$WTRV
White River Energy Corp.

2016 Q2 Form 10-K Financial Statement

#000114420416094414 Filed on April 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q4 2015 Q3
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $848.1K
YoY Change 4505.13%
Operating Profit
YoY Change
Interest Expense $1.205K
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.205K
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$849.3K
YoY Change 4511.68%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 43.17M shares 44.53M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $5.447K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $0.00 $0.00
Receivables
Other Receivables
Total Short-Term Assets $5.447K $3.905K
YoY Change -73.91% -52.09%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $5.447K $3.905K
Total Long-Term Assets $0.00 $0.00
Total Assets $5.447K $3.905K
YoY Change -73.91% -52.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $277.7K
YoY Change 3602.43%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $786.2K $951.6K
YoY Change 183.8% 676.07%
SHAREHOLDERS EQUITY
Retained Earnings -$2.353M -$2.055M
YoY Change 812.76% 131.66%
Common Stock $4.317K $4.236K
YoY Change 79.88% 446.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$947.7K
YoY Change
Total Liabilities & Shareholders Equity $5.447K $3.905K
YoY Change -73.91% -52.09%

Cashflow Statement

Concept 2016 Q2 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income -$849.3K
YoY Change 4511.68%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $100.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2015Q4 us-gaap Assets
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CY2014Q4 us-gaap Assets
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CY2015 dei Entity Well Known Seasoned Issuer
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CY2015 dei Entity Voluntary Filers
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CY2015 dei Entity Current Reporting Status
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CY2015 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2015Q2 dei Entity Public Float
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700000 USD
CY2015 dei Trading Symbol
TradingSymbol
MNTM
CY2016Q2 dei Entity Common Stock Shares Outstanding
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43171300 shares
CY2015Q4 us-gaap Cash
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CY2014Q4 us-gaap Cash
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CY2014Q4 us-gaap Liabilities
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CY2015Q4 us-gaap Common Stock Value
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CY2014Q4 us-gaap Common Stock Value
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CY2015Q4 us-gaap Additional Paid In Capital
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CY2014Q4 us-gaap Additional Paid In Capital
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us-gaap Research And Development Expense
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CY2015 us-gaap General And Administrative Expense
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us-gaap General And Administrative Expense
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CY2014Q4 us-gaap Accounts Payable Current
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CY2015Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
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CY2015Q4 us-gaap Liabilities And Stockholders Equity
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CY2014Q4 us-gaap Prepaid Expense Current
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CY2014Q4 us-gaap Other Liabilities Current
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CY2015Q4 us-gaap Common Stock Shares Subscriptions
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us-gaap Interest Expense
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us-gaap Other Expenses
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CY2015 us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2015 us-gaap Earnings Per Share Basic And Diluted
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us-gaap Earnings Per Share Basic And Diluted
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CY2015 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2015 us-gaap Other Noncash Expense
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us-gaap Other Noncash Expense
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CY2015 us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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CY2015 us-gaap Adjustment For Amortization
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us-gaap Adjustment For Amortization
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CY2015 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2015 us-gaap Proceeds From Convertible Debt
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us-gaap Proceeds From Convertible Debt
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CY2015 us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2015 us-gaap Cash Period Increase Decrease
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us-gaap Cash Period Increase Decrease
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CY2014Q3 us-gaap Cash
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CY2015 us-gaap Interest Paid
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us-gaap Interest Paid
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CY2015 us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
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CY2015 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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CY2015 mntm Common Stock Issued For Reverse Merger Recapitalization
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mntm Common Stock Issued For Reverse Merger Recapitalization
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us-gaap Debt Conversion Original Debt Amount1
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us-gaap Stock Issued1
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CY2015 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2015 us-gaap Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Issued
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CY2014Q4 us-gaap Due To Related Parties Current
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CY2015Q4 us-gaap Convertible Notes Payable Current
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CY2014 us-gaap Amortization Of Debt Discount Premium
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CY2015 us-gaap Amortization Of Debt Discount Premium
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CY2015 us-gaap Nature Of Operations
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Note 1 &#150; Nature of the Business</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">The terms &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;registrant,&#8221; and the &#8220;Company&#8221; refer to Mount Tam Biotechnologies, Inc., a Nevada corporation, and, where applicable, Mount Tam Biotechnologies, Inc., a Delaware corporation and our wholly-owned subsidiary (&#8220;Mount Tam&#8221;). The Company is an early-stage life sciences and technology company pursuing the development of bio-pharmaceuticals to treat autoimmune diseases. The Company intends to optimize and bring to market a portfolio of products focused on improving the health and wellbeing of individuals afflicted with autoimmune diseases. The Company is headquartered in the San Francisco Bay Area, and may go to market both vertically and horizontally by product/technology specialties and provide our customers with treatment options.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">On August 13, 2015, Mount Tam entered into a Share Exchange and Conversion Agreement (the &#8220;Exchange Agreement&#8221;) with the Company and certain other persons party thereto. Immediately following the effective time of the Exchange Agreement, Mount Tam&#8217;s stockholders (as of immediately prior to the transactions contemplated by the Exchange Agreement (such transactions, the &#8220;Share Exchange&#8221;)) owned approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 57.14</font>% of the Company&#8217;s outstanding common stock and the Company&#8217;s stockholders (as of immediately prior to the Share Exchange) owned approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 42.86</font>% of the Company&#8217;s outstanding common stock. Additionally, following the Share Exchange, the business conducted by Mount Tam became the primary the business conducted by the Company.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">As a result of the Share Exchange, Mount Tam became a wholly-owned subsidiary of the Company. However, the former stockholders of Mount Tam acquired a majority of the outstanding shares of the Company&#8217;s common stock.&#160; In connection with the Share Exchange, a former shareholder of the Company agreed to surrender all of his shares of the Company&#8217;s common stock in exchange for $30,000, and all of the issued and outstanding shares of Epicurean Cigars, Inc., which at the time was a wholly-owned subsidiary of the Company which had a nominal remaining net liability. The shares were returned to the Company, and the $30,000 due to the shareholder has been accrued as of December 31, 2015<font style="COLOR: rgb(31,73,125)">.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Effective on August 31, 2015, the Company changed its name from TabacaleraYsidron, Inc. to Mount TAM Biotechnologies, Inc.&#160;&#160;The name change was effected through a parent/subsidiary short-form merger of Mount TAM Biotechnologies, Inc., our wholly-owned Nevada subsidiary which we formed solely for the purpose of the name change, with and into the Company, with the Company as the surviving corporation.&#160;&#160;With the exception of the name change, there were no changes to the Company&#8217;s Articles of Incorporation or Bylaws. There will be no mandatory exchange of stock certificates. The Company&#8217;s trading symbol on the OTCQB marketplace was changed to "MNTM" from "TQBY".</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Mount Tam Biotechnologies, Inc., the Company&#8217;s wholly-owned legal subsidiary, was the &#8220;accounting acquirer,&#8221; and for accounting purposes, the TYI was deemed as having been &#8220;acquired&#8221; in the Merger.&#160;&#160;The board of directors and officers that managed and operated Mount Tam immediately prior to the effective time of the Merger became the Company&#8217;s board of directors and officers.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">&#160;</font> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">To meet its business objectives, Mount Tam formed a strategic partnership with the Buck Institute for Research on Aging (&#8220;Buck Institute&#8221;), an independent research facility focused on understanding the connection between aging and chronic disease. As part of the partnership, Mount Tam signed an exclusive worldwide licensing and collaboration agreement with the Buck Institute that includes many of the Buck Institute&#8217;s intangible research and development assets in the area of autoimmune disorders. The initial focus of Mount Tam&#8217;s research and development efforts will be a pre-clinical stage compound for the treatment and diagnosis of systemic lupus erythematosus, a common form of lupus. Mount Tam has not produced any revenues from the intangible research and development assets it acquired from Buck Institute and it has not commenced its planned principal operations.</div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">The production and marketing of the Company&#8217;s products and its ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any drug developed by the Company must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory approval process implemented by the Food and Drug Administration under the Food, Drug and Cosmetic Act. In addition, the Company&#8217;s success will depend in part on its ability to obtain and maintain patents, exploit its product license rights, maintain trade secrets, and operate without infringing on the proprietary rights of others, both in the United States and other countries.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt"></font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in"> The following reflects the Company&#8217;s current, post-merger corporate structure (State of Incorporation):</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in"> Mount Tam Biotechnologies, Inc., formerly TabacaleraYsidron, Inc. (Nevada)&#160;</div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Mount Tam Biotechnologies, Inc. (Delaware)&#160;</div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">The Company</font> is a publicly-traded biotechnology company dedicated to speeding the delivery of new treatment options to patients affected by autoimmune diseases through the development and application of highly specialized drug targeting platforms and formulation expertise. The Company focuses on underserved patient populations where it can have the greatest potential impact. Mount Tam&#8217;s clinical division advances clinical-stage product candidates towards marketing approval and commercialization.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">The Company is subject to a number of risks, including: the need to raise capital through equity and/or debt financings; the uncertainty whether the Company&#8217;s research and development efforts will result in successful commercial products; competition from larger organizations; reliance on licensing proprietary technology of others; dependence on key personnel; uncertain patent protection; and dependence on corporate partners and collaborators.&#160;&#160;See the section titled &#8220;Risk Factors&#8221; included elsewhere in this Annual Report on Form 10-K.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 23pt; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">History</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"></font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company was established in November 2011 under the name TabacaleraYsidron. Mount Tam was incorporated on August 13, 2014 (date of inception). On August 13, 2014, Mount Tam issued <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 9,000,000</font> shares of common stock, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.0001</font> par value, for $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">900</font>.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"></font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On August 13, 2015, Mount Tam and the Company entered into the Exchange Agreement as described above.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">The Share Exchange was treated as a reverse acquisition of the Company, a public shell company at the time, by Mount Tam for financial accounting and reporting purposes. As such, Mount Tam was treated as the acquirer for accounting and financial reporting purposes while the Company is treated as the acquired entity for accounting and financial reporting purposes. As a result of the Share Exchange, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">50,048</font> account payable and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">17,500</font> note payable of the Company was brought forward at their book values and no goodwill has been recognized. Prior to the Share Exchange, the Company was a non-operating public shell company with nominal operations and nominal assets.</font></font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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