10-Q 1 biomoda10q093012.htm biomoda10q093012.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549 
 


FORM 10-Q
 

 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2012

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

For the transition period from __________ to __________

Commission file No. 333-90738

BIOMODA, INC.
(Exact name of registrant as specified in its charter)

New Mexico
85-0392345
(State of incorporation)
(IRS Employer Identification No.)

609 Broadway NE #215, Albuquerque, New Mexico 87102
(Address of principal executive offices including zip code)

Registrant's telephone number:  (505) 821-0875

Check whether the issuer (1) 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 o
 
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 o
  
Indicate by check mark whether the registrant is a large accelerated filer, and 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   o
Accelerated filer  o
 Non-accelerated filer     o
Smaller reporting company  x
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes o No x

The number of issuer’s shares of Common Stock outstanding as of November 19, 2012, was 176,363,963.
 
 
TABLE OF CONTENTS
 
 
 
PART I. FINANCIAL INFORMATION
 
Item 1. FINANCIAL STATEMENTS (UNAUDITED)
 
Forward-Looking Statements
 
This Form 10-Q contains forward-looking statements about the business, financial condition and prospects of the Company that reflect assumptions made by management and management's beliefs based on information currently available to it. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. If any of management's assumptions should prove incorrect, or if any of the risks and uncertainties underlying such expectations should materialize, our actual results may differ materially from those indicated by the forward-looking statements.

The key factors that are not within our control and that may have a direct bearing on operating results include, but are not limited to, the acceptance by customers of our products, our ability to develop new products cost-effectively, our ability to raise capital, the development by competitors of products using improved or alternative technology, the retention of key employees and general economic conditions.

There may be other risks and circumstances that management is unable to predict. When used in this Form 10-Q, words such as "believes," "expects," "intends," "plans," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements, although there may be certain forward-looking statements not accompanied by such expressions. All forward-looking statements are intended to be covered by the safe harbor created by Section 21E of the Securities Exchange Act of 1934.
 
 
BIOMODA, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
 
   
September 30,
   
December 31,
 
   
2012
   
2011
 
ASSETS
           
CURRENT ASSETS
           
Cash
    1,406       1,073  
Prepaid expenses
    10,141       1,271  
TOTAL CURRENT ASSETS
    11,547       2,344  
                 
Deferred charges
    -       750  
Fixed assets, net of accumulated depreciation of
$27,151 and $17,460, respectively
    -       10,080  
Patents and trademarks, net of accumulated amortization
of $378,199 and $357,013, respectively
    255,273       192,126  
TOTAL ASSETS
    266,820       205,300  
LIABILITIES & STOCKHOLDERS' DEFICIT
               
CURRENT LIABILITIES
               
Accounts payable
    572,946       506,323  
Stock payable
    44,500       -  
Accrued liabilities
    627,851       404,744  
Advances from stockholders
    268,119       263,815  
Short-term debt
    182,150       180,373  
TOTAL CURRENT LIABILITIES
    1,695,566       1,355,255  
LONG-TERM DEBT
               
Note payable
    395,000       -  
Derivative liabilities - warrant instruments
    9,472       32,731  
                 
TOTAL LIABILITIES
    2,100,038       1,387,986  
                 
COMMITMENTS AND CONTINGENCIES
               
STOCKHOLDERS' DEFICIT
               
Class A redeemable preferred stock; no par value; 2,000,000
     shares authorized; cumulative and convertible
     liquidation and redemption values of $1.50 and $1.80
     per share, respectively; no shares issued or outstanding
     -        -  
                 
Undesignated preferred stock; 2,000,000 shares authorized; no
     shares issued and outstanding
     -        -  
                 
Preferred Shares Series B; no par value; 100 shares authorized;
     liquidation and redemption values of $6.00; 100 shares issued and outstanding
     60,000        60,000  
                 
Common stock, no par value, 700,000,000 share authorized;
     176,363,963 and 130,314,363 issued and 175,972,388 and
     129,922,788 outstanding, respectively
     8,761,836        8,080,960  
Treasury stock, at cost 391,575
    (1,233 )     (1,233 )
 Deficit accumulated during development stage
    (10,653,822 )     (9,322,413 )
                 
Total stockholders' deficit
    (1,833,219 )     (1,182,686 )
                 
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
    266,820       205,300  
  
The accompanying notes are an integral part of these financial statements.
 
 
BIOMODA, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 
   
For the nine months Ended
September 30,
   
For the three months Ended
September 30,
   
January 3, 1990
(Inception) to
 
   
2012
   
2011
   
2012
   
2011
   
September 30, 2012
 
                               
Revenue
  $ -     $ -           $ -     $ 23  
                                       
Operating expenses
                                     
  Professional fees
    121,301       95,281       45,463       22,990       1,736,839  
  General and administrative
    1,033,221       533,548       209,969       144,748       8,033,960  
  Research and development, net of grants received
    10,050       234,304       1,134       13,471       3,396,751  
  Depreciation and amortization
    29,110       23,011       14,570       4,733       413,799  
                                         
          Total operating expenses
    1,193,682       886,144       271,136       185,942       13,581,349  
                                         
          Loss from operations
    (1,193,682 )     (886,144 )     (271,136 )     (185,942 )     (13,581,326 )
                                         
Other income (expense)
                                       
  Gain on extinguishment of debt
    -       -       -       -       1,326,028  
  Gain of sale of assets
    -       3,000       -       -       39,225  
  Unrealized gain (loss) on derivative
liabilities-  warrant instruments
    22,628       (2,289,651 )     20,000       606,826       2,728,946  
  Unrealized gain (loss) on derivative
liabilities- options
    -       5,975       -       1,848       24,568  
  Unrealized loss on derivative liability-note
conversion liability
    -       181,017       -       (29,570 )     569,150  
  Other income
    -       -       -       -       244,479  
  Interest income
    -       84       -       -       4,501  
  Interest expense
    (160,355 )     (438,143 )     (90,487 )     (22,889 )     (2,009,393 )
                                         
          Total other income (expense)
    (137,727 )     (2,537,718 )     (70,487 )     556,215       2,927,504  
                                         
Net income (loss) before provision for income taxes
    (1,331,409 )     (3,423,862 )     (341,623 )     370,273       (10,653,822 )
                                         
Provision for income taxes
    -       -       -       -       -  
                                         
Net income (loss)
  $ (1,331,409 )   $ (3,423,862 )   $ (341,623 )   $ 370,273     $ (10,653,822 )
                                         
Basic earnings per common share
  $ (0.01 )   $ (0.03 )   $ 0.00     $ 0.00          
Diluted earnings per common share
  $ (0.01 )   $ (0.03 )   $ 0.00     $ 0.00          
                                         
Basic weighted average number of common
shares outstanding
    150,853,233       107,572,080       176,188,139       126,378,388          
Diluted weighted average number of common
shares outstanding
    150,853,233       107,572,080       176,188,139       225,846,823          
 
The accompanying notes are an integral part of these financial statements.
 
 
BIOMODA, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE PERIOD FROM JANUARY 3, 1990 (INCEPTION) TO SEPTEMBER 30, 2012
(UNAUDITED)
 
                                 
Accumulated
   
Total
 
                                 
Deficit During
   
Stockholders'
 
   
Common Stock
   
Preferred Stock
   
Treasury
   
Development
   
Equity
 
   
Shares
   
Amount
   
Shares
   
Amount
   
Stock
   
Stage
   
(Deficit)
 
Inception
   
-
   
$
-
     
-
   
$
-
   
$
-
   
$
-
   
$
-
 
Issuance of Common Stock, June 26, 1991
   
2,997,000
     
18,433
                                     
18,433
 
Cumulative Net Loss for the period from January 3, 1990
(date of inception) to December 31,1996
                               (60,010 )      (60,010 )
Balance, December 31, 1996
   
2,997,000
     
18,433
     
-
     
-
             
(60,010
)
   
(41,577
)
Issuance of Common Stock Warrants on December 31, 1997
(100,952 warrants at exercise price of $.20)
   
-
     
-
                                     
-
 
Net loss
                                           
(32,914
)
   
(32,914
)
Balance, December 31, 1997
   
2,997,000
     
18,433
     
-
     
-
             
(92,924
)
   
(74,491
)
Issuance of Common Stock, January 20, 1998
   
59,940
     
10,000
                                     
10,000
 
Exercise of Common Stock Warrants on March 17, 1998
   
100,952
     
20,190
                                     
20,190
 
Issuance of Common Stock, April 15, 1998, net of stock
issuance costs
   
631,578
     
276,350
                                     
276,350
 
Issuance of Common Stock Options, April 15, 1998
     
23,650
                                     
23,650
 
Exercise of Common Stock Options, November 2, 1998
   
62,237
     
23,670
                                     
23,670
 
Net loss
                                           
(295,948
)
   
(295,948
)
Balance, December 31, 1998
   
3,851,707
     
372,293
     
-
     
-
             
(388,872
)
   
(16,579
)
Issuance of Common Stock, January 30, 1999
   
180,000
     
87,300
                                     
87,300
 
Issuance of Common Stock, for the month of March, 1999
   
310,000
     
150,300
                                     
150,300
 
Issuance of Common Stock, May 29, 1999
   
51,546
     
25,000
                                     
25,000
 
Issuance of Common Stock, June 2, 1999
   
95,092
     
50,000
                                     
50,000
 
Issuance of Common Stock, September 30, 1999
   
51,546
     
25,000
                                     
25,000
 
Issuance of Common Stock, December 29, 1999
   
92,005
     
50,143
                                     
50,143
 
Net loss
                                           
(303,956
)
   
(303,956
)
Balance, December 31, 1999
   
4,631,896
     
760,036
     
-
     
-
             
(692,828
)
   
67,208
 
Exercise of Common Stock Options, February 24, 2000
   
166,535
     
80,770
                                     
80,770
 
Issuance of Common Stock, May 12, 2000
   
253,609
     
56,000
                                     
56,000
 
Exercise of Common Stock Options, June 8, 2000
   
62,497
     
30,312
                                     
30,312
 
Issuance of Common Stock, for the month of September, 2000
   
96,745
     
21,086
                                     
21,086
 
Exercise of Common Stock Options, November 3, 2000
   
66,000
     
7,491
                                     
7,491
 
Issuance of Common Stock for Services, December 8, 2000
   
40,000
     
19,400
                                     
19,400
 
Net loss
                                           
(257,139
)
   
(257,139
)
Balance, December 31, 2000
   
5,317,282
     
975,095
     
-
     
-
             
(949,967
)
   
25,128
 
 
The accompanying notes are an integral part of these financial statements.
 
 
BIOMODA, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE PERIOD FROM JANUARY 3, 1990, (INCEPTION) TO SEPTEMBER 30, 2012
(Continued)
 
                               
Accumulated
   
Total
 
                               
Deficit During
   
Stockholders'
 
   
Common Stock
   
Preferred Stock
 
 
Treasury  
Development
   
Equity
 
   
Shares
   
Amount
   
Shares
   
Amount
 
 
Stock  
Stage
   
(Deficit)
 
Issuance of Common Stock for Services, January 25, 2001
   
5,000
     
2,425
                           
2,425
 
Issuance of Common Stock, January 31, 2001
   
160,000
     
24,000
                           
24,000
 
Issuance of Common Stock for Services, April 6, 2001
   
15,000
     
7,276
                           
7,276
 
Issuance of Common Stock, for the month of April, 2001
   
120,000
     
58,200
                           
58,200
 
Issuance of Common Stock, June 28, 2001
   
20,000
     
9,700
                           
9,700
 
Issuance of Common Stock, for the month of August, 2001
   
110,000
     
53,500
                           
53,500
 
Issuance of Common Stock, November 7, 2001
   
10,000
     
5,000
                           
5,000
 
Net loss
                                   
(372,655
)
   
(372,655
)
Balance, December 31, 2001
   
5,757,282
     
1,135,196
     
-
     
-
         
(1,322,622
)
   
(187,426
)
Net loss
                                       
(83,689
)
   
(83,689
)
Balance, December 31, 2002
   
5,757,282
     
1,135,196
     
-
     
-
         
(1,406,311
)
   
(271,115
)
Exercise of stock options, July 11, 2003
   
980,000
     
147,000
                                 
147,000
 
Net loss
                                       
(311,233
)
   
(311,233
)
Balance, December 31, 2003
   
6,737,282
     
1,282,196
     
-
     
-
         
(1,717,544
)
   
(435,348
)
Issuance of Common Stock for Services, February 9, 2004
   
35,000
     
5,250
                                 
5,250
 
Exercise of Common stock Options, February 9, 2004
   
60,000
     
30,000
                                 
30,000
 
Issuance of Common Stock for Services, August 5, 2004
   
85,000
     
12,750
                                 
12,750
 
Exercise of Common stock Options, September 27, 2004
   
200,000
     
30,000
                                 
30,000
 
Net loss, December 31, 2004
                                       
(758,945
)
   
(758,945
)
Balance, December 31, 2004
   
7,117,282
     
1,360,196
     
-
     
-
         
(2,476,489
)
   
(1,116,293
)
Issuance of Common Stock for Services, May 27, 2005
   
30,000
     
4,500
                                 
4,500
 
Issuance of Common Stock for Services, October 12, 2005
   
40,000
     
6,000
                                 
6,000
 
Net loss, December 31, 2005
                                       
(624,756
)
   
(624,756
)
Balance, December 31, 2005
   
7,187,282
     
1,370,696
     
-
     
-
         
(3,101,245
)
   
(1,730,549
)
Issuance of Common Stock for Services, October 23, 2006
   
690,000
     
544,500
                                 
544,500
 
Issuance of Common Stock in exchange for Debt, October 23, 2006
   
1,176,471
     
1,000,000
                                 
1,000,000
 
Issuance of Common Stock for Services, November 30, 2006
   
7,500
     
28,125
                                 
28,125
 
Issuance of Common Stock for Services, December 15, 2006
   
10,000
     
29,000
                                 
29,000
 
Issuance of Common Stock for Services, December 26, 2006
   
15,000
     
44,850
                                 
44,850
 
Acquisition of Treasury Stock, June 30, 2006
                               
        
(9,000
)          
(9,000
)
Stock-Based Compensation
           
35,042
                                 
35,042
 
Net loss, December 31, 2006
                                       
(1,807,312
)
   
(1,807,312
)
Balance, December 31, 2006
   
9,086,253
     
3,052,213
     
-
     
-
 
      
 (9,000
)  
(4,908,557
)
   
(1,865,344
)
 
The accompanying notes are an integral part of these financial statements.
 
 
BIOMODA, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE PERIOD FROM JANUARY 3, 1990, (INCEPTION) TO SEPTEMBER 30, 2012
(Continued)
 
                                 
Accumulated
   
Total
 
                                 
Deficit During
   
Stockholders'
 
   
Common Stock
   
Preferred Stock
   
Treasury
   
Development
   
Equity
 
   
Shares
   
Amount
   
Shares
   
Amount
   
Stock
   
Stage
   
(Deficit)
 
Issuance of Common Stock for Services, January 2007
   
131,000
     
259,500
                             
259,500
 
Issuance of Common Stock, January 2007
   
30,000
     
30,000
                             
30,000
 
Issuance of Common Stock for Services, February 2007
   
150,000
     
157,500
                             
157,500
 
Issuance of Common Stock for Services, March 2007
   
445,000
     
375,500
                             
375,500
 
Issuance of Common Stock in exchange for Debt, March 2007
   
86,786
     
73,768
                             
73,768
 
Exercise of Options, March 2007
   
2,000
     
1,000
                             
1,000
 
Issuance of Common Stock for Services, April 2007
   
724,062
     
455,559
                             
455,559
 
Issuance of Common Stock in exchange for Debt, April 2007
   
500,000
     
315,000
                             
315,000
 
Issuance of Common Stock for Services, June 2007
   
920,000
     
154,600
                             
154,600
 
Issuance of Common Stock, June 2007
   
343,000
     
41,667
                             
41,667
 
Issuance of Common Stock for Services, July 2007
   
141,000
     
15,700
                             
15,700
 
Issuance of Common Stock, July 2007
   
1,466,635
     
84,985
                             
84,985
 
Issuance of Common Stock, August 2007
   
1,636,166
     
53,943
                             
53,943
 
Issuance of Common Stock for Services, September 2007
   
160,000
     
12,800
                             
12,800
 
Issuance of Common Stock, September 2007
   
2,416,248
     
54,819
                             
54,819
 
Issuance of Common Stock, October 2007
   
1,557,730
     
36,457
                             
36,457
 
Issuance of Common Stock in exchange for Debt, October 2007
   
165,000
     
16,500
                             
16,500
 
Issuance of Common Stock for Services, November 2007
   
770,000
     
100,100
                             
100,100
 
Issuance of Common Stock, November 2007
   
16,190,967
     
445,674
                             
445,674
 
Issuance of Common Stock for Services, December 2007
   
90,140
     
21,634
                             
21,634
 
Issuance of Common Stock, December 2007
   
11,303,996
     
385,250
                             
385,250
 
Stock-Based Compensation
           
55,416
                             
55,416
 
Net loss, December 31, 2007
                                     
(2,307,051
)
   
(2,307,051
)
Balance, December 31, 2007
   
48,315,983
     
6,199,585
     
-
     
-
     
(9,000
)
   
(7,215,608
)
   
(1,025,023
)
Issuance of Common Stock, January 2008
   
3,887,100
     
155,077
                                     
155,077
 
Issuance of Common Stock for Services, February 2008
   
11,128,967
     
312,244
                                     
312,244
 
Issuance of Common Stock for Services, February 2008
   
1,500,000
     
180,000
                                     
180,000
 
Issuance of Common Stock for Services, March 2008
   
1,725,860
     
86,293
                                     
86,293
 
Issuance of Common Stock, March 2008
   
8,410,112
     
209,897
                                     
209,897
 
Issuance of Common Stock, April 2008
   
1,328,142
     
33,268
                                     
33,268
 
Issuance of Common Stock for Services, April 2008
   
25,000
     
1,250
                                     
1,250
 
Issuance of Common Stock for Services, June 2008
   
237,237
     
17,779
                                     
17,779
 
Issuance of Common Stock for Services, July 2008
   
244,000
     
12,200
                                     
12,200
 
Issuance of Common Stock for Services, September 2008
   
125,000
     
5,000
                                     
5,000
 
Issuance of Common Stock for Services, October 2008
   
47,188
     
1,888
                                     
1,888
 
Issuance of Common Stock for Services, December 2008
   
30,000
     
900
                                     
900
 
Net loss, December 31, 2008
                                           
(315,263
)
   
(315,263
)
Balance, December 31, 2008
   
77,004,589
     
7,215,381
     
-
     
-
     
(9,000
)
   
(7,530,871
)
   
(324,490
)
 
The accompanying notes are an integral part of these financial statements.
 
 
BIOMODA, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE PERIOD FROM JANUARY 3, 1990, (INCEPTION) TO SEPTEMBER 30, 2012
(Continued)
 
                                 
Accumulated
   
Total
 
                                 
Deficit During
   
Stockholders'
 
   
Common Stock
   
Preferred Stock
   
Treasury
   
Development
   
Equity
 
   
Shares
   
Amount
   
Shares
   
Amount
   
Stock
   
Stage
   
(Deficit)
 
Issuance of Common Stock for Services, January 2009
   
30,000
     
1,200
                             
1,200
 
Issuance of Common Stock for Services, June 2009
   
30,000
     
1,200
                             
1,200
 
Adjustment to Treasury Shares on June 30, 2009
           
(9,000
)
               
9,000
           
-
 
Addition to Treasury Shares September 30, 2009
                               
(4,617
)
         
(4,617
)
Issuance of Common Stock for Services, July 2009
   
250,000
     
12,500
                               
12,500
 
Issuance of Common Stock for Cash, August 2009
   
100,000
     
5,000
                               
5,000
 
Issuance of Common Stock for Services, August 2009
   
100,000
     
7,000
                               
7,000
 
Issuance of Treasury Shares for Services August 2009
         
220,000
                               
220,000
 
Issuance of Common Stock for Cash, December 2009
   
2,000,000
     
100,000
                               
100,000
 
Issuance of Treasury Shares for Services October 2009
         
72,885
                 
2,115
           
75,000
 
Net loss, December 31, 2009
                                       
(905,289
)
   
(905,289
)
Balance, December 31, 2009
   
79,514,589
     
7,626,166
     
-
     
-
     
(2,502
)
   
(8,436,160
)
   
(812,496
)
Issuance of Common Stock for cash January 2010
   
400,000
     
20,000
                                     
20,000
 
Issuance of Common Stock for cash February 2010
   
800,000
     
40,000
                                     
40,000
 
Issuance of Common Stock for services February 2010
   
480,000
     
105,600
                                     
105,600
 
Issuance of Treasury Shares for Services February 2010
         
58,731
                     
1,269
             
60,000
 
Issuance of Common Stock and Warrants for Cash March 2010
   
6,250,001
     
820,000
                                     
820,000
 
Derivative liabilities on debt, warrants and non-employee options
         
(2,312,922
)
                                   
(2,312,922
)
Issuance of Common Stock for cash June 2010
   
335,000
     
53,600
                                     
53,600
 
Issuance of Common Stock for services June 2010
   
625,000
     
100,000
                                     
100,000
 
Issuance of Common Stock for services to Directors June 2010
   
200,000
     
50,000
                                     
50,000
 
Issuance of Common Stock for cash July 2010
   
471,184
     
66,956
                                     
66,956
 
Issuance of Common Stock for Series II Warrants July 2010
   
589,712
     
-
                                     
-
 
Issuance of Common Stock for services  July 2010
   
2,005,000
     
384,700
                                     
384,700
 
Issuance of Common Stock for cash August 2010
   
666,400
     
94,696
                                     
94,696
 
Issuance of Common Stock for services  to Directors August 2010
   
100,000
     
17,000
                                     
17,000
 
Issuance of Common Stock for services October 2010
   
500,000
     
65,000
                                     
65,000
 
Net loss December 31, 2010
                                           
(655,781
)
   
(655,781
)
Balance, December 31, 2010
   
92,936,886
     
7,189,527
     
-
     
-
     
(1,233
)
   
(9,091,941
)
   
(1,903,647
)
Issuance of Common Stock for Services March 2011
   
100,000
     
25,000
                                     
25,000
 
Issuance of Common Stock for Conversion of Debt April, 2011
   
4,681,128
     
226,997
                                     
226,997
 
Issuance of Common Stock for Series I Warrants April 2011
   
1,560,000
     
79,872
                                     
79,872
 
Issuance of Common Stock for Conversion of Debt May, 2011
   
4,202,961
     
112,037
                                     
112,037
 
Issuance of Common Stock for Conversion of Debt June, 2011
   
12,876,443
     
204,332
                                     
204,332
 
Issuance of Common Stock for Conversion of Debt July, 2011
   
5,415,278
     
54,153
                                     
54,153
 
Issuance of Common Stock for Series I Warrants July 2011
   
4,000,000
     
40,000
                                     
40,000
 
Issuance of Common Stock for Cash August 2011
   
2,500,000
     
25,000
                                     
25,000
 
Issuance of Common Stock for Series I cashless Warrants August 2011
   
2,041,667
     
-
                                     
-
 
Issuance of Preferred Stock for Conversion of Accrued Liabilities
       
-
     
100
     
60,000
                     
60,000
 
Derivative liabilities on debt, warrants and non-employees options
         
124,042
                                     
124,042
 
Net loss, December 31, 2011
                                           
(230,472
)
   
(230,472
)
Balance, December 31, 2011
   
130,314,363
   
$
8,080,960
     
100
   
$
60,000
   
$
(1,233
)
 
$
(9,322,413
)
 
$
(1,182,686
)
Issuance of Common Stock for Series I Warrants February 2012
   
2,000,000
     
20,000
                                     
20,000
 
Issuance of Common Stock for Services March 2012
   
40,749,600
     
529,745
                                     
529,745
 
Derivative liabilities on debt, warrants and non-employee options
         
631
                                     
631
 
Discount on convertible debt
           
97,500
                                     
97,500
 
Issuance of Common Stock for Cash March 2012
   
2,800,000
     
28,000
                                     
28,000
 
Issuance of Common Stock for Cash May 2012
   
500,000
     
5,000
                                     
5,000
 
Net loss, September 30, 2012
                                           
(1,331,409
)
   
(1,331,409
)
Balance, September 30, 2012
   
176,363,963
   
$
8,761,836
     
100
   
$
60,000
   
$
(1,233
)
 
$
(10,653,822
)
 
$
(1,833,219
)
 
The accompanying notes are an integral part of these consolidated financial statements.
 
 
BIOMODA, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 
   
For the Nine Months Ended
 
January 3, 1990
 
   
September 30,
 
(inception) to
 
    2012     2011   September 30, 2012  
CASH FLOWS FROM OPERATING ACTIVITIES
                 
  Net loss
  $ (1,331,409 )   $ (3,423,862 )   $ (10,653,822 )
Adjustments to reconcile net loss to net
   cash used in operating activities
                       
    Stock based compensation
    574,245       25,000       4,572,321  
    Depreciation and amortization
    29,110       23,011       413,799  
    Unrealized gain on derivative liabilities - warrant instruments
    (22,628 )     2,289,651       (2,728,946 )
    Unrealized gain on derivative liabilities - options
    -       (5,975 )     (24,567 )
 Unrealized gain on derivative liabilities - note conversion feature
    -       (181,017 )     (569,150 )
 Amortization of debt discount
    97,500       390,058       657,500  
 Amortization of deferred financing costs
    -       15,000       23,740  
    Write-off of license fee
    -       -       1,250  
    Write-off of legal fee
    (32,654 )     -       (32,654 )
    Gain/loss on sale of assets
    -       (3,000 )     (4,830 )
    Foreign currency translation adjustments
    -       -       3,247  
    Gain on extinguishment of debt
    -       -       (1,326,028 )
Interest expense incurred on issuance of convertible debt
    -       -       643,886  
Changes in operating assets and liabilities
                       
    Accounts receivable
    -       (35,000 )     174,222  
 Prepaid expenses and other current assets
    (8,120 )     8,615