Applied BioSciences Corp.

CIK:0001607549|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
REVENUE, NET
Products	$ 22,357	$ 413,109	$ 192,011	$ 472,509
Services	147,218		433,295
Total revenues, net	169,575	413,109	625,306	472,509
COST OF REVENUE
Products	17,137	379,582	167,546	439,740
Services	34,206		81,967
Total costs of revenue	51,343	379,582	249,513	439,740
GROSS MARGIN	118,232	33,527	375,793	32,769
EXPENSES
Sales and marketing	50,590	100,730	256,775	556,167
General and administrative	997,055	1,317,469	2,271,546	1,712,667
Depreciation and amortization	40,828	292	120,324	877
TOTAL OPERATING EXPENSES	1,088,473	1,418,491	2,648,645	2,269,711
OPERATING LOSS	(970,241)	(1,384,964)	(2,272,852)	(2,236,942)
Other Income (Expense)
Change in fair value of equity investments	(327,381)		(327,381)	404,763
Change in fair value of derivative	(39,231)		(34,977)
Interest Expense	(89,017)	(506,579)	(153,818)	(574,880)
Total other (expense), net	(455,629)	(506,579)	(516,176)	(170,117)
NET LOSS	(1,425,870)	(1,891,543)	(2,789,028)	(2,407,059)
Less: Net income (loss) attributable to non controlling interest	72,480	(234)	233,995	9,358
NET LOSS ATTRIBUTABLE TO APPLIED BIOSCIENCES CORP.	$ (1,353,390)	$ (1,891,777)	$ (2,555,033)	$ (2,397,701)
LOSS PER COMMON SHARE	$ (0.10)	$ (0.16)	$ (0.19)	$ (0.22)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic and diluted	13,649,254	11,797,297	13,555,111	11,150,168

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (2,789,028)	$ (2,407,059)
Adjustment to reconcile net loss to net cash used in operating activities:
Change in fair value of equity investments	327,381	(404,763)
Amortization of debt discount	123,293	437,805
Change in fair value of derivative	34,977
Fair value of shares issued to consultants	321,000	649,302
Fair value of shares issued to officers and board member	151,000	756,250
Depreciation	120,724	878
Allowance for bad debt	33,457
Amortization of operating lease right-of-use asset	21,737
Changes in operating assets and liabilities
Repayment of lease obligations	(21,737)
Accounts receivable	53,748	(5,436)
Inventory	(22,786)	(41,031)
Prepaid and other current assets	45,972	77,699
Accounts payable and accrued expenses	782,547	147,492
Net cash used in operating activities	(817,715)	(788,863)
CASH FLOWS FROM INVESTING ACTIVITIES
Deposit on acquisition		(550,000)
Net cash used in investing activities		(550,000)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issuance of convertible notes	791,939	1,444,500
Proceeds from issuance of common stock		75,000
Net cash provided by financing activities	791,939	1,519,500
NET CHANGE IN CASH	(25,776)	180,637
CASH, BEGINNING OF PERIOD	47,044	60,934
CASH, END OF PERIOD	21,268	241,571
NON-CASH INVESTING AND FINANCING ACTIVITIES
Fair value of common stock issued upon conversion of convertible notes and accrued interest	100,000	1,444,500
Fair value of beneficial conversion feature related to issuance of convertible notes	77,381	437,805
Initial recognition of operating lease right-of-use assets and operating lease obligations under adoption of ASC Topic 842	372,490
Recognition of derivative liability upon issuance of note payable	$ 199,081

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Current Assets
Cash	$ 21,268	$ 47,044
Accounts receivable, net	76,201	163,405
Inventory	101,524	78,737
Prepaids and other current assets	14,666	65,273
Total Current Assets	213,659	354,459
Property and equipment, net	331,323	452,048
Operating lease right-of-use assets, net	350,752
Equity investments	570,911	898,292
Goodwill (provisional)	1,941,149	1,941,149
Other asset	10,133	5,500
TOTAL ASSETS	3,417,927	3,651,448
Current Liabilities
Accounts payable	659,682	278,546
Note Payable	25,000	25,000
Convertible note payable - related party	192,000
Convertible note payable - unrelated parties, net of debt discount of $153,170 at December 31, 2019	346,769
Derivative liability	234,058
Current portion of operating lease liabilities	89,136
Accrued expenses	472,131	70,720
Total Current Liabilities	2,018,776	374,266
Operating lease liabilities, net of current portion	261,616
Total Liabilities	2,280,392	374,266
Commitments and Contingencies
Stockholders' Equity
Preferred stock; $0.00001 par value; 5,000,000 shares authorized; none issued and outstanding at December 31, 2019 (unaudited) and 2018 and March 31, 2019, respectively
Common stock; $0.00001 par value; 200,000,000 shares authorized: 14,100,956 issued and outstanding at December 31, 2019 (unaudited) and 13,397,110 at March 31, 2019	143	135
Additional paid in capital	$ 7,321,615	$ 6,892,242
Common stock to be issued, 808,805 shares at December 31, 2019 (unaudited) and 408,805 shares at March 31, 2019	993,807	773,807
Accumulated deficit	$ (8,086,293)	$ (5,531,260)
Total Applied BioSciences Corp. Stockholders' Equity	229,272	2,134,924
Non-controlling equity	908,263	1,142,258
Total Stockholders' Equity	1,137,535	3,277,182
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,417,927	$ 3,651,448