0001477932-14-006024.txt : 20141113 0001477932-14-006024.hdr.sgml : 20141113 20141113103147 ACCESSION NUMBER: 0001477932-14-006024 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20140930 FILED AS OF DATE: 20141113 DATE AS OF CHANGE: 20141113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RenovaCare, Inc. CENTRAL INDEX KEY: 0001016708 STANDARD INDUSTRIAL CLASSIFICATION: OIL AND GAS FIELD EXPLORATION SERVICES [1382] IRS NUMBER: 980170247 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-30156 FILM NUMBER: 141216715 BUSINESS ADDRESS: STREET 1: 430 PARK AVE. STREET 2: SUITE 702 CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: (800) 755-5815 MAIL ADDRESS: STREET 1: 430 PARK AVE. STREET 2: SUITE 702 CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: Janus Resources, Inc. DATE OF NAME CHANGE: 20110110 FORMER COMPANY: FORMER CONFORMED NAME: ENTHEOS TECHNOLOGIES INC DATE OF NAME CHANGE: 20001002 FORMER COMPANY: FORMER CONFORMED NAME: WHATSONLINE COM INC DATE OF NAME CHANGE: 19990722 10-Q 1 rcar_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2014

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission file number 000-30156

RENOVACARE, INC.

(Exact name of registrant as specified in its charter)

Nevada		98-0384030
(State or other jurisdiction of incorporation)		(I.R.S. Employer Identification No.)

430 Park Avenue Suite 702 New York, NY 10022
(Address of principal executive offices)

800-755-5815

(Registrant’s telephone number, including area code)

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 x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in 12b-2 of the Exchange Act): Yes ¨ No x

As of November 13, 2014, the registrant had 66,575,122 shares of its common stock, par value $0.00001 per share, issued and outstanding.

RENOVACARE, INC.

FORM 10-Q

For The Quarter Ended September 30, 2014

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION		Page #

Item 1.	Financial Statements
	Consolidated Balance Sheets		3
	Consolidated Statements of Operations		4
	Consolidated Statements of Stockholders’ Equity		5
	Consolidated Statements of Cash Flows		6
	Notes to Consolidated Financial Statements		7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		16

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		22

Item 4.	Controls and Procedures		22

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings		23

Item 1A.	Risk Factors		23

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		23

Item 6.	Exhibits		24

	Signatures		25

PART I

Item 1. Financial Statements

RENOVACARE, INC.
CONSOLIDATED BALANCE SHEETS

	September 30,			December 31,
	2014			2013
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	889,795		$	1,508,843
Prepaid expenses		16,894			1,230
Other receivables		2,400			-
Total current assets		909,089			1,510,073

Note receivable from Duke Mountain		80,000			80,000
Intangible assets		162,854			162,854
Total assets	$	1,151,943		$	1,752,927

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	15,641		$	11,222
Accrued expenses - related parties		45,978			44,219
Other current liabilities		137,500			-
Total current liabilities		199,119			55,441

Long term liabilities
Other long term liabilities		237,500			-

Total liabilities	$	436,619		$	55,441

STOCKHOLDERS’ EQUITY
Preferred stock: $0.0001 par value: Authorized: 10,000,000 shares
Issued and outstanding: nil		-			-
Common stock: $0.00001 par value: Authorized: 500,000,000
Issued and outstanding: 66,575,122 shares		666			666
Additional paid-in capital		8,116,001			7,220,612
Accumulated deficit		(7,401,343	)		(5,523,792	)
Total stockholders’ equity		715,324			1,697,486
Total liabilities and stockholders’ equity	$	1,151,943		$	1,752,927

(The accompanying notes are an integral part of these consolidated financial statements)

RENOVACARE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2014			2013			2014			2013


Revenue	$	-		$	-		$	-		$	-

Expenses
Research and development expenses		902,219			-			956,719			-
General and administrative expenses		373,629			184,862			920,832			329,103
Total operating expenses		1,275,848			184,862			1,877,551			329,103

Net loss from continuing operations		(1,275,848	)		(184,862	)		(1,877,551	)		(329,103	)

Discontinued operations

Gain on disposal of oil and gas property		-			-			-			49,338

Gain (Loss) on discontinued operations		-			-			-			49,338
Net loss	$	(1,275,848	)	$	(184,862	)	$	(1,877,551	)	$	(279,765	)

Earnings per share - basic and diluted
Loss per common share continuing operations	$	(0.02	)		(0.00	)		(0.03	)		(0.01	)
Income (loss) per common share discontinued operations		0.00			0.00			0.00			0.00
Loss per common share	$	(0.02	)	$	(0.00	)	$	(0.03	)	$	(0.01	)

Weighted average shares outstanding		66,575,122			63,075,122			66,575,122			63,075,122

(The accompanying notes are an integral part of these consolidated financial statements)

RENOVACARE, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the nine months ended September 30, 2014 and the year ended December 31, 2013

(unaudited)

	Common Stock				Additional paid-in		Accumulated			Accumulated other comprehensive
	Shares		Amount		capital		deficit			(loss)			Total
Balance, December 31, 2012		63,075,122	$	631	$	5,462,236	$	(4,491,004	)	$	(4,104	)	$	967,759
Stock based compensation -Series A Warrant		-		-		237,971		-			-			237,971
Stock based compensation – options		-		-		15,440		-			-			15,440
Issuance of Units		3,500,000		35		1,504,965		-			-			1,505,000
Reclassification adjustment on disposal of subsidiary		-		-		-		-			4,104			4,104
Net loss December 31, 2013		-		-		-		(1,032,788	)		-			(1,032,788	)

Balance, December 31, 2013		66,575,122		666		7,220,612		(5,523,792	)		-			1,697,486
Stock based compensation - Series A Warrant		-		-		848,388		-			-			848,388
Stock based compensation – options		-		-		47,001		-			-			47,001
Net loss, September 30, 2014		-		-		-		(1,877,551	)		-			(1,877,551	)

Balance, September 30, 2014		66,575,122	$	666	$	8,116,001	$	(7,401,343	)	$	-		$	715,324

(The accompanying notes are an integral part of these consolidated financial statements)

RENOVACARE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	For the Nine Months Ended September 30,
	2014			2013
Cash flows from operating activities:
Net loss	$	(1,877,551	)	$	(279,765	)
Adjustments to reconcile net loss to
net cash flows from operating activities:
Stock based compensation expense		47,001			9,622
Stock based consulting expense		848,388			54,668
Gain on disposal of oil and gas properties		-			(49,338	)
Changes in operating assets and liabilities:
Decrease (increase) in receivables		(2,400	)		800
Decrease (increase) in prepaid expenses		(15,664	)		6,058
(Decrease) increase in accounts payable
and accrued expenses		6,178			83,313
(Decrease) increase in current liabilities		137,500			-
(Decrease) increase in long term liabilities		237,500			-
Net cash flows from operating activities		(619,048	)		(174,642	)

Cash flows from investing activities:

Proceeds from disposal of oil and gas properties		-			3,000
Acquisition of intellectual property		-			(105,854	)
Net cash flows from investing activities		-			(102,854	)

Change in cash and cash equivalents		(619,048	)		(277,496	)
Cash and cash equivalents, beginning of period		1,508,843			513,595
Cash and cash equivalents, end of period	$	889,795		$	236,099

(The accompanying notes are an integral part of these consolidated financial statements)

RENOVACARE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization, Nature and Continuance of Operations

RenovaCare, Inc., together with its wholly owned subsidiary (the “Company”), focuses on the acquisition, research, development and, if warranted, commercialization of autologous (using a patient’s own cells) cellular therapies that can be used for medical and aesthetic applications. The Company was previously involved in the exploration and development of both mineral exploration properties and oil and gas properties.

On July 12, 2013, the Company, through its wholly owned subsidiary, RenovaCare Sciences Corp. (“RenovaCare Sciences”), completed the acquisition of its flagship technology, a treatment methodology for skin isolation, spraying and associated equipment for the regeneration of human skin cells (the “Cell Deposition Device”), along with the associated United States patent applications and two (2) foreign patents, the first of which expires on August 22, 2027 and the second of which expires on April 26, 2031. The Company effected the acquisition of the Cell Deposition Device through an asset purchase agreement with Dr. Gerlach on July 12, 2013, and paid Dr. Gerlach an initial sum of $100,002 at that time. This asset purchase agreement was amended on September 9, 2014 (the “Amended APA”). Pursuant to the terms of the Amended APA, the Company is obligated to pay Dr. Gerlach an additional $300,000 in four installments: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017. Additionally, the Company issued to Dr. Gerlach a Series A Warrant allowing him to purchase up to 1,200,000 shares of our common stock at a purchase price of $0.35 per share.

The Company has recently incurred net operating losses and operating cash flow deficits. As of September 30, 2014, the Company’s total accumulated deficit is $7.4 million. The Company does not currently generate revenues and will continue to incur losses from operations and operating cash flow deficits in the future. Management believes that the Company’s cash and cash equivalent balances, anticipated cash flows from operations and other external sources of capital will be sufficient to meet the Company’s cash requirements through March 31, 2015. The future of the Company after March 2015 will depend in large part on its ability to successfully raise capital from external sources to fund operations.

2. Significant Accounting Policies

Basis of Presentation and Principles of Accounting

The interim consolidated financial statements included herein have been prepared by the Company, without audit, in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) pursuant to Part 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading.

In management’s opinion, the unaudited consolidated financial statements contained herein reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows on a basis consistent with that of the Company’s prior audited consolidated financial statements. The Company has evaluated information about subsequent events that became available to us through the date the financial statements were issued. This information relates to events, transactions or changes in circumstances that would require us to adjust the amounts reported in the financial statements or to disclose information about those events, transactions or changes in circumstances. However, the results of operations for interim periods may not be indicative of results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements, including the notes thereto for the year ended December 31, 2013, which may be found under the Company’s profile on EDGAR.

Principles of Consolidation

These consolidated financial statements have been prepared in accordance with US GAAP and include the accounts of the Company and its wholly owned subsidiary, RenovaCare Sciences. All significant intercompany transactions and balances have been eliminated. RenovaCare Sciences was incorporated under the laws of the State of Nevada on June 12, 2013.

Applicable Accounting Guidance

Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Board’s Accounting Standards Codification.

In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders’ equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company adopted ASU 2014-10 during the quarter ended June 30, 2014, thereby no longer presenting or disclosing any information required by Topic 915.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016 and is to be applied retrospectively. The Company does not currently have any revenue. As such, ASU 2014-09 will not have any effect on the Company’s results of operations and financial position. If the Company begins generating revenue prior to the effective date of ASU 2014-09, it will evaluate the effect that ASU 2014-09 will have on its results of operations and financial position.

Accounting Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results, as determined by future events, may differ from these estimates.

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may at times exceed federally insured limits.

Note Receivable from Duke Mountain

The note receivable from Duke Mountain Resources, Inc. (“Duke”) is unsecured, bears interest at 4.0% and principal and interest are due on December 31, 2015. The Company’s credit risk assessment is limited due to the related party nature of the arrangement.

Fair Value of Financial Instruments

The carrying amounts for cash and cash equivalents and current and long term liabilities approximate fair value based on observable quoted prices for active markets – Level 1 inputs. The carrying amount of the note receivable from Duke approximates fair value based on similar market inputs for interest rates for a specific creditor – Level 2 inputs.

Research and Development Costs

The Company intends to outsource its research and development efforts and expense related costs as incurred, including the cost of manufacturing product for testing, licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired will be capitalized as it relates to particular research and development projects that may have alternative future uses.

Intangible Assets

The intangible asset consists primarily of Cell Deposition Device technology that the Company acquired during 2013 and is recorded at cost. At the time of acquisition the technology had not reached technological feasibility. The amount capitalized is accounted for as an indefinite-lived intangible asset, subject to impairment testing until completion or abandonment. Upon successful completion, a determination will be made as to the then useful life of the intangible asset, generally determined by the period in which substantially all of the cash flows are expected to be generated, and begin amortization. The Company tests the intangible asset for impairment at least annually or more frequently if impairment indicators exist after performing a qualitative analysis. Management has multiple criteria that it considers when performing the qualitative analysis. The results of this review are then weighed and prioritized. If the totality of the relevant events and circumstances indicate that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount, additional impairment tests are not necessary.

The Company assessed the following qualitative factors that could affect any change in the fair value of the intangible asset: analysis of the technology’s current phase, additional testing necessary to bring the technology to market, development of competing products, changes in projections caused by delays, changes in regulations, changes in the market for the technology and changes in cost projections to bring the technology to market. Based on a qualitative assessment, management concluded that a positive assertion can be made from the qualitative assessment that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount.

Stock Options

The Company measures all stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk free interest rates.

Income Taxes

The Company recognizes income taxes on an accrual basis based on tax positions taken, or expected to be taken, in tax returns. A tax position is defined as a position in a previously filed tax return or a position expected to be taken in future tax filing that is reflected in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not (i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities. Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Company’s policy is to classify interest and penalties related to tax positions as interest expense. Since the Company’s inception, no such interest or penalties have been incurred. The Company did not record an income tax provision during the periods presented due to net taxable losses.

Discontinued Operations

The results of the Company’s oil and gas and mineral assets are being reported as discontinued operations as a result of the sale of the oil and gas properties in February 2013 and the sale of the Company’s subsidiary which controlled various mineral leases and claims in December 2013. Certain amounts reported in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income (loss).

Earnings (Loss) Per Share

The Company presents both basic and diluted earnings per share (“EPS”) amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. Potentially dilutive shares of common stock consisted of warrants to purchase shares of common stock (8,200,000 shares as of September 30, 2014 and December 31, 2013) and options to purchase shares of common stock (185,000 shares as of September 30, 2014 and 80,000 as of December 31, 2013). During the periods presented, potentially dilutive shares of common stock were not included in the computation of dilutive loss per share as to do so would be anti-dilutive.

Related Party Transactions

A related party is generally defined as (i) any person who holds 10% or more of the Company’s securities and their immediate families; (ii) the Company’s management; (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company; or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See “Note 6. Related Party Transactions,” for further discussion.

3. Intangible Assets – Intellectual Property

On July 12, 2013, the Company, together with its wholly owned subsidiary, RenovaCare Sciences, entered into an asset purchase agreement with Dr. Jörg Gerlach, MD, PhD, pursuant to which RenovaCare Sciences purchased all of Dr. Gerlach’s rights, title and interest in the Cell Deposition Device. The Company plans to further the development of the Cell Deposition Device and, if commercially viable, bring the product to market. This asset purchase agreement was amended on September 9, 2014 (the “Amended APA”). Pursuant to the terms of the Amended APA, upon the closing of the transaction in July 2013, the Company paid Dr. Gerlach $100,002. An additional $300,000 will be paid in four installments: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017.

At September 30, 2014, $100,000 of the amount payable to Dr. Gerlach was recorded as other current liabilities and $200,000 was recorded as other long term liabilities in the accompanying consolidated balance sheet.

As further consideration for the Cell Deposition Device, the Company issued to Dr. Gerlach a Series A Stock Purchase Warrant (the “Series A Warrant”) entitling him to purchase 1,200,000 shares (each a “Warrant Share”) of the Company’s common stock at an exercise price of $0.35 per share. Pursuant to the terms of the Amended APA, the Series A Warrant will now vest in five equal installments of 240,000 shares on each of July 12, 2014, July 12, 2015, July 12, 2016, July 12, 2017 and July 12, 2018. Vesting will no longer be contingent on the achievement of certain milestones and on Dr. Gerlach’s continuing to provide consulting services to the Company, but instead on passage of time. Prior to September 9, 2014, the effective date of the Amended APA, the value of the Series A Warrant was recognized as consulting expenses over the vesting term. In addition, the fair value of each Warrant Share was estimated at the end of each reporting period during which Dr. Gerlach rendered services using the Black-Scholes option pricing model. Effective September 9, 2014, the Company measured and expensed the value of the Series A Warrant in full and recorded this value as research and development costs. The fair value of each Warrant Share as of September 9, 2014, using the Black-Scholes option pricing model, was $0.91.

Assumptions required for the Black-Scholes model are as follows:

Weighted average risk-free interest rate	1.72		%
Expected life in years	4.75 Years
Weighted Avg Expected Volatility		93.8	%
Expected dividend yield		0	%

Consulting expense associated with the Series A Warrant amounted to $115,840 and $311,173 during the three and nine months ended September 30, 2014. Research and development expense associated with the Series A Warrant amounted to $537,217 during both the three and nine months ended September 30, 2014. Consulting expense associated with the Series A Warrant during both the three and nine months ended September 30, 2013 was $54,668.

4. Common Stock Option

Approval of the 2013 Long-Term Incentive Plan

On June 20, 2013, the Board of Directors (the “Board”) adopted, subject to receiving shareholder approval, the 2013 Long-Term Incentive Plan (the “Incentive Plan”). The Incentive Plan provides for the issuance of stock options of up to 20,000,000 shares (subject to adjustment) of the Company’s common stock to officers, directors, key employees and consultants of the Company. Options granted to employees under the Incentive Plan, including directors and officers who are employees, may be incentive stock options or non-qualified stock options; options granted to others under the Incentive Plan are limited to non-qualified stock options. On November 15, 2013, shareholders owning a majority of the Company’s issued and outstanding shares approved the Incentive Plan.

The Incentive Plan is administered by the Board or a committee designated by the Board. Subject to the provisions of the Incentive Plan, the Board has the authority to determine the officers, employees and consultants to whom options will be granted, the number of shares covered by each option, vesting rights and the terms and conditions of each option that is granted to them; however, no person may be granted in any of the Company’s fiscal year, options to purchase more than 2,000,000 shares under the Incentive Plan, and the aggregate fair market value (determined at the time the option is granted) of the shares with respect to which incentive stock options are exercisable for the first time by an optionee during any calendar year cannot exceed $100,000. Options granted pursuant to the Incentive Plan are exercisable no later than ten years after the date of grant.

The exercise price per share of common stock for options granted under the Incentive Plan will be the fair market value of the Company’s common stock on the date of grant, using the closing price of the Company’s common stock on the last trading day prior to the date of grant, except for incentive stock options granted to a holder of ten percent or more of the Company’s common stock, for whom the exercise price per share will not be less than 110% of the fair market value. No option can be granted under the Incentive Plan after June 20, 2023.

As of September 30, 2014, there were 19,815,000 shares available for grant.

Stock Option Activity

On August 1, 2013, the Company granted to each of Messrs. Kirkland and Sierchio 20,000 stock options. The exercise price per share is $0.65; 10,000 options vested on the grant date and, subject to continued service as a member of the Company’s Board, the remaining 10,000 options vested on August 1, 2014 and may be exercised on a “cashless basis” using the formula contained therein.

Effective December 1, 2013, the Company appointed Mr. Bold as its President & CEO and entered into an at-will consulting agreement (the “Consulting Agreement”) with Mr. Bold. Pursuant to the terms of the Consulting Agreement, Mr. Bold was issued a stock option to purchase up to 40,000 shares of the Company’s common stock (the “Option Shares”) at a price of $0.75 per share the closing price of the Company’s common stock as quoted on the OTCQB on November 29, 2013. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Mr. Bold’s continued service as the Company’s President and Chief Executive Officer, the Options Shares vest as follows, 20,000 on: (a) December 1, 2014; and (b) December 1, 2015.

On April 1, 2014, the Company appointed Ms. Patsy Trisler as its Vice President – Clinical & Regulatory Affairs and entered into an at-will consulting agreement (the “Trisler Consulting Agreement”) with Ms. Trisler. Pursuant to the terms of the Trisler Consulting Agreement, Ms. Trisler was issued Option Shares to purchase up to 50,000 shares of the Company’s common stock at a price of $1.05 per share, the closing price of the Company’s common stock as quoted on the OTCQB on April 1, 2014. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Ms. Trisler’s continued service as the Company’s Vice President – Clinical & Regulatory Affairs, the Options Shares vest as follows, 10,000 on: (a) April 1, 2015; (b) April 1, 2016; (c) April 1, 2017; (d) April 1, 2018; and (e) April 1, 2019.

On April 20, 2014, the Company appointed Andrew Danielson as its Director of Business Development and issued Mr. Danielson Option Shares to purchase 5,000 shares of the Company’s common stock at a price of $1.05 per share, the closing price of the Company’s common stock as quoted on the OTCQB on April 17, 2014. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Mr. Danielson’s continued service with the Company. The Options Shares vest on April 20, 2015.

On August 14, 2014, the Company granted to each of Messrs. Kirkland and Sierchio 20,000 stock options. The exercise price per share is $0.80; 10,000 options vested on the grant date and, subject to continued service as a member of the Company’s Board, the remaining 10,000 options vest on August 14, 2015 and may be exercised on a “cashless basis” using the formula contained therein.

On August 14, 2014, the Company granted to Ms. Rhonda Rosen, the Company’s Chief Financial Officer, 10,000 stock options. The exercise price per share is $0.80; 5,000 options vested on the grant date and, subject to her continued service as an executive of the Company, the remaining 5,000 options vest on August 14, 2015 and may be exercised on a “cashless basis” using the formula contained therein.

The following table summarizes stock option activity for the period ended September 30, 2014.

					Weighted
					Average
			Weighted		Remaining		Aggregate
	Options		Average		Contractual		Intrinsic
	Outstanding		Exercise Price		Life (Years)		Value
Balance January 1, 2014		80,000	$	0.70		9.03	$	40,000
Options granted		105,000		0.93		9.68	$	28,350
Balance September 30, 2014		185,000	$	0.83		9.40	$	68,350
Exercisable at September 30, 2014		65,000	$	0.70		9.26	$	22,500

The fair value of each stock option is estimated at the date of grant using the Black-Scholes option pricing model. The weighted-average fair value of stock options granted during 2013 was approximately $0.49 to $0.57 per share. The weighted average fair value of stock options granted during 2014 was $0.72 per share. Assumptions regarding volatility, expected term, dividend yield and risk-free interest rate are required for the Black-Scholes model. The volatility assumption is based on the Company’s historical experience. The risk-free interest rate is based on a U.S. treasury note with a maturity similar to the option award’s expected life. The expected life represents the average period of time that options granted are expected to be outstanding. The assumptions for volatility, expected life, dividend yield and risk-free interest rate are presented in the table below:

Weighted average risk-free interest rate	1.58 – 1.62		%
Expected life in years		5.50
Weighted Avg. Expected Volatility		94.4% - 105.3	%
Expected dividend yield		0	%

During the three and nine months ended September 30, 2014, stock-based compensation expense of $27,646 and $47,001, respectively, was recognized as general and administrative expenses. During the three and nine months ended September 30, 2013, stock based compensation of $8,793 and $9,622, respectively, was recognized as general and administrative expenses. There were 65,000 stock options vested and 120,000 unvested, as of September 30, 2014. As of September 30, 2014, the Company had $55,819 of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized by April 1, 2019.

The Company issues new shares when options are exercised.

5. Commitments

On August 1, 2013, the Company engaged Vector to assist the Company with identifying subject matter experts in the medical device and biotechnology industries and to assist the Company with its ongoing research, development and eventual commercialization of its Regeneration Technology (collectively, the “Services”). In consideration of the Services, the Company will pay Vector a monthly consulting fee of $5,000. The consulting agreement with Vector continues until December 31, 2014, unless earlier terminated by either party upon 5 days prior written notice.

In connection with the Company’s anticipated Section 510(k) submission of its proprietary Cell Deposition Device to the Food and Drug Administration, the Company has engaged StemCell System GmbH (“StemCell Systems”) to provide it with prototypes and related documents. Pursuant to this engagement the Company incurred expenses of $26,950 and $91,950 in the three and nine months ended September 30, 2014, respectively. The remaining payments are due prior to December 31, 2014, the exact timing of which is dependent on when the work is performed.

On September 25, 2014, the Company entered into a Charitable Grant Agreement with the University of Pittsburgh (the “University”), pursuant to which the Company committed to provide a charitable donation to the University in the aggregate amount of $75,000 (the “Grant”). The Company will pay the Grant in eight quarterly installments of $9,375, with the first payment made on or before October 2014 and the final payment to be made on or before July 31, 2016. Dr. Gerlach, from whom the Company purchased the Cell Deposition Device, is a professor at the University. At September 30, 2014, $37,500 of the amount payable to the University was recorded as other current liabilities and $37,500 was recorded as other long term liabilities in the accompanying consolidated balance sheet.

See also “Note 6. Related Party Transactions.”

6. Related Party Transactions

As compensation for their service on the Board, Dr. Kirkland and Mr. Sierchio will receive an annual retainer of $6,000, payable in equal yearly installments in arrears and prorated for any partial years of service. Additionally, on August 14, 2014, the Company granted to each of Dr. Kirkland and Mr. Sierchio an incentive stock options to purchase up to 20,000 shares of the Company’s common stock at an exercise price of $0.85 per share, the closing price of the Company’s common stock as quoted on the OTC Markets Group Inc. QB tier (the “OTCQB”) on the day prior to the grant. Subject to their continued service as a member of the Board, 10,000 of the option shares vest immediately and 10,000 of the option shares vest on the first anniversary of date of grant and may be exercised on a “cashless basis” using the formula contained therein.

Effective September 30, 2013, Ms. Rosen resigned as President and Chief Executive Officer and the Company entered into an At-Will Executive Services Agreement (the “Rosen Services Agreement”), pursuant to which Ms. Rosen will serve as the Company’s Chief Financial Officer. Pursuant to the Rosen Services Agreement, Ms. Rosen will provide the Company with services consistent with that of a Chief Financial Officer on a part-time basis, for which she will be paid a monthly fee of $2,400 and will be reimbursed for any business related expenses. The Rosen Services Agreement is terminable by either the Company or Ms. Rosen upon advance written notice. On August 14, 2014, the Company granted to Ms. Rhonda Rosen, the Company’s Chief Financial Officer, 10,000 stock options. The exercise price per share is $0.80; 5,000 options vested on the grant date and, subject to her continued service as an executive of the Company, the remaining 5,000 options vested on August 14, 2015 and may be exercised on a “cashless basis” using the formula contained therein.

On November 29, 2013, the Company entered into a subscription agreement with Kalen Capital Corporation (the “Investor”), a private Alberta corporation wholly owned by Mr. Harmel S. Rayat and a majority shareholder of the Company’s, pursuant to which the Investor purchased 3,500,000 Units at a purchase price of $0.43 per Unit, for an aggregate purchase amount of $1,505,000. Each Unit consists of: (a) one share of common stock; (b) one Series B Warrant exercisable for one share of Common Stock at an exercise price of $0.43 per share if exercised within the first eighteen months or $0.46 per share if exercised after the first eighteen months and prior to expiration on November 29, 2018; and (c) one Series C Warrant exercisable for one share of common stock at an exercise price of $0.43 per share if exercised within the first eighteen months or $0.49 per share if exercised after the first eighteen months and prior to expiration on November 29, 2018. Each of the Series B Warrant and Series C Warrant contains a provision allowing the holder to exercise the respective warrant on a cashless basis as further set forth therein. The Unit price of $0.43 represents a 30% discount to the 20 day average closing price of the Common Stock as quoted on the OTCQB as of October 31, 2013, the last trading date prior to us entering into a non-binding term sheet with the Investor regarding the purchase of the Units.

On December 1, 2013, the Company appointed Mr. Bold as its President & CEO and entered into the Consulting Agreement with Mr. Bold. Pursuant to the terms of the Consulting Agreement, Mr. Bold is expected to serve on a part-time basis and will receive an annual fee of $50,000, payable in 12 equal installments, which is prorated for any partial months during the term of the Consulting Agreement. In addition to Mr. Bold’s fee, he was issued Option Shares to purchase up to 40,000 shares of the Company’s common stock at a price of $0.75 per share the closing price of the Company’s common stock as quoted on the OTCQB on November 29, 2013. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Mr. Bold’s continued service as the Company’s President and Chief Executive Officer, vest as follows, 20,000 Options Shares on: (a) December 1, 2014; and (b) December 1, 2015.

On December 31, 2013, the Company completed the sale of 100% of the issued and outstanding shares of Fostung Resources to Duke for a promissory note in the amount of $80,000, which amount approximated the fair value of the leases and mining claims controlled by Fostung Resources, as concluded by an independent third-party geological consultant. Principal and interest at 4.0% are payable on December 31, 2015. Mr. Herdev S. Rayat, the majority shareholder of Duke, is the brother of Mr. Harmel S. Rayat, the Company’s majority shareholder.

On April 1, 2014, the Company appointed Ms. Patsy Trisler as its Vice President – Clinical & Regulatory Affairs and entered into the Trisler Consulting Agreement with Ms. Trisler. Pursuant to the terms of the Trisler Consulting Agreement, Ms. Trisler will receive a monthly fee of $5,000, which covers her services for up to 40 hours in any given month and will pay her an hourly fee of $125 for every hour in excess of forty, prorated for any partial hour. The Consulting Agreement may be terminated at any time by either Ms. Trisler or the Company. In addition to Ms. Trisler’s fee, she was issued Option Shares to purchase up to 50,000 shares of the Company’s common stock at a price of $1.05 per share, the closing price of the Company’s common stock as quoted on the OTCQB on March 31, 2014. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Ms. Trisler’s continued service as the Company’s Vice President – Clinical & Regulatory Affairs, vest as follows, 10,000 Options Shares on: (a) April 1, 2015; (b) April 1, 2016; (c) April 1, 2017; (d) April 1, 2018; and (e) April 1, 2019.

On April 20, 2014, the Company appointed Andrew Danielson as its Director of Business Development at an annual salary of $60,000. In addition Mr. Danielson was issued Option Shares to purchase 5,000 shares of the Company’s common stock at a price of $1.05 per share, the closing price of the Company’s common stock as quoted on the OTCQB on April 17, 2014. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Mr. Danielson’s continued service with the Company. The Options Shares vest on April 20, 2015.

For the three months ended September 30, 2014, directors’ and management fees, consulting fees and reimbursement of expenses incurred with respect to officers and directors of the Company were $37,945 (2013: $75,040). Legal fees incurred with respect to one of the Company’s directors in the three months ended September 30, 2014 were $34,945 (2013: $40,190). Amounts included in accounts payable and accrued expenses, and due to related parties, at September 30, 2014 were $13,400 (2013: $74,562).

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing elsewhere in this Quarterly Report filed on Form 10-Q. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors.

This discussion and analysis should be read in conjunction with the accompanying unaudited interim consolidated financial statements and related notes. The discussion and analysis of the financial condition and results of operations are based upon the unaudited interim consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of any contingent liabilities at the financial statement date and reported amounts of revenue and expenses during the reporting period. On an on-going basis we review our estimates and assumptions. The estimates were based on historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results are likely to differ from those estimates under different assumptions or conditions, but we do not believe such differences will materially affect our financial position or results of operations. Critical accounting policies, the policies us believes are most important to the presentation of its financial statements and require the most difficult, subjective and complex judgments, are outlined below in “Critical Accounting Policies,” and have not changed significantly.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, as well as information relating to RenovaCare, Inc. and its subsidiaries that is based on management’s exercise of business judgment and assumptions made by and information currently available to management. Although forward-looking statements in this Quarterly Report on Form 10-Q reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. When used in this document and other documents, releases and reports released by us, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “the facts suggest” and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect our current view of future events and are subject to certain risks and uncertainties as noted below. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. Actual events, transactions and results may materially differ from the anticipated events, transactions or results described in such statements. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. Many factors could cause actual results to differ materially from our forward looking statements and unknown, unidentified or unpredictable factors could materially and adversely impact our future results. We undertake no obligation and do not intend to update, revise or otherwise publicly release any revisions to our forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of any unanticipated events. Several of these factors include, without limitation:

	·	our ability to meet requisite regulations or receive regulatory approvals in the United States, and our ability to retain any regulatory approvals that we may obtain; and the absence of adverse regulatory developments in the United States and abroad;
	·	new entrance of competitive products or further penetration of existing products in our markets;
	·	the effect on us from adverse publicity related to our products or the company itself; and
	·	any adverse claims relating to our intellectual property.

The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, apply to forward-looking statements made by us. The reader is cautioned that no statements contained in this Form 10-Q should be construed as a guarantee or assurance of future performance or results. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including, without limitation, the risks described in this report and matters described in this report generally. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur.

Overview

RenovaCare, Inc. (formerly Janus Resources, Inc.) (together with its wholly owned subsidiary, “RenovaCare” “the Company” “we” “us” and “our”) was incorporated under the laws of the State of Nevada and has an authorized capital of 500,000,000 shares of $0.00001 par value common stock, of which 66,575,122 shares are outstanding as of November 13, 2014, and 10,000,000 shares of $0.0001 par value preferred stock, of which none are outstanding.

On January 7, 2014, we filed a Certificate of Amendment to Articles of Incorporation changing our name from “Janus Resources, Inc.” to “RenovaCare, Inc.” so as to more fully reflect our operations. The Financial Industry Regulatory Authority (“FINRA”) declared the name change effective as of January 9, 2014. In conjunction with the name change, we changed our stock symbol on the OTCQB from “JANI” to “RCAR”.

Our principal executive offices are located at 430 Park Avenue, Suite 702, New York, NY 10022. Our telephone number is (800) 755-5815.

As we are a smaller reporting company, we are not required to make certain disclosures otherwise required to be made in a Form 10-Q.

Description of Business

We are focusing on the acquisition, research, development and, if warranted, commercialization of autologous (using a patient’s own cells) cellular therapies that can be used for medical and aesthetic applications. On July 12, 2013, we, through our wholly owned subsidiary, RenovaCare Sciences Corp., completed the acquisition of our flagship technology, a treatment methodology for skin isolation, spraying and associated equipment for the regeneration of human skin cells (the “Cell Deposition Device”), along with the associated United States patent applications and two (2) foreign patents, the first of which expires on August 22, 2027 and the second of which expires on April 26, 2031. We effected the acquisition of the Cell Deposition Device through an asset purchase agreement with Dr. Gerlach (the “APA”). Pursuant to the terms of the APA, as amended on September 9, 2014, we paid Dr. Gerlach an initial sum of $100,000 and are obligated to pay him an additional $300,000 in four installments: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017. Additionally, we issued to Dr. Gerlach a Series A Warrant allowing him to purchase up to 1,200,000 shares of our common stock at a purchase price of $0.35 per share.

The average adult human has a skin surface area of between 16 - 21 square feet, which protects all other organs against the external environment. When a person’s skin is assailed by trauma or exposed to extreme heat, the skin’s various layers may be destroyed and depending on the severity of the injury, might cause life-threatening conditions. Currently, severe trauma to the skin, such as second or third degree burns, requires surgical mesh-grafting of skin, whereby healthy skin is removed from one area of the patient’s body (a “donor site”) and implanted on the damaged area. While mesh grafting is often the method of choice, we believe there are significant deficiencies with this method. The surgical procedure to remove healthy skin from the donor site can be painful and leaves the patient with a new wound that must also be attended to. In many instances the aesthetic results are not satisfying, as the color of the skin from the donor site may not match the skin color of the damaged skin. Additionally, since the ratio between the size of the wound area and the size of the donor site is quite low, i.e. the size of the skin removed must be substantially equal in size to the size of the damaged skin, the mesh-grafting approach is in many cases limited. Donor and injury sites can take weeks to heal, requiring expensive hospital stays, ongoing wound dressing management, and ever-changing anti-infection strategies.

We are currently evaluating the efficacy and potential of our Cell Deposition Device, in combination with our unique cell isolation method, in the treatment of tissue that has been subject to severe trauma such as second and third degree burns. In small scale clinical trials, the Cell Deposition Device and cell isolation methodology have shown the ability to regenerate a more natural and thicker skin. The Cell Deposition Device utilizes the patient’s own skin stem cells and is able to address much larger treatment areas and at the same time reduce the size of the donor site. Furthermore, we believe the Cell Deposition Device enables the effective treatment of other skin disorders with minimal scarring compared to skin grafting.

In a clinical study of 19 patients with deep dermal wound burns to the face and neck conducted in Berlin, Germany prior to our purchase of the Cell Deposition Device, researchers stated that, “careful surgical debridement and consecutive application of CEA [cultured epethilial autograft] suspensions using a spray technique results in excellent cosmetic outcomes compared with any other method.” The same researchers concluded that, “We refuse to perform a prospective randomized study with groups in which traditional skin grafting and/or wound healing are still applied for the therapy for deep dermal burns due to the excellent results in our study. The method of CEA spray application has become our standard of care for these indications. The faster wound closure, the promotion of spontaneous wound healing by keratinocyte application, as well as the preservation of donor sites are further advantages of the method.” (Hartmann MD, Bernd, et al, “Sprayed Cultured Epithelial Autografts for Deep Dermal Burns of the Face and Neck” Annals of Plastic Surgery, 58.1 (2007): 70-73. Print. emphasis added). The CEA spray application used by the researchers in the publication refers to the Cell Deposition Device and related cell isolation methodology; Dr. Gerlach assisted in the study.

The development of our Cell Deposition Device is in the early stage and we anticipate that we will be required to expend significant time and resources to further develop our technology and determine whether a commercially viable product can be developed. Research and development of new technologies involves a high degree of risk and there is no assurance that our development activities will result in a commercially viable product. The long-term profitability of our operations will be, in part, directly related to the cost and success of our development programs, which may be affected by a number of factors.

Strategy

Our ultimate goal is to leverage the potential of our Cell Deposition Device, together with our cell isolation method, as cutting edge treatments in skin therapy. Before we can do so, however, there are a number of steps we must first take, including:

	·	initiating a series of clinical trials to determine the Cell Deposition Device’s efficacy for treating wounds and burns;
	·	expanding the range of possible applications;
	·	formalizing collaborations with universities and scientific partners;
	·	creating a network of clinical and research partners; and
	·	achieving Food and Drug Administration (the “FDA”) and other regulatory approval.

Additionally, we will likely be required to raise significant capital in order to fund our ongoing research and development operations, and there is no guarantee that we will be able to raise on acceptable terms, if at all.

Results of Operations

Three and Nine Months Ended September 30, 2014 versus September 30, 2013

	For the Three Months Ended September 30,
	2014			2013			$ change			% change
Operating expenses
Research and development	$	902,219		$	-			902,219			100.0
General and administrative		373,629			184,862			188,767			102.1
Net loss from continuing operations		(1,275,848	)		(184,862	)		1,090,986			590.2
Discontinued operations
Gain (loss) on disposal of assets		-			-			-			-
Loss on disposal of subsidiary		-			-			-			-
Loss from discontinued operations		-			-			-			-
Net loss	$	(1,275,848	)	$	(184,862	)		(1,090,986	)		590.2

	For the Nine Months Ended September 30,
	2014			2013			$ change			% change
Operating expenses
Research and development	$	956,719		$	-			956,719			100.0
General and administrative		920,832			329,103			591,729			179.8
Net loss from continuing operations		(1,877,551	)		(329,103	)		1,548,448			470.5
Discontinued operations
Gain (loss) on disposal of assets		-			49,338			-			-
Loss from discontinued operations		-			49,338			(49,338	)		100.0
Net loss	$	(1,877,551	)	$	(279,765	)		(1,597,786	)		571.1

Continuing Operations

Our expenses consist primarily of research and development costs, professional fees and administrative costs. For the three months ended September 30, 2014 and 2013, research and development costs were $902,219 and $0, respectively; general and administrative expenses were $373,629 and $184,862, respectively. The research and development costs in the third quarter related primarily to the recognition of the value of the Series A Warrant in accordance with the terms of the Amended APA. The increase in general and administrative fees in the third quarter of 2014 of $188,767 was due primarily to a $75,000 expense related to the charitable contribution to the University, an increase of $61,172 in consulting expense related to Series A Warrant issued in July 2013 and to an increase in compensation expenses of $24,329.

As a result of the foregoing, net loss from continuing operations for three months ended September 30, 2014 and 2013 was $(1,275,848) and $(184,862), respectively.

Discontinued Operations

There was no activity in discontinued operations in the three months ended September 30, 2014 or September 30, 2013.

Net loss for the three months ended September 30, 2014 and 2013 were $(1,275,848) and $(184,862), respectively.

Liquidity and Capital Resources

We currently finance our activities primarily by the private placement of our equity securities. There is no assurance that equity funding will be accessible to us at the times and in the amounts required to fund our ongoing operations. There are many conditions beyond our control, which have a direct bearing on the level of investor interest in the purchase of our securities. We do not have any agreements or understandings with any person as to additional financing.

At September 30, 2014, we had cash of $889,795 (December 2013 - $1,508,843) and working capital of $709,970 (December 2013 – $1,454,632). Total liabilities as of September 30, 2014 were $436,619 (December 2013 - $55,441).

Our consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America and applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As discussed in Note 1 to the consolidated financial statements, we have incurred recurring operating losses since inception of $7.4 million. We require additional funds to meet our obligations and maintain our operations. We have sufficient working capital to (i) pay our administrative and general operating expenses through March 31, 2015, and (ii) to conduct our preliminary research and development programs. Without sufficient cash flow from operations, we may need to obtain additional funds (presumably through equity offerings and/or debt borrowing) in order, if warranted, to implement additional research and development programs on our Cell Deposition Device.

Cash Flow

Operating activities: We used cash of $619,048 for operating activities for the nine months ended September 30, 2014 (2013 - $174,642). We have financed our operations through the sale of our equity securities.

Investing Activities: During the nine months ended September 30, 2014, there were no investing activities. During the nine months ended September 30, 2013 proceeds from the disposal of oil and gas properties was $3,000 and cash used in the acquisition of intellectual property was $105,854.

Financing Activities: Cash flows from financing activities for the nine months ended September 30, 2014 and 2013 were $0 and $0, respectively.

Dividends

We have neither declared nor paid any dividends on its common stock. We intend to retain our earnings to finance growth and expand our operations and do not anticipate paying any dividends on our common stock in the foreseeable future.

Fair Value of Financial Instruments and Risks

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value.

The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and accounts payable – related parties approximate their fair value because of the short-term nature of these instruments.

Management is of the opinion that we are not exposed to significant interest or credit risks arising from these financial instruments.

Market Risk Disclosures

We have not entered into derivative contracts either to hedge existing risks or for speculative purposes during or subsequent to the periods presented.

Off-balance Sheet Arrangements and Contractual Obligations

We do not have any off-balance sheet arrangements or contractual obligations at September 30, 2014, and the subsequent period to November 13, 2014, that are likely to have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that have not been disclosed in our consolidated financial statements.

Critical Accounting Policies

See “Note 2. Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in this Form 10-Q.

Related Party Transactions

Our proposed business raises potential conflicts of interests between certain of our officers and directors and us. Certain of our directors are employees or consultants to other companies in the healthcare industry and, to the extent that such other companies may participate in ventures in which we may participate, our directors may have a conflict of interest in negotiating and concluding terms regarding the extent of such participation. In the event that such a conflict of interest arises at a meeting of our directors, a director who has such a conflict will abstain from voting for or against the approval of such participation or such terms. Other than as indicated, we have no other procedures or mechanisms to deal with conflicts of interest. We are not aware of the existence of any conflict of interest as described herein.

Other than as disclosed below, during the three months ended September 30, 2014 and 2013, and the subsequent period, none of our current directors, officers or principal shareholders, nor any family member of the foregoing, nor, to the best of our information and belief, any of our former directors, senior officers or principal shareholders, nor any family member of such former directors, officers or principal shareholders, has or had any material interest, direct or indirect, in any transaction, or in any proposed transaction which has materially affected or will materially affect us.

During the three months ended September 30, 2014, directors’ fees of $3,000 (2013 - $1,000) were paid to our non-officer directors.

During the three months ended September 30, 2014, legal fees of $34,945 (2013 - $40,190) were paid or are due to our attorney, Mr. Sierchio, who was appointed to our Board effective August 26, 2010.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

At the end of the period covered by this Quarterly Report on Form 10-Q for the three month period ended September 30, 2014, an evaluation was carried out under the supervision of and with the participation of our management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act). Based on that evaluation the CEO and the CFO have concluded that as of the end of the period covered by this report, our disclosure controls and procedures are effective in ensuring that: (i) information required to be disclosed by us in reports that it files or submits to the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and (ii) material information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow for accurate and timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

During the period covered by this report, there were no changes to internal control over financial reporting that materially affected or are reasonably likely to materially affect our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

None

Item 1A. Risk Factors

Smaller reporting companies are not required to provide the information required by this item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 6. Exhibits

Exhibit Index

Exhibit No.		Description of Exhibit

3.1		Articles of incorporation (Incorporated by reference to Exhibit 3.1 of the Form S-8 filed on October 3, 2003).

3.2		Articles of Incorporation, as amended (Incorporated by reference to the Form 8-K filed on January 10, 2011).

3.3		Articles of Incorporation, as amended (Incorporated by reference to the Form 8-K filed on January 10, 2014).

3.4		Bylaws (Incorporated by reference to Exhibit 3.2 of the Form S-8 filed on October 3, 2003).

10.1		Post-Closing Amendment to Asset Purchase Agreement dated as of September 9, 2014, between RenovaCare, Inc., RenovaCare Sciences Corp. and Jorg Gerlach, MD, PhD (Incorporated by reference to the Form 8-K filed on September 15, 2014).

31.1		Certification of Principal Executive Officer Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2		Certification of Principal Financial Officer Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

101.INS		XBRL Instance Document**
101.SCH		XBRL Taxonomy Extension - Schema Document**
101.CAL		XBRL Taxonomy Extension - Calculation Linkbase Document**
101.DEF		XBRL Taxonomy Extension - Definition Linkbase Document**
101.LAB		XBRL Taxonomy Extension - Label Linkbase Document**
101.PRE		XBRL Taxonomy Extension - Presentation Linkbase Document**

__________

* Filed herewith.

** Furnished herewith. XBRL (eXtensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

SIGNATURES

Pursuant to the requirements of Sections 13 or 15 (d) of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	RenovaCare, Inc. (Registrant)

Date: November 13, 2014	By:	/s/ Rhonda B. Rosen
	Name:	Rhonda B. Rosen
	Title:	Chief Financial Officer
		(Principal Financial Officer)

Date: November 13, 2014

By:

/s/ Thomas Bold

Name:

Thomas Bold

Title:

Chief Executive Officer

(Principal Executive Officer)

EX-31.1 2 rcar_ex311.htm CERTIFICATION

EXHIBIT 31.1

CERTIFICATION PURSUANT TO RULE 13A-14(A) OR RULE 15D-14(A)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Thomas Bold, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of RenovaCare, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 13, 2014	By	/s/ Thomas Bold
	Name:	Thomas Bold
	Title:	President and Chief Executive Officer
		(Principal Executive Officer)

EX-31.2 3 rcar_ex312.htm CERTIFICATION

EXHIBIT 31.2

CERTIFICATION PURSUANT TO RULE 13A-14(A) OR RULE 15D-14(A)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Rhonda B. Rosen, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of RenovaCare, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 13, 2014	By:	/s/ Rhonda B. Rosen
	Name:	Rhonda B. Rosen
	Title:	Chief Financial Officer
		(Principal Accounting Officer, Principal Financial Officer)

EX-32.1 4 rcar_ex321.htm CERTIFICATION

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code), the undersigned officers of RenovaCare, Inc. (the “Company”) do hereby certify with respect to the Quarterly Report of the Company on Form 10-Q for the period ended September 30, 2014 (the “Report”) that:

(i) the Report filed by the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii) The information contained in that Report fairly presents, in all material respects, the financial condition and results of operations of the Company on the dates and for the periods presented therein.

	RENOVACARE, INC.

Date: November 13, 2014	By:	/s/ Thomas Bold
	Name:	Thomas Bold
	Title:	President and Chief Executive Officer (Principal Executive Officer)

Date: November 13, 2014

By:

/s/ Rhonda B. Rosen

Name:

Rhonda B. Rosen

Title:

Chief Financial Officer

(Principal Accounting Officer, Principal Financial Officer)

This certification accompanies this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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RenovaCare, Inc., together with its wholly owned subsidiary (the Company), focuses on the acquisition, research, development and, if warranted, commercialization of autologous (using a patients own cells) cellular therapies that can be used for medical and aesthetic applications. The Company was previously involved in the exploration and development of both mineral exploration properties and oil and gas properties.   On July 12, 2013, the Company, through its wholly owned subsidiary, RenovaCare Sciences Corp. (RenovaCare Sciences), completed the acquisition of its flagship technology, a treatment methodology for skin isolation, spraying and associated equipment for the regeneration of human skin cells (the Cell Deposition Device), along with the associated United States patent applications and two (2) foreign patents, the first of which expires on August 22, 2027 and the second of which expires on April 26, 2031. The Company effected the acquisition of the Cell Deposition Device through an asset purchase agreement with Dr. Gerlach on July 12, 2013, and paid Dr. Gerlach an initial sum of $100,002 at that time. This asset purchase agreement was amended on September 9, 2014 (the Amended APA). Pursuant to the terms of the Amended APA, the Company is obligated to pay Dr. Gerlach an additional $300,000 in four installments: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017. Additionally, the Company issued to Dr. Gerlach a Series A Warrant allowing him to purchase up to 1,200,000 shares of our common stock at a purchase price of $0.35 per share.   The Company has recently incurred net operating losses and operating cash flow deficits. As of September 30, 2014, the Companys total accumulated deficit is $7.4 million. The Company does not currently generate revenues and will continue to incur losses from operations and operating cash flow deficits in the future. Management believes that the Companys cash and cash equivalent balances, anticipated cash flows from operations and other external sources of capital will be sufficient to meet the Companys cash requirements through March 31, 2015. The future of the Company after March 2015 will depend in large part on its ability to successfully raise capital from external sources to fund operations.

Basis of Presentation and Principles of Accounting   The interim consolidated financial statements included herein have been prepared by the Company, without audit, in accordance with the rules and regulations of the Securities and Exchange Commission (SEC) pursuant to Part 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such SEC rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading.   In managements opinion, the unaudited consolidated financial statements contained herein reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Companys financial position, results of operations, and cash flows on a basis consistent with that of the Companys prior audited consolidated financial statements. The Company has evaluated information about subsequent events that became available to us through the date the financial statements were issued. This information relates to events, transactions or changes in circumstances that would require us to adjust the amounts reported in the financial statements or to disclose information about those events, transactions or changes in circumstances. However, the results of operations for interim periods may not be indicative of results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the Companys audited financial statements, including the notes thereto for the year ended December 31, 2013, which may be found under the Companys profile on EDGAR.   Principles of Consolidation   These consolidated financial statements have been prepared in accordance with US GAAP and include the accounts of the Company and its wholly owned subsidiary, RenovaCare Sciences. All significant intercompany transactions and balances have been eliminated. RenovaCare Sciences was incorporated under the laws of the State of Nevada on June 12, 2013.   Applicable Accounting Guidance   Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Boards Accounting Standards Codification.   In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company adopted ASU 2014-10 during the quarter ended June 30, 2014, thereby no longer presenting or disclosing any information required by Topic 915.   In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (ASC) 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016 and is to be applied retrospectively. The Company does not currently have any revenue. As such, ASU 2014-09 will not have any effect on the Companys results of operations and financial position. If the Company begins generating revenue prior to the effective date of ASU 2014-09, it will evaluate the effect that ASU 2014-09 will have on its results of operations and financial position.   Accounting Estimates   The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results, as determined by future events, may differ from these estimates.   Cash and Cash Equivalents   The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may at times exceed federally insured limits.   Note Receivable from Duke Mountain   The note receivable from Duke Mountain Resources, Inc. (Duke) is unsecured, bears interest at 4.0% and principal and interest are due on December 31, 2015. The Companys credit risk assessment is limited due to the related party nature of the arrangement.   Fair Value of Financial Instruments   The carrying amounts for cash and cash equivalents and current and long term liabilities approximate fair value based on observable quoted prices for active markets Level 1 inputs. The carrying amount of the note receivable from Duke approximates fair value based on similar market inputs for interest rates for a specific creditor Level 2 inputs.    Research and Development Costs   The Company intends to outsource its research and development efforts and expense related costs as incurred, including the cost of manufacturing product for testing, licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired will be capitalized as it relates to particular research and development projects that may have alternative future uses.   Intangible Assets   The intangible asset consists primarily of Cell Deposition Device technology that the Company acquired during 2013 and is recorded at cost. At the time of acquisition the technology had not reached technological feasibility. The amount capitalized is accounted for as an indefinite-lived intangible asset, subject to impairment testing until completion or abandonment. Upon successful completion, a determination will be made as to the then useful life of the intangible asset, generally determined by the period in which substantially all of the cash flows are expected to be generated, and begin amortization. The Company tests the intangible asset for impairment at least annually or more frequently if impairment indicators exist after performing a qualitative analysis. Management has multiple criteria that it considers when performing the qualitative analysis. The results of this review are then weighed and prioritized. If the totality of the relevant events and circumstances indicate that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount, additional impairment tests are not necessary.   The Company assessed the following qualitative factors that could affect any change in the fair value of the intangible asset: analysis of the technologys current phase, additional testing necessary to bring the technology to market, development of competing products, changes in projections caused by delays, changes in regulations, changes in the market for the technology and changes in cost projections to bring the technology to market. Based on a qualitative assessment, management concluded that a positive assertion can be made from the qualitative assessment that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount.   Stock Options   The Company measures all stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk free interest rates.   Income Taxes   The Company recognizes income taxes on an accrual basis based on tax positions taken, or expected to be taken, in tax returns. A tax position is defined as a position in a previously filed tax return or a position expected to be taken in future tax filing that is reflected in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not (i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities. Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Companys financial statements or tax returns. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Companys policy is to classify interest and penalties related to tax positions as interest expense. Since the Companys inception, no such interest or penalties have been incurred. The Company did not record an income tax provision during the periods presented due to net taxable losses.    Discontinued Operations   The results of the Companys oil and gas and mineral assets are being reported as discontinued operations as a result of the sale of the oil and gas properties in February 2013 and the sale of the Companys subsidiary which controlled various mineral leases and claims in December 2013. Certain amounts reported in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income (loss).   Earnings (Loss) Per Share   The Company presents both basic and diluted earnings per share (EPS) amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. Potentially dilutive shares of common stock consisted of warrants to purchase shares of common stock (8,200,000 shares as of September 30, 2014 and December 31, 2013) and options to purchase shares of common stock (185,000 shares as of September 30, 2014 and 80,000 as of December 31, 2013). During the periods presented, potentially dilutive shares of common stock were not included in the computation of dilutive loss per share as to do so would be anti-dilutive.   Related Party Transactions   A related party is generally defined as (i) any person who holds 10% or more of the Companys securities and their immediate families; (ii) the Companys management; (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company; or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See Note 6. Related Party Transactions, for further discussion.

On July 12, 2013, the Company, together with its wholly owned subsidiary, RenovaCare Sciences, entered into an asset purchase agreement with Dr. Jörg Gerlach, MD, PhD, pursuant to which RenovaCare Sciences purchased all of Dr. Gerlachs rights, title and interest in the Cell Deposition Device. The Company plans to further the development of the Cell Deposition Device and, if commercially viable, bring the product to market. This asset purchase agreement was amended on September 9, 2014 (the Amended APA). Pursuant to the terms of the Amended APA, upon the closing of the transaction in July 2013, the Company paid Dr. Gerlach $100,002. An additional $300,000 will be paid in four installments: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017.   At September 30, 2014, $100,000 of the amount payable to Dr. Gerlach was recorded as other current liabilities and $200,000 was recorded as other long term liabilities in the accompanying consolidated balance sheet.   As further consideration for the Cell Deposition Device, the Company issued to Dr. Gerlach a Series A Stock Purchase Warrant (the Series A Warrant) entitling him to purchase 1,200,000 shares (each a Warrant Share) of the Companys common stock at an exercise price of $0.35 per share. Pursuant to the terms of the Amended APA, the Series A Warrant will now vest in five equal installments of 240,000 shares on each of July 12, 2014, July 12, 2015, July 12, 2016, July 12, 2017 and July 12, 2018. Vesting will no longer be contingent on the achievement of certain milestones and on Dr. Gerlachs continuing to provide consulting services to the Company, but instead on passage of time. Prior to September 9, 2014, the effective date of the Amended APA, the value of the Series A Warrant was recognized as consulting expenses over the vesting term. In addition, the fair value of each Warrant Share was estimated at the end of each reporting period during which Dr. Gerlach rendered services using the Black-Scholes option pricing model. Effective September 9, 2014, the Company measured and expensed the value of the Series A Warrant in full and recorded this value as research and development costs. The fair value of each Warrant Share as of September 9, 2014, using the Black-Scholes option pricing model, was $0.91.   Assumptions required for the Black-Scholes model are as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted average risk-free interest rate</td> <td> </td> <td colspan="2" id="ffc" style="text-align: right">1.72</td> <td>%</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Expected life in years</td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: right">4.75 Years</td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify">Weighted Avg Expected Volatility</td> <td style="width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">93.8</td> <td style="vertical-align: bottom; width: 1%; text-align: justify">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify">Expected dividend yield</td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom"></td> <td style="vertical-align: bottom; text-align: right">0</td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> </table>   Consulting expense associated with the Series A Warrant amounted to $115,840 and $311,173 during the three and nine months ended September 30, 2014. Research and development expense associated with the Series A Warrant amounted to $537,217 during both the three and nine months ended September 30, 2014. Consulting expense associated with the Series A Warrant during both the three and nine months ended September 30, 2013 was $54,668.

Approval of the 2013 Long-Term Incentive Plan   On June 20, 2013, the Board of Directors (the Board) adopted, subject to receiving shareholder approval, the 2013 Long-Term Incentive Plan (the Incentive Plan). The Incentive Plan provides for the issuance of stock options of up to 20,000,000 shares (subject to adjustment) of the Companys common stock to officers, directors, key employees and consultants of the Company. Options granted to employees under the Incentive Plan, including directors and officers who are employees, may be incentive stock options or non-qualified stock options; options granted to others under the Incentive Plan are limited to non-qualified stock options. On November 15, 2013, shareholders owning a majority of the Companys issued and outstanding shares approved the Incentive Plan.   The Incentive Plan is administered by the Board or a committee designated by the Board. Subject to the provisions of the Incentive Plan, the Board has the authority to determine the officers, employees and consultants to whom options will be granted, the number of shares covered by each option, vesting rights and the terms and conditions of each option that is granted to them; however, no person may be granted in any of the Companys fiscal year, options to purchase more than 2,000,000 shares under the Incentive Plan, and the aggregate fair market value (determined at the time the option is granted) of the shares with respect to which incentive stock options are exercisable for the first time by an optionee during any calendar year cannot exceed $100,000. Options granted pursuant to the Incentive Plan are exercisable no later than ten years after the date of grant.   The exercise price per share of common stock for options granted under the Incentive Plan will be the fair market value of the Companys common stock on the date of grant, using the closing price of the Companys common stock on the last trading day prior to the date of grant, except for incentive stock options granted to a holder of ten percent or more of the Companys common stock, for whom the exercise price per share will not be less than 110% of the fair market value. No option can be granted under the Incentive Plan after June 20, 2023.   As of September 30, 2014, there were 19,815,000 shares available for grant.   Stock Option Activity   On August 1, 2013, the Company granted to each of Messrs. Kirkland and Sierchio 20,000 stock options. The exercise price per share is $0.65; 10,000 options vested on the grant date and, subject to continued service as a member of the Companys Board, the remaining 10,000 options vested on August 1, 2014 and may be exercised on a cashless basis using the formula contained therein.   Effective December 1, 2013, the Company appointed Mr. Bold as its President & CEO and entered into an at-will consulting agreement (the Consulting Agreement) with Mr. Bold. Pursuant to the terms of the Consulting Agreement, Mr. Bold was issued a stock option to purchase up to 40,000 shares of the Companys common stock (the Option Shares) at a price of $0.75 per share the closing price of the Companys common stock as quoted on the OTCQB on November 29, 2013. The Options Shares may be exercised on a cashless basis using the formula contained therein and, subject to Mr. Bolds continued service as the Companys President and Chief Executive Officer, the Options Shares vest as follows, 20,000 on: (a) December 1, 2014; and (b) December 1, 2015.   On April 1, 2014, the Company appointed Ms. Patsy Trisler as its Vice President Clinical & Regulatory Affairs and entered into an at-will consulting agreement (the Trisler Consulting Agreement) with Ms. Trisler. Pursuant to the terms of the Trisler Consulting Agreement, Ms. Trisler was issued Option Shares to purchase up to 50,000 shares of the Companys common stock at a price of $1.05 per share, the closing price of the Companys common stock as quoted on the OTCQB on April 1, 2014. The Options Shares may be exercised on a cashless basis using the formula contained therein and, subject to Ms. Trislers continued service as the Companys Vice President Clinical & Regulatory Affairs, the Options Shares vest as follows, 10,000 on: (a) April 1, 2015; (b) April 1, 2016; (c) April 1, 2017; (d) April 1, 2018; and (e) April 1, 2019.   On April 20, 2014, the Company appointed Andrew Danielson as its Director of Business Development and issued Mr. Danielson Option Shares to purchase 5,000 shares of the Companys common stock at a price of $1.05 per share, the closing price of the Companys common stock as quoted on the OTCQB on April 17, 2014. The Options Shares may be exercised on a cashless basis using the formula contained therein and, subject to Mr. Danielsons continued service with the Company. The Options Shares vest on April 20, 2015.   On August 14, 2014, the Company granted to each of Messrs. Kirkland and Sierchio 20,000 stock options. The exercise price per share is $0.80; 10,000 options vested on the grant date and, subject to continued service as a member of the Companys Board, the remaining 10,000 options vest on August 14, 2015 and may be exercised on a cashless basis using the formula contained therein.   On August 14, 2014, the Company granted to Ms. Rhonda Rosen, the Companys Chief Financial Officer, 10,000 stock options. The exercise price per share is $0.80; 5,000 options vested on the grant date and, subject to her continued service as an executive of the Company, the remaining 5,000 options vest on August 14, 2015 and may be exercised on a cashless basis using the formula contained therein.   The following table summarizes stock option activity for the period ended September 30, 2014.   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" id="ffc" style="vertical-align: bottom"> </td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Weighted</td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Average</td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Weighted</td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Remaining</td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Aggregate</td> <td> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Options</td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Average</td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Contractual</td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Intrinsic</td> <td> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">Outstanding</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">Exercise Price</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">Life (Years)</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">Value</td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify">Balance January 1, 2014</td> <td style="width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">80,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">0.70</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">9.03</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">40,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt">Options granted</td> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">105,000</td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt"> </td> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">0.93</td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt"> </td> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">9.68</td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt"> </td> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid">$</td> <td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">28,350</td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify">Balance September 30, 2014</td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">185,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">0.83</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">9.40</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">68,350</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify">Exercisable at September 30, 2014</td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">65,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">0.70</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">9.26</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">22,500</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   The fair value of each stock option is estimated at the date of grant using the Black-Scholes option pricing model. The weighted-average fair value of stock options granted during 2013 was approximately $0.49 to $0.57 per share. The weighted average fair value of stock options granted during 2014 was $0.72 per share. Assumptions regarding volatility, expected term, dividend yield and risk-free interest rate are required for the Black-Scholes model. The volatility assumption is based on the Companys historical experience. The risk-free interest rate is based on a U.S. treasury note with a maturity similar to the option awards expected life. The expected life represents the average period of time that options granted are expected to be outstanding. The assumptions for volatility, expected life, dividend yield and risk-free interest rate are presented in the table below:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Weighted average risk-free interest rate</td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: right">1.58 1.62</td> <td>%</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify">Expected life in years</td> <td style="width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">5.50</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify">Weighted Avg. Expected Volatility</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">94.4%-105.3</td> <td style="text-align: justify">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify">Expected dividend yield</td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom"></td> <td style="vertical-align: bottom; text-align: right">0</td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> </table>   During the three and nine months ended September 30, 2014, stock-based compensation expense of $27,646 and $47,001, respectively, was recognized as general and administrative expenses. During the three and nine months ended September 30, 2013, stock based compensation of $8,793 and $9,622, respectively, was recognized as general and administrative expenses. There were 65,000 stock options vested and 120,000 unvested, as of September 30, 2014. As of September 30, 2014, the Company had $55,819 of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized by April 1, 2019.   The Company issues new shares when options are exercised.

On August 1, 2013, the Company engaged Vector to assist the Company with identifying subject matter experts in the medical device and biotechnology industries and to assist the Company with its ongoing research, development and eventual commercialization of its Regeneration Technology (collectively, the Services). In consideration of the Services, the Company will pay Vector a monthly consulting fee of $5,000. The consulting agreement with Vector continues until December 31, 2014, unless earlier terminated by either party upon 5 days prior written notice.   In connection with the Companys anticipated Section 510(k) submission of its proprietary Cell Deposition Device to the Food and Drug Administration, the Company has engaged StemCell System GmbH (StemCell Systems) to provide it with prototypes and related documents. Pursuant to this engagement the Company incurred expenses of $26,950 and $91,950 in the three and nine months ended September 30, 2014, respectively. The remaining payments are due prior to December 31, 2014, the exact timing of which is dependent on when the work is performed.   On September 25, 2014, the Company entered into a Charitable Grant Agreement with the University of Pittsburgh (the University), pursuant to which the Company committed to provide a charitable donation to the University in the aggregate amount of $75,000 (the Grant). The Company will pay the Grant in eight quarterly installments of $9,375, with the first payment made on or before October 2014 and the final payment to be made on or before July 31, 2016. Dr. Gerlach, from whom the Company purchased the Cell Deposition Device, is a professor at the University. At September 30, 2014, $37,500 of the amount payable to the University was recorded as other current liabilities and $37,500 was recorded as other long term liabilities in the accompanying consolidated balance sheet.   See also Note 6. Related Party Transactions.

As compensation for their service on the Board, Dr. Kirkland and Mr. Sierchio will receive an annual retainer of $6,000, payable in equal yearly installments in arrears and prorated for any partial years of service. Additionally, on August 14, 2014, the Company granted to each of Dr. Kirkland and Mr. Sierchio an incentive stock options to purchase up to 20,000 shares of the Companys common stock at an exercise price of $0.85 per share, the closing price of the Companys common stock as quoted on the OTC Markets Group Inc. QB tier (the OTCQB) on the day prior to the grant. Subject to their continued service as a member of the Board, 10,000 of the option shares vest immediately and 10,000 of the option shares vest on the first anniversary of date of grant and may be exercised on a cashless basis using the formula contained therein.   Effective September 30, 2013, Ms. Rosen resigned as President and Chief Executive Officer and the Company entered into an At-Will Executive Services Agreement (the Rosen Services Agreement), pursuant to which Ms. Rosen will serve as the Companys Chief Financial Officer. Pursuant to the Rosen Services Agreement, Ms. Rosen will provide the Company with services consistent with that of a Chief Financial Officer on a part-time basis, for which she will be paid a monthly fee of $2,400 and will be reimbursed for any business related expenses. The Rosen Services Agreement is terminable by either the Company or Ms. Rosen upon advance written notice. On August 14, 2014, the Company granted to Ms. Rhonda Rosen, the Companys Chief Financial Officer, 10,000 stock options. The exercise price per share is $0.80; 5,000 options vested on the grant date and, subject to her continued service as an executive of the Company, the remaining 5,000 options vested on August 14, 2015 and may be exercised on a cashless basis using the formula contained therein.   On November 29, 2013, the Company entered into a subscription agreement with Kalen Capital Corporation (the Investor), a private Alberta corporation wholly owned by Mr. Harmel S. Rayat and a majority shareholder of the Companys, pursuant to which the Investor purchased 3,500,000 Units at a purchase price of $0.43 per Unit, for an aggregate purchase amount of $1,505,000. Each Unit consists of: (a) one share of common stock; (b) one Series B Warrant exercisable for one share of Common Stock at an exercise price of $0.43 per share if exercised within the first eighteen months or $0.46 per share if exercised after the first eighteen months and prior to expiration on November 29, 2018; and (c) one Series C Warrant exercisable for one share of common stock at an exercise price of $0.43 per share if exercised within the first eighteen months or $0.49 per share if exercised after the first eighteen months and prior to expiration on November 29, 2018. Each of the Series B Warrant and Series C Warrant contains a provision allowing the holder to exercise the respective warrant on a cashless basis as further set forth therein. The Unit price of $0.43 represents a 30% discount to the 20 day average closing price of the Common Stock as quoted on the OTCQB as of October 31, 2013, the last trading date prior to us entering into a non-binding term sheet with the Investor regarding the purchase of the Units.   On December 1, 2013, the Company appointed Mr. Bold as its President & CEO and entered into the Consulting Agreement with Mr. Bold. Pursuant to the terms of the Consulting Agreement, Mr. Bold is expected to serve on a part-time basis and will receive an annual fee of $50,000, payable in 12 equal installments, which is prorated for any partial months during the term of the Consulting Agreement. In addition to Mr. Bolds fee, he was issued Option Shares to purchase up to 40,000 shares of the Companys common stock at a price of $0.75 per share the closing price of the Companys common stock as quoted on the OTCQB on November 29, 2013. The Options Shares may be exercised on a cashless basis using the formula contained therein and, subject to Mr. Bolds continued service as the Companys President and Chief Executive Officer, vest as follows, 20,000 Options Shares on: (a) December 1, 2014; and (b) December 1, 2015.   On December 31, 2013, the Company completed the sale of 100% of the issued and outstanding shares of Fostung Resources to Duke for a promissory note in the amount of $80,000, which amount approximated the fair value of the leases and mining claims controlled by Fostung Resources, as concluded by an independent third-party geological consultant. Principal and interest at 4.0% are payable on December 31, 2015. Mr. Herdev S. Rayat, the majority shareholder of Duke, is the brother of Mr. Harmel S. Rayat, the Companys majority shareholder.    On April 1, 2014, the Company appointed Ms. Patsy Trisler as its Vice President Clinical & Regulatory Affairs and entered into the Trisler Consulting Agreement with Ms. Trisler. Pursuant to the terms of the Trisler Consulting Agreement, Ms. Trisler will receive a monthly fee of $5,000, which covers her services for up to 40 hours in any given month and will pay her an hourly fee of $125 for every hour in excess of forty, prorated for any partial hour. The Consulting Agreement may be terminated at any time by either Ms. Trisler or the Company. In addition to Ms. Trislers fee, she was issued Option Shares to purchase up to 50,000 shares of the Companys common stock at a price of $1.05 per share, the closing price of the Companys common stock as quoted on the OTCQB on March 31, 2014. The Options Shares may be exercised on a cashless basis using the formula contained therein and, subject to Ms. Trislers continued service as the Companys Vice President Clinical & Regulatory Affairs, vest as follows, 10,000 Options Shares on: (a) April 1, 2015; (b) April 1, 2016; (c) April 1, 2017; (d) April 1, 2018; and (e) April 1, 2019.   On April 20, 2014, the Company appointed Andrew Danielson as its Director of Business Development at an annual salary of $60,000. In addition Mr. Danielson was issued Option Shares to purchase 5,000 shares of the Companys common stock at a price of $1.05 per share, the closing price of the Companys common stock as quoted on the OTCQB on April 17, 2014. The Options Shares may be exercised on a cashless basis using the formula contained therein and, subject to Mr. Danielsons continued service with the Company. The Options Shares vest on April 20, 2015.   For the three months ended September 30, 2014, directors and management fees, consulting fees and reimbursement of expenses incurred with respect to officers and directors of the Company were $37,945 (2013: $75,040). Legal fees incurred with respect to one of the Companys directors in the three months ended September 30, 2014 were $34,945 (2013: $40,190). Amounts included in accounts payable and accrued expenses, and due to related parties, at September 30, 2014 were $13,400 (2013: $74,562).

The interim consolidated financial statements included herein have been prepared by the Company, without audit, in accordance with the rules and regulations of the Securities and Exchange Commission (SEC) pursuant to Part 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such SEC rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading.   In managements opinion, the unaudited consolidated financial statements contained herein reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Companys financial position, results of operations, and cash flows on a basis consistent with that of the Companys prior audited consolidated financial statements. The Company has evaluated information about subsequent events that became available to us through the date the financial statements were issued. This information relates to events, transactions or changes in circumstances that would require us to adjust the amounts reported in the financial statements or to disclose information about those events, transactions or changes in circumstances. However, the results of operations for interim periods may not be indicative of results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the Companys audited financial statements, including the notes thereto for the year ended December 31, 2013, which may be found under the Companys profile on EDGAR.

These consolidated financial statements have been prepared in accordance with US GAAP and include the accounts of the Company and its wholly owned subsidiary, RenovaCare Sciences. All significant intercompany transactions and balances have been eliminated. RenovaCare Sciences was incorporated under the laws of the State of Nevada on June 12, 2013.

Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Boards Accounting Standards Codification.   In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company adopted ASU 2014-10 during the quarter ended June 30, 2014, thereby no longer presenting or disclosing any information required by Topic 915.   In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (ASC) 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016 and is to be applied retrospectively. The Company does not currently have any revenue. As such, ASU 2014-09 will not have any effect on the Companys results of operations and financial position. If the Company begins generating revenue prior to the effective date of ASU 2014-09, it will evaluate the effect that ASU 2014-09 will have on its results of operations and financial position.

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results, as determined by future events, may differ from these estimates.

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may at times exceed federally insured limits.

The note receivable from Duke Mountain Resources, Inc. (Duke) is unsecured, bears interest at 4.0% and principal and interest are due on December 31, 2015. The Companys credit risk assessment is limited due to the related party nature of the arrangement.

The carrying amounts for cash and cash equivalents and current and long term liabilities approximate fair value based on observable quoted prices for active markets Level 1 inputs. The carrying amount of the note receivable from Duke approximates fair value based on similar market inputs for interest rates for a specific creditor Level 2 inputs.

The Company intends to outsource its research and development efforts and expense related costs as incurred, including the cost of manufacturing product for testing, licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired will be capitalized as it relates to particular research and development projects that may have alternative future uses.

The intangible asset consists primarily of Cell Deposition Device technology that the Company acquired during 2013 and is recorded at cost. At the time of acquisition the technology had not reached technological feasibility. The amount capitalized is accounted for as an indefinite-lived intangible asset, subject to impairment testing until completion or abandonment. Upon successful completion, a determination will be made as to the then useful life of the intangible asset, generally determined by the period in which substantially all of the cash flows are expected to be generated, and begin amortization. The Company tests the intangible asset for impairment at least annually or more frequently if impairment indicators exist after performing a qualitative analysis. Management has multiple criteria that it considers when performing the qualitative analysis. The results of this review are then weighed and prioritized. If the totality of the relevant events and circumstances indicate that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount, additional impairment tests are not necessary.   The Company assessed the following qualitative factors that could affect any change in the fair value of the intangible asset: analysis of the technologys current phase, additional testing necessary to bring the technology to market, development of competing products, changes in projections caused by delays, changes in regulations, changes in the market for the technology and changes in cost projections to bring the technology to market. Based on a qualitative assessment, management concluded that a positive assertion can be made from the qualitative assessment that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount.

The Company measures all stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk free interest rates.

The Company recognizes income taxes on an accrual basis based on tax positions taken, or expected to be taken, in tax returns. A tax position is defined as a position in a previously filed tax return or a position expected to be taken in future tax filing that is reflected in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not (i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities. Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Companys financial statements or tax returns. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Companys policy is to classify interest and penalties related to tax positions as interest expense. Since the Companys inception, no such interest or penalties have been incurred. The Company did not record an income tax provision during the periods presented due to net taxable losses.

The results of the Companys oil and gas and mineral assets are being reported as discontinued operations as a result of the sale of the oil and gas properties in February 2013 and the sale of the Companys subsidiary which controlled various mineral leases and claims in December 2013. Certain amounts reported in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income (loss).

The Company presents both basic and diluted earnings per share (EPS) amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. Potentially dilutive shares of common stock consisted of warrants to purchase shares of common stock (8,200,000 shares as of September 30, 2014 and December 31, 2013) and options to purchase shares of common stock (185,000 shares as of September 30, 2014 and 80,000 as of December 31, 2013). During the periods presented, potentially dilutive shares of common stock were not included in the computation of dilutive loss per share as to do so would be anti-dilutive.

A related party is generally defined as (i) any person who holds 10% or more of the Companys securities and their immediate families; (ii) the Companys management; (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company; or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See Note 6. Related Party Transactions, for further discussion.

The fair value of each Warrant Share as of September 9, 2014, using the Black-Scholes option pricing model, was $0.91.   Assumptions required for the Black-Scholes model are as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted average risk-free interest rate</td> <td> </td> <td colspan="2" id="ffc" style="text-align: right">1.72</td> <td>%</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Expected life in years</td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: right">4.75 Years</td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify">Weighted Avg Expected Volatility</td> <td style="width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">93.8</td> <td style="vertical-align: bottom; width: 1%; text-align: justify">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify">Expected dividend yield</td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom"></td> <td style="vertical-align: bottom; text-align: right">0</td> <td style="vertical-align: bottom; text-align: justify">%</td></tr></table>

The assumptions for volatility, expected life, dividend yield and risk-free interest rate are presented in the table below:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Weighted average risk-free interest rate</td> <td> </td> <td colspan="2" id="ffc" style="vertical-align: bottom; text-align: right">1.58 1.62</td> <td>%</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify">Expected life in years</td> <td style="width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">5.50</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify">Weighted Avg. Expected Volatility</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">94.4%-105.3</td> <td style="text-align: justify">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify">Expected dividend yield</td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom"></td> <td style="vertical-align: bottom; text-align: right">0</td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> </table>

8200000 8200000 80000 185000

0.0172

0.0158

0.0162

P4Y9M

P5Y6M

0.938

0.944

1.053

0.00

200000

37500

115840

311173

54668

105000

65000

0.93

0.70

P9Y11D P9Y8M5D

P9Y4M24D

P9Y3M4D

28350 22500 19815000 55819

65000

120000

91950

26950

37945

75040

34945

40190

74562

13400

The following table summarizes stock option activity for the period ended September 30, 2014.   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" id="ffc" style="vertical-align: bottom"> </td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Weighted</td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Average</td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="vertical-align: bottom"> </td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Weighted</td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Remaining</td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Aggregate</td> <td> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Options</td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Average</td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Contractual</td> <td> </td> <td> </td> <td colspan="2" style="vertical-align: bottom; text-align: center">Intrinsic</td> <td> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">Outstanding</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">Exercise Price</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">Life (Years)</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">Value</td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify">Balance January 1, 2014</td> <td style="width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">80,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">0.70</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">9.03</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">40,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt">Options granted</td> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">105,000</td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt"> </td> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">0.93</td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt"> </td> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">9.68</td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt"> </td> <td style="text-align: justify; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid">$</td> <td style="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">28,350</td> <td style="vertical-align: bottom; text-align: justify; padding-bottom: 1pt"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify">Balance September 30, 2014</td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">185,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">0.83</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">9.40</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">68,350</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify">Exercisable at September 30, 2014</td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">65,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">0.70</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">9.26</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">22,500</td></tr></table>

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Intangible Assets - Intellectual Property
9 Months Ended

Sep. 30, 2014

Notes to Financial Statements

Note 3. Intangible Assets - Intellectual Property
On July 12, 2013, the Company, together with its wholly owned subsidiary, RenovaCare Sciences, entered into an asset purchase agreement with Dr. Jörg Gerlach, MD, PhD, pursuant to which RenovaCare Sciences purchased all of Dr. Gerlach’s rights, title and interest in the Cell Deposition Device. The Company plans to further the development of the Cell Deposition Device and, if commercially viable, bring the product to market. This asset purchase agreement was amended on September 9, 2014 (the “Amended APA”). Pursuant to the terms of the Amended APA, upon the closing of the transaction in July 2013, the Company paid Dr. Gerlach $100,002. An additional $300,000 will be paid in four installments: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017.

At September 30, 2014, $100,000 of the amount payable to Dr. Gerlach was recorded as other current liabilities and $200,000 was recorded as other long term liabilities in the accompanying consolidated balance sheet.

As further consideration for the Cell Deposition Device, the Company issued to Dr. Gerlach a Series A Stock Purchase Warrant (the “Series A Warrant”) entitling him to purchase 1,200,000 shares (each a “Warrant Share”) of the Company’s common stock at an exercise price of $0.35 per share. Pursuant to the terms of the Amended APA, the Series A Warrant will now vest in five equal installments of 240,000 shares on each of July 12, 2014, July 12, 2015, July 12, 2016, July 12, 2017 and July 12, 2018. Vesting will no longer be contingent on the achievement of certain milestones and on Dr. Gerlach’s continuing to provide consulting services to the Company, but instead on passage of time. Prior to September 9, 2014, the effective date of the Amended APA, the value of the Series A Warrant was recognized as consulting expenses over the vesting term. In addition, the fair value of each Warrant Share was estimated at the end of each reporting period during which Dr. Gerlach rendered services using the Black-Scholes option pricing model. Effective September 9, 2014, the Company measured and expensed the value of the Series A Warrant in full and recorded this value as research and development costs. The fair value of each Warrant Share as of September 9, 2014, using the Black-Scholes option pricing model, was $0.91.

Assumptions required for the Black-Scholes model are as follows:

Weighted average risk-free interest rate 1.72 %

Expected life in years 4.75 Years

Weighted Avg Expected Volatility 93.8 %

Expected dividend yield 0 %

Consulting expense associated with the Series A Warrant amounted to $115,840 and $311,173 during the three and nine months ended September 30, 2014. Research and development expense associated with the Series A Warrant amounted to $537,217 during both the three and nine months ended September 30, 2014. Consulting expense associated with the Series A Warrant during both the three and nine months ended September 30, 2013 was $54,668.

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Significant Accounting Policies
9 Months Ended

Sep. 30, 2014

Notes to Financial Statements

Note 2. Significant Accounting Policies
Basis of Presentation and Principles of Accounting

The interim consolidated financial statements included herein have been prepared by the Company, without audit, in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) pursuant to Part 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading.

In management’s opinion, the unaudited consolidated financial statements contained herein reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows on a basis consistent with that of the Company’s prior audited consolidated financial statements. The Company has evaluated information about subsequent events that became available to us through the date the financial statements were issued. This information relates to events, transactions or changes in circumstances that would require us to adjust the amounts reported in the financial statements or to disclose information about those events, transactions or changes in circumstances. However, the results of operations for interim periods may not be indicative of results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements, including the notes thereto for the year ended December 31, 2013, which may be found under the Company’s profile on EDGAR.

Principles of Consolidation

These consolidated financial statements have been prepared in accordance with US GAAP and include the accounts of the Company and its wholly owned subsidiary, RenovaCare Sciences. All significant intercompany transactions and balances have been eliminated. RenovaCare Sciences was incorporated under the laws of the State of Nevada on June 12, 2013.

Applicable Accounting Guidance

Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Board’s Accounting Standards Codification.

In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders’ equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company adopted ASU 2014-10 during the quarter ended June 30, 2014, thereby no longer presenting or disclosing any information required by Topic 915.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016 and is to be applied retrospectively. The Company does not currently have any revenue. As such, ASU 2014-09 will not have any effect on the Company’s results of operations and financial position. If the Company begins generating revenue prior to the effective date of ASU 2014-09, it will evaluate the effect that ASU 2014-09 will have on its results of operations and financial position.

Accounting Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results, as determined by future events, may differ from these estimates.

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may at times exceed federally insured limits.

Note Receivable from Duke Mountain

The note receivable from Duke Mountain Resources, Inc. (“Duke”) is unsecured, bears interest at 4.0% and principal and interest are due on December 31, 2015. The Company’s credit risk assessment is limited due to the related party nature of the arrangement.

Fair Value of Financial Instruments

The carrying amounts for cash and cash equivalents and current and long term liabilities approximate fair value based on observable quoted prices for active markets – Level 1 inputs. The carrying amount of the note receivable from Duke approximates fair value based on similar market inputs for interest rates for a specific creditor – Level 2 inputs.



Research and Development Costs

The Company intends to outsource its research and development efforts and expense related costs as incurred, including the cost of manufacturing product for testing, licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired will be capitalized as it relates to particular research and development projects that may have alternative future uses.

Intangible Assets

The intangible asset consists primarily of Cell Deposition Device technology that the Company acquired during 2013 and is recorded at cost. At the time of acquisition the technology had not reached technological feasibility. The amount capitalized is accounted for as an indefinite-lived intangible asset, subject to impairment testing until completion or abandonment. Upon successful completion, a determination will be made as to the then useful life of the intangible asset, generally determined by the period in which substantially all of the cash flows are expected to be generated, and begin amortization. The Company tests the intangible asset for impairment at least annually or more frequently if impairment indicators exist after performing a qualitative analysis. Management has multiple criteria that it considers when performing the qualitative analysis. The results of this review are then weighed and prioritized. If the totality of the relevant events and circumstances indicate that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount, additional impairment tests are not necessary.

The Company assessed the following qualitative factors that could affect any change in the fair value of the intangible asset: analysis of the technology’s current phase, additional testing necessary to bring the technology to market, development of competing products, changes in projections caused by delays, changes in regulations, changes in the market for the technology and changes in cost projections to bring the technology to market. Based on a qualitative assessment, management concluded that a positive assertion can be made from the qualitative assessment that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount.

Stock Options

The Company measures all stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk free interest rates.

Income Taxes

The Company recognizes income taxes on an accrual basis based on tax positions taken, or expected to be taken, in tax returns. A tax position is defined as a position in a previously filed tax return or a position expected to be taken in future tax filing that is reflected in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not (i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities. Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Company’s policy is to classify interest and penalties related to tax positions as interest expense. Since the Company’s inception, no such interest or penalties have been incurred. The Company did not record an income tax provision during the periods presented due to net taxable losses.



Discontinued Operations

The results of the Company’s oil and gas and mineral assets are being reported as discontinued operations as a result of the sale of the oil and gas properties in February 2013 and the sale of the Company’s subsidiary which controlled various mineral leases and claims in December 2013. Certain amounts reported in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income (loss).

Earnings (Loss) Per Share

The Company presents both basic and diluted earnings per share (“EPS”) amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. Potentially dilutive shares of common stock consisted of warrants to purchase shares of common stock (8,200,000 shares as of September 30, 2014 and December 31, 2013) and options to purchase shares of common stock (185,000 shares as of September 30, 2014 and 80,000 as of December 31, 2013). During the periods presented, potentially dilutive shares of common stock were not included in the computation of dilutive loss per share as to do so would be anti-dilutive.

Related Party Transactions

A related party is generally defined as (i) any person who holds 10% or more of the Company’s securities and their immediate families; (ii) the Company’s management; (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company; or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See “Note 6. Related Party Transactions,” for further discussion.

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CONSOLIDATED BALANCE SHEETS (unaudited) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Current assets

Cash and cash equivalents $ 889,795 $ 1,508,843

Prepaid expenses 16,894 1,230

Other receivables 2,400

Total current assets 909,089 1,510,073

Note receivable from Duke Mountain 80,000 80,000

Intangible assets 162,854 162,854

Total assets 1,151,943 1,752,927

Current liabilities

Accounts payable and accrued liabilities 15,641 11,222

Accrued expenses - related parties 45,978 44,219

Other current liabilities 137,500

Total current liabilities 199,119 55,441

Long term liabilities

Other long term liabilities 237,500

Total liabilities 436,619 55,441

STOCKHOLDERS' EQUITY

Preferred stock: $0.0001 par value: Authorized: 10,000,000 shares Issued and outstanding: nil

Common stock: $0.00001 par value: Authorized: 500,000,000 Issued and outstanding: 66,575,122 shares 666 666

Additional paid-in capital 8,116,001 7,220,612

Accumulated deficit (7,401,343) (5,523,792)

Total stockholders' equity 715,324 1,697,486

Total liabilities and stockholders' equity $ 1,151,943 $ 1,752,927

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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)
9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Consolidated Statements Of Cash Flows

Net loss $ (1,877,551) $ (279,765)

Adjustments to reconcile net loss to net cash flows from operating activities:

Stock based compensation expense 47,001 9,622

Stock based consulting expense 848,388 54,668

Gain on disposal of oil and gas properties (49,338)

Changes in operating assets and liabilities:

Decrease (increase) in receivables (2,400) 800

Decrease (increase) in prepaid expenses (15,664) 6,058

(Decrease) increase in accounts payable and accrued expenses 6,178 83,313

(Decrease) increase in current liabilities 137,500

(Decrease) increase in long term liabilities 237,500

Net cash flows from operating activities (619,048) (174,642)

Cash flows from investing activities:

Proceeds from disposal of oil and gas properties 3,000

Acquisition of intellectual property (105,854)

Net cash flows from investing activities (102,854)

Change in cash and cash equivalents (619,048) (277,496)

Cash and cash equivalents, beginning of period 1,508,843 513,595

Cash and cash equivalents, end of period $ 889,795 $ 236,099

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Organization, Nature and Continuance of Operations
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Note 1. Organization, Nature and Continuance of Operations
RenovaCare, Inc., together with its wholly owned subsidiary (the “Company”), focuses on the acquisition, research, development and, if warranted, commercialization of autologous (using a patient’s own cells) cellular therapies that can be used for medical and aesthetic applications. The Company was previously involved in the exploration and development of both mineral exploration properties and oil and gas properties.

On July 12, 2013, the Company, through its wholly owned subsidiary, RenovaCare Sciences Corp. (“RenovaCare Sciences”), completed the acquisition of its flagship technology, a treatment methodology for skin isolation, spraying and associated equipment for the regeneration of human skin cells (the “Cell Deposition Device”), along with the associated United States patent applications and two (2) foreign patents, the first of which expires on August 22, 2027 and the second of which expires on April 26, 2031. The Company effected the acquisition of the Cell Deposition Device through an asset purchase agreement with Dr. Gerlach on July 12, 2013, and paid Dr. Gerlach an initial sum of $100,002 at that time. This asset purchase agreement was amended on September 9, 2014 (the “Amended APA”). Pursuant to the terms of the Amended APA, the Company is obligated to pay Dr. Gerlach an additional $300,000 in four installments: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017. Additionally, the Company issued to Dr. Gerlach a Series A Warrant allowing him to purchase up to 1,200,000 shares of our common stock at a purchase price of $0.35 per share.

The Company has recently incurred net operating losses and operating cash flow deficits. As of September 30, 2014, the Company’s total accumulated deficit is $7.4 million. The Company does not currently generate revenues and will continue to incur losses from operations and operating cash flow deficits in the future. Management believes that the Company’s cash and cash equivalent balances, anticipated cash flows from operations and other external sources of capital will be sufficient to meet the Company’s cash requirements through March 31, 2015. The future of the Company after March 2015 will depend in large part on its ability to successfully raise capital from external sources to fund operations.

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Document and Entity Information
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CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (USD $)
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Related Party Transactions
9 Months Ended

Sep. 30, 2014

Notes to Financial Statements

Note 6. Related Party Transactions
As compensation for their service on the Board, Dr. Kirkland and Mr. Sierchio will receive an annual retainer of $6,000, payable in equal yearly installments in arrears and prorated for any partial years of service. Additionally, on August 14, 2014, the Company granted to each of Dr. Kirkland and Mr. Sierchio an incentive stock options to purchase up to 20,000 shares of the Company’s common stock at an exercise price of $0.85 per share, the closing price of the Company’s common stock as quoted on the OTC Markets Group Inc. QB tier (the “OTCQB”) on the day prior to the grant. Subject to their continued service as a member of the Board, 10,000 of the option shares vest immediately and 10,000 of the option shares vest on the first anniversary of date of grant and may be exercised on a “cashless basis” using the formula contained therein.

Effective September 30, 2013, Ms. Rosen resigned as President and Chief Executive Officer and the Company entered into an At-Will Executive Services Agreement (the “Rosen Services Agreement”), pursuant to which Ms. Rosen will serve as the Company’s Chief Financial Officer. Pursuant to the Rosen Services Agreement, Ms. Rosen will provide the Company with services consistent with that of a Chief Financial Officer on a part-time basis, for which she will be paid a monthly fee of $2,400 and will be reimbursed for any business related expenses. The Rosen Services Agreement is terminable by either the Company or Ms. Rosen upon advance written notice. On August 14, 2014, the Company granted to Ms. Rhonda Rosen, the Company’s Chief Financial Officer, 10,000 stock options. The exercise price per share is $0.80; 5,000 options vested on the grant date and, subject to her continued service as an executive of the Company, the remaining 5,000 options vested on August 14, 2015 and may be exercised on a “cashless basis” using the formula contained therein.

On November 29, 2013, the Company entered into a subscription agreement with Kalen Capital Corporation (the “Investor”), a private Alberta corporation wholly owned by Mr. Harmel S. Rayat and a majority shareholder of the Company’s, pursuant to which the Investor purchased 3,500,000 Units at a purchase price of $0.43 per Unit, for an aggregate purchase amount of $1,505,000. Each Unit consists of: (a) one share of common stock; (b) one Series B Warrant exercisable for one share of Common Stock at an exercise price of $0.43 per share if exercised within the first eighteen months or $0.46 per share if exercised after the first eighteen months and prior to expiration on November 29, 2018; and (c) one Series C Warrant exercisable for one share of common stock at an exercise price of $0.43 per share if exercised within the first eighteen months or $0.49 per share if exercised after the first eighteen months and prior to expiration on November 29, 2018. Each of the Series B Warrant and Series C Warrant contains a provision allowing the holder to exercise the respective warrant on a cashless basis as further set forth therein. The Unit price of $0.43 represents a 30% discount to the 20 day average closing price of the Common Stock as quoted on the OTCQB as of October 31, 2013, the last trading date prior to us entering into a non-binding term sheet with the Investor regarding the purchase of the Units.

On December 1, 2013, the Company appointed Mr. Bold as its President & CEO and entered into the Consulting Agreement with Mr. Bold. Pursuant to the terms of the Consulting Agreement, Mr. Bold is expected to serve on a part-time basis and will receive an annual fee of $50,000, payable in 12 equal installments, which is prorated for any partial months during the term of the Consulting Agreement. In addition to Mr. Bold’s fee, he was issued Option Shares to purchase up to 40,000 shares of the Company’s common stock at a price of $0.75 per share the closing price of the Company’s common stock as quoted on the OTCQB on November 29, 2013. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Mr. Bold’s continued service as the Company’s President and Chief Executive Officer, vest as follows, 20,000 Options Shares on: (a) December 1, 2014; and (b) December 1, 2015.

On December 31, 2013, the Company completed the sale of 100% of the issued and outstanding shares of Fostung Resources to Duke for a promissory note in the amount of $80,000, which amount approximated the fair value of the leases and mining claims controlled by Fostung Resources, as concluded by an independent third-party geological consultant. Principal and interest at 4.0% are payable on December 31, 2015. Mr. Herdev S. Rayat, the majority shareholder of Duke, is the brother of Mr. Harmel S. Rayat, the Company’s majority shareholder.



On April 1, 2014, the Company appointed Ms. Patsy Trisler as its Vice President – Clinical & Regulatory Affairs and entered into the Trisler Consulting Agreement with Ms. Trisler. Pursuant to the terms of the Trisler Consulting Agreement, Ms. Trisler will receive a monthly fee of $5,000, which covers her services for up to 40 hours in any given month and will pay her an hourly fee of $125 for every hour in excess of forty, prorated for any partial hour. The Consulting Agreement may be terminated at any time by either Ms. Trisler or the Company. In addition to Ms. Trisler’s fee, she was issued Option Shares to purchase up to 50,000 shares of the Company’s common stock at a price of $1.05 per share, the closing price of the Company’s common stock as quoted on the OTCQB on March 31, 2014. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Ms. Trisler’s continued service as the Company’s Vice President – Clinical & Regulatory Affairs, vest as follows, 10,000 Options Shares on: (a) April 1, 2015; (b) April 1, 2016; (c) April 1, 2017; (d) April 1, 2018; and (e) April 1, 2019.

On April 20, 2014, the Company appointed Andrew Danielson as its Director of Business Development at an annual salary of $60,000. In addition Mr. Danielson was issued Option Shares to purchase 5,000 shares of the Company’s common stock at a price of $1.05 per share, the closing price of the Company’s common stock as quoted on the OTCQB on April 17, 2014. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Mr. Danielson’s continued service with the Company. The Options Shares vest on April 20, 2015.

For the three months ended September 30, 2014, directors’ and management fees, consulting fees and reimbursement of expenses incurred with respect to officers and directors of the Company were $37,945 (2013: $75,040). Legal fees incurred with respect to one of the Company’s directors in the three months ended September 30, 2014 were $34,945 (2013: $40,190). Amounts included in accounts payable and accrued expenses, and due to related parties, at September 30, 2014 were $13,400 (2013: $74,562).

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Commitments
9 Months Ended

Sep. 30, 2014

Notes to Financial Statements

Note 5. Commitments
On August 1, 2013, the Company engaged Vector to assist the Company with identifying subject matter experts in the medical device and biotechnology industries and to assist the Company with its ongoing research, development and eventual commercialization of its Regeneration Technology (collectively, the “Services”). In consideration of the Services, the Company will pay Vector a monthly consulting fee of $5,000. The consulting agreement with Vector continues until December 31, 2014, unless earlier terminated by either party upon 5 days prior written notice.

In connection with the Company’s anticipated Section 510(k) submission of its proprietary Cell Deposition Device to the Food and Drug Administration, the Company has engaged StemCell System GmbH (“StemCell Systems”) to provide it with prototypes and related documents. Pursuant to this engagement the Company incurred expenses of $26,950 and $91,950 in the three and nine months ended September 30, 2014, respectively. The remaining payments are due prior to December 31, 2014, the exact timing of which is dependent on when the work is performed.

On September 25, 2014, the Company entered into a Charitable Grant Agreement with the University of Pittsburgh (the “University”), pursuant to which the Company committed to provide a charitable donation to the University in the aggregate amount of $75,000 (the “Grant”). The Company will pay the Grant in eight quarterly installments of $9,375, with the first payment made on or before October 2014 and the final payment to be made on or before July 31, 2016. Dr. Gerlach, from whom the Company purchased the Cell Deposition Device, is a professor at the University. At September 30, 2014, $37,500 of the amount payable to the University was recorded as other current liabilities and $37,500 was recorded as other long term liabilities in the accompanying consolidated balance sheet.

See also “Note 6. Related Party Transactions.”

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Commitments (Details Narrative) (USD $)
3 Months Ended 9 Months Ended

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Incurred expenses $ 26,950 $ 91,950

Other current liabilities 137,500 137,500

University [Member]

Other current liabilities 37,500 37,500

Other long term liabilities $ 37,500 $ 37,500

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Intangible Assets - Intellectual Property (Details Narrative) (USD $)
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dr. Gerlach [Member]

Mar. 31, 2014

Series A Warrant [Member]

Sep. 30, 2013

Series A Warrant [Member]

Sep. 30, 2014

Series A Warrant [Member]

Sep. 30, 2013

Series A Warrant [Member]

Other current liabilities $ 137,500 $ 137,500 $ 100,000

Other long term liabilities 200,000

Consulting expense 115,840 54,668 311,173 54,668

Research and development expense $ 902,219 $ 956,719 $ 537,217 $ 537,217

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Common Stock Options (Tables)
9 Months Ended

Sep. 30, 2014

Stock Option Activity
The following table summarizes stock option activity for the period ended September 30, 2014.

Weighted

Average

Weighted Remaining Aggregate

Options Average Contractual Intrinsic

Outstanding Exercise Price Life (Years) Value

Balance January 1, 2014 80,000 $ 0.70 9.03 $ 40,000

Options granted 105,000 0.93 9.68 $ 28,350

Balance September 30, 2014 185,000 $ 0.83 9.40 $ 68,350

Exercisable at September 30, 2014 65,000 $ 0.70 9.26 $ 22,500

Assumptions required for the Black-Scholes model
The fair value of each Warrant Share as of September 9, 2014, using the Black-Scholes option pricing model, was $0.91.

Assumptions required for the Black-Scholes model are as follows:

Weighted average risk-free interest rate 1.72 %

Expected life in years 4.75 Years

Weighted Avg Expected Volatility 93.8 %

Expected dividend yield 0 %

Stock Options

Assumptions required for the Black-Scholes model
The assumptions for volatility, expected life, dividend yield and risk-free interest rate are presented in the table below:

Weighted average risk-free interest rate 1.58 – 1.62 %

Expected life in years 5.50

Weighted Avg. Expected Volatility 94.4%-105.3 %

Expected dividend yield 0 %

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Significant Accounting Policies (Policies)
9 Months Ended

Sep. 30, 2014

Significant Accounting Policies Policies

Basis of Presentation and Principles of Accounting
The interim consolidated financial statements included herein have been prepared by the Company, without audit, in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) pursuant to Part 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading.

In management’s opinion, the unaudited consolidated financial statements contained herein reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows on a basis consistent with that of the Company’s prior audited consolidated financial statements. The Company has evaluated information about subsequent events that became available to us through the date the financial statements were issued. This information relates to events, transactions or changes in circumstances that would require us to adjust the amounts reported in the financial statements or to disclose information about those events, transactions or changes in circumstances. However, the results of operations for interim periods may not be indicative of results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements, including the notes thereto for the year ended December 31, 2013, which may be found under the Company’s profile on EDGAR.

Principles of Consolidation
These consolidated financial statements have been prepared in accordance with US GAAP and include the accounts of the Company and its wholly owned subsidiary, RenovaCare Sciences. All significant intercompany transactions and balances have been eliminated. RenovaCare Sciences was incorporated under the laws of the State of Nevada on June 12, 2013.

Applicable Accounting Guidance
Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Board’s Accounting Standards Codification.

In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders’ equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company adopted ASU 2014-10 during the quarter ended June 30, 2014, thereby no longer presenting or disclosing any information required by Topic 915.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016 and is to be applied retrospectively. The Company does not currently have any revenue. As such, ASU 2014-09 will not have any effect on the Company’s results of operations and financial position. If the Company begins generating revenue prior to the effective date of ASU 2014-09, it will evaluate the effect that ASU 2014-09 will have on its results of operations and financial position.

Accounting Estimates
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results, as determined by future events, may differ from these estimates.

Cash and Cash Equivalents
The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may at times exceed federally insured limits.

Note Receivable from Duke Mountain
The note receivable from Duke Mountain Resources, Inc. (“Duke”) is unsecured, bears interest at 4.0% and principal and interest are due on December 31, 2015. The Company’s credit risk assessment is limited due to the related party nature of the arrangement.

Fair Value of Financial Instruments
The carrying amounts for cash and cash equivalents and current and long term liabilities approximate fair value based on observable quoted prices for active markets – Level 1 inputs. The carrying amount of the note receivable from Duke approximates fair value based on similar market inputs for interest rates for a specific creditor – Level 2 inputs.

Research and Development Costs
The Company intends to outsource its research and development efforts and expense related costs as incurred, including the cost of manufacturing product for testing, licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired will be capitalized as it relates to particular research and development projects that may have alternative future uses.

Intangible Assets
The intangible asset consists primarily of Cell Deposition Device technology that the Company acquired during 2013 and is recorded at cost. At the time of acquisition the technology had not reached technological feasibility. The amount capitalized is accounted for as an indefinite-lived intangible asset, subject to impairment testing until completion or abandonment. Upon successful completion, a determination will be made as to the then useful life of the intangible asset, generally determined by the period in which substantially all of the cash flows are expected to be generated, and begin amortization. The Company tests the intangible asset for impairment at least annually or more frequently if impairment indicators exist after performing a qualitative analysis. Management has multiple criteria that it considers when performing the qualitative analysis. The results of this review are then weighed and prioritized. If the totality of the relevant events and circumstances indicate that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount, additional impairment tests are not necessary.

The Company assessed the following qualitative factors that could affect any change in the fair value of the intangible asset: analysis of the technology’s current phase, additional testing necessary to bring the technology to market, development of competing products, changes in projections caused by delays, changes in regulations, changes in the market for the technology and changes in cost projections to bring the technology to market. Based on a qualitative assessment, management concluded that a positive assertion can be made from the qualitative assessment that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount.

Stock Options
The Company measures all stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk free interest rates.

Income Taxes
The Company recognizes income taxes on an accrual basis based on tax positions taken, or expected to be taken, in tax returns. A tax position is defined as a position in a previously filed tax return or a position expected to be taken in future tax filing that is reflected in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not (i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities. Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Company’s policy is to classify interest and penalties related to tax positions as interest expense. Since the Company’s inception, no such interest or penalties have been incurred. The Company did not record an income tax provision during the periods presented due to net taxable losses.

Discontinued Operations
The results of the Company’s oil and gas and mineral assets are being reported as discontinued operations as a result of the sale of the oil and gas properties in February 2013 and the sale of the Company’s subsidiary which controlled various mineral leases and claims in December 2013. Certain amounts reported in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income (loss).

Earnings (Loss) Per Share
The Company presents both basic and diluted earnings per share (“EPS”) amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. Potentially dilutive shares of common stock consisted of warrants to purchase shares of common stock (8,200,000 shares as of September 30, 2014 and December 31, 2013) and options to purchase shares of common stock (185,000 shares as of September 30, 2014 and 80,000 as of December 31, 2013). During the periods presented, potentially dilutive shares of common stock were not included in the computation of dilutive loss per share as to do so would be anti-dilutive.

Related Party Transactions
A related party is generally defined as (i) any person who holds 10% or more of the Company’s securities and their immediate families; (ii) the Company’s management; (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company; or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See “Note 6. Related Party Transactions,” for further discussion.

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Sep. 30, 2014

Intangible Assets - Intellectual Propert Tables

Assumptions required for the Black-Scholes model
The fair value of each Warrant Share as of September 9, 2014, using the Black-Scholes option pricing model, was $0.91.

Assumptions required for the Black-Scholes model are as follows:

Weighted average risk-free interest rate 1.72 %

Expected life in years 4.75 Years

Weighted Avg Expected Volatility 93.8 %

Expected dividend yield 0 %

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Organization Nature and Continuance of Operations (Details Narrative) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Organization Nature And Continuance Of Operations Details Narrative

Accumulated deficit $ (7,401,343) $ (5,523,792)

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Common Stock Options (Details 1)
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Sep. 30, 2014

Weighted average risk-free interest rate 1.72%

Expected life in years 4 years 9 months

Weighted Avg Expected Volatility 93.80%

Expected dividend yield 0.00%

Stock Options

Expected life in years 5 years 6 months

Expected dividend yield 0.00%

Stock Options | Minimum

Weighted average risk-free interest rate 1.58%

Weighted Avg Expected Volatility 94.40%

Stock Options | Maximum

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (USD $)

Common Stock

Additional Paid-In Capital

Accumulated Deficit

Accumulated other comprehensive (oss)

Total

Beginning Balance, Amount at Dec. 31, 2012 $ 631 $ 5,462,236 $ (4,491,004) $ (4,104) $ 967,759

Beginning Balance, Shares at Dec. 31, 2012 63,075,122

Stock based compensation - Series A Warrant 237,971 237,971

Stock based compensation - options 15,440 15,440

Issuance of Units 3,500,000

Issuance of Units, Value 35 1,504,965 1,505,000

Reclassification adjustment on disposal of subsidiary 4,104 (4,104)

Net Loss (1,032,788) (1,032,788)

Ending Balance, Amount at Dec. 31, 2013 666 7,220,612 (5,523,792) 1,697,486

Ending Balance, Shares at Dec. 31, 2013 66,575,122

Stock based compensation - Series A Warrant 848,388 848,388

Stock based compensation - options 47,001 47,001

Net Loss (1,877,551) (1,877,551)

Ending Balance, Amount at Sep. 30, 2014 $ 666 $ 8,116,001 $ (7,401,343) $ 715,324

Ending Balance, Shares at Sep. 30, 2014 66,575,122

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Common Stock Options
9 Months Ended

Sep. 30, 2014

Notes to Financial Statements

Note 4. Common Stock Options
Approval of the 2013 Long-Term Incentive Plan

On June 20, 2013, the Board of Directors (the “Board”) adopted, subject to receiving shareholder approval, the 2013 Long-Term Incentive Plan (the “Incentive Plan”). The Incentive Plan provides for the issuance of stock options of up to 20,000,000 shares (subject to adjustment) of the Company’s common stock to officers, directors, key employees and consultants of the Company. Options granted to employees under the Incentive Plan, including directors and officers who are employees, may be incentive stock options or non-qualified stock options; options granted to others under the Incentive Plan are limited to non-qualified stock options. On November 15, 2013, shareholders owning a majority of the Company’s issued and outstanding shares approved the Incentive Plan.

The Incentive Plan is administered by the Board or a committee designated by the Board. Subject to the provisions of the Incentive Plan, the Board has the authority to determine the officers, employees and consultants to whom options will be granted, the number of shares covered by each option, vesting rights and the terms and conditions of each option that is granted to them; however, no person may be granted in any of the Company’s fiscal year, options to purchase more than 2,000,000 shares under the Incentive Plan, and the aggregate fair market value (determined at the time the option is granted) of the shares with respect to which incentive stock options are exercisable for the first time by an optionee during any calendar year cannot exceed $100,000. Options granted pursuant to the Incentive Plan are exercisable no later than ten years after the date of grant.

The exercise price per share of common stock for options granted under the Incentive Plan will be the fair market value of the Company’s common stock on the date of grant, using the closing price of the Company’s common stock on the last trading day prior to the date of grant, except for incentive stock options granted to a holder of ten percent or more of the Company’s common stock, for whom the exercise price per share will not be less than 110% of the fair market value. No option can be granted under the Incentive Plan after June 20, 2023.

As of September 30, 2014, there were 19,815,000 shares available for grant.

Stock Option Activity

On August 1, 2013, the Company granted to each of Messrs. Kirkland and Sierchio 20,000 stock options. The exercise price per share is $0.65; 10,000 options vested on the grant date and, subject to continued service as a member of the Company’s Board, the remaining 10,000 options vested on August 1, 2014 and may be exercised on a “cashless basis” using the formula contained therein.

Effective December 1, 2013, the Company appointed Mr. Bold as its President & CEO and entered into an at-will consulting agreement (the “Consulting Agreement”) with Mr. Bold. Pursuant to the terms of the Consulting Agreement, Mr. Bold was issued a stock option to purchase up to 40,000 shares of the Company’s common stock (the “Option Shares”) at a price of $0.75 per share the closing price of the Company’s common stock as quoted on the OTCQB on November 29, 2013. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Mr. Bold’s continued service as the Company’s President and Chief Executive Officer, the Options Shares vest as follows, 20,000 on: (a) December 1, 2014; and (b) December 1, 2015.

On April 1, 2014, the Company appointed Ms. Patsy Trisler as its Vice President – Clinical & Regulatory Affairs and entered into an at-will consulting agreement (the “Trisler Consulting Agreement”) with Ms. Trisler. Pursuant to the terms of the Trisler Consulting Agreement, Ms. Trisler was issued Option Shares to purchase up to 50,000 shares of the Company’s common stock at a price of $1.05 per share, the closing price of the Company’s common stock as quoted on the OTCQB on April 1, 2014. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Ms. Trisler’s continued service as the Company’s Vice President – Clinical & Regulatory Affairs, the Options Shares vest as follows, 10,000 on: (a) April 1, 2015; (b) April 1, 2016; (c) April 1, 2017; (d) April 1, 2018; and (e) April 1, 2019.

On April 20, 2014, the Company appointed Andrew Danielson as its Director of Business Development and issued Mr. Danielson Option Shares to purchase 5,000 shares of the Company’s common stock at a price of $1.05 per share, the closing price of the Company’s common stock as quoted on the OTCQB on April 17, 2014. The Options Shares may be exercised on a “cashless basis” using the formula contained therein and, subject to Mr. Danielson’s continued service with the Company. The Options Shares vest on April 20, 2015.

On August 14, 2014, the Company granted to each of Messrs. Kirkland and Sierchio 20,000 stock options. The exercise price per share is $0.80; 10,000 options vested on the grant date and, subject to continued service as a member of the Company’s Board, the remaining 10,000 options vest on August 14, 2015 and may be exercised on a “cashless basis” using the formula contained therein.

On August 14, 2014, the Company granted to Ms. Rhonda Rosen, the Company’s Chief Financial Officer, 10,000 stock options. The exercise price per share is $0.80; 5,000 options vested on the grant date and, subject to her continued service as an executive of the Company, the remaining 5,000 options vest on August 14, 2015 and may be exercised on a “cashless basis” using the formula contained therein.

The following table summarizes stock option activity for the period ended September 30, 2014.

Weighted

Average

Weighted Remaining Aggregate

Options Average Contractual Intrinsic

Outstanding Exercise Price Life (Years) Value

Balance January 1, 2014 80,000 $ 0.70 9.03 $ 40,000

Options granted 105,000 0.93 9.68 $ 28,350

Balance September 30, 2014 185,000 $ 0.83 9.40 $ 68,350

Exercisable at September 30, 2014 65,000 $ 0.70 9.26 $ 22,500

The fair value of each stock option is estimated at the date of grant using the Black-Scholes option pricing model. The weighted-average fair value of stock options granted during 2013 was approximately $0.49 to $0.57 per share. The weighted average fair value of stock options granted during 2014 was $0.72 per share. Assumptions regarding volatility, expected term, dividend yield and risk-free interest rate are required for the Black-Scholes model. The volatility assumption is based on the Company’s historical experience. The risk-free interest rate is based on a U.S. treasury note with a maturity similar to the option award’s expected life. The expected life represents the average period of time that options granted are expected to be outstanding. The assumptions for volatility, expected life, dividend yield and risk-free interest rate are presented in the table below:

Weighted average risk-free interest rate 1.58 – 1.62 %

Expected life in years 5.50

Weighted Avg. Expected Volatility 94.4%-105.3 %

Expected dividend yield 0 %

During the three and nine months ended September 30, 2014, stock-based compensation expense of $27,646 and $47,001, respectively, was recognized as general and administrative expenses. During the three and nine months ended September 30, 2013, stock based compensation of $8,793 and $9,622, respectively, was recognized as general and administrative expenses. There were 65,000 stock options vested and 120,000 unvested, as of September 30, 2014. As of September 30, 2014, the Company had $55,819 of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized by April 1, 2019.

The Company issues new shares when options are exercised.

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Common Stock Options (Details) (USD $)
9 Months Ended

Sep. 30, 2014

Options Outstanding

Options outstanding - beginning balance 80,000

Options granted 105,000

Options oustanding - ending balance 185,000

Options exercisable 65,000

Weighted average exercise price

Options outstanding - beginning balance $ 0.70

Options granted $ 0.93

Options outstanding - ending balance $ 0.83

Options exercisable $ 0.70

Weighted average remaining contracted term

Warrants outstanding - beginning balance 9 years 11 days

Options granted 9 years 8 months 5 days

Warrants outstanding - ending balance 9 years 4 months 24 days

Warrants exercisable 9 years 3 months 4 days

Aggregate intrinsic value

Options outstanding - beginning balance $ 40,000

Options granted 28,350

Options outstanding - ending balance 68,350

Options exercisable $ 22,500

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CONSOLIDATED BALANCE SHEETS (unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 889,795	$ 1,508,843
Prepaid expenses	16,894	1,230
Other receivables	2,400
Total current assets	909,089	1,510,073
Note receivable from Duke Mountain	80,000	80,000
Intangible assets	162,854	162,854
Total assets	1,151,943	1,752,927
Current liabilities
Accounts payable and accrued liabilities	15,641	11,222
Accrued expenses - related parties	45,978	44,219
Other current liabilities	137,500
Total current liabilities	199,119	55,441
Long term liabilities
Other long term liabilities	237,500
Total liabilities	436,619	55,441
STOCKHOLDERS' EQUITY
Preferred stock: $0.0001 par value: Authorized: 10,000,000 shares Issued and outstanding: nil
Common stock: $0.00001 par value: Authorized: 500,000,000 Issued and outstanding: 66,575,122 shares	666	666
Additional paid-in capital	8,116,001	7,220,612
Accumulated deficit	(7,401,343)	(5,523,792)
Total stockholders' equity	715,324	1,697,486
Total liabilities and stockholders' equity	$ 1,151,943	$ 1,752,927

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Consolidated Statements Of Cash Flows
Net loss	$ (1,877,551)	$ (279,765)
Adjustments to reconcile net loss to net cash flows from operating activities:
Stock based compensation expense	47,001	9,622
Stock based consulting expense	848,388	54,668
Gain on disposal of oil and gas properties		(49,338)
Changes in operating assets and liabilities:
Decrease (increase) in receivables	(2,400)	800
Decrease (increase) in prepaid expenses	(15,664)	6,058
(Decrease) increase in accounts payable and accrued expenses	6,178	83,313
(Decrease) increase in current liabilities	137,500
(Decrease) increase in long term liabilities	237,500
Net cash flows from operating activities	(619,048)	(174,642)
Cash flows from investing activities:
Proceeds from disposal of oil and gas properties		3,000
Acquisition of intellectual property		(105,854)
Net cash flows from investing activities		(102,854)
Change in cash and cash equivalents	(619,048)	(277,496)
Cash and cash equivalents, beginning of period	1,508,843	513,595
Cash and cash equivalents, end of period	$ 889,795	$ 236,099

Common Stock Options (Details Narrative) (USD $)	9 Months Ended
Common Stock Options (Details Narrative) (USD $)	Sep. 30, 2014
Common Stock Options Details Narrative
Shares available	19,815,000
Unrecognized compensation cost	$ 55,819
Stock options vested	65,000
Stock options unvested	120,000

Related Party Transactions (Details Narrative) (USD $)			3 Months Ended
Related Party Transactions (Details Narrative) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014 Officer and directors [Member] Management Fee [Member]	Sep. 30, 2013 Officer and directors [Member] Management Fee [Member]	Sep. 30, 2014 Directors [Member] Legal Fee [Member]	Sep. 30, 2013 Directors [Member] Legal Fee [Member]
Fees paid or due to related party			$ 37,945	$ 75,040	$ 34,945	$ 40,190
Accounts payable - related parties	$ 13,400	$ 74,562

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
STOCKHOLDERS' EQUITY
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, Authorized	10,000,000	10,000,000
Preferred stock, shares Issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, Authorized	500,000,000	500,000,000
Common stock, shares Issued	66,575,122	66,575,122
Common stock, shares outstanding	66,575,122	66,575,122

Significant Accounting Policies (Details Narrative)	Sep. 30, 2014	Dec. 31, 2013
Significant Accounting Policies Details Narrative
Common stock consisted of warrants to purchase shares	8,200,000	8,200,000
Options to purchase shares of common stock	185,000	80,000

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Nov. 13, 2014
Document And Entity Information
Entity Registrant Name	Renovacare, Inc.
Entity Central Index Key	0001016708
Document Type	10-Q
Document Period End Date	Sep. 30, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		66,575,122
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2014

Intangible Assets - Intellectual Property (Details)	9 Months Ended
Intangible Assets - Intellectual Property (Details)	Sep. 30, 2014
Intangible Assets - Intellectual Property Details
Weighted average risk-free interest rate	1.72%
Expected life in years	4 years 9 months
Weighted Avg Expected Volatility	93.80%
Expected dividend yield	0.00%

Commitments (Details Narrative) (USD $)	3 Months Ended	9 Months Ended
Commitments (Details Narrative) (USD $)	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013
Incurred expenses	$ 26,950	$ 91,950
Other current liabilities	137,500	137,500
University [Member]
Other current liabilities	37,500	37,500
Other long term liabilities	$ 37,500	$ 37,500

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2014
Significant Accounting Policies Policies
Basis of Presentation and Principles of Accounting	The interim consolidated financial statements included herein have been prepared by the Company, without audit, in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) pursuant to Part 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading. In management’s opinion, the unaudited consolidated financial statements contained herein reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows on a basis consistent with that of the Company’s prior audited consolidated financial statements. The Company has evaluated information about subsequent events that became available to us through the date the financial statements were issued. This information relates to events, transactions or changes in circumstances that would require us to adjust the amounts reported in the financial statements or to disclose information about those events, transactions or changes in circumstances. However, the results of operations for interim periods may not be indicative of results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements, including the notes thereto for the year ended December 31, 2013, which may be found under the Company’s profile on EDGAR.
Principles of Consolidation	These consolidated financial statements have been prepared in accordance with US GAAP and include the accounts of the Company and its wholly owned subsidiary, RenovaCare Sciences. All significant intercompany transactions and balances have been eliminated. RenovaCare Sciences was incorporated under the laws of the State of Nevada on June 12, 2013.
Applicable Accounting Guidance	Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Board’s Accounting Standards Codification. In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders’ equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company adopted ASU 2014-10 during the quarter ended June 30, 2014, thereby no longer presenting or disclosing any information required by Topic 915. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016 and is to be applied retrospectively. The Company does not currently have any revenue. As such, ASU 2014-09 will not have any effect on the Company’s results of operations and financial position. If the Company begins generating revenue prior to the effective date of ASU 2014-09, it will evaluate the effect that ASU 2014-09 will have on its results of operations and financial position.
Accounting Estimates	The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results, as determined by future events, may differ from these estimates.
Cash and Cash Equivalents	The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may at times exceed federally insured limits.
Note Receivable from Duke Mountain	The note receivable from Duke Mountain Resources, Inc. (“Duke”) is unsecured, bears interest at 4.0% and principal and interest are due on December 31, 2015. The Company’s credit risk assessment is limited due to the related party nature of the arrangement.
Fair Value of Financial Instruments	The carrying amounts for cash and cash equivalents and current and long term liabilities approximate fair value based on observable quoted prices for active markets – Level 1 inputs. The carrying amount of the note receivable from Duke approximates fair value based on similar market inputs for interest rates for a specific creditor – Level 2 inputs.
Research and Development Costs	The Company intends to outsource its research and development efforts and expense related costs as incurred, including the cost of manufacturing product for testing, licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired will be capitalized as it relates to particular research and development projects that may have alternative future uses.
Intangible Assets	The intangible asset consists primarily of Cell Deposition Device technology that the Company acquired during 2013 and is recorded at cost. At the time of acquisition the technology had not reached technological feasibility. The amount capitalized is accounted for as an indefinite-lived intangible asset, subject to impairment testing until completion or abandonment. Upon successful completion, a determination will be made as to the then useful life of the intangible asset, generally determined by the period in which substantially all of the cash flows are expected to be generated, and begin amortization. The Company tests the intangible asset for impairment at least annually or more frequently if impairment indicators exist after performing a qualitative analysis. Management has multiple criteria that it considers when performing the qualitative analysis. The results of this review are then weighed and prioritized. If the totality of the relevant events and circumstances indicate that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount, additional impairment tests are not necessary. The Company assessed the following qualitative factors that could affect any change in the fair value of the intangible asset: analysis of the technology’s current phase, additional testing necessary to bring the technology to market, development of competing products, changes in projections caused by delays, changes in regulations, changes in the market for the technology and changes in cost projections to bring the technology to market. Based on a qualitative assessment, management concluded that a positive assertion can be made from the qualitative assessment that it is not more likely than not that the fair value of the intangible asset is less than its carrying amount.
Stock Options	The Company measures all stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk free interest rates.
Income Taxes	The Company recognizes income taxes on an accrual basis based on tax positions taken, or expected to be taken, in tax returns. A tax position is defined as a position in a previously filed tax return or a position expected to be taken in future tax filing that is reflected in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not (i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities. Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Company’s policy is to classify interest and penalties related to tax positions as interest expense. Since the Company’s inception, no such interest or penalties have been incurred. The Company did not record an income tax provision during the periods presented due to net taxable losses.
Discontinued Operations	The results of the Company’s oil and gas and mineral assets are being reported as discontinued operations as a result of the sale of the oil and gas properties in February 2013 and the sale of the Company’s subsidiary which controlled various mineral leases and claims in December 2013. Certain amounts reported in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income (loss).
Earnings (Loss) Per Share	The Company presents both basic and diluted earnings per share (“EPS”) amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. Potentially dilutive shares of common stock consisted of warrants to purchase shares of common stock (8,200,000 shares as of September 30, 2014 and December 31, 2013) and options to purchase shares of common stock (185,000 shares as of September 30, 2014 and 80,000 as of December 31, 2013). During the periods presented, potentially dilutive shares of common stock were not included in the computation of dilutive loss per share as to do so would be anti-dilutive.
Related Party Transactions	A related party is generally defined as (i) any person who holds 10% or more of the Company’s securities and their immediate families; (ii) the Company’s management; (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company; or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See “Note 6. Related Party Transactions,” for further discussion.

Organization Nature and Continuance of Operations (Details Narrative) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Organization Nature And Continuance Of Operations Details Narrative
Accumulated deficit	$ (7,401,343)	$ (5,523,792)

Common Stock Options (Details 1)	9 Months Ended
Common Stock Options (Details 1)	Sep. 30, 2014
Weighted average risk-free interest rate	1.72%
Expected life in years	4 years 9 months
Weighted Avg Expected Volatility	93.80%
Expected dividend yield	0.00%
Stock Options
Expected life in years	5 years 6 months
Expected dividend yield	0.00%
Stock Options \| Minimum
Weighted average risk-free interest rate	1.58%
Weighted Avg Expected Volatility	94.40%
Stock Options \| Maximum
Weighted average risk-free interest rate	1.62%
Weighted Avg Expected Volatility	105.30%

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (USD $)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated other comprehensive (oss)	Total
Beginning Balance, Amount at Dec. 31, 2012	$ 631	$ 5,462,236	$ (4,491,004)	$ (4,104)	$ 967,759
Beginning Balance, Shares at Dec. 31, 2012	63,075,122
Stock based compensation - Series A Warrant		237,971			237,971
Stock based compensation - options		15,440			15,440
Issuance of Units	3,500,000
Issuance of Units, Value	35	1,504,965			1,505,000
Reclassification adjustment on disposal of subsidiary				4,104	(4,104)
Net Loss			(1,032,788)		(1,032,788)
Ending Balance, Amount at Dec. 31, 2013	666	7,220,612	(5,523,792)		1,697,486
Ending Balance, Shares at Dec. 31, 2013	66,575,122
Stock based compensation - Series A Warrant		848,388			848,388
Stock based compensation - options		47,001			47,001
Net Loss			(1,877,551)		(1,877,551)
Ending Balance, Amount at Sep. 30, 2014	$ 666	$ 8,116,001	$ (7,401,343)		$ 715,324
Ending Balance, Shares at Sep. 30, 2014	66,575,122

Common Stock Options (Details) (USD $)	9 Months Ended
Common Stock Options (Details) (USD $)	Sep. 30, 2014
Options Outstanding
Options outstanding - beginning balance	80,000
Options granted	105,000
Options oustanding - ending balance	185,000
Options exercisable	65,000
Weighted average exercise price
Options outstanding - beginning balance	$ 0.70
Options granted	$ 0.93
Options outstanding - ending balance	$ 0.83
Options exercisable	$ 0.70
Weighted average remaining contracted term
Warrants outstanding - beginning balance	9 years 11 days
Options granted	9 years 8 months 5 days
Warrants outstanding - ending balance	9 years 4 months 24 days
Warrants exercisable	9 years 3 months 4 days
Aggregate intrinsic value
Options outstanding - beginning balance	$ 40,000
Options granted	28,350
Options outstanding - ending balance	68,350
Options exercisable	$ 22,500