0001295345-11-000143.txt : 20110824 0001295345-11-000143.hdr.sgml : 20110824 20110824144244 ACCESSION NUMBER: 0001295345-11-000143 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110824 DATE AS OF CHANGE: 20110824 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN BIOGENETIC SCIENCES INC CENTRAL INDEX KEY: 0000856984 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 112655906 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19041 FILM NUMBER: 111053836 BUSINESS ADDRESS: STREET 1: 40 WALL STREET STREET 2: 28TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212 4007198 MAIL ADDRESS: STREET 1: 40 WALL STREET STREET 2: 28TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 10-Q 1 maba06302011.htm QUARTERLY REPORT FOR THE PERIOD ENDED JUNE 30, 2011 maba

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________

FORM 10-Q
________________________________

ý                                  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2011

 

or

 

¨                                  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

  

For the transition period from    to

 

Commission file number 0-19041

 

AMERICAN BIOGENETIC SCIENCES, INC.
(Exact Name Of Registrant As Specified In Its Charter)

Delaware 11-2655906
(State of Incorporation) (I.R.S. Employer Identification No.)
       
40 Wall Street, 28th Floor 10005
(Address of Principal Executive Offices) (ZIP Code)

Registrant's Telephone Number, Including Area Code: (212) 400-7198

Indicate by check mark whether the registrant (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 x  No ¨

On June 30, 2011, the Registrant had 1,088,740 shares of common stock outstanding.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act).

Large accelerated filer ¨ Accelerated filer ¨  Non-Accelerated filer ¨  Smaller reporting company x


 

TABLE OF CONTENTS

Item
 Description
 Page

PART I - FINANCIAL INFORMATION
 

ITEM 1.

           3   

ITEM 2.

           3    
ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 6

ITEM 4.

           6    
 

PART II - OTHER INFORMATION
 

ITEM 1.

           6   
ITEM 1A.    RISK FACTORS 6

ITEM 2.

           6    

ITEM 3.

           6    

ITEM 4.

           6    

ITEM 5.

           6    
ITEM 6.    EXHIBITS 6

 


PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS Back to Table of Contents

    Balance Sheets - June 30, 2011 (Unaudited) and December 31, 2010 (audited) 3
    Statements of Operations - Three and Six Months Ended June 30, 2011 and 2010 (Unaudited) 4
    Statements of Cash Flows - Six Months Ended June 30, 2011 and 2010 (Unaudited) 5
Notes to Financial Statements 6

 

American Biogenetic Sciences, Inc.
Balance Sheets
Back to Table of Contents
December 31, 2010
  June 30, 2011 (Audited)

ASSETS
Current assets:
   Cash $ 0 $ 0
   Prepaid expenses 0 0
        Total current assets 0 0
 
    Total Assets $ 0 $ 0
 

LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities:
   Accounts payable - trade $ 6,568 $ 3,672
   Accrued interest expenses 15,960 11,400
   Advances from and accruals due to related party 101,113 65,113
         Total current liabilities 123,641 80,185
 
         Convertible debt, related party 76,000 76,000
 
         Total liabilities 199,641 156,185
 
Stockholders' Deficiency:
 
Preferred stock, 10,000,000 shares authorized, $0.0001 par value;
     none issued and outstanding - -
Common stock, 900,000,000 shares authorized, $0.0001 par value;
     1,088,740 shares issued and outstanding at June 30, 2011 and
     1,088,740 shares issued and outstanding at December 31, 2010 109 109
   Additional paid-in capital 46,191 46,191
   Accumulated deficit (245,941) (202,485)
     Total Stockholders' Deficiency (199,641) (156,185)
 
       Total Liabilities and Stockholders' Deficiency $ 0 $ 0
 
See Summary of Significant Accounting Policies and Notes to Financial Statements.


American Biogenetic Sciences, Inc.
Statement of Operations
 
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
June 30, 2011 June 30, 2010 June 30, 2011 June 30, 2010
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
 
Revenue $ 0 $ 0 $ 0 $ 0
 
Costs and expenses:
   General and administrative 15,794 9,500 38,896 21,000
   Interest expenses 2,280 2,280 4,560 4,560
Total costs and expenses 18,074 11,780 43,456 25,560
 
Net loss $ (18,074) $ (11,780) $ (43,456) $ (25,560)
 
Basic and diluted per shares amounts:
Basic and diluted net loss $ (0.02) $ (0.01) $ (0.04) $ (0.02)
 
Weighted average shares outstanding:
Basic and diluted 1,088,740 1,088,740 1,088,740 1,088,740
 
See notes to unaudited interim financial statements.


American Biogenetic Sciences, Inc.

Statements of Cash Flows
  Back to Table of Contents
Six Months Six Months
Ended Ended
                June 30, 2011 June 30, 2010
  (Unaudited) (Unaudited)
Cash flows from operating activities:
Net income (loss) $ (43,456) (25,560)
Adjustment required to reconcile net income (loss) to cash used in operating activities:
   Fair value of expenses provided from related parties 33,000 18,000
   Increase (decrease) in accounts payable and accrued expenses 10,456 7,560
    Cash flows used by operating activities $ 0 0
 
Cash flows from investing activities:
     Cash used in investing activities 0 0
  
Cash flows from financing activities:
   Proceeds from the issuance of common stock 0 0
   Advances from related parties 0 36
     Cash provided by financing activities 0 36
 
     Change in cash 0 0
Cash - beginning of period 0 0
Cash - end of period $ 0 $ 0
 
See notes to unaudited interim financial statements.


AMERICAN BIOGENETIC SCIENCES, INC.
Notes to Unaudited Interim Financial Statements
June 30, 2011
Back to Table of Contents

1. Basis of Presentation

American Biogenetic Sciences, Inc. (the "Company", "We" or "ABS") was incorporated in Delaware on September 1, 1983.

The Financial Statements presented herein have been prepared by us in accordance with the accounting policies described in our December 31, 2010 Annual Report on Form 10-K and should be read in conjunction with the Notes to Consolidated Financial Statements which appear in that report.

The preparation of these financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on going basis, we evaluate our estimates, including those related intangible assets, income taxes, insurance obligations and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results may differ from these estimates under different assumptions or conditions.

In the opinion of management, the information furnished in this Form 10-Q reflects all adjustments necessary for a fair statement of the financial position and results of operations and cash flows as of and for the three-and six month periods ended June 30, 2011 and 2010. All such adjustments are of a normal recurring nature. The Financial Statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include some information and notes necessary to conform with annual reporting requirements.

“Fresh Start” Accounting: We adopted "fresh-start" accounting as of September 20, 2002 in accordance with procedures specified by AICPA Statement of Position ("SOP") No. 90-7, "Financial Reporting by Entities in Reorganization under the Bankruptcy Code.

In accordance with SOP No. 90-7, the reorganized value of the Company was allocated to the Company's assets based on procedures specified by SFAS No. 141, "Business Combinations". Each liability existing at the plan sale date, other than deferred taxes, was stated at the present value of the amounts to be paid at appropriate market rates. It was determined that the Company's reorganization value computed immediately before September 20, 2002 was $0. We adopted "fresh-start" accounting because holders of existing voting shares immediately before filing and confirmation of the sale received less than 50% of the voting shares of the emerging entity and its reorganization value is less than its post-petition liabilities and allowed claims.

The accounts of the former subsidiaries were not included in the sale and have not been carried forward.

2. Earnings/Loss Per Share

Basic earnings per share is computed by dividing income available to common shareholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) for the period. Diluted earnings per share assume that any dilutive convertible securities outstanding were converted, with related preferred stock dividend requirements and outstanding common shares adjusted accordingly. It also assumes that outstanding common shares were increased by shares issuable upon exercise of those stock options for which market price exceeds the exercise price, less shares which could have been purchased by us with the related proceeds. In periods of losses, diluted loss per share is computed on the same basis as basic loss per share as the inclusion of any other potential shares outstanding would be anti-dilutive.

3. New Accounting Standards

In December 2007, the Financial Accounting Standards Board issued FASB Statement No. 141 (Revised 2007), Business Combinations (“SFAS 141R”). SFAS 141R provides additional guidance on improving the relevance, representational faithfulness, and comparability of the financial information that a reporting entity provides in its financial reports about a business combination and its effects. This Statement applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. There was no change in the Company’s financial statements as a result of this standard.

In December 2007, the Financial Accounting Standards Board issued FASB Statement No. 160, Noncontrolling Interests in Consolidated Financial Statements—an amendment of ARB No. 51 (“SFAS 160”). SFAS 160 amends ARB No. 51 to establish accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. This Statement is effective for fiscal years and interim periods within those fiscal years, beginning on or after December 15, 2008. No change resulted from this change.

In May 2008, the FASB issued SFAS No. 162, “The Hierarchy of Generally Accepted Accounting Principles.” SFAS 162 identifies the sources of accounting principles and the framework for selecting the principles used in the preparation of financial statements of nongovernmental entities that are presented in conformity with generally accepted accounting principles (GAAP) in the United States. SFAS 162 is effective 60 days following the SEC’s approval of the Public Company Accounting Oversight Board amendments to AU Section 411, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles. Yhe Company is currently evaluating the impact of SFAS 162 on its financial statements, but does not expect it to have a material effect.

Management does not anticipate that the adoption of these standards will have a material impact on the financial statements.

4. Related Party Transactions not Disclosed Elsewhere

Due Related Parties: Amounts due related parties consist of corporate expenses paid by the principal shareholder, cash advances made to the company as well as the fair value of services provided by the Company's officer and director and the use of office space provided. Such items totaled $101,113 at June 30, 2011. We expensed the fair value of services of $11,000 provided by the Company's officer for the three-month period ended June 30, 2011.

5. Going Concern

The Company's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business for the foreseeable future. Since adopting "fresh-start" accounting as of September 20, 2002, the Company has accumulated losses aggregating to $245,941 and has insufficient working capital to meet operating needs for the next twelve months as of June 30 31, 2011, all of which raise substantial doubt about the Company's ability to continue as a going concern.


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION Back to Table of Contents

Some of the statements contained in this quarterly report of American Biogenetic Sciences, Inc., a Delaware corporation discuss future expectations, contain projections of our plan of operation or financial condition or state other forward-looking information. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use of words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. From time to time, we also may provide forward-looking statements in other materials we release to the public.

General Background

American Biogenetic Sciences, Inc., a Delaware corporation, is sometimes referred to herein as "we", "us", "our", "Company" and the "Registrant". The Registrant was formed in 1983 for the purpose of researching, developing and marketing cardiovascular and neurobiology products for commercial development and distributing vaccines. The Registrant's products were designed for in vitro and in vivo diagnostic procedures and therapeutic drugs, and its products had been identified for use in the treatment of epilepsy, migraine and mania, neurodegenerative diseases, coronary artery diseases and cancer. The Registrant commenced selling its products during the last quarter of 1997 but did not generate any sufficient revenues from operations to fund its operating expenses.

On September 19, 2002, the Registrant filed a petition under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of New York. On November 4, 2005, the Bankruptcy Court approved an order authorizing a change in control and provided that the Company, subsequent to the bankruptcy proceeding, is free and clear of all liens, claims and other obligations.

Plan of Operation

We have no present operations or revenues and our current activities are related to seeking new business opportunities, including seeking an acquisition or merger with an operating company. If our management seeks to acquire another business or pursue a new business opportunity, it would have substantial flexibility in identifying and selecting a prospective business. Registrant would not be obligated nor does management intend to seek pre-approval from our shareholders. Under the laws of the State of Delaware, the consent of holders of a majority of the issued and outstanding shares, acting without a shareholders meeting, can approve an acquisition.

The Registrant is entirely dependent on the judgment of its executive officer/director in connection with pursuing a new business opportunity or a selection process for a target operating company. In evaluating a prospective new business opportunity or an operating company, he would consider, among other factors, the following: (i) costs associated with effecting a transaction; (ii) equity interest in and opportunity to control the prospective candidate; (iii) growth potential of the target business; (iv) experience and skill of management and availability of additional personnel; (v) necessary capital requirements; (vi) the prospective candidate's competitive position; (vii) stage of development of the business opportunity; (viii) the market acceptance of the business, its products or services; (ix) the availability of audited financial statements of the potential business opportunity; and (x) the regulatory environment that may be applicable to any prospective business opportunity.

The foregoing criteria are not intended to be exhaustive and there may be other criteria that management may deem relevant. In connection with an evaluation of a prospective or potential business opportunity, management may be expected to conduct a due diligence review.

Liquidity and Capital Resources

We will use our limited personnel and financial resources in connection with seeking new business opportunities, including seeking an acquisition or merger with an operating company. It may be expected that entering into a new business opportunity or business combination will involve the issuance of a substantial number of restricted shares of common stock. If such additional restricted shares of common stock are issued, our shareholders will experience a dilution in their ownership interest in the Registrant. If a substantial number of restricted shares are issued in connection with a business combination, a change in control may be expected to occur.

In connection with our plan to seek new business opportunities and/or effecting a business combination, we may determine to seek to raise funds from the sale of restricted stock or debt securities.We have no agreements to issue any debt or equity securities and cannot predict whether equity or debt financing will become available at terms acceptable to us, if at all.

There are no limitations in our articles of incorporation on our ability to borrow funds or raise funds through the issuance of restricted common stock to effect a business combination. Our limited resources and lack of operating history may make it difficult to do borrow funds or raise capital. Our inability to borrow funds or raise funds through the issuance of restricted common stock required to effect or facilitate a business combination may have a material adverse effect on our financial condition and future prospects, including the ability to complete a business combination. To the extent that debt financing ultimately proves to be available, any borrowing will subject us to various risks traditionally associated with indebtedness, including the risks of interest rate fluctuations and insufficiency of cash flow to pay principal and interest, including debt of an acquired business.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Back to Table of Contents

We have not entered into, and do not expect to enter into, financial instruments for trading or hedging purposes.

ITEM 4. CONTROLS AND PROCEDURES Back to Table of Contents

Evaluation of disclosure controls and procedures. As of June 30, 2011, the Company's chief executive officer/chief financial officer conducted an evaluation regarding the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the  Exchange Act. Based upon the evaluation of these controls and procedures, our chief executive officer/chief financial officer concluded that our disclosure controls and procedures were effective as of the date of filing this quarterly report.

Changes in internal controls. During the quarterly period covered by this report, no changes occurred in our internal control over financial reporting that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS Back to Table of Contents

None.

ITEM 1A. RISK FACTORS Back to Table of Contents

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1. Description of Business, subheading Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2010, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS Back to Table of Contents

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES Back to Table of Contents

None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Back to Table of Contents

None.

ITEM 5. OTHER INFORMATION Back to Table of Contents

None.

ITEM 6. EXHIBITS Back to Table of Contents

(a) The following documents are filed as exhibits to this report on Form 10-QSB or incorporated by reference herein. Any document incorporated by reference is identified by a parenthetical reference to the SEC filing that included such document.

Exhibit No.

 Description
31 Certification of CEO/CFO pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32 Certification of CEO/CFO pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the 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 date indicated.

/s/ Richard Rubin
Richard Rubin
   CEO, CFO and Chairman
   Dated: August 24, 2011

 EX-31 2 exh31.htm EXHIBIT 31 Exhibit 31

CERTIFICATIONS

I, Richard Rubin, certify that:

1. I have reviewed this quarterly report of American Biogenetic Sciences, 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  issuer as of, and for, the periods presented in this report;

4. The  issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as 4efined 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) and 15d-15(f)) for the  issuer and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the  issuer, including its consolidated subsidiaries, is made known to us 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 our 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  issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

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

5. The  issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the   issuer's auditors and the audit committee of the  issuer'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  issuer's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether r not material, that involves management or other employees who have a significant role in the  issuer's internal control over financial reporting.

Date: August 24, 2011

/s/ Richard Rubin
CEO, CFO and Chairman

 EX-32 3 exh32.htm EXHIBIT 32 Exhibit 32

Exhibit 32

CERTIFICATION 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 American Biogenetic Sciences, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2011 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, Richard Rubin, CEO and CFO of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 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, as amended; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Richard Rubin
CEO, CFO and Chairman

Dated: August 24, 2011

A signed original of this written statement required by Section 906 has been provided to American Biogenetic Sciences, Inc. and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 EX-101.INS 4 maba-20110630.xml XBRL INSTANCE DOCUMENT 10-Q 2011-06-30 false American Biogenetic Sciences Inc. 0000856984 --12-31 1088740 134783 Smaller Reporting Company Yes No No 2011 Q2 0 0 0 0 6568 3672 15960 11400 101113 65113 123641 80185 76000 76000 199641 156185 109 109 46191 46191 -245941 -202485 -199641 -156185 0 0 0 0 15794 9500 38896 2100 2280 2280 4560 4560 18074 11780 43456 25560 -18074 -11780 -43456 -25560 1088740 1088740 1088740 1088740 -0.02 -0.01 -0.04 -0.02 -43456 -25560 0 0 33000 18000 10456 7560 0 0 0 0 0 0 0 0 0 0 0 0 0 0 <!--egx--><p><strong><font style="FONT-SIZE:10pt">1. Basis of Presentation</font></strong><font style="FONT-SIZE:10pt"></font></p> <p><font style="FONT-SIZE:10pt">American Biogenetic Sciences, Inc. (the "Company", "We" or "ABS") was incorporated in Delaware on September 1, 1983. </font></p> <p><font style="FONT-SIZE:10pt">The Financial Statements presented herein have been prepared by us in accordance with the accounting policies described in our December 31, 2010 Annual Report on Form 10-K and should be read in conjunction with the Notes to Consolidated Financial Statements which appear in that report.</font></p> <p><font style="FONT-SIZE:10pt">The preparation of these financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on going basis, we evaluate our estimates, including those related intangible assets, income taxes, insurance obligations and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results may differ from these estimates under different assumptions or conditions.</font></p> <p><font style="FONT-SIZE:10pt">In the opinion of management, the information furnished in this Form 10-Q reflects all adjustments necessary for a fair statement of the financial position and results of operations and cash flows as of and for the three-and six month periods ended June 30, 2011 and 2010. All such adjustments are of a normal recurring nature. The Financial Statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include some information and notes necessary to conform with annual reporting requirements.</font></p> <p><b><font style="FONT-SIZE:10pt">&#147;Fresh Start&#148; Accounting:</font></b><font style="FONT-SIZE:10pt"> We adopted "fresh-start" accounting as of September 20, 2002 in accordance with procedures specified by AICPA Statement of Position ("SOP") No. 90-7, "Financial Reporting by Entities in Reorganization under the Bankruptcy Code.</font></p> <p><font style="FONT-SIZE:10pt">In accordance with SOP No. 90-7, the reorganized value of the Company was allocated to the Company's assets based on procedures specified by SFAS No. 141, "Business Combinations". Each liability existing at the plan sale date, other than deferred taxes, was stated at the present value of the amounts to be paid at appropriate market rates. It was determined that the Company's reorganization value computed immediately before September 20, 2002 was $0. We adopted "fresh-start" accounting because holders of existing voting shares immediately before filing and confirmation of the sale received less than 50% of the voting shares of the emerging entity and its reorganization value is less than its post-petition liabilities and allowed claims.</font></p> <p><font style="FONT-SIZE:10pt">The accounts of the former subsidiaries were not included in the sale and have not been carried forward.</font></p> <!--egx--><p><b><font style="FONT-SIZE:10pt">2. Earnings/Loss Per Share</font></b><font style="FONT-SIZE:10pt"></font></p> <p><font style="FONT-SIZE:10pt">Basic earnings per share is computed by dividing income available to common shareholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) for the period. Diluted earnings per share assume that any dilutive convertible securities outstanding were converted, with related preferred stock dividend requirements and outstanding common shares adjusted accordingly. It also assumes that outstanding common shares were increased by shares issuable upon exercise of those stock options for which market price exceeds the exercise price, less shares which could have been purchased by us with the related proceeds. In periods of losses, diluted loss per share is computed on the same basis as basic loss per share as the inclusion of any other potential shares outstanding would be anti-dilutive.</font></p> <!--egx--><p><b><font style="FONT-SIZE:10pt">3. New Accounting Standards</font></b></p> <p><font style="FONT-SIZE:10pt">In December 2007, the Financial Accounting Standards Board issued FASB Statement No.&nbsp;141 (Revised 2007), Business Combinations (&#147;SFAS 141R&#148;).&nbsp;SFAS 141R provides additional guidance on improving the relevance, representational faithfulness, and comparability of the financial information that a reporting entity provides in its financial reports about a business combination and its effects.&nbsp;This Statement applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December&nbsp;15, 2008. There was no change in the Company&#146;s financial statements as a result of this standard.</font></p> <p><font style="FONT-SIZE:10pt">In December 2007, the Financial Accounting Standards Board issued FASB Statement No.&nbsp;160,<i> Noncontrolling Interests in Consolidated Financial Statements&#151;an amendment of ARB No.&nbsp;51</i> (&#147;SFAS 160&#148;). SFAS 160 amends ARB No.&nbsp;51 to establish accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary.&nbsp;This Statement is effective for fiscal years and interim periods within those fiscal years, beginning on or after December&nbsp;15, 2008. No change resulted from this change.</font></p> <p><font style="FONT-SIZE:10pt">In May 2008, the FASB issued SFAS No. 162, &#147;<i>The Hierarchy of Generally Accepted Accounting Principles.</i>&#148; SFAS 162 identifies the sources of accounting principles and the framework for selecting the principles used in the preparation of financial statements of nongovernmental entities that are presented in conformity with generally accepted accounting principles (GAAP) in the United States. SFAS 162 is effective 60 days following the SEC&#146;s approval of the Public Company Accounting Oversight Board amendments to AU Section 411, <i>The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles</i>. Yhe Company is currently evaluating the impact of SFAS 162 on its financial statements, but does not expect it to have a material effect.</font></p> <p><font style="FONT-SIZE:10pt">Management does not anticipate that the adoption of these standards will have a material impact on the financial statements.</font></p> <!--egx--><p><strong><font style="FONT-SIZE:10pt">4. Related Party Transactions not Disclosed Elsewhere</font></strong><font style="FONT-SIZE:10pt"></font></p> <p><em><font style="FONT-SIZE:10pt">Due Related Parties: </font></em><font style="FONT-SIZE:10pt">Amounts due related parties consist of corporate expenses paid by the principal shareholder, cash advances made to the company as well as the fair value of services provided by the Company's officer and director and the use of office space provided. Such items totaled $101,113 at June 30, 2011. We expensed the fair value of services of $11,000 provided by the Company's officer for the three-month period ended June 30, 2011.</font></p> <!--egx--><p><b><font style="FONT-SIZE:10pt">5. Going Concern</font></b></p> <p><font style="FONT-SIZE:10pt">The Company's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business for the foreseeable future. Since adopting "fresh-start" accounting as of September 20, 2002, the Company has accumulated losses aggregating to $245,941 and has insufficient working capital to meet operating needs for the next twelve months as of June 30 31, 2011, all of which raise substantial doubt about the Company's ability to continue as a going concern.</font></p> 0000856984 2011-04-01 2011-06-30 0000856984 2011-06-30 0000856984 2010-12-31 0000856984 2010-04-01 2010-06-30 0000856984 2011-01-01 2011-06-30 0000856984 2010-01-01 2010-06-30 0000856984 2009-12-31 iso4217:USD shares $0.0001 par value; 10,000,000 shares authorized; none issued $0.0001 par value; 100,000,000 shares authorized; 1,088,740 issued and outstanding at June 30, 2011 and December 31, 2010 EX-101.SCH 5 maba-20110630.xsd XBRL TAXONOMY EXTENSION SCHEMA 000040 - Statement - American Biogenetic Sciences, Inc. - Statements of Cash Flows link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - American Biogenetic Sciences, Inc. - Balance Sheets link:presentationLink link:definitionLink link:calculationLink 000050 - Disclosure - Notes To Unaudited Interim Financial Statements link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - American Biogenetic Sciences, Inc. - Statements of Operations link:presentationLink link:definitionLink link:calculationLink EX-101.PRE 6 maba-20110630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE EX-101.CAL 7 maba-20110630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 8 maba-20110630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 9 maba-20110630_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE Net loss Total current liabilities Entity Registrant Name Note 4. Related Party Transactions Not Disclosed Elsewhere Cash flows used by operating activities Costs and expenses: Total Liabilities and Stockholders' Deficiency Document Period End Date Statements of Operations Balance Sheets Amendment Flag Cash - beginning of period Cash - beginning of period Adjustments to reconcile net loss to cash used in operating activities: Basic and diluted LIABILITIES AND STOCKHOLDERS' DEFICIENCY Statement [Line Items] Current Fiscal Year End Date Note 2. Earnings/Loss Per Share Expenses paid by issuance of common stock Non-current liabilities owed to related party, convertible note Total Assets Entity Current Reporting Status (Increase) decrease in current assets Current Liabilities: Entity Central Index Key Cash flows from investing activities: NET LOSS Total costs and expenses Interest expenses Document Fiscal Year Focus Advances from related parties Statements of Cash Flows Basic and diluted net loss Note 3. New Accounting Standards Cash - end of period Fair value of services provided by related parties Weighted average shares outstanding Additional paid in capital Accrued interest expenses Accounts payable - trade Total current assets Statement [Table] Entity Filer Category Revenue Stockholders' deficiency: Accumulated deficit Entity Common Stock, Shares Outstanding Document and Entity Information Cash generated by financing activities Basic and diluted per share amounts: General and administrative Document Fiscal Period Focus Cash flows from operating activities: Total liabilities Advances from and accruals due to related party Entity Well-known Seasoned Issuer Note 1. Basis Of Presentation Total Stockholders' Deficiency Cash Entity Public Float Increase (decrease) in accounts payable and accrued expenses Document Type Cash flows from financing activities: Cash used in investing activities ASSETS Note 5. 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American Biogenetic Sciences, Inc. - Statements of Operations (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenue $ 0 $ 0 $ 0 $ 0
General and administrative 15,794 9,500 38,896 2,100
Interest expenses 2,280 2,280 4,560 4,560
Total costs and expenses 18,074 11,780 43,456 25,560
NET LOSS (18,074) (11,780) (43,456) (25,560)
Basic and diluted net loss (0.02) (0.01) (0.04) (0.02)
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American Biogenetic Sciences, Inc. - Statements of Cash Flows (USD $)
 6 Months Ended
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Jun. 30, 2010
Net loss $ (43,456) $ (25,560)
Expenses paid by issuance of common stock 0 0
Fair value of services provided by related parties 33,000 18,000
Increase (decrease) in accounts payable and accrued expenses 10,456 7,560
Cash flows used by operating activities 0 0
Cash used in investing activities 0 0
Advances from related parties 0 0
Cash generated by financing activities 0 0
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Cash - beginning of period 0 0
Cash - end of period $ 0 $ 0
XML 12 R1.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Document and Entity Information (USD $)
 3 Months Ended
Jun. 30, 2011
Document and Entity Information  
Entity Registrant Name American Biogenetic Sciences Inc.
Document Type 10-Q
Document Period End Date Jun. 30, 2011
Amendment Flag false
Entity Central Index Key 0000856984
Current Fiscal Year End Date --12-31
Entity Common Stock, Shares Outstanding 1,088,740
Entity Public Float $ 134,783
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status Yes
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2011
Document Fiscal Period Focus Q2
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Notes To Unaudited Interim Financial Statements
 3 Months Ended
Jun. 30, 2011
Notes To Unaudited Interim Financial Statements  
Note 1. Basis Of Presentation

1. Basis of Presentation

American Biogenetic Sciences, Inc. (the "Company", "We" or "ABS") was incorporated in Delaware on September 1, 1983.

The Financial Statements presented herein have been prepared by us in accordance with the accounting policies described in our December 31, 2010 Annual Report on Form 10-K and should be read in conjunction with the Notes to Consolidated Financial Statements which appear in that report.

The preparation of these financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on going basis, we evaluate our estimates, including those related intangible assets, income taxes, insurance obligations and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results may differ from these estimates under different assumptions or conditions.

In the opinion of management, the information furnished in this Form 10-Q reflects all adjustments necessary for a fair statement of the financial position and results of operations and cash flows as of and for the three-and six month periods ended June 30, 2011 and 2010. All such adjustments are of a normal recurring nature. The Financial Statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include some information and notes necessary to conform with annual reporting requirements.

“Fresh Start” Accounting: We adopted "fresh-start" accounting as of September 20, 2002 in accordance with procedures specified by AICPA Statement of Position ("SOP") No. 90-7, "Financial Reporting by Entities in Reorganization under the Bankruptcy Code.

In accordance with SOP No. 90-7, the reorganized value of the Company was allocated to the Company's assets based on procedures specified by SFAS No. 141, "Business Combinations". Each liability existing at the plan sale date, other than deferred taxes, was stated at the present value of the amounts to be paid at appropriate market rates. It was determined that the Company's reorganization value computed immediately before September 20, 2002 was $0. We adopted "fresh-start" accounting because holders of existing voting shares immediately before filing and confirmation of the sale received less than 50% of the voting shares of the emerging entity and its reorganization value is less than its post-petition liabilities and allowed claims.

The accounts of the former subsidiaries were not included in the sale and have not been carried forward.
Note 2. Earnings/Loss Per Share

2. Earnings/Loss Per Share

Basic earnings per share is computed by dividing income available to common shareholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) for the period. Diluted earnings per share assume that any dilutive convertible securities outstanding were converted, with related preferred stock dividend requirements and outstanding common shares adjusted accordingly. It also assumes that outstanding common shares were increased by shares issuable upon exercise of those stock options for which market price exceeds the exercise price, less shares which could have been purchased by us with the related proceeds. In periods of losses, diluted loss per share is computed on the same basis as basic loss per share as the inclusion of any other potential shares outstanding would be anti-dilutive.
Note 3. New Accounting Standards

3. New Accounting Standards

In December 2007, the Financial Accounting Standards Board issued FASB Statement No. 141 (Revised 2007), Business Combinations (“SFAS 141R”). SFAS 141R provides additional guidance on improving the relevance, representational faithfulness, and comparability of the financial information that a reporting entity provides in its financial reports about a business combination and its effects. This Statement applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. There was no change in the Company’s financial statements as a result of this standard.

In December 2007, the Financial Accounting Standards Board issued FASB Statement No. 160, Noncontrolling Interests in Consolidated Financial Statements—an amendment of ARB No. 51 (“SFAS 160”). SFAS 160 amends ARB No. 51 to establish accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. This Statement is effective for fiscal years and interim periods within those fiscal years, beginning on or after December 15, 2008. No change resulted from this change.

In May 2008, the FASB issued SFAS No. 162, “The Hierarchy of Generally Accepted Accounting Principles.” SFAS 162 identifies the sources of accounting principles and the framework for selecting the principles used in the preparation of financial statements of nongovernmental entities that are presented in conformity with generally accepted accounting principles (GAAP) in the United States. SFAS 162 is effective 60 days following the SEC’s approval of the Public Company Accounting Oversight Board amendments to AU Section 411, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles. Yhe Company is currently evaluating the impact of SFAS 162 on its financial statements, but does not expect it to have a material effect.

Management does not anticipate that the adoption of these standards will have a material impact on the financial statements.
Note 4. Related Party Transactions Not Disclosed Elsewhere

4. Related Party Transactions not Disclosed Elsewhere

Due Related Parties: Amounts due related parties consist of corporate expenses paid by the principal shareholder, cash advances made to the company as well as the fair value of services provided by the Company's officer and director and the use of office space provided. Such items totaled $101,113 at June 30, 2011. We expensed the fair value of services of $11,000 provided by the Company's officer for the three-month period ended June 30, 2011.
Note 5. Going Concern Note

5. Going Concern

The Company's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business for the foreseeable future. Since adopting "fresh-start" accounting as of September 20, 2002, the Company has accumulated losses aggregating to $245,941 and has insufficient working capital to meet operating needs for the next twelve months as of June 30 31, 2011, all of which raise substantial doubt about the Company's ability to continue as a going concern.
XML 17 R2.htm IDEA: XBRL DOCUMENT  v2.3.0.11
American Biogenetic Sciences, Inc. - Balance Sheets (USD $)
Jun. 30, 2011
Dec. 31, 2010
Cash $ 0 $ 0
Total current assets 0 0
Total Assets    
Accounts payable - trade 6,568 3,672
Accrued interest expenses 15,960 11,400
Advances from and accruals due to related party 101,113 65,113
Total current liabilities 123,641 80,185
Non-current liabilities owed to related party, convertible note 76,000 76,000
Total liabilities 199,641 156,185
Preferred stock   [1]   [1]
Common stock 109 109 [2]
Additional paid in capital 46,191 46,191
Accumulated deficit (245,941) (202,485)
Total Stockholders' Deficiency (199,641) (156,185)
Total Liabilities and Stockholders' Deficiency    
[1] $0.0001 par value; 10,000,000 shares authorized; none issued
[2] $0.0001 par value; 100,000,000 shares authorized; 1,088,740 issued and outstanding at June 30, 2011 and December 31, 2010
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