2022 Q3 Form 10-Q Financial Statement

#000149315222023580 Filed on August 19, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $74.54K $38.75K $84.90K
YoY Change 30.11% 65.28% 303.13%
Cost Of Revenue $8.790K $8.709K $15.94K
YoY Change -29.28% 113.14% 43.86%
Gross Profit $65.75K $30.04K $68.96K
YoY Change 46.57% 55.18% 590.98%
Gross Profit Margin 88.21% 77.52% 81.22%
Selling, General & Admin $509.9K $507.5K $291.5K
YoY Change -28.69% 63.35% 16.04%
% of Gross Profit 775.5% 1689.51% 422.71%
Research & Development $275.1K $597.9K $304.2K
YoY Change 764.46% 352.66% 1443.96%
% of Gross Profit 418.35% 1990.32% 441.07%
Depreciation & Amortization $87.54K $100.3K $6.850K
YoY Change 1907.8% 3507.55% 270.27%
% of Gross Profit 133.14% 333.85% 9.93%
Operating Expenses $785.0K $1.105M $595.7K
YoY Change 5.1% 149.65% 119.87%
Operating Profit -$719.2K -$1.075M -$526.7K
YoY Change 2.45% 153.97% 101.85%
Interest Expense $167.4K $195.4K -$74.23K
YoY Change -248.39% -0.35% -200.31%
% of Operating Profit
Other Income/Expense, Net -$226.4K -$115.4K -$74.22K
YoY Change -46.04%
Pretax Income -$945.7K -$1.191M -$600.9K
YoY Change 16.06% 86.86% 221.49%
Income Tax $800.00
% Of Pretax Income
Net Earnings -$946.5K -$1.191M -$600.9K
YoY Change 16.16% 86.86% 221.49%
Net Earnings / Revenue -1269.72% -3073.0% -707.8%
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share -$368.90 -$468.50 -$251.00
COMMON SHARES
Basic Shares Outstanding 2.566B shares 2.541B shares 2.394B shares
Diluted Shares Outstanding 2.566B shares 2.541B shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.25K $197.3K $165.7K
YoY Change 51.38% 266.71% 104.28%
Cash & Equivalents $94.25K $197.3K $165.7K
Short-Term Investments
Other Short-Term Assets $343.0K $541.5K $700.1K
YoY Change 9.8% 190.98% 288.44%
Inventory $44.94K $62.57K $39.43K
Prepaid Expenses
Receivables $42.38K $31.84K $36.33K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $524.6K $833.2K $941.6K
YoY Change 14.65% 162.8% 239.08%
LONG-TERM ASSETS
Property, Plant & Equipment $354.1K $281.7K $310.8K
YoY Change 1.07% -10.43% 6.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.298M $3.405M $97.82K
YoY Change 1386.46% 5849.68% 11.13%
Total Long-Term Assets $3.668M $3.708M $3.840M
YoY Change 418.24% 628.82% 638.76%
TOTAL ASSETS
Total Short-Term Assets $524.6K $833.2K $941.6K
Total Long-Term Assets $3.668M $3.708M $3.840M
Total Assets $4.192M $4.541M $4.781M
YoY Change 259.77% 449.91% 499.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $364.0K $361.6K $372.5K
YoY Change 0.64% 19.27% 24.97%
Accrued Expenses $552.2K $515.0K $514.2K
YoY Change 16.15% 11.39% -13.38%
Deferred Revenue
YoY Change
Short-Term Debt $1.061M $1.064M $1.074M
YoY Change -0.33% 5.54% 1.87%
Long-Term Debt Due $4.640K $4.640K $4.640K
YoY Change 14.0%
Total Short-Term Liabilities $2.395M $2.314M $2.460M
YoY Change 6.19% 10.48% 7.68%
LONG-TERM LIABILITIES
Long-Term Debt $11.64K $12.78K $13.89K
YoY Change -30.01%
Other Long-Term Liabilities $2.150K $2.150K $2.150K
YoY Change -85.73% -92.3% -92.3%
Total Long-Term Liabilities $13.79K $14.93K $16.04K
YoY Change -56.5% -46.53% -42.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.395M $2.314M $2.460M
Total Long-Term Liabilities $13.79K $14.93K $16.04K
Total Liabilities $2.409M $2.329M $2.476M
YoY Change 5.32% 9.73% 7.08%
SHAREHOLDERS EQUITY
Retained Earnings -$16.73M -$15.79M
YoY Change
Common Stock $2.588M $2.552M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.784M $2.212M $2.305M
YoY Change
Total Liabilities & Shareholders Equity $4.192M $4.541M $4.781M
YoY Change 259.77% 449.91% 499.58%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$946.5K -$1.191M -$600.9K
YoY Change 16.16% 86.86% 221.49%
Depreciation, Depletion And Amortization $87.54K $100.3K $6.850K
YoY Change 1907.8% 3507.55% 270.27%
Cash From Operating Activities -$201.9K -$236.5K -$214.9K
YoY Change 58.71% 2.46% 2.28%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 $0.00 -$200.0K
YoY Change -100.0% -100.0% -12.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 98.85K 268.9K 486.5K
YoY Change -37.78% 28.55% 82.39%
NET CHANGE
Cash From Operating Activities -201.9K -236.5K -214.9K
Cash From Investing Activities 0.000 0.000 -200.0K
Cash From Financing Activities 98.85K 268.9K 486.5K
Net Change In Cash -103.0K 32.38K 71.65K
YoY Change -1316.53% -218.65% -141.89%
FREE CASH FLOW
Cash From Operating Activities -$201.9K -$236.5K -$214.9K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$201.9K -$236.5K -$214.9K
YoY Change 94.11% 3.42% -954.69%

Facts In Submission

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Therapeutic Solutions International, Inc.
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NV
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701 Wild Rose Lane
dei Entity Address City Or Town
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dei Entity Address State Or Province
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dei Entity Address Postal Zip Code
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dei City Area Code
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ReliefOfDerivativeLiabilities
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StockholdersEquity
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CY2022Q2 us-gaap Stockholders Equity
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us-gaap Net Income Loss
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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TSOI Share Based Compensation To Related Parties
ShareBasedCompensationToRelatedParties
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TSOI Share Based Compensation To Related Parties
ShareBasedCompensationToRelatedParties
141900 usd
us-gaap Derivative Loss On Derivative
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DerivativeLossOnDerivative
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GainLossOnDerivativeInstrumentsNetPretax
265508 usd
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
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TSOI Amortization Of Prepaid Stock Based Compensation
AmortizationOfPrepaidStockBasedCompensation
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TSOI Amortization Of Prepaid Stock Based Compensation
AmortizationOfPrepaidStockBasedCompensation
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us-gaap Amortization Of Debt Discount Premium
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us-gaap Amortization Of Debt Discount Premium
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AmortizationOfIntangibleAssets
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AmortizationOfIntangibleAssets
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us-gaap Depreciation
Depreciation
2326 usd
us-gaap Depreciation
Depreciation
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IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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IncreaseDecreaseInInventories
22749 usd
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IncreaseDecreaseInInventories
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IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-28785 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-47322 usd
TSOI Increase Decrease In Right Of Use Asset
IncreaseDecreaseInRightOfUseAsset
12654 usd
TSOI Increase Decrease In Right Of Use Asset
IncreaseDecreaseInRightOfUseAsset
12270 usd
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IncreaseDecreaseInAccountsPayable
-32440 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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TSOI Increase Decrease In Account Payable Related Parties
IncreaseDecreaseInAccountPayableRelatedParties
-2566 usd
TSOI Increase Decrease In Account Payable Related Parties
IncreaseDecreaseInAccountPayableRelatedParties
2513 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
87899 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
75556 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-12654 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-12270 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-451354 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
237365 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
200000 usd
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4015 usd
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
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2094 usd
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us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
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ProceedsFromIssuanceOfCommonStock
445000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
225498 usd
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NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
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475904 usd
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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1570 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
800 usd
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
22500 usd
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
14750 usd
us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
315000 usd
us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
252500 usd
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
670513 usd
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
487137 usd
TSOI Common Stock Issued For Prepaid Fees Value
CommonStockIssuedForPrepaidFeesValue
148820 usd
TSOI Common Stock Issued For Prepaid Fees Value
CommonStockIssuedForPrepaidFeesValue
199500 usd
TSOI Common Stock Issued For Accrued Salaries Value
CommonStockIssuedForAccruedSalariesValue
29999 usd
TSOI Common Stock Issued For Accrued Salaries Value
CommonStockIssuedForAccruedSalariesValue
199000 usd
TSOI Accrued Interest Added To Principal
AccruedInterestAddedToPrincipal
12958 usd
TSOI Accrued Interest Added To Principal
AccruedInterestAddedToPrincipal
12956 usd
TSOI Common Stock Issued For License Value
CommonStockIssuedForLicenseValue
3107570 usd
us-gaap Stock Issued1
StockIssued1
23200 usd
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CashAndCashEquivalentsAtCarryingValue
197286 usd
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
53804 usd
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RestrictedCash
11003 usd
CY2021Q2 us-gaap Restricted Cash
RestrictedCash
10223 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
208289 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
64027 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80A_eus-gaap--NatureOfOperations_zo07bMXN85vf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 – <span id="xdx_826_zUiCQm4kWbC3">Organization and Business Description</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therapeutic Solutions International, Inc. (“TSI” or the “Company”) was organized <span id="xdx_90A_edei--EntityIncorporationDateOfIncorporation_dd_c20220101__20220630_zDQ5KdEWVYB1" title="Entity incorporation date">August 6, 2007</span> under the name <span id="xdx_905_edei--EntityInformationFormerLegalOrRegisteredName_c20220101__20220630_zvdtKIi2Zyv1" title="Entity information, former legal or registered name">Friendly Auto Dealers, Inc.,</span> under the laws of the State of Nevada. In the first quarter of 2011 the Company changed its name from Friendly Auto Dealers, Inc. to Therapeutic Solutions International, Inc., and acquired Splint Decisions, Inc., a California corporation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business Description</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently, the Company is focused on immune modulation for the treatment of several specific diseases. Immune modulation refers to the ability to upregulate (make more active) or downregulate (make less active) one’s immune system.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Activating one’s immune system is now an accepted method to treat certain cancers, reduce recovery time from viral or bacterial infections and to prevent illness. Additionally, inhibiting one’s immune system is vital for reducing inflammation, autoimmune disorders and allergic reactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSOI is developing a range of immune-modulatory agents to target certain cancers, schizophrenia, suicidal ideation, traumatic brain injury, lung pathologies, and for daily health.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cellular Division</b> – TSOI obtained exclusive rights to a patented adult stem cell for development of therapeutics in the area of chronic traumatic encephalopathy (CTE) and traumatic brain injury (TBI) and Lung Pathology (LP).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The stem cell licensed, termed “JadiCell” is unique in that it possesses features of mesenchymal stem cells, however, outperforms these cells in terms of a) enhanced growth factor production; b) augmented ability to secrete exosomes; and c) superior angiogenic and neurogenic ability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chronic Traumatic Encephalopathy (CTE) is caused by repetitive concussive/sub-concussive hits to the head sustained over a period of years and is often found in football players. The condition is characterized by memory loss, impulsive/erratic behavior, impaired judgment, aggression, depression, and dementia. In many patients with CTE, it is anatomically characterized by brain atrophy, reduced mass of frontal and temporal cortices, and medial temporal lobe. TSOI has previously filed several patents in the area of CTE based on modulating the brain microenvironment to enhance receptivity of regenerative cells such as stem cells. On March 4, 2021 the Company received an IND Serial # 27377 for a clinical trial of 10 patients with CTE.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 4th, 2021, the Company announced clearance from the Food and Drug Administration (FDA) to initiate a Phase III pivotal trial for registration of the Company’s JadiCell™ universal donor stem cell as a treatment for COVID-19 associated lung failure under IND # 19757. In previous studies the Company has demonstrated the superior activity of JadiCell™ to other types of stem cells including bone marrow, adipose, cord blood, and placenta. Furthermore, the JadiCell™ was shown to be 100% effective in saving the lives of COVID-19 patients under the age of 85 in a double-blind placebo controlled clinical trial with patients in the ICU on a ventilator. In patients over the age of 85 the survival rate was 91%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Company has filed data with the FDA, as part of IND #17448, which demonstrated that treatment of cancer patients with StemVacs™ resulted in enhanced activity of a type of immunological cell called “natural killer” cells, otherwise known as “NK cells.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has also developed an allogenic version of StemVacs and has filed patents to cover activating universal donor immune system cells called dendritic cells in a manner so that upon injection they reprogram the body’s NK cells.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most recently the Company announced filing of a patent for a new hybrid cell created by the Company capable of training the immune system to kill blood vessels feeding cancer but sparing healthy blood vessels. These discoveries are an extension of previous findings from the Company showing that StemVacs is capable of suppressing new blood vessel production.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 9, 2022, the Company filed an Investigational New Drug Application for Treatment of Chronic Obstructive Pulmonary Disease (COPD) Using JadiCell™ Universal Donor Adult Stem Cells under IND Serial # 28508.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THERAPEUTIC SOLUTIONS INTERNATIONAL, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30, 2022</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management does not expect existing cash as of June 30, 2022, to be sufficient to fund the Company’s operations for at least twelve months from the issuance date of these financial statements. These financial statements have been prepared on a going concern basis which assumes the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As of June 30, 2022, the Company has incurred losses totaling $<span id="xdx_908_eus-gaap--NetIncomeLoss_iN_pn5n6_di_c20220101__20220630_zWxk6fJrOEV3" title="Net loss">1.8</span> million since inception, has not yet generated material revenue from operations, and will require additional funds to maintain its operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern within one year after the consolidated financial statements are issued. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. The Company intends to finance operating costs over the next twelve months through its existing financial resources and we may also raise additional capital through equity offerings, debt financings, collaborations and/or licensing arrangements. If adequate funds are not available on acceptable terms, we may be required to delay, reduce the scope of, or curtail, our operations. The accompanying consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2007-08-06
dei Entity Information Former Legal Or Registered Name
EntityInformationFormerLegalOrRegisteredName
Friendly Auto Dealers, Inc.,
us-gaap Net Income Loss
NetIncomeLoss
-1800000 usd
CY2022Q2 us-gaap Prepaid Insurance
PrepaidInsurance
1094 usd
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
987 usd
CY2022Q2 TSOI Prepaid Costs Current
PrepaidCostsCurrent
67596 usd
CY2021Q4 TSOI Prepaid Costs Current
PrepaidCostsCurrent
27427 usd
CY2022Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
530510 usd
CY2022Q2 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
342344 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
104805 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3296 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
21530 usd
TSOI Wholesale Purchase Price And Payments Description
WholesalePurchasePriceAndPaymentsDescription
Seller agrees to sell the Goods to Buyer for Fifty Percent (50%) off Sellers listed retail price (see Exhibit A). Seller will provide an invoice to Buyer at the time of delivery. All invoices must be paid, in full, within thirty (30) days. Any balances not paid within thirty (30) days will be subject to a five percent (5%) late payment penalty. In the event Buyer exceeds the aggregate of $500,000.00 worth of aforementioned products having been purchased, delivered, and paid for, Buyer will be entitled to an additional Five Percent (5%) discount up to the aggregate of $750,000.00. In the event Buyer exceeds the aggregate of $750,000.00 worth of aforementioned products having been purchased, delivered, and paid for, Buyer will be entitled to an additional Five Percent (5%) discount up to the aggregate of $1,500,000.00. All future sales after initial $1,500,000 in aggregate purchases will be sold at 60% off retail
CY2022Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
0 usd
CY2021Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
0 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
959307 usd
CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
342344 usd
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
531525 usd
CY2021Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
531525 usd
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Issues
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues
424716 usd
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Net
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersNet
-348389 usd
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Period Increase Decrease
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPeriodIncreaseDecrease
-265508 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_845_eus-gaap--UseOfEstimates_zaxSLUiD32Zg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_z3srZDenuDk4">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimates were made relating to valuation allowances, impairment of assets, share-based compensation expense and accruals. Actual results could differ materially from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
167223808 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
286251995 shares
us-gaap Depreciation
Depreciation
2326 usd
us-gaap Depreciation
Depreciation
1331 usd
CY2022Q2 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
3505000000 shares
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
3500000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
902052 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
151782 usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
21530 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3461122 usd
CY2022Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
10000 usd
TSOI Annual Interest Rate
AnnualInterestRate
0.006 pure
us-gaap Restricted Cash Current Nature Of Restriction Description
RestrictedCashCurrentNatureOfRestrictionDescription
This certificate matures on June 17, 2023, and is used as collateral for a Company credit card, pursuant to a security agreement dated June 20, 2011
CY2022Q2 TSOI Prepaid Consulting Current
PrepaidConsultingCurrent
461820 usd
CY2021Q4 TSOI Prepaid Consulting Current
PrepaidConsultingCurrent
930893 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
301159 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
301159 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
19461 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
17135 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
281698 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
284024 usd
us-gaap Depreciation
Depreciation
2326 usd
us-gaap Depreciation
Depreciation
1331 usd
CY2022Q2 TSOI Prepaid Consulting Noncurrent
PrepaidConsultingNoncurrent
33340 usd
CY2021Q4 TSOI Prepaid Consulting Noncurrent
PrepaidConsultingNoncurrent
108673 usd
CY2022Q2 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
39823 usd
CY2021Q4 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
39823 usd
CY2022Q2 TSOI Licenses Noncurrent
LicensesNoncurrent
3331840 usd
CY2021Q4 TSOI Licenses Noncurrent
LicensesNoncurrent
129075 usd
CY2022Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3405003 usd
CY2021Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
277571 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
153552 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
129282 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
24477 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3331840 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
129075 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
104805 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3296 usd
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2552228460 shares
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2552228460 shares
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
13062 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
8612 usd

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