Enveric Biosciences, Inc. - Quarter Report: 2012 June (Form 10-Q)

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þ	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

 

o	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Delaware		95-4484725
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

 

 

 

Large accelerated filer    o

Accelerated filer    o

Non-accelerated filer     o (Do not check if a smaller reporting company)

Smaller reporting company    þ

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PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Balance Sheets as of June 30, 2012 and December 31, 2011 (Unaudited)	3
	Condensed Statements of Operations for the Three Months Ended June 30, 2012 and 2011 (Unaudited)	4
	Condensed Statements of Operations for the Six Months Ended June 30, 2012 and 2011 (Unaudited)	5
	Condensed Statements of Cash Flows for the Six Months ended June 30, 2012 and 2011 (Unaudited)	6
	Notes to Unaudited Financial Statements	7-8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	9-11
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	12
Item 4T.	Controls and Procedures	12
PART II. OTHER INFORMATION		13
Signatures		14
Exhibits

 

 

		June 30, 2012				December 31, 2011
		(unaudited)
ASSETS
Current Assets:
Cash and Cash Equivalents		$	2,200			$	18,231
Other Current Assets			4,219				4,219
Total Current Assets			6,419				22,450
Total Assets		$	6,419			$	22,450
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable and Accrued Liabilities			9,991				17,895
Total Current Liabilities			9,991				17,895
Commitments and Contingencies
Stockholders’ Equity (Deficit):
Preferred shares, $.01 par value, 1,000,000 shares authorized, none issued and outstanding
Common shares, $.01 par value, 300,000,000 shares authorized, 12,142,000 shares issued and outstanding			121,420				121,420
Additional Paid-In Capital			47,250,887				47,250,887
Accumulated Deficit			(47,375,879	)			(47,367,752	)
Total Stockholders’ Equity (Deficit)			(3,572	)			4,555
		$	6,419			$	22,450

 

 

 

 

		Three Months Ended
		June 30, 2012				June 30, 2011
O Operating Expenses :
General and Administrative			4,082				3,632
Operating Loss			(4,082	)			(3,632	)
InLoss Before Income Taxes			(4,082	)			(3,632	)
InIncome Taxes			0				0
N Net Loss		$	(4,082	)		$	(3,632	)
B Basic and Diluted Loss Per Share		$	(0.00	)		$	(0.00	)
WWeighted Average Shares Outstanding			12,142,000				6,500,000

 

		Six Months Ended
		June 30, 2012				June 30, 2011
O Operating Expenses :
General and Administrative			8,127				14,716
Operating  (Loss)			(8,127	)			(14,716	)
			0				0
In(Loss) Before Income Taxes			(8,127	)			(14,716	)
InIncome Taxes			0				0
N Net  (Loss)		$	(8,127	)		$	(14,716	)
B Basic and Diluted Earnings Per Share		$	(0.00	)		$	(0.00	)
WWeighted Average Shares Outstanding			12,142,000				6,500,000

 

		Six Months Ended
		June 30,
		2012				2011
Cash Flows from Operating Activities:
Net Loss		$	(8,127	)		$	(14,716	)
Adjustments to reconcile net loss to net cash used in operating activities:
Net Change in Assets and Liabilities:
Other Current Assets			0				(4,219	)
Accounts Payable and Accrued Liabilities			(7,904)				(2,943)
Net Cash Used In Operating Activities			(16,031	)			(21,878	)
Cash Flows from Financing Activities:
Loans from Officers			0				24,598
Increase (Decrease) in Cash and Cash Equivalents			(16,031	)			2,720
Cash and Cash Equivalents, Beginning of Period			18,231				1,126
Cash and Cash Equivalents, End of Period		$	2,200			$	3,846
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for:
Interest		$	0			$	0
Income Taxes			0				0

 

 

 

 

 

 

 

 

·	To provide a narrative explanation of a company’s financial statements “in plain English” that enables the average investor to see the company through the eyes of management.

·	To enhance the overall financial disclosure and provide the context within which financial information should be analyzed; and

·	To provide information about the quality of, and potential variability of, a company’s earnings and cash flow, so that investors can ascertain the likelihood and relationship of past performance being indicative of future performance.

 

 

·	An understanding of our operating environment and its risks (see below and Item 1A of Part II of this Form 10-Q);

·	An outline of critical accounting policies;

·	A review of our corporate governance structure;

·	A review of the key components of the financial statements and our cash position and capital resources;

·	A review of the important trends in the financial statements and our cash flow; and

·	Disclosure on our internal controls and procedures.

 

 

 

 

 

 

31.1	CEO-Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as Amended
31.2	CFO-Certification Pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act  of 1934, as Amended
32.1	CEO-Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	CFO-Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

	SPATIALIZER AUDIO LABORATORIES, INC. (Registrant)
Dated: July 31, 2012	/s/ Jay Gottlieb
	Jay Gottlieb
	Chairman of the Board, President, Secretary, Treasurer and Principal Executive Officer
	/s/ GREGGORY SCHNEIDER
	Greggory Schneider
	Director, Chief Financial and Principal Financial Officer

 

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