Enveric Biosciences, Inc. - Quarter Report: 2013 September (Form 10-Q)

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UNITED STATES

 

x	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.)

Telephone Number  (212) 231-8359

 

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  o

 

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	x
(Do not check if a smaller reporting company)

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

 

 

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PART I. FINANCIAL INFORMATION
Item 1.	Unaudited Financial Statements
	Condensed Balance Sheets as of September 30, 2013 and December 31, 2012			3
	Condensed Statements of Operations for the Three Months Ended September 30, 2013 and 2012			4
	Condensed Statements of Operations for the Nine Months Ended September 30, 2013 and 2012			5
	Condensed Statements of Cash Flows for the Nine Months ended September 30, 2013 and 2012			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			11
Item 4.	Controls and Procedures			12
PART II. OTHER INFORMATION
Item 1.	Legal proceedings			13
Item  1a.	Risk factors			13
Item 2.	Unregistered sales of equity securities and use of proceeds			13
Item  3.	Defaults upon senior securities			13
Item  4.	Mine safety disclosures			13
Item 5.	Other matters			13
Item 6.	Exhibits			13
Signatures				14

 

 

SPATIALIZER AUDIO LABORATORIES, INC.

 

		September 30, 2013				December 31, 2012
ASSETS
Current Assets:
Cash and Cash Equivalents		$	684			$	1,381
Other Current Assets			4,219				4,219
Total Current Assets			4,903				5,600
Total Assets		$	4,903			$	5,600
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable and Accrued Liabilities			9,616				17,666
Loans from Shareholders			28,500				8,000
Total Current Liabilities			38,116				25,666
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			(47,405,520	)			(47,392,373	)
Total Stockholders’ Deficit			(33,213	)			(20,066	)
Total Liabilities and Stockholders’ Deficit		$	4,903			$	5,600

 

		Three Months Ended
		September 30, 2013				September 30, 2012
O Operating Expenses :
General and Administrative			4,557				4,566
Operating Loss			(4,557	)			(4,566	)
Loss Before Income Taxes			(4,557	)			(4,566	)
Income Taxes			0				(300	)
N Net Loss		$	(4,557	)		$	(4,866	)
B Basic and Diluted Loss Per Share		$	(0.00	)		$	(0.00	)
Weighted Average Shares Outstanding			12,142,000				12,142,000

		Nine Months Ended
		September 30, 2013				September 30, 2012
O Operating Expenses :
General and Administrative			13,147				12,693
Operating Loss			(13,147	)			(12,693	)
Loss Before Income Taxes			(13,147	)			(12,693	)
Income Taxes			-				(300	)
N Net Loss		$	(13,147	)		$	(12,993	)
B Basic and Diluted Earnings Per Share		$	(0.00	)		$	(0.00	)
Weighted Average Shares Outstanding			12,142,000				12,142,000

 

		Nine Months Ended
		September 30,
		2013				2012
Cash Flows from Operating Activities:
Net Loss		$	(13,147	)		$	(12,993	)
Adjustments to reconcile net loss to net cash used in operating activities:
Net Change in Assets and Liabilities:
Accounts Payable and Accrued Liabilities			(8,050	)			(8,089	)
Net Cash Used In Operating Activities			(21,197	)			(21,082	)
Cash Flows from Financing Activities:
Loans from Officers			20,500				5,000
Net Cash Provided by Financing Activities			20,500				5,000
Decrease in Cash and Cash Equivalents			(697	)			(16,082	)
Cash and Cash Equivalents, Beginning of Period			1,381				18,231
Cash and Cash Equivalents, End of Period		$	684			$	2,149
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for:
Income Taxes			-				300

(1)	Ability to Continue as a Going Concern

 

 

 

·	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.

 

 

 

 

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

 

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

 

 

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