,629 535,943 194,030
Professional fees 215,597 153,285 374,584 212,253
Research and development 15,162 38,967 17,409 39,857
Salaries 11,389 36,016 48,192 63,936
Officer's salaries 150,384 48,000 306,384 144,000
Total Operating Expenses 726,261 363,690 1,441,023 747,696
Income/(loss) from operations (632,105) (363,141) (854,247) (745,182)
Other Income/(Expense)        
Interest income 0 0 0 2
Interest expense (100,435) (121,123) (315,791) (279,608)
Gain/(loss) on disposal of assets 0 0 (302) 0
Gain/(loss) on derivative liability 67,728 0 204,223 0
Total other income/(expense) (32,707) (121,123) (111,870) (279,606)
Net loss $ (664,812) $ (484,264) $ (966,117) $ (1,024,788)
Income/(loss) per Common Share - Basic and Diluted $ (0.03) $ (0.03) $ (0.05) $ (0.07)
Average number of  common shares outstanding basic and diluted 21,864,843 15,778,714 20,955,052 14,665,161
XML 22 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
 9 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Subsequent Events

 

G. Subsequent Events

 

Pursuant to the S-1 Registration, the Company sold a total of 200,000 shares of common stock at a price of $0.25 per share, for total proceeds of $50,000 to Lincoln Park Capital, LLC. In addition, 1,530 shares, in the amount of $383, were issued to Lincoln Park Capital, LLC as financing commitment shares. This leaves 707,953 registered shares available for future sales pursuant to the effective S-1 Registration Statement.
XML 23 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholder’s Equity
 9 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Stockholder’s Equity

 

F. Stockholder’s Equity

During August to October 2010, pursuant to the S-1 Registration, the Company sold a total of 174,760 shares of common stock at prices ranging from $0.41 to $0.74 per share, for total proceeds of $90,000 to Lincoln Park Capital, LLC. In addition 2,754 shares, in the amount of $1,492, were provided to Lincoln Park Capital, LLC as financing commitment shares. This leaves 1,475,240 registered shares available for future sales pursuant to the effective S-1 Registration Statement.

During the nine months ended March 31, 2012, pursuant to the S-1 Registration, the Company sold a total of 567,287 shares of common stock at prices ranging from $0.25 to $0.293 per share, for total proceeds of $150,000 to Lincoln Park Capital, LLC. In addition, 4,590 shares, in the amount of $1,219, were issued to Lincoln Park Capital, LLC as financing commitment shares. This leaves 907,953 registered shares available for future sales pursuant to the effective S-1 Registration Statement.

Convertible Notes

During the fiscal year ended June 30, 2011, the Company issued a total of 811,467 common shares for the full conversion of a prior year note payable in the total amount of $70,000, which note had an interest rate of 8% per annum and maturing nine months from its issuance. 

During the fiscal year ended June 30, 2011, the Company issued convertible notes payable to an accredited investor in the total principal amount of $65,000 and all having an interest rate of 8% per annum and maturing nine months from their issuance. These notes were convertible at various rates ranging from $0.09 to $0.28 per share. These notes were all converted during the fiscal year ended June 30, 2011 for a total issuance by the Company of 812,822 common shares.

During the fiscal year ended June 30, 2011, the Company issued convertible notes payable to an accredited investor in the total principal amount of $180,000 and all having an interest rate of 8% per annum and maturing nine months from their issuance. These notes were convertible at various rates ranging from $0.09 to $0.21 per share. These notes were all converted during the nine months ended March 31, 2012 for a total issuance by the Company of 1,450,850 common shares.

During the nine months ended March 31, 2012, the Company issued 8% convertible notes payable to an accredited investor in the total principal amount of $178,000, which mature nine months from their issuance, and are convertible at rates ranging from $0.13 to $0.21 per share. During the current quarter, one of the principal of these notes, in the amount of $50,000, has been converted into common stock for an issuance by the Company of 358,747 common shares.

Because all of the foregoing notes are convertible at any time, they included a beneficial conversion amount which was calculated based on stated conversion rates, market prices of common stock of the Company, term of the notes and their interest rates. The amount of such beneficial feature for each note was basically equal to the principal amount of the note.

Common Stock for Services

During the fiscal year ended June 30, 2011, the Company issued a total of 666,088 common shares to certain persons in consideration for financial, management, marketing, legal and promotional services, valued at a total of $158,492 based on common stock prices ranging from $0.15 to $1.00.

On March 25, 2011, the Company issued 800,000 shares of PuraMed common stock based on $0.15 per share to be divided equally among its two Board of director members, Messrs. Mitchell and Higgins in consideration for their serving on the Board of Directors for the current year.

On April 4, 2011, Company issued 500,000 shares of restricted common stock to Mr. Russell Mitchell, the CEO of the Company, for the successful completion and publication of the clinical study. The stock was valued at $0.15 per share.

During the nine months ended March 31, 2012, the Company issued a total of 581,590 common shares to certain persons in consideration for financial, management, marketing, legal and promotional services, valued at a total of $139,720 based on common stock prices ranging from $0.15 to $0.293.

Equity Securities for Cash

During the year ended June 30, 2011, the Company issued a total of 86,667 common shares to accredited or qualified investors in isolated transactions for a total amount of $13,000 at $0.15 per share.

During the year ended June 30, 2011, the Company sold 244,000 shares of restricted common stock with warrants for $36,600, $24,400 for stock and $12,200 for the warrants, to accredited or qualified investors in isolated transactions, at prices ranging from $0.30 to $0.50 per unit, of which there are two shares and one warrant per unit.

During the year ended June 30, 2011, the Company sold 1,321,000 shares of restricted common stock with warrants for $330,250, to thirty-three private investors at a rate of $0.50 per unit, of which there are two shares and one warrant per unit. In accordance with guidance in ASC 815-40-25-1 and ASC 815-40-25-8, the Company has determined the warrants issued have net cash settlement provisions that require classification as derivative liabilities rather than permanent equity. In accordance with such accounting rules, derivative instruments are recorded at fair value and marked-to-market each period until they are exercised or expire, with any change in the fair value charged or credited to income each period. Because these warrants do not trade in an active securities market, their fair value was estimated using the Black Scholes model.

During the nine months ended March 31, 2012, the Company sold 70,000 shares of restricted common stock with warrants for $17,500, $10,414 for stock and $7,086 for the warrants, to three private investors at a rate of $0.50 per unit, of which there are two shares and one warrant per unit.

During the nine months ended March 31, 2012, the Company issued 500,000 cashless warrants, at a conversion rate of $0.25 per share, to four separate consulting firms in connection with the successful entry into the two largest drugstore chains in the United States and the associated marketing support. Because these warrants do not trade in an active securities market, their fair value was estimated using the Black Scholes model and were valued at $181,500. These warrants expire after three years from date of issuance. The Company classifies these warrants within permanent equity as additional paid-in capital in accordance with FASB ASC 815-40.

During the nine months ended March 31, 2012, the Company issued 400,000 cashless warrants, at a conversion price of $0.25 per share, to CEO Russell W. Mitchell in connection with the successful entry into the two largest drugstore chains in the United States. Because these warrants do not trade in an active securities market, their fair value was estimated using the Black Scholes model, and were valued at $141,000. These warrants expire after three years from date of issuance. The Company classifies these warrants within permanent equity as additional paid-in capital in accordance with FASB ASC 815-40.

During the nine months ended March 31, 2012, the Company sold 380,000 shares of restricted common stock with 190,000 warrants for $95,000, to four private investors at a rate of $0.50 per unit, of which there are two shares and one warrant per unit. In accordance with guidance in ASC 815-40-25-1 and ASC 815-40-25-8, the Company has determined the warrants issued have net cash settlement provisions that require classification as derivative liabilities rather than permanent equity. In accordance with such accounting rules, derivative instruments are recorded at fair value and marked-to-market each period until they are exercised or expire, with any change in the fair value charged or credited to income each period. Because these warrants do not trade in an active securities market, their fair value was estimated using the Black Scholes model.

As the adjustment for the derivative liability marked-to-market from the year ended June 2011, the Company recognized a net gain of $204,223 from the change in fair value of these warrants from the date of issuance to the quarter end, and from the year ended June 30, 2011 to March 31, 2012, for the derivative warrants issued in prior periods. The portion of the net gain of $204,223 on derivative liabilities attributable to warrants granted during the period was $41,253.
XML 24 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventory - Inventory Table (Details) (USD $)
Mar. 31, 2012
Jun. 30, 2011
Notes to Financial Statements    
Raw Materials $ 67,666 $ 87,215
Finished Goods 112,883 6,253
Total Inventory $ 180,549 $ 93,468
XML 25 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accounting Policies (Policies)
 9 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Earnings Per Share Policy TextBlock

Income/(loss) per common share - Basic income/(loss) per common share is computed by dividing net income/(loss) by the weighted average number of common shares outstanding. Diluted income/(loss) per common share assumes the exercise of stock options and warrants using the treasury stock method, if dilutive.
Product Amortization

Product Amortization – PuraMed BioScience® products consist primarily of the cost of trade secrets, formulas, scientific and manufacturing know-how, trade names, marketing material and other intellectual property and are amortized on a straight-line basis over an estimated useful life of seven years.
Trademark Amortization

Trademark Amortization – PuraMed BioScience® trademarks consist of the legal costs associated with registering our LipiGesic® and PuraMed BioScience® trademarks. As these trademarks have been approved, they are being amortized on a straight-line basis over an estimated useful life of ten years.
Recently Enacted Accounting Standards

In December 2011, the Financial Accounting Standards Board (FASB) issued Update No. 2011-11—Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. In 2010, FASB issued Update No. 2010-28—Intangibles—Goodwill and Other (Topic 350), Update 2010-22, Accounting for Various Topics, Technical Corrections to SEC Paragraphs, and Update No. 2010-21, Accounting for Technical Amendments to Various SEC Rules and Schedules Amendments to SEC Paragraphs Pursuant to Release No. 33-9026: Technical Amendments to Rules, Forms, Schedules and Codification of Financial Reporting Policies (SEC Update). Adoption of any of these Updates will have no impact on the Company’s financial reporting. Should any of these updates pertain to the Company, it will comply with its requirements for reporting.
XML 26 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventory (Tables)
 9 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Inventory Table
  March 31, 2012   June 30, 2011
Raw Materials $               67,666   $               87,215
Finished Goods  112,883   6,253
Total Inventory $             180,549   $               93,468
XML 27 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Statements of Cash Flows (Unaudited) (USD $)
 9 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash Flows from operating activities    
Net Loss $ (966,117) $ (1,024,788)
Changes in non cash working capital items:    
Stock issued for services 139,720 236,241
Depreciation 1,731 464
Amortization 36,738 36,003
Warrants issued for services 322,500 0
Accretion on discount on convertible bond 102,500 102,500
Beneficial conversion feature 174,190 140,000
(Gain)/Loss on derivative liability (204,223) 0
(Gain)/loss on disposal of assets 302 0
Changes in Operating assets and liabilities:    
Accounts receivable (1,279) 44
Inventory (87,081) 234
Prepaid expenses (56,274) 946
Accounts payable 51,477 112,711
Accrued wages - Officers (3,169) 102,690
Accrued expenses 21,173 17,932
Net cash used for operating activities (467,812) (275,023)
Cash Flows from investing activities    
Patent acquisition costs (15,287) (14,726)
Purchase of property and equipment (927) 0
Trademark acquisition costs (593) (2,208)
Net cash used for investing activities (16,807) (16,934)
Cash Flows from financing activities    
Short-term convertible debt proceeds 178,000 140,000
Proceeds from sale of stock with warrants 262,498 139,601
Net cash provided by financing activities 440,498 279,601
Net increase (decrease) in cash (44,121) (12,356)
Cash at Beginning of Period 93,879 13,831
Cash at End of Period 49,758 1,475
Supplemental disclosures of noncash investing and financing activities and other cash flow information:    
Short-term debt converted to common stock 239,200 129,000
Interest paid with cash $ 31,092 $ 16,667
XML 28 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Notes Payable Transactions
 9 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Notes Payable Transactions

 

E.Notes Payable Transactions

During the fiscal year ended June 30, 2011, the Company issued convertible notes payable to certain accredited investors in the total principal amount of $215,000 and all having an interest rate of 8% per annum and maturing nine months from their issuance. These notes were convertible at various rates ranging from $0.09 to $0.28 per share. These notes were all converted during September to December 2011 for a total issuance by the Company of 1,450,850 common shares.

During the nine months ended March 31, 2012, the Company issued 8% convertible notes payable to certain accredited investors in the total principal amount of $178,000, which mature 9 months from their issuance, and are convertible at rates ranging from $0.11 to $0.21 per share. During the current quarter, one of the principal of these notes, in the amount of $50,000, has been converted into common stock for an issuance by the Company of 358,747 common shares.

Because all of the foregoing notes are convertible at any time, they included a beneficial conversion amount which was calculated based on stated conversion rates, market prices of common stock of the Company, term of the notes and their interest rates. The amount of such beneficial feature for each note was basically equal to the principal amount of the note.
ZIP 29 0001354488-12-002219-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001354488-12-002219-xbrl.zip M4$L#!!0````(`)."J$#/`BB2E24``-8C`0`1`!P`<&UBTF59?--T9EDRX]XUC>)[;&2?7RD24C"A"*U?-CQ_O77#9(B*%$204+>R=;M M5LUX1*#[AT8_`9#XZ4_?%Z'R1)*4QM'[(^U$/5)(Y,3RYN; M(^5/'_[S/Q3XWT__-1HIO_[M)LI(XOD9?2+*:`3/?OK^F(3T#/^I`,4H/?N> MTO='\RQ;GIV>/C\_GSP;)W$R.]5553O]V^=/$W].%MZ(1FGF13XYJGJ%-/K6 MUD]S7?>4/:V:;K1$YA4/XQ0?/WII31D![FB_@02>!MFJ`]_8.BT>-IK2UJ9V MT91630.RUBXE_LDL?CJ%!]!>TT:J-C*TJGE"IELAVZ?PM&I(T]C4-6?7^(H6 M58<\']*"[O[SQ63589DGWH($CS1.?0I&0$[\>(&= M=-6`+I4%H&*=I4Q]'\A483IY-F09C$2&ZG&J.:_ZD:BC&8OJU]7O],`GTPI M212&DC3D6.G;YC@81J\KS52QS^ND,H! MR!-2'M%"0E\G5QMB61`OS1/RH:R+SJ!-1:QZU&2!U+;0G\R]A*1;690^AS7J MS0/PW6_A$]`GF(]-V6+?6ZR2O"Q.N,?B,EC'V$:58WI%HGA!HWUL]\MEG6\; MX>IY0PIM`H42^^PC4\X',J-IEH!VW4+%IY3*\X`EW*X"[+XH$)6+586HW$3^ MR4^GVRAO^'?B):)C&55Q;Q>U307X*PG#7Z+X.9J`HL<1"6[2-`<7W)7M;IR<(+H9^R(J]WL4,/$F.'?;>Q6E"IFY?+?V:67SAO4UU9,%/2L[`$&5R4@/@5YIN^/()4U M7<>",,Z3ZDJ^6FO81=XUQH[;C[S:@;QFC-$_]42_5SB:Z5B[J9_[?@QFECX0 MG]`G[S$DMR0K;:'OE&B6RW'=Q6$HFBXS:&AV/S`WT1/\"J8(37J+8JQ:)J<_ M/$U1?MW4U;3'W=C=)V3IT>#C]R6)4C)PRFW5&3LUWU;:O0%T&;AI:88@__,T M)5DZ<."ZJ]MC;H(;1(4Y=AFIYD+V;'?D>.DM:>:%])\DP("39R29Q-/L&;+@ MGY,X37L/VQP;O&/9S44&JDZF[MBJ."K? MZ!,)OB1>0!9>\BT=Y#HURU2YQ'\[@V%0.@G(LDQC()1[L&9(JP>)Q!X[SK@5 M!T]]`(A.\=0PW?9YV07B+IN3I%"G_I6"YKB<=7,D!;EU\LBJ;EM.)V[#AF6. M=5W3UK/5[CPZY?ZJ8=OZ7AYEZ7?OO6#=-[3&M1W+U#8+RR;U_A@Z&:YFJ[;9 M`T.2DV#BA5Y"R=#Z1]-%CJEO(-K-2QK`3C)S'-L="/`RCIX@`<%0>AMG1))EF1KX M8+ZXW,EE.*8NTE+[PIG,(9']0I+%19PD\3.D&/T#A#Y650Y("^F>W#OI"S(7 MXWY%$OKDX;%=3JUZ&Q0TX[/,5N*]$71;1QP;EB6(@'LTU-&JMJ:-.9^R2;H? M\RYCAUAGNX8(;\Y,/L71##6%-Y>^4F@WQ#8.$@!UTPI]O,5;=4'%"?(VCOQA M*J*V3E!-MS?S/H(017`(NQ!DU\D/JI#X\0E/"SNV&O13(D\-ZM;V/CPQ< M?2KTKKBV^)WS/(/T$S=VN@FJ/,K&8;JYO3[Z8*EJD=3N93,(SZ:`#HV''^MY+[A(\P$,"YK3O2<)Z=C:K^VV83E1^U;8#2TDH M6XWL55!*M3ASI>(=.`T$U5G1Y(*28'LL\]&T]N2GHPE(,T/,A\9VL\3I!^8N MS_"0->ZS'%H\'*NAL&0*:@>;4Q-C4N%HMS/@SVCML6 MINK*P,Y"2[V_)5G&CF&5T6LOB^&`1&JXSG"X@['B=LQ>#=EOQX;NFL:X>B`0G6W3=71' M)@#163?X2FPX>]'9AUI9[=SY[O7L1VQIK%+U@4M$5XBDZV!@Z. M/RG9AZ?H_+J:-HRAZ(S:D%'LYWBWQ+>XP(^7IW*ES*EFFIK*G^[9X-(+AN@T M.[JMVYIL%.*&;=BN*AN%J#8XIF.[M@B*Z93Z)$GQ_"HTV,QS>NJ&H385LXU/ M7RS"?L!2#X9%5$W,YCZR3"BBN@+F*XRE.M9Q'@5_]69RW(@YANJ-6\!=8]$' M@K"&:`:_[R`#@KC_4/EW961`$`\EKB$`X8&DQ$O\.3R_@K`3QNS\:^EHY*2+ MC7IS)[_!X,2=BL:G?3"(:I.N69;KR,4@JC2:9>AC2RX&X>H4CQ,:W3%\]I)O!/,;?&\A M8(<_TCK;D;(R85@NOZZXF^-P?,*:8SNZ:[\>/N&$Q[7Y]R8.#4\X"7)-U5#[ MXN-?H5E[\[ M!<6^TX674O^*AGE&>FQ!;-O\4EW+4BV]W)?KPEL*V-VZM0VL-K9-=KKW=<'N MUKYM^_"6XXP=W&%Z7;"[]7,;6-.VH8K7>H"MU+HZ;UF=Y6%ML9+MJ[$[3A:- MU!/>S^QA+0'I7E>X"ZGQFDCW>LK?#=*]CG074J MC5!)[Z+ZM_6OYE*02FJBK;CZ./7!BFJCZTO>QX2H*@^#@'( M-:/I,DXI+KO<35N^@]#7'1HJ%YIVLAN,353]U-<"-D#E#@ML@*H)`6-7)Y%4 MYHZH`?45_X64-18]$`BO_*JJ:5@R$?18XM76/BDT$('P)A6&PK$`@B=XB)N: M18BLFLM0B,:GG]K9#($SP+D<`LX`EW((.,)Z(P[G:Y20XBN*;;%-2K!:SYKV ML)2`<(`#[@BN^"3CW(MF)+V)+DC$WH'UPN(#`;B=?$V\+$]D'5/1W.J,?Q>F M4E"*G_;B7F\405F)'K]20XIXAU^EP8\=29&>JEO\*;06-CV1"$M('`F^?(57 M"=Y-V5L3[*14@G<"I-=Q,B')$_5)>I=$QI+WW2W'8,+[EMY#0(EOGVL\NN4G4'Q^\QR?!W_Q72>NBAG40F8_'); M&^.F8V-:5;P;R2F4%!$8KJ-O.-)V?D.Q"6<8AJV;FA@V;@D1OU%_G\1XNTIP M\?(UQ1?[5AMWYW@)[.;G6_J6R*;MK"_@=F0O%WB/A3"K\=)#?^"0^D$VDY(K M4OS[)MK\$IR4#$\#L^5SS_UL94$5CL&.:^@'@EJ=9Y:SPJ/9;@><%4\I('LD M-(U74N2@Y+]R*>6`I68ZSAZ0/$\I((5%J>F.IDE%V;PF08HD;9W_$LX^EC(@ M"GM/U[1E(JSNV)!DUF-''>^<98[?8'#BDL7$B$O/[9%"DNV-+'NP2\SE,*2/'%2(>_E$08Y!8W)M7"7B[O7/I4F`S=T\0D)4@12K]QQWXN14J;:>D/,>YE*02FLND93J(-0 M7M8?++XBCW+6TYWF&^8[V`U$UG<'H@)(YO9O>P^Q`5[;$_P4`7X0"8>;#'\/LW5))LY>0O#]:>,F, M1F>*NLR._CC+WN'#*1"JGN/?9XH&CY4O=`&Q]Y8\*P_QPHN.BQ^.E0F8R[3H M["V6[_Z@V2HC*%X:*M]I^3!F4-S!@T"UVM785&R&$>`RJA,/9I`3^0\+1)2Z%T=L6N=W4K<#`)0R<.-><46 M+4+?/\U;Q5_"A1906!,:K9S]`NJ*@>'09C2$+JND$X^7F*7"4IO\4@211\7;#JHV!YEXUQRT;4. MY^)A>3VP?Z*0:((O>:FOK_K_$#X(\D41PG^.T<@@P_))(ABZ);J9\ZPUSI:* M#!8<*!XX^1D[DZ<\Q\DW0%T$[^)6:%3]_[9LYUAWC&.%5!>`0I99G>130FY? M^9'X7IZBVR;@3!("/9;$1Q<"A@G6CCM&A='XK.R&08&B,5>Q`I40MK!4Q"LO M"%A8`233/`*?#W30B2V6(85@0='?06X185PMC4%A+[J3V0LZHS1?,G-F#9/X MMP(,*3^QQR)HQ0(8LR\R8B`D^*ED90HZSU"@S-+ID1>B3;!:SY")4CR&0X2W3B[G36*GQ$Q2`>=?U'+!4B1H!]":I7D M(ZRXF6@8ADH\.%PFAOB111"6FD!3]$;%_*TH@(L'7:(L5B=Q/ILKJ1>%3U5H,1<1B#X%#\'"" MQKR`7!L>$Q!%X*0KR&G^B!\KSC`HK&.ND/+Z4'E[S"."$.`7.@<#8O,`_7Q6MK=J3)V';""'/#R/RA$6"(HQ\(I9KRT"IA/##A*'BL/KI&YCQ]"U#!CJ^LBIV?\9( M8:\BHQNJFRH;S2BN<"^6[#5IJ%T"^D19"(B@E&MV?2R*@F="9W-L[16OZ2M1 MCBE183W3!G$PO?K#Y2=*]3;V'D3HA19%Q@>NG"0^!<,&RH6SB)=U1?%H=O-H:HI>BP(5%4!6.\41@<(P/D+5@;_PHDNMPS+S+P^7XI$*38H MZTG-4N%/'`C[=;,$+9LYYKLJH+&M#:P6N4A2IL)^G++PE^&'\C%P0+P#6%C, MY*$'?Z5(-$-G4L1QF`S`GT\]/\M9D?D-(N%H'C\?ES0BCPUL47W5"_[*8)#@ M7[%OX?0I^)TPA!B>L^A6;.:QYTPMBM%C%0+^F:4!J(BC$)Q\4?<5RRJ@E1A] M<1L;>02@'`3#>DBGA1IA'L#JAO3'48/5C052%2%;W8.P4H52`4)(&D.F!BG: M8XQ'?*N"*"$S:$G8-&-&\XDNZ<\$7$U->:44'=F?*.?,WC&WK#'5%:BW!'6` MG.VX3CT?"5O+V*$4"E.(PB_M4XKLQU,)/!$39>6RP]).@7 MU/9B.$A08W"N8&!%D0V)1U'17*]6&=H&J%S$\"_ES?7YY.(M!#1VVP\B>42J M7YL5*XFTY3DC%4Y=X\*C]W-I:5(KC"?ZP@R@IDB6V%M02ICO0Q!W*%J]Z- M3^L?\=8`S(Q7-L>.FI2H%<-2(7DN^12DH4KDI(CK*7\!YQ_GJ<*ZP)1\(?X\ MHKB\<@X-D=WZE&/N.()BCB1HA"/VZQD41A%Y M!PXEC),S<"-1$#]CPZ-ZAAC^6@#:AMHR81PKM6#61E&C/E^0*"@6D`!T-3H$ M_Y!CA82P)_Z)9N;1;JWBQ1-5(2]G:+B(K1/46_&50)$+8%0N9PF\#L*)% M68XR#PJ%'85JQV>K7OQ"5Z%"IOV.6X`#[UYR/P'U9\MX/'F&)"]9+,M53A@I M1[8NU5B]^%($#2R=RM*_$`_.6,WK_]H[MN6TD>6OJ%+>-\%*0@+AW7U(G)Q+ M57)\*DG5>18@;%5DQ$K"3O[^]&5F-!("2R`,V.Q#%K`N/=T]?9N^=.P5-?-T MGNLB1#?\VM,QNC@)K\U)V-S[J<(P-2?II60J;6X7WWDJ'-;+P*1B-M.=$.,Y MNU-MUI=V0HPM#@A3_`6<$&.[`T)PM'!"2BD2V_FF5-VF7`6=6BW&ETX(K&_,C&.T-O1'">Q<>R58GQ&CE@!!,+^N$&,T*$7)R0$W%"MBGB_45<79<;+!4[[`']J8:P/O)!C$+"V<3>"HA%)AP:%73R MF@9/RJKD/3;'YNRPZ8P['._8-[Z6KTA#8>P^+$$Z+=#"Y=05W'N3Y&=(/V3` MY?`AIM,^<%9FL"47H1+RL+%^!'>Z18MV1I#+O9?+1)Z'2;0@YTIL%]QRL;3% M34K7^46[`L]D^R@/--@5L.6[./#T&$0Q':06=^.Q?QD?D<1;<;H,VNIA@LDV MB*ME'$Q5[I/^9NW&^W#!:PLHF15]TZQP]T4\-`4A-\4LI8^K4(H&>/8/)-$L M!+$Z4S(/_R0A-%%.%4EUM)9DDB4@+ZQ''RA*B/-#`9)YMR MY4J92M>-N#XGW`8QK/2O=QCX#=-WQA0\E0QH#V_'?&#ZOL2C:_&]]49YBF;Y M/>X"Z[<_@/E2T)\]4)=QL,Q`?KG'O%C_&X5Q>>=A,I'S68!'# MO1Y+6,<_ M0\*B?"GH*N3,QO73Q[2;/7WL?0S*54'V1:J=EI3ODHWI&?LOZTICX^-_DF@; MCLSA<'C^V-U91IS@6DZ34_R1Z=C>FY!`TF16X-%4]Y:,)4PO"6T1JC#0B`-[ M-)IUJVX[WTFV[9B^/SC_#;6S<#A7&@Y-Q]M,M]>T5;\GN:@X0=BV1"%VI7/? M`S@P#3@.3Y+4QU,6$I6V;YF>.[Z(B0O[=,52XX'I#OTV`NQW"J[4)9^TS3O9 M%LY=R\87D?C;N;KK9I6F\.D[@K-;&/@2)KJ$B2YAHDN8Z!(FNH2)COWI$B8Z MW;6<)J=D%.EYG]W.&[8N'([`OJX)0NG/WAD`NV<->P/KF6[]8+;M"H"TA,@`VA4% M8$>`&5$#0NGIN\/0!`M#4(AM(<".C:^B-Q,''JN1Q6KDL1PTX?AAVS3.'I@+ ML$;U59-I:M4-;8W:4$Y1':#)@O6`SZ`_\KK`\Z>:M&/]O7N_X#_8/DV)O6/] M)Z:Q'!V.[VFPR`(N)F@B_#<=#\0'3D0671N;U.%3XU`E3OM*`Z/)KWBMV^\%K_-ZH"#1:+U8.H]Q.E M?D7OR(R:>N&+HY26@!4THE4A`<%K>`IYE*=:6I`;CZ)`(Z6J@A1+7+"D`Q]W M9?6M,2X8/C@^04%%J+('HO;0@"H.1-]=8\;PJ;:!3(JD7%-$2<8!(TK!+.MH M)3E@_;;I>I;I>U:Y>O8$&E8<@%=UDM;U`:UE5N"00_.K/?*17V4#M0>>"CO> MPGVFJAVM,%P]HP$_"$:S5<6V8#9&$5<+L(UI_+T*@-%2TT@6HQ$&[# M&Z5EX5+9V4-KX597@2I4P<@O;P^1&R`DW`N7Y'232QR32\8[/V$(C7F`A MZ0_CAAMPFL;GSS?EOJB..?)<`1GJ"*6#=;5GNF/0N63B+,74FJVOP):8JG$F M+3;BBBJA#T`B19D1AP%.IH>GCSS3<2U5?6MMQ/ESB#BO&WY\6L]F[,NF:A M$0R5#@"7>-\+Q?OVX]G:2-\S3-@VV#!8$W$W)9,D,`$I1\35+D.V)4-LLL=.T5LOK1GRE$.!D1*;8YTV'W+.A]V MO5UHIHCC;2&>;[&Q5D2!9'/-$H(4VA@CREP2HZ"H13#.8L*=CZ/GX$Y&(S9A MRY\2T2(1^S%%V-T/-LT#'8H"V%_"+,,>E@+9 MOJ1]X^LJRQ#1$N."13[=KFD1@3VV%XKI6=1O+U03#Y>K2:PU&"1TQQ'W*!:1$[-M M35R_`!/-KQ+),]LRC-?_5H(K/, M?WK$H%Q!59+^,E#7$9'HB*\RQOAN%=$W-A<7QOMO-X9O>SW7ZCE>CZ=[EW_S MJX-/,V,6HIM+W4YU!I92BQNC@L],4ZFQ=W9,6I&/MS/N-7T?Y.*TCWH&@^42 M9%G1,)G>4CLH%9"$+;#A`:2=@>SX:![(6;MD]X+^-F'ZCAZ[?I/;9O!0-L%C89Q7F:,J&= M#4FR8=34\J\1#/;(]$A!V);IVJXR)#4%,0*W?EBO'WBJ>]?R0P3!7I&@W\DQ MD!X=RJT8I]L6J"?\5H*#`M6.I^=DB,S..8ZUR'"8ZL<>]3G;Q0#6L2` MYTZDAU$G.0B$AM*#QPDA=VI.JHW>F67)4R(%&L_(/HED/&4#,;8[65%81G*%9$J"/E7M4R0.@WUA7UVS5M[)OW>;[ ME@SDNHTK#60,Q\A`S?_Z*E;S`CN6^?10F[&I&C>5X%C;C2Z9P_ONQK5Y(JUV M(D'7T6XT+CNQ6[-HX+>RBVR13UNVC\:4?*/V(RG2H_E+!(7TF8SC^4N"*GC: M?21_B2#07G$,?XFS3J3/9!S%7R(8NA"TQZO;X4%IU5D<^%,-"_U:(U]Q8%<7 M45F/IB!GW"UHPEI`;'Z'@76J4+1:H*)X\RAXG#?1I^5!S.U*X=_KQA MXP8YB,[)*IX!?/;",S;4>`W_0K-*#8&A;[3'B:@^CFTH//BO< MI]IC#R&X2995A=Y[Y77\%YR.?R\$_CC!B7.;=FS/XKJN[^C]69Y_53?`->G; M,@#7?#BR6P+WY^\_)VD<7>._\/7_4$L#!!0````(`)."J$`AJ(F#<@L``):0 M```5`!P`<&UB&UL550)``,6@*E/%H"I3W5X"P`! M!"4.```$.0$``.U=6W/;NA%^[TS_`ZO,='P>9%EVUY MRT`D)*&A``4@9?O\^BZHBWD!0%"6#'BF>8AM:1?\=C]@L;CRTV\/TSB88RX( MHY];W?V#5H!IR")"QY];=X-V;W#:[[<"D2`:H9A1_+E%6>NW?_[U+P'\^_2W M=COXUQ]]FF".PH3,<=!NPW>?8D)_?)3_#9'``3R#BH\/@GQN39)D]K'3N;^_ MW[\_VF=\W#D\..AV_OAZ.0@G>(K:A,IGA;BUTI*EJ/2ZQ\?'G>S;E6A%\F'( MX]4SCCHK..N2X5MBD,\A$>2CR.!=LA`EF:MJ'Q-H)>1?[9586W[4[AZVC[K[ M#R)JK3R;>9"S&-_@42!_WMWTUT^=I1Q-<30D3(0$^,+[(9MVI%3GC(7I%-.D M1Z-SFI#DL4]'C$\SU&!)5NR$X]'GUFPZ%/#T[N'!T>+9;VQTD\<9U`%!IK,8 M/--Y+MQ31B-,!8Y.4"R=/9A@G(@ZH&:M%X%XC3AX:H(3$J)X,[S*(G8%?I"@ M!$MRQ=7H:@;-59)J[VBS^DN`/D5B98P`.M6IM! M98\O0^G0.7##^6(>H M(KAE(-]8@B%`/*)AC&\YHD)VKQ8-MDYORS`'"0M_3%@<009Q_C.%+J,.H%YC MV]#2H<`_4V#I7%)5ZSF=_,XK_^:-X*4:PZVL3;7X-.*[`M4N/N\,)XC$]B#- MZB;0T%F':9S%ZTOXNZ"!'Q(,O4^T*D="WE;6!A_+P@X@7P[:P4HC_RODZ,%" M/2CH[QY_34*V1GX(<-?=,OR^U@N6BL%2B/49H!IEWM]O!<2)6G\AZT6T?=)>)]YOEQ]][0@"`TY3+Y&SU@!@- M<9P]]OOUUY-!2:;C#JW,:S0@%U^5L>78[_$P8!P",0S\#@Y6I2`>%EBOCE^6 M$AV13A)(`,*?>789<<8-#3.8R M3GS#24W5,*K8L7'HC`T;@[UC:1W)`:N&E:*('0M'SEA0&>2=UV'<,D,D.G^8 MR0!N;A0:63L>WCKCP6BBAX0P&)@GC]?0D6:)!&37,]G/ZIN%6<5IMS8C"8K) MGS@Z9=-9FF`^8*/D'G'\A3,AM%U>G9KC[M"&HV+O:.>'+5;&:LXL@7Q?/?YW MQ"/Y>!T#%3''75YCCVOL]*ZY?T7AA%#,'_-&F1J'2<%QC]B4I'K;O:,+,JMT M*EV*HS,\XS@DF5/@]QAG;J91;\IX0O[,/M=Z1)]V;JEXQYURTZJP;;\J*D[; M;26A1TW:+WO5?.X:DN] MJU``EZFAB>-K!T][]S28[33.U:607F`8L1K,QZ=L!TOOWK1_6@L]8Z8 MG%'?&`UM,]&\K!_1^9+1L>Q3\K&J/CRKM?Q)3ZN<:$*TR7R?*UU]5?.)#A4) M9K9\G`NP-\CWZ*7?"%M.EA6"VUS9O:,1%F1,Y1+*8((X%MF`0X-&*^VXIAOV M%3,+])Y6DANY+97BZ!QQ*L<:A=6N$0F)KK^S473`=^2=LNF4T"=L1H[/..QIZ442DQ2B^1B3JT^6>FAQ^72YOH>AX.&Q'E;T'O",O MUZ'W:&3=9]:K^9.8&>W2)#>O)4>SMJWN6)#.Q$^=LH67\+>C\P[J`YWKPP]' MEH:V/>:HUY*B%@H^"IC&#OCJ(4(A&.?G%XOB-;4[[F M;*3-G0H23I._.::I=ISY]+7C6*;P:#&#*YKA71]SRD1R-9*;0<0`(I`V32M) M.8ZR-5[7&.7A]K9%@*#CY39[[2:WJIS+T3N.8[F#"%-`%6UF3-/)N^%T^V:3BI4W(\@K9BR,YP M[_BZP0(#G`F@/H,D+&;9WC@S734ZCM>7K=BR,ML[LE:KKH#Z/VBL#7%5,<=+ MRW99@L8X[UBX&HU(B+F0Q\#`&E,BH!:U8^.]4S9,1OK'R,JB/@W9%%_J-[\K M)7W)H:OH\XRH!G,^3NU9FJ.OA?X-/^5^ZV^,LJ)EYDZR3LGQ90@BD1W>`E-V M-R-\HK%$+^ZZX5CQ4KXUP62Y=Y%M!=!4#[YK2TX[2'/[U9_H+,"ST7(]/&S-H[0OO M6`1LM4E>2<9Q+Z5$K,R$%&(^)GCU!MG51Z\7;;P#T'VZKHL]>56W:0MKDP+^'R^:-:^&S.3;GKIQ^A;% M>]%_TT4>?L&XQ8**0=Y],'P&6[5^\(^Y,.1XD>_)XX;R!*F.,Y6DXUSWF6SI M;?>.ISO*\>)2,%6&IXN$M5J.,]WG\6?I$_\&G1#1`;G`9WCQLT^KEW!JIP9L M5!TOV3R/UB;>>0W-3J.5WNVS:;"'Z^!QN+-H-9,EM4<+Q9MFTRU M5UX#GZ7[,AK'VX;'+S^\%D8U?O$N(U(BSY]E;L)H4<^.T>-7Q*C*+Z^'T?H# MN':JUC,!KXO8W=ZHH+L<>(+H&(O^XC!17P@``H/>`>9S$FIYJM6RI,C3V1I+ MI[P@.R>89D1%+ECR=K5&9ZUW;DB%;'LN[&F41/-N[R#F"=#@7QJ_X:8S( M5)N+-"O#DE5?)VLV<9AWM&M\L-A>](S5,V4!+L]4H,=L"?.6]<*?*>&X?%6R MQCP+/3]7V0P,%HYCV/K%OUZD`KWI:P2:%.#GXMRF)+_"%P-4;,CV9H`A49J] MB[M9*]8H^[FHMRG+1@_YQ[#&^@M"H9M]1E>D+,#M\;X0XTA<`/>YB^'.\-#P MYBJ]AI_=CX&UTFG`.E]XES+E,3\E@?4W[%CH^=G+;,"ET2_>,2J-AEY0_I`] MX1S%,HY>8TY85)Y[U,T=-2K"<9O=Q-[2UJRF`RI?LK_(-U.O+Z>&/3$ONBRWJ[?X.HR\,7`M= M9HBY`N?[,LY,/%C+[QY?]07N590?RBB?E((GK=UC7;^"M@KQN`PQ)[M[8/E+ M@F\YH@*%ZANJN@=EG)EJL-0-BLJ[!VZXX6P-N5N&G%/Z^YL/A]WW_Q!!^0:[ M'4).AP+_3.7A>'%Y.ZU=?NYE153 M@?FMML4%>PN=E\79+B(^DU>TQ@K<[_2X\[]GA01[RV)<'IQX]IO$76"]0?=? M40*Y"8JUJQ!J6<.&.>SR"_G?$/)I^.1_4$L#!!0````(`)."J$!'DDRTO`,``!P:```5`!P` M<&UB&UL550)``,6@*E/%H"I3W5X"P`!!"4.```$ M.0$``,69VV[;.!"&[Q?H.[`JL,A>R++L9M-DXRW2-%T82)NT;H#>TM(X)DJ1 M+DG%SMOO4+$8^2#)22W%%[8DSC_S#0\B!SY]OT@XN0.EF10#+^QT/0(BDC$3 MMP/O9N2?C=>;\CU6W0ZW;#X,?GRU$TA83Z M3-A8$7BYRGK9I@N/CX^#K#4WW;!.<19%, M\?TB;J\E9]A:.Z3EBCVC#<4=CH54]W5$&X9[!ODB#>`+XIZ..7Q75&B[$^^P M8.MT>\8<&1G]G$H>XV'CXE>*6T8=8+EBWVCI6,.O%$?IP@Y5;<^5V3<^^9^_ M"-I:#-_M;*KE*S%O"LI?C?<1#&5\=\AJ>14T55'.O M0UIW*,=KIR-+(71`Y$3\NB# M'-P(FL;,0/QB&6V6<2ZAPQT3LBY(YJ/EA*KJ/9?%WW9!,QUQJ5,%>).I+/>J MKG':K76@PSQ:Q\S,B;-O'*^B(G20[]8A'T7D4=4XZF:IZ`B/UPD+MHUSU9:* M.6;87KV7EIT-^6[K8R,&#IE7,F@+481^68Q>O,R?D M8.EFF:QL``*YU`0`5`!P` M<&UB&UL550)``,6@*E/%H"I3W5X"P`!!"4.```$ M.0$``-5=^V_<-K;^_0+W?^!UBTT"V/$CW;;)MEN,7]U!G=CKM M_==[6PCG,4G2_.;'K8^SGMV[)WO[N_]Z?S:+;_$BVDES_JX8;S4HGHH*M__V[=M=\;0Q M'5A^OJ99\XXWNPV=-F7V-#782TR*]%TAZ)V1."I%45E?@[06_+]V&K,=_M/. M_L'.F_W7GXMDJRE948*49/@2SY'(YKOR87X MW1S?1"5.^(O>\A?M?\M?]%7]\UETC;,MQ"T_7DZU^7K;2:L&[?HF>X%I2I*3 M?#/6?70@^K,RHN4C,B#CO6?ABI11MA%Y&>F=]@>\68FO+.2EI!= MVAG_\8S]U2&./YSWX])O%K@O)SD[`,MT_)AFL\)78C&=G)=E+Q[:1(2N?AQ M:P1NM\^4IS"A#=V(QI8\UQ:[,6$=PK+!S2A:CZ-2%1$:`?L^NV_=5 MI\7B$M^DG'E> M?H@6N)=KO9D/2=E(<@7I;((+QD*LKX]:$FM;Q(W#R>*(:95&V90UC)]_P0_: MS`WL_`I#0[.KC)X1(&FHF6FT41LC88V8>0AU-.W8%4M6D:WN8U]:4)%J)"`_ M`U'S"D+:SH+;A*SE=LIPS`96AKST['S7NY)F7P`=(U!*4#'32J(R9D.(!''S M$.J8,"())W.:13>*?/6>^U*#DE:C@LY#$+6O8M2O]=8&<:,0=7VTHI1S3(LX MROZ-(ZIO#/2FOA1@(]N(06<'0A<65&F,0(G)AV%?2M&@FIA'BR)U/'(H:+*K` M/X43U3](MLK+B#Z$EHF>8WLS(J5WJAZ,P]SV&-I'M36:4M(/48"6I%]*)`+0)5$%2G%%!-0LU' MK!^](53O`>E9^=6.DF)7,AT30$I1\=)X/H0I:FS#">)B=9VE\6E&HKXS7F/C M5PP*>ETI2`:`A#!DI9%!98B$9<`^ABP6))^5)/XTNXU8<9RO2K$_@+5=^F;1 M"/++UZW<@WVD+#/9@9.-` M=5%*IQ[LQ:81A3@ZT:P'H0H!0Q@7E"PQ+1\N&%^Q*_R/5;KDDRK6 M)%JF*FY0O\V->V:ZK8\=!Z@Q<_?(IKPU_1RH;'Q=K!(1Z\]1-0W"%[O)E;:2F[L8#0J[Z/X-LTQ?9#;25-S M8@+X;$CLQ.4F1&\=7$3.%`?KFK"ZITD_99?2DA=)S+SU)VGZ^`.7I^F>M:;WWJDD>R>G# M^(I,8]<-AKMP9A=C9Q6PIK`.3/LZ8T\0Y.G$>7F+:371_L"JMIIY6R:T%HQ/ MK3G1E\5F!(`9!;BP["M-8$#Y3*9YR0BFUQFNLX++D\]QMN+[K'XF)+E/,[W' MV07JUW'OGIFN0]^.`Z.[$60'/I,5C=ZSSO0P)46<8E:>O-U+5G%9;*,H'T;'HU/9FAR8=C-+LZ/_KE;^=GQR>7 MLQ?HY.\?IU?_1B^/3TZG1].K5S!$VVPMNX@>^+8RMYV!?>,0>P+5A%6[`;N6 M8,1FI*?=`5A;@Q$/7>%D%F419=^,53Q*8\_B,1#NB4=A"4D\>GH*\7!C],_H M!A=H!YW/YVG,&K47H%0D-;ZG44K_$64K?)P6<4:*U6#I?"0V@,;CCQ$!1FM.-(?[/UH0 MNB9Y@I852OBC8"AN=DMH>87IXI!02N[3_$8W651:>CWYIZ?:.>@W-`.C(CVW MP3$^;KE3,E,42RI*\#40X1QCFMY%W%4OM;^:;&ML?8K'2%>6C](0C(!,[`;' MDEM;U!@#6521N)N[-I5A(->#H0L;6L%R8FGYF3?D2S`@LB'Y#6\\CUDC>,BC M@BQ)SAWS->%)GDC+YQEK.W.A?IO3Z[&I>A7DTQ1!1[V/2Q),T_@T^1@XU%BJ M53<,[G.01I=-WN6AJ7T@JT8%FBZ8LJ"9+Z@@8.3HQM,T8SCD,X8+:<;`5ZD3 M-K'E;C@8$I2^B?7'9>^%9-M`W?F0KJ9'7QN"[=0'%-7].N"FS#Z%"#9QL$P7 M0DT2QNC#K`IH6AB]:@EEG7+O51!KQ`%02]3/`\C=/RT:N-FA-N M'_,$%^E-SC=U51'^A`>XER>SJ;?S;A:R[;$WC5UP:3B0ZXM"MD:%,-]&?][> MV]OC_Z]_0=&JO"64GZ)D0QTV<$P&B2I`"4*FWIS?R.I=4DNX/GKDUP M/5F(*0Y42O$\OWZ]M[>/EA%%=QRSC;XQRNK@8/O;M]]M[^]_USYE`^S]M]L' MWW^__>TW;YI?*^6)AV0=*A3BYN1)DHB@;E%V$:7)-*_/(DN%J5LY<'SJ/)`-/3-PFQ'`FE%J^:DGEL\[ M&?"S7]8^M];`(.V/M;@ME!A8RG-D:W5PB#%=5Y<8I"ZEPR?]0WI2:RR?B->4 MW"8)!3HP-#*CFK-$CJF`Z94WIC[J1*;NW-LSN636)^__$68.\J45<.^FHE,8VH$JZ=`T*J0RAJJ/#SD49 M4YA^^(N(GE-QUT4B',87F`K"=O^R'AG(6V_+BL:!KX,%5]YXKAHW?U&Y^5L' M/S@16KH])T0@T9FZ/@=SB")S[/ZZXEHO$-7+/T!%INPMK=9!Q37L,2VF<$5E M[#6[@JI7#T&+27^SI1LDJ*PTMUJZV,,5F/U&RZ[*I(7I)Y*:-GXT&Q/F!1L^ M-O>*%>?S\R6F8LJON[=K'-1CM.E1F9&"4#OA@LMK`[**#<@5&JWAZ'R.U@G` M:-,N\1W.5]KMHNO'?M>0NZ2Z*\75L^`BT1!2+Y[P@*:-(8R*/R)%>3[GX0F+ M&E=\N2TFQVTMU3,"(0LUKV$@4XC#"+,J@R$($9[N@9*[=<-*Q\"D' M!359"M)C6*NN0V)]'0@+5)G`D$'=3>4W35P'6W!CO;W7N'@VVITH>3IC,*V( MC>$@F'%C#RPPB%:!M]%-!1?;1J).`@B#$JI\IT'OJ@1-`1D1?@,S6*EWPS-H MS<&(S\YQL,52CD7,U99(231:@R&U]Q']A'E;+3XJ<5BU6+?TFA*Q@?Q>(N22 M@>Y%0B8$&-DYT>PKKP75C5P+@Z4Z/L;$12$VPI]B[;1_:.;Y*A0ER=[U)QT; M,.K1$%-X@*S@KMETC_&=S@CXM(55K2';&\ST;,)K1$!N,T6LS M&+)HPIGRJ#-,VZ:!M]K4J[/!0+;C9U#8@9&)@=S`NU"9OBA0`4LT?2^)JSYQ0&H.ZKE-*E@0BP-5-Q.\D'DI-NIFJ1NUP#Z`#V?IV,7Z< M%DM2B)`:YW/CY5@6C-<=!"[T.WL*3``P38\+R\&6`X9I!EDDY^$P&9"-V?GE MCH`NXEK'WI8RV?ZFO]?;`1VC(&)0G]:#>@QJ4,\^'*N'HF?C4U-*>K*$.@:P%*.B MUA<(W[/+VR888FC"335'_@ZC(HWY@E":K4KMB28KRJ=@'+,@2\@"`=,#NO$T M^[I8XX6:P(P\#;2#1#)B!:].Z)E.ITSN6,-Y@]=G:)+J3(QXOUIA(W#>SJ6, MR49[*,4%%%QG8YD.-D954)2O%M=,9F3^IZ_VO]W[2_7/N#X251U4EX]$7;?Z M2YY&?T\5L*X^4G,^/XJ*V].,W-LV*)LA?H/8VX^K>DI3IPL:7)&).`7R_\V(QU'?2N:##J&TUYT"3+!GQ@WB M[\"Y&_GU07.S?7!9C2"IC$S71,>8$XJ*VAY&DR>?V=!ZBV634&=DU![W]?/@ M&C&0&MY0NC:!(8-)\I]5M1K.%.UPC,I@[_?^!`OM[K4)&F,PTK$Q-!V?@J$C MWBI&K-K.YZ+=$YN9*8WRLI!:RG-ZE$7I0NFUW=-3[;1X0S,PFM)S4]S#45G6&Q^$ M+?];OB#^FN3/Y6QOQWV'.!?1\OG]-?S-_#38*8[*U2#\Y@B<_S&Y0S:&`W,# M*+BDQC+M"VR-J"7%(6A>86"T31]S-HW->+A&U8X-74]J1?ELLQRS(+=?%@BT MG8)N=/OJ>\F-7^UR\TTVU7PYV^\\^2;=Z\N-KJ:^LJ:^@.[$,WC`ZFLV-G9E M]O%`/)GJ;#DZ,KO@X%W:IHP-;LSUZ:Y*IF*9.%M?$O1H1^9SZ9:-__B(K[C$ M,69-(QOM.1>6"AI6K?K,F(4ZQ$%K34=P5HSPA2&BK254,?)C(SE[F_[&=@LF MK/P4],VZDP#P!3^JF9:CO3964&6'-TA9,F MH,F84NCB@FM.E0VKYF00;,TIF*IQ1[RE9% MO18Z=L]I<.U6`12>8$.U,2$`6G;(J(.F#:F`:78WIF[;4)TV*8`3-QM+B[M> MKL@D_F.54MR_C5I35`XXKR%87;/1BIC;FBCOM MXULV[.5KBLL:*Y9K<`,$JEQQL)_E-EGQ9GYD"ZH!!U6L,4-&M2J1X)5J8CT( MR$"C!"\B^@EJP^H^G'GT>`CJ0/5Q`]0O8M*EYVV?=,$=EVHR>YKF41X_P:3+ MF!``+3MDU$'3AE2@3[KLU&V3KGF3`CAQL[S&&"?%*:-YM-[$>XROM4-<$\+S M716_M%= M!=0^_'%]]Q'U[N(-,M>YV'@$'I:,-V"N$G):FZ*726W\BN\ZYOH.='R!YTA759X# MI2Q%:<[*B):VJM">.Q##^ZA$A_@FS7GP.M[75=4$L8#?!"C@D]SH[>KPTA4O M2\.M8/TVO'Q>]X%5"?MS[?#($T5GPT]39J184=O-%H]/UG<#_12%T!?J8]($ M,X!^HHP,YGFKY3(3,=^B3)R\K5`%_T#RZE6R"XU].:K1BWA0Q>T5B#DCRF!S M0ATV50B8?4V=/"(]OS%6 M'IGM;D"6#1,#\R4]-@?J\#_WO>`'8G+:=YU\(9_!9,&W%V^L^A8.2N2]3(W2 M=(W]U&G&ZI6C/+1.\1`3@^D!(75Z0>R419&XE6M_;EC/(6?,,]"VWH M#3LDN&+&\1QX#3B0-RHM%*VQ,!J7PU61YK@HCG$1TU3T]VQ(S>-W%^?S"U:, M?&C,?[W"G\O#3+^>L$E"/ANJS3,J-V?C4PDNX4=3'P23X1#A09!`,-1\EOZQ M2I.T?%A/`&VZ-4-\*M2%O*Q%DST8U3F0'-S!1/CL^H@7&`6BJUEZDZ?S-.:; M&ZO#AXSB!$T*;'+`.W`%'K"!SZW=5:6U]NW[<-22QA1, M9D]H).<3:AQ@B1/X(Q?11M1*.=_9O$M3E89 M/I^WCJ2C%:7LKRON%;!.9ISA7NHX8L&H>"1AK?\074$*AEB3NHSN MWT>C,-;S2$IN@Q$Z M3P4Y+0X]8S%7,]2Z.U*5<\<`T.7,:EZ#!5YAM8UJNU"%',>KQ2KCH6SD>S/9 MWQFNM^ET9GAC8DP]5=J0JO:ILZ18]F]>@.0W;*/V'>+$A_R6;=2\A_W%W[0M M3$Y-O03LT?4\&J(0MA3NQ7L7UK'L5VRC5AL'!T`I0 M\1K(]8M:,@T]5I"H\*.03F6_-H19_`I^QAI8VX>O!$O1PRQPEV(.5+3#S29N MFV@`%;2!G&%K3/&BWA2#)F5)T^M5*39UE01=1#"DSL99;K5CPP"J*V>JAB^E M'4B&N\:4DJ)@P]MYJNP*I,>`BE[%:G`4@-N@RBC4X+RYM:"^!TL]1.\;`2IG M/;?!<+V]H*$Q!3)H;XE-\Y@L,+_1UE@+:S.(]:!@IZ^)RAB]Y.:O@OE:J[.P MQMON.B:`BEW'3'O@MS8,Z0M@`US258NAZ,T(0#7A2%3M1)!Q[4=10T-]%\]P MWSN;BJ=C?4E0,/7T!)?F0JXM#57'"FLNT@T[_/!VV1V"&%N7W)TV$U^PJM1_,3IX"WS[D>^#RW:,&I37>NPRNT*B1WN=58 MM`:CH,LMWNZ9`ER1X]?Q534*LU3#Z<.MZ(MCK"..M0Q1]2.MMU MM'&DF/R$WD#\%%%HX-2C$TW]$9(U"OW*<4@`5>L^\D]G["_V<_,3^\&UL550)``,6@*E/%H"I3W5X"P`!!"4.```$.0$``.U=67,;N1%^ M3U7^PT1;E7(>:)G27G;LI'0ZJI5%1I1W-T\N<`:D$`\!&IC1L;\^P/`:D@.@ MYQ)`17ZP9:H;[.X/C6GT-!KO__DPB8,[S`5A],->]_6;O0#3D$6$CC_L?1YT MC@8G%Q=[@4@0C5#,*/ZP1]G>/__QYS\%\L_[OW0ZP;]_OZ`)YBA,R!T..AWY MN_H0ZCZKA#O+;C4*$5\W;=OW^YGOUV0;E$^#'F\^([#_84XRY'E;XF! M/B>)(.]$)MXE"U&2F?=B;3H9"?GOWX,WA[+N_@_`FCU,Y!P293&-IF?VZXIXP&F$J M<'2,8F7LP2W&B;`):N9Z$A'[B$M+W>*$A"BN)F_A$&T)/TA0@A6XHC?J3:6[ M*E#AAC:S/X70)TC9N!I6'A/C*YG$NS MA)A;I2JB;5B[7?6#4J3;>=.=!]G?R8^^S&2XQF.BOIHF5Q(:C>3%I)N2YN?% M$0\#QN4:)^%:#(IXN#8;MC<&'(03J0F',47TG$>?L&/1A2V:($P=#W$0:.W"R`6BMS(82W^.R,!FOW`*[,7 M:>G2VGW,"9,J1*=RIV(Q^P8MT/Z'7MJ_4&\70!Q):2(ET7F,QAH`-FB`AO_> M*\,7ZNG"X"$Q&B^#\88/\<=S$LNMLQ&8+5H@(#]Y"(A& M;X?!ZLR'K_&4<;495UG&U(R'C@4(R\\>PF*V@CMTLEER(I?4<2XW5PC*!B40 MB[<>8E&HLSL(^NDP)N%YS)`N$U!`!][%>6C_`H4=+D]L,F$TR[(.;J7BHI)@9Z*#Q^;L>U!G"/B@K2 MX9CDJ*&(^+E!URA?@,?[_2WU+N4'[6?,+34`RUSY0=`)EF^"Y<]+OF#.&,PY MZTZP$1+##*M4=,8(36>S#,>)6'RR.=WF'W]9BM<;G1,J92+2&Y@@@*0ZC+6V M\U37[4@(:5R+%IM$+E/K9I<\!24Z11 MSMA2W!&6OXPN9UIJA;)8U^&G%E4_BTE4Q5E2*^V!$

_$(_4=^J,OT7F-,5>V=@:;?UPC$](JDPQ?\QK9'()$X/3 MM'M5?.P6\`,I&;2GDS26^]GH%$O+RJVLLJO\.<:9@6ET-%'O;_[(/M>:0[^A M:6AXM]G_JM.@:?.6CW'>SF(O7#E4G!L0,NQ[0]I);S&=Q MWQ6CX2Q:MT2R%AZW+S&J@@TRA!_/@PMI3#HFPQC/Y<7)V4,8I^I%V$?&HGL2 MQQKH8*QN7WK`D&!EE?()P7-"28(OR1V.;CB*\`3QK\(4>YD8H&BUDWTIC99= M=^\PZLO',DV@`*U30]%I)TU3!YTBK?V`)J>5_1$%AZ"=I$II"`JTV_4HPXA5 M69C:R:B4ANEY(71)T)#$)"%8R*!I^W2G)22$LT-1;B>54QKELG;Q8X%,'J'>:(VBOG^"F;7 MLS%!$6PGVU$'09@Y_(!N<,MX#WQR@ID7NB)"*#+M)"_J(*-7>^=W M:HR.U8)PBH?)L3H4,654Y6GF:DI+Y78V<8(YS2:H;0-7=U3H5&DGR5)KJC1C M4#_1FFD*H./@QVZ6H?1G/TT(!;"?M MT@*`1IOL_!IO#:4J!5`M96I:!?>Y0%HZI=I`$O6PI;Q/\X"WGUC55"1^IA$6 M9$Q5X'?# M/%LBHN+[17*B??C$9H%&S/.A@4WPJP;&=P"&QG$+Q:&^AO+^T-7MH; M/-?V!KG:P\V2WMR3.W\60P-4E8$\;YU0W38M;9Q7M;OEL`'P>=Y#`:RY'U[E M(O'DZJ!_J312N9#C#O,A$[A.A`E.01VER2WCZI`N.`^59W%ZAKQN+FI;]R?+ M_&4]8N$F7Y`[/0A>U]SK.ONQ8N42*S+X[?$LUHFR#%D?\TQN>SI0S^GTK'+E M!*'-$MY!!US*C!QN#Q17QJJME:PEC(SKGI;:[9G>FMAXONQ!6[XVT^S5LUXT%UZ79`,R.TVXV8%@Y37R"<)\OZ>- M-D\:W(P<3CMRE@(+H+@?"'U"_"M66F43*BO9%BL=-2#9F)PF2$OA!%/?#ZC4 MMRP8!&13\`Z(U&),15], MZC8O70H)DZZ>H+&I#G2GXSH'70X'G9;/9L-Z04,VP9?Z'FF%E&Z3U-4@W-9T MYT%4?9&N&&7K*LZM`ND'"F!VW%:R%-2E[.''.JIN&!&)BGIFPE[0!$L+FVY/ M*2;WH*$DW/0,HI%?,,VD,L?E6U0>])&L"$JANKO?)/LC(E0]`GKTE(CIO/2V M-S*V.K3P>-"HLA+&(%/XX7VKCBTYH9>?Z?N;`_@\Z%]9"3VP2?Q`T*QHI1#% MBZZ4E;"#&6/7HU,Y!ZV;BPT:M\TKJP-:J.JNX[`'#PM8W#[2E$!]SNZ(Q/SX\;-0 M)[N628JC4`9?LQ.T9@VK#.3)P44MB!L/Q(J&\B-<;3%V:06?&O8N$<8XS;^$ M'".!3_'LWYQN\\8>%H\K,X#3PKIFH"QOKY8"EY-;1,=87,RJQ&<5_.>,#S"_ M(Z'VK9&5RVF57`7CLA*Z^>1W^9(C;9(E3^*T]*T>,$6Z^H'"4?3?=)8CEQ,% M4.]FH'=:[58/'ZL5_`!+>;3J!=(;90Z>%5-PCF1\GO/R'C^)$9GHUK^28S@M MC:L':B5K^0&TNDP!SY+FZO($=7F)SA^+*)T6T-7T1+WF;8<1QYAF37D!6^,%;#L9Y7JXEWT)NZ.H&XP$:N)5@M]M=6'-8*BLF?Q8SK?%7MSE=HU# M+--S6'S:,?8$UGB/H?8ZG MB$2V8CD;F]N2QH:A+[;);&G9]_*NFD)Q\U=]E@%Q MG<]M>63S(!99Q7,0[1?3P%C=UDJV`Z6W5P#"WP/6KC%P74E9"]GR=MKUPCR- MQK.#%`U4H1@'FD'R2/_1AE5WFIUGW947KHE#`,X+8RM*6Y8378,YPD69&M M5#Q*P^QFMU)KAH89.CF>M%:J[N0P&FKW)P;<:K7C!O@$:2=]U\P$*6^P9QIB MSB\MJ1]B&@>"3IEVTGZM3AF``3V)-3D+,8[$N;1-[M9E=7FH[HEAXH!"VDXF MKP88#*B@K]BMRJOL-T`"^*`XMI/,:QY'HWG\0!.N=.TE&(YO.QF^9O`M;[!= M?UHK=>4>1OVC]C%W*%;A;!]SPJ+-C(FN2*[4$-!ITDZZL)EI4L5HSV&B&"8` M'-AVLGO-`5L;L&DV#P8)XHGWL'TY*'$>QG/@E"Z-0'=&/=AI+\Y*7C$:RA]7 M>P@:%=A&E5+'3*3[Z_4%:1PJ8J M/;4X%M'CO6G6C'UVZN7SRL8],'9^0BPKF!<[U MTZ9S9>3!@O[%J:Q.=4F^I20BR>/*C#;W,;/LGJ-`3."32\RKB>5$[[.8A/ED MYM(Q?MYTC!53L.1Z<0][!RLRIF1$0E4ILF5VFZ-`F7?/9=SV MF;>;/K.B??$44#/SS%CP!XF99?>\`F*"RJE-N6D=,H$W$IO._"BST/P\RPU' M5$B;%-ZCVWVSZ589:S#G#=:87_P,E`B"NYB6>O>\RZ*X3P^9[9NTM]VBN^D6 M.::_?O?S0?>GOXM@SOSB%H!6HYLF5P+#':4$_^ZY3FGC>.5,Z5#@;ZD<]TP] M7@N>,`=;KK1D">8\+QYD]Z`-.UL]1D^_@QYB4]XGC]C>+7X MJ5JSZ/\S1]GL!I\9[]'F+E:NW7,:H"&\>9^V=B),ZDH2?$GN<#236_^2S<;G MMOUSQ:TJT!HM]?23N[X(3Q#_FN_E"7,D&*O;/LZ5,"EC$S]\Z@K?YYY%G%'Y M8SCK%<]GG0F7O2\R`B*M,55E\\LW4KHG0`,#.VT376T&-&=/G\*595KL1B5\ M"F*4[[6)U^#5C.![,OGN12EG3>.D^ MG75'.L4)(G&!._V@=Z?\S]D@P:OY,"\>5N8=QS6Z_R0EXU)$?5N=0MJ=C!4- M6OL1B"Q%5'&LD+[^D;'(BLP&\0Z&C&:]/<-&?U?G.LD.!FY%.C9Z8$C_])G_ M1OTU1`++3_X'4$L#!!0````(`)."J$"B1BQ``P8``+HJ```1`!P`<&UB@/T'3@.*[$&6%?>6S&[A)$UG(&VR.AGZ5M`2;1.52(6D5VNA8BS.,^9;.!=36VA^/C MT MWG9N>QTN9LY^M^LZGS^0MX7^4&9?`+)^E<@-*5T)<)E&90GU1PDGB=&;]QH`/P MKFMW7;OG9O!8VC.,H]QDBN7$4*<=*TP89RP.5P?J*^&H^X@X`+(!103U1(!)H MC-$9-*2&*:3&R,.!%P>;V12NK#1)&S+)OR\)QYSYA`'W$0[TLA[/"5$RD;^F MKU[X?5![#`*15/F<`*4,**%XDGQ9U@LL(-(Y413\;])_$5B?C%[+9*"]!<;? MGY)C5,JED^?3\P@.;3U^=6'4@.J3\KPV*045XE-4D*&]*X9CGRKB/Z5F6?5C M+.>G`;]MRDR!J4_,BY:)T5S(D#TE)DO,$9849+XHQ99D8U5'?0I>ZK.:2B_@ M,A9P>XR,N1:]3+#;4K_G\'P!<],C(M5XH:5>W%=5<8T=2@UW6]2AY_$8[@O9 M[(('%'K3S61%>[W`KZL"%]8H,]]MF4?L!F+BXCY1M_A9+^I!5=3<:+>E_,@5 M@1O!>SP!6X&9U*\4\MN3VMY:H=UN56C#@5(25&;9;>7'BGM?YSSPB9#OKF-X MEDPT7]%>K[9;5;MD_>RWU_ONJS\D2EAV7.UX(LEU#'&]T^L^G=]+K?5*[R\I MG=NBQ'BW!5X^XM8=@>N/0K?7XBB$I\[T:L=OGO,3[5+OM+)R-J:-]5H_KSTA MT5YB_*1OHH>]*.H)49@&5;UK0/7ZOZC7OWQMV-!>RO<_2HG^I\L'G\@4F;+# MH7ZE/;`D#:-`%PE,VUR0Z<"*PHFTL_?+7R"TSET89!!-W5!V,+FLJI$.G%%@ MX2VQ+)5%@(1'1"C8>9S,^8Q`4:7-RX^;2(\#L\1YB)`#/-DT9#`AP2/&>J;Y M'S1(F'V;!EF9L(\4ZG$QRH,&#$MGTX`75]LCQ7N2#U(.-ZW@.$4))_U=+?/T M(7`N%&)+A:.FHF!2SCSCGJ%J,-&_[,S.UDVVNV_WW,Z=]`M/-W&BD&$S)S*[ M+9QH+N75N&%<6%FA=$B@9,YE%UQM_6DLE3:Y4[71%UN,WUAWW5X.W;*%-RUJ MNFUF2MGR8V*HI\J!GBKNR^]T9CM'UGF15H3-O8TN)7]IJJ0.)U+I;Q(LXW5S MU;7`XO1J8"D1PYIC-`CT34[VVWQ'<`A;%.7^I=E)_5BD[X:3G35!``L\%XP4 M"34*A(`'-!@TULCW@L=1!J0`:0KQF(=1K(CX$PO_%@N2A;.B?:VKR;ZDLJY) M4C"#$,B$JD7_0\[@ID[,F[_/^_]CS-878ZL[6&O[#;6[#&W!R1A+USV,E?>>'Q$&M^(>Q0%,P/23P5."55PZI-IAMP_UD3=!4RZXY*>4P7#@?+'` MJFNP#?*'6W[Y^50^D\P+S/M+.`IB:2V=9,W;CD)(/%@]5QK%16'TGN<&$ MRW\`4$L!`AX#%`````@`DX*H0,\"*)*5)0``UB,!`!$`&````````0```*2! M`````'!M8G,M,C`Q,C`S,S$N>&UL550%``,6@*E/=7@+``$$)0X```0Y`0`` M4$L!`AX#%`````@`DX*H0"&HB8-R"P``EI```!4`&````````0```*2!X"4` M`'!M8G,M,C`Q,C`S,S%?8V%L+GAM;%54!0`#%H"I3W5X"P`!!"4.```$.0$` M`%!+`0(>`Q0````(`)."J$!'DDRTO`,``!P:```5`!@```````$```"D@:$Q M``!P;6)S+3(P,3(P,S,Q7V1E9BYX;6Q55`4``Q:`J4]U>`L``00E#@``!#D! M``!02P$"'@,4````"`"3@JA`X9D.'FL;``"N=0$`%0`8```````!````I(&L M-0``<&UB&UL550%``,6@*E/=7@+``$$)0X```0Y M`0``4$L!`AX#%`````@`DX*H0%PJ9U#2$0``7`@!`!4`&````````0```*2! M9E$``'!M8G,M,C`Q,C`S,S%?<')E+GAM;%54!0`#%H"I3W5X"P`!!"4.```$ M.0$``%!+`0(>`Q0````(`)."J$"B1BQ``P8``+HJ```1`!@```````$```"D M@8=C``!P;6)S+3(P,3(P,S,Q+GAS9%54!0`#%H"I3W5X"P`!!"4.```$.0$` 7`%!+!08`````!@`&`!H"``#5:0`````` ` end XML 30 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 9 110 1 false 0 0 false 3 false false R1.htm 0001 - Document - Document and Entity Information Sheet http://puramedbioscience.com/role/DocumentAndEntityInformation Document and Entity Information true false R2.htm 0002 - Statement - Condensed Balance Sheets Sheet http://puramedbioscience.com/role/CondensedBalanceSheets Condensed Balance Sheets false false R3.htm 0003 - Statement - Condensed Balance Sheets (Parenthetical) Sheet http://puramedbioscience.com/role/CondensedBalanceSheetsParenthetical Condensed Balance Sheets (Parenthetical) false false R4.htm 0004 - Statement - Condensed Statements of Operations (Unaudited) Sheet http://puramedbioscience.com/role/CondensedStatementsOfOperations Condensed Statements of Operations (Unaudited) false false R5.htm 0005 - Statement - Condensed Statements of Cash Flows (Unaudited) Sheet http://puramedbioscience.com/role/CondensedStatementsOfCashFlows Condensed Statements of Cash Flows (Unaudited) false false R6.htm 0006 - Disclosure - Basis of Presentation Sheet http://puramedbioscience.com/role/BasisOfPresentation Basis of Presentation false false R7.htm 0007 - Disclosure - Going Concern Sheet http://puramedbioscience.com/role/GoingConcern Going Concern false false R8.htm 0008 - Disclosure - Accounting Policies Sheet http://puramedbioscience.com/role/AccountingPolicies Accounting Policies false false R9.htm 0009 - Disclosure - Inventory Sheet http://puramedbioscience.com/role/Inventory Inventory false false R10.htm 0010 - Disclosure - Notes Payable Transactions Notes http://puramedbioscience.com/role/NotesPayableTransactions Notes Payable Transactions false false R11.htm 0011 - Disclosure - Stockholder’s Equity Sheet http://puramedbioscience.com/role/StockholdersEquity Stockholder’s Equity false false R12.htm 0012 - Disclosure - Subsequent Events Sheet http://puramedbioscience.com/role/SubsequentEvents Subsequent Events false false R13.htm 0013 - Disclosure - Accounting Policies (Policies) Sheet http://puramedbioscience.com/role/AccountingPoliciesPolicies Accounting Policies (Policies) false false R14.htm 0014 - Disclosure - Inventory (Tables) Sheet http://puramedbioscience.com/role/InventoryTables Inventory (Tables) false false R15.htm 0015 - Disclosure - Inventory - Inventory Table (Details) Sheet http://puramedbioscience.com/role/Inventory-InventoryTableDetails Inventory - Inventory Table (Details) false false All Reports Book All Reports Process Flow-Through: 0002 - Statement - Condensed Balance Sheets Process Flow-Through: Removing column 'Mar. 31, 2011' Process Flow-Through: Removing column 'Jun. 30, 2010' Process Flow-Through: 0003 - Statement - Condensed Balance Sheets (Parenthetical) Process Flow-Through: 0004 - Statement - Condensed Statements of Operations (Unaudited) Process Flow-Through: 0005 - Statement - Condensed Statements of Cash Flows (Unaudited) pmbs-20120331.xml pmbs-20120331.xsd pmbs-20120331_cal.xml pmbs-20120331_def.xml pmbs-20120331_lab.xml pmbs-20120331_pre.xml true true