0001477932-12-003646.txt : 20120913 0001477932-12-003646.hdr.sgml : 20120913 20120913171547 ACCESSION NUMBER: 0001477932-12-003646 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120913 DATE AS OF CHANGE: 20120913 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MANHATTAN SCIENTIFICS INC CENTRAL INDEX KEY: 0001099132 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690] IRS NUMBER: 850460639 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-28411 FILM NUMBER: 121090750 BUSINESS ADDRESS: STREET 1: 405 LEXINGTON AVENUE STREET 2: 32ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10174 BUSINESS PHONE: 2125510577 MAIL ADDRESS: STREET 1: 405 LEXINGTON AVENUE STREET 2: 32ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10174 10-Q/A 1 mhtx_10qa.htm FORM 10-Q/A mhtx_10qa.htm


U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
 
FORM 10-Q/A
(Amendment No. 1)
 
(Mark One)
 
x
 
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934
 
For the fiscal quarter ended June 30, 2012
     
o
 
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
 
For the transition period from _________________ to _________________
 
Commission file number 000-28411
 
MANHATTAN SCIENTIFICS, INC.
(Exact name of small business issuer as specified in its charter)
 
Delaware
   
000-28411
   
85-0460639
(State of Incorporation)
   
(Commission File Number)
   
(IRS Employer Identification No.)
 
405 Lexington Avenue, New York, New York, 10174
 (Address of principal executive offices) (Zip code)

(212) 551-0577
(Registrant’s telephone number, including area code)
 
None
Securities registered under Section 12(g) of the Exchange Act:
 
Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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 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, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See 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
oo
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
 
There were 449,842,480 shares outstanding of registrant’s common stock, par value $.001 per share, as of August 7, 2012.
 


 
 

 
 
Explanatory Note

The purpose of this Amendment No. 1 to Manhattan Scientific, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012, filed with the Securities and Exchange Commission on August 14, 2012 (the “Form 10-Q”), is solely to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 to this report provides the consolidated financial statements and related notes from the Form 10-Q formatted in XBRL (eXtensible Business Reporting Language).

This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.

Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
 
 
2

 
 
ITEM 6. EXHIBITS
 
Index to Exhibits
 
31.1*
   
Certification of Chief Executive Officer under Rule 13(a) — 14(a) of the Exchange Act.
     
31.2*
   
Certification of Chief Financial Officer under Rule 13(a) — 14(a) of the Exchange Act.
     
32*
   
Certification of CEO and CFO under 18 U.S.C. Section 1350

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

* These exhibits were previously included or incorporated by reference in Manhattan Scientifics, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012, filed with the Securities and Exchange Commission on August 14, 2012.
 
** 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.
 
 
3

 
 
SIGNATURES
 
In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on this 13th day of September, 2012.
 
 
 
MANHATTAN SCIENTIFICS, INC.
 
       
 
By:
/s/ Emmanuel Tsoupanarias
 
   
Emmanuel Tsoupanarias
 
   
Chief Executive Officer
 
       
 
 
 
4

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BASIS OF PRESENTATION Organization And Operations Note 2. ORGANIZATION AND OPERATIONS Summary Of Significant Accouting Policies And Related Matters Note 3. SUMMARY OF SIGNIFICANT ACCOUTING POLICIES AND RELATED MATTERS Capital Transactions Note 4. CAPITAL TRANSACTIONS Investments [Abstract] Note 5. INVESTMENTS Related Party And Former Officers Notes Payable Note 6. RELATED PARTY AND FORMER OFFICERS NOTES PAYABLE Notes Payable Other Note 7. NOTES PAYABLE OTHER Technology Sale And Sub-License Agreement Note 8. TECHNOLOGY SALE AND SUB-LICENSE AGREEMENT Summary Of Significant Accouting Policies And Related Matters Policies PRINCIPLES OF CONSOLIDATION INTANGIBLE ASSETS USE OF ESTIMATES INVESTMENTS STOCK-BASED COMPENSATION FAIR VALUE OF FINANCIAL INSTRUMENTS BASIC AND DILUTED LOSS PER SHARE REVENUE RECOGNITION RECENTLY ISSUED ACCOUNTING STANDARDS Statement [Table] Statement [Line Items] Finite-Lived Intangible Assets by Major Class [Axis] Fair Value, Hierarchy [Axis] Purchase price of license Estimated benefit period of license Accumulated amortization Common stock issued for payment of license Fair value of the Company available for sale securities Equity Components [Axis] TitleOfIndividualAxis [Axis] Issuance of shares of common stocks and warrants Issuance of shares of common stocks and warrants, Value Issued shares for services to consultant Issued shares for services to consultant, value Per share amount of issued shares Investments, Debt and Equity Securities [Abstract] Common stock held by parent company of it subsidiary Fair value of the shares subsidiary Additional investment Deferred Bonus and Profit Sharing Plan by Title of Individual [Axis] Outstanding accrued salaries Forgave of outstanding accrued salaries Notes payable Repayment of notes payable Accrued interest and expenses related parties Accrued interest Long-term Debt, Type [Axis] Conversion feature to the note payable has been accounted for as an original issue discount Carrying net value of note Convertible notes issued Convertible debt maturity period Notes to Financial Statements Assets, Current Assets Liabilities, Current Liabilities, Noncurrent Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses Operating Income (Loss) Interest Expense Comprehensive Income (Loss), Net of Tax, Attributable to Parent Increase (Decrease) in Accounts Receivable Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase (Decrease) in Deferred Revenue Net Cash Provided by (Used in) Operating Activities, Continuing Operations Net Cash Provided by (Used in) Financing Activities, Continuing Operations Cash and Cash Equivalents, Period Increase (Decrease) Custom Element. 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CAPITAL TRANSACTIONS
6 Months Ended
Jun. 30, 2012
Capital Transactions  
Note 4. CAPITAL TRANSACTIONS

Capital transactions during the six months ended June 30, 2012 and 2011:

 

For the six months ended June 30, 2012, the Company issued 9,000,000 shares of common stocks and warrants for 4,500,000 shares for a total consideration of $450,000 to four individuals.  Further, the Company issued 483,871 shares to one consultant for services performed for the company totaling $24,000, and 300,000 shares to another consultant for services to satisfy an outstanding obligation totaling $21,000.

 

For the six months ended June 30, 2011, the Company issued 1,000,000 shares of common stock to a consultant as a signing bonus for serving as a Director of Strategic Industry Relations.  The shares were valued at $60,000 or $0.06 per share based on the current fair value of such shares on the date of the consulting agreement.

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SUMMARY OF SIGNIFICANT ACCOUTING POLICIES AND RELATED MATTERS
6 Months Ended
Jun. 30, 2012
Summary Of Significant Accouting Policies And Related Matters  
Note 3. SUMMARY OF SIGNIFICANT ACCOUTING POLICIES AND RELATED MATTERS

PRINCIPLES OF CONSOLIDATION:

 

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated.

 

INTANGIBLE ASSETS:

 

License Agreements

 

In 2008, the Company obtained licenses to the rights of certain patents regarding nanostructured materials developed by another company as a result of the acquisition of Metallicum. The purchase price paid for these licenses was $305,000, which represented its fair value.  The Company obtained an exclusive license on two patents and a non-exclusive license on the third patent. The value attributable to license agreements is being amortized over the period of its estimated benefit period of 10 years. At June 30, 2012 and December 31, 2011, accumulated amortization was $120,000 and $104,000, respectively. Under the terms of the agreement, the Company may be required to pay royalties, as defined, to the licensors.  

 

In 2009, the Company entered into a patent license agreement with Los Alamos National Security LLC for the exclusive use of certain technology relating to the manufacture and application of nanostructuring metals and alloys.  The purchase price paid for this license agreement was $33,000 based on the fair market value of 2,000,000 shares of common stock issued.  The value attributable to license agreements is being amortized over the period of its estimated benefit period of 10 years. At June 30, 2012 and December 31, 2011, accumulated amortization was $12,000 and $10,000, respectively. Under the terms of the agreement the Company is required to pay an annual license fee of $10,000 starting in February 2010 and, may be required to pay royalties, as defined, to the licensors.  

 

USE OF ESTIMATES:

 

The preparation of 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 amount of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. A significant estimate includes the carrying value of the Company’s patents, fair value of the Company’s common stock, assumptions used in calculating the value of stock options, depreciation and amortization.

   

INVESTMENTS

 

Available-for-Sale Investments

 

Investments that the Company designates as available-for-sale are reported at fair value, with unrealized gains and losses, net of tax, recorded in accumulated other comprehensive income (loss). The Company determines the cost of the investment sold based on the specific identification method. The Company’s available-for-sale investments include: Marketable equity securities: The Company acquires these equity investments for the promotion of business and strategic objectives. The Company records the realized gains or losses on the sale or exchange of marketable equity securities in gains (losses) on other equity investments, net.

 

Non-Marketable and Other Equity Investments

 

The Company accounts for non-marketable and other equity investments under either the cost or equity method and include them in other long-term assets. The non-marketable and other equity investments include: Non-marketable cost method investments when the equity method does not apply. The Company records the realized gains or losses on the sale of non-marketable cost method investments in gains (losses) on other equity investments, net.

 

STOCK-BASED COMPENSATION

 

The Company accounts for stock-based compensation based on the fair value of all option grants or stock issuances made to employees or directors on or after its implementation date (the beginning of fiscal 2006), as well as a portion of the fair value of each option and stock grant made to employees or directors prior to the implementation date that represents the unvested portion of these share-based awards as of such implementation date, to be recognized as an expense, as codified in ASC 718. The Company calculates stock option-based compensation by estimating the fair value of each option as of its date of grant using the Black-Scholes option pricing model. These amounts are expensed over the respective vesting periods of each award using the straight-line attribution method. Compensation expense is recognized only for those awards that are expected to vest, and as such, amounts have been reduced by estimated forfeitures. The Company has historically issued stock options and vested and non-vested stock grants to employees and outside directors whose only condition for vesting has been continued employment or service during the related vesting or restriction period.  The estimated fair value of grants of stock options and warrants to nonemployees of the Company is charged to expense, if applicable, in the financial statements. The Company did not issue any options or warrants for stock-based compensation during the three and six months ended June 30, 2012 and 2011.

 

FAIR VALUE OF FINANCIAL INSTRUMENTS

 

Effective January 1, 2008, the Company adopted FASB ASC 820, Fair Value Measurements and Disclosures, Pre Codification SFAS No. 157, “Fair Value Measurements”, which provides a framework for measuring fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

 

Level 1 — Quoted prices for identical assets and liabilities in active markets;

 

Level 2 — Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

 

Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. 

 

The Company designates cash equivalents (consisting of money market funds) and investments in securities of publicly traded companies as Level 1. The total amount of the Company’s investment classified as Level 3 is de minimis.

 

The fair value of the Company’s debt as of June 30, 2012 and December 31, 2011 approximated their carrying value at those times.

 

Fair value of financial instruments: The carrying amounts of financial instruments, including cash and cash equivalents, short-term investments, accounts payable, accrued expenses and notes payables approximated fair value as of June 30, 2012 and December 31, 2011 because of the relative short term nature of these instruments. At June 30, 2012 and December 31, 2011, the fair value of the Company’s debt approximates carrying value. The fair value of the Company’s available for sale securities was $43,000 at June 30, 2012 and these securities are classified as Level 1.

 

BASIC AND DILUTED LOSS PER SHARE

 

In accordance with FASB ASC 260, “Earnings Per Share,” the basic loss per share is computed by dividing the loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Basic net loss per share excludes the dilutive effect of stock options or warrants and convertible notes.  Diluted net earnings (loss) per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents, consisting of shares that might be issued upon exercise of common stock options and warrants. In periods where losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive.

 

REVENUE RECOGNITION

 

To date the only revenue generated is from the sale of field technology developed by Metallicum related to the Company’s nanotechnology, services provided and sample materials (See Note 8).

 

Revenue is recognized when the four basic criteria of revenue recognition are met: (i) a contractual agreement exists; (ii) transfer of technology (intellectual property) has been completed or services have been rendered; (iii) the fee is fixed or determinable, and (iv) collectability is reasonably assured. Service revenue is recognized when specific milestones are reached or as service is provided if there are no discernable milestones.

 

RECENTLY ISSUED ACCOUNTING STANDARDS

 

In April 2010, the FASB reached a consensus on the Milestone Method of Revenue Recognition which provides guidance on the criteria that should be met for determining whether the milestone method of revenue recognition is appropriate. A vendor can recognize consideration that is contingent upon the achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone meets all criteria to be considered substantive. The updated guidance is effective on a prospective basis for milestones achieved in fiscal years, and interim periods within those years beginning on or after June 15, 2010, with early adoption permitted. The Company adopted the provisions of the guidance as of January 1, 2011 on a prospective basis. The prospective application had no impact on our consolidated financial statements for the six months ended June 30, 2012.

XML 12 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 661,000 $ 157,000
Account receivable    171,000
Investments-available for sale 43,000 32,000
Prepaid expenses and other assets 90,000 244,000
Total current assets 794,000 604,000
Investments 2,000 2,000
Property and equipment, net 42,000 50,000
Intellectual property, net 1,365,000 1,447,000
Other asset 2,000 2,000
Total assets 2,205,000 2,105,000
Current liabilities    
Accounts payable and accrued expenses 229,000 252,000
Accrued interest and expenses - related parties 360,000 365,000
Deferred revenue 86,000   
Note payable to former officers 450,000 450,000
Note payable - other 928,000 225,000
Total current liabilities 2,053,000 1,292,000
Long-term liabilities    
Note payable, related party 527,000 545,000
Accrued interest, related party 245,000 231,000
Total long-term liabilities 772,000 776,000
Total liabilities 2,825,000 2,068,000
Commitments and Contingencies:      
Capital stock $.001 par value    
Preferred, authorized 1,000,000 shares      
Series A convertible, redeemable,10 percent cumulative, authorized 182,525, shares; issued and outstanding - none      
Series B convertible, authorized 250,000 shares; 49,999 shares issued and outstanding      
Series C convertible, redeemable, authorized 14,000 shares; issued and none outstanding      
Common, authorized 500,000,000 shares, 449,842,480 and 440,058,609 shares issued, and outstanding, respectively 450,000 440,000
Additional paid-in-capital 55,589,000 54,984,000
Other accumulated comprehensive income 43,000 32,000
Accumulative deficit (56,702,000) (55,419,000)
Total stockholders' equity (deficit) (620,000) 37,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 2,205,000 $ 2,105,000
XML 13 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
BASIS OF PRESENTATION
6 Months Ended
Jun. 30, 2012
Basis Of Presentation  
Note 1. BASIS OF PRESENTATION

The foregoing unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Regulation S-X as promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, these financial statements do not include all of the disclosures required by generally accepted accounting principles in the United States of America for complete financial statements. These unaudited interim financial statements should be read in conjunction with the audited financial statements and the notes thereto included on Form 10-K for the year ended December 31, 2011. In the opinion of management, the unaudited interim financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim period presented.

 

The preparation of financial statements in accordance with generally accepted accounting principles in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumption are inherent in the preparation of the Company’s financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions that could have a material effect on the reported amounts of the Company’s financial position and results of operations.

 

Operating results for the six month period ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.

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ORGANIZATION AND OPERATIONS
6 Months Ended
Jun. 30, 2012
Organization And Operations  
Note 2. ORGANIZATION AND OPERATIONS

Manhattan Scientifics, Inc., a Delaware corporation (formerly Grand Enterprises, Inc.) (“Grand”) was established on July 31, 1992 and has three operating wholly-owned subsidiaries: Metallicum, Inc., (“Metallicum”), Senior Scientific, LLC and Scientific Nanomedicine, Inc., (collectively “the Company”). On June 12, 2008, the Company acquired Metallicum, Inc., for 15,000,000 shares of Company’s common stock. Manhattan Scientifics, Inc. operates as a technology incubator that seeks to acquire, develop and commercialize life-enhancing technologies in various fields, with emphasis in the areas of nanotechonogies and nanomedicine. In this capacity, the Company continues to identify emerging technologies through strategic alliances with scientific laboratories, educational institutions, and scientists and leaders in industry and government. The Company has a long standing relationship with Los Alamos Laboratories in New Mexico. During 2008, the Company refocused its efforts from the development of its fuel cell technologies to its current focus on the development of nanomaterials through the acquisition of Metallicum and early cancer detection through the acquisition of Senior Scientific, LLC.

 

Metallicum is a nanotechnology start-up company located in Santa Fe, New Mexico. Metallicum Inc. has focused on the development and manufacturing of nanostructured metals for medical implants and other applications. Metallicum has established, and intends to establish additional, manufacturing partner relationships with major Fortune 500 metals companies and strategic partnering with significant customers in the medical device & prosthetics industries as well as in auto, truck, and aircraft manufacturing industries. The Company conducts its operations primarily in the United States.

 

Manhattan Scientifics purchased Metallicum to acquire its licensed rights to patented technology. The technology is comprised of three US Patents (US Patent numbers 7152448, 6197129 and 6399215) for which Metallicum (subsequently, Manhattan) had been assigned exclusive license rights by Los Alamos National Security LLC (LANL). Under the license rights, Metallicum had all rights, title and interest throughout the world in and to any and all inventions, original works of authorship, developments, concepts, know-how, improvements on the patents or trade secrets whether or not patentable or registrable under copyright or similar laws.

 

In January 2009, the Company entered into a patent license agreement with Los Alamos National Security, LLC for the exclusive licensing use of certain technology relating to the manufacture and application of nanostructuring metals and alloys. Pursuant to such agreement the Company provided a non-refundable fee and 2,000,000 shares of common stock. Additionally, the Company is required to pay an annual license fee starting in February 2010 and royalties on future net sales.

 

 In September 2009, the Company entered into a technology transfer agreement with Carpenter Technologies Corporation (“Carpenter”). Pursuant to which Carpenter will fully develop, manufacture and market a new class of high strength metals under an exclusive technology transfer agreement from Manhattan Scientifics and the Los Alamos National Laboratory. The proprietary process will enable super-strength metals and alloys to make products that weigh far less than in the past and without significant cost premiums.

 

On May 31, 2011, the Company entered into an Agreement and Plan of Reorganization (“Nanomedicine Agreement”) by and among the Company, Scientific Nanomedicine, Inc. (“Nanomedicine”), Edward, R. Flynn (“Flynn”) and Edward R. Flynn and Maureen A. Flynn, as Co-Trustees of the Edward R. Flynn and Maureen A. Flynn Revocable Trust u/t/a dated 10/25/2006 (“Trust”); and entered into a Purchase Agreement (“Senior Scientific Agreement”) by and among the Company, Senior Scientific LLC, (“Senior Scientific”) and Flynn.  Under the Nanomedicine Agreement, the Company purchased all of the common stock of Nanomedicine. The purchase price for the common stock of Nanomedicine was 21,667,000 restricted shares of the Company’s voting common stock (less 7,667,000 shares already issued pursuant to the Acquisition Option Agreement, dated February 8, 2010, among the Company, Nanomedicine, Flynn and Senior Scientific. Nanomedicine holds the commercial rights to technology and intellectual property with respect to the early detection of diseases using nanotechnologies. Under the Senior Scientific Agreement, the Company purchased all of the membership interests of Senior Scientific. The purchase price for the membership interests of Senior Scientific was 1,000 restricted shares of the Company’s voting common stock. Senior Scientific operates a research laboratory in New Mexico.

 

The Company’s success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, or circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company.

XML 17 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Statement of Financial Position [Abstract]    
Common Stock, par value (in dollars per share) $ 0.001 $ 0.001
Common Stock, shares authorized 500,000,000 500,000,000
Common Stock, shares issued 449,842,480 440,058,609
Common Stock, shares outstanding 449,842,480 440,058,609
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Series A, Percent 10.00% 10.00%
Series A, authorized 182,525 182,525
Series A, issued 0 0
Series A, outstanding 0 0
Series B, authorized 250,000 250,000
Series B, issued 49,999 49,999
Series B, outstanding 49,999 49,999
Series C, authorized 14,000 14,000
Series C, issued 0 0
Series C, outstanding 0 0
XML 18 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
INVESTMENTS (Details Narrative) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Investments, Debt and Equity Securities [Abstract]    
Common stock held by parent company of it subsidiary 1,075,648 1,075,648
Fair value of the shares subsidiary $ 43,000 $ 32,000
Additional investment $ 2,000 $ 2,000
XML 19 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
6 Months Ended
Jun. 30, 2012
Aug. 07, 2012
Document And Entity Information    
Entity Registrant Name MANHATTAN SCIENTIFICS INC  
Entity Central Index Key 0001099132  
Document Type 10-Q  
Document Period End Date Jun. 30, 2012  
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   449,842,480
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2012  
XML 20 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY AND FORMER OFFICERS NOTES PAYABLE (Details Narrative) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2012
Jun. 30, 2011
Dec. 31, 2011
Dec. 31, 2007
Chief Executive Officer Member
Outstanding accrued salaries         $ 1,387,500
Forgave of outstanding accrued salaries         1,416,500
Notes payable 977,000 977,000   995,000 29,000
Repayment of notes payable         5,000
Note payable, related party 527,000 527,000   545,000  
Note payable to former officers 450,000 450,000   450,000  
Accrued interest and expenses related parties 12,000 9,000 25,000    
Accrued interest $ 456,000 $ 456,000   $ 432,000  
XML 21 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Income Statement [Abstract]        
Revenue $ 172,000 $ 172,000 $ 343,000 $ 343,000
Cost of revenue    28,000    56,000
Gross profit 172,000 144,000 343,000 287,000
Operating costs:        
General and administrative expenses 576,000 581,000 1,178,000 1,012,000
Total operating costs and expenses 576,000 581,000 1,178,000 1,012,000
Loss from operations before other income and expenses (404,000) (437,000) (835,000) (725,000)
Other income and (expenses):        
Interest and other expenses (285,000) (13,000) (448,000) (25,000)
Interest income            
NET LOSS (689,000) (313,000) (1,283,000) (750,000)
Comprehensive income:        
Unrealized gain on available for sale investments 11,000 10,000 11,000 10,000
COMPREHENSIVE LOSS $ (678,000) $ (377,000) $ (1,272,000) $ (740,000)
BASIC AND DILUTED LOSS PER COMMON SHARE:        
Weighted average number of common shares outstanding 445,472,753 400,152,926 445,472,753 416,129,208
Basic and diluted loss per common share $ 0.00 $ 0.00 $ 0.00 $ 0.00