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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended May 31, 2023
OR
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _______ to_________
Commission File No. 000-55852
INNOVATION1 BIOTECH INC. |
(Exact name of registrant as specified in its charter) |
Nevada | | 82-2275255 |
(State or other jurisdiction of | | (I.R.S. Employer |
incorporation or organization) | | Identification No.) |
179 Rte 46W, Suite 15 #147
Rockaway, New Jersey 07866
(Address of principal executive offices, zip code)
(929) 459-4966
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
none | | not applicable | | not applicable |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer | ☐ | Non-accelerated filer | ☒ |
Accelerated filer | ☐ | Smaller reporting company | ☒ |
Emerging growth company | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
APPLICABLE ONLY TO CORPORATE ISSUERS
As of September 12, 2023, there were 20,470,239 shares of common stock outstanding.
INNOVATION1 BIOTECH INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE PERIOD ENDED MAY 31, 2023
INDEX
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report includes forward-looking statements that relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “intend,” “plan,” “targets,” “likely,” “aim,” “will,” “would,” “could,” and similar expressions or phrases identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and future events and financial trends that we believe may affect our financial condition, results of operation, business strategy and financial needs. Forward-looking statements include, but are not limited to, statements about risks associated with:
| • | Risks related to our business, including: |
| | • | we have a history of losses; |
| | • | our auditors have raised substantial doubts about our ability to continue as a going concern; |
| | • | we have a working capital deficit and need to raise additional capital to continue our business model; |
| | • | the adverse impact of COVID-19 on our company; and |
| | • | our reliance on our one officer and directors. |
| • | Risks related to regulation applicable to our industry, including: |
| | • | compliance with existing laws and regulations and possible future changes in laws and regulations. |
| • | Risks related to the ownership of our securities, including: |
| | • | the applicability of penny stock rules; and |
| | • | material weaknesses in our internal control over financial reporting; and |
| | • | the significant dilution to our stockholders upon the conversion of the outstanding Series B Convertible Preferred Stock. |
You should read thoroughly this report and the documents that we refer to herein with the understanding that our actual future results may be materially different from and/or worse than what we expect. We qualify all of our forward-looking statements by these cautionary statements including those made in Part I. Item 1A. Risk Factors appearing in our Annual Report on Form 10-K for the fiscal year ended August 31, 2022, as filed with the Securities and Exchange Commission (the “SEC”) on December 15, 2022. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Except for our ongoing obligations to disclose material information under the Federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. These forward-looking statements speak only as of the date of this report, and you should not rely on these statements without also considering the risks and uncertainties associated with these statements and our business.
All references in this report to the “Company”, “Innovation1 Biotech Inc.”, “Innovation1”, “we”, “us”, or “our” are to Innovation1 Biotech Inc. (formerly “Gridiron BioNutrients, Inc.”), a Nevada corporation.
INNOVATION1 BIOTECH INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| | May 31, 2023 | | | August 31, 2022 | |
| | (Unaudited) | | | (Audited) | |
ASSETS | |
Current assets: | | | | | | |
Cash | | $ | 76,723 | | | $ | 156,486 | |
Other receivable | | | 56,421 | | | | 56,421 | |
Prepaid expenses | | | 29,804 | | | | 74,049 | |
Total current assets | | | 162,948 | | | | 286,956 | |
Other assets | | | | | | | | |
Equipment, net | | | 1,830 | | | | 2,615 | |
Receivable - Ingenius (Note 3) | | | 100,000 | | | | - | |
Trademarks | | | 1,680 | | | | 1,680 | |
Intangibles (Note 3) | | | 3,380,076 | | | | 42,980,076 | |
ROU asset | | | - | | | | 482,086 | |
Security deposit | | | 210,000 | | | | 210,000 | |
Total other assets | | | 3,693,586 | | | | 43,676,457 | |
Total Assets | | $ | 3,856,534 | | | $ | 43,963,413 | |
| | | | | | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY |
| | | | | | | | |
Current liabilities: | | | | | | | | |
Accounts payable | | $ | 305,933 | | | $ | 106,215 | |
Accrued expenses | | | 539,680 | | | | 39,558 | |
Accrued expenses - related parties | | | 106,923 | | | | 116,977 | |
Mioxal liability, current portion | | | - | | | | 28,500,000 | |
Related party payable | | | 10,165 | | | | 2,665 | |
Lease Liability, current portion | | | - | | | | 199,203 | |
Note payable, current portion | | | 10,000 | | | | 10,000 | |
Dividends payable | | | 1,521,171 | | | | 837,798 | |
Total current liabilities | | | 2,493,872 | | | | 29,812,416 | |
Long-term liabilities: | | | | | | | | |
Lease liability | | | - | | | | 298,423 | |
Mioxal liability | | | - | | | | 11,000,000 | |
Convertible note payable, net of discount | | | 110,818 | | | | - | |
Total long-term liabilities | | | 110,818 | | | | 11,298,423 | |
Total liabilities | | | 2,604,690 | | | | 41,110,839 | |
| | | | | | | | |
Commitments and contingencies (Note 8) | | | | | | | | |
| | | | | | | | |
Stockholders' equity: | | | | | | | | |
Preferred stock Series A, $0.001 par value; 22,305,486 shares authorized; -0- issued and outstanding as of May 31, 2023 and August 31, 2022 | | | - | | | | - | |
| | | | | | | | |
Preferred stock Series B, $0.001 par value; 2,694,514 shares authorized; 2,694,514 and 2,694,514 issued and outstanding as of May 31, 2023 and August 31, 2022, respectively | | | 2,695 | | | | 2,695 | |
| | | | | | | | |
Preferred stock Series B-1, $0.001 par value; 5,389,028 shares authorized; 5,389,028 and 5,389,028 issued and outstanding as of May 31, 2023 and August 31, 2022, respectively | | | 5,389 | | | | 5,389 | |
| | | | | | | | |
Common stock, $0.001 par value; 200,000,000 shares authorized; 20,470,239 and 20,020,239 shares issued and outstanding as of May 31, 2023 and August 31, 2022, respectively | | | 20,470 | | | | 20,020 | |
| | | | | | | | |
Additional paid in capital | | | 55,171,921 | | | | 47,375,513 | |
Accumulated deficit | | | (53,948,630 | ) | | | (44,551,043 | ) |
Total stockholders' equity | | | 1,251,844 | | | | 2,852,574 | |
Total Liabilities and Stockholders' equity | | $ | 3,856,534 | | | $ | 43,963,413 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
INNOVATION1 BIOTECH INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
| | For the Nine Months Ended | | | For the Three Months Ended | |
| | May 31, 2023 | | | May 31, 2022 | | | May 31, 2023 | | | May 31, 2022 | |
Revenue | | $ | - | | | $ | - | | | $ | - | | | $ | - | |
Cost of revenue | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | |
Gross margin | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | |
Advertising | | | 10,267 | | | | 3,838 | | | | 2,157 | | | | 3,631 | |
Consulting fees | | | 20,500 | | | | 325,180 | | | | - | | | | 83,000 | |
General and administrative | | | 368,608 | | | | 50,518 | | | | 113,903 | | | | 19,855 | |
Lease termination claim | | | 480,000 | | | | - | | | | - | | | | - | |
Professional fees | | | 287,499 | | | | 638,377 | | | | 42,099 | | | | 231,154 | |
Research and development | | | 15,000 | | | | - | | | | - | | | | - | |
Salaries | | | 386,058 | | | | 937,324 | | | | 45,193 | | | | 357,212 | |
Depreciation | | | 784 | | | | 261 | | | | 262 | | | | 261 | |
Amortization expense - ROU | | | - | | | | 86,087 | | | | - | | | | 51,652 | |
Amortization expense intangible assets | | | - | | | | 1,697,226 | | | | - | | | | 848,613 | |
Total operating expenses | | | 1,568,716 | | | | 3,738,811 | | | | 203,614 | | | | 1,595,378 | |
| | | | | | | | | | | | | | | | |
Net operating loss | | | (1,568,716 | ) | | | (3,738,811 | ) | | | (203,614 | ) | | | (1,595,378 | ) |
| | | | | | | | | | | | | | | | |
Other (income) expense: | | | | | | | | | | | | | | | | |
Interest expense | | | 136,054 | | | | 29,967 | | | | 95,243 | | | | 14,498 | |
Interest income | | | - | | | | (13,638 | ) | | | - | | | | - | |
Impairment expense | | | - | | | | 17,598 | | | | - | | | | - | |
Gain on extinguishment of debt | | | (170,857 | ) | | | (143,956 | ) | | | - | | | | - | |
Total Other (income) expense | | | (34,803 | ) | | | (110,029 | ) | | | 95,243 | | | | 14,498 | |
| | | | | | | | | | | | | | | | |
Net loss | | | (1,533,913 | ) | | | (3,628,782 | ) | | | (298,857 | ) | | | (1,609,876 | ) |
| | | | | | | | | | | | | | | | |
Deemed dividend related to Series B and B-1 convertible preferred stock down round provision | | | (7,180,301 | ) | | | - | | | | - | | | | - | |
Preferred dividends | | | (683,374 | ) | | | (512,030 | ) | | | (221,863 | ) | | | (187,571 | ) |
Net loss available to common shareholders | | $ | (9,397,588 | ) | | $ | (4,140,812 | ) | | $ | (520,720 | ) | | $ | (1,797,447 | ) |
| | | | | | | | | | | | | | | | |
Basic and diluted income (loss) per share | | $ | (0.47 | ) | | $ | (0.27 | ) | | $ | (0.03 | ) | | $ | (0.09 | ) |
| | | | | | | | | | | | | | | | |
Weighted average number of common | | | | | | | | | | | | | | | | |
shares outstanding basic and diluted | | | 20,087,821 | | | | 15,225,781 | | | | 20,322,698 | | | | 20,020,239 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
INNOVATION1 BIOTECH INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | |
| | | | | | | | | | | | | | | | | | | | Additional | | | Common | | | | | | Stockholders' | |
| | Preferred Stock - Series B | | | Preferred Stock - Series B1 | | | Common Stock | | | Paid-In | | | Stock to be | | | Accumulated | | | Equity | |
| | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Capital | | | Issued | | | Deficit | | | (Deficit) | |
Balance at August 31, 2022 | | | 2,694,514 | | | $ | 2,695 | | | | 5,389,028 | | | $ | 5,389 | | | | 20,020,239 | | | $ | 20,020 | | | $ | 47,375,513 | | | $ | - | | | $ | (44,551,043 | ) | | $ | 2,852,574 | |
Convertible notes payable BCF and Warrant | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 50,000 | | | | - | | | | - | | | | 50,000 | |
Dividends on preferred stock accrued | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (187,572 | ) | | | (187,572 | ) |
Net loss, period ended November 30, 2022 | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (631,666 | ) | | | (631,666 | ) |
Balance at November 30, 2022 (Unaudited) | | | 2,694,514 | | | $ | 2,695 | | | | 5,389,028 | | | $ | 5,389 | | | | 20,020,239 | | | $ | 20,020 | | | $ | 47,425,513 | | | | - | | | $ | (45,370,281 | ) | | $ | 2,083,336 | |
Dividends on preferred stock accrued | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (273,939 | ) | | | (273,939 | ) |
Convertible notes payable BCF and Warrant | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 250,000 | | | | - | | | | - | | | | 250,000 | |
Common shares to be issued at $0.225 | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 22,500 | | | | - | | | | 22,500 | |
Deemed Dividend | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 7,180,301 | | | | - | | | | (7,180,301 | ) | | | - | |
Net loss, period ended February 28, 2023 | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (603,390 | ) | | | (603,390 | ) |
Balance at February 28, 2023 (Unaudited) | | | 2,694,514 | | | $ | 2,695 | | | | 5,389,028 | | | $ | 5,389 | | | | 20,020,239 | | | $ | 20,020 | | | $ | 54,855,814 | | | | 22,500 | | | $ | (53,427,911 | ) | | $ | 1,478,507 | |
Dividends on preferred stock accrued | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (221,863 | ) | | | (221,863 | ) |
Stock based compensation | | | - | | | | - | | | | - | | | | - | | | | 350,000 | | | | 350 | | | | 102,550 | | | | - | | | | - | | | | 102,900 | |
Common shares issued at $0.225 | | | - | | | | - | | | | - | | | | - | | | | 100,000 | | | | 100 | | | | - | | | | (22,500 | ) | | | - | | | | (22,400 | ) |
Convertible notes payable BCF and Warrant | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 213,557 | | | | - | | | | - | | | | 213,557 | |
Net loss, period ended May 31, 2023 | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (298,857 | ) | | | (298,857 | ) |
Balance at May 31, 2023 (Unaudited) | | | 2,694,514 | | | $ | 2,695 | | | | 5,389,028 | | | $ | 5,389 | | | | 20,470,239 | | | $ | 20,470 | | | $ | 55,171,921 | | | | - | | | $ | (53,948,631 | ) | | $ | 1,251,844 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at August 31, 2021 | | | 2,694,514 | | | $ | 2,695 | | | | - | | | $ | - | | | | 188,616 | | | $ | 188 | | | $ | 2,745,906 | | | | - | | | $ | (2,973,628 | ) | | $ | (224,839 | ) |
Series B-1 preferred stock purchase agreements | | | - | | | | - | | | | 5,389,028 | | | | 5,389 | | | | - | | | | - | | | | 3,994,611 | | | | - | | | | - | | | | 4,000,000 | |
Common stock issued for asset purchase | | | - | | | | - | | | | - | | | | - | | | | 19,831,623 | | | | 19,832 | | | | 40,634,995 | | | | - | | | | - | | | | 40,654,827 | |
Dividends on preferred stock accrued | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (136,887 | ) | | | (136,887 | ) |
Net loss, period ended November 30, 2021 | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (239,853 | ) | | | (239,853 | ) |
Balance at November 30, 2021 (Unaudited) | | | 2,694,514 | | | $ | 2,695 | | | | 5,389,028 | | | $ | 5,389 | | | | 20,020,239 | | | $ | 20,020 | | | $ | 47,375,512 | | | | - | | | $ | (3,350,368 | ) | | $ | 44,053,248 | |
Dividends on preferred stock accrued | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (187,571 | ) | | | (187,571 | ) |
Net loss, period ended February 28, 2022 | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (1,779,054 | ) | | | (1,779,054 | ) |
Balance at February 28, 2022 (Unaudited) | | | 2,694,514 | | | $ | 2,695 | | | | 5,389,028 | | | $ | 5,389 | | | | 20,020,239 | | | $ | 20,020 | | | $ | 47,375,512 | | | | - | | | $ | (5,316,993 | ) | | $ | 42,086,623 | |
Dividends on preferred stock accrued | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (187,571 | ) | | | (187,571 | ) |
Net loss, period ended May 31, 2022 | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (1,609,876 | ) | | | (1,609,876 | ) |
Balance at May 31, 2022 (Unaudited) | | | 2,694,514 | | | | 2,695 | | | | 5,389,028 | | | | 5,389 | | | | 20,020,239 | | | | 20,020 | | | | 47,375,512 | | | | - | | | | (7,114,440 | ) | | | 40,289,176 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
INNOVATION1 BIOTECH INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited)
| | Nine Months Ending | |
| | May 31, 2023 | | | May 31, 2022 | |
| | | | | | |
Cash flows from operating activities: | | | | | | |
Net loss | | $ | (1,533,913 | ) | | $ | (3,628,782 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | |
Depreciation | | | 785 | | | | - | |
Loss on change in fair value of derivative liability | | | - | | | | 261 | |
Amortization of ROU asset | | | 51,652 | | | | 86,087 | |
Amortization of Mioxal asset | | | - | | | | 1,683,588 | |
Amortization of discount, BCF, warrant on convertible notes | | | 110,818 | | | | - | |
Termination of ROU asset lease | | | 430,434 | | | | - | |
Stock based compensation | | | 103,000 | | | | - | |
Impairment expense | | | - | | | | 17,598 | |
Gain on extinguishment of debt | | | (170,857 | ) | | | (143,956 | ) |
Gain on termination of lease | | | (19,236 | ) | | | - | |
Changes in operating assets and liabilities: | | | | | | | | |
Accounts receivable | | | - | | | | (56,421 | ) |
Prepaid expenses | | | 44,244 | | | | (173,826 | ) |
Accounts payable | | | (291,936 | ) | | | (401,627 | ) |
Related party payable | | | 7,500 | | | | (64,600 | ) |
Accrued expenses | | | 500,122 | | | | 33,499 | |
Accrued expenses - related parties | | | 174,067 | | | | - | |
Net cash used in operating activities | | | (593,320 | ) | | | (2,648,179 | ) |
| | | | | | | | |
Cash flows from investing activities: | | | | | | | | |
Purchase of equipment | | | - | | | | (3,138 | ) |
Cash paid for asset purchase | | | - | | | | (350,000 | ) |
Notes receivable investment | | | - | | | | (500,000 | ) |
Net cash used in investing activities | | | - | | | | (853,138 | ) |
| | | | | | | | |
Cash flows from financing activities | | | | | | | | |
Proceeds form series B-1 preferred stock purchase agreements | | | - | | | | 4,000,000 | |
Proceeds from convertible notes payable | | | 26,891 | | | | - | |
Proceeds from convertible notes payable - long term portion | | | 486,667 | | | | - | |
Net cash provided by financing activities | | | 513,558 | | | | 4,000,000 | |
| | | | | | | | |
Net increase (decrease) in cash | | | (79,763 | ) | | | 498,683 | |
Cash - beginning of the period | | | 156,486 | | | | 137,476 | |
Cash - end of the period | | $ | 76,723 | | | $ | 636,159 | |
| | | | | | | | |
Supplemental disclosures: | | | | | | | | |
Interest paid | | $ | - | | | $ | 24,579 | |
Income Taxes | | $ | - | | | $ | - | |
Non-cash transactions: | | | | | | | | |
Right of use asset and lease liability | | | - | | | | 619,825 | |
Preferred stock dividends accrued | | $ | 461,511 | | | $ | 312,029 | |
Deemed dividend | | $ | 7,180,301 | | | $ | - | |
Transfer of Mioxal asset | | $ | 39,600,000 | | | $ | - | |
Transfer of Mioxal liabilities | | $ | (39,500,000 | ) | | $ | - | |
Receivable created with Mioxal asset sale | | $ | (100,000 | ) | | $ | - | |
Common stock issued for asset purchase | | $ | - | | | $ | 40,654,827 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
INNOVATION1 BIOTECH INC.
Notes to Condensed Consolidated Financial Statements
May 31, 2023 (Unaudited)
NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
Innovation1 Biotech Inc. (the “Company”) was formed under the laws of the state of Nevada in 2014, under the name of My Cloudz, Inc. Gridiron BioNutrients completed a reverse merger with My Cloudz, Inc. in October 2017 and the Company then changed its name to Gridiron BioNutrients, Inc. Effective March 31, 2022, as approved by the shareholders, the name of the Company was changed from Gridiron BioNutrients, Inc. (trading symbol GMVP) to Innovation1 Biotech Inc. (trading symbol IVBT).
The Company has a portfolio of products using five proprietary preclinical prodrugs, all fully synthetic without connection to botanical sourcing: a mushroom-derived psychedelic molecule for treatment post-traumatic stress disorder and depression, a novel cannabinoid and tree bark derived psychedelic for treatment of addiction and three additional novel cannabinoid prodrugs addressing clinical indications of refractory pediatric epilepsy, hypertrophic scarring and ocular inflammation.
The Company has elected an August 31st year end.
Change in Control
On November 9, 2021, the Company completed the asset acquisition of ST Biosciences, Ltd., consisting substantially of intellectual property assets, relating to Mioxal® as discussed in Note 3 – Asset Acquisition. The closing of the acquisition resulted in a change of control of the Company. As part of the acquisition, Mr. Orr stepped down as the Company’s Chief Executive Officer and assumed the role of the Company’s Chief Financial Officer. Mr. Orr has since resigned from his position and as a director. Pursuant to the terms of the Asset Purchase Agreement, Jeffrey J. Kraws was appointed as the Company’s Chief Executive Officer and a director of the Company. On December 6, 2022, Mr. Kraws stepped down as the Company’s Chief Executive Officer and has since resigned as a director. In addition, the Company agreed to appoint Jason Frankovich as a director of the Company subject to the Company’s compliance with Rule 14F-1 of the Exchange Act. Mr. Frankovich has since resigned as a director. On December 6, 2022, Frederick E. Pierce was appointed as the Interim Acting Chief Executive Officer, President and Chairman of the Board.
Going Concern
The Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company had no revenue and a net loss of $1,533,913 for the nine months ended May 31, 2023. The Company has working capital deficit of $2,330,924 and an accumulated deficit of $53,948,630 as of May 31, 2023. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year of the issuance of these financial statements. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
The ability of the Company to fully commence its operations is dependent upon, among other things, obtaining additional financing to continue operations and execution of its business plan. In response to these concerns, management plans to fund operations through additional debt and equity financing. Debt instruments may be convertible or non-convertible and will vary based on the Company’s needs and financing options available at such times. There can be no assurance that management’s plan will be successful.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
This summary of accounting policies for Innovation1 is presented to assist in understanding the Company’s financial statements. The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“US GAAP”), which have been consistently applied in the preparation of the financial statements.
The accompanying unaudited financial information as of and for the three and nine months ended May 31, 2023, and 2022 has been prepared in accordance with US GAAP for interim financial information and with the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, such financial information includes all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial position at such date and the operating results and cash flows for such periods. Operating results for the three and nine months ended May 31, 2023, are not necessarily indicative of the results that may be expected for the entire year or for any other subsequent interim period.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to the rules of the U.S. Securities and Exchange Commission, or the SEC. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with our audited financial statements for the year ended August 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2022.
The consolidated balance sheet at August 31, 2022 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles in the U.S. for complete financial statements.
Cash and cash equivalents
The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. The Company did not have any cash equivalents as of May 31, 2023, and August 31, 2022.
Fair Value of Financial Instruments
Fair value of certain of the Company’s financial instruments including cash, prepaid expenses, accounts payable, accrued expenses, notes payable, and other accrued liabilities approximate cost because of their short maturities. The Company measures and reports fair value in accordance with ASC 820, “Fair Value Measurements and Disclosure” defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value investments.
Fair value, as defined in ASC 820, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, principal (or most advantageous) markets, and an in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, the Company’s credit risk.
Valuation techniques are generally classified into three categories: the market approach; the income approach; and the cost approach. The selection and application of one or more of the techniques may require significant judgment and are primarily dependent upon the characteristics of the asset or liability, and the quality and availability of inputs. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also provides fair value hierarchy for inputs and resulting measurement as follows:
Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities.
Level 2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities; and
Level 3: Unobservable inputs for the asset or liability that are supported by little or no market activity, and that are significant to the fair values.
Fair value measurements are required to be disclosed by the Level within the fair value hierarchy in which the fair value measurements in their entirety fall. Fair value measurements using significant unobservable inputs (in Level 3 measurements) are subject to expanded disclosure requirements including a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings, and a description of where those gains or losses included in earning are reported in the statement of income.
The Company did not have any Level 1 or Level 2 assets and liabilities at May 31, 2023 and August 31, 2022. All financial assets and liabilities approximate fair value.
Other Receivable
During the year ended August 31, 2022, the Company discovered duplicate withdrawals from its payroll processing company and has recorded a receivable on its unaudited condensed consolidated balance sheet at May 31, 2023. At the close of the May 31, 2023, quarter, these funds have not yet been reimbursed. There was $56,421 outstanding receivable as of May 31, 2023, and August 31, 2022.
Property and Equipment
Property and equipment are carried at cost. Expenditures for maintenance and repairs are expensed in the period incurred. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period.
Depreciation is computed for financial statement purposes on a straight-line basis over estimated useful lives of the related assets and the modified accelerated cost recovery system for federal income tax purposes. The estimated useful lives of depreciable computers and other equipment are three years.
With the asset acquisition as discussed in Note 3 – Asset Acquisition the Company wrote off the remaining property and equipment as impaired in the accompanying statement of operations during the year ended August 31, 2022. Depreciation expenses was $262 and $261 for the three months ended May 31, 2023, and 2022, respectively. Depreciation expense was $784 and $261 for the nine months ended May 31, 2023, and 2022, respectively.
Basic and Diluted Income (Loss) Per Share
Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year.
The Series B and Series B1 convertible preferred shares would convert to 35,926,853 and 8,083,542 shares of the Company’s common at May 31, 2023, and 2022, respectively. The Company would calculate diluted earnings per share by dividing the Company’s net income available to common shareholders less preferred dividends by the diluted weighted average number of shares outstanding during the period. For the three and nine month periods ended May 31, 2023, and 2022, potentially dilutive convertible preferred stock were excluded from the computation of diluted loss per share because they were anti-dilutive due to net losses in those periods.
Recently Issued Accounting Standards
As of May 31, 2023, there were several new accounting pronouncements issued by the Financial Accounting Standards Board. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements.
NOTE 3 – ASSET ACQUISITION
On October 27, 2021, the Company entered into an asset acquisition agreement with ST Biosciences, Ltd., a company organized under the laws of England and Wales (“STB”), of certain Transferred Assets, consisting substantially of their intellectual property relating to Mioxal®, a nutraceutical complex composed of essential amino acids, natural coenzymes and minerals. The Company acquired certain intellectual property, and patent rights, and no tangible assets and assumed certain liabilities of STB, as discussed below. The acquisition was completed pursuant to the terms of the Amended and Restated Asset Purchase Agreement dated November 9, 2021. As consideration for the acquisition, the Company paid $350,000 in cash to Ingenius, paid cash of $500,000 to STB and issued 19,831,623 shares of Common Stock to STB valued at $40,654,827 or $2.05 per share based on the closing market price on November 5, 2021, which at the closing of the acquisition represented approximately 70% of the Company’s outstanding shares of Common Stock on a fully diluted basis, for an aggregate purchase price of $41,504,827, resulting in a change in control of the Company. The shares were issued in December 2021.
At acquisition the assets and liabilities assumed have been recorded at the fair values as follows:
Mioxal® | | $ | 81,249,827 | |
Other intangible assets | | | 178,000 | |
Less liabilities assumed: | | | | |
Mioxal® liability assumed | | | (39,500,000 | ) |
Other liabilities assumed | | | (423,000 | ) |
Net value acquired in asset acquisition | | $ | 41,504,827 | |
During the year ended August 31, 2022, additional intangibles of $28,773 were added related to the asset acquisition for payments made subsequent to the acquisition date.
The Mioxal® intellectual property, including the patent rights, was acquired by STB from Ingenius Biotech S.L, a Spanish corporation (“Ingenius”) on September 10, 2021. The Ingenius milestone and stock payments set forth in the Purchase Agreement between Ingenius and STB, were assumed by the Company in aggregate of $39,500,000 and are recorded in current and long-term liabilities in the accompanying condensed consolidated balance sheets. The first installment of $1,500,000 was due on January 15, 2022, the second installment of $1,500,000 on April 15, 2022 and a $3,500,000 payment was due within thirty business days following the occurrence of the milestone event. The milestone, a signed sales agreement with a third party to distribute Mioxal throughout Europe, was not reached and therefore the requirement for the milestone payment was forfeited and will never be owed. In addition, $15,000,000 was to be paid through the issuance of the Company’s common stock in three tranches beginning twelve months from execution of agreement with STB on September 10, 2021; 1) on September 10, 2022 - $4,000,000, 2) on September 10, 2023 - $5,000,000, and 3) on September 10, 2024 - $6,000,000.
The remaining balance was to be paid on an earn-out basis whereunder Ingenius would earn an 8% royalty on all sales generated by Mioxal® until the balance was satisfied.
On January 13, 2022, the Company entered into Amendment No. 1 to Purchase Agreement with Ingenius Biotech S.L. to modify the terms of the agreement dated September 10, 2021. Under the amended agreement, the first installment of $1,500,000 was due on June 30, 2022, with an additional extension of the due date to August 30, 2022 (not paid), and the second installment was due on December 31, 2022. See Sale of Mioxal Intangible Assets below for additional details.
The Mioxal® asset had a 24-year life and was to be tested for impairment on an annual basis. During the three and twelve months ended August 31, 2022, amortization of $846,494 and $2,539,483 was expensed. The other intangible assets for $178,000 have a 21-year life. During the three and twelve months ended August 31, 2022, amortization of $2,119 and $6,357 was expensed. During the twelve months ended August 31, 2022, additional intangibles were added related to the asset acquisition in the amount of $38,638.
Impairment of Intangible Assets
At August 31, 2022, an asset impairment evaluation resulted in the Company recording $35,762,550 in impairment expense in the fourth quarter of the fiscal year ended August 31, 2022, and a carrying value of $42,980,076 for the intangible assets. The Company had recorded impairment expenses of $17,598 in previous quarters, to total $35,780,148 for the fiscal year ended August 31, 2022. The calculation of the carrying value of the Mioxal net assets was informed by the terms of the sale of those assets on November 7, 2022, as calculated below:
Valuation at the sale of Mioxal: | | | |
Cash to be received by the Company | | $ | 100,000 | |
FV of 350,000 shares transferred to Buyer from third parties ($0.13 per share) | | | (45,500 | ) |
Debt assumed/forgiven by Buyer | | | 39,500,000 | |
NPV of estimated future royalty cash stream | | | 3,425,576 | |
Total estimated value of intangible assets at August 31, 2022 | | | 42,980,076 | |
Carrying value of intangible assets at August 31, 2022 | | $ | 78,742,626 | |
Impairment expense at August 31, 2022 on intangible assets | | $ | (35,762,550 | ) |
The assumptions used for estimated future royalty cash stream included 1) 5% royalty on gross margin for a five-year period of estimated sales in the United States, with a two-year introductory delay in taking the product to market, 2) a similar royalty on international sales, with an additional two-year introductory delay and an increased cost of 15% for additive distribution costs, 3) an estimate of approximately 200,000 units sold in year 1 of the projected royalty stream for a total sales estimate of approximately $7,500,000, and 4) sales growth rates of 100% for each of the years 2 through 4, decreasing to 60% in year 5. Growth rate in any subsequent year would be expected to drop off significantly or to 0%, however, those possible future years are not included in the project revenues, costs or gross merging. The projections of foundational sales volumes, revenues and costs were performed by industry experts in January 2022 as part of an independent product evaluation. As with all projections, Management cannot assure that the estimated amounts will be actualized.
Sale of the Mioxal Intangible Assets:
On November 7, 2022, the Company completed the disposition of all the assets, including intellectual property assets, and obligations relating to Mioxal® to Ingenius Biotech S.L., a corporation organized under the laws of Spain (“Ingenius”). As part of the disposition, certain shareholders of the Company transferred an aggregate of 350,000 shares of the Company’s currently outstanding common stock, to Ingenius and Ingenius agreed to pay the Company (i) $100,000 upon the first to occur of Ingenius’ first sale or commercialization of the Mioxal product or Ingenius’ sale, license, transfer or other disposition of the Mioxal product to a third party, and (ii) a 5% royalty on worldwide net sales of the Mioxal product by Ingenius or a third party commencing on the date of the first sale of Mioxal products and ending on the 18-month anniversary of the last to expire of any patent covering the Mioxal products. Additionally, Ingenius agreed to release the Company from all of its liabilities and obligations relating to the Mioxal products and indemnify the Company from all claims relating to the Mioxal product following the date of the disposition. After the disposition of the assets and liabilities related to Mioxal, the Company recognized a $3,380,076 royalty asset, recorded as an intangible asset on the condensed consolidated balance sheet. The $100,000 of cash yet to be received is recorded as a long-term receivable.
NOTE 4 – NOTES PAYABLE
Short-Term Notes Payable
On September 14, 2017, the Company issued a $10,000 promissory note to a limited liability company. The loan bears interest at 5% and had a maturity date of September 15, 2018. The unpaid balance including accrued interest was $12,856 and $12,482 at May 31, 2023 and August 31, 2022, respectively. The Company is in default with the repayment terms of the note. Interest of $126 and $126 was expensed during the three months ended May 31, 2023, and 2022, respectively. Interest of $374 and $374 was expensed during the nine months ended May 31, 2023 and 2022, respectively.
Convertible Notes Payable
The Company has entered into a private placement to receive net cash proceeds up to $300,000, after the original issue discount, from secured convertible promissory notes with attached $0.08 warrants to purchase up to 4,411,764 shares of common stock. Each note is discounted 15% with a maturity date of 18 months from original issuance. The notes bear interest of 8% per annum to be paid monthly and a conversion price of $0.08 per share. The warrants are exercisable for a period of seven years at an exercise price of $0.08 per share.
During the three months ended May 31, 2023, the Company received convertible notes of $251,242 less a discount of $37,684, for cash proceeds of $213,558. The Company issued 3,140,556 warrants and recorded a fair value of $157,206 for the warrants. Each note is discounted 15% with a maturity date of 13 months from original issuance. The notes bear interest of 8% per annum to be paid monthly and a conversion price of $0.08 per share. The warrants are exercisable for a period of seven years at an exercise price of $0.08 per share.
The total fair value of the warrants was estimated using the following weighted average assumptions:
| | May 31, 2023 | | | November 29, 2022 | |
Market price of common stock on date of issuance | | $ | 0.183 - 0.230 | | | $ | 0.095 | |
Risk-free interest rate | | | 3.75 - 3.48 | % | | | 3.63 | % |
Expected dividend yield | | | 0 | | | | 0 | |
Expected term (in years) | | | 7 | | | | 7 | |
Expected volatility | | | 219.7 - 240.9 | % | | | 202.5 | % |
Additionally, a beneficial conversion feature of $56,531 was determined to exist, which represented the lesser of the conversion price of the convertible instrument or the per share fair value of the underlying stock into which it is convertible. The fair value of the warrants and the beneficial conversion feature, which together consumed the value of the net proceeds, were charged to additional paid in capital at the date of issuance.
At May 31, 2023, the Company had outstanding convertible notes payable of $604,180, less remaining unamortized discounts of $493,362 for a net liability of $110,818. The Company recognized a total of $90,456 and $137,818 of discount amortization to interest expense during the three and nine months ended May 31, 2023, respectively.
NOTE 5 – RELATED PARTY TRANSACTIONS
The Company has a contract with two consulting and pharmaceutical firms owned by the former Chief Science Officer, Salzman Group LLC and Herring Creek Pharmaceuticals, under which research and development activities are performed on behalf of the Company. During the fiscal year 2022, the Company paid $150,000 for a security deposit, $131,500 for research and development fees and assumed $67,000 in a liability from ST Biosciences at the acquisition of the assets described in Note 3 - Asset Acquisition. The $67,000 liability was released during the period and was credited to the Mioxal intangible asset. As of May 31, 2023, and August 31, 2022, the Company owed $-0- and $2,665 to these two firms and owed salary of $30,769 and $4,615 to Dr. Salzman.
As of May 31, 2023 and August 31, 2022, the Company owed salary of $76,154 and $11,538, respectively, to Jason Frankovich, a former director.
During the nine months ended May 31, 2023, the Company entered into an agreement with a former director for a payment of $80,000 and 100,000 common shares in exchange for a release of unpaid services. Resulting in a gain of $170,857 at May 31, 2023.
NOTE 6 – LEASE LIABILITY
On January 1, 2022, we adopted ASC Topic 842 – Leases. Under this new guidance, lessees are required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases. Upon adoption, we recognized operating lease right-of-use (“ROU”) assets and corresponding lease liabilities of $619,825.
Lessee accounting
We determine if an arrangement is or contains a lease at inception. Our assessment is based on (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period and (3) whether we have the right to direct the use of the asset. Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: the lease transfers ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to be exercised, the lease term is for the majority of the remaining useful life of the asset or the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any one of these criteria. The lease classification affects the expense recognition in the income statement. Operating lease costs are recorded entirely in operating expenses. Finance lease costs are split, where amortization of the ROU asset is recorded in operating expenses and an implied interest component is recorded in interest expense.
Under the guidance of ASC 842, operating leases are included in right-of-use assets, current lease liabilities, and noncurrent lease liabilities on our balance sheets. ROU assets and lease liabilities are recognized at commencement date based on the present value of the future minimum lease payments over the lease term. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at transition date in determining the present value of future payments. The ROU asset includes any lease payments made but excludes lease incentives and initial direct costs incurred, if any. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.
Lease extensions
Many leases have options to either extend or terminate the lease. In determining the lease term, we considered all available contract extensions that are reasonably certain of occurring.
Operating leases
On January 1, 2022, the Company entered into an operating lease for office space. The lease is effective for 3 years from the commencement date with automatic renewal at the expiration date. The lease agreement may be terminated earlier upon ninety days’ prior written notice by either party. The lease requires adjustment upon renewal with an increase to the monthly rent by 10% of the monthly rent due for the month preceding such renewal date or market rate, whichever is the greater amount.
The following table summarizes balance sheet data related to leases at May 31, 2023 and August 31, 2022:
| | May 31, 2023 | | | August 31, 2022 | |
Assets | | | | | | |
Operating lease right of use assets | | $ | - | | | $ | 619,825 | |
Less accumulated depreciation | | | - | | | | (137,739 | ) |
Total operating lease right of use assets | | $ | - | | | $ | 482,086 | |
| | | | | | | | |
Liabilities | | | | | | | | |
Operating lease liability, current | | $ | - | | | $ | 199,203 | |
Operating lease liability, noncurrent | | | - | | | | 298,423 | |
Total lease liabilities | | $ | - | | | $ | 497,626 | |
The Company was unable to pay its December 2022 lease payment and the owner has sought legal action. The Company was served with a summons in December 2022. The summons seeks a judgment of $480,000 plus interest at 5%. The lease was terminated as of December 1, 2022, and a gain on termination of $19,236 was recorded during the six months ended February 28, 2023. At February 28, 2023, the Company accrued $484,668, which includes $4,668 for interest, for the legal claim sought by the owner. The legal action is ongoing and the full amount the Company is required to pay may vary from what is accrued.
NOTE 7 – STOCKHOLDERS’ EQUITY
Dividends
During the year ended August 31, 2018, the Company issued Series A Convertible Preferred Stock, which accrues dividends at a rate of 5% annually. The Company exchanged the Series A Convertible Preferred for Series B Preferred Stock. As a result of the Exchange agreement, the dividends on the Series A Convertible Preferred Stock was reduced to $0 in the accompanying condensed consolidated balance sheets. The Series B and Series B-1 Convertible Preferred Stock accrues dividends at a rate of 10% annually. There was $1,521,171 and $837,798 of dividends payable at May 31, 2023 and August 31, 2022, respectively. The dividends have not been declared and are accrued in the accompanying unaudited condensed consolidated balance sheets as a result of a contractual obligation in the Company’s Series B and Series B-1 Preferred Stock offering.
Preferred Stock
There were no shares of Series A Convertible Preferred Stock issued and outstanding as of May 31, 2023 and August 31, 2022.
There were 2,694,514 shares of Series B Convertible Preferred Stock issued and outstanding as of May 31, 2023, and August 31, 2022, respectively. There were 5,389,028 shares of Series B-1 Convertible Preferred Stock issued and outstanding as of May 31, 2023, and August 31, 2022, respectively.
Deemed Dividend related to Series B and B-1 Convertible Preferred Stock Down Round Provision
The Series B and Series B-1 Convertible Preferred Stock issued contain a down round provision. During the nine months ended May 31, 2023, the Company entered into an agreement to issue common shares at $0.225 per share. Pursuant to the down round provision, the conversion price of the Series B and Series B-1 Convertible Preferred Stock was reduced to $0.225 per share at February 28, 2023. In addition, the Company recognized a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital) of $7,180,301 at May 31, 2023. The deemed dividend represents the value attributed to the increase in shares of common stock that preferred shareholders will receive as a result of the issuance of common shares in February 2023, which was deemed to be a down round and triggered the anti-dilution provisions associated with our convertible preferred stock.
Common Stock
The Company is authorized to issue up to 200,000,000 shares of $0.001 par value common stock.
As discussed in Note 3 – Asset Acquisition, on November 9, 2021, the Company completed the acquisition of all of the assets, including intellectual property assets, relating to Mioxal®, a nutraceutical complex composed of essential amino acids, natural coenzymes and minerals, and assumed certain liabilities held by ST Biosciences, Ltd., a company organized under the laws of England and Wales (“STB”). As part consideration for the acquisition, STB was issued 19,831,623 shares of common stock valued at $40,654,827 or $2.05 per share. With the disposition of the Mioxal® asset, certain shareholders of the Company transferred 350,000 common shares to Ingenius.
During the three months ended May 31, 2023, the Company issued 450,000 of common stock to employees and a former Director of the Company. Included in the issuance was 100,000 shares previously classified as to be issued shares with a value of $22,500. The expense associated with the issuance is included in general and administrative expense on the condensed consolidated statements of operations (unaudited).
There were 20,470,239 and 20,020,239 common shares issued and outstanding as of May 31, 2023, and August 31, 2022.
Warrants
During the nine months ended May 31, 2023, the Company issued 7,552,320 warrants as part of the convertible notes financing, see Note 4 – Notes Payable. At May 31, 2023, the warrants had an intrinsic value of approximately $778,000.
At May 31, 2023 and 2022, the following warrants were outstanding:
| | Number of warrants | | | Weighted average exercise price | | | Weighted average term remaining (years) | |
Balance, August 31, 2022 | | | - | | | $ | - | | | | - | |
Issued | | | 7,552,320 | | | | 0.08 | | | | 6.7 | |
Balance, May 31, 2023 | | | 7,552,320 | | | $ | 0.08 | | | | 6.7 | |
| | | | | | | | | | | | |
Balance, August 31, 2021 | | | - | | | $ | - | | | | - | |
Balance, May 31, 2022 | | | - | | | $ | - | | | | - | |
NOTE 8 – COMMITMENTS AND CONTINGENCIES
On September 30, 2022, a party identified as New You Inc. filed a complaint with the District Court of Clark County, Nevada against Innovation 1 Biotech, Inc, ST Biosciences LTD, Jeffrey Kraws and Jason Frankovich. The complaint alleges that during Mr. Frankovich’s service to New You Inc. as Chairman of the Board of Directors, concurrent with Mr. Frankovich’s and Mr. Kraws’s services as executives of ST Biosciences LTD, Mr. Frankovich converted funds away from New You Inc. to satisfy obligations of ST Biosciences LTD and/or Innovation1 and/or to enrich Frankovich and Kraws. The amount of the claim is a total of $249,020 plus damages in excess of $30,000 and includes a claim for legal fees. The Company’s legal firm has evaluated the claims of the complaint and together with Innovation1 management believes the claims to be without merit. The Company intends to defend against the complaint and believes any potential liability to be $0.
On December 19, 2022, a party identified as 40 Wall Street Suites LLC, filed a complaint with the Supreme Court of New York County, New York against Innovation1 Biotech, Inc. The complaint alleges that Innovation1 failed to pay the December lease payment and therefore is responsible for payment of the remaining lease plus interest. The Company intends to defend against the complaint; however, has accrued the potential liability as stated in the claim of $484,668 at May 31, 2023.
On April 21, 2023, a party identified as Greenfingers LLC A/A/O Simon D. Roffe, entered into a judgement in the Supreme Court of New York County, New York against Innovation1 Biotech Inc. in the amount of $264,617.26 plus post-judgement interest from the date of entry for failure to turn over shares of Jason Frankovich, a former director of the Company. The Company intends to defend against the complaint and believes any potential liability to be $0.
NOTE 9 – SUBSEQUENT EVENTS
The Company evaluates events that have occurred after the balance sheet date of May 31, 2023, through the date which the unaudited condensed consolidated financial statements were filed. Based upon the review, other than described below, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements.
Subsequent to May 31, 2023, the Company entered into a private placement and received net cash proceeds of $66,891, after the original issue discount of $11,805, from secured convertible promissory notes with attached $0.08 warrants to purchase up to 983,639 shares of common stock. Each note is discounted 15% with a maturity date of 13 months from original issuance. The notes bear interest of 8% per annum to be paid monthly and a conversion price of $0.08 per share. The warrants are exercisable for a period of seven years at an exercise price of $0.08 per share.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The following discussion of our financial condition and results of operations for the three and nine months ended May 31, 2023 and 2022 should be read in conjunction with the unaudited condensed consolidated financial statements and the notes to those statements that are included elsewhere in this report. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements because of several factors, including those set forth under the Part I, Item 1A, Risk Factors and Business sections in our Annual Report on Form 10-K for the fiscal year ended August 31, 2022, as filed with the SEC on December 15, 2022 and our other filings with the SEC. We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” and similar expressions to identify forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements. Such statements are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this report.
Overview
Effective March 31, 2022, as approved by the shareholders, the name of the Company was changed from Gridiron BioNutrients, Inc. (trading symbol GMVP) to Innovation1 Biotech Inc. (trading symbol IVBT).
Innovation1 Biotech Inc. (“IVBT”) believes it will be among the first companies to harness the raw power of botanical therapeutics by transforming them into fully synthetic drugs that are safely, reliably and consistently delivered. There are two fundamental limitations in exploiting botanical Schedule 1 molecules:
| 1. | Large and unpredictable pharmacokinetic excursions, both high and low, that make the drug potentially dangerous or ineffective |
| 2. | Insolubility in water that curtails bioavailability across mucosal membranes |
To address these limitations, ST Biosciences, Ltd. engaged with Salzman Group, and Innovation1 later assumed the contractual obligations subsequent to the Asset Purchase Agreement completed on November 9, 2021 in order to gain access to a broader portfolio of intellectual property. According to Dr. Andrew Salzman, the Salzman Group has pioneered the design and development of novel small molecules in the fields of cancer, heart disease, lung injury, intermediary metabolism and ophthalmology, with 3 exits totaling $1.4 billion, federal R&D grants and contracts totaling $160M and capital raises of $152M. The firm is currently regarded as a world leader in the design and optimization of rare cannabinoids.
According to Salzman Group, the pharmaceutical firm has invented novel, proprietary, water-soluble prodrugs of the most promising botanical molecules existing today. It is the stated goal of Salzman Group to exploit the vast intrinsic therapeutic power of botanical Schedule 1 molecules.
IVBT has acquired five proprietary preclinical prodrugs, all fully synthetic without connection to botanical sourcing: a mushroom-derived psychedelic molecule for treatment post-traumatic stress disorder and depression, a novel cannabinoid and tree bark derived psychedelic for treatment of addiction and three additional novel cannabinoid prodrugs addressing clinical indications of refractory pediatric epilepsy, hypertrophic scarring from burn wound injury and ocular inflammation of the cornea and anterior uvea. IVBT’s drug portfolio uniquely positions IVBT to capitalize on the growing global demand for pharmaceutical Schedule 1 drugs.
Cash Flows & Going Concern
Our financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company had no revenue and a net loss of $1,533,913 for the nine months ended May 31, 2023. The Company has working capital deficit of $2,330,924 and an accumulated deficit of $53,948,630 as of May 31, 2023. We do not have sufficient funds to support our daily operations for the next twelve (12) months. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
The ability of the Company to fully commence its operations is dependent upon, among other things, obtaining additional financing to continue operations and execution of its business plan. In response to these concerns, management plans to fund operations through additional debt and equity financing. Debt instruments may be convertible or non-convertible and will vary based on the Company’s needs and financing options available at such times. There can be no assurance that management’s plan to attract additional equity or debt financing will be successful.
The Company is attempting to commence operations and generate sufficient revenue; however, the Company’s cash position may not be sufficient to support its daily operations. While the Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon its ability to further implement its business model and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering.
Critical Accounting Policies
Please refer to Note 2 – Summary of Significant Accounting Policies in the accompanying Notes to the Condensed Consolidated Financial Statements.
Results of Operations for the Three Months Ended May 31, 2023 and 2022
Overview. We had revenues of $-0- for the three months ended May 31, 2023 and 2022, respectively. We incurred a net loss of $298,857 and $1,609,876 for the three months ended May 31, 2023 and 2022, respectively. The decrease in net loss is attributable to the factors discussed below.
Revenues. We had $-0- revenues from operations for the three months ended May 31, 2023 and 2022. The extent to which, and the amount of revenues which may be generated from our future business operations and activities is unknown.
Gross Margin. We had $-0- gross margin for the three months ended May 31, 2023 and 2022.
Expenses. Our operating expenses were $203,614 and $1,595,378 for the three months ended May 31, 2023 and 2022, respectively. We experienced an increase of $94,048 in general and administrative. While we experienced a decrease of $83,000 in consulting fees, $189,055 in professional fees, $312,019 in salaries, and $900,265 in depreciation and amortization expense.
Other (Income) Expense. Our total other (income) expense was $95,243 and 14,498 for the three months ended May 31, 2023 and 2022, respectively. The increase in other (income) expense was attributable to an increase in interest expense related to the convertible notes and a decrease in interest income.
Results of Operations for the Nine Months Ended May 31, 2023 and 2022
Overview. We had revenues of $-0- for the nine months ended May 31, 2023 and 2022, respectively. We incurred a net loss of $1,533,913 and $3,628,782 for the nine months ended May 31, 2023 and 2022, respectively. The decrease in net loss is attributable to the factors discussed below.
Revenues. We had $-0- revenues from operations for the nine months ended May 31, 2023 and 2022. The extent to which, and the amount of revenues which may be generated from our future business operations and activities is unknown.
Gross Margin. We had $-0- gross margin for the nine months ended May 31, 2023 and 2022.
Expenses. Our operating expenses were $1,568,716 and $3,738,811 for the nine months ended May 31, 2023 and 2022, respectively. We experienced an increase of $6,429 in advertising, $318,090 in general and administrative, $480,000 in lease termination expense, and $15,000 in research and development. While we experienced a decrease of $304,680 in consulting fees, $350,878 in professional fees, $551,266 in salaries, and $1,783,313 in depreciation and amortization expense.
Other (Income) Expense. Our total other (income) expense was ($34,803) and ($110,029) for the nine months ended May 31, 2023 and 2022, respectively. The decrease in other income was attributable to a gain on extinguishment of debt, a decrease in interest income and a decrease in impairment expense offset by an increase in interest expense.
Liquidity and Capital Resources
For the nine months ended May 31, 2023, we used net cash of $593,321 for operating activities, primarily attributable salaries, professional fees and general and administrative expenses. Compared to net cash used of $2,648,179 for the nine months ended May 31, 2022.
For the nine months ended May 31, 2023, we had no investing activities. Compare to net cash used of $853,138 for the nine months ended May 31, 2022.
For the nine months ended May 31, 2023, cash of $513,558 was provided from financing activities received on our private placement financing. Compare to net cash provided of $4,000,000 for the nine months ended May 31, 2022.
Assets
We had total assets of $3,856,535 and $43,963,413 at May 31, 2023 and August 31, 2022, respectively. At May 31, 2023, our assets consisted of $76,723 cash, other receivable of $56,421, prepaid expenses of $29,805, equipment net of depreciation of $1,830, security deposit of $210,000, trademarks of $1,680, receivable – Ingenius of $100,000 and intangibles asset of $3,380,076 related to our disposition of the Mioxal Asset (Note 3 – Asset Acquisition).
Liabilities
We had total liabilities of $2,604,691 and $41,110,839 at May 31, 2023 and August 31, 2022, respectively. At May 31, 2023 our liabilities consisted of accounts payable of $305,933, accrued expenses of $539,681, accrued expenses – related party of $106,923, related party payable of $10,165, note payable - current portion of $10,000, dividends payable of $1,521,171 for our Series B and Series B-1 Convertible Preferred stock and convertible notes payable net of discount of $110,818.
Cash Requirements
At May 31, 2023, we had a cash balance of $76,723. This cash amount is not sufficient to continue our 12-month plan of operation. We will need to raise capital to realize our 12-month plan of operation and fund our ongoing operational expenses. Additional funding will likely come from equity financing from the sale of our common stock or from entering into notes payable. If we are successful in completing equity financing, existing shareholders will experience dilution of their interest in our Company. In the absence of such financing, our business will likely fail. There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing.
Departure of Directors or Certain Officers; Election of Directors
On December 5, 2022, the Board appointed Charles W. Allen and Dr. Shahin Gharakhanian as members of the Board.
On December 6, 2022, Jeffrey Kraws resigned as the Company’s Chief Executive Officer. On April 21, 2023, he resigned as a member of the Board.
Also on December 6, 2022, Frederick E. Pierce, II was appointed Chairman of the Board, President and Interim Acting Chief Executive Officer. Mr. Allen was appointed Treasurer and Secretary, replacing Jamie Lynn Coulter as Secretary.
Entry into a Material Definitive Agreement
The Company has entered into a private placement to receive net cash proceeds up to $300,000, after the original issue discount, from secured convertible promissory notes with attached $0.08 warrants to purchase up to 4,411,764 shares of common stock. Each note is discounted 15% with a maturity date of 18 months from original issuance. The notes bear interest of 8% per annum to be paid monthly and a conversion price of $0.08 per share. The warrants are exercisable for a period of seven years at an exercise price of $0.08 per share. The Company received $300,000 of cash during the nine months ended May 31, 2023 under these notes.
During the three months ended May 31, 2023, the Company received convertible notes of $251,242 less a discount of $37,684, for cash proceeds of $213,558. The Company issued 3,140,556 warrants and recorded a fair value of $157,206 for the warrants. Each note is discounted 15% with a maturity date of 13 months from original issuance. The notes bear interest of 8% per annum to be paid monthly and a conversion price of $0.08 per share. The warrants are exercisable for a period of seven years at an exercise price of $0.08 per share.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 3.
ITEM 4. CONTROLS AND PROCEDURES.
DISCLOSURE CONTROLS AND PROCEDURES
Under the supervision and with the participation of our management, our principal executive officer and our principal financial officer are responsible for conducting an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the fiscal period covered by this report. Disclosure controls and procedures means that the material information required to be included in our Securities and Exchange Commission reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, including any consolidating subsidiaries, and was made known to us by others within those entities, particularly during the period when this report was being prepared. Based on this evaluation, our principal executive officer and principal financial officer concluded as of the evaluation date that our disclosure controls and procedures were not effective as of May 31, 2023 as a result of continuing weaknesses in our internal control over financial reporting as set forth in our Annual Report on Form 10-K for the fiscal year ended August 31, 2022 as filed with the SEC on December 15, 2022.
Changes in Internal Control Over Financial Reporting. There were no changes in the Company’s internal controls over financial reporting during the most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
The Company could become a party to various legal actions arising in the ordinary course of business. Matters that are probable of unfavorable outcomes to the Company and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, the Company’s estimates of the outcomes of such matters and its experience in contesting, litigating, and settling similar matters. With the exception of the following, as of the date of this report, there are no significant pending legal proceedings to which the Company is a party or of which any of their property is the subject, nor are there any such proceedings known to be contemplated by governmental authorities.
On September 30, 2022, a party identified as New You Inc. filed a complaint with the District Court of Clark County, Nevada against Innovation 1 Biotech, Inc, ST Biosciences LTD, Jeffrey Kraws and Jason Frankovich. The complaint alleges that during Mr. Frankovich’s service to New You Inc. as Chairman of the Board of Directors, concurrent with Mr. Frankovich’s and Mr. Kraws’s services as executives of ST Biosciences LTD, Mr. Frankovich converted funds away from New You Inc. to satisfy obligations of ST Biosciences LTD and/or Innovation1 and/or to enrich Frankovich and Kraws. The amount of the claim is a total of $249,020 plus damages in excess of $30,000 and includes a claim for legal fees. The Company’s legal firm has evaluated the claims of the complaint and together with Innovation1 management believes the claims to be without merit. The Company intends to defend against the complaint and believes any potential liability to be $0.
On December 19, 2022, a party identified as 40 Wall Street Suites LLC, filed a complaint with the Supreme Court of New York County, New York against Innovation1 Biotech, Inc. The complaint alleges that Innovation1 failed to pay the December lease payment and therefore is responsible for payment of the remaining lease plus interest. The Company intends to defend against the complaint; however, has accrued a potential liability of $484,668 at May 31, 2023, see Note 6 – Lease Liability above.
On April 21, 2023, a party identified as Greenfingers LLC A/A/O Simon D. Roffe, entered into a judgement in the Supreme Court of New York County, New York against Innovation1 Biotech Inc. in the amount of $264,617.26 plus post-judgement interest from the date of entry for failure to turn over shares of Jason Frankovich, a former director of the Company. The Company intends to defend against the complaint and believes any potential liability to be $0.
ITEM 1A. RISK FACTORS.
We incorporate by reference the risk factors disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended August 31, 2022 as filed with the SEC on December 15, 2022.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. MINE SAFETY DISCLOSURES.
None.
ITEM 5. OTHER INFORMATION.
None.
ITEM 6. EXHIBITS.
(a) The following Exhibits, as required by Item 601 of Regulation SK, are attached or incorporated by reference, as stated below.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| INNOVATION1 BIOTECH, INC. |
| (Name of Registrant) |
| |
Date: September 13, 2023 | By: | /s/ Frederick E. Pierce | |
| Name: | Frederick E. Pierce | |
| Title: | Interim Acting Chief Executive Officer Principal Executive and Principal Accounting Officer | |
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
|
May 31, 2023 |
Aug. 31, 2022 |
Current assets: |
|
|
Cash |
$ 76,723
|
$ 156,486
|
Other receivable |
56,421
|
56,421
|
Prepaid expenses |
29,804
|
74,049
|
Total current assets |
162,948
|
286,956
|
Other assets |
|
|
Equipment, net |
1,830
|
2,615
|
Receivable - Ingenius (Note 3) |
100,000
|
0
|
Trademarks |
1,680
|
1,680
|
Intangibles (Note 3) |
3,380,076
|
42,980,076
|
ROU asset |
0
|
482,086
|
Security deposit |
210,000
|
210,000
|
Total other assets |
3,693,586
|
43,676,457
|
Total Assets |
3,856,534
|
43,963,413
|
Current liabilities: |
|
|
Accounts payable |
305,933
|
106,215
|
Accrued expenses |
539,680
|
39,558
|
Accrued expenses - related parties |
106,923
|
116,977
|
Mioxal liability, current portion |
0
|
28,500,000
|
Related party payable |
10,165
|
2,665
|
Lease Liability, current portion |
0
|
199,203
|
Note payable, current portion |
10,000
|
10,000
|
Dividends payable |
1,521,171
|
837,798
|
Total current liabilities |
2,493,872
|
29,812,416
|
Long-term liabilities: |
|
|
Lease liability |
0
|
298,423
|
Mioxal liability |
0
|
11,000,000
|
Convertible note payable, net of discount |
110,818
|
0
|
Total long-term liabilities |
110,818
|
11,298,423
|
Total liabilities |
2,604,690
|
41,110,839
|
Stockholders' equity: |
|
|
Common stock, $0.001 par value; 200,000,000 shares authorized; 20,470,239 and 20,020,239 shares issued and outstanding as of May 31, 2023 and August 31, 2022, respectively |
20,470
|
20,020
|
Additional paid in capital |
55,171,921
|
47,375,513
|
Accumulated deficit |
(53,948,630)
|
(44,551,043)
|
Total stockholders' equity |
1,251,844
|
2,852,574
|
Total Liabilities and Stockholders' equity |
3,856,534
|
43,963,413
|
Series B, Preferred Stock [Member] |
|
|
Stockholders' equity: |
|
|
Preferred stock, value |
2,695
|
2,695
|
Series B-1 Preferred Stock [Member] |
|
|
Stockholders' equity: |
|
|
Preferred stock, value |
5,389
|
5,389
|
Series A Preferred Stock [Member] |
|
|
Stockholders' equity: |
|
|
Preferred stock, value |
$ 0
|
$ 0
|
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
May 31, 2023 |
Aug. 31, 2022 |
Common stock, shares par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
200,000,000
|
200,000,000
|
Common stock, shares issued |
20,470,239
|
20,020,239
|
Common stock, shares outstanding |
20,470,239
|
20,020,239
|
Series B, Preferred Stock [Member] |
|
|
Preferred stock, shares par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
2,694,514
|
2,694,514
|
Preferred stock, shares issued |
2,694,514
|
2,694,514
|
Preferred stock, shares outstanding |
2,694,514
|
2,694,514
|
Series B-1 Preferred Stock [Member] |
|
|
Preferred stock, shares par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
5,389,028
|
5,389,028
|
Preferred stock, shares issued |
5,389,028
|
5,389,028
|
Preferred stock, shares outstanding |
5,389,028
|
5,389,028
|
Series A Preferred Stock [Member] |
|
|
Preferred stock, shares par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
22,305,486
|
22,305,486
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
|
|
|
|
Revenue |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
Cost of revenue |
0
|
0
|
0
|
0
|
Gross margin |
0
|
0
|
0
|
0
|
Operating expenses: |
|
|
|
|
Advertising |
2,157
|
3,631
|
10,267
|
3,838
|
Consulting fees |
0
|
83,000
|
20,500
|
325,180
|
General and administrative |
113,903
|
19,855
|
368,608
|
50,518
|
Lease termination claim |
0
|
0
|
480,000
|
0
|
Professional fees |
42,099
|
231,154
|
287,499
|
638,377
|
Research and development |
0
|
0
|
15,000
|
0
|
Salaries |
45,193
|
357,212
|
386,058
|
937,324
|
Depreciation |
262
|
261
|
784
|
261
|
Amortization expense - ROU |
0
|
51,652
|
0
|
86,087
|
Amortization expense intangible assets |
0
|
848,613
|
0
|
1,697,226
|
Total operating expenses |
203,614
|
1,595,378
|
1,568,716
|
3,738,811
|
Net operating loss |
(203,614)
|
(1,595,378)
|
(1,568,716)
|
(3,738,811)
|
Other (income) expense: |
|
|
|
|
Interest expense |
95,243
|
14,498
|
136,054
|
29,967
|
Interest income |
0
|
0
|
0
|
(13,638)
|
Impairment expense |
0
|
0
|
0
|
17,598
|
Gain on extinguishment of debt |
0
|
0
|
(170,857)
|
(143,956)
|
Total Other (income) expense |
95,243
|
14,498
|
(34,803)
|
(110,029)
|
Net loss |
(298,857)
|
(1,609,876)
|
(1,533,913)
|
(3,628,782)
|
Deemed dividend related to Series B and B-1 convertible preferred stock down round provision |
0
|
0
|
(7,180,301)
|
0
|
Preferred dividends |
(221,863)
|
(187,571)
|
(683,374)
|
(512,030)
|
Net loss available to common shareholders |
$ (520,720)
|
$ (1,797,447)
|
$ (9,397,588)
|
$ (4,140,812)
|
Basic and diluted income (loss) per share |
$ (0.03)
|
$ (0.09)
|
$ (0.47)
|
$ (0.27)
|
Weighted average number of common shares outstanding basic and diluted |
20,322,698
|
20,020,239
|
20,087,821
|
15,225,781
|
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIT) (Unaudited) - USD ($)
|
Total |
Preferred Stock - Series B |
Preferred Stock - Series B1 |
Common Stock |
Additional Paid-In Capital |
Common Stock to be Issued |
Retained Earnings (Accumulated Deficit) |
Balance, shares at Aug. 31, 2021 |
|
2,694,514
|
|
188,616
|
|
|
|
Balance, amount at Aug. 31, 2021 |
$ (224,839)
|
$ 2,695
|
$ 0
|
$ 188
|
$ 2,745,906
|
$ 0
|
$ (2,973,628)
|
Series B-1 preferred stock purchase agreements, shares |
|
|
5,389,028
|
|
|
|
|
Series B-1 preferred stock purchase agreements, amount |
4,000,000
|
0
|
$ 5,389
|
$ 0
|
3,994,611
|
0
|
0
|
Common stock issued for asset purchase, shares |
|
|
|
19,831,623
|
|
|
|
Common stock issued for asset purchase, amount |
40,654,827
|
0
|
0
|
$ 19,832
|
40,634,995
|
0
|
0
|
Dividends on preferred stock accrued |
(136,887)
|
0
|
0
|
0
|
0
|
0
|
(136,887)
|
Net loss, period ended November 30, 2021 |
(239,853)
|
$ 0
|
$ 0
|
$ 0
|
0
|
0
|
(239,853)
|
Balance, shares at Nov. 30, 2021 |
|
2,694,514
|
5,389,028
|
20,020,239
|
|
|
|
Balance, amount at Nov. 30, 2021 |
44,053,248
|
$ 2,695
|
$ 5,389
|
$ 20,020
|
47,375,512
|
0
|
(3,350,368)
|
Balance, shares at Aug. 31, 2021 |
|
2,694,514
|
|
188,616
|
|
|
|
Balance, amount at Aug. 31, 2021 |
(224,839)
|
$ 2,695
|
$ 0
|
$ 188
|
2,745,906
|
0
|
(2,973,628)
|
Common stock issued for asset purchase, amount |
40,654,827
|
|
|
|
|
|
|
Net loss, period ended November 30, 2021 |
(3,628,782)
|
|
|
|
|
|
|
Balance, shares at May. 31, 2022 |
|
2,694,514
|
5,389,028
|
20,020,239
|
|
|
|
Balance, amount at May. 31, 2022 |
40,289,176
|
$ 2,695
|
$ 5,389
|
$ 20,020
|
47,375,512
|
0
|
(7,114,440)
|
Balance, shares at Nov. 30, 2021 |
|
2,694,514
|
5,389,028
|
20,020,239
|
|
|
|
Balance, amount at Nov. 30, 2021 |
44,053,248
|
$ 2,695
|
$ 5,389
|
$ 20,020
|
47,375,512
|
0
|
(3,350,368)
|
Dividends on preferred stock accrued |
(187,571)
|
0
|
0
|
0
|
0
|
0
|
(187,571)
|
Net loss, period ended November 30, 2021 |
(1,779,054)
|
$ 0
|
$ 0
|
$ 0
|
0
|
0
|
(1,779,054)
|
Balance, shares at Feb. 28, 2022 |
|
2,694,514
|
5,389,028
|
20,020,239
|
|
|
|
Balance, amount at Feb. 28, 2022 |
42,086,623
|
$ 2,695
|
$ 5,389
|
$ 20,020
|
47,375,512
|
0
|
(5,316,993)
|
Dividends on preferred stock accrued |
(187,571)
|
0
|
0
|
0
|
0
|
0
|
(187,571)
|
Net loss, period ended November 30, 2021 |
(1,609,876)
|
$ 0
|
$ 0
|
$ 0
|
0
|
0
|
(1,609,876)
|
Balance, shares at May. 31, 2022 |
|
2,694,514
|
5,389,028
|
20,020,239
|
|
|
|
Balance, amount at May. 31, 2022 |
40,289,176
|
$ 2,695
|
$ 5,389
|
$ 20,020
|
47,375,512
|
0
|
(7,114,440)
|
Balance, shares at Aug. 31, 2022 |
|
2,694,514
|
5,389,028
|
20,020,239
|
|
|
|
Balance, amount at Aug. 31, 2022 |
2,852,574
|
$ 2,695
|
$ 5,389
|
$ 20,020
|
47,375,513
|
0
|
(44,551,043)
|
Dividends on preferred stock accrued |
(187,572)
|
0
|
0
|
0
|
0
|
0
|
(187,572)
|
Net loss, period ended November 30, 2021 |
(631,666)
|
0
|
0
|
0
|
0
|
0
|
(631,666)
|
Convertible notes payable BCF and Warrant |
50,000
|
$ 0
|
$ 0
|
$ 0
|
50,000
|
0
|
0
|
Balance, shares at Nov. 30, 2022 |
|
2,694,514
|
5,389,028
|
20,020,239
|
|
|
|
Balance, amount at Nov. 30, 2022 |
2,083,336
|
$ 2,695
|
$ 5,389
|
$ 20,020
|
47,425,513
|
0
|
(45,370,281)
|
Balance, shares at Aug. 31, 2022 |
|
2,694,514
|
5,389,028
|
20,020,239
|
|
|
|
Balance, amount at Aug. 31, 2022 |
2,852,574
|
$ 2,695
|
$ 5,389
|
$ 20,020
|
47,375,513
|
0
|
(44,551,043)
|
Common stock issued for asset purchase, amount |
0
|
|
|
|
|
|
|
Net loss, period ended November 30, 2021 |
(1,533,913)
|
|
|
|
|
|
|
Balance, shares at May. 31, 2023 |
|
2,694,514
|
5,389,028
|
20,470,239
|
|
|
|
Balance, amount at May. 31, 2023 |
1,251,844
|
$ 2,695
|
$ 5,389
|
$ 20,470
|
55,171,921
|
0
|
(53,948,631)
|
Balance, shares at Nov. 30, 2022 |
|
2,694,514
|
5,389,028
|
20,020,239
|
|
|
|
Balance, amount at Nov. 30, 2022 |
2,083,336
|
$ 2,695
|
$ 5,389
|
$ 20,020
|
47,425,513
|
0
|
(45,370,281)
|
Dividends on preferred stock accrued |
(273,939)
|
0
|
0
|
0
|
0
|
0
|
(273,939)
|
Net loss, period ended November 30, 2021 |
(603,390)
|
0
|
0
|
0
|
0
|
0
|
(603,390)
|
Convertible notes payable BCF and Warrant |
250,000
|
0
|
0
|
0
|
250,000
|
0
|
0
|
Common shares to be issued at $0.225 |
22,500
|
0
|
0
|
0
|
0
|
22,500
|
0
|
Deemed Dividend |
0
|
$ 0
|
$ 0
|
$ 0
|
7,180,301
|
0
|
(7,180,301)
|
Balance, shares at Feb. 28, 2023 |
|
2,694,514
|
5,389,028
|
20,020,239
|
|
|
|
Balance, amount at Feb. 28, 2023 |
1,478,507
|
$ 2,695
|
$ 5,389
|
$ 20,020
|
54,855,814
|
22,500
|
(53,427,911)
|
Dividends on preferred stock accrued |
(221,863)
|
0
|
0
|
0
|
0
|
0
|
(221,863)
|
Net loss, period ended November 30, 2021 |
(298,857)
|
0
|
0
|
0
|
0
|
0
|
(298,857)
|
Convertible notes payable BCF and Warrant |
213,557
|
0
|
0
|
$ 0
|
213,557
|
0
|
0
|
Stock based compensation, shares |
|
|
|
350,000
|
|
|
|
Stock based compensation, amount |
102,900
|
0
|
0
|
$ 350
|
102,550
|
0
|
0
|
Common shares issued at $0.225, shares |
|
|
|
100,000
|
|
|
|
Common shares issued at $0.225, amount |
(22,400)
|
$ 0
|
$ 0
|
$ 100
|
0
|
(22,500)
|
0
|
Balance, shares at May. 31, 2023 |
|
2,694,514
|
5,389,028
|
20,470,239
|
|
|
|
Balance, amount at May. 31, 2023 |
$ 1,251,844
|
$ 2,695
|
$ 5,389
|
$ 20,470
|
$ 55,171,921
|
$ 0
|
$ (53,948,631)
|
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) - USD ($)
|
9 Months Ended |
May 31, 2023 |
May 31, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (1,533,913)
|
$ (3,628,782)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation |
785
|
0
|
Loss on change in fair value of derivative liability |
0
|
261
|
Amortization of ROU asset |
51,652
|
86,087
|
Amortization of Mioxal asset |
0
|
1,683,588
|
Amortization of discount, BCF, warrant on convertible notes |
110,818
|
0
|
Termination of ROU asset lease |
430,434
|
0
|
Stock based compensation |
103,000
|
0
|
Impairment expense |
0
|
17,598
|
Gain on extinguishment of debt |
(170,857)
|
(143,956)
|
Gain on termination of lease |
(19,236)
|
0
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
0
|
(56,421)
|
Prepaid expenses |
44,244
|
(173,826)
|
Accounts payable |
(291,936)
|
(401,627)
|
Related party payable |
7,500
|
(64,600)
|
Accrued expenses |
500,122
|
33,499
|
Accrued expenses - related parties |
174,067
|
0
|
Net cash used in operating activities |
(593,320)
|
(2,648,179)
|
Cash flows from investing activities: |
|
|
Purchase of equipment |
0
|
(3,138)
|
Cash paid for asset purchase |
0
|
(350,000)
|
Notes receivable investment |
0
|
(500,000)
|
Net cash used in investing activities |
0
|
(853,138)
|
Cash flows from financing activities |
|
|
Proceeds form series B-1 preferred stock purchase agreements |
0
|
4,000,000
|
Proceeds from convertible notes payable |
26,891
|
0
|
Proceeds from convertible notes payable - long term portion |
486,667
|
0
|
Net cash provided by financing activities |
513,558
|
4,000,000
|
Net increase (decrease) in cash |
(79,763)
|
498,683
|
Cash - beginning of the period |
156,486
|
137,476
|
Cash - end of the period |
76,723
|
636,159
|
Supplemental disclosures: |
|
|
Interest paid |
0
|
24,579
|
Income Taxes |
0
|
0
|
Non-cash transactions: |
|
|
Right of use asset and lease liability |
0
|
619,825
|
Preferred stock dividends accrued |
461,511
|
312,029
|
Deemed dividend |
7,180,301
|
0
|
Transfer of Mioxal asset |
39,600,000
|
0
|
Transfer of Mioxal liabilities |
(39,500,000)
|
0
|
Receivable created with Mioxal asset sale |
(100,000)
|
0
|
Common stock issued for asset purchase |
$ 0
|
$ 40,654,827
|
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v3.23.2
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
9 Months Ended |
May 31, 2023 |
ORGANIZATION AND DESCRIPTION OF BUSINESS |
|
ORGANIZATION AND DESCRIPTION OF BUSINESS |
NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Innovation1 Biotech Inc. (the “Company”) was formed under the laws of the state of Nevada in 2014, under the name of My Cloudz, Inc. Gridiron BioNutrients completed a reverse merger with My Cloudz, Inc. in October 2017 and the Company then changed its name to Gridiron BioNutrients, Inc. Effective March 31, 2022, as approved by the shareholders, the name of the Company was changed from Gridiron BioNutrients, Inc. (trading symbol GMVP) to Innovation1 Biotech Inc. (trading symbol IVBT). The Company has a portfolio of products using five proprietary preclinical prodrugs, all fully synthetic without connection to botanical sourcing: a mushroom-derived psychedelic molecule for treatment post-traumatic stress disorder and depression, a novel cannabinoid and tree bark derived psychedelic for treatment of addiction and three additional novel cannabinoid prodrugs addressing clinical indications of refractory pediatric epilepsy, hypertrophic scarring and ocular inflammation. The Company has elected an August 31st year end. Change in Control On November 9, 2021, the Company completed the asset acquisition of ST Biosciences, Ltd., consisting substantially of intellectual property assets, relating to Mioxal® as discussed in Note 3 – Asset Acquisition. The closing of the acquisition resulted in a change of control of the Company. As part of the acquisition, Mr. Orr stepped down as the Company’s Chief Executive Officer and assumed the role of the Company’s Chief Financial Officer. Mr. Orr has since resigned from his position and as a director. Pursuant to the terms of the Asset Purchase Agreement, Jeffrey J. Kraws was appointed as the Company’s Chief Executive Officer and a director of the Company. On December 6, 2022, Mr. Kraws stepped down as the Company’s Chief Executive Officer and has since resigned as a director. In addition, the Company agreed to appoint Jason Frankovich as a director of the Company subject to the Company’s compliance with Rule 14F-1 of the Exchange Act. Mr. Frankovich has since resigned as a director. On December 6, 2022, Frederick E. Pierce was appointed as the Interim Acting Chief Executive Officer, President and Chairman of the Board. Going Concern The Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company had no revenue and a net loss of $1,533,913 for the nine months ended May 31, 2023. The Company has working capital deficit of $2,330,924 and an accumulated deficit of $53,948,630 as of May 31, 2023. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year of the issuance of these financial statements. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The ability of the Company to fully commence its operations is dependent upon, among other things, obtaining additional financing to continue operations and execution of its business plan. In response to these concerns, management plans to fund operations through additional debt and equity financing. Debt instruments may be convertible or non-convertible and will vary based on the Company’s needs and financing options available at such times. There can be no assurance that management’s plan will be successful.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
May 31, 2023 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation This summary of accounting policies for Innovation1 is presented to assist in understanding the Company’s financial statements. The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“US GAAP”), which have been consistently applied in the preparation of the financial statements. The accompanying unaudited financial information as of and for the three and nine months ended May 31, 2023, and 2022 has been prepared in accordance with US GAAP for interim financial information and with the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, such financial information includes all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial position at such date and the operating results and cash flows for such periods. Operating results for the three and nine months ended May 31, 2023, are not necessarily indicative of the results that may be expected for the entire year or for any other subsequent interim period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to the rules of the U.S. Securities and Exchange Commission, or the SEC. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with our audited financial statements for the year ended August 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2022. The consolidated balance sheet at August 31, 2022 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles in the U.S. for complete financial statements. Cash and cash equivalents The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. The Company did not have any cash equivalents as of May 31, 2023, and August 31, 2022. Fair Value of Financial Instruments Fair value of certain of the Company’s financial instruments including cash, prepaid expenses, accounts payable, accrued expenses, notes payable, and other accrued liabilities approximate cost because of their short maturities. The Company measures and reports fair value in accordance with ASC 820, “Fair Value Measurements and Disclosure” defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value investments. Fair value, as defined in ASC 820, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, principal (or most advantageous) markets, and an in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, the Company’s credit risk. Valuation techniques are generally classified into three categories: the market approach; the income approach; and the cost approach. The selection and application of one or more of the techniques may require significant judgment and are primarily dependent upon the characteristics of the asset or liability, and the quality and availability of inputs. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also provides fair value hierarchy for inputs and resulting measurement as follows: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3: Unobservable inputs for the asset or liability that are supported by little or no market activity, and that are significant to the fair values. Fair value measurements are required to be disclosed by the Level within the fair value hierarchy in which the fair value measurements in their entirety fall. Fair value measurements using significant unobservable inputs (in Level 3 measurements) are subject to expanded disclosure requirements including a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings, and a description of where those gains or losses included in earning are reported in the statement of income. The Company did not have any Level 1 or Level 2 assets and liabilities at May 31, 2023 and August 31, 2022. All financial assets and liabilities approximate fair value. Other Receivable During the year ended August 31, 2022, the Company discovered duplicate withdrawals from its payroll processing company and has recorded a receivable on its unaudited condensed consolidated balance sheet at May 31, 2023. At the close of the May 31, 2023, quarter, these funds have not yet been reimbursed. There was $56,421 outstanding receivable as of May 31, 2023, and August 31, 2022. Property and Equipment Property and equipment are carried at cost. Expenditures for maintenance and repairs are expensed in the period incurred. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period. Depreciation is computed for financial statement purposes on a straight-line basis over estimated useful lives of the related assets and the modified accelerated cost recovery system for federal income tax purposes. The estimated useful lives of depreciable computers and other equipment are three years. With the asset acquisition as discussed in Note 3 – Asset Acquisition the Company wrote off the remaining property and equipment as impaired in the accompanying statement of operations during the year ended August 31, 2022. Depreciation expenses was $262 and $261 for the three months ended May 31, 2023, and 2022, respectively. Depreciation expense was $784 and $261 for the nine months ended May 31, 2023, and 2022, respectively. Basic and Diluted Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The Series B and Series B1 convertible preferred shares would convert to 35,926,853 and 8,083,542 shares of the Company’s common at May 31, 2023, and 2022, respectively. The Company would calculate diluted earnings per share by dividing the Company’s net income available to common shareholders less preferred dividends by the diluted weighted average number of shares outstanding during the period. For the three and nine month periods ended May 31, 2023, and 2022, potentially dilutive convertible preferred stock were excluded from the computation of diluted loss per share because they were anti-dilutive due to net losses in those periods. Recently Issued Accounting Standards As of May 31, 2023, there were several new accounting pronouncements issued by the Financial Accounting Standards Board. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements.
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v3.23.2
ASSET ACQUISITION
|
9 Months Ended |
May 31, 2023 |
ASSET ACQUISITION |
|
ASSET ACQUISITION |
NOTE 3 – ASSET ACQUISITION On October 27, 2021, the Company entered into an asset acquisition agreement with ST Biosciences, Ltd., a company organized under the laws of England and Wales (“STB”), of certain Transferred Assets, consisting substantially of their intellectual property relating to Mioxal®, a nutraceutical complex composed of essential amino acids, natural coenzymes and minerals. The Company acquired certain intellectual property, and patent rights, and no tangible assets and assumed certain liabilities of STB, as discussed below. The acquisition was completed pursuant to the terms of the Amended and Restated Asset Purchase Agreement dated November 9, 2021. As consideration for the acquisition, the Company paid $350,000 in cash to Ingenius, paid cash of $500,000 to STB and issued 19,831,623 shares of Common Stock to STB valued at $40,654,827 or $2.05 per share based on the closing market price on November 5, 2021, which at the closing of the acquisition represented approximately 70% of the Company’s outstanding shares of Common Stock on a fully diluted basis, for an aggregate purchase price of $41,504,827, resulting in a change in control of the Company. The shares were issued in December 2021. At acquisition the assets and liabilities assumed have been recorded at the fair values as follows: Mioxal® | | $ | 81,249,827 | | Other intangible assets | | | 178,000 | | Less liabilities assumed: | | | | | Mioxal® liability assumed | | | (39,500,000 | ) | Other liabilities assumed | | | (423,000 | ) | Net value acquired in asset acquisition | | $ | 41,504,827 | |
During the year ended August 31, 2022, additional intangibles of $28,773 were added related to the asset acquisition for payments made subsequent to the acquisition date. The Mioxal® intellectual property, including the patent rights, was acquired by STB from Ingenius Biotech S.L, a Spanish corporation (“Ingenius”) on September 10, 2021. The Ingenius milestone and stock payments set forth in the Purchase Agreement between Ingenius and STB, were assumed by the Company in aggregate of $39,500,000 and are recorded in current and long-term liabilities in the accompanying condensed consolidated balance sheets. The first installment of $1,500,000 was due on January 15, 2022, the second installment of $1,500,000 on April 15, 2022 and a $3,500,000 payment was due within thirty business days following the occurrence of the milestone event. The milestone, a signed sales agreement with a third party to distribute Mioxal throughout Europe, was not reached and therefore the requirement for the milestone payment was forfeited and will never be owed. In addition, $15,000,000 was to be paid through the issuance of the Company’s common stock in three tranches beginning twelve months from execution of agreement with STB on September 10, 2021; 1) on September 10, 2022 - $4,000,000, 2) on September 10, 2023 - $5,000,000, and 3) on September 10, 2024 - $6,000,000. The remaining balance was to be paid on an earn-out basis whereunder Ingenius would earn an 8% royalty on all sales generated by Mioxal® until the balance was satisfied. On January 13, 2022, the Company entered into Amendment No. 1 to Purchase Agreement with Ingenius Biotech S.L. to modify the terms of the agreement dated September 10, 2021. Under the amended agreement, the first installment of $1,500,000 was due on June 30, 2022, with an additional extension of the due date to August 30, 2022 (not paid), and the second installment was due on December 31, 2022. See Sale of Mioxal Intangible Assets below for additional details. The Mioxal® asset had a 24-year life and was to be tested for impairment on an annual basis. During the three and twelve months ended August 31, 2022, amortization of $846,494 and $2,539,483 was expensed. The other intangible assets for $178,000 have a 21-year life. During the three and twelve months ended August 31, 2022, amortization of $2,119 and $6,357 was expensed. During the twelve months ended August 31, 2022, additional intangibles were added related to the asset acquisition in the amount of $38,638. Impairment of Intangible Assets At August 31, 2022, an asset impairment evaluation resulted in the Company recording $35,762,550 in impairment expense in the fourth quarter of the fiscal year ended August 31, 2022, and a carrying value of $42,980,076 for the intangible assets. The Company had recorded impairment expenses of $17,598 in previous quarters, to total $35,780,148 for the fiscal year ended August 31, 2022. The calculation of the carrying value of the Mioxal net assets was informed by the terms of the sale of those assets on November 7, 2022, as calculated below: Valuation at the sale of Mioxal: | | | | Cash to be received by the Company | | $ | 100,000 | | FV of 350,000 shares transferred to Buyer from third parties ($0.13 per share) | | | (45,500 | ) | Debt assumed/forgiven by Buyer | | | 39,500,000 | | NPV of estimated future royalty cash stream | | | 3,425,576 | | Total estimated value of intangible assets at August 31, 2022 | | | 42,980,076 | | Carrying value of intangible assets at August 31, 2022 | | $ | 78,742,626 | | Impairment expense at August 31, 2022 on intangible assets | | $ | (35,762,550 | ) |
The assumptions used for estimated future royalty cash stream included 1) 5% royalty on gross margin for a five-year period of estimated sales in the United States, with a two-year introductory delay in taking the product to market, 2) a similar royalty on international sales, with an additional two-year introductory delay and an increased cost of 15% for additive distribution costs, 3) an estimate of approximately 200,000 units sold in year 1 of the projected royalty stream for a total sales estimate of approximately $7,500,000, and 4) sales growth rates of 100% for each of the years 2 through 4, decreasing to 60% in year 5. Growth rate in any subsequent year would be expected to drop off significantly or to 0%, however, those possible future years are not included in the project revenues, costs or gross merging. The projections of foundational sales volumes, revenues and costs were performed by industry experts in January 2022 as part of an independent product evaluation. As with all projections, Management cannot assure that the estimated amounts will be actualized. Sale of the Mioxal Intangible Assets: On November 7, 2022, the Company completed the disposition of all the assets, including intellectual property assets, and obligations relating to Mioxal® to Ingenius Biotech S.L., a corporation organized under the laws of Spain (“Ingenius”). As part of the disposition, certain shareholders of the Company transferred an aggregate of 350,000 shares of the Company’s currently outstanding common stock, to Ingenius and Ingenius agreed to pay the Company (i) $100,000 upon the first to occur of Ingenius’ first sale or commercialization of the Mioxal product or Ingenius’ sale, license, transfer or other disposition of the Mioxal product to a third party, and (ii) a 5% royalty on worldwide net sales of the Mioxal product by Ingenius or a third party commencing on the date of the first sale of Mioxal products and ending on the 18-month anniversary of the last to expire of any patent covering the Mioxal products. Additionally, Ingenius agreed to release the Company from all of its liabilities and obligations relating to the Mioxal products and indemnify the Company from all claims relating to the Mioxal product following the date of the disposition. After the disposition of the assets and liabilities related to Mioxal, the Company recognized a $3,380,076 royalty asset, recorded as an intangible asset on the condensed consolidated balance sheet. The $100,000 of cash yet to be received is recorded as a long-term receivable.
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- DefinitionThe entire disclosure for asset acquisition.
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v3.23.2
NOTES PAYABLE
|
9 Months Ended |
May 31, 2023 |
NOTES PAYABLE |
|
NOTES PAYABLE |
NOTE 4 – NOTES PAYABLE Short-Term Notes Payable On September 14, 2017, the Company issued a $10,000 promissory note to a limited liability company. The loan bears interest at 5% and had a maturity date of September 15, 2018. The unpaid balance including accrued interest was $12,856 and $12,482 at May 31, 2023 and August 31, 2022, respectively. The Company is in default with the repayment terms of the note. Interest of $126 and $126 was expensed during the three months ended May 31, 2023, and 2022, respectively. Interest of $374 and $374 was expensed during the nine months ended May 31, 2023 and 2022, respectively. Convertible Notes Payable The Company has entered into a private placement to receive net cash proceeds up to $300,000, after the original issue discount, from secured convertible promissory notes with attached $0.08 warrants to purchase up to 4,411,764 shares of common stock. Each note is discounted 15% with a maturity date of 18 months from original issuance. The notes bear interest of 8% per annum to be paid monthly and a conversion price of $0.08 per share. The warrants are exercisable for a period of seven years at an exercise price of $0.08 per share. During the three months ended May 31, 2023, the Company received convertible notes of $251,242 less a discount of $37,684, for cash proceeds of $213,558. The Company issued 3,140,556 warrants and recorded a fair value of $157,206 for the warrants. Each note is discounted 15% with a maturity date of 13 months from original issuance. The notes bear interest of 8% per annum to be paid monthly and a conversion price of $0.08 per share. The warrants are exercisable for a period of seven years at an exercise price of $0.08 per share. The total fair value of the warrants was estimated using the following weighted average assumptions: | | May 31, 2023 | | | November 29, 2022 | | Market price of common stock on date of issuance | | $ | 0.183 - 0.230 | | | $ | 0.095 | | Risk-free interest rate | | | 3.75 - 3.48 | % | | | 3.63 | % | Expected dividend yield | | | 0 | | | | 0 | | Expected term (in years) | | | 7 | | | | 7 | | Expected volatility | | | 219.7 - 240.9 | % | | | 202.5 | % |
Additionally, a beneficial conversion feature of $56,531 was determined to exist, which represented the lesser of the conversion price of the convertible instrument or the per share fair value of the underlying stock into which it is convertible. The fair value of the warrants and the beneficial conversion feature, which together consumed the value of the net proceeds, were charged to additional paid in capital at the date of issuance. At May 31, 2023, the Company had outstanding convertible notes payable of $604,180, less remaining unamortized discounts of $493,362 for a net liability of $110,818. The Company recognized a total of $90,456 and $137,818 of discount amortization to interest expense during the three and nine months ended May 31, 2023, respectively.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
May 31, 2023 |
RELATED PARTY TRANSACTIONS |
|
RELATED PARTY TRANSACTIONS |
NOTE 5 – RELATED PARTY TRANSACTIONS The Company has a contract with two consulting and pharmaceutical firms owned by the former Chief Science Officer, Salzman Group LLC and Herring Creek Pharmaceuticals, under which research and development activities are performed on behalf of the Company. During the fiscal year 2022, the Company paid $150,000 for a security deposit, $131,500 for research and development fees and assumed $67,000 in a liability from ST Biosciences at the acquisition of the assets described in Note 3 - Asset Acquisition. The $67,000 liability was released during the period and was credited to the Mioxal intangible asset. As of May 31, 2023, and August 31, 2022, the Company owed $-0- and $2,665 to these two firms and owed salary of $30,769 and $4,615 to Dr. Salzman. As of May 31, 2023 and August 31, 2022, the Company owed salary of $76,154 and $11,538, respectively, to Jason Frankovich, a former director. During the nine months ended May 31, 2023, the Company entered into an agreement with a former director for a payment of $80,000 and 100,000 common shares in exchange for a release of unpaid services. Resulting in a gain of $170,857 at May 31, 2023.
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
LEASE LIABILITY
|
9 Months Ended |
May 31, 2023 |
LEASE LIABILITY |
|
LEASE LIABILITY |
NOTE 6 – LEASE LIABILITY On January 1, 2022, we adopted ASC Topic 842 – Leases. Under this new guidance, lessees are required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases. Upon adoption, we recognized operating lease right-of-use (“ROU”) assets and corresponding lease liabilities of $619,825. Lessee accounting We determine if an arrangement is or contains a lease at inception. Our assessment is based on (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period and (3) whether we have the right to direct the use of the asset. Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: the lease transfers ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to be exercised, the lease term is for the majority of the remaining useful life of the asset or the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any one of these criteria. The lease classification affects the expense recognition in the income statement. Operating lease costs are recorded entirely in operating expenses. Finance lease costs are split, where amortization of the ROU asset is recorded in operating expenses and an implied interest component is recorded in interest expense. Under the guidance of ASC 842, operating leases are included in right-of-use assets, current lease liabilities, and noncurrent lease liabilities on our balance sheets. ROU assets and lease liabilities are recognized at commencement date based on the present value of the future minimum lease payments over the lease term. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at transition date in determining the present value of future payments. The ROU asset includes any lease payments made but excludes lease incentives and initial direct costs incurred, if any. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Lease extensions Many leases have options to either extend or terminate the lease. In determining the lease term, we considered all available contract extensions that are reasonably certain of occurring. Operating leases On January 1, 2022, the Company entered into an operating lease for office space. The lease is effective for 3 years from the commencement date with automatic renewal at the expiration date. The lease agreement may be terminated earlier upon ninety days’ prior written notice by either party. The lease requires adjustment upon renewal with an increase to the monthly rent by 10% of the monthly rent due for the month preceding such renewal date or market rate, whichever is the greater amount. The following table summarizes balance sheet data related to leases at May 31, 2023 and August 31, 2022: | | May 31, 2023 | | | August 31, 2022 | | Assets | | | | | | | Operating lease right of use assets | | $ | - | | | $ | 619,825 | | Less accumulated depreciation | | | - | | | | (137,739 | ) | Total operating lease right of use assets | | $ | - | | | $ | 482,086 | | | | | | | | | | | Liabilities | | | | | | | | | Operating lease liability, current | | $ | - | | | $ | 199,203 | | Operating lease liability, noncurrent | | | - | | | | 298,423 | | Total lease liabilities | | $ | - | | | $ | 497,626 | |
The Company was unable to pay its December 2022 lease payment and the owner has sought legal action. The Company was served with a summons in December 2022. The summons seeks a judgment of $480,000 plus interest at 5%. The lease was terminated as of December 1, 2022, and a gain on termination of $19,236 was recorded during the six months ended February 28, 2023. At February 28, 2023, the Company accrued $484,668, which includes $4,668 for interest, for the legal claim sought by the owner. The legal action is ongoing and the full amount the Company is required to pay may vary from what is accrued.
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v3.23.2
STOCKHOLDERS EQUITY
|
9 Months Ended |
May 31, 2023 |
STOCKHOLDERS EQUITY |
|
STOCKHOLDERS EQUITY |
NOTE 7 – STOCKHOLDERS’ EQUITY Dividends During the year ended August 31, 2018, the Company issued Series A Convertible Preferred Stock, which accrues dividends at a rate of 5% annually. The Company exchanged the Series A Convertible Preferred for Series B Preferred Stock. As a result of the Exchange agreement, the dividends on the Series A Convertible Preferred Stock was reduced to $0 in the accompanying condensed consolidated balance sheets. The Series B and Series B-1 Convertible Preferred Stock accrues dividends at a rate of 10% annually. There was $1,521,171 and $837,798 of dividends payable at May 31, 2023 and August 31, 2022, respectively. The dividends have not been declared and are accrued in the accompanying unaudited condensed consolidated balance sheets as a result of a contractual obligation in the Company’s Series B and Series B-1 Preferred Stock offering. Preferred Stock There were no shares of Series A Convertible Preferred Stock issued and outstanding as of May 31, 2023 and August 31, 2022. There were 2,694,514 shares of Series B Convertible Preferred Stock issued and outstanding as of May 31, 2023, and August 31, 2022, respectively. There were 5,389,028 shares of Series B-1 Convertible Preferred Stock issued and outstanding as of May 31, 2023, and August 31, 2022, respectively. Deemed Dividend related to Series B and B-1 Convertible Preferred Stock Down Round Provision The Series B and Series B-1 Convertible Preferred Stock issued contain a down round provision. During the nine months ended May 31, 2023, the Company entered into an agreement to issue common shares at $0.225 per share. Pursuant to the down round provision, the conversion price of the Series B and Series B-1 Convertible Preferred Stock was reduced to $0.225 per share at February 28, 2023. In addition, the Company recognized a deemed dividend (i.e., a reduction to retained earnings, or in absence of retained earnings, additional paid-in capital) of $7,180,301 at May 31, 2023. The deemed dividend represents the value attributed to the increase in shares of common stock that preferred shareholders will receive as a result of the issuance of common shares in February 2023, which was deemed to be a down round and triggered the anti-dilution provisions associated with our convertible preferred stock. Common Stock The Company is authorized to issue up to 200,000,000 shares of $0.001 par value common stock. As discussed in Note 3 – Asset Acquisition, on November 9, 2021, the Company completed the acquisition of all of the assets, including intellectual property assets, relating to Mioxal®, a nutraceutical complex composed of essential amino acids, natural coenzymes and minerals, and assumed certain liabilities held by ST Biosciences, Ltd., a company organized under the laws of England and Wales (“STB”). As part consideration for the acquisition, STB was issued 19,831,623 shares of common stock valued at $40,654,827 or $2.05 per share. With the disposition of the Mioxal® asset, certain shareholders of the Company transferred 350,000 common shares to Ingenius. During the three months ended May 31, 2023, the Company issued 450,000 of common stock to employees and a former Director of the Company. Included in the issuance was 100,000 shares previously classified as to be issued shares with a value of $22,500. The expense associated with the issuance is included in general and administrative expense on the condensed consolidated statements of operations (unaudited). There were 20,470,239 and 20,020,239 common shares issued and outstanding as of May 31, 2023, and August 31, 2022. Warrants During the nine months ended May 31, 2023, the Company issued 7,552,320 warrants as part of the convertible notes financing, see Note 4 – Notes Payable. At May 31, 2023, the warrants had an intrinsic value of approximately $778,000. At May 31, 2023 and 2022, the following warrants were outstanding: | | Number of warrants | | | Weighted average exercise price | | | Weighted average term remaining (years) | | Balance, August 31, 2022 | | | - | | | $ | - | | | | - | | Issued | | | 7,552,320 | | | | 0.08 | | | | 6.7 | | Balance, May 31, 2023 | | | 7,552,320 | | | $ | 0.08 | | | | 6.7 | | | | | | | | | | | | | | | Balance, August 31, 2021 | | | - | | | $ | - | | | | - | | Balance, May 31, 2022 | | | - | | | $ | - | | | | - | |
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
May 31, 2023 |
Commitments and contingencies (Note 8) |
|
COMMITMENTS AND CONTINGENCIES |
NOTE 8 – COMMITMENTS AND CONTINGENCIES On September 30, 2022, a party identified as New You Inc. filed a complaint with the District Court of Clark County, Nevada against Innovation 1 Biotech, Inc, ST Biosciences LTD, Jeffrey Kraws and Jason Frankovich. The complaint alleges that during Mr. Frankovich’s service to New You Inc. as Chairman of the Board of Directors, concurrent with Mr. Frankovich’s and Mr. Kraws’s services as executives of ST Biosciences LTD, Mr. Frankovich converted funds away from New You Inc. to satisfy obligations of ST Biosciences LTD and/or Innovation1 and/or to enrich Frankovich and Kraws. The amount of the claim is a total of $249,020 plus damages in excess of $30,000 and includes a claim for legal fees. The Company’s legal firm has evaluated the claims of the complaint and together with Innovation1 management believes the claims to be without merit. The Company intends to defend against the complaint and believes any potential liability to be $0. On December 19, 2022, a party identified as 40 Wall Street Suites LLC, filed a complaint with the Supreme Court of New York County, New York against Innovation1 Biotech, Inc. The complaint alleges that Innovation1 failed to pay the December lease payment and therefore is responsible for payment of the remaining lease plus interest. The Company intends to defend against the complaint; however, has accrued the potential liability as stated in the claim of $484,668 at May 31, 2023. On April 21, 2023, a party identified as Greenfingers LLC A/A/O Simon D. Roffe, entered into a judgement in the Supreme Court of New York County, New York against Innovation1 Biotech Inc. in the amount of $264,617.26 plus post-judgement interest from the date of entry for failure to turn over shares of Jason Frankovich, a former director of the Company. The Company intends to defend against the complaint and believes any potential liability to be $0.
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v3.23.2
SUBSEQUENT EVENTS
|
9 Months Ended |
May 31, 2023 |
SUBSEQUENT EVENTS |
|
SUBSEQUENT EVENTS |
NOTE 9 – SUBSEQUENT EVENTS The Company evaluates events that have occurred after the balance sheet date of May 31, 2023, through the date which the unaudited condensed consolidated financial statements were filed. Based upon the review, other than described below, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements. Subsequent to May 31, 2023, the Company entered into a private placement and received net cash proceeds of $66,891, after the original issue discount of $11,805, from secured convertible promissory notes with attached $0.08 warrants to purchase up to 983,639 shares of common stock. Each note is discounted 15% with a maturity date of 13 months from original issuance. The notes bear interest of 8% per annum to be paid monthly and a conversion price of $0.08 per share. The warrants are exercisable for a period of seven years at an exercise price of $0.08 per share.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
May 31, 2023 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|
Basis of presentation |
This summary of accounting policies for Innovation1 is presented to assist in understanding the Company’s financial statements. The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“US GAAP”), which have been consistently applied in the preparation of the financial statements. The accompanying unaudited financial information as of and for the three and nine months ended May 31, 2023, and 2022 has been prepared in accordance with US GAAP for interim financial information and with the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, such financial information includes all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial position at such date and the operating results and cash flows for such periods. Operating results for the three and nine months ended May 31, 2023, are not necessarily indicative of the results that may be expected for the entire year or for any other subsequent interim period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to the rules of the U.S. Securities and Exchange Commission, or the SEC. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with our audited financial statements for the year ended August 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2022. The consolidated balance sheet at August 31, 2022 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles in the U.S. for complete financial statements.
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Cash and cash equivalents |
The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. The Company did not have any cash equivalents as of May 31, 2023, and August 31, 2022.
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Fair Value of Financial Instruments |
Fair value of certain of the Company’s financial instruments including cash, prepaid expenses, accounts payable, accrued expenses, notes payable, and other accrued liabilities approximate cost because of their short maturities. The Company measures and reports fair value in accordance with ASC 820, “Fair Value Measurements and Disclosure” defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value investments. Fair value, as defined in ASC 820, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, principal (or most advantageous) markets, and an in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, the Company’s credit risk. Valuation techniques are generally classified into three categories: the market approach; the income approach; and the cost approach. The selection and application of one or more of the techniques may require significant judgment and are primarily dependent upon the characteristics of the asset or liability, and the quality and availability of inputs. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also provides fair value hierarchy for inputs and resulting measurement as follows: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3: Unobservable inputs for the asset or liability that are supported by little or no market activity, and that are significant to the fair values. Fair value measurements are required to be disclosed by the Level within the fair value hierarchy in which the fair value measurements in their entirety fall. Fair value measurements using significant unobservable inputs (in Level 3 measurements) are subject to expanded disclosure requirements including a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings, and a description of where those gains or losses included in earning are reported in the statement of income. The Company did not have any Level 1 or Level 2 assets and liabilities at May 31, 2023 and August 31, 2022. All financial assets and liabilities approximate fair value.
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Other receivable |
During the year ended August 31, 2022, the Company discovered duplicate withdrawals from its payroll processing company and has recorded a receivable on its unaudited condensed consolidated balance sheet at May 31, 2023. At the close of the May 31, 2023, quarter, these funds have not yet been reimbursed. There was $56,421 outstanding receivable as of May 31, 2023, and August 31, 2022.
|
Property and Equipment |
Property and equipment are carried at cost. Expenditures for maintenance and repairs are expensed in the period incurred. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period. Depreciation is computed for financial statement purposes on a straight-line basis over estimated useful lives of the related assets and the modified accelerated cost recovery system for federal income tax purposes. The estimated useful lives of depreciable computers and other equipment are three years. With the asset acquisition as discussed in Note 3 – Asset Acquisition the Company wrote off the remaining property and equipment as impaired in the accompanying statement of operations during the year ended August 31, 2022. Depreciation expenses was $262 and $261 for the three months ended May 31, 2023, and 2022, respectively. Depreciation expense was $784 and $261 for the nine months ended May 31, 2023, and 2022, respectively.
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Basic and Diluted Income (Loss) Per Share |
Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The Series B and Series B1 convertible preferred shares would convert to 35,926,853 and 8,083,542 shares of the Company’s common at May 31, 2023, and 2022, respectively. The Company would calculate diluted earnings per share by dividing the Company’s net income available to common shareholders less preferred dividends by the diluted weighted average number of shares outstanding during the period. For the three and nine month periods ended May 31, 2023, and 2022, potentially dilutive convertible preferred stock were excluded from the computation of diluted loss per share because they were anti-dilutive due to net losses in those periods.
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Recently Issued Accounting Standards |
As of May 31, 2023, there were several new accounting pronouncements issued by the Financial Accounting Standards Board. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements.
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v3.23.2
ASSET ACQUISITION (Tables)
|
9 Months Ended |
May 31, 2023 |
ASSET ACQUISITION |
|
Sechdule of Fair Value of assets and liabilities |
Mioxal® | | $ | 81,249,827 | | Other intangible assets | | | 178,000 | | Less liabilities assumed: | | | | | Mioxal® liability assumed | | | (39,500,000 | ) | Other liabilities assumed | | | (423,000 | ) | Net value acquired in asset acquisition | | $ | 41,504,827 | |
|
Impairment of Intangible Assets |
Valuation at the sale of Mioxal: | | | | Cash to be received by the Company | | $ | 100,000 | | FV of 350,000 shares transferred to Buyer from third parties ($0.13 per share) | | | (45,500 | ) | Debt assumed/forgiven by Buyer | | | 39,500,000 | | NPV of estimated future royalty cash stream | | | 3,425,576 | | Total estimated value of intangible assets at August 31, 2022 | | | 42,980,076 | | Carrying value of intangible assets at August 31, 2022 | | $ | 78,742,626 | | Impairment expense at August 31, 2022 on intangible assets | | $ | (35,762,550 | ) |
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v3.23.2
LEASE LIABILITY (Tables)
|
9 Months Ended |
May 31, 2023 |
LEASE LIABILITY |
|
Summary of balance sheet data related to leases |
| | May 31, 2023 | | | August 31, 2022 | | Assets | | | | | | | Operating lease right of use assets | | $ | - | | | $ | 619,825 | | Less accumulated depreciation | | | - | | | | (137,739 | ) | Total operating lease right of use assets | | $ | - | | | $ | 482,086 | | | | | | | | | | | Liabilities | | | | | | | | | Operating lease liability, current | | $ | - | | | $ | 199,203 | | Operating lease liability, noncurrent | | | - | | | | 298,423 | | Total lease liabilities | | $ | - | | | $ | 497,626 | |
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v3.23.2
STOCKHOLDERS EQUITY (Tables)
|
9 Months Ended |
May 31, 2023 |
STOCKHOLDERS EQUITY |
|
Schedule of outstanding warrants |
| | Number of warrants | | | Weighted average exercise price | | | Weighted average term remaining (years) | | Balance, August 31, 2022 | | | - | | | $ | - | | | | - | | Issued | | | 7,552,320 | | | | 0.08 | | | | 6.7 | | Balance, May 31, 2023 | | | 7,552,320 | | | $ | 0.08 | | | | 6.7 | | | | | | | | | | | | | | | Balance, August 31, 2021 | | | - | | | $ | - | | | | - | | Balance, May 31, 2022 | | | - | | | $ | - | | | | - | |
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v3.23.2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
May 31, 2023 |
Feb. 28, 2023 |
Nov. 30, 2022 |
May 31, 2022 |
Feb. 28, 2022 |
Nov. 30, 2021 |
May 31, 2023 |
May 31, 2022 |
Aug. 31, 2022 |
ORGANIZATION AND DESCRIPTION OF BUSINESS |
|
|
|
|
|
|
|
|
|
Net loss |
$ (298,857)
|
$ (603,390)
|
$ (631,666)
|
$ (1,609,876)
|
$ (1,779,054)
|
$ (239,853)
|
$ (1,533,913)
|
$ (3,628,782)
|
|
Working capital deficit |
(2,330,924)
|
|
|
|
|
|
(2,330,924)
|
|
|
Accumulated Deficit |
$ (53,948,630)
|
|
|
|
|
|
$ (53,948,630)
|
|
$ (44,551,043)
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
Aug. 31, 2022 |
Outstanding accounts receivable |
$ 56,421
|
|
$ 56,421
|
|
$ 56,421
|
Depreciation expense |
$ 262
|
$ 261
|
$ 784
|
$ 261
|
|
Preferred Stock - Series B1 |
|
|
|
|
|
Common stock issued upon conversion of preferred stock |
|
|
35,926,853
|
8,083,542
|
|
X |
- DefinitionAmount, before allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.
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v3.23.2
ASSET ACQUISITION (Details 1)
|
9 Months Ended |
May 31, 2023
USD ($)
|
ASSET ACQUISITION |
|
Cash to be received by the Company |
$ 100,000
|
FV of 350,000 shares transferred to Buyer from third parties ($0.13 per share) |
(45,500)
|
Debt assumed/forgiven by Buyer |
39,500,000
|
NPV of estimated future royalty cash stream |
3,425,576
|
Total estimated value of intangible assets at August 31, 2022 |
42,980,076
|
Carrying value of intangible assets at August 31, 2022 |
78,742,626
|
Impairment expense at August 31, 2022 on intangible assets |
$ (35,762,550)
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v3.23.2
ASSET ACQUISITION (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
Nov. 07, 2022 |
Sep. 10, 2022 |
May 31, 2023 |
Aug. 31, 2022 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
Aug. 31, 2022 |
Sep. 10, 2021 |
Impairment expenses |
|
|
|
$ 17,598
|
|
|
|
$ 35,780,148
|
|
Interest on royalty, percentage |
|
8.00%
|
|
|
|
|
|
|
|
Intangible assets |
|
|
|
|
|
|
|
$ 28,773
|
|
Common stock shares outstanding |
|
|
20,470,239
|
20,020,239
|
|
20,470,239
|
|
20,020,239
|
|
Common stock, shares par value |
|
|
$ 0.001
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
|
Common stock shares issued |
|
|
20,470,239
|
20,020,239
|
|
20,470,239
|
|
20,020,239
|
|
Intangible assets |
|
|
$ 0
|
|
$ 848,613
|
$ 0
|
$ 1,697,226
|
|
|
Series B-1, Convertible Preferred Stock | Tranche One [Member] |
|
|
|
|
|
|
|
|
|
Common Stock issued for asset purchase, amount |
|
|
|
|
|
500,000
|
|
|
|
Mioxal [Member] |
|
|
|
|
|
|
|
|
|
Amortization costs |
|
|
|
$ 846,494
|
|
$ 41,504,827
|
|
$ 2,539,483
|
|
Mioxal [Member] | Other Intangible Assets[Member] |
|
|
|
|
|
|
|
|
|
Amortization costs |
|
|
|
$ 2,119
|
|
|
|
6,357
|
|
Useful life asset |
|
|
|
|
|
21 years
|
|
|
|
Intangible assets |
|
|
|
|
|
$ 178,000
|
|
|
|
Ingenius Biotech SL [Member] | Mioxal [Member] |
|
|
|
|
|
|
|
|
|
Interest on royalty, percentage |
5.00%
|
|
|
|
|
|
|
|
|
Common stock shares outstanding |
350,000
|
|
|
|
|
|
|
|
|
Cash |
$ 100,000
|
|
|
|
|
|
|
|
|
Recognized royalty asset description |
|
|
|
|
|
The assumptions used for estimated future royalty cash stream included 1) 5% royalty on gross margin for a five-year period of estimated sales in the United States, with a two-year introductory delay in taking the product to market, 2) a similar royalty on international sales, with an additional two-year introductory delay and an increased cost of 15% for additive distribution costs, 3) an estimate of approximately 200,000 units sold in year 1 of the projected royalty stream for a total sales estimate of approximately $7,500,000, and 4) sales growth rates of 100% for each of the years 2 through 4, decreasing to 60% in year 5. Growth rate in any subsequent year would be expected to drop off significantly or to 0%, however, those possible future years are not included in the project revenues, costs or gross merging. The projections of foundational sales volumes, revenues and costs were performed by industry experts in January 2022 as part of an independent product evaluation
|
|
|
|
Recognized royalty asset |
3,380,076
|
|
|
|
|
|
|
|
|
Payment to party |
$ 100,000
|
|
|
|
|
|
|
|
|
S T Bio Sciences Ltd |
|
|
|
|
|
|
|
|
|
Common Stock issued for asset purchase, amount |
|
|
|
|
|
|
|
42,980,076
|
|
Amortization costs |
|
|
|
|
|
|
|
38,638
|
|
Cash consideration paid |
|
|
|
|
|
|
|
|
$ 3,500,000
|
Common stock, shares par value |
|
|
|
|
|
|
|
|
$ 2.05
|
Impereiment expenses |
|
|
|
|
|
|
|
$ 35,762,550
|
|
Common stock shares issued |
|
|
|
|
|
|
|
|
19,831,623
|
S T Bio Sciences Ltd | Tranche One [Member] |
|
|
|
|
|
|
|
|
|
Amount received |
|
|
|
|
|
|
|
|
$ 4,000,000
|
S T Bio Sciences Ltd | Tranche Two [Member] |
|
|
|
|
|
|
|
|
|
Amount received |
|
|
|
|
|
|
|
|
5,000,000
|
Ingenius Biotech [Member] |
|
|
|
|
|
|
|
|
|
Current and long-term liabilities |
|
|
|
|
|
|
|
|
39,500,000
|
Ingenius Biotech [Member] | April 15, 2022 [Member] |
|
|
|
|
|
|
|
|
|
Amount received |
|
|
|
|
|
|
|
|
15,000,000
|
Ingenius Biotech [Member] | January 15, 2022 [Member] |
|
|
|
|
|
|
|
|
|
Asset acquisition first installment |
|
|
|
|
|
|
|
|
1,500,000
|
Asset acquisition thereafter |
|
|
|
|
|
|
|
|
3,500,000
|
Ramaining amount |
|
|
|
|
|
|
|
|
$ 1,500,000
|
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v3.23.2
NOTES PAYABLE (Details Narrative) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
|
|
Sep. 14, 2017 |
May 31, 2023 |
Feb. 28, 2022 |
May 31, 2023 |
May 31, 2022 |
Dec. 31, 2022 |
Aug. 31, 2022 |
Promisory notes payable |
|
|
|
|
|
$ 480,000
|
|
Outstanding convertible note payable |
|
|
|
$ 604,180
|
|
|
|
Notes payable, interest rate |
|
|
|
|
|
5.00%
|
|
Unamortized debt discounts |
|
$ 493,362
|
|
493,362
|
|
|
|
Discount amortization of interest expense |
|
90,456
|
|
137,818
|
|
|
|
Beneficial conversion of convertible note payable |
|
|
|
$ 56,531
|
|
|
|
Interest rate |
|
|
|
8.00%
|
|
|
|
Convertible note payble |
|
110,818
|
|
$ 110,818
|
|
|
$ 0
|
Net liability |
|
110,818
|
|
110,818
|
|
|
|
Short-Term Debts |
|
|
|
|
|
|
|
Promisory notes payable |
$ 10,000
|
|
|
|
|
|
|
Notes payable, interest rate |
5.00%
|
|
|
|
|
|
|
Debt instrument, maturity date |
Sep. 15, 2018
|
|
|
|
|
|
|
Accrued interest |
|
12,856
|
|
12,856
|
|
|
$ 12,482
|
Interest expense |
|
$ 126
|
$ 126
|
374
|
$ 374
|
|
|
Convertible Notes Payable [Member] |
|
|
|
|
|
|
|
Proceeds from net cash private palcement |
|
|
|
$ 300,000
|
|
|
|
Interest rate |
|
|
|
8.00%
|
|
|
|
Purchase of warrants price per share |
|
$ 0.08
|
|
$ 0.08
|
|
|
|
Warrants purchase shares |
|
|
|
4,411,764
|
|
|
|
Discount rate |
|
|
|
15.00%
|
|
|
|
Maturity date |
|
|
|
18 months
|
|
|
|
Debt conversion price |
|
|
|
$ 0.08
|
|
|
|
Warrants exercise price |
|
|
|
$ 0.08
|
|
|
|
Debt discount |
|
|
|
$ 37,684
|
|
|
|
Debt cash proceeds |
|
|
|
$ 213,558
|
|
|
|
Warrants issued |
|
|
|
3,140,556
|
|
|
|
Issuance of fair value of warrants |
|
|
|
$ 157,206
|
|
|
|
Convertible note payble |
|
$ 251,242
|
|
$ 251,242
|
|
|
|
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
Aug. 31, 2022 |
Gain on extinguishments of debt |
$ 0
|
$ 0
|
$ (170,857)
|
$ (143,956)
|
|
Research and development fee |
0
|
$ 0
|
15,000
|
$ 0
|
|
Former Chief Science Officer [Member] |
|
|
|
|
|
Due to related parties |
30,769
|
|
30,769
|
|
$ 4,615
|
Former Director [Member] |
|
|
|
|
|
Due to related parties |
76,154
|
|
76,154
|
|
11,538
|
Amount due in exchange for a release of unpaid services |
|
|
$ 80,000
|
|
|
Common shares issued in exchange for release of unpaid services |
|
|
100,000
|
|
|
Gain on extinguishments of debt |
|
|
$ (170,857)
|
|
|
ST Bioscience [Member] |
|
|
|
|
|
Security deposit |
|
|
|
|
150,000
|
Liability amount |
|
|
67,000
|
|
|
Research and development fee |
|
|
131,500
|
|
|
Mioxal [Member] |
|
|
|
|
|
Due to related parties |
$ 0
|
|
0
|
|
$ 2,665
|
Liability amount released |
|
|
$ 67,000
|
|
|
X |
- References
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v3.23.2
LEASE LIABILITY (Details) - USD ($)
|
May 31, 2023 |
Aug. 31, 2022 |
LEASE LIABILITY |
|
|
Operating lease right of use assets |
$ 0
|
$ 619,825
|
Less accumulated depreciation |
0
|
(137,739)
|
Total operating lease right of use assets |
0
|
482,086
|
Operating lease liability, current |
0
|
199,203
|
Operating lease liability, noncurrent |
0
|
298,423
|
Total lease liabilities |
$ 0
|
$ 497,626
|
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v3.23.2
LEASE LIABILITY (Details Narrative) - USD ($)
|
9 Months Ended |
|
|
|
May 31, 2023 |
Feb. 28, 2023 |
Dec. 31, 2022 |
Jan. 01, 2022 |
LEASE LIABILITY |
|
|
|
|
Promisory notes payable |
|
|
$ 480,000
|
|
Notes payable, interest rate |
|
|
5.00%
|
|
Monthly rent, Description |
The lease requires adjustment upon renewal with an increase to the monthly rent by 10% of the monthly rent due for the month preceding such renewal date or market rate, whichever is the greater amount
|
|
|
|
Interest, for the legal claim sought by the owner |
|
$ 4,668
|
|
|
Lease liability |
|
|
|
$ 619,825
|
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|
$ 484,668
|
|
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v3.23.2
STOCKHOLDERS EQUITY (Details) - Warrants [Member] - $ / shares
|
9 Months Ended |
May 31, 2023 |
May 31, 2022 |
Number of shares, Issued |
7,552,320
|
0
|
Number of shares outstanding, ending balance |
7,552,320
|
|
Weighted average exercise price outstanding, beginning balance |
$ 0
|
$ 0
|
Weighted average exercise price outstanding, issued |
0.08
|
0
|
Weighted average exercise price outstanding, ending balance |
$ 0.08
|
$ 0
|
Weighted average remaining term outstanding, beginning balance |
0 years
|
0 years
|
Weighted average remaining term outstanding, issued |
6 years 8 months 12 days
|
|
Weighted average remaining term outstanding, ending balance |
6 years 8 months 12 days
|
0 years
|
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v3.23.2
STOCKHOLDERS EQUITY (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
|
|
May 31, 2023 |
May 31, 2023 |
Aug. 31, 2022 |
Nov. 09, 2021 |
Aug. 31, 2018 |
Common stock, shares par value |
$ 0.001
|
$ 0.001
|
$ 0.001
|
|
|
Common stock, shares authorized |
200,000,000
|
200,000,000
|
200,000,000
|
|
|
Common stock, shares issued |
20,470,239
|
20,470,239
|
20,020,239
|
|
|
Common stock, shares outstanding |
20,470,239
|
20,470,239
|
20,020,239
|
|
|
Shares to be issued |
100,000
|
|
|
|
|
Shares to be issued, value |
$ 22,500
|
|
|
|
|
Dividends payable |
1,521,171
|
$ 1,521,171
|
$ 837,798
|
|
|
Stock issued during period to employees |
450,000
|
|
|
|
|
STB [Member] |
|
|
|
|
|
Warrants, issued |
|
7,552,320
|
|
|
|
Dividends payable |
7,180,301
|
$ 7,180,301
|
|
|
|
Intrinsic value of warrant |
$ 778,000
|
$ 778,000
|
|
|
|
Shares issued |
|
|
|
19,831,623
|
|
Common stock transferred |
|
|
|
350,000
|
|
Common stock, price per share |
$ 0.225
|
$ 0.225
|
|
$ 2.05
|
|
Series B-1, Convertible Preferred Stock |
|
|
|
|
|
Preferred stock, shares issued |
5,389,028
|
5,389,028
|
5,389,028
|
|
|
Preferred stock, shares outstanding |
5,389,028
|
5,389,028
|
5,389,028
|
|
|
Series B-1, Convertible Preferred Stock | Tranche One [Member] |
|
|
|
|
|
Dividend interest rate |
|
|
|
|
10.00%
|
Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
Dividend interest rate |
|
|
|
|
5.00%
|
Series B Preferred Stock [Member] |
|
|
|
|
|
Preferred stock, shares issued |
2,694,514
|
2,694,514
|
2,694,514
|
|
|
Preferred stock, shares outstanding |
2,694,514
|
2,694,514
|
2,694,514
|
|
|
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Innovation1 Biotech (CE) (USOTC:IVBT)
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