MABCURE INC.

CIK:0001388490|SEC Filings

Statement of Operations (USD $)	12 Months Ended		68 Months Ended
Statement of Operations (USD $)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011
Revenues	$ 500,000	$ 0	$ 500,000
Expenses:
Research and development	390,640	461,452	1,201,035
General and administrative	819,105	557,968	3,037,932
Impairment loss on IP	11,400,000	0	11,400,000
Total expenses	12,609,745	1,019,420	15,638,967
Loss from operations	(12,109,745)	(1,019,420)	(15,138,967)
Other Income (Expense):
Interest income	18	470	10,636
Interest expense	(186,661)	(206,852)	(411,182)
Gain on derivative liability	26,769	0	26,769
Other income	4,784	0	4,784
Total other income (expense)	(155,090)	(206,382)	(368,993)
Loss before income taxes	(12,264,835)	(1,225,802)	(15,507,960)
Provision for income taxes	0	0	0
Net loss	(12,264,835)	(1,225,802)	(15,507,960)
Comprehensive Loss:
Foreign currency translation adjustment	(1,581)	(11,534)	(33,397)
Total Comprehensive Loss	$ (12,266,416)	$ (1,237,336)	$ (15,541,357)
(Loss) Per Common Share:
Basic and diluted loss per share	$ (0.19)	$ (0.02)
Weighted average number of shares outstanding - basic and diluted	63,350,840	62,054,520

Statement of Cash Flows (USD $)	12 Months Ended		68 Months Ended
Statement of Cash Flows (USD $)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011
Cash flows from operating activities:
Net loss	$ (12,264,835)	$ (1,225,802)	$ (15,507,960)
Impairment loss on IP	11,400,000	0	11,400,000
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on derivative liability	(26,769)	0	(26,769)
Financing costs	156,474	0	156,474
Depreciation and amortization	32,657	43,081	119,386
Amortization of debt discount	8,936	0	8,936
Donated services	0	0	13,000
Stock-based compensation	214,285	131,901	594,102
Common stock issued for investor relations services	0	0	45,001
Common stock issued for consulting services	36,000	0	36,000
Increase in value of warrants due to amendment of term	0	195,671	195,671
Gain on sale of fixed assets	(4,784)	0	(4,784)
Changes in net assets and liabilities:
Decrease (increase) in accounts receivable - other	44,923	(15,396)	(2,287)
Decrease (increase) in prepaid expenses and other current assets	(4,883)	23,782	(12,720)
Decrease (increase) in deposits and other	(3,435)	2,187	(5,698)
Increase in accounts payable and accrued liabilities	350,044	152,780	654,854
Net cash used in operating activities	(61,387)	(691,796)	(2,336,794)
Cash flows from investing activities:
Capital expenditures	(1,265)	(9,313)	(66,834)
Proceeds from sale of property and equipment	54,424	0	54,424
Patent pending	0	(4,675)	(4,675)
Net cash provided by (used in) investing activities	53,159	(13,988)	(17,085)
Cash flows from financing activities:
Proceeds from loan payable	263,500	75,000	931,813
Payments on loan payable	(100,000)	0	(135,055)
Payments of principal on capital lease obligations	(27,058)	(33,604)	(120,569)
Proceeds (repayments) from loans from related parties	25,847	(17,288)	37,052
Issuance of common stock for cash	15,786	500,000	1,866,786
Deferred offering costs	(11,241)	(20,663)	(31,904)
Net cash provided by financing activities	166,834	503,445	2,548,123
Effects of exchange rate changes on cash and cash equivalents	(15,585)	(8,726)	(47,808)
Net increase during period	143,021	(211,065)	146,436
Cash and cash equivalents at beginning of period	3,415	214,480	0
Cash and cash equivalents at end of period	146,436	3,415	146,436
Supplemental disclosure of cash flow information
Interest	8,090	4,479	20,538
Income taxes	$ 0	$ 0	$ 0

Statement of Financial Position (USD $)	Dec. 31, 2011	Dec. 31, 2010
Current Assets:
Cash and cash equivalents	$ 146,436	$ 3,415
Accounts receivable - Other	0	44,923
Prepaid expenses	12,773	7,890
Total current assets	159,209	56,228
Property and Equipment:
Computer and office equipment	12,409	11,733
Furniture and fixtures	8,050	8,244
Laboratory equipment	46,692	118,625
Vehicles	33,302	66,544
Website development costs	3,640	3,640
Property and Equipment, gross	104,093	208,786
Less: Accumulated depreciation and amortization	(62,215)	(84,867)
Net property and equipment	41,878	123,919
Other Assets:
Intellectual property	4,600,000	16,000,000
Patent pending	4,675	4,675
Deposits and other	5,423	1,988
Deferred offering costs	0	20,663
Total other assets	4,610,098	16,027,326
Total Assets	4,811,185	16,207,473
Current Liabilities:
Accounts payable and accrued liabilities	630,173	286,044
Due to related parties - Directors and officers	43,811	10,629
Current portion of capital lease obligations	9,091	36,308
Loans payable - net of debt discount of $44,685 and $0	252,073	133,258
Total current liabilities	935,148	466,239
Capital lease obligations	0	16,275
Total liabilities	935,148	482,514
Commitments and Contingencies	0	0
Stockholders' equity:
Common stock, $0.001 par value; 1,500,000,000 shares authorized; 62,399,725 and 60,399,725 shares issued and outstanding in 2011 and 2010, respectively	64,015	62,400
Additional paid-in capital	19,340,379	18,924,500
Donated capital	13,000	13,000
Accumulated other comprehensive loss	(33,397)	(31,816)
Deficit accumulated during the development stage	(15,507,960)	(3,243,125)
Total stockholders' equity	3,876,037	15,724,959
Total Liabilities and Stockholders' Equity	$ 4,811,185	$ 16,207,473