What changed in this filing

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Item 1. Financial Statements

2022-12-19 compared with 2022-12-19 · 75 added, 77 removed, 436 unchanged (26% of the section changed)

1 unchanged sentence

PHARMACEUTICALS, INC.

CONSOLIDATED BALANCE SHEETS

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30,

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PHARMACEUTICALS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months Ended

For the Nine Months Ended

For the Six Months Ended

Operating expenses:

General and administrative (including fees paid to related party of $0 and $1,896, and $1,253 and $11,925, for the three and nine months ended June 30, 2019 and 2018, respectively)

General and administrative (including fees paid to related party of $455 and $4,229, and $1,253 and $10,029, for the three and six months ended March 31, 2019 and 2018, respectively)

Total operating expenses

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PHARMACEUTICALS, INC.

CONSOLIDATED STATEMENT OF STOCKHOLDERS DEFICIT

THE THREE AND NINE MONTHS ENDED JUNE 30, 2019 AND 2018

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS DEFICIT

FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2019 AND 2018

Additional Paid

3 unchanged sentences

Balance, March 31, 2018

Balance, June 30, 2018

$ (5,073,105 )

3 unchanged sentences

Balance, March 31, 2019

Balance, June 30, 2019

$ (5,090,990 )

2 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

THE NINE MONTHS ENDED JUNE 30, 2019 AND 2018

THE SIX MONTHS ENDED MARCH 31, 2019 AND 2018

Cash flows from operating activities:

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notes thereto included in our annual report on Form 10-K for the year ended September 30, 2018.

In managements opinion,

all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation to make our financial

statements not misleading have been included.

The results of operations for the interim periods are not necessarily indicative of the

results to be expected for the full year, or any other period.

In managements opinion, all adjustments

(consisting only of normal recurring adjustments) considered necessary for a fair presentation to make our financial statements not misleading

have been included.

The results of operations for the interim periods are not necessarily indicative of the results to be expected for

the full year, or any other period.

of Consolidation

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by including common stock equivalents outstanding for the period in the denominator.

For the three and nine months ended June 30, 2019

For the three and six months ended March 31, 2019

and 2018, any equivalents would have been anti-dilutive as we had net losses for the periods then ended.

of June 30, 2019 and September 30, 2018, the Company had two convertible notes with principal and accrued interest balances totaling

of March 31, 2019 and September 30, 2018, the Company had two convertible notes with principal and accrued interest balances totaling

$24,844 and $23,648, respectively.

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These common stock equivalents of approximately 334,050,

and 199,884 shares as of June 30, 2019 and 2018, respectively, are not included in the calculation of diluted EPS

and 317,009 shares as of March 31, 2019 and 2018, respectively, are not included in the calculation of diluted EPS

as their effect would be anti-dilutive.

of June 30, 2019 and September 30, 2018, the Company had 3,291,000 in stock options outstanding which are exercisable at the holders

of March 31, 2019 and September 30, 2018, the Company had 3,291,000 in stock options outstanding which are exercisable at the holders

option, with an exercise price of $0.0067, which are not included in the calculation of diluted EPS as their effect would be anti-dilutive.

44 unchanged sentences

A lease liability is a lessees obligation to make lease payments arising

from a lease, measured on a discounted basis and a right-of-use asset represents the lessees right to use, or control use of, a

specified asset for the lease term.

from a lease, measured on a discounted basis and a right-of-use asset represents the lessees right to use, or control use of,

a specified asset for the lease term.

The amendments in this ASU simplify the accounting for sale and leaseback transactions primarily

51 unchanged sentences

GOING CONCERN AND MANAGEMENTS LIQUIDITY PLANS

of June 30, 2019, the Company had an accumulated deficit of $5,094,649 and a working capital deficiency of $231,247.

During the nine

months ended June 30, 2019, the Company incurred a net loss of $10,155 and used cash in operating activities of $1,712.

As of June 30,

of March 31, 2019, the Company had an accumulated deficit of $5,090,990 and a working capital deficiency of $227,588.

During the six

months ended March 31, 2019, the Company incurred a net loss of $6,496 and used cash in operating activities of $1,683.

As of March 31,

2019, the Company had cash of $587.

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related parties are amounts payable to current and former officers and directors for services provided to the Company

totaling $90,075 and $85,062, as of June 30, 2019 and September 30, 2018, respectively.

totaling $86,913 and $85,062, as of March 31, 2019 and September 30, 2018, respectively.

These amounts include accounts payable to an

entity controlled by our sole officer and director for financial services such entity is incurring on behalf of the Company totaling

$12,198 and $10,185, as of June 30, 2019 and September 30, 2018, respectively.

Total expense incurred related to this entity

was $0 and $1,896 for the three months ended June 30, 2019 and 2018, respectively, and $1,253 and $11,925, for the nine months ended

June 30, 2019 and 2018, respectively, with no other related party expenses incurred.

$12,036 and $10,185, as of March 31, 2019 and September 30, 2018, respectively.

Total expense incurred related to this entity was $455

and $4,229 for the three months ended March 31, 2019 and 2018, respectively, and $1,253 and $10,029, for the six months ended March 31,

2019 and 2018, respectively, with no other related party expenses incurred.

CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE,

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March 21, 2018 to March 21, 2019.

As of June 30, 2019 and September 30, 2018, the total accrued interest owing under this note was $2,740

As of March 31, 2019 and September 30, 2018, the total accrued interest owing under this note was $2,441

and $1,843, respectively.

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On May 11, 2018, the agreement had been amended to extend the maturing date of the note from March 30, 2018 to March

As of June 30, 2019 and September 30, 2018, the total accrued interest owing under this note was $2,702 and $1,805 respectively.

Subsequent to June 30, 2019, on December 3, 2021, the Company repaid this loan and accrued interest in full.

As of March 31, 2019 and September 30, 2018, the total accrued interest owing under this note was $2,403 and $1,805 respectively.

Subsequent to March 31, 2019, on December 3, 2021, the Company repaid this loan and accrued interest in full.

with Mediapark Investments Limited

January 10, 2018, the Company entered into an agreement with Mediapark Investments Limited (Mediapark.) Pursuant to the terms

of the agreement, Mediapark acquired a 12% promissory note with an aggregate face value of $23,000.

The note matures in 180 days on July

10, 2018 and is unsecured.

January 10, 2018, the Company entered into an agreement with Mediapark Investments Limited (Mediapark.) Pursuant to the

terms of the agreement, Mediapark acquired a 12% promissory note with an aggregate face value of $23,000.

The note matures in 180 days

on July 10, 2018 and is unsecured.

As of July 9, 2018, the loan was extended to July 10, 2019.

As of June 30, 2019 and September 30, 2018, the

total accrued interest owing under this note was $4,053 and $1,989, respectively.

As of the date of this report, that date has not been

extended, and the Company is accruing interest at the default interest rate of 15%.

As of March 31, 2019 and September 30,

2018, the total accrued interest owing under this note was $3,365 and $1,989, respectively.

As of the date of this report, that date

has not been extended, and the Company is accruing interest at the default interest rate of 15%.

with Individual

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of 12% per annum.

As of the June 30, 2019 and September 30, 2018, the total accrued interest owing under this note was $2,985 and $1,190,

As of the March 31, 2019 and September 30, 2018, the total accrued interest owing under this note was $2,387 and $1,190,

respectively.

Subsequent to June 30, 2019, on December 3, 2021, the Company repaid this loan and accrued interest in full.

stock options were granted during the nine months ended June 30, 2019 and 2018.

following is a summary of outstanding stock options issued to employees and directors as of June 30, 2019 and September 30, 2018:

Subsequent to March 31, 2019, on December 3, 2021, the Company repaid this loan and accrued interest in full.

stock options were granted during the six months ended March 31, 2019 and 2018.

following is a summary of outstanding stock options issued to employees and directors as of March 31, 2019 and September 30, 2018:

Exercise Price per

Outstanding June 30, 2019 and September 30, 2018

Exercisable, June 30, 2019 and September 30, 2018

following is a summary of outstanding stock options issued to non-employees, excluding directors, as of June 30, 2019 and September 30,

Outstanding March 31, 2019 and September 30, 2018

Exercisable, March 31, 2019 and September 30, 2018

following is a summary of outstanding stock options issued to non-employees, excluding directors, as of March 31, 2019 and September

Exercise Price per

Outstanding June 30, 2019 and September 30, 2018

Exercisable, June 30, 2019 and September 30, 2018

was no equity-based compensation for the nine months ended June 30, 2019 and 2018.

Outstanding March 31, 2019 and September 30, 2018

Exercisable, March 31, 2019 and September 30, 2018

was no equity-based compensation for the six months ended March 31, 2019 and 2018.

SUBSEQUENT EVENTS

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of Operations

of the Three Months Ended June 30, 2019 to the Three Months Ended June 30, 2018

revenue or cost of sales were generated for the three months ended June 30, 2019 or June 30, 2018.

Companys expenses for the three months ended June 30, 2019 and 2018, are summarized as follows:

Three Months Ended June 30,

of the Three Months Ended March 31, 2019 to the Three Months Ended March 31, 2018

revenue or cost of sales were generated for the three months ended March 31, 2019 or March 31, 2018.

Companys expenses for the three months ended March 31, 2019 and 2018, are summarized as follows:

Three Months Ended March 31,

General and administrative (including $455 and $4,229 of fees paid to related party)

Total operating expenses

decrease in general and administrative expenses for the three months ended June 30, 2019, compared to the three months ended June 30,

decrease in general and administrative expenses for the three months ended March 31, 2019, compared to the three months ended March 31,

2018 of $6,412 is due to a decrease in accounting and filing fees.

Three Months Ended June 30,

Three Months Ended March 31,

Interest Expense

Total other expenses

expense increased $890 for the three months ended June 30, 2019 from the comparative period of 2018 due to additional accrued interest

expense increased $660 for the three months ended March 31, 2019 from the comparative period of 2018 due to additional accrued interest

on the two notes payable issued in January and April 2018.

of the Nine months Ended June 30, 2019 to the Nine months Ended June 30, 2018

revenue or cost of sales were generated for the nine months ended June 30, 2019 or June 30, 2018.

Companys expenses for the nine months ended June 30, 2019 and 2018, are summarized as follows:

Nine months Ended June 30,

of the Six Months Ended March 31, 2019 to the Six Months Ended March 31, 2018

revenue or cost of sales were generated for the six months ended March 31, 2019 or March 31, 2018.

Companys expenses for the six months ended March 31, 2019 and 2018, are summarized as follows:

Six Months Ended March 31,

General and administrative (including $1,253 and $10,029 of fees paid to related party)

Total operating expenses

decrease in general and administrative expenses for the nine months ended June 30, 2019, compared to the nine months ended June 30, 2018

decrease in general and administrative expenses for the six months ended March 31, 2019, compared to the six months ended March 31, 2018

of $12,484 is due to a decrease in accounting fees as well as filing fees.

Nine months Ended June 30,

Six Months Ended March 31,

Interest Expense

Total other expenses

expense increased $2,852 for the nine months ended June 30, 2019 from the comparative period of 2018 due to additional accrued interest

expense increased $1,962 for the six months ended March 31, 2019 from the comparative period of 2018 due to additional accrued interest

on the two notes payable issued in January and April 2018.

and Capital Resources

following table sets forth a summary of changes in working capital for the nine months ended June 30, 2019 and 2018:

June 30, 2019

following table sets forth a summary of changes in working capital for the six months ended March 31, 2019 and 2018:

March 31, 2019

September 30, 2018

2 unchanged sentences

Working capital

decrease in current assets of $1,712 is mainly due to a decrease in cash from the payment of outstanding bills during the nine months

ended June 30, 2019.

decrease in current assets of $1,683 is mainly due to a decrease in cash from the payment of outstanding bills during the six months

ended March 31, 2019.

The increase in current liabilities of $4,813 is primarily due to an increase in accrued liabilities during the

nine months ended June 30, 2019.

following table sets forth a summary of changes in cash flows for the nine months ended June 30, 2019 and 2018:

Nine Months Ended June 30,

six months ended March 31, 2019.

following table sets forth a summary of changes in cash flows for the six months ended March 31, 2019 and 2018:

Six Months Ended March 31,

Net cash used in operating activities

Change in cash

of June 30, 2019, our cash balance was $558.

of March 31, 2019, our cash balance was $587.

The Company does not expect its current cash and operating income to be sufficient to meet

its financial needs for continuing operations over the next twelve months.

cash used in operations for the nine months ended June 30, 2019 was $1,712 was mainly due to the net loss that was incurred during the

cash used in operations for the six months ended March 31, 2019 of $1,683 was mainly due to the net loss that was incurred during the

may need to evaluate raising additional capital through the sale of equity securities, through an offering of debt securities or through

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notes payable issued to the Companys Chief Executive Officer, a related party.

The notes are unsecured, bear interest at 1.5% per

annum, and mature on September 30, 2021.

There can be no assurance, however, that additional financing will be available or, if it is

available, that we will be able to structure such financing on terms acceptable to us and that it will be sufficient to fund our cash

The notes are unsecured, bear interest at 1.5%

per annum, and mature on September 30, 2021.

There can be no assurance, however, that additional financing will be available or, if it

is available, that we will be able to structure such financing on terms acceptable to us and that it will be sufficient to fund our cash

requirements until we can reach a level of profitable operations and positive cash flows.

28 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements