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BALANCE SHEETS (USD $)
|
Mar. 31, 2012
|
Sep. 30, 2011
|
---|---|---|
CURRENT ASSETS | ||
Cash | $ 3,122 | $ 12,602 |
Prepaid expenses | 1,250 | 396 |
CURRENT ASSETS | 4,372 | 12,998 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 39,129 | 36,513 |
Due to related parties | 35,000 | 35,000 |
CURRENT LIABILITIES | 74,129 | 71,513 |
STOCKHOLDERS DEFICIT | ||
CAPITAL STOCK Authorized:100,000,000 non-voting preferred shares at $0.001 par value | 0 | 0 |
750,000,000 common shares at $0.001 par value Issued and outstanding: 34,112,065 common shares (September 30, 2011 - 34,112,065) | 34,112 | 34,112 |
ADDITIONAL PAID IN CAPITAL | 7,123,633 | 7,123,633 |
ACCUMULATED OTHER COMPREHENSIVE LOSS | (11,838) | (10,352) |
DEFICIT ACCUMULATED DURING THE DEVELOPMENT STAGE | (7,215,664) | (7,205,908) |
STOCKHOLDERS DEFICIT | (69,757) | (58,515) |
LIABILITIES AND STOCKHOLDERS DEFICIT | $ 4,372 | $ 12,998 |
BASIS OF PRESENTATION
|
6 Months Ended |
---|---|
Mar. 31, 2012
|
|
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION These unaudited financial statements of Upstream Biosciences Inc. (the "Company") have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial statements and the rules and regulations of the Securities and Exchange Commission. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statement disclosure. However, except as disclosed herein, there have been no material changes in the information contained in the notes to the audited financial statements for the year ended September 30, 2011, included in the Company's Form 10-K filed with the Securities and Exchange Commission. These interim unaudited financial statements should be read in conjunction with the audited financial statements included in the Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended March 31, 2012, are not necessarily indicative of the results that may be expected for the year ending September 30, 2012. Going concern These unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As at March 31, 2012, the Company has a working capital deficiency of $69,757 and has incurred losses since inception of $7,117,964. The Company has no current sources of revenues and has no active business generations. This raises substantial doubt about the Company's ability to continue as a going concern which is dependent upon generating profitable operations and obtaining the necessary financing to meet its obligations when they become due. There is no assurance that equity or debt capital will be available as necessary to meet the Company's requirements or, if the capital is available, that it will be on terms acceptable to the Company. Recent Accounting Pronouncements The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements to have a material impact on its current financial position, results of operations or cash flows. |
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BALANCE SHEETS PARENTHETICALS (USD $)
|
Mar. 31, 2012
|
Sep. 30, 2011
|
---|---|---|
Preferred Stock, par or stated value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, par or stated value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 750,000,000 | 750,000,000 |
Common Stock, shares issued | 34,112,065 | 34,112,065 |
Common Stock, shares outstanding | 34,112,065 | 34,112,065 |
Document and Entity Information
|
6 Months Ended | |
---|---|---|
Mar. 31, 2012
|
May 15, 2012
|
|
Document and Entity Information | ||
Entity Registrant Name | UPSTREAM BIOSCIENCES INC. | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2012 | |
Amendment Flag | false | |
Entity Central Index Key | 0001174891 | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 34,112,065 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2012 | |
Document Fiscal Period Focus | Q2 |
STATEMENTS OF OPERATIONS (USD $)
|
3 Months Ended | 6 Months Ended | 94 Months Ended | ||
---|---|---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
|
REVENUE | $ 0 | $ 0 | $ 0 | $ 0 | $ 67,600 |
OPERATING EXPENSES | |||||
Amortization | 0 | 125 | 0 | 175 | 133,600 |
Consulting fees | 0 | 0 | 0 | 7,420 | 12,598 |
Interest and finance charges | 0 | 0 | 0 | 2,447 | 598,965 |
Interest income | 0 | 0 | 0 | 0 | (84,671) |
Investor and corporate communications | 0 | 421 | 0 | 421 | 258,349 |
License fees and royalties | 0 | 3,125 | 0 | 9,375 | 114,384 |
Loss on foreign exchange | 0 | 0 | 0 | 0 | 15,453 |
Management compensation | 0 | 0 | 0 | 0 | 1,526,086 |
Office and general administration | 1,163 | 374 | 4,766 | 4,284 | 492,323 |
Professional fees | 1,500 | 7,900 | 4,990 | 10,417 | 627,665 |
Research and development | 0 | 0 | 0 | 0 | 1,421,530 |
Stockbased compensation | 0 | 0 | 0 | 0 | 2,090,632 |
OPERATING EXPENSES | (2,663) | (11,945) | (9,756) | (34,539) | (7,206,914) |
OTHER ITEMS | |||||
Asset impairment loss | 0 | 0 | 0 | 0 | (59,010) |
Compensation shares | 0 | 0 | 0 | 0 | (25,000) |
Loss on sale of intellectual property | 0 | 0 | 0 | 0 | (78,570) |
Gain on sale of subsidiary | 0 | 126,515 | 0 | 126,515 | 126,515 |
INCOME (LOSS) BEFORE INCOME TAX | (2,663) | 114,570 | (9,756) | 91,976 | (7,175,379) |
Deferred income tax recovery | 0 | 0 | 0 | 0 | 57,415 |
INCOME (LOSS) | $ (2,663) | $ 114,570 | $ (9,756) | $ 91,976 | $ (7,117,964) |
LOSS PER SHARE BASIC AND DILUTED | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING BASIC AND DILUTED | 34,112,065 | 34,112,065 | 34,112,065 | 34,112,065 |