0001295345-11-000196.txt : 20111114 0001295345-11-000196.hdr.sgml : 20111111 20111114161605 ACCESSION NUMBER: 0001295345-11-000196 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111114 DATE AS OF CHANGE: 20111114 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: 111202721 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 maba09302011.htm QUARTERLY REPORT FOR THE PERIOD ENDED SEPTEMBER 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 September 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 September 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 - September 30, 2011 (Unaudited) and December 31, 2010 (audited) 3
    Statements of Operations - Three and Nine Months Ended September 30, 2011 and 2010 (Unaudited) 4
    Statements of Cash Flows - Nine Months Ended September 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
  September 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 $ 7,068 $ 3,672
   Accrued interest expenses 18,240 11,400
   Advances from and accruals due to related party 115,113 65,113
         Total current liabilities 140,421 80,185
 
         Convertible debt, related party 76,000 76,000
 
         Total liabilities 216,421 156,185
 
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 (262,721) (202,485)
     Total Stockholders' Deficiency (216,421) (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 Nine Months Nine Months
Ended Ended Ended Ended
September 30, 2011 September 30, 2010 September 30, 2011 September 30, 2010
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
 
Revenue $ 0 $ 0 $ 0 $ 0
 
Costs and expenses:
   General and administrative 14,500 9,500 53,396 30,500
   Interest expenses 2,280 2,280 6,840 6,840
Total costs and expenses 16,780 11,780 60,236 37,340
 
Net loss $ (16,780) $ (11,780) $ (60,236) $ (37,340)
 
Basic and diluted per shares amounts:
Basic and diluted net loss $ (0.02) $ (0.01) $ (0.05) $ (0.03)
 
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
Nine Months Nine Months
Ended Ended
                September 30, 2011 September 30, 2010
  (Unaudited) (Unaudited)
Cash flows from operating activities:
Net income (loss) $ (60,236) (37,340)
Adjustment required to reconcile net income (loss) to cash used in operating activities:
   Fair value of expenses provided from related parties 47,000 32,000
   Increase (decrease) in accounts payable and accrued expenses 13,236 5,340
    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 0
     Cash provided by financing activities 0 0
 
     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
September 30, 2011
Back to Table of Contents

Note 1. Basis of Presentation

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

In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of only normal recurring accruals, necessary for a fair statement of financial position, results of operations, and cash flows. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and the accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2010. The accounting policies are described in the “Notes to the Financial Statements” in the 2010 Annual Report on Form 10-K and updated, as necessary, in this Form 10-Q. The year-end balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. The results of operations for the nine months ended September 30, 2011 are not necessarily indicative of the operating results for the full year or for any other subsequent interim period.

“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 ASC 805, "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.

Accounting Policies

Use of Estimates : The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates.

Fair Value of Financial Instruments : ASC # 825, "Disclosures about Fair Value of Financial Instruments," requires disclosure of fair value information about financial instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2011.These financial instruments include, accounts payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short-term in nature and their carrying amounts approximate fair values or they are receivable or payable on demand.

Earnings per Common Share : Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed using the weighted average number of common and dilutive equivalent shares outstanding during the period. Dilutive common equivalent shares consist of options to purchase common stock (only if those options are exercisable and at prices below the average share price for the period) and shares issuable upon the conversion of preferred stock. Due to the net losses reported, dilutive common equivalent shares were excluded from the computation of diluted loss per share, as inclusion would be anti-dilutive for the periods presented. There were no common equivalent shares required to be added to the basic weighted average shares outstanding to arrive at diluted weighted average shares outstanding during the period ended September 30, 2011 or 2010.

Income Taxes: The Company accounts for income taxes in accordance with ASC # 740, "Accounting for Income Taxes," which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized.

Note 2. Recent Accounting Pronouncements

In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRSs”), which amends ASC 820, Fair Value Measurement. ASU 2011-04 does not extend the use of fair value accounting, but provides guidance on how it should be applied where its use is already required or permitted by other standards within U.S. GAAP or IFRSs. ASU 2011-14 changes the wording used to describe many requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. Additionally, ASU 2011-14 clarifies the FASB’s intent about the application of existing fair value measurements. ASU 2011-04 is effective for interim and annual periods beginning after December 15, 2011 and is applied prospectively; therefore, the Company will adopt ASU 2011-04 in its first quarter of fiscal 2012. The Company does not expect the adoption of ASU 2011-04 to have a material impact on its consolidated financial statements.

Note 3. Convertible Note to Related Party:

On October 2, 2009, we issued one convertible promissory note in the amount of $76,000 to our CEO. The note bears interests at 12% per annum until paid or converted. Interest is payable upon the extended maturity date at December 31, 2012. The initial conversion rate is $0.001 per share.

The notes formalize a like amount of cash advances and the fair value of services provided without cost covering several years.

In accordance Accounting Standard Codification ( “ASC # 815”), Accounting for Derivative Instruments and Hedging Activities, we evaluated  the holder’s non-detachable conversion right provision and liquidated damages clause, contained in the terms governing the Note to determine whether the features qualify as an embedded derivative instruments at issuance. Such non-detachable conversion right provision and liquidated damages clause did not need to be accounted as derivative financial instruments.

Note 4. Related Party Transactions:

Fair value of services:

The executive officer provides services to the Company, which services are accrued and are valued at $2,000 in month. The total of these accrued expenses was $18,000 for the nine months ended September 30, 2011 and is reflected in the statement of operations as general and administrative expenses.

An entity affiliated with President provided office space valued at $1,000 per month or $9,000 for the nine months ended September 30, 2011. This amount was also reflected in the statement of operations as general and administrative expenses. In addition, an entity affiliated with the CEO provided securities compliance services during the three months ended September 30, 2011 valued at $5,000 or $20,000 for the nine-month period ended September 30, 2011.

Due Related Parties:

Amounts due related parties consist of the fair value of services provided by our CEO and the fair value of services provided by an entity affiliated with the CEO. These items due totaled $115,113 at September 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 $262,721 and has insufficient working capital to meet operating needs for the next twelve months as of September 30, 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 had no revenues during the three and nine months ended September 30, 2011 and 2010. Our operating expenses for the three and nine month-period ended September 30, 2011 were $16,780 and $60,236, respectively, and $11,780 and $37,340, respectively, for the three and nine month-period ended September 30, 2010. These operating expenses consisted of general and administrative expenses and interest expenses.

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 September 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: November 14, 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: November 14, 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 September 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: November 14, 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-20110930.xml 0 0 7068 3672 18240 11400 115113 65113 -16780 -11780 -60236 -37340 -60236 -37340 76000 76000 -216421 -156185 0 0 -0.02 -0.01 -0.05 -0.03 1088740 1088740 1088740 1088740 0 0 47000 32000 13236 5340 0 0 0 0 0 0 0 0 0 0 0 0 10-Q 2011-09-30 false American Biogenetic Sciences Inc. 0000856984 --12-31 1088740 65748 Smaller Reporting Company No No No 2011 Q3 0 0 0 0 140421 80185 216421 156185 109 109 46191 46191 -262721 -202485 0 0 0 0 14500 9500 53396 30500 2280 2280 6840 6840 16780 11780 60236 37340 0 0 <!--egx--><p><strong>Note 1. Basis of Presentation</strong></p> <p>American Biogenetic Sciences, Inc. (the "Company", "We" or "ABS") was incorporated in Delaware on September 1, 1983. </p> <p>In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of only normal recurring accruals, necessary for a fair statement of financial position, results of operations, and cash flows. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and the accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2010. The accounting policies are described in the &#147;Notes to the Financial Statements&#148; in the 2010 Annual Report on Form 10-K and updated, as necessary, in this Form 10-Q. The year-end balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. The results of operations for the nine months ended September 30, 2011 are not necessarily indicative of the operating results for the full year or for any other subsequent interim period.</p> <p><b>&#147;Fresh Start&#148; Accounting:</b> 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.</p> <p>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 ASC 805, "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.</p> <p><b>Accounting Policies</b></p> <p><i>Use of Estimates :</i> The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates.</p> <p><i>Fair Value of Financial Instruments :</i> ASC # 825, "Disclosures about Fair Value of Financial Instruments," requires disclosure of fair value information about financial instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2011.These financial instruments include, accounts payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short-term in nature and their carrying amounts approximate fair values or they are receivable or payable on demand.</p> <p><i>Earnings per Common Share :</i> Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed using the weighted average number of common and dilutive equivalent shares outstanding during the period. Dilutive common equivalent shares consist of options to purchase common stock (only if those options are exercisable and at prices below the average share price for the period) and shares issuable upon the conversion of preferred stock. Due to the net losses reported, dilutive common equivalent shares were excluded from the computation of diluted loss per share, as inclusion would be anti-dilutive for the periods presented. There were no common equivalent shares required to be added to the basic weighted average shares outstanding to arrive at diluted weighted average shares outstanding during the period ended September 30, 2011 or 2010.</p> <p><i>Income Taxes:</i> The Company accounts for income taxes in accordance with ASC # 740, "Accounting for Income Taxes," which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized.</p> <!--egx--><p><b>Note 2. Recent Accounting Pronouncements</b></p> <p>In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (&#147;IFRSs&#148;), which amends ASC 820, Fair Value Measurement. ASU 2011-04 does not extend the use of fair value accounting, but provides guidance on how it should be applied where its use is already required or permitted by other standards within U.S. GAAP or IFRSs. ASU 2011-14 changes the wording used to describe many requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. Additionally, ASU 2011-14 clarifies the FASB&#146;s intent about the application of existing fair value measurements. ASU 2011-04 is effective for interim and annual periods beginning after December 15, 2011 and is applied prospectively; therefore, the Company will adopt ASU 2011-04 in its first quarter of fiscal 2012. The Company does not expect the adoption of ASU 2011-04 to have a material impact on its consolidated financial statements.</p> <!--egx--><p><b>Note 3. Convertible Note to Related Party:</b></p> <p>On October 2, 2009, we issued one convertible promissory note in the amount of $76,000 to our CEO. The note bears interests at 12%&nbsp;per annum until paid or converted. Interest is payable upon the extended maturity date at December 31, 2012. The initial conversion rate is $0.001&nbsp;per share. </p> <p>The notes formalize a like amount of cash advances and the fair value of services provided without cost covering several years.</p> <p>In accordance Accounting Standard Codification ( &#147;ASC # 815&#148;), <i>Accounting for Derivative Instruments and Hedging Activities</i>, we evaluated&nbsp; the holder&#146;s non-detachable conversion right provision and liquidated damages clause, contained in the terms governing the Note to determine whether the features qualify as an embedded derivative instruments at issuance. Such non-detachable conversion right provision and liquidated damages clause did not need to be accounted as derivative financial instruments.</p> <!--egx--><p><b>Note 4. Related Party Transactions:</b></p> <p><i>Fair value of services:</i></p> <p>The executive officer provides services to the Company, which services are accrued and are valued at $2,000 in month. The total of these accrued expenses was $18,000 for the nine months ended September 30, 2011 and is reflected in the statement of operations as general and administrative expenses.</p> <p>An entity affiliated with President provided office space valued at $1,000 per month or $9,000 for the nine months ended September 30, 2011. This amount was also reflected in the statement of operations as general and administrative expenses. In addition, an entity affiliated with the CEO provided securities compliance services during the three months ended September 30, 2011 valued at $5,000 or $20,000 for the nine-month period ended September 30, 2011.</p> <p><i>Due Related Parties:</i></p> <p>Amounts due related parties consist of the fair value of services provided by our CEO and the fair value of services provided by an entity affiliated with the CEO. These items due totaled $115,113 at September 30, 2011.</p> <!--egx--><p><b>5. Going Concern</b></p> <p>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 $262,721 and has insufficient working capital to meet operating needs for the next twelve months as of September 30, 2011, all of which raise substantial doubt about the Company's ability to continue as a going concern.</p> 0000856984 2011-07-01 2011-09-30 0000856984 2011-09-30 0000856984 2010-12-31 0000856984 2010-07-01 2010-09-30 0000856984 2011-01-01 2011-09-30 0000856984 2010-01-01 2010-09-30 0000856984 2010-09-30 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 September 30, 2011 and December 31, 2010 EX-101.SCH 5 maba-20110930.xsd 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.CAL 6 maba-20110930_cal.xml EX-101.DEF 7 maba-20110930_def.xml EX-101.LAB 8 maba-20110930_lab.xml Change in cash Basic and diluted per share amounts: Non-current liabilities owed to related party, convertible note Total current liabilities Total current assets Statement [Table] Entity Public Float Note 5. 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American Biogenetic Sciences, Inc. - Statements of Operations (USD $)
3 Months Ended9 Months Ended
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Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Revenue$ 0$ 0$ 0$ 0
General and administrative14,5009,50053,39630,500
Interest expenses2,2802,2806,8406,840
Total costs and expenses16,78011,78060,23637,340
NET LOSS(16,780)(11,780)(60,236)(37,340)
Basic and diluted net loss(0.02)(0.01)(0.05)(0.03)
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American Biogenetic Sciences, Inc. - Statements of Cash Flows (USD $)
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Sep. 30, 2010
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Expenses paid by issuance of common stock00
Fair value of services provided by related parties47,00032,000
Increase (decrease) in accounts payable and accrued expenses13,2365,340
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Document and Entity Information (USD $)
3 Months Ended
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Document and Entity Information 
Entity Registrant NameAmerican Biogenetic Sciences Inc.
Document Type10-Q
Document Period End DateSep. 30, 2011
Amendment Flagfalse
Entity Central Index Key0000856984
Current Fiscal Year End Date--12-31
Entity Common Stock, Shares Outstanding1,088,740
Entity Public Float$ 65,748
Entity Filer CategorySmaller Reporting Company
Entity Current Reporting StatusNo
Entity Voluntary FilersNo
Entity Well-known Seasoned IssuerNo
Document Fiscal Year Focus2011
Document Fiscal Period FocusQ3
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Notes To Unaudited Interim Financial Statements
3 Months Ended
Sep. 30, 2011
Notes To Unaudited Interim Financial Statements 
Note 1. Basis of Presentation

Note 1. Basis of Presentation

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

In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of only normal recurring accruals, necessary for a fair statement of financial position, results of operations, and cash flows. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and the accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2010. The accounting policies are described in the “Notes to the Financial Statements” in the 2010 Annual Report on Form 10-K and updated, as necessary, in this Form 10-Q. The year-end balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. The results of operations for the nine months ended September 30, 2011 are not necessarily indicative of the operating results for the full year or for any other subsequent interim period.

“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 ASC 805, "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.

Accounting Policies

Use of Estimates : The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates.

Fair Value of Financial Instruments : ASC # 825, "Disclosures about Fair Value of Financial Instruments," requires disclosure of fair value information about financial instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2011.These financial instruments include, accounts payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short-term in nature and their carrying amounts approximate fair values or they are receivable or payable on demand.

Earnings per Common Share : Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed using the weighted average number of common and dilutive equivalent shares outstanding during the period. Dilutive common equivalent shares consist of options to purchase common stock (only if those options are exercisable and at prices below the average share price for the period) and shares issuable upon the conversion of preferred stock. Due to the net losses reported, dilutive common equivalent shares were excluded from the computation of diluted loss per share, as inclusion would be anti-dilutive for the periods presented. There were no common equivalent shares required to be added to the basic weighted average shares outstanding to arrive at diluted weighted average shares outstanding during the period ended September 30, 2011 or 2010.

Income Taxes: The Company accounts for income taxes in accordance with ASC # 740, "Accounting for Income Taxes," which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized.

Note 2. Recent Accounting Pronouncements

Note 2. Recent Accounting Pronouncements

In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRSs”), which amends ASC 820, Fair Value Measurement. ASU 2011-04 does not extend the use of fair value accounting, but provides guidance on how it should be applied where its use is already required or permitted by other standards within U.S. GAAP or IFRSs. ASU 2011-14 changes the wording used to describe many requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. Additionally, ASU 2011-14 clarifies the FASB’s intent about the application of existing fair value measurements. ASU 2011-04 is effective for interim and annual periods beginning after December 15, 2011 and is applied prospectively; therefore, the Company will adopt ASU 2011-04 in its first quarter of fiscal 2012. The Company does not expect the adoption of ASU 2011-04 to have a material impact on its consolidated financial statements.

Note 3. Convertible Note to Related Party

Note 3. Convertible Note to Related Party:

On October 2, 2009, we issued one convertible promissory note in the amount of $76,000 to our CEO. The note bears interests at 12% per annum until paid or converted. Interest is payable upon the extended maturity date at December 31, 2012. The initial conversion rate is $0.001 per share.

The notes formalize a like amount of cash advances and the fair value of services provided without cost covering several years.

In accordance Accounting Standard Codification ( “ASC # 815”), Accounting for Derivative Instruments and Hedging Activities, we evaluated  the holder’s non-detachable conversion right provision and liquidated damages clause, contained in the terms governing the Note to determine whether the features qualify as an embedded derivative instruments at issuance. Such non-detachable conversion right provision and liquidated damages clause did not need to be accounted as derivative financial instruments.

Note 4. Related Party Transactions

Note 4. Related Party Transactions:

Fair value of services:

The executive officer provides services to the Company, which services are accrued and are valued at $2,000 in month. The total of these accrued expenses was $18,000 for the nine months ended September 30, 2011 and is reflected in the statement of operations as general and administrative expenses.

An entity affiliated with President provided office space valued at $1,000 per month or $9,000 for the nine months ended September 30, 2011. This amount was also reflected in the statement of operations as general and administrative expenses. In addition, an entity affiliated with the CEO provided securities compliance services during the three months ended September 30, 2011 valued at $5,000 or $20,000 for the nine-month period ended September 30, 2011.

Due Related Parties:

Amounts due related parties consist of the fair value of services provided by our CEO and the fair value of services provided by an entity affiliated with the CEO. These items due totaled $115,113 at September 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 $262,721 and has insufficient working capital to meet operating needs for the next twelve months as of September 30, 2011, all of which raise substantial doubt about the Company's ability to continue as a going concern.

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American Biogenetic Sciences, Inc. - Balance Sheets (USD $)
Sep. 30, 2011
Dec. 31, 2010
Cash$ 0$ 0
Total current assets00
Total Assets00
Accounts payable - trade7,0683,672
Accrued interest expenses18,24011,400
Advances from and accruals due to related party115,11365,113
Total current liabilities140,42180,185
Non-current liabilities owed to related party, convertible note76,00076,000
Total liabilities216,421156,185
Preferred stock [1] [1]
Common stock109109[2]
Additional paid in capital46,19146,191
Accumulated deficit(262,721)(202,485)
Total Stockholders' Deficiency(216,421)(156,185)
Total Liabilities and Stockholders' Deficiency$ 0$ 0
[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 September 30, 2011 and December 31, 2010
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