RENOVARO BIOSCIENCES INC. - Quarter Report: 2014 March (Form 10-Q)

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Fair Value of Financial Instruments — The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820, “Fair Value Measurements”. The authoritative guidance, which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

 

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Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities;

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Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

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Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

 

 

 

 

 

 

 

 

 

 

Year ending December 31,
2014		$	17,283
2015			20,106
2016			20,106
2017			20,106
2018			20,106
Thereafter			136,059
		$	233,766

 

 

 

		March 31, 2014				Dec. 31, 2013
5% Note Payable Paseco ApS		$	888,880			$	-
Non-Interest Bearing Loan  Payable Sunrise Financial Group Inc.			38,235				-
Note Payable ML Group			21,520				21,557
6% Promissory Note payable to NLBDIT 2010 Enterprises, LLC			41,945				-
5% Note Payable - Sune Olsen Holding ApS			526,689				521,390
5% Note Payable - Sune Olsen			187,932				185,054
Total Notes Payable – Related Party			1,705,201				728,001
Less Current Maturities			(1,705,201	)			(728,001	)
Note Payables – Related Party Long Term		$	-			$	-

 

 

Year ending December 31,
2014			-
2015
2016			-
2017			-
2018			-
Thereafter			-
			-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		March 31, 2014				December 31, 2013
Excess of Tax over book depreciation Fixed assets		$	87,578			$	87,578
Excess of Tax over book depreciation Patents			114,028				114,028
Net Operating Loss Carry forward			2,254,812				1,642,598
Valuation Allowance			(2,456,418	)			(1,844,204	)
Total Deferred Tax Asset (Liabilities)		$	-			$	-

 

 

 

 

 

 

		March 31, 2014				March 31, 2013
Computed Tax at Expected Statutory Rate		$	(144,858	)		$	(135,684	)
Non-US Income Taxed at Different Rates			44,858				38,059
Non-Deductable expenses			-				27,850
Valuation allowance			100,000				69,775
Income Tax Expense		$	-			$	-

 

 

Current Tax Expense		2013				2012
Danish Income Tax		$	-			$	-
Total Current Tax Expense			-				-
Deferred Income Tax Expense (Benefit)
Excess of Tax over Book Depreciation Fixed Assets			-				-
Excess of Tax over Book Depreciation Patents			-				-
Net Operating Loss Carry forwards			(100,000	)			(69,775	)
Change in the Valuation allowance			100,0000				69,775
Total Deferred Tax Expense		$	-			$	-