0001469709-13-000628.txt : 20131112 0001469709-13-000628.hdr.sgml : 20131111 20131112122824 ACCESSION NUMBER: 0001469709-13-000628 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20130930 FILED AS OF DATE: 20131112 DATE AS OF CHANGE: 20131112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cyto Wave Technologies Inc. CENTRAL INDEX KEY: 0001562107 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 460966343 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54907 FILM NUMBER: 131208887 BUSINESS ADDRESS: STREET 1: 201 SPEAR STREET, SUITE 1100 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 415-494-7850 MAIL ADDRESS: STREET 1: 201 SPEAR STREET, SUITE 1100 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 10-Q 1 cyto10q_093013apg.htm CYTO 10-Q 09/30/13 CYTO 10-Q 09/30/13


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, 2013.


or


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


For the transition period from ______ to _____



Commission File Number: 000-54907


CYTO WAVE TECHNOLOGIES INC.

(Exact name of registrant as specified in its charter)


Delaware

46-0966343

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

201 Spear Street

Suite 1100

San Francisco, CA 94105

(Address of principal executive offices, including Zip Code)

 

(415) 494-7850

(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. [X] Yes   [   ] 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 (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   [X] Yes   [   ] 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

[   ] (Do not check if a smaller reporting company)

Smaller reporting company

[X]



Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  [   ] Yes   [X] No


APPLICABLE ONLY TO CORPORATE ISSUERS:


Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class

Outstanding as of November 12, 2013

Common stock, $0.0001 par value

3,162,316





ii




TABLE OF CONTENTS


PART I – FINANCIAL INFORMATION

 

1

Item 1.

Financial Statements

 

1

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

7

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

10

Item 4.

Controls and Procedures

 

10

PART II – OTHER INFORMATION

 

13

Item 1.

Legal Proceedings

 

13

Item 1A.

Risk Factors

 

13

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

13

Item 3.

Exhibits

 

13

SIGNATURES

 

 

14




iii






PART I – FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS




CYTO WAVE TECHNOLOGIES INC.

 

 

 

 

 

 

 

 

 

INDEX TO  INTERIM FINANCIAL STATEMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page

 

 

 

 

 

 

 

 

 

Index to Interim Financial Statements

 

 

 

 

1

 

 

 

 

 

 

 

 

 

Condensed Interim Balance Sheets at September 30, 2013 and December 31, 2012

2

 

 

 

 

 

 

 

 

 

Condensed Interim Statements of Operations for the three and nine months ended September 30, 2013 and from Inception on August 29, 2012 to September 30, 2013

3

 

 

 

 

 

 

 

 

 

Condensed Interim Statements of Cash Flows for the nine months ended September 30, 2013 and from Inception on August 29, 2012 to September 30, 2013

4

 

 

 

 

 

 

 

 

 

Notes to Condensed Interim Financial Statements

5




1







CYTO WAVE TECHNOLOGIES INC.

(A Development Stage Company)

Condensed Interim Balance Sheets

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2013

 

December 31, 2012

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

778,268 

$

948,445 

 

Marketable securities

 

 

75,494 

 

 

    Total current assets

 

 

853,761 

 

948,445 

 

 

 

 

 

 

 

 

Patent rights, net (Note 3)

 

 

191,880 

 

202,008 

 

 

 

 

 

 

 

 

 

    Total assets

 

$

1,045,641 

$

1,150,453 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

Accounts payable and other accruals, including related party liabilities of $30,000 as of September 30, 2013 and $20,000 as of December 31, 2012

$

168,952 

$

63,055 

 

    Total current liabilities

 

 

168,952 

 

63,055 

 

 

 

 

 

 

 

 

 

Convertible Notes

 

 

350,000 

 

 

 

 

 

 

 

 

 

 

    Total liabilities

 

 

518,952 

 

63,055 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 6)

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Common stock

 

 

 

 

 

 

 

Authorized 20,000,000 shares at par value of $ 0.0001 each

 

 

 

 

 

 

 

Issued and outstanding 3,162,316 shares as of September 30, 2013 and 3,126,316 shares as of December 31, 2012

 

 

316 

 

313 

 

Additional paid-in capital

 

 

1,161,960 

 

1,126,010 

 

Accumulated Other Comprehensive Income (Loss)

 

 

(2,389)

 

 

Accumulated deficit

 

 

(633,199)

 

(38,925)

 

 

Total stockholders' deficit

 

 

526,689 

 

1,087,398 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' deficit

 

$

1,045,641 

$

1,150,453 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements.




2







CYTO WAVE TECHNOLOGIES INC.

(A Development Stage Company)

Condensed Interim Statements of Operations

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

Ended

September 30, 2013

 

 

From Inception on August 29, 2012 to September 30, 2012

 

 

Nine Months Ended September 30, 2013

 

 

From Inception on August 29, 2012 to September 30, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

 

$

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization Expense

 

 

3,376 

 

 

 

 

10,129 

 

 

10,692 

 

Research & Development

 

 

187,570 

 

 

 

 

491,422 

 

 

499,422 

 

General and Administrative

 

 

26,378 

 

 

5,000 

 

 

92,040 

 

 

122,402 

Total Operating Expenses

 

 

217,324 

 

 

5,000 

 

 

593,590 

 

 

632,516 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from Operations

 

 

(217,324)

 

 

(5,000)

 

 

(593,590)

 

 

(632,516)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income (Expense)

 

 

(4,431)

 

 

 

 

(683)

 

 

(683)

Loss before provisions for income taxes

 

 

(221,754)

 

 

(5,000)

 

 

(594,274)

 

 

(633,199)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

 

 

 

 

 

 

Net Loss

 

$

(221,754)

 

$

(5,000)

 

$

(594,274)

 

$

(633,199)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Income (Loss)

 

 

(797)

 

 

 

 

(2,389)

 

 

(2,389)

Comprehensive Income (Loss)

 

$

(222,551)

 

$

(5,000)

 

$

(596,662)

 

$

(635,587)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per common share - basic and fully diluted:

 

$

(0.07)

 

$

(0.00)

 

$

(0.19)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of basic and fully diluted common shares outstanding

 

 

3,162,316 

 

 

2,000,000 

 

 

3,145,220 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements.





3







CYTO WAVE TECHNOLOGIES INC.

(A Development Stage Company)

Condensed Interim Statements of Cash Flows

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months

Ended

September 30, 2013

 

From Inception on August 29, 2012 to September 30, 2013

 

 

 

 

 

 

 

 

Cash flows from operations:

 

 

 

 

 

 

Loss from continuing operations

 

$

(594,274)

$

(633,199)

 

Adjustment to reconcile net loss to net cash used in operating activities:

 

 

Amortization of licensing fees

 

 

10,129 

 

10,692 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts payable and other accruals

 

 

105,897 

 

168,952 

Net cash used in operations

 

 

(478,248)

 

(453,555)

 

 

 

 

 

 

 

 

Investment activities:

 

 

 

 

 

 

Investment in patent rights

 

 

 

(41,255)

 

Investment in marketable securities

 

 

(77,882)

 

(77,882)

Net cash used in investment activities

 

 

(77,882)

 

(119,137)

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

Convertible notes received

 

 

350,000 

 

350,000 

 

Share subscriptions received

 

 

35,953 

 

1,000,960 

Net cash provided by financing activities

 

 

385,953 

 

1,350,960 

 

 

 

 

 

 

 

 

Net (decrease) / increase in cash

 

 

(170,177)

 

778,268 

 

 

 

 

 

 

 

 

Cash, beginning of period

 

 

948,445 

 

Cash, end of period

 

$

778,268 

$

778,268 

 

 

 

 

 

 

 

 

Non-cash transactions

 

 

 

 

 

 

Issuance of common stock per licensing agreement

 

$

 

 

161,316 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements.



4




CYTO WAVE TECHNOLOGIES INC.

(A Development Stage Company)

Notes To The Condensed Interim Financial Statements

 (Unaudited)





1 - CONDENSED INTERIM FINANCIAL STATEMENTS


The accompanying condensed financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2013, and for all periods presented herein, have been made.


Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2012 audited financial statements.  The results of operations for the period ended September 30, 2013 is not necessarily indicative of the operating results for the full year.



2 - GOING CONCERN


The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.


In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.


The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.



3 – SIGNIFICANT ACCOUNTING POLICIES


Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.





5




CYTO WAVE TECHNOLOGIES INC.

(A Development Stage Company)

Notes To The Condensed Interim Financial Statements

 (Unaudited)





Recent Accounting Pronouncements

Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.



4 - CONVERTIBLE NOTES


On July 25, 2013, the Company entered into a secured convertible note (“Note”) under which the Company received $350,000 from the convertible note holder (“Holder”) and is obligated to pay to the Holder the full principal amount after 36 months from the date of the Note, plus an interest at the rate of 10.0% per year payable at the end of each year from the date of the Note.  The Holder has the right to convert the Note, in whole or in part, into shares of common stock of the Company (“Common Stock”) at a fixed rate of $2.00 per share (the “Conversion Price”) at any time.  The Company may prepay the Note in whole or in part at any time for cash on 15 business days’ prior written notice, subject to the right of the Holder to convert into shares of Common Stock of the Company prior to any prepayment.  The Note agreement was filed on August 14, 2013 as an exhibit to Form 10-Q for the three months ended September 30, 2013.



5 - SUBSEQUENT EVENTS


In accordance with ASC 855-10 Company management reviewed all material events through the filing date of these financial statements.  There are no material subsequent events to report.




6







ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION


Forward Looking Statements


This quarterly report on Form 10-Q and other reports that we file with the SEC contain statements that are considered forward-looking statements.  Forward-looking statements give the Company’s current expectations, plans, objectives, assumptions or forecasts of future events.  All statements other than statements of current or historical fact contained in this quarterly report, including statements regarding the Company’s future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements.  In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “estimate,” “plans,” “potential,” “projects,” “ongoing,” “expects,” “management believes,” “we believe,” “we intend,” and similar expressions.  These statements are based on the Company’s current plans and are subject to risks and uncertainties, and as such the Company’s actual future activities and results of operations may be materially different from those set forth in the forward-looking statements.  Any or all of the forward-looking statements in this periodic report may turn out to be inaccurate and as such, you should not place undue reliance on these forward-looking statements.  The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs.  The forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and assumptions due to a number of factors, including:


·

dependence on key personnel;

·

competitive factors;

·

degree of success of clinical trials and research and development programs;

·

the operation of our business; and

·

general economic conditions in the United States and Worldwide.


These forward-looking statements speak only as of the date on which they are made, and except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.  In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.  All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained in this periodic report.


Use of Terms


Except as otherwise indicated by the context and for the purposes of this report only, references in this report to:


·

“Cyto Wave Technologies”, “the “Company,” “we,” “us,” or “our,” are to the business of Cyto Wave Technologies Inc., a Delaware corporation;

·

“SEC” are to the Securities and Exchange Commission;

·

“Securities Act” are to the Securities Act of 1933, as amended;

·

“Exchange Act” are to the Securities Exchange Act of 1934, as amended;

·

 “U.S. dollars,” “dollars” and “$” are to the legal currency of the United States.



7





You should read the following plan of operation together with our financial statements and related notes appearing elsewhere in this quarterly report and the most recent Form 10. This plan of operation contains forward-looking statements that involve risks, uncertainties, and assumptions. The actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors.


Overview


We are a development stage medical device company. We were incorporated in Delaware on August 29, 2012 to develop and commercialize medical device technologies for the early detection, capturing and targeted destruction of cancer cells. Our current device candidate named “iV3” is derived from a patent pending technology platform. We own the exclusive, global rights to iV3 under a license agreement with the University of Arkansas for Medical Sciences (UAMS) in Little Rock, Arkansas, that developed iV3 pursuant to a research and development program commencing in 2008 and funded with US$4.4 million to date by the National Health Institutes/National Cancer Institute, the Department of Defense (DoD), UAMS/Bioventures, and state grants. Effective December 15, 2012, we entered into an exclusive license, that continues until the expiration of the underlying patents, with the UAMS and the University of Arkansas to further develop and commercialize our medical device technologies. Management believes that our licensed technologies could allow the early detection, capturing and targeted destruction of metastatic circulating tumor cells (CTCs). We are working towards designing and building prototype devices so that we can conduct clinical trials to prove the safety and efficacy of our proposed products and seek an established medical device manufacturer to partner with us on production and commercialization.


Recent Developments


On April 18, 2013, we executed a Research Agreement (“Research Agreement”) with the Board of Trustees of the University of Arkansas (“UofA”) acting on behalf of the University of Arkansas for Medical Sciences (“UAMS”) and its employees Laura Hutchins, M.D. and Vladimir Zharov, Ph.D. to sponsor research for the development of a prototype for the photoacoustic, in vivo real-time detection of circulating melanoma cells and a clinical trial in melanoma patients (“Research Project”). Our support to UAMS for the conduct of the Research Project will consist of monetary funding in the amount of $262,750 for the performance period from April 1, 2013 through August 31, 2013, and $436,485 for the performance period of September 1, 2013 through March 31, 2014. Payment for the second performance period shall be contingent on our ability to raise sufficient funds from investors and our prior approval. UAMS will be responsible for all administrative costs including, but not limited to, institutional fees and overhead, Institutional Review Board (“IRB”) review, and any subsequent renewal fees, manuscript and abstract preparation and submission fees. UAMS will provide us with a Final Research Project Report within 3 months after the completion of the Research Project.  UAMS will grant us access to the work product of the Research Project that may include, but is not limited to, prototype testing data, design specifications, diagrams and schematics, software, and grant us the ability to review design history documentation and design plan.  UAMS will also grant us the right to demonstrate the prototype to prospective investors and commercial partners within a reasonable schedule.  Either party may terminate the Research Agreement: (1) if the other party breaches any of its obligations or provisions of the Research Agreement, provided however, that the defaulting party will be given not less than 30 days prior written notice of such default and the opportunity to cure the default during such period; (2) for any reason, with or without cause, upon 30 days prior written notice; or (3) immediately, for reasons of safety.  Upon termination of the Research Agreement, our sole obligation will be to pay UAMS a pro-rated amount for actual work performed pursuant to the Research Project.  


On August 21, 2013, we did not approve the budget of the second performance period and sent a notice to the UofA terminating the second performance period pursuant to the Research Agreement.  As a result, we will seek alternatives to continue the development of our prototype and clinical trials, which could involve UAMS in a different capacity than described in the Research Agreement.



8





Liquidity and Capital Resources and Plan of Operation


The reader is referred to our financial statements included elsewhere herein.  As of September 30, 2013 we had $853,761 in cash, cash equivalents and marketable securities. Management estimates that our costs for the first stage of our clinical trials will be approximately $750,000 and that our present resources should be sufficient to last us for approximately one year.  Nevertheless, we are actively seeking additional capital investment as the total course of our clinical trials over the next four to five years is estimated by management to be from $9,000,000 to $10,000,000 as a standalone company.  We cannot assure you that we will have access to the funding required for our clinical trials or that if available it will be available on terms that are not dilutive to our present shareholders. If the funding is not available, we may have to severely curtail or cease operations. Management believes that once we obtain an OTCQB listing, which we will seek upon completion of this registration statement, we will be able to seek additional funding through a private placement.  We presently intend to raise a minimum of $500,000 and a maximum of $2,500,000 in the next twelve months, but these plans are subject to change based on many factors, including, but not limited to, the availability of funds to us. We believe that obtaining an OTCQB listing will assist us in our funding efforts.  Most of the funds we raise will be applied directly towards our clinical trials and fees under our exclusive license agreement executed between us and the University of Arkansas for Medical Sciences (“UAMS”) on December 15, 2012.


Results of Operations


Revenues


We had no revenues as a development stage company for the three and six months ended September 30, 2013, respectively.


Operating Expenses


Amortization Expenses:  Amortization expenses were $3,376 for the three months ended September 30, 2013 and $10,129 for the nine months ended September 30, 2013, and are the result of the licensing fees, which were incurred in connection with the exclusive license agreement (“Our License”) executed between the Company and the University of Arkansas for Medical Sciences (“UAMS”) on December 15, 2012, amortized on a straight-line basis over the remaining estimated patent lives of the patents underlying Our License.  The capitalized licensing fees consist of $41,255 in historic patent costs that the Company is required to reimburse UAMS in accordance with the schedule outlined in Our License, and $161,316 worth of shares of common stock that were issued to UAMS pursuant to Our License.


Research and Development:  Research and development expenses were $187,570 for the three months ended September 30, 2013 and $491,422 for the nine months ended September 30, 2013, and consisted primarily of prototype optimization and development and clinical trial expenses in connection with the research agreement with UAMS.


General and Administrative:  General and administrative expenses were $26,378 for the three months ended September 30, 2013 and $92,040 for the nine months ended September 30, 2013, and consisted of employee salaries, legal and audit fees, and other professional fees in connection with the Form 10 registration, and other administrative expenses.


Net Loss


We had a net loss of $221,754 for the three months ended September 30, 2013 and $594,274 for the nine months ended September 30, 2013 due to prototype optimization and development, conduct of clinical trials and the Form 10 registration of the Company.   


Off-Balance Sheet Arrangements


We do not have any off balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition, revenues, and results of operations, liquidity or capital expenditures.





9






ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


As a smaller reporting company” (as defined by §229.10(f)(1)), the Company is not required to provide the information required by this Item.


ITEM 4. CONTROLS AND PROCEDURES


Regulations under the Securities Exchange Act of 1934 (the “Exchange Act”) require public companies to maintain “disclosure controls and procedures,” which are defined as controls and other procedures that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms.  Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.


We conducted an evaluation, with the participation of our Chief Executive Officer who is also our Principal Financial Officer, of the effectiveness of our disclosure controls and procedures as of September 30, 2013.  Based on that evaluation, our Chief Executive Officer and Principal Financial Officer has concluded that as of September 30, 2013, our disclosure controls and procedures were not effective at the reasonable assurance level due to the material weaknesses described below.


In light of the material weaknesses described below, we performed additional analysis and other post-closing procedures to ensure our financial statements were prepared in accordance with generally accepted accounting principles.  Accordingly, we believe that the financial statements included in this report fairly present, in all material respects, our financial condition, results of operations and cash flows for the periods presented.


A material weakness is a control deficiency (within the meaning of the Public Company Accounting Oversight Board (PCAOB) Auditing Standard No. 2) or combination of control deficiencies that result in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected.  Management has identified the following two material weaknesses which have caused management to conclude that, as of September 30, 2013, our disclosure controls and procedures were not effective at the reasonable assurance level:


1.  We do not have written documentation of our internal control policies and procedures.  Written documentation of key internal controls over financial reporting is a requirement of Section 404 of the Sarbanes-Oxley Act which is applicable to us for the quarter ending September 30, 2013.  Management evaluated the impact of our failure to have written documentation of our internal controls and procedures on our assessment of our disclosure controls and procedures and has concluded that the control deficiency that resulted represented a material weakness.


2.  We do not have sufficient segregation of duties within accounting functions, which is a basic internal control.  Due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible.  However, to the extent possible, the initiation of transactions, the custody of assets and the recording of transactions should be performed by separate individuals.  Management evaluated the impact of our failure to have segregation of duties on our assessment of our disclosure controls and procedures and has concluded that the control deficiency that resulted represented a material weakness.


To address these material weaknesses, management performed additional analyses and other procedures to ensure that the financial statements included herein fairly present, in all material respects, our financial position, results of operations and cash flows for the periods presented.




10





Management's Report on Internal Control Over Financial Reporting


Our management is responsible for establishing and maintaining adequate internal control over financial reporting.  Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, the issuer’s principal executive and principal financial officers and effected by the issuer’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America and includes those policies and procedures that:


 

1.

Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the issuer;

 

 

 

 

2.

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the issuer; and

 

 

 

 

3.

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer’s assets that could have a material effect on the financial statements.


Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.  All internal control systems, no matter how well designed, have inherent limitations.  Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.  Because of the inherent limitations of internal control, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting.  However, these inherent limitations are known features of the financial reporting process.  Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.


As of the end of our most recent quarter, management assessed the effectiveness of our internal control over financial reporting based on the criteria for effective internal control over financial reporting established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") and SEC guidance on conducting such assessments.  Based on that evaluation, they concluded that, as of September 30, 2013, such internal control over financial reporting was not effective.  This was due to deficiencies that existed in the design or operation of our internal control over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses.


The matters involving internal control over financial reporting that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee due to a lack of a majority of independent members and a lack of a majority of outside directors on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; and (2) inadequate segregation of duties consistent with control objectives of having segregation of the initiation of transactions, the recording of transactions and the custody of assets.  The aforementioned material weaknesses were identified by our Chief Executive Officer in connection with the review of our financial statements as of September 30, 2013.


Management believes that the material weaknesses set forth in items (1) and (2) above did not have an effect on our financial results.  However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.


This quarterly report does not include an attestation report of the Company's registered public accounting firm regarding internal control over financial reporting.  Management's report was not subject to attestation by the Company's registered



11





public accounting firm pursuant to temporary rules of the SEC that permit the Company to provide only the management's report in this annual report.


Management's Remediation Initiatives


In an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls, we have initiated, or plan to initiate, the following series of measures:


We will increase our personnel resources and technical accounting expertise within the accounting function when funds are available to us. First, we will create a position to segregate duties consistent with control objectives of having separate individuals perform (i) the initiation of transactions, (ii) the recording of transactions and (iii) the custody of assets.  Second, we will create a senior position to focus on financial reporting and standardizing and documenting our accounting procedures with the goal of increasing the effectiveness of the internal controls in preventing and detecting misstatements of accounting information.  Third, we plan to appoint one or more outside directors to our board of directors who shall be appointed to an audit committee resulting in a fully functioning audit committee who will undertake the oversight in the establishment and monitoring of required internal controls and procedures such as reviewing and approving estimates and assumptions made by management when funds are available to us.


Management believes that the appointment of one or more outside directors, who shall be appointed to a fully functioning audit committee, will remedy the lack of a functioning audit committee and a lack of a majority of outside directors on our Board.  Due to our small size and limited resources we could experience delays in implementation.




12






PART II – OTHER INFORMATION


ITEM 1. LEGAL PROCEEDINGS


We are not currently a defendant in any legal proceeding or governmental proceeding nor are we currently aware of any pending legal proceeding or governmental proceeding proposed to be initiated against us. There are no proceedings in which any of our current directors, executive officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to us.


ITEM 1A. RISK FACTORS


The Company, as a “smaller reporting company” (as defined by §229.10(f)(1)), is not required to provide the information required by this Item.


ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES


None


ITEM 3. EXHIBITS


Exhibit No.

 

Description

 

 

 

31.1

 

 

Certifications of Principal Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

31.2

 

Certifications of Principal Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

  

32.1

 

Certifications of Principal Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

  

32.2

 

Certifications of Principal Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.



13






SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


 

CYTO WAVE TECHNOLOGIES INC.

November 12, 2013

/s/ George Yu

George Yu

President and Chief Executive Officer

(Principal Executive Officer)




14






EXHIBIT INDEX


Exhibit No.

 

Description

 

 

 

31.1

 

 

Certifications of Principal Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

31.2

 

Certifications of Principal Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

  

32.1

 

Certifications of Principal Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

  

32.2

 

Certifications of Principal Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.




15


EX-31.1 2 ex31_1apg.htm EXHIBIT 31.1 Exhibit 31.1 Certification


Exhibit 31.1


CERTIFICATIONS


I, George Yu, certify that:


 

1.

I have reviewed this quarterly report on Form 10-Q of CYTO WAVE TECHNOLOGIES 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;

 

 

 

 

 

4.

The registrant’s other certifying officer 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 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 12, 2013

 

  

 

/s/ George Yu

 

George Yu

 

Chief Executive Officer

 

(Principal Executive Officer)

 




EX-31.2 3 ex31_2apg.htm EXHIBIT 31.2 Exhibit 31.2 Certification


Exhibit 31.2


CERTIFICATIONS


I, George Yu, certify that:


 

1.

I have reviewed this quarterly report on Form 10-Q of CYTO WAVE TECHNOLOGIES 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;

 

 

 

 

 

4.

The registrant’s other certifying officer 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 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 12, 2013

 

  

 

/s/ George Yu

 

George Yu

 

Principal Financial Officer

 

(Principal Financial and Accounting Officer)

 




EX-32.1 4 ex32_1apg.htm EXHIBIT 32.1 Exhibit 31.2 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


     The undersigned, George Yu, the Chief Executive Officer of CYTO WAVE TECHNOLOGIES INC. (the “Company”), DOES HEREBY CERTIFY that:


     1. The Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 (the “Report”), fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and


     2. Information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.


     IN WITNESS WHEREOF, each of the undersigned has executed this statement this 12th day of November, 2013.


 

/s/ George Yu

 

George Yu

 

Chief Executive Officer

 

(Principal Executive Officer)


A signed original 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.


The forgoing certification is being furnished to the Securities and Exchange Commission pursuant to § 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.




EX-32.2 5 ex32_2apg.htm EXHIBIT 32.2 Exhibit 32.2 Certification




Exhibit 32.2


CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002


     The undersigned, George Yu, the Principal Financial Officer of CYTO WAVE TECHNOLOGIES INC (the “Company”), DOES HEREBY CERTIFY that:


     1. The Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 (the “Report”), fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and


     2. Information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.


     IN WITNESS WHEREOF, each of the undersigned has executed this statement this 12th day of November, 2013.


 

/s/ George Yu

 

George Yu

 

Principal Financial Officer

 

 


A signed original 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.


The forgoing certification is being furnished to the Securities and Exchange Commission pursuant to § 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.







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Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Amendment Description Statement of Financial Position [Abstract] ASSETS Current Assets Cash and cash equivalents Marketable securities Total current assets Patent rights, net (Note 3) Total assets LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and other accruals, including related party liabilities of $30,000 as of September 30, 2013 and $20,000 as of December 31, 2012 Total current liabilities Convertible Notes Total liabilities Commitments and contingencies (Note 6) STOCKHOLDERS' EQUITY Common stock, authorized 20,000,000 shares at par value of $ 0.0001 each issued and outstanding 3,162,316 shares as of September 30, 2013 and 3,126,316 shares as of December 31, 2012 Additional paid-in capital Accumulated Other Comprehensive Income (Loss) Accumulated deficit Total stockholders' deficit Total liabilities and stockholders' deficit Related party liabilities Common Stock Common Stock Shares Authorized Common Stock Shares Par Value Common Stock Shares Issued Common Stock Shares Outstanding Income Statement [Abstract] Revenue Operating Expenses Amortization Expense Research & Development General and Administrative Total Operating Expenses Loss from Operations Interest Income (Expense) Loss before provisions for income taxes Provision for income taxes Net Loss Unrealized Income (Loss) Comprehensive Income (Loss) Loss per common share - basic and fully diluted: Weighted average number of basic and fully diluted common shares outstanding Statement of Cash Flows [Abstract] Cash flows from operations: Loss from continuing operations Adjustment to reconcile net loss to net cash used in operating activities: Amortization of licensing fees Changes in operating assets and liabilities: Accounts payable and other accruals Net cash used in operations Investment activities: Investment in patent rights Investment in marketable securities Net cash used in investment activities Financing activities: Convertible notes received Share subscriptions received Net cash provided by financing activities Net (decrease) / increase in cash Cash, beginning of period Cash, end of period Non-cash transactions Issuance of common stock per licensing agreement Condensed Interim Financial Statements 1 - CONDENSED INTERIM FINANCIAL STATEMENTS Organization, Consolidation and Presentation of Financial Statements [Abstract] 2 - GOING CONCERN Accounting Policies [Abstract] 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Debt Disclosure [Abstract] 4 - CONVERTIBLE NOTES Subsequent Events [Abstract] 5 - SUBSEQUENT EVENTS Use Of Estimates Recent Accounting Pronouncements Secured convertible note amount borrowed Duration of note Annual interest percent payable at the end of each year Conversion rate at any time per share Prior notice to holder from company to prepay note Assets, Current Assets Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Income (Loss) from Continuing Operations before Income Taxes, Domestic Current Income Tax Expense (Benefit) Net Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Cash EX-101.PRE 11 cyto-20130930_pre.xml XBRL PRESENTATION FILE EXCEL 12 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0`!@`(````(0`8$;S/C@$``&L*```3``@"6T-O;G1E;G1?5'EP97-= M+GAM;""B!`(HH``"```````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M``````````````````````````````````````#,EEU/PC`4AN]-_`]+;PWK MAHIH&%SX<:DDX@^HZQE;Z-JF+0C_WK/R$4,FA$AB;]:L[7G?9V=)^PY&RUI$ M"S"V4C(C:9R0"&2N>"6G&?F8O'3Z)+*.2#"8K#3;":FDS M4CJG'RBU>0DUL['2('&E4*9F#E_-E&J6S]@4:#=)>C17TH%T'==HD.'@"0HV M%RYZ7N+TFL2`L"1Z7&]LO#+"M!95SAR2TH7D>RZ=C4.,E7Z/+2MMKQ"#T%:' M9N5W@TW=&[;&5!RB,3/NE=6(09>"?BDS^U1J%A\6::%415'EP%4^K[$#L=4& M&+X9I7<)4#]<^_]\++'+E+K%L)L&?^_VO18\XE M,\#?G<'0"##31C0-O\:8^*@Z_`0``__\#`%!+`P04``8`"````"$`M54P(_4```!, M`@``"P`(`E]R96QS+RYR96QS(*($`BB@``(````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M`````````````````````````````````````````````````````````(R2 MST[#,`S&[TB\0^3[ZFY("*&ENTQ(NR%4'L`D[A^UC:,D0/?VA`."2F/;T?;G MSS];WN[F:50?'&(O3L.Z*$&Q,V)[UVIXK9]6#Z!B(F=I%,<:CAQA5]W>;%]X MI)2;8M?[J+*+BQJZE/PC8C0=3Q0+\>QRI9$P4P>J/OH\^;*W-$UO>"_F?6*73HQ`GA,[RW;E0V8+J<_;J)I"RTF# M%?.J,Y@2@$``-((```: M``@!>&PO7W)E;',O=V]R:V)O;VLN>&UL+G)E;',@H@0!**```0`````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M``````````````````````````````"\UDMN@S`0!N!]I=X!>=\8DW<5DDU5 M*=LV/8`%$T`!&WG<1V[?$4JAD=+I!GF#9%O,?/X%F,WNJZFC#W!869,*-8E% M!":S>66*5+P=GA]6(D*O3:YK:R`59T"QV][?;5Z@UIYNPK)J,:(J!E-1>M\^ M2HE9"8W&B6W!T,K1ND9[&KI"MCH[Z0)D$L<+Z7[7$-NKFM$^3X7;Y]3_<&ZI M\_^U[?%89?!DL_<&C+_10GY:=\(2P%-1[0KPJ>BG4'8KJPF)A;R-4=,Q-9Y2 M@D'2#65W51QB5$.__<'13UT2F7*8Y9B!])W_QBPYC$H":U3"<4)K6(P*'0V7 MS"(P9L%A5/!HV-=['CB;.9O-J!HLM8/\U3LZ79"V>?D$7TVS&CJ=@AX&*N8X ML\":&8=9!\:L.8P:-1KTYYI^.X;GI1O_])=7?R+;;P```/__`P!02P,$%``& M``@````A`&GGQ6]1`@``"04```\```!X;"]W;W)K8F]O:RYX;6R,5%MOVC`8 M?9^T_Q#Y?D.%"D+H+#'#FD`?+2\QC=7$CFPSVG^_+V%D+INVO23QY1R? 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Statements of Operations (Unaudited) (USD $)
1 Months Ended 3 Months Ended 9 Months Ended 13 Months Ended
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2013
Sep. 30, 2013
Income Statement [Abstract]        
Revenue $ 0 $ 0 $ 0 $ 0
Operating Expenses        
Amortization Expense 0 3,376 10,129 10,692
Research & Development 0 187,570 491,422 499,422
General and Administrative 5,000 26,378 92,040 122,402
Total Operating Expenses 5,000 217,324 593,590 632,516
Loss from Operations (5,000) (217,324) (593,590) (632,516)
Interest Income (Expense) 0 (4,431) (683) (683)
Loss before provisions for income taxes (5,000) (221,754) (594,274) (633,199)
Provision for income taxes 0 0 0 0
Net Loss (5,000) (221,754) (594,274) (633,199)
Unrealized Income (Loss) 0 (797) (2,389) (2,389)
Comprehensive Income (Loss) $ (5,000) $ (222,551) $ (596,662) $ (635,587)
Loss per common share - basic and fully diluted: $ 0.00 $ (0.07) $ (0.19)  
Weighted average number of basic and fully diluted common shares outstanding 2,000,000 3,162,316 3,145,220  

XML 14 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
5 - SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
5 - SUBSEQUENT EVENTS

5 - SUBSEQUENT EVENTS

 

In accordance with ASC 855-10 Company management reviewed all material events through the filing date of these financial statements. There are no material subsequent events to report.

XML 15 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
1 - CONDENSED INTERIM FINANCIAL STATEMENTS
9 Months Ended
Sep. 30, 2013
Condensed Interim Financial Statements  
1 - CONDENSED INTERIM FINANCIAL STATEMENTS

1 - CONDENSED INTERIM FINANCIAL STATEMENTS

 

The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2013, and for all periods presented herein, have been made.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2012 audited financial statements. The results of operations for the period ended September 30, 2013 is not necessarily indicative of the operating results for the full year.

 

XML 17 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
3 - SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2013
Accounting Policies [Abstract]  
3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 – SIGNIFICANT ACCOUNTING POLICIES

 

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Recent Accounting Pronouncements

Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

 

XML 18 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
3 - SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 30, 2013
Accounting Policies [Abstract]  
Use Of Estimates

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

 

XML 19 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
4 - CONVERTIBLE NOTES
9 Months Ended
Sep. 30, 2013
Debt Disclosure [Abstract]  
4 - CONVERTIBLE NOTES

4 - CONVERTIBLE NOTES

 

On July 25, 2013, the Company entered into a secured convertible note (“Note”) under which the Company received $350,000 from the convertible note holder (“Holder”) and is obligated to pay to the Holder the full principal amount after 36 months from the date of the Note, plus an interest at the rate of 10.0% per year payable at the end of each year from the date of the Note. The Holder has the right to convert the Note, in whole or in part, into shares of common stock of the Company (“Common Stock”) at a fixed rate of $2.00 per share (the “Conversion Price”) at any time. The Company may prepay the Note in whole or in part at any time for cash on 15 business days’ prior written notice, subject to the right of the Holder to convert into shares of Common Stock of the Company prior to any prepayment. The Note agreement was filed on August 14, 2013 as an exhibit to Form 10-Q for the three months ended September 30, 2013.

 

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Balance Sheets (Parenthetical) (USD $)
Sep. 30, 2013
Dec. 31, 2012
Statement of Financial Position [Abstract]    
Related party liabilities $ 30,000 $ 20,000
Common Stock    
Common Stock Shares Authorized 20,000,000 20,000,000
Common Stock Shares Par Value $ 0.0001 $ 0.0001
Common Stock Shares Issued 3,162,316 3,126,316
Common Stock Shares Outstanding 3,162,316 3,126,316
XML 23 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended 13 Months Ended
Sep. 30, 2013
Sep. 30, 2013
Cash flows from operations:    
Loss from continuing operations $ (594,274) $ (633,199)
Adjustment to reconcile net loss to net cash used in operating activities:    
Amortization of licensing fees 10,129 10,692
Changes in operating assets and liabilities:    
Accounts payable and other accruals 105,897 168,952
Net cash used in operations (478,248) (453,555)
Investment activities:    
Investment in patent rights 0 (41,255)
Investment in marketable securities (77,882) (77,882)
Net cash used in investment activities (77,882) (119,137)
Financing activities:    
Convertible notes received 350,000 350,000
Share subscriptions received 35,953 1,000,960
Net cash provided by financing activities 385,953 1,350,960
Net (decrease) / increase in cash (170,177) 778,268
Cash, beginning of period 948,445 0
Cash, end of period 778,268 778,268
Non-cash transactions    
Issuance of common stock per licensing agreement $ 0 $ 161,316
XML 24 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Balance Sheets (Unaudited) (USD $)
Sep. 30, 2013
Dec. 31, 2012
Current Assets    
Cash and cash equivalents $ 778,268 $ 948,445
Marketable securities 75,494 0
Total current assets 853,761 948,445
Patent rights, net (Note 3) 191,880 202,008
Total assets 1,045,641 1,150,453
CURRENT LIABILITIES    
Accounts payable and other accruals, including related party liabilities of $30,000 as of September 30, 2013 and $20,000 as of December 31, 2012 168,952 63,055
Total current liabilities 168,952 63,055
Convertible Notes 350,000 0
Total liabilities 518,952 63,055
STOCKHOLDERS' EQUITY    
Common stock, authorized 20,000,000 shares at par value of $ 0.0001 each issued and outstanding 3,162,316 shares as of September 30, 2013 and 3,126,316 shares as of December 31, 2012 316 313
Additional paid-in capital 1,161,960 1,126,010
Accumulated Other Comprehensive Income (Loss) (2,389) 0
Accumulated deficit (633,199) (38,925)
Total stockholders' deficit 526,689 1,087,398
Total liabilities and stockholders' deficit $ 1,045,641 $ 1,150,453
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4 - CONVERTIBLE NOTES (Details Narrative) (USD $)
Jul. 25, 2013
Debt Disclosure [Abstract]  
Secured convertible note amount borrowed $ 350,000
Duration of note 36 months
Annual interest percent payable at the end of each year 10.00%
Conversion rate at any time per share $ 2.00
Prior notice to holder from company to prepay note 15 days
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2 - GOING CONCERN
9 Months Ended
Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
2 - GOING CONCERN

2 - GOING CONCERN

 

The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

 

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

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Document and Entity Information
9 Months Ended
Sep. 30, 2013
Nov. 12, 2013
Document And Entity Information    
Entity Registrant Name Cyto Wave Technologies Inc.  
Entity Central Index Key 0001562107  
Document Type 10-Q  
Document Period End Date Sep. 30, 2013  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? Yes  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   3,162,316
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2013