Corix Bioscience, Inc.

CIK:0001433821|SEC Filings

Consolidated Statements of Operations - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended
Consolidated Statements of Operations - USD ($)	Sep. 30, 2017	Apr. 06, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Predecessor [Member]
Expenses
Depreciation		$ 1,279	$ 382		$ 382
General and administrative		63,322	327,173		904,096
Total expenses		(64,601)	(327,555)		(904,478)
Net loss before other income (expense) from continuing operations		(64,601)	(327,555)		(904,478)
Other income (expense)
Accretion		0	0		0
Interest expense		0	0		0
Loss from legal settlement		0	0		0
Net loss from continuing operations		(64,601)	(327,555)		(904,478)
Discontinued operations
Net loss from discontinued operations (Note 12)		(139,805)	(1,220,571)		(3,386,133)
Net loss		$ (204,406)	$ (1,548,126)		$ (4,290,611)
Basic and diluted loss per share:
Net loss per share attributable to common stockholders - continuing operations		$ (0.01)	$ (0.04)		$ (0.11)
Net loss per share attributable to common stockholders - discontinued operations		$ (0.01)	$ (0.14)		$ (0.41)
Weighted average shares outstanding - basic and diluted		9,739,390	8,844,605		8,206,447
Successor [Member]
Expenses
Depreciation	$ 2,094			$ 2,520
General and administrative	297,860			993,986
Total expenses	(299,954)			(996,506)
Net loss before other income (expense) from continuing operations	(299,954)			(996,506)
Other income (expense)
Accretion	(231,512)			(250,026)
Interest expense	(5,592)			(6,767)
Loss from legal settlement	18,486			(740,756)
Net loss from continuing operations	(518,572)			(1,994,055)
Discontinued operations
Net loss from discontinued operations (Note 12)	(2,621,571)			(3,304,481)
Net loss	$ (3,140,143)			$ (5,298,536)
Basic and diluted loss per share:
Net loss per share attributable to common stockholders - continuing operations	$ (0.03)			$ (0.10)
Net loss per share attributable to common stockholders - discontinued operations	$ (0.13)			$ (0.17)
Weighted average shares outstanding - basic and diluted	20,514,576			20,016,523

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended				6 Months Ended		9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2017	Apr. 06, 2017	Mar. 31, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Items not affecting cash:
Depreciation						$ 56,772	$ 109,260
Stock-based compensation							450,801
Predecessor [Member]
Cash Flows from Operating Activities
Net loss		$ (204,406)		$ (1,548,126)				$ (4,290,611)
Add net loss from discontinued operations		139,805						3,386,133
Items not affecting cash:
Depreciation		1,279	$ 43,269	382				382
Stock-based compensation		0						650,265
Accretion		0		0				0
Gain on forgiveness of debt		0						(8,088)
Loss on legal settlement		0						0
Changes in operating assets and liabilities:
Prepaid expenses and deposits		10,369						(2,005)
Accounts payable		0						0
Inventory		(4,068)						56,006
Accrued liabilities		44,399						51,050
Due to related parties		0						(21,202)
Net Cash Used in Operating Activities - Continuing Operations		(12,622)						(178,070)
Net Cash Provided by (Used in) Operating Activities - Discontinuing Operations		(255,214)	(255,214)					(1,322,309)
Net Cash Used In Operating Activities		(267,836)						(1,500,379)
Cash Flows from Investing Activities
Purchase of equipment		0						(5,116)
Purchase of licenses		0						0
Proceeds from sale of real estate properties in relation to legal settlement		0						0
Cash acquired from reverse merger		0						0
Net Cash Provided by Investing Activities - Continuing Operations		0						(5,116)
Net Cash Provided by Investing Activities - Discontinuing Operations		381,404	381,404					188,292
Net Cash Provided by Investing Activities		381,404						183,176
Cash Flows from Financing Activities
Proceeds from the sale of common stock		133,166						509,600
Proceeds from exercise of stock options		0						0
Cash paid for redemption of common stock		0						0
Proceeds from issuance of convertible debt, net of original debt discount		0						0
Debt financing costs		0						0
Repayment of convertible debt		0						0
Advance from related parties		0						425,774
Repayment of related party advances		(107,051)						0
Net Cash Provided by Financing Activities - Continuing Operations		26,115						935,374
Net Cash (Used in) Provided by Financing Activities - Discontinuing Operations		(21,427)	(21,427)					272,905
Net Cash Provided by Financing Activities		4,688						1,208,279
Change in Cash		118,256						(108,924)
Cash - Beginning of Period		2,151	$ 2,151		$ 120,407		2,151	199,570
Cash - End of Period		120,407		$ 90,646				90,646
Interest paid		68,902						216,815
Income taxes paid		0						0
Notes payable and amounts due to related party settled from sale of real properties		742,504						0
Related party note receivable from sale of real properties		0						0
Debt discount recorded for beneficial conversion features and relative fair value of warrant		0						0
Stock issued for acquisition of real properties		0						1,085,726
Note payable issued with acquisition of real properties		0						691,155
Related party notes payable issued with acquisition of real property		0						76,876
Issuance of limited partnership units in exchange for real estate properties		0						$ 1,130,014
Successor [Member]
Cash Flows from Operating Activities
Net loss	$ (3,140,143)				(5,298,536)
Add net loss from discontinued operations					3,304,481
Items not affecting cash:
Depreciation	2,094				2,520
Stock-based compensation					608,434
Accretion	231,512				250,026
Gain on forgiveness of debt					0
Loss on legal settlement					740,756
Changes in operating assets and liabilities:
Prepaid expenses and deposits					(876,873)
Accounts payable					(45,000)
Inventory					(36,513)
Accrued liabilities					(43,928)
Due to related parties					10,000
Net Cash Used in Operating Activities - Continuing Operations					(1,384,633)
Net Cash Provided by (Used in) Operating Activities - Discontinuing Operations					(1,131,266)	(1,131,266)
Net Cash Used In Operating Activities					(2,515,899)
Cash Flows from Investing Activities
Purchase of equipment					(81,595)
Purchase of licenses					(250,000)
Proceeds from sale of real estate properties in relation to legal settlement					1,024,695
Cash acquired from reverse merger					120,407
Net Cash Provided by Investing Activities - Continuing Operations					813,507
Net Cash Provided by Investing Activities - Discontinuing Operations					3,270,597	3,270,597
Net Cash Provided by Investing Activities					4,084,104
Cash Flows from Financing Activities
Proceeds from the sale of common stock					0
Proceeds from exercise of stock options					650
Cash paid for redemption of common stock					(155,896)
Proceeds from issuance of convertible debt, net of original debt discount					452,750
Debt financing costs					(14,750)
Repayment of convertible debt					(200,000)
Advance from related parties					0
Repayment of related party advances					0
Net Cash Provided by Financing Activities - Continuing Operations					82,754
Net Cash (Used in) Provided by Financing Activities - Discontinuing Operations					(1,290,088)	(1,290,088)
Net Cash Provided by Financing Activities					(1,207,334)
Change in Cash					360,871
Cash - Beginning of Period					0
Cash - End of Period	$ 360,871	$ 0			360,871	$ 360,871	$ 360,871
Interest paid					163,487
Income taxes paid					0
Notes payable and amounts due to related party settled from sale of real properties					2,379,444
Related party note receivable from sale of real properties					325,000
Debt discount recorded for beneficial conversion features and relative fair value of warrant					438,000
Stock issued for acquisition of real properties					0
Note payable issued with acquisition of real properties					0
Related party notes payable issued with acquisition of real property					0
Issuance of limited partnership units in exchange for real estate properties					$ 0

Consolidated Balance Sheets - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Successor [Member]
ASSETS
Cash	$ 360,871
Prepaid expense and deposits	890,629
Inventory	45,000
Assets held for discontinued operations	120,768
Total Current Assets	1,417,268
Equipment	82,388
Intangible asset	250,000
Assets held for discontinued operations	2,594,107
Total Assets	4,343,763
Current Liabilities
Accounts payable and accrued liabilities	25,678
Due to related parties	10,000
Convertible notes, net of discount of $283,886	50,026
Liabilities held for discontinued operations	47,197
Total Current Liabilities	132,901
Liabilities held for discontinued operations	652,836
Total Liabilities	785,737
SHAREHOLDERS' EQUITY
Preferred Stock, 9,980,000 shares authorized, $0.001 par value; no shares issued and outstanding	0
Common stock, 500,000,000 shares authorized, par value $0.01; 20,243,429 shares outstanding (December 31, 2016 - 9,681,929 shares outstanding)	206,531
Additional paid-in capital	8,650,031
Accumulated deficit	(5,298,536)
Total Corix Bioscience, Inc.'s Shareholders' Equity	3,558,026
Non-controlling interest	0
Total Shareholders' Equity	3,558,026
Total Liabilities and Shareholders' Equity	4,343,763
Predecessor [Member]
ASSETS
Cash		$ 2,151
Prepaid expense and deposits		24,125
Inventory		0
Assets held for discontinued operations		211,558
Total Current Assets		237,834
Equipment		4,592
Intangible asset		0
Assets held for discontinued operations		11,127,246
Total Assets		11,369,672
Current Liabilities
Accounts payable and accrued liabilities		65,788
Due to related parties		407,728
Convertible notes, net of discount of $283,886		0
Liabilities held for discontinued operations		600,466
Total Current Liabilities		1,073,982
Liabilities held for discontinued operations		4,690,077
Total Liabilities		5,764,059
SHAREHOLDERS' EQUITY
Preferred Stock, 9,980,000 shares authorized, $0.001 par value; no shares issued and outstanding		0
Common stock, 500,000,000 shares authorized, par value $0.01; 20,243,429 shares outstanding (December 31, 2016 - 9,681,929 shares outstanding)		96,819
Additional paid-in capital		16,803,120
Accumulated deficit		(12,424,339)
Total Corix Bioscience, Inc.'s Shareholders' Equity		4,475,600
Non-controlling interest		1,130,013
Total Shareholders' Equity		5,605,613
Total Liabilities and Shareholders' Equity		11,369,672
Preferred Class A [Member] \| Successor [Member]
SHAREHOLDERS' EQUITY
Preferred Stock - Series A, 20,000 shares authorized, $0.001 par value; no shares issued and outstanding	$ 0
Preferred Class A [Member] \| Predecessor [Member]
SHAREHOLDERS' EQUITY
Preferred Stock - Series A, 20,000 shares authorized, $0.001 par value; no shares issued and outstanding		$ 0